ARE ECONOMISTS ‘MARKET FUNDAMENTALISTS’?

We summarise Bryan Caplan's defence of economists from The Myth of the Rational Voter, in which he argues that economists undersell the benefits of markets. We also elaborate on his conclusions and discuss applications to specific topics, such as the minimum wage, as well as how Caplan's results might affect the way economics courses are taught.     

‘Down with Big Brother!’ The End of ‘Corporate Culturalism’?

Hugh Willmott's classic 1993 JMS article, ‘Strength is Ignorance; Freedom is Slavery’, has greatly influenced how we understand culture management. It draws parallel's with George Orwell's Nineteen Eighty‐Four to reveal the totalitarian aspirations of ‘corporate culturalism’. While it is sometimes said that employee resistance is missing in Willmott's account, I argue that it is implicitly pervasive, prefiguring subsequent investigations of ‘micro‐emancipation’ in management studies. The recent waning of scholarly interest in this type of resistance, however, also points to the contemporary relevance of Willmott's analysis. Emergent forms of corporate regulation utilize ‘biopower’ rather than just cultural conformity, rendering micro‐emancipation inadequate, but inspiring other types of dissent.     

WAR AND LIBERTY: WISDOM FROM LEONARD E. READ AND F. A. ‘BALDY’ HARPER

This year marks the 60th anniversary of Leonard E. Read's Conscience on the Battlefield and F. A. ‘Baldy’ Harper's In Search of Peace. This article reviews the main themes of these anti‐war pamphlets and argues that the ideas contained within are as important and relevant today as they were 60 years ago.     

‘I Like How You Think’: Similarity as an Interaction Bias in the Investor–Entrepreneur Dyad

Investigating the factors that influence venture capital decision‐making has a long tradition in the management and entrepreneurship literatures. However, few studies have considered the factors that might bias an investment decision in a way that is idiosyncratic to a given investor–entrepreneur dyad. We do so in this study. Specifically, we build from the literature on the ‘similarity effect’ to investigate the extent to which decision‐making process similarity (shared between the investor and the entrepreneur) might bias or otherwise impact the investor's evaluation of a new venture investment opportunity. Our findings suggest venture capitalists evaluate more favourably opportunities represented by entrepreneurs who ‘think’ in ways similar to their own. Moreover, in the presence of decision‐making process similarity, the impacts of other factors that inform the investment decision actually change in counter‐intuitive ways.     

City Children and Genderfied Neighbourhoods: The New Generation as Urban Regeneration Strategy

Former industrial cities in the West are employing gentrification as urban policy. In these policies, women and families currently play an important role as gentrification pioneers. In my analysis of Rotterdam in the Netherlands, I propose the term genderfication to understand the gender dimensions of this process. Genderfication refers to the production of space for different gender relations. I analyse Rotterdam's urban planning program for becoming a ‘child‐friendly city’, which entails replacing existing urban dwellings with new, larger and more expensive ‘family‐friendly homes’ as a strategy for urban re‐generation. Urban re‐generation supplements regeneration in the form of material and economic restructuring, and refers to the replacement of part of the current population by a new and better suited generation. The ‘child‐friendly city program’ is considered in tandem with punitive ‘youth policies’.     

Evidence of bias in NCAA tournament selection and seeding

We investigate bias in the selection and seeding decisions of the NCAA Division I Men's Basketball Committee. Using data on 910 teams associated with the ten tournaments from 1999 to 2008, we test for bias toward teams from seven ‘major’ conferences and six ‘mid‐major’ conferences, as well as for bias toward teams represented on the Committee. We find substantial support for the hypothesis of bias in favor of virtually all major and mid‐major conferences in selection and/or seeding, as well as evidence of bias toward majors over mid‐majors. We also find substantial evidence of bias toward teams with some type of Committee representation. Copyright © 2010 John Wiley & Sons, Ltd.     

A strike of ‘unorganised’ workers in a Chinese car factory: the Nanhai Honda events of 2010

This strike in a Chinese factory of the Japanese multinational Honda in 2010 received worldwide coverage. A young workforce sustained an on–off strike, with varying numbers of workers involved, for 19 days. Academic interest has focused on prospects for collective bargaining and union reform in China. This article, using interviews with former strikers, and newspaper sources, analyses the strike process. The workplace union, as a constituent of the All‐China Federation of Trade Unions and subject to the Chinese Party–state, was hostile; so the workers were in effect ‘unorganised’. Examples of non‐union strikes in the interwar car industry of the USA and UK show the similarity of situation with the Honda workers. Hiller's classic text, The Strike, provides a surprisingly suitable framework for understanding strikes of unorganised workers. The strikers' vocabulary ‘framed’ their demands initially as injustice, but incorporated anti‐Japanese sentiment and, then, dignity, in response to events.     

