The structure of state borrowing: towards a political theory of control mechanisms

an article by Anush Kapadia (Indian Institute of Technology, Bombay, India) published in Cambridge Journal of Regions, Economy and Society Volume 10 Issue 1 (March 2017)

Abstract

Alice Amsden’s seminal work on the developmental state was premised on a general theory of control mechanisms. Her focus on development banking prioritises financial control.

However, the development literature concentrates on one element of financial control: investments rather than borrowing. Further, a state bank makes borrowing bargains that are fundamentally political.

Building on recent work on “political settlements” and development, we propose a political theory of control mechanisms that builds politics into Amsden’s theory of control. We then apply it to development bank fundraising, arguing that when development banking works, it does so by reconciling political settlements with control over fundraising.

JEL Classification: N2, H6, P16, O23

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The Global Trade of Textiles and Clothing in the Early Modern Period: Exchange, Meaning and Materialities

an article by Karolina Hutkova (University of Warwick) published in Exchanges: the Warwick Research Journal Volume 2 Number 2 (2015)

Abstract

The two-day workshop [International PhD and Postdoctoral Workshop, 27-28th November 2014, University of Warwick] at the University of Warwick brought together early career researchers studying various aspects of textile history – production, consumption, trade, fashion, and design – with the aim of drawing broader conclusions about the role of textiles and clothing in the development of societies, cultures and economies.

The methodological and geographical breadth of the presented research holds a promise that in the near future we will be presented with a much more global picture of textile production, consumption and trade in the early modern period.

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Hazel’s comment:
I know. I do not normally put images into references to journals but I could not resist this!
Early modern period, for those who like me are not sure, spans approximately 300 years from 1500 (Wikipedia).

The Cyclical Behavior of Labor Productivity and the Emergence of the Labor Hoarding Concept

an article by Jeff E Biddle (Michigan State University) published in Journal of Economic Perspectives Volume 28 Number 2 (Spring 2014)

Abstract

The concept of “labour hoarding”, at least in its modern form, was first fully articulated in the early 1960s by Arthur Okun (1963). By the end of the 20th century, the concept of “labour hoarding” had become an accepted part of economists’ explanations of the workings of labour markets and of the relationship between labour productivity and economic fluctuations. The emergence of this concept involved the conjunction of three key elements:

• the fact that measured labour productivity was found to be procyclical, rising during expansions and falling during contractions;
• a perceived contradiction with the theory of the neoclassical firm in a competitive economy; and
• a possible explanation based on optimising behaviour on the part of firms.

Each of these three elements – fact, contradiction, and explanation – has a history of its own, dating back to at least the opening decades of the twentieth century. Telling the story of the emergence of the modern labour hoarding concept requires recounting these three histories, histories that involve the work of economists motivated by diverse purposes and often not mainly, if at all, concerned with the questions that the labour hoarding concept was ultimately used to address.

As a final twist to the story, the long-standing positive relationship between labour productivity and output in the US economy began to disappear in the late 1980s; and during the Great Recession, labour productivity rose while the economy contracted.

Full-text Article (Complimentary)

JEL Classifications: B22, E24, E32, J24

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