Coercive western energy security strategies: ‘resource wars’ as a new threat to global security

Against the background of the 1991 Gulf War and the 2003 western coalition's war against Iraq, this article will argue that interstate resource wars and armed conflicts will constitute a new threat to global security. Two different phenomena are framing the conditions for future resource wars: first, an anticipated oil supply crisis as a first consequence of the decline of global oil reserves and second, the uneven distribution of these declining resources along the North-South axis. It is argued that in response to these developments the coercive character of traditional US strategies for securing energy will intensify, and thus bears the potential to escalate into further armed conflicts. It follows from this discussion that there are only two sustainable strategies for conflict prevention: first, the reduction of the dependency on fossil fuels by developing alternative and renewable energy, and second, the pursuit of a global policy based on more equitable and controlled energy distribution.     

The ‘West’ against the ‘Rest’: Geopolitics after the end of the cold war

With the end of the Cold War, it seemed that we had reached the ‘end of geopolitics’. Since the mid‐1990s, however, the term ‘geopolitics’ has experienced a revival, and even regional groupings which have so far abstained from any kind of power politics, such as the European Union, have started to claim geopolitical interests for themselves. But it is not clear what constitutes this kind of power politics in the 1990s and what drives ‘the West’ to pursue geopolitics, directed against what Huntington has labelled so plainly and provocatively the ‘Rest’. The article addresses this question by analysing Western capital's need for access to markets in the South and the EU's and US’ growing dependence on oil imports. The article will argue that a Western geostrategy based on Huntington's civilisational model would be counterproductive in the long run, manoeuvring the Western states into a situation where these geopolitical goals would have to be enforced by military means instead of being pursued through a strategy of political and economic support.     

The consumer quest for authenticity: The multiplicity of meanings within the MG subculture of consumption

Authenticity in the consumption context is an important topic within the marketing literature. This article explores authenticity’s multiplicity of meanings within the MG brand subculture of consumption. An ethnographic approach guided data collection, which included participant observation, photo and document reviews, informal conversations, and formal, in-depth interviews with 58 MG owners. The data show that MG owners gain a sense of authenticity in the consumption context via the object and its ownership, consumer experiences, and identity construction and confirmation. As an object, an MG is authentic if it broaches an ideal standard and preserves the brand heritage. An MG experience is authentic when an owner interacts with the car through driving and self-work activities. Finally, an MG owner authenticates his or her identity through role performance and communal commitment. Implications are discussed in light of brand management. Thomas W. Leigh (tleigh@terry.uga.edu) holds the Emily H. and Charles M. Tanner, Jr. Chair of Sales Management at the University of Georgia. He earned his DBA in marketing at Indiana University and an MBA and BS (economics) from Southern Illinois University. He is a past president of the American Marketing Association (AMA) Academic Council, has served on the AMA Board Finance Committee, and is a charter member of the AMA Foundation Leadership Circle. He served as chairman of the East Georgia Chapter of the American Red Cross from 1992 to 1993. His research has appeared in a variety of journals, includingJournal of Marketing Research, Journal of Marketing, Journal of Consumer Research, Journal of Applied Psychology, Journal of Advertising, Journal of Advertising Research, Planning Review, Journal of Purchasing and Materials Management, Journal of Personal Selling and Sales Management, Journal of Academy of Marketing Science, andExpert Systems and Applications. He has served on the editorial boards ofJournal of Marketing, Journal of the Academy of Marketing Science, andJournal of Personal Selling and Sales Management. Cara Peters (petersc@winthrop.edu) is an assistant professor of marketing at Winthrop University in Rock Hill, South Carolina. She holds a BA in management from Luther College and an MBA and a PhD in business administration from the University of Nebraska. She has published in numerous conference proceedings and peer-reviewed journals, including theJournal of Consumer Psychology; Consumption, Markets, and Culture; and {jtJournal of Academy of Marketing Science}. Jeremy Shelton (sheltonious@yahoo.com) is an assistant professor of psychology at Lamar University. He holds a PhD from the University of Georgia. His research interests lie in consumer identity and brand extensions. He has published inConsumption, Markets, and Culture, among other outlets.     

