Bringing the margins into the middle:Reflections on racism, class and the racialized outsider

This paper explores Virdee’s account of how racialized minorities in socialist movements ‘played an instrumental role in trying to align struggles against racism with those against class exploitation’ (p. 164). In so doing, Virdee makes an important intervention at a time when popular historians and other ideologues are colluding in the elevation of myths and – no doubt in their view – noble lies that preclude these stories. Moving through theoretical debates concerning the relationships between race and class, the nature and form of sociologies of ‘outsiders’, to political issues of mobilization, Virdee’s book successfully brings in from the margins an account the multi-ethnic character of the working class in England from the very moment of its inception

Colonialism, postcolonialism and the liberal welfare state

This article addresses the colonial and racial origins of the welfare state with a particular emphasis on the liberal welfare state of the USA and UK. Both are understood in terms of the centrality of the commodified status of labour power expressing a logic of market relations. In contrast, we argue that with a proper understanding of the relations of capitalism and colonialism, the sale of labour power as a commodity already represents a movement away from the commodified form of labour represented by enslavement. European colonialism is integral to the development of welfare states and their forms of inclusion and exclusion which remain racialised through into the twenty-first century

Macroeconomic policy interaction: State dependency and implications for financial stability in UK: A systemic review

The association between economic and financial stabilities and influence of macroeconomic policies on the financial sector creates scope of active policy role in financial stability. As a contribution to the existing body of knowledge, this study has analysed the implications of macroeconomic policy interaction/coordination for financial stability, proxied by financial assets, i.e. equity and bonds price oscillation. The critical review and analysis of the existing literature on the subject suggests that there is also ample evidence of interdependence between monetary and fiscal policies and this interrelation necessitates coordination between them for the sake of financial stability. There is also a case for analysing the symmetry of financial markets responses to macroeconomic policy interaction. On methodological and empirical grounds, it is vital to test the robustness of policy recommendations to overcome the limitation of a single empirical approach (Jeffrey–Lindley’s paradox). Hence, the Frequentist and Bayesian approaches should be used in commentary manner. The policy interaction and optimal policy combination should also be analysed in the context of institutional design and major financial events to gain insight into the implications of policy interaction in the periods of stable economic and financial environments as well as period of financial and economic distress