The complexity of exchange: Wheat markets,petty‐commodity producers and the emergence of commercial capital in colonial Punjab

This paper questions the orthodox Marxist view of merchant capital as “unproductive,” by highlighting the importance of traders in subsuming the countryside to the logic of capital. However, it also argues that in order to properly understand the role played by traders in agrarian change, critical Marxist scholarship on merchant capital needs to recognize the complex marketing systems in which traders and farmers operate. These markets have their own internal relations, organizational and institutional logic which in turn is tied to the specificity of the commodity. Using wheat markets in colonial Punjab as a case study, it then utilizes the framework of complex marketing systems to highlight the range of firms and farms that operated in these markets; the importance of personal relations and informal institutions of family, caste, and religion for establishing trust; and the class stratified nature of market participants. It was from within these informally organized markets that commercial capital first emerged in colonial Punjab. By creatively combining the concept of commercial capital with markets as complex systems, it hopes to provide a richer framework for the study of agrarian change in diverse contexts.     

Development dynamics: Pre and Post Brexit analysis of United Kingdom

Quality & Quantity - The main prospective of this research is to analysis the industrial development (IDV) nexus for a sample of Pre Brexit Polling and After Brexit Polling in the economy of...     

Micro Impacts of a Macro-Level Trading Partnership: Effects of China’s Belt and Road Initiative in Pakistan

Trade and investment lead to economic development of regions and nations. Economists focus on the benefits derived from these activities, but there are also costs, many of which go unnoticed in studies that examine the aggregate effects of projects. This article examines the effects on one village in Pakistan of the construction of two coal-fired power plants that are elements in the China-Pakistan Economic Corridor (CPEC), which is the largest component of China’s Belt and Road Initiative to develop Asia. Although the newly produced roads and electric power from CPEC will help solve the macro-level problems of Pakistani development, the local residents who are displaced from their farmland to make construction possible fare badly. Losing their farms has not only meant being forced to take jobs that pay much less than agriculture. It has also fractured the social ties that bind together the local community and provide residents with self-respect. The effects have been particularly harmful to the status of women. Viewed as a microcosm of the costs of trade and investment, the village of Qadirabad is a symbol of how well-meaning projects contribute to the deterioration of small-scale communities and the growth of urban slums around the world.     

Factors influencing individual in adopting eWallet

This research examines individuals’ feasibility of adopting digital wallet also known as ‘eWallet.’ It aims at assessing the technological readiness among customers especially youth by measuring the acceptance level of digital wallet adoption in a massive implementation of the digital economy. Adoption of eWallet can potentially enhance the efficiency of financial institutions and the provision of new services for the convenience of the customers. The nature of this study was developed in the context of South East Asia focusing on Brunei Darussalam. The study using a framework for assessment based on the unified theory of acceptance and use of technology model revealed that the main construct of the model to be predictors of behavioral intention, was attitude towards using technology and anxiety. These results might be as a result of the millennial generation being in constant interaction with various types of technology, paired with the rising Internet connectivity leading to the minimal impact of the digital wallet adoption.

     

On the asymmetric effects of exchange-rate volatility on trade flows: Evidence from US–UK Commodity Trade

We consider the response of each of the 67 industries that trade between the United States and United Kingdom to the volatility of the real dollar–pound exchange rate. When we follow previous research and estimate a linear ARDL model for each industry, we find short-run effects of volatility in 22 US exporting industries to the United Kingdom that last into the long run only in nine industries. As for the UK exports to the United States, we find short-run effects in 18 industries that last into the long run in 15 industries. However, when we estimate a nonlinear model for each industry, we find short-run effects of volatility on 41 US exporting industries and on 43 UK exporting industries, all in an asymmetric manner. Short-run asymmetric effects lasted into long-run asymmetric effects in 24 US exporting industries to the United Kingdom and in 33 UK exporting industries to the United States. While total trade shares of industries from the linear models were negligible, those of the industries from the nonlinear models were significant in size, in the tune of one-third of the trade.     

