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) banking in chapter 3 and the extent of international equities trading through London in chapter 7 . In this chapter we examine the eurosecurities markets which have developed out of the eurocurrency markets and then discuss some of the wider developments in international financing. The eurosecurities markets we consider, in sections 11.2 to 11.4 , are those of eurobonds, euronotes and euro
6.1 Introduction With this chapter we begin our look at the main financial markets making up the UK financial system. We saw in chapter 1 that one of the primary roles of a financial system is to allocate saving to its most productive uses by bringing together lenders and borrowers in an efficient way. In chapter 2 we examined how financial
. . . the market is at once supportive and undermining of democracy, in a number of different respects, and the accurate characterization of their relationship is therefore one of ambivalence. (Beetham 1996 : 25) Why has the role of the market changed
or political system. In popular culture, the Dream is generally constructed around a single image: the family home. But with the US mortgage crisis of 2008, certainties about how achievable the terms of the American Dream actually are began to slip away as the bottom fell out of the housing market and families lost their homes to banks and lenders. American Horror Story was
. A key indication of the value firms placed on their intellectual property was the increase in the number and frequency of legal disputes. Of course, it is ‘Durex’, LRC’s famous latex condom brand launched in 1932, and its monopolisation of the late twentieth-century contraceptive market that is most commonly cited. The success of ‘Durex’ condoms during the Second World War attracted imitation from an American firm called Durex Products Inc. in the 1940s. 4 But ‘Durex’ was certainly not the first contraceptive brand to be fiercely contested. Moreover, Durex
7.1 Introduction The market for equities is part of the capital market, which refers to the market for long-term finance, as distinct from the money markets, which are markets for short-term funds. Clearly, this distinction is difficult to draw at the margin but the normal convention is to treat funds raised with an original maturity of greater
9.1 Introduction The sterling money market located in London is a wholesale market for short-term funds and consequently provides facilities for economic units to adjust their cash position quickly. The rationale for its existence is that receipts of and payments in cash are not generally synchronised. Quite large cash balances are needed if
With race as a central theme, this book presents racial stratification as the underlying system which accounts for the difference in outcomes of Whites and Blacks in the labour market. Critical race theory (CRT) is employed to discuss the operation, research, maintenance and impact of racial stratification. The power of this book is the innovative use of a stratification framework to expose the pervasiveness of racial inequality in the labour market. It teaches readers how to use CRT to investigate the racial hierarchy and it provides a replicable framework to identify the racial order based on insight from the Irish case. There is a four-stage framework in the book which helps readers understand how migrants navigate the labour market from the point of migration to labour participation. The book also highlights minority agency and how migrants respond to their marginality. The examples of how social acceptance can be applied in managing difference in the workplace are an added bonus for those interested in diversity and inclusion. This book is the first of its kind in Ireland and across Europe to present inequality, racism and discrimination in the labour market from a racial stratification perspective. While this book is based on Irish data, the CRT theoretical approach, as well as its insight into migrant perspectives, poses a strong appeal to scholars of sociology, social justice, politics, intercultural communication and economics with interest in race and ethnicity, critical whiteness and migration. It is a timely contribution to CRT which offers scholars a method to conduct empirical study of racial stratification across different countries bypassing the over-reliance on secondary data. It will also appeal to countries and scholars examining causal racism and how it shapes racial inequality.
2 Markets, embeddedness and trust: problems of polysemy and idealism Andrew Sayer Introduction In this paper I develop a critique of certain approaches to markets and firm behaviour in economics and economic sociology. There are two main targets of the critique. The first concerns some common approaches to markets and the nature of firms in relation to them. Here I argue that the diverse uses of the term ‘market’ in contemporary lay and academic discourse cause confusion. Also problematic in both mainstream and institutional economics is the tendency to treat
10.1 Introduction A foreign exchange market is where one currency is exchanged for another. This important set of markets facilitate international trade by companies and international investments by investors. However, a substantial amount of trading in these markets is speculative in nature. The UK is the main centre in the world for foreign