ADAM SMITH AND THE ROLE OF THE METAPHOR OF AN INVISIBLE HAND

Daniel Klein and Brandon Lucas's ‘In a Word or Two, Placed in the Middle: The Invisible Hand in Smith's Tomes’, following a vague hint by Peter Minowitz (2004) , offers original physical evidence that Smith ‘deliberately placed the phrase “led by an invisible hand”– at the physical centre of both his masterworks’. Further, it suggests that the invisible‐hand paragraphs are a response to Rousseau (1755 ); and that in ‘numerous and rich ways’, centrality holds ‘special and positive significance in Smith's thought’. This paper acknowledges the physical centrality of the invisible‐hand metaphor, but questions whether centrality alone gives weight to wider claims that the ‘invisible hand’ was Smith's ‘central idea’. It draws upon Smith's Rhetoric Lectures (1763), and argues that the invisible‐hand paragraphs in The Theory of Moral Sentiments and Wealth of Nations identify the actual objects of the invisible‐hand metaphor. This paper insists that Adam Smith is the most reliable source for revealing what he meant. In contrast, most modern attributions of special meaning to Adam Smith's use of the metaphor ignore Smith's teaching on the use of metaphors and, instead, make numerous, and often mutually exclusive, claims that Smith had a ‘doctrine’ of ‘an invisible‐hand’.     

China's Interest Rate Pass‐through to Commercial Banks Before and After Interest Rate Liberalisation

On 23 October 2015, the People's Bank of China (PBoC) completed the process of interest rate liberalisation. This study examines China's interest rate pass‐through to the lending rate of commercial banks before and after interest rate liberalisation. Based on data from Q3, 2007 to Q2, 2016, the study shows that the interest rate pass‐through from policy rate to lending rate, which was effective before October 2015, lost effectiveness thereafter. PBoC interventions, the ‘Impossible Trinity’ theory and institutional factors may contribute to this ineffectiveness of the policy rate pass‐through, which may also be related to the higher premium for risk required by banks and to the worsening of their financial condition. The study also offers policy advice in response to the declining effectiveness of China's interest rate pass‐through.     

‘The Substitution of One Piece of Nonsense for Another’: Reflections on Resistance,Gaming, and Subjugation

This article reflects upon Willmott's 1993 article (‘Strength is ignorance; slavery is freedom: managing culture in modern organizations’) by revisiting the idea of ‘Corporate Culturism’ and its relevance for contemporary developments in management and organization, including higher education. It incorporates a commentary on how 1984 and ‘Strength is ignorance’ have been read and some reflections on the genesis of the original 1993 article. It then expands on themes in ‘Strength is ignorance’ which are of continuing relevance, and draws out implications for our research and professional lives, as scholars, working in business schools.     

Categorizing Neighborhoods: The Invention of ‘Sensitive Areas’ in France and ‘Historic Districts’ in the United States

This essay offers a reflexive return to two research projects to demonstrate the value of Bourdieu's emphasis on the symbolic for the analysis of contemporary urban transformation. Bourdieu's insistence that we track the social genesis and diffusion of spatial categories of thought and action directs us to the empirical study of the struggles between agents and organizations that promote and/or oppose these categories, as well as the political, economic and other interests animating the agents. A retracing of the parallel invention of the ‘at‐risk neighborhood’ (quartier sensible) coined for and targeted by French urban policy since the late 1980s and the emergence of ‘historic’ or ‘diverse’ neighborhoods touted by gentrifying residents, cultural organizations and real estate agents in the United States since the 1960s challenges misleading oppositions between materiality and representations that often underpin and cramp urban research.     

Urban Distinctions: Class,Culture and Sociability in the City of Porto

This essay employs Pierre Bourdieu's theory of practice and the methodology of Multiple Correspondence Analysis (MCA) to extend the mapping of the dynamic relations between class and culture presented in Bourdieu's Distinction to encompass urban space, drawing on data from a multi‐method research project on the city of Porto, Portugal. We present a detailed analysis of the formation and structure of local social space and show its relevance for the study of the (re)production of urban lifestyles. Differences in the volume and composition of the capital of city residents are identified and shown to underpin the relations between social positions, dispositions and position takings in various realms of cultural consumption. Meaningful configurations of ‘lifestyle modalities’ have clear roots in the city's social space, which in Portugal, as in France, can be interpreted in terms of distinction, pretension and necessity.     

