COVID-19 and the power of indigenous,Mexican-origin farmworker families in the US Pacific Northwest

Over the last several years—in the context of US political upheaval, ongoing crises related to climate change, the COVID-19 pandemic and an economic downturn—indigenous, Mexican-origin farmworker families in Washington State have engaged more intensely in class struggle through acts of solidarity and forms of collective action, in part through independent labour unions, worker cooperatives and mutual aid. This article chronicles the labour struggles that led to a notion of class rooted in family units of production and that strengthened transnational solidarity in resistance to racist forms of exploitation in the agricultural sector. Class organization rooted in family and solidarity has allowed indigenous agricultural workers in Washington State to face COVID-19 and incidents driven by climate change, which syndemically compounded existing community health crises, from a place of power. Focusing on the experience of farmworker families in Washington State, I outline agricultural employers' exploitation of workers during this period of increased vulnerability and the strength of farmworkers' resolve to take their health and well-being into their own hands.     

Simple and Painless? The Limitations of Spillover in Environmental Campaigning

The comfortable perception that global environmental challenges can be met through marginal lifestyle changes no longer bears scrutiny. The cumulative impact of large numbers of individuals making marginal improvements in their environmental impact will be a marginal collective improvement in environmental impact. Yet, we live at a time when we need urgent and ambitious changes. An appeal to environmental imperatives is more likely to lead to spillover into other pro-environmental behaviours than an appeal to financial self-interest or social status.

NO‐ARBITRAGE PRICING UNDER SYSTEMIC RISK: ACCOUNTING FOR CROSS‐OWNERSHIP

We generalize Merton’s asset valuation approach to systems of multiple financial firms where cross‐ownership of equities and liabilities is present. The liabilities, which may include debts and derivatives, can be of differing seniority. We derive equations for the prices of equities and recovery claims under no‐arbitrage. An existence result and a uniqueness result are proven. Examples and an algorithm for the simultaneous calculation of all no‐arbitrage prices are provided. A result on capital structure irrelevance for groups of firms regarding externally held claims is discussed, as well as financial leverage and systemic risk caused by cross‐ownership.     

Evaluating the Impact of Educational Expansion on the Occupational Status of Youth

This paper exploits the remarkable increase in the average educational attainment of Australian youth during the 1980's to evaluate the role of education in labour market performance. Rather than focus on the impact of schooling on wages, however, we examine changes in the occupational distribution of recent labour market entrants. The evidence indicates that the educational expansion appears to move all individuals up the educational ladder without altering their relative position. The results indicate that while the second cohort obtained substantially more education than the first cohort the occupational distribution of the two cohorts were almost identical. Furthermore, there was no evidence that the increased education counterbalanced changes in the structure of labour demand or manifested itself in higher wages.     

Seizing the upside of a downturn

Is it possible for an economic downturn to be a time of managerial inspiration? We found 50 ways to answer that question with a "Yes!"     

Term structure of interest rates in the Singapore Asian dollar market

This paper investigates empirically the term structure of interest rates in the Singapore Asian Dollar Market. We consider extended versions of the ARCH-M model of Engle, Lilien, and Robins (1987). The extended models permit autocorrelation, skewness and leptokurtosis in the residuals. The robustness of the empirical tests with respect to alternative specifications of the ARCH process is examined. It turns out that there is significant time-varying term premium, and this conclusion is independent of the hypothesized ARCH model.