“Big Man” politics in the social economy: a case study of microfinance in Kingston,Jamaica

Microfinance and its “reinvention as bankers-for-the-poor” to create financial inclusion has not been effective everywhere. The literature seems to suggest that the social economy and microfinance help marginalized business people; yet no one considers that political bias interferes with the social economy, making it hard for it to be just. The promise of micro-credit was to achieve a double bottom line: first, the financial sustainability of the lending institution itself, and second, the social benefit of providing loans to low-income business people. Yet, alternative pitches of a social economy to “help people” fail to analyze the embedded power dynamics within the social economy. In this case study in downtown Kingston, Jamaica, 233 small-business people who depend on development finance because of social exclusion now find that these targeted programs are intertwined in partisan, sometimes dangerous, politics. As a result, oppressed people opt out of micro-banking programs to resist “Big Man” politics – the politicians or gangsters attempting to control them. In this study of 307 interviews, I analyze the informal politics of Dons and politicians who misuse micro-credit for their own ends. I find that the coupling of class biases and clientelist practices in the social economy discourages eligible business people from taking micro-loans, and argue that the microfinance industry needs to pay close attention to this issue if it is to continue to help marginalized business people.     

Flat whites: who gets progression in the UK café sector?

The article examines the opportunities for, and barriers to, career progression in the UK café sector. The research finds that some workers are able to move up within organisations to reach managerial levels, regardless of their qualifications. However, the limited positions available, the nature of the work and low rewards mean that most workers either do not want progression or feel that they are unlikely to succeed.     

Taking the ivory from the tower to coat the economic world: Regional strategies to make science useful

In this paper, we aim at providing a critical appraisal of academic research valorisation models adopted in three regions in the world: the Provincia di Milano in Italy, the Technology-Region Karlsruhe in Germany and the Chinese municipality of Chongqing.Our first originality consists in developing a literature-based analytical grid to characterise and classify existing tools. In a second step, we depict and compare, thanks to a qualitative analysis run on fine-grained data (collected through in depth interviews and frequent interactions with actors of the regional innovation systems), the mechanisms adopted in the three regions so as to test for specificities in the implementation of academic knowledge transfer.Our analysis exhibits on the one hand a strong similarity among regions in terms of variety of existing tools. On the other hand, we also notice some specificities in the nature of the tools: European regions are characterised by an under-representation of absorption and appropriation tools, whereas the Chinese region seems to put great stress on direct valorisation mechanisms. Finally, rather than supporting the imitation, multiplication and superposition of newly created tools, our study encourages policy makers to be more selective and adapt their tools to regional innovative needs.     

The Unequal Effect of India's Industrial Liberalization on Firms’ Decision to Innovate: Do Business Conditions Matter?

Product‐market competition can boost industry growth if firms invest more in innovation. Using a natural policy experiment, the removal of India's License Raj, we show that firms in liberalized industries were 9% more likely to invest in R&D than firms in non‐liberalized industries. However, the impacts were not the same across firms of different size. After the reforms, firms in the top quartile were 23% more likely to invest in R&D than those in the lowest size quartile. Both productivity differences across firms and the heterogeneous impacts of business conditions on firms explain unequal effects of India's industrial liberalization reform.     

Everyday climate discourses and sustainable tourism

Debates surrounding the human impact on climate change have, in recent years, proliferated in political, academic, and public rhetoric. Such debates have also played out in the context of tourism research (e.g. extent to which anthropogenic climate change exists; public understanding in relation to climate change and tourism). Taking these debates as its point of departure, whilst also adopting a post-structuralist position, this paper offers a Foucauldian Discourse Analysis of comments to an online BBC news article concerning climate change. Our analysis finds three key ways responsibility is mitigated through climate change talk: scepticism towards the scientific evidence surrounding climate change; placing responsibility on the “distant other” through a nationalistic discourse; and presenting CO₂ as “plant food”. The implications of these ways of thinking about climate change are discussed with a focus on how this translates into action related to the sustainability of tourism behaviours. In doing so, it concludes that a deeper understanding of everyday climate talk is essential if the tourism sector is to move towards more sustainable forms of consumption.     

