The performativity of the yield curve

This article explores the wide-ranging influence of the yield curve – a diagrammatic device for representing the term structure of effective interest rates on market-traded debt instruments – in contemporary monetary, financial and economic life. Drawing on the expanding literature on financial performativity, including within the field of cultural economy, the article submits that by virtue of its centrality to multiple, closely interconnected and often highly recursive sets of relations between economies, financial markets and central banks, the yield curve is performative at a range of different levels; and, parsing various different extant understandings of performativity, the article theorizes the particular nature of such performativity in the yield curve context. Against the grain of the bulk of the literature on financial performativity, however, the article also endeavors to connect the yield curve’s performativity explicitly to questions of privilege (the privileges of representation) and power (the power to perform) and their unequal distribution. That is to say, the article argues that to understand the multidimensional performativity of the yield curve, we need to draw out its political as well as cultural economy.     

The exhausted futures of neoliberalism: from promissory legitimacy to social anomy

ABSTRACT

The distinction between input-oriented legitimacy and output-oriented legitimacy (Scharpf, Fritz W, 1997. Economic Integration, Democracy and the Welfare State. Journal of European Public Policy, 4, 18–36) has been one of the most influential distinctions in political science. In this article I introduce a third arrangement supporting the legitimacy of political processes which I call promise-oriented legitimacy or, simply, promissory legitimacy. This term refers to the support political authority can gain from the credibility of promises political leaders make regarding future states of the world when justifying decisions and persuading others to follow them in their proposed course of action. Decisions gain support through claims about future development. Legitimacy crises arise if promises that were found credible become discredited and fail to motivate. I develop the concept of promissory legitimacy based on a discussion of what can be considered the most far-reaching political promissory regime of the last forty years: neoliberalism.     

The nature of markets: on the affinity between masculinity and (neo)liberalism

ABSTRACT

The relationship between masculinity, neoliberalism, and capitalist economy is difficult to analyse. This is apparent when we consider recent studies of neoliberal capitalism, which are almost entirely books about men, and yet this feature consistently escapes critical attention. In contrast, this article brings this relation into focus, and suggests that the critique of hegemonic masculinities is an important feature of the critique of neoliberalism. The article first reviews existing literature on the intersection of masculinity and capitalism, which is increasingly being drawn towards the analysis of neoliberalism. It then briefly takes up Michel Foucault’s study of neoliberalism, especially his contention that classical liberalism’s concern with the nature of markets maintains an ambiguous persistence within the neoliberal project, in order to consider what it may have to offer to an analysis of masculinity and neoliberalism. Finally, I turn to one of the key thinkers in the intellectual development of neoliberalism – Ludwig von Mises – and provide a critical rereading of his 1944 book Bureaucracy. I argue that, beneath its veneer of economic rationality, the text mobilizes masculinity as a technology that is crucial to managing both the affective and economic insecurities generated by neoliberal conceptions of freedom in market-based societies.     

Peer lending and the subsumption of the informal

The informal financial practices of financially ‘excluded’ groups in the United States are being enrolled in a regulatory project to make new markets and produce financially self-sufficient subjects on the edges of the financial system. Drawing on mixed-methods qualitative research working with nonprofits in the San Francisco Bay Area, this paper explores how informal rotating savings and credit associations (ROSCAs) are being repurposed and formalized to make the risks of financially excluded groups legible, tractable and priceable for ‘mainstream’ financial service providers. In so doing, the paper explores how the credit score orders practices and relations that are ‘outside’ of the ‘financial mainstream’. While others have documented how the efforts of NGOs to marketize and commodify the social networks and cultural practices of the poor result in forms of dispossession, this is not what my research finds. Instead, I show how formalized ROSCAs are redistributing calculative agency, and enabling financially underserved groups to exert strategic control over the calculation of their credit scores.     

The data analytics industry and the promises of real-time knowing: perpetuating and deploying a rationality of speed

This article draws upon a sample of 34 data analytics providers in order to explore the rhetorical framing of the speediness of the data analytic solutions that they offer. General perceptions of cultural speed-up frame understandings of organisational life, against this backdrop of data analytics are presented as a potential solution to the need to speed-up and keep-up with the competition. As a result, it is argued that notions of speedy analytics are central to the spread and intensification of data-led decision-making, governance and ordering processes. The promises of real-time knowing are one means by which organisational speed and agility are seen to be achievable. The result is the pushing back of the limits of datafication. This article is concerned with the power of the data analytics industry and the powerful ways in which this industry presents and projects properties and promises onto data and data analytics. It suggests that this industry taps into, cultivates and then attempts to deploy the wider rationality of a need for speed.     