An ascending double auction

We show why the failure of the affiliation assumption prevents the double auction from achieving efficient outcomes when values are interdependent. This motivates the study of an ascending price version of the double auction. It is shown that when there is a sufficiently large, but still finite, number of sellers, this mechanism has an approximate perfect Bayesian equilibrium in which traders continue bidding if and only if their true estimates of the ‘value’ of the object being traded exceed the current price. This equilibrium is ex post efficient and has a rational expectations property in the sense that along the equilibrium path traders appear to have made the best possible trades conditional on information revealed by the trading process. We thank two anonymous referees and Dan Kovenock, the Editor, whose detailed comments and suggestions have allowed us to substantially improve the paper. We also thank seminar participants at University of Toronto, University of Wisconsin-Madison, Summer 2003 North American Meetings of the Econometric Society, 2004 NSF Decentralization Conference for their comments.     

The impact of infrastructure investments on income inequality: Evidence from US states

Our analysis of US state-level data on an annual frequency, from 1976 to 2008, sheds new light on a plausible causal link between infrastructure investments, namely public spending on highways, and income inequality. This causal relationship is drawn out using the number of seats in the US House of Representatives Committee on Appropriations (HRCA) as an instrument to identify quasi-random variations in state-level spending on highways. An exogenous pattern which emerges when a state gains an additional member to the HRCA is that it is allocated with new federal grants. This increase in federal transfers for infrastructure financing results in slashing of expenditures on highways and a crowding-out effect of federal funding for state investments on highways. Spending cuts on highways produced by a new HRCA member being attained by a state can unwittingly cause income inequality to rise over a short 2-year time horizon. Similar challenges with decentralized development to finance infrastructure via federal transfers to state and sub-national governments may be encountered by other industrially advanced, emerging and low-income developing economies. US data over the mentioned period reveal a strong positive correlation with state spending on highways and wages paid for construction jobs. Suggestive evidence indicates that the construction sector also plays an important role in the transmission channel from a rise in state spending on highways to lowering income inequality, albeit during specific intervals, as opposed to on a long-term basis.     

The strong sequential core for two-period economies

The strong sequential core for two-stage economies with a possibly incomplete set of assets in period zero and trade in commodities in period one consists of those goods allocations that are in the classical core and moreover, after realization of the state of nature, in the core of the economy where executed asset contracts serve as initial endowments. The strong sequential core coincides with the classical core when all possible state-contingent contracts may serve as an asset. For finance economies it is shown that the strong sequential core is generically empty when there is an incomplete set of assets. Outside the setting of finance economies, we show that the strong sequential core can be empty even if there is a complete set of assets. If the set of constrained feasible allocations resulting from trading in assets, is enlarged to include also allocations outside the agents’ consumption sets, then a complete set of assets is sufficient for the equivalence of the resulting semi-strong sequential core and the classical core.     

Impact of the Corporate Law Economic Reform Program Act 1999 on initial public offering prospectus earnings forecasts

Commencing 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) introduced changes to the regulation of corporate fundraising in Australia. In particular, it effected a reduction in the litigation risk associated with initial public offering prospectus disclosure. We find that the change is associated with a reduction in forecast frequency and an increase in forecast value relevance, but not with forecast error or bias. These results confirm previous findings that changes in litigation risk affect the level but not the quality of disclosure. They also suggest that the reforms' objectives of reducing fundraising costs while improving investor protection, have been achieved.     

Retail Spectacles and Brand Meaning: Insights from a Brand Museum Case Study

This article explores the expansion of brand meaning within a spectacular, retail environment. Spectacular retailing environments include themed retailing, brandscapes, flagship brand stores, themed entertainment brand stores, themed flagship brand stores, and brand museums. This research uses an extended case-study method to investigate the World of Coca-Cola brand museum located in Atlanta, Georgia. A brand museum is a type of themed flagship brand store, but there are some unique aspects. One key feature of brand museums is the resemblance to traditional museums, but, in the former, the brand is positioned within historical and educational contexts. Within the brand museum context, this study explains how brand meaning can be expanded along seven dimensions: humanization, socialization, localization, globalization, contextualization, theatricization, and characterization. Retailing implications are discussed.