Social inequalities are intensifying globally and widening divisions are linked to civil unrest. Disadvantaged ethnic and religious groups experience poor access to, representation in and outcomes from public services such as healthcare... more
Social inequalities are intensifying globally and widening divisions are linked to civil unrest. Disadvantaged ethnic and religious groups experience poor access to, representation in and outcomes from public services such as healthcare and education. As mechanisms for social participation and citizenship, public services are key to inclusive and sustainable societies. In this paper we present results of a systematic review on strategies for the inclusion of minority ethnic and religious communities, often neglected populations in term of sustainable development activity. We focus on four public service areas: education, health, local government and police services and identify evidence gaps. Our overall aim is to raise awareness and provoke debate, reflection and subsequently action towards the inclusion of disadvantaged ethnic and religious minorities within public services. Public service inclusion strategies were identified through a global evidence review and four country specific reviews conducted by the Socially Inclusive Cities Network – academics, NGOs, policy – makers and practitioners from India, Kenya, Nigeria, Vietnam and the UK. Published evidence was supplemented by country-based and international workshops involving over 230 relevant stakeholders. We specifically explored intersectional experience relating to gender, age and migration status. 56 publications were identified for the global review, mostly in health and education. Macro (social and political), meso (institutional) and micro (individual) arena were identified as three distinct but interconnected levels through which exclusion is operationalized. Three overarching frameworks appeared key to successful ethnic and religious inclusion initiatives: accounting for social context; multiple strategies for system reform; and collaboration with disadvantaged communities. Inclusion strategies that address macro, meso and micro level drivers of exclusion are needed to achieve the aspirations of SDG 10. Involving affected communities is key to their success.
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Disagreements over the systemic implications—the future—of financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization... more
Disagreements over the systemic implications—the future—of financialization can be traced in part to the absence of sustained attention to the role of banking firms in driving this secular shift forward. That is, the financialization literature lacks an adequate microfoundation. Accounting for the drivers of financialization processes solely at the macro level overlooks the problems of how these processes came about and whether they are sustainable. This paper addresses this explanatory gap, arguing that a key independent microeconomic driver of increasing financialization did exist: the incessant efforts by money-centre banks in the USA to break out of Depression-era restrictions on their size, activities, and markets. These banks’ growth strategies in turbulent times led to an institutional (meso) shift—the rise of a megabank-centred shadow banking system—that now shapes global financial architecture even while operating in ways that are unsustainable. In short, too-big-to-manage ...
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... for Applicant Race, Probit Equations for Home-Purchase Loans in Selected California Cities ... for some households and businesses, for others the scope of available financial services may ... different lend-ers may be evaluating... more
... for Applicant Race, Probit Equations for Home-Purchase Loans in Selected California Cities ... for some households and businesses, for others the scope of available financial services may ... different lend-ers may be evaluating creditworthiness very differently in local markets and ...
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This paper contributes to the understanding of subordinate financialisation in emerging and developing economies by setting out a novel core–periphery framework that elucidates the place of Latin America in the global architecture of... more
This paper contributes to the understanding of subordinate financialisation in emerging and developing economies by setting out a novel core–periphery framework that elucidates the place of Latin America in the global architecture of finance. This framework builds on the centre–periphery financial model of uneven regional credit and economic growth, originally proposed by Victoria Chick and Sheila Dow in 1988. In the era of deregulated financial flows and market-based credit, the core–periphery relationship has become a three-level hierarchical system, in which Latin American nations occupy a subordinate place. The key drivers of this structural shift within these nations have been the liberalisation of cross-border financial flows and investment, the deregulation of banking and the adoption of private pension systems. These drivers’ adoption can be traced to both push and pull factors: specifically, recurrent financial crises requiring external intervention (especially by the Inter...