Does CPI Granger-cause WPI? New extensions from frequency domain approach in Pakistan

The present study significantly contributes to the economic literature by investigating the direction of causality between WPI and CPI by applying frequency domain causality approach developed by Lemmens et al. (2008) based on spectral approach. We use monthly frequency data covering the period of 1961–2010 in case of Pakistan. Our results provide evidence of cointegration between the variables. Furthermore, we find unidirectional causal relationship running from CPI to WPI that varies across frequencies i.e., CPI Granger-causes WPI at lower, medium as well as higher level of frequencies reflecting long-run, medium and short-run cycles. This implies that CPI should be a leading indicator for important policy decisions pertaining to monetary or fiscal policies in Pakistan.     

Reconceptualizing Informal Work Practices: Some Observations from an Ethnic Minority Community in Urban UK

Whilst paid informal work has been conceptualized as a form of paid employment imbued with solely economic motivations, this article critically argues that such a market‐­oriented reading fails to take into account alternative explanations for the existence of informal work practices. Using evidence from 50 interviews conducted within a Pakistani urban community in a northern UK city, this article, uses a mixed‐embeddedness perspective to highlight the importance of predominantly socially and culturally driven motives in the decision to engage in informal work. The findings highlight that participation in informal work, whilst a product of marginalization due to certain institutional and structural factors, is also driven by a range of non‐monetary motives—a result of certain socially embedded work relations between ethnic minority workers and their employers. It is this social embeddedness of the employer–employee relationship in the Pakistani ethnic minority community that explains the continuation of informal work practices in the face of prevailing laws and regulations. The findings add weight to the understanding of informal work as being about more than just economics and constraints, offering these ethnic minority workers opportunities, even status, and giving them agency in an otherwise disempowered situation.     

Education stock and its implication for income inequality: The case of Asian economies

This study develops a quadratic relationship between education and income inequality among Asian developing economies for the period from 1960 to 2015. Panel cointegration and fully modified OLS is applied for the estimation of long‐run coefficients. The results show that initial, primary, secondary, and tertiary enrollment increases inequality. However, the effect of education on income inequality becomes negative after a certain threshold level (i.e., 97.5% for primary, 43.5% for secondary, and 11% for tertiary). Thus, this result proves the Kuznets phenomenon of an inverted U‐shape relationship for primary, secondary, and tertiary enrollments.     

Customer motivations for sustainable consumption: Investigating the drivers of purchase behavior for a green‐luxury car

The purpose of the study is to investigate the effect of status motivation on customers' purchase intention of a green‐luxury car associated with owning a green‐luxury car, and whether materialism and horizontal–vertical individualism/collectivism moderate this relationship. The quantitative research methodology using online survey technique was used to collect cross‐cultural data from respondents (507) from China and Germany. Purposive sampling technique was used to identify and collect data from current and prospective customers of the BMW brand. Collected data were analyzed using structural equation modeling (SEM). The results demonstrated that materialism and cultural value (horizontal–vertical collectivism and vertical individualism) can serve as moderators of the effects of status motivation and purchase intention of the green‐luxury car. Although some studies have explored the factors involved in customer purchasing behaviour for green‐luxury products, our results theoretically and empirically show that materialism, vertical individualism, horizontal collectivism, and vertical collectivism enhance the positive effects of status motivation on customer purchasing behaviour for a green‐luxury car.     

Does board gender diversity affect corporate cash holdings?

This paper examines whether board gender diversity affects corporate cash holdings using S&P 1500 index firms in the US for the period 2006–2015. We document a significantly negative relationship between board gender diversity and cash holdings. We also find a strong negative effect of female independent directors consistent with monitoring function. Moreover, in accordance with the critical mass theory, we find a negative effect of female directors’ presence and voice on cash holdings. Our findings are robust to alternative econometric specifications, alternative measures of cash holdings and corporate governance, difference‐in‐differences, propensity score matching, and two‐stage least squares. This study offers useful insights into the current global debate on gender diversity and its implications for firms.