Food Deserts and Real‐Estate‐Led Social Policy

Since the early 2000s in the United States, food deserts—neighborhoods in which households have limited geographic access to full‐service supermarkets or grocery stores— have become conceptually central in public policy research on food security. Analyzing this phenomenon from a ‘policy mobility’ perspective, this article traces the food desert's emergence in policy discourse, locating it within an entrepreneurial social policy paradigm that privileges real estate development over direct economic relief. In the context of property‐led anti‐poverty efforts, the identification and mapping of food deserts catalyzes a logic that leads to subsidy to grocery store development in low‐income areas (or ‘fresh food financing’), while at the same time officials are cutting programs such as the Supplemental Nutrition Assistance Program (food stamps), which directly supplements household food budgets. The article contributes to widening critical discussion of the food desert paradigm and the policy interventions with which it is associated. It calls on urban researchers and practitioners to reframe discussions of food access and nutrition around the shortage of basic income and a need for higher wage floors.     

Urban Vigilantism: A Study of Anti‐Terror Law,Politics and Policing in Istanbul

Focusing on the case of young socialist vigilantes who were arrested and imprisoned as ‘terrorists’ in 2007, this article illustrates how vigilantism in working‐class neighbourhoods of Istanbul with a high Alevi population evolved from an unarmed, public and participatory form of vigilantism to an armed one, and discusses the role of the anti‐terror law in this transformation. The article illustrates the ways in which the anti‐terror law, by narrowing the space for civil politics, paved the way for youth engagement in violent forms of extra‐legal security practice in spaces occupied by the historically stigmatized working‐class Alevi population. The article also argues that, over the last decade, Turkey’s ruling elites have used the anti‐terror law to wage a war against the oppositional politics conducted by the country’s historically stigmatized populations (such as Kurds and Alevis). Not only has this war put politically active and respected local figures from these communities behind bars, it also ‘polices’ (à la Rancière) these communities. Accordingly, the article illustrates how the law that considers attempts at self‐governance as a threat to state sovereignty effectively intervenes in local politics and space, leading to the reconfiguration of political space at the local level.     

Free collective bargaining and incomes policy: learning from Barbara Wootton and Hugh Clegg on post‐war British Industrial Relations and wage inequality

Growing income inequality has returned as a major political issue in affluent, advanced economies, often associated directly with the decline of trade unions and collective bargaining. In policy terms, this has been reflected in the British campaign for a ‘Living Wage’ and the new German minimum wage. Yet on the broader front, Industrial Relations (IR) struggles to find a credible regulatory strategy to address inequality—one that combines state and civil society initiatives and can be legitimised in political philosophy. This History and Policy article argues that there is much to learn from the IR past, before neo‐liberalism. My focus is the writing of Barbara Wootton and Hugh Clegg on ‘Incomes Policy’, from the 1950s to the early 1980s, when this was a central intellectual and policy issue in British IR. I explore the differing justifications for Incomes Policy, from corporatist macro‐economic management to social equality, comparing and contrasting the democratic socialist political principles of Wootton with Clegg's social democratic pluralism. The conclusion relates this historical debate between state pattern and civil society process to current concerns about how social democratic ideas and IR policy can address the problem of labour market inequality.     

Toggling with Taylor: A Different Approach to Reading a Management Text*

ABSTRACT This paper identifies influential, but previously unrecognized, subtexts in the writings of Frederick Winslow Taylor. Working with analytical methods developed from reader‐response theories of literary criticism, we look at the words of the text as we share the standard meaning‐making of the management community, as well as through the words of the text searching out the worldview that emerges from our particular reading of the subtext. We have described our approach to reading as ‘toggling’: that is, switching between reading text ‘rhetorically’ and reading it ‘philosophically’. We conclude that reader identification with textual voices may appear in philosophical as well as rhetorical reading outcomes – that Taylor's text may inveigle readers into accepting a moral worldview wrapped up in a seemingly rational argument – and that ‘toggling’ would empower management theory readers.     

SIR WALDRON SMITHERS AND THE LONG WALK TO FINCHLEY

The television drama ‘Margaret Thatcher: The Long Walk to Finchley’ has Sir Waldron Smithers strongly objecting to Thatcher's selection as a Conservative candidate prior to the 1950 General Election. It is more likely that Smithers would have found her a kindred ideological spirit: both shared an anti‐socialist commitment and admiration for Hayek's ‘The Road to Serfdom’.     

