‘Fourth World’ Cities in the Global Economy: The Case of Phnom Penh,Cambodia

While globalization is often perceived to present opportunities for developing countries as a result of the relocation of industry and the development of a new international division of labor, the least developed countries (LDCs) have for the most part experienced declining shares of global trade and investment. This has led some to characterize such ‘fourth world’ countries as ‘structurally irrelevant’ to global capital accumulation, and to infer that patterns of urbanization in LDCs are largely unaffected by globalization. Yet a number of aspects of the global economy have important implications for cities in LDCs, including increased international economic interaction, rapid technological change, changes in regional economies, and the increased influence of transnational organizations. This paper explores the impact of these phenomena in the context of Phnom Penh, Cambodia, a city in an LDC that has experienced major socio-economic and spatial change as a result of increased interaction with the global economy. Bien qu’il soit souvent présumé que la globalisation offre aux pays en voie de développement des opportunités provenant d’un transfer de l’industrie et du développement d’une nouvelle division internationale du travail, le commerce et l’investissement globaux sont en déclin dans la plupart des pays les moins développés. Certains analystes en ont déduit que de tels pays du ‘Quatrième Monde’ n’ont ‘structurellement aucun rapport’ avec l’accumulation globale du capital, et que les modèles d’urbanisation de ces pays sont peu touchés par la globalisation. Néanmoins certains aspects de cette globalisation ont des implications importantes pour les villes dans les pays les moins développés, y compris une interaction économique internationale accrue, des changements technologiques rapides, des changements dans les économies régionales, et l’influence grandissante des organisations transnationales. Cet article discute l’effet de ces phénomènes dans le contexte de Pnom Penh au Cambodge, une ville d’un pays les moins développés qui a éprouvé des changements sociaux et économiques majeurs produits par une interaction croissante avec l’économie globale.     

Longitudinal Analysis of Relationships between Planning and Performance in Small Firms

This paper investigates causal relationships between planning and performance utilizing a longitudinal database with responses from the same 2,956 businesses over a four-year period. Results confirm the association between planning activity and performance that is evident in most extant literature. They also, however, cast doubt on the traditional perception of the causal sequence of that association. Although subject to a number of limitations, the results indicate that planning is more likely to be introduced into a small firm after a period of growth rather than before a period of growth. These results make an important contribution to understanding the planning performance relationship for two main reasons: they overcome the static data and relatively smaller sample size restrictions of many past studies; and, they provide evidence concerning the sequence of the relationship between planning and performance.     

The Role of Attitudes and Objectives in Farmer Decision Making: Business and Environmentally-Oriented Behaviour in Scotland

Despite considerable effort to understand and represent decision making by farmers, there has been little attempt to integrate socio-economic, psychological and farming variables within a comprehensive framework. This paper attempts to do this in the context of two types of farming behaviour - business and environmental -for a sample of over 200 Scottish farmers. Using variables covering their attitudes, objectives and behaviours relevant to many aspects of farming, we proposed mediating variables models of business-oriented and environmentally-oriented farming behaviours. Structural equation modelling was used to test the adequacy of the proposed models. The results of the study emphasise the importance of psychological factors in the decision making of farmers.     

TECHNOLOGY SHOPS: EFFICIENT PRICING IN BUSINESS-UNIVERSITY COLLABORATIONS

Recently, business–university collaborations have become the subject of much interest. It is important to distinguish between ‘blue-sky’ research and more directly commercially applicable research. This paper provides a framework in which to think about the latter. A simple screening model is proposed to study the ways in which a university might sell its research to the private sector. It demonstrates that ‘technology shops’, where firms pay a fixed fee to join and a relatively low marginal cost for each piece of research, would increase the amount of research commercially developed and would be beneficial to all parties.     

Integrated models of capital adequacy – Why banks are undercapitalised

With the majority of large UK and many US banks collapsing or being forced to raise capital over the 2007–9 period, blaming bankers may be satisfying but is patently insufficient; Basel II and Federal oversight frameworks also deserve criticism. We propose that the current methodological void at the heart of Basel II, Pillar 2 is filled with the recommendation that banks develop fully-integrated models for economic capital that relate asset values to fundamental drivers of risk in the economy to capture systematic effects and inter-asset dependencies in a way that crude correlation assumptions do not. We implement a fully-integrated risk analysis based on the balance sheet of a composite European bank using an economic-scenario generation model calibrated to conditions at the end of 2007. Our results suggest that the more modular, correlation-based approaches to economic capital that currently dominate practice could have led to an undercapitalisation of banks, a result that is clearly of interest given subsequent events. The introduction of integrated economic-scenario-based models in future can improve capital adequacy, enhance Pillar 2’s application and rejuvenate the relevance of the Basel regulatory framework.     

Education and human capital development in the giants of Asia

Educational development has proceeded at a different pace and under different planning regimes in India, China, and Indonesia. This paper provides an overview of the role of education in their recent development—in particular their ability to capitalise on favourable trends in dependency ratios—and presents some key issues facing education planners and policy hurdles to overcome in further improving their level and quality of human capital. Common findings and useful strategies are highlighted in the conclusion, as well as the importance of seizing the opportunity of low dependency ratios to effect policies that will help develop human capital.     

Recovery of hidden state participation effects on oil and gas asset values

Commodity price shocks are shown to cause shifts in both the quantity and timing of risk in natural resource assets. We provide evidence that static risk measures understate the periodicity of price risk implicit in depleting assets. Risk measurement is demonstrated to be asset specific and to vary heterogeneously in response to the combined effects of state participation and market factors. We use a global sample of oilfield assets to demonstrate that oilfield participation terms cause corporate asset cash flows, volatility horizons and minimum variance hedge ratios to vary in response to oil price. We provide additional insights into movements in the timing of physical oil and gas asset risk, a hidden effect not recoverable from market oil prices. Temporal variance for physical assets is shown to be a hidden dimensional outcome of the effects of market factors and state participation.     

Policy making in London's transport planning

This article discusses several new traffic/environmental schemes proposed for London, and moves by feminist, consumer/worker and community groups to challenge conventional planning procedures. Continuous bus lanes, free or low public transport fares and pedestrianized areas are emphasized over private motoring, to result in lower traffic noise, congestion and accidents. The power of the UK's road lobby, the limitations of traditional professional planners and a lack of open debate are offered as explanations for the resistance of London's planners to enacting such schemes. The author concludes that central government policy of minimizing public transport subsidy and providing roads instead for private transport has led to hostility to more popular plans.