Cyclospora cayetanensis among expatriate and indigenous populations of West Java, Indonesia.

From January 1995 through July 1998, we investigated the occurrence of Cyclospora cayetanensis infection associated with gastrointestinal illness or diarrhea in foreign residents and natives of West Java, Indonesia. We found that C. cayetanensis was the main protozoal cause of gastrointestinal illness and diarrhea in adult foreign residents during the wet season. The parasite rarely caused illness in the indigenous population or in children

The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe

In this paper we estimate the effects of financialization on physical investment in selected western European countries using panel data based on the balance-sheets of publicly listed non-financial companies (NFCs) supplied by Worldscope for the period 1995-2015. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets by the NFCs. This finding is robust for both the pool of all Western European firms and single country estimations. The negative impacts of financial incomes are non-linear with respect to the companies’ size: financial incomes crowd-out investment in large companies, and have a positive effect on the investment of only small, relatively more credit-constrained companies. Moreover, we find that a higher degree of financial development is associated with a stronger negative effect of financial incomes on companies’ investment. This finding challenges the common wisdom on ‘finance-growth nexus’. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term stagnation in productivity

Containing, embracing and hyper-activating Britishness: British-based foreign-owned firms

There are in the UK ownership forms different to the characteristics of Britishness – British-based foreign-owned firms where dominant owners may have differentiated control interests. These may contain, that is, override, national institutional characteristics embedded in a particular national capitalism. Accordingly, separating the agency of these firms from presumed business system structures may reveal how diverse patterns of firm ownership – those associated with British-based foreign-owned firms – can inform dynamic ownership developments in British capitalism which contain and hyper-activate Britishness. The article theorizes British-based foreign-owned firms and provides empirical detail on how ownership characteristics influence financial commitment and strategic control in 10 of these firms

Disarticulation and the Crisis of Neoliberalism in the United States

Neoliberal policies instituted since the 1980s have transformed the United States economy in ways that have produced serious structural distortions in the basic operation of capitalism. Using Samir Amin’s concept of disarticulation, previously applied exclusively to the periphery of the world economy, this article argues that the twin and mutually reinforcing features of neoliberalism – global corporate restructuring and financialization – have now generated disarticulation in the core nations. This disarticulated structure is responsible for the economic stagnation and sharply unequal income/wealth distributional outcomes that characterize contemporary U.S. capitalism

Calculability as politics in the construction of markets: the case of socially responsible investment in France

This paper examines some of the processes by which power constitutes calculability and, in so doing, shapes the construction of markets. We combine insights from performativity studies about calculability with Lukes’ ‘radical view of power’ to investigate how multiple facets of power are mobilized to influence the creation and activities of calculative agencies in the process of market construction. An in-depth longitudinal study of the French socially responsible investment market shows how organizations acting as calculative agencies become sites of power through calculability. We identify how power is exercised over, through and against these calculative agencies by a variety of actors in order to build their position in the socially responsible investment market. Our results complement the broader question of the ‘government of economic life’ by showing how micro-level power games interact with the macro-politics of market building through calculative agencies. In so doing, our paper sheds light on neglected aspects of the changing geopolitics of calculative power in market construction and suggests approaching ‘calculability as politics’ when studying the construction of markets

Digital Art as ‘Monetised Graphics:’ Enforcing Intellectual Property on the Blockchain

In a global economic landscape of hyper-commodification and financialisation, efforts to assimilate digital art into the high-stakes commercial art market have so far been rather unsuccessful, presumably because digital art works cannot easily assume the status of precious object worthy of collection. This essay explores the use of blockchain technologies in attempts to create proprietary digital art markets in which uncommodifiable digital art works are financialised as artificially scarce commodities. Using the decentralisation techniques and distributed database protocols underlying current cryptocurrency technologies, such efforts, exemplified here by the platform Monegraph, tend to be presented as concerns with the interest of digital artists and with shifting ontologies of the contemporary work of art. I challenge this characterisation, and argue, in a discussion that combines aesthetic theory, legal and philosophical theories of intellectual property, rhetorical analysis, and research in the political economy of new media, that the formation of proprietary digital art markets by emerging commercial platforms such as Monegraph constitutes a worrisome amplification of long-established, on-going efforts to fence in creative expression as private property. As I argue, the combination of blockchain-based protocols with established ambitions of intellectual property policy yields hybrid conceptual-computational financial technologies (such as self-enforcing smart contracts attached to digital artefacts) that are unlikely to empower artists, but which serve to financialise digital creative practices as a whole, curtailing the critical potential of the digital as an inherently dynamic and potentially uncommodifiable mode of production and artistic expression

Distinguishing Financialization from Neoliberalism

This article contends that neoliberalism and financialization, although sharing much in common, are not synonymous developments. Not only do strongly financialized nations display structural, economic differences, they are also directed by alternative economic epistemologies, cultures and practices. The argument is made by examining the financialization of the UK economy since the mid-1970s. This shift was not simply part of a broad transition away from Keynesianism and towards free market fundamentalism. It was also one very much guided by the particular economic paradigm, discursive practices and devices of the City of London as financial elites took up influential positions in the Thatcher government. The discussion and case example highlight five epistemological elements specific to finance: the creation of money in financial markets, the transactional focus of finance, the centrality of financial markets to economic management, the orthodoxy of shareholder value, and the intense microeconomic approach to financial calculation. Such elements, in conjuction with neoliberalism’s reliance upon finance-blind neoclassical economics, lies at the cultural and epistemological distinction between fiancialization and neoliberalism. Identifying such distinctions opens up new possibilities for understanding financialization, elites, and the neoliberal condition that brought about the financial crash of 2007-08, as well as the political and economic crises that have followed

Moral economies of consumption

The aim of this article is twofold: first, to bring together debates about enduring normative concerns surrounding the morality of consumption with more recent concerns about the ways specific moralities are constituted in and through markets. The second aim is to develop the concept of ‘moral economy’ and call for an approach to its study, attentive to how moralities of consumption develop through interactions between instituted systems of provision, forms of state regulation, customs within communities and the everyday reflections of consumers about the things that matter to them. As consumers are increasingly asked to factor environmental and fair labour concerns into their purchase and post-purchase habits, there is a real need to understand how moralities of consumption are both formatted through institutional frameworks and shaped everyday by actors from within. After developing a framework for the study of moral economies, this article explores in depth the experiences of one couple in relation to the cessation of a cardboard recycling collection in Shropshire (England) to show why a multilevel perspective is needed to appreciate the place of morality within the market