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Research Interests: Computer Graphics, Chemistry, Kinetics, Medicine, Humans, and 15 moreLiver, Infrared spectroscopy, Mice, Animals, Drug Design, High Performance Liquid Chromatography, Computer Graphic, Cysteine endopeptidases, Mass Spectroscopy, Elsevier, Lysosomes, Carbamates, Biochemistry and cell biology, Cysteine Proteinase Inhibitors, and Leucine
Research Interests: Chemistry, Kinetics, Medicine, Humans, Liver, and 15 moreEnzyme regulation, Animals, Transferrin, Peptides, Sodium Dodecyl Sulfate-Polyacrylamide Gel Electrophoresis, Milk, Cattle, Rats, Amino Acid Sequence, Structure activity Relationship, Biochemistry and cell biology, Cysteine Proteinase Inhibitors, Molecular Sequence Data, Lactoferrin, and Papain
This special issue aims to use historical examples to gain insight into the socio-economic impact of, and possibilities of recovery from, the Covid-19 pandemic for Black communities. We approach this question by comparing the impact of... more
This special issue aims to use historical examples to gain insight into the socio-economic impact of, and possibilities of recovery from, the Covid-19 pandemic for Black communities. We approach this question by comparing the impact of the pandemic on Black Britons in the United Kingdom with that of the 2008 subprime crisis on Black Americans. We find that, in both cases, a pattern of racially asymmetric losses and race-neutral policy responses that have systematically ignored the disparate losses borne by Black and racial/ethnic minority communities. Both patterns are manifestations of these countries’ institutional racism. Relying on insights from stratification economics and using the concept of “racial formation” introduced by Harold Baron in 1985, we show how these nations’ historical relationships to slavery and imperialism have led to different structures of racial control. Our review of U.K. government policy includes a critique of the March 2021 report of the U.K. Commissio...
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ABSTRACT This paper celebrates the contributions to Keynesian theory of the late Brazilian economist Fernando Cardim de Carvalho (1953–2018). We use Carvalho’s 12 refereed English-language papers on Keynesian theory — the first published... more
ABSTRACT This paper celebrates the contributions to Keynesian theory of the late Brazilian economist Fernando Cardim de Carvalho (1953–2018). We use Carvalho’s 12 refereed English-language papers on Keynesian theory — the first published in 1983, the last in 2016 — as a point of departure for reflecting on two questions confronting macroeconomists today. First, what is the work of the economist — in what does economic analysis consist? Second, in this post-crisis era, how might macroeconomics — and specifically Keynesian macroeconomics — be rebuilt? Carvalho’s writings show that the work of the economist can be as much about understanding the raw elements of human behavior in the real world — what we will call the foundational level of analysis — as about constructing models depicting the momentum of economic systems incorporating these behaviors. Adopting this approach to the practice of theory leads to insights and frameworks that would be lost if macroeconomic theorizing were equated with formal model building: it will enrich exchanges among economists, deepen the conceptual roots of Post Keynesian macroeconomics, and facilitate interdisciplinary exchange.
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Hyman Minsky will always be linked with the Wall Street Paradigm he originated in 1975. This paper develops an interpretation of Minsky's paradigm, suggests a consistent terminology for some of its key elements, and addresses several... more
Hyman Minsky will always be linked with the Wall Street Paradigm he originated in 1975. This paper develops an interpretation of Minsky's paradigm, suggests a consistent terminology for some of its key elements, and addresses several misunderstandings about it.1 It is argued here that Minsky expressed the core of his Paradigm in mature form in his first statement of these ideas-the 1975 John Maynard Keynes (JMK). But Minsky tinkered with the specific component elements of his Paradigm until the end of his life. The motivation for this paper is that Minsky's written work is not easily digested. The prose is often repetitive, the arguments occasionally obscure, and the terms sometimes ambiguous. To some extent, Minsky's own prose invites misunderstanding: he layered concepts densely and, like Keynes, tried to express ideas fundamentally incompatible with the mainstream paradigm in terms accessible to mainstream economists. Further, Minsky was sometimes inconsistent in his own usage; the term "Wall Street" itself has two distinct meanings, which Minsky used interchangeably. So getting Minsky "right" requires patient deciphering-a task to which this paper contributes.
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This article reviews radical political economic (RPE) analyses written since 1970 in which money or credit relations are centrally important. Contemporary authors within RPE differ on how important money and credit are in economic... more
This article reviews radical political economic (RPE) analyses written since 1970 in which money or credit relations are centrally important. Contemporary authors within RPE differ on how important money and credit are in economic dynamics because they have very different ideas about whether money and credit perform essential economic functions. This paper argues that these essential functions arise only if financing constraints, uncertainty, and information asymmetry are elements of an author's analytical framework.