People-based marketing and the cultural economies of attribution metrics

This article examines People-Based Marketing (PBM) to theorize the cultural economies of attribution metrics. Through an analysis of marketing discourses, acquisition patterns, and marketing collaborations, it examines how platform capitalism is increasingly directed towards developing cross-device identity standards that consolidate performance metrics across digital markets. PBM extends the processes of platform capitalization across media properties, and the ways that claims of value and relevance are imbricated with the metricization of behavioral change in digital markets. The imperative of PBM to standardize techniques of identification and to make media increasingly measurable across markets has been a catalyst for new forms of data resolutions through strategic acquisitions and identity resolution consortiums. Moreover, emerging regulatory changes such as GDPR may in effect further reinforce trends towards the consolidation of data management and analytics platforms necessary to resolve identity across markets.     

Regulating belonging: surveillance,inequality, and the cultural production of abjection

ABSTRACT

Conditions of abjection are increasingly viewed as problems to be managed with surveillance. Across disparate domains, bodies that challenge normalized constructions of responsible neoliberal citizenship are categorized, monitored, policed, and excluded in dehumanizing and often violent ways. This paper explores the role of surveillance in such processes. The registers covered include everyday abjection (welfare systems, battered women’s shelters, and homelessness), criminalized poverty (police targeting of the poor and emerging ‘poverty capitalism’ arrangements), and the radically adrift (the identification, tracking, and containment of refugees). In each of these cases, surveillance is yoked to structural inequalities and systems of oppression, but it also possesses a cultural dimension that thrusts marginalized and dehumanized subjectivities upon the abject Other. Therefore, I argue that in order to critique the gendered, racialized, and classed dimensions of contemporary surveillance, it is necessary to take seriously the mythologies that give meaning to surveillance practices and the subjectivities that are engendered by them.     

The Struggle to Perform the Political Economy of Creditworthiness

Analysing the European Union's regulatory response in the wake of the credit and sovereign debt crises, this paper argues how its adoption of risk management as the core strategy for governing the credit ratings space may undermine European efforts to rebalance the growing asymmetry between private expertise and public democracy. While centralised oversight, enhanced transparency and restorative, technical intervention seem like sound regulatory initiatives, I problematise the methodologies, models and assumptions of sovereign ratings to show how the new ratings framework may actually impede the ability of the technocratic European Securities and Markets Authority (ESMA) to redress the most egregious deficiencies of ratings. Drawing on the performativity of market relations, the paper argues how ESMA's supervisory conflicts undermine the EU's capacity to perform an alternative political economy of limits. Neither is it democratically sanctioned to interfere in the analytical substance of ratings nor should it distort the social facticity of creditworthiness by relying primarily on quantitative risk analysis, ESMA will be forced to either repoliticise the ratings process or promote the status quo, which diminishes fiscal sovereignty.     

城市文化视角下苏州绿地空间体系构建

城市文化是由人类通过长期的聚集性活动创造出来的,包含物质层面和精神层面两方面的形态总和,深刻影响城市人群生产生活状态和城市物质空间生产方式.城市文化空间体系的构建是实现国家文化安全的重要支撑,许多城市片面地将城市文化理解为非物质层面的成果,忽略了城市文化空间这一文化物质载体的深刻作用.绿地空间是城市文化空间重要组成部分...     

Between freedom and futility: on the political uses of corporate globalizing discourses

ABSTRACT

From frequent television advertisements to posters in jet bridges all over the globe, the public is continuously subjected to messages affirming the inception of a flat, borderless world. While these discourses suggest globalization is bringing humanity together into a globally connected, cosmopolitan world order, such corporate advertisements also seek to convey the desirability and inevitability of a borderless economy in which they may roam unfettered. To illustrate how these ideas are communicated, I investigate three emblematic cases: Emirates Airlines, HSBC, and Itaú. By interrogating their public discourses, this article elucidates how powerful actors seek to construct global (or regional–global) imaginaries for consumers by deploying esthetically pleasing (and, at times, seemingly ‘subversive’) advertisements. Their ultimate effect is to demonstrate the would-be futility of attempts to regulate the spread of global capitalism or their own profit-seeking behavior. Through showing how pop-culture artifacts attempt to ‘sell’ teleological global capitalism to audiences, this article contributes to the burgeoning literature on the cultural political economy of globalization. To conclude, I briefly explore how this analysis relates to important political debates concerning agency in globalization, the feasibility of state regulation of global capitalism, and the construction of alternative global imaginaries/orders.     