Beyond drinking: the role of wine in the life of the UK consumer

Since the development of wine sales via supermarkets in the UK in the 1970s wine consumption has more than doubled so now the UK is the largest wine import market (by value) in the world. Wine is now consumed by approximately 61% of the UK adult population on a regular basis. For many social wine consumption has become part of their lifestyle. Given the international importance of the UK wine market, plus the increasing incorporation of wine into regular consumption behaviour, it is remarkable how few academic studies have been undertaken into the consumption behaviour of moderate, social UK wine consumers. This paper aims to start developing that knowledge, thus adding to our understanding of consumer behaviour in general. The results show that consumers use wine in very sophisticated ways via purchasing, gifting and consumption. The findings also show that social interaction with wine varies significantly, dependant upon occasion and environment. Behaviour also varies if the purchase, as gift and/or for consumption, is perceived as a private or public activity. This paper places UK wine consumer behaviour within a social context, and is able to show that all consumers display a range of behaviours in relation to wine which are situation and occasion dependant.     

Antitrust Policy: The Impact of Revenue Penalties on Price

The paper examines the impact on a firm’s price when it faces the possibility of an antitrust investigation and associated potential revenue penalty. As well as presenting a general model of antitrust intervention, an illustrative example reflecting the provisions of the 1998 UK Competition Act is offered, the example being developed to explore the implications of the probability of antitrust intervention and punishment increasing non-linearly as a firm’s profit rises.     

Foreign currency-denominated borrowing in the absence of operating incentives

It is well known that corporations issue foreign currency-denominated debt to hedge foreign currency cash flows with offsetting interest payments. We test an alternative “opportunistic” motive for foreign currency-denominated borrowing. We do so by constructing a comprehensive sample of foreign currency-denominated bonds issued by sovereign government and agency issuers with no foreign currency cash flows or foreign operations. We find strong and consistent evidence that the borrowers in our sample consider cross-currency differences in covered and uncovered interest yields in choosing the currency in which to denominate their international debt. We estimate the average gains to opportunistic covered yield borrowing to be 4 to 18 basis points. Interestingly, we also find that the average bond offering in our sample precedes a large and beneficial depreciation of the issue currency over the course of the following year. These results support what has been a frequent conjecture in the foreign debt market.     

Toward sustainable consumption: Researching voluntary simplifiers

This article examines and extends the notion of voluntary simplifiers (VS). VS are individuals who have freely chosen a frugal, anticonsumer lifestyle that features low resource use and environmental impact. The article will begin by reviewing empirical work with VS and their mainstream counterparts, non‐voluntary simplifiers (NVS). It will go on to identify and locate within this literature an intermediate group: beginner voluntary simplifiers (BVS). BVS may support some aspects of sustainability (such as buying fair‐trade coffee or recycling domestic waste) without either embracing a complete lifestyle change like VS, or completely dismissing ethical or environ‐mental features of products and services they consume, like NVS. Insight into the complex decision‐making processes of BVS is crucial for the understanding of the concept of voluntary simplification and is therefore important for the advancement of sustainable consumption. © 2006 Wiley Periodicals, Inc.     

The Overseas Listing Decision: New Evidence of Proximity Preference

Using a cross section of effectively the entire universe ofoverseas listings across world markets, we examine the marketpreferences of firms listing their stock abroad. We find thatgeographic, economic, cultural, and industrial proximity playthe dominant role in the choice of overseas listing venue. Contraryto the notion that firms maximize international portfolio diversificationgains in listing abroad, cross-listing activity is more commonacross markets for which diversification gains are relativelylow. Our findings imply that the same proximity constraintsthat are believed to lead to "home bias" in investment portfoliodecisions also exert a profound influence on financing decisions.