The ‘Global’ in the City Economy: Multicultural Economic Development in Birmingham

This article draws on critiques of ‘global cities’ to conceptualize Birmingham, the UK's second largest metropole, as a ‘global’ city by highlighting forms of economic globalization that draw on the city's residents, their histories and their social and cultural networks. The article illustrates some of the diversity and significance of minority ethnic economic activity within Birmingham and the potential this holds for its future economic development, focusing on examples from three transnational networks (Chinese business networks, ethnic food manufacturing and the Bhangra music industry). The article signals a rather different understanding of ‘global’ as it relates to economic advantage, transnationalism and ethnic diversity within cities in general, and Birmingham in particular. We suggest that this different understanding of the global has important policy implications, not simply in terms of economic representations of the city, but also in terms of developing the possibilities of such transnational networks and engaging with the constraints facing them. We argue that encouraging a more relational way of thinking about cities like Birmingham has the potential for advancing social wellbeing by influencing socio‐economic policy and practice. We use the example of Birmingham, therefore, to engage broader debates about alternative paths of ‘global’ economic, social and cultural investment for UK (and other) cities. A partir de critiques des ‘villes planétaires’, cet article conceptualise Birmingham (deuxième métropole britannique) en tant que ville ‘planétaire’ en soulignant les formes de mondialisation économique qui s’appuient sur les citadins, leurs histoires et leurs réseaux sociaux et culturels. Pour illustrer en partie la diversité et la place de l’activitééconomique ethnique des minorités à Birmingham, ainsi que le potentiel afférent pour son essor économique futur, ce travail s’intéresse à des exemples issus de trois réseaux transnationaux (réseaux d’affaires chinois, fabrication d’alimentation ethnique et secteur de la musique indienne Bhangra). Il repère une compréhension assez différente de ‘planétaire’, selon que le terme est liéà un avantage économique, au transnationalisme et à la diversité ethnique au sein des grandes villes, et de Birmingham en particulier. Cette perception multiple a d’importantes implications politiques, à la fois au plan des représentations économiques de la ville et en termes de création de possibilités pour ces réseaux transnationaux et de prise en compte des contraintes à affronter. Encourager un mode de réflexion plus relationnelà l’égard de villes comme Birmingham permettrait de promouvoir le bien‐être social en influant sur la pratique et la politique socio‐économique. Le cas de Birmingham sert donc à lancer des débats plus larges sur les options d’acheminement de l’investissement économique, social et culturel ‘planétaire’ pour les grandes villes britanniques (et étrangères).     

Ruinopolis: Post‐Imperial Theory and Learning from Las Vegas

This essay foregrounds a dimension of Las Vegas that other authors only touch on in passing: its connections to empire. The authors propose a post‐imperial analysis of the city based on a reconstruction of its history and a reading of the traces of this history in the city's architecture and its self‐presentation in American popular culture. This analysis of Las Vegas as ruinopolis draws attention to the ruin sites of the city and its hinterland, reading them through the lens of empire. We work out the imperial territoriality of Las Vegas, including the derelict space of the Las Vegas Paiute Indian Colony, the ‘Pentagon Desert’ around the city with its so‐called ‘national sacrifice zone’, and the Strip, with Caesars Palace. We conclude with a post‐imperial reading of Venturi, Scott Brown and Izenour's canonical Learning from Las Vegas and of the ruin signs of the Neon Boneyard.     

Beyond the Global City Concept and the Myth of ‘Command and Control’

The article argues that the lack of convincing empirical evidence for the global economy as being subject to ‘command and control’ results from that contention being a neo‐Marxist myth. First, imagining the global economy as being subject to ‘highly concentrated command’ through the function of some major cities as ‘strategic sites’ for the production of ‘command and control’ is traced back through several neo‐Marxist authors to narrate its genesis, and to argue that the lack of evidence for that proposition is a consequence of those antecedents envisioning capitalism as a totalizing structure, thus making the assumption that it is subject to control and coordination from a distance. Second, Taylor's interlocking world city network model is forensically examined to explain that it is fallacious because it is a structuralism that, bedevilled by a sorites paradox, contains the further problem of containing no credible evidence for the existence of ‘command centres’. Finally, the article moves beyond neo‐Marxism's key concepts by juxtaposing their assumptions with ethnographic results from social studies of finance, a manoeuvre which forges an understanding of cities as socio‐technical assemblages and eventful multiplicities, beyond, inter alia, the baseless assumption that the global economy is subject to ‘command and control’.