Revulsion and awe: charting the development of the moral economy of capitalism and its hero in the American imagination,from the protestant ethic to ecstasy of the entrepreneur

ABSTRACT

The spirit of capitalism shifted throughout the twentieth century, Boltanski and Chiapello place it sometime in the period between the 1960s and 1990s [2005, The New Spirit of Capitalism, Verso, London], for Bell it had happened by the mid-1970s and its contradictions were already apparent [1998, The Cultural Contradictions of Capitalism, Basic Books, New York]. David Harvey is more specific and cites 1979 as the dawn of the new era [2005, The New Spirit of Capitalism, Verso, London]. This paper seeks to build on this scholarship of the changing spirit of capitalism and read it through the development of the heroic figure of the American imagination, through the representation of the capitalist hero. Its aim is to situate the figure of the capitalist hero in the post-crash era and ultimately to understand the seductive power of the new capitalism that enables it to thrive. My thesis is that the seductive power of the new capitalism can be understood as an oscillation between revulsion and awe, we are both morally repulsed by the venality of capitalism yet also captivated by it. Revulsion and awe are at the core of the libidinality of the new capitalism and can be seen through the representation of the heroic object of the capitalist imagination.     

The social life of measurement: how methods have shaped the idea of culture in urban regeneration

Although ‘culture-led regeneration’ has been critiqued as both a concept and practice, it is clear that policy-makers continue to make efforts to use cultural activity of varying forms to achieve ends which could be (and are) described in terms of urban ‘regeneration’. Whilst the idea of culture-led urban regeneration had gained considerable prominence in a range of policy by the early twenty-first century, many questions have remained over how exactly such ‘regenerative’ outcomes could be convincingly demonstrated, despite much activity to attempt such demonstration over the course of preceding years. The desire for convincing evidence can be seen in a continued, and increasing, focus on evaluation, and methods aimed at providing evidence of impact and outcomes. In light of the renewed political focus in recent years on ‘proving’ the effects and value of cultural activity, this paper considers the continuation of practice in this area, and asks what lessons, if any, have been learned in evaluative practice which seeks to demonstrate the regenerative effects of culture. In light of the continuation of apparently problematic practices, the paper seeks to delineate and account for what has been learned, and what has not.     

Beyond Rock and Roll: The Economic Impact of the Grateful Dead on a Local Economy

For-profit popular music concerts, a seldom studied event, may create sizeable economic impacts in a local economy. Using information from a survey of more than 1,000 concert goers to a Grateful Dead performance in Las Vegas and RIMS II multipliers, we estimate income and employment impacts. We conclude that the potential large spill-overs effects of such an event should not be ignored. This revised version was published online in August 2006 with corrections to the Cover Date.     

依靠技术创新推动循环经济发展

循环经济是实现可持续发展的有效途径和模式,发展循环经济有赖于技术创新。大力开展技术创新,研发相关绿色技术,提高企业技术创新能力,是促进循环经济发展的关键。     

Non-destructive monitoring methods as indicators of damage cause on Cathedral of St. Lawrence in Trogir,Croatia

Durability is one of the most important engineering properties of cultural heritage monuments. For the purpose of the preservation of structures for future generations, the causes of damage should be determined for the proper choice of type and location of strengthening. The condition of the foundation is difficult to determine without an extensive investigation which is critical because most often the cause of damage is found in such foundations. Geotechnical investigation techniques require the damage and destruction of a building's surroundings or the damage of a foundation with a boring device. Non-destructive methods, such as geophysical methods, are less reliable and the results of such investigations must be combined with the results of subsurface exploration. This paper is a presentation of results achieved through the monitoring of the activity of a number of joints on the Cathedral of St. Lawrence in Trogir, Croatia, which is a cultural heritage monument protected by UNESCO. Excavations for the purpose of flagging replacement in the zone around the east frontage were made in 1979. A probe beneath the main apse uncovered a water cistern where the connection between the mid and north apses is located, and instead of a staggered foundation, a wall with a depth of more than 2.2 m beneath the flagging was discovered. With respect to the given that churches were built on existing ones, it is possible to assume that this is a wall of the late-antiquity church described by Constantin Porfirogenet in the 10th century, built on and later adapted to the foundation for the new structure. The displacement in time of the construction elements of the cathedral were measured and recorded using non-destructive methods. Fissure displacement behaviour, air temperature and air humidity were monitored. The monitoring of the air humidity did not lead to any useful conclusion, so it was quickly dismissed. Observations of data were performed during two periods with an interruption between the two caused by insufficient monetary resources. Data from almost 8 years of continuous measuring are available. The aim of this paper is to present the data of the measured fissure displacements which were correlated with air temperature changes and mathematical models which were based on statistical analysis. Correlation coefficients show that the analysed fissures react to the air temperature changes with different intensities. The obtained data lead to the conclusion that the causes of the structural damage are not found within a displacement or failure of the foundations. Instead, the causes of the damage were found in other parts of the structure.