Beyond associative democracy

This article proposes a cognitive and empirical approach, based on in-depth semi-structured elite interviews, to analyse the extent to which the dollar is becoming a negotiated international currency in the perception of financial elites in China, Brazil and the countries of the Gulf Cooperation Council. It shows that while the greenback is still the top currency in the system due to a lack of alternatives, its long term dominance is questioned because its economic pre-eminence and its political leadership are perceived to be fading. This in turn is stimulating financial elites in emerging markets to promote alternative regional monetary frameworks and the internationalisation of their own currencies. The article explores how financial elites in key dollar holding countries react to the US ‘exorbitant privilege’ of not facing disciplinary constraints in its economic policies. It then examines how the US has been able to misuse its central position in the system by delaying and deflecting adjustment costs upon others, and illustrates the disapproving response that this has provoked in emerging markets and Europe. Finally, it concentrates on Chinese proposals to renegotiate the status of the dollar in the system and why these have been hitherto rejected by the US.     

New Deal: The Experience and Views of Clients in One Pathfinder City (Sheffield)

An early cohort of New Deal clients (18-24 year olds) was interviewed on three separate occasions, before, during and after their experience on the New Deal Welfare to Work programme. The objective success of their participation in the programme in terms of job - and employability outcomes was evaluated against their backgrounds, views and subjective experience of the programme. The backgrounds, experience and achievements of this group are further contrasted with that of a separate group of 'disengaged' young people who had refused to go on the programme.