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At the end of April 1992, Los Angeles erupted in violence after the televising of the brutal beating of Rodney King by Los Angeles police officers. The episode paralleled the 1965 Watts riots. It seemed that if that one long historical... more
At the end of April 1992, Los Angeles erupted in violence after the televising of the brutal beating of Rodney King by Los Angeles police officers. The episode paralleled the 1965 Watts riots. It seemed that if that one long historical cycle – urban violence, policy intervention,
interdisciplinary research institute. We generate and support innovative analyses that improve understanding of the dynamics that underlie racial marginality and undermine full and fair democratic practices throughout Ohio, the United... more
interdisciplinary research institute. We generate and support innovative analyses that improve understanding of the dynamics that underlie racial marginality and undermine full and fair democratic practices throughout Ohio, the United States, and the global community. Responsive to real-world needs, our work informs policies and practices that produce equitable changes in those dynamics. 0
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This paper critically examines the emergence of “too big to fail” (TBTF) banking policy: the extension of implicit public insurance guarantees to a small set of large financial institutions. TBTF policy has evolved from a tool used by... more
This paper critically examines the emergence of “too big to fail” (TBTF) banking policy: the extension of implicit public insurance guarantees to a small set of large financial institutions. TBTF policy has evolved from a tool used by government authorities to maintain financial-market stability, into a constraint imposed by a megabanking complex on financial and regulatory policy. Regulators and analysts favoring TBTF have attempted to draw a line between the more restricted and more expansive versions of this policy: on one hand, a guarantee that prevents bank runs, and on the other, a pre-commitment to preserve some financial firms as operational entities, no matter the economic damage their risk-taking may have caused. But this line is too easily manipulated in a political system that places few constraints on regulatees’ financial contributions. The beneficiaries of expanded TBTF protection, even in their weakened post-crisis condition, have argued that financial reforms aimed ...
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This paper considers the possibility of replacing the efficient-market hypothesis. An apologia is immediately in order. This theme statement could lead us in either (or both) of two directions: first, toward a specification of an index... more
This paper considers the possibility of replacing the efficient-market hypothesis. An apologia is immediately in order. This theme statement could lead us in either (or both) of two directions: first, toward a specification of an index for assessing the value of capital assets differently than is done in the efficient-market hypothesis; second, toward a reflection on the strategic role of the efficient-market hypothesis within neoclassical (“old”) economics, with some consideration of what a “new” economics would need in its place. Recognizing that a paper following the first direction is sorely needed, this paper takes the second direction.
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The current meltdown in global banking and credit markets, which bears the unlikely name of the “sub-prime lending crisis,” threatens to destroy asset values, financial markets, and national economies across the globe. The proximate cause... more
The current meltdown in global banking and credit markets, which bears the unlikely name of the “sub-prime lending crisis,” threatens to destroy asset values, financial markets, and national economies across the globe. The proximate cause of this situation was the end of the US housing bubble, which precipitated a rapid increase in mortgage delinquencies, especially among subprime mortgages issued in overheated markets. Since these mortgages were held in securitized form in portfolios around the world, these payments difficulties at the base of the financial food-chain led to seismic financial-market eruptions at the top. In the U.S., thousands of households have already lost their homes. The economy as a whole now resembles the submarine in the movie Das Boot: it has dived well below its tolerance level: oxygen is running low, and one valve after another is exploding under the pressure. It is too soon to know the ultimate impacts of this crisis, but not too soon to explore its caus...
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... It is a rent paid by the lucky private owners of commonly possessed resources to everybody else, stipulated at the highest level consistent with its ... can deliver the basic real freedoms to global citizens that nation-states no... more
... It is a rent paid by the lucky private owners of commonly possessed resources to everybody else, stipulated at the highest level consistent with its ... can deliver the basic real freedoms to global citizens that nation-states no longer can (see Koenig-Archibugi 2002; Thakur and van ...
This essay argues that understanding the economic structure and dynamics of favelas is crucial in shaping public policies that reduce poverty and generate higher levels of human-capability attainment for all Brazilians. There is at... more
This essay argues that understanding the economic structure and dynamics of favelas is crucial in shaping public policies that reduce poverty and generate higher levels of human-capability attainment for all Brazilians. There is at present no settled model of the favela economy, or even agreement among economists about how favelas fit into the broader urban economy. Nor has an agreed model of low-income or segregated minority communities in other countries been developed. Nor could this article set out an approach to the economy of the favela on which all observers and analysts would agree. Given this point of departure, this paper seeks to provoke debate and dialogue about how the economy of the favela should be seen, and about how favelas fit into the broader economic dynamics of the cities and regions in which they exist. The idea is not to settle debate, but to start it. Consequently, a variety of approaches to favelas – ways of “seeing” them – are set out here, without resolvin...
This chapter explores geographical approaches to financial systems, with special attention to their instability. After examining the foundational contributions that launched the geography of finance, the chapter summarizes spatial... more
This chapter explores geographical approaches to financial systems, with special attention to their instability. After examining the foundational contributions that launched the geography of finance, the chapter summarizes spatial research on the global spread of innovative practices in finance. It then asks why so little attention was paid to macro-aspects of financial crises prior to September 2008. A review of geographers’ research of sub-prime lending and crisis finds that this work, extensive as it is in analyzing the microfoundational aspects of sub-prime lending and securitization, pays no attention to the macro-dimension of financial instability. This lacuna is shared with mainstream macroeconomics, which famously failed to see the sub-prime crisis coming. The chapter then explores economist Hyman Minsky’s macro-approach to financial instability and crisis. The chapter concludes by arguing that developing a spatial analysis of financial instability should be a high priority ...
Fernando Cardim de Carvalho’s monumental intellectual legacy encompasses many elements - his teaching, his mentoring, his scholarship, and his policy activism. This essay explores Cardim’s contributions to Post-Keynesian economics through... more
Fernando Cardim de Carvalho’s monumental intellectual legacy encompasses many elements - his teaching, his mentoring, his scholarship, and his policy activism. This essay explores Cardim’s contributions to Post-Keynesian economics through the lens of his 31 publications in refereed English-language journals. After applying some bibliometric analysis to these articles, we undertake a chronological review of the themes developed in Cardim’s publications on theoretical topics in Keynesian economics. This is followed by a clarification and defense of Cardim’s distinctive methodology. We then undertake a chronological review of the articles containing his critical analyses of development policy. This side-by-side comparison of Cardim’s theoretical and policy pre-occupations through time clarifies their close interconnection. We conclude by examining the craft of writing in Cardim’s work, as he was an economist whose impact stemmed not just what he said, but from how he said it. Seeing Fe...
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Este artículo examina las ideas y pensamientos de K. Polanyi y H. Minsky en torno a las altas finanzas. Como se argumenta, Polanyi asume una visión historica benigna de las finanzas globales que muchas veces no comparte Minsky, ni otros... more
Este artículo examina las ideas y pensamientos de K. Polanyi y H. Minsky en torno a las altas finanzas. Como se argumenta, Polanyi asume una visión historica benigna de las finanzas globales que muchas veces no comparte Minsky, ni otros grandes economistas incluídos en el texto. A la luz de los eventos históricos más recientes, la confrontación de Polanyi y Minsky nos ayuda a considerar el desmoronamiento del orden global monetário y el problema de cómo reestablecerlo.
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Se analiza el aumento en la ocurrencia y profundidad del riesgo financiero en la era neoliberal. Los cambios en los sistemas financieros que han hecho no solamente más difícil la gobernabilidad, sino que también han llevado a algunas... more
Se analiza el aumento en la ocurrencia y profundidad del riesgo financiero en la era neoliberal. Los cambios en los sistemas financieros que han hecho no solamente más difícil la gobernabilidad, sino que también han llevado a algunas interacciones perversas entre riesgo y gobernabilidad. Esta idea emerge de la revisión de la evolución del riesgo financiero y la gobernabilidad en la historia contemporánea. Se estudia la situación del riesgo financiero y la gobernabilidad a principios de la era de Bretton Woods hasta finales de los años setenta y hasta la emergencia de la crisis del crédito subprime de los años dos mil. Se examinan las implicaciones de esta historia para el futuro de la gobernabilidad financiera.
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The neoliberal era has been characterized in the financial arena both by banking deregulation and financial-market integration, and also by new forms of risk and by recurrent financial crises. This chapter examines the problem of... more
The neoliberal era has been characterized in the financial arena both by banking deregulation and financial-market integration, and also by new forms of risk and by recurrent financial crises. This chapter examines the problem of financial governance from a macro-structural perspective: that is, we consider the financial risks generated by aggregate financial flows and global macroeconomic imbalances in this period,