An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

A Feminist Affective Turn for Public Relations: Mothers, Passionate Publics, and the Childhood Vaccine Debate

This project proposes a feminist intervention in how affect and publics are theorized in public relations research. Drawing from extant literature, I argue that public relations theories of affect and publics have been apolitical and lack depth and context (Leitch & Motion, 2010a). Using the context of the online childhood vaccine debate, I illustrate several theories and concepts of the new feminist affective turn, as well as postmodern theories of affect, relevant to public relations research: (a) Public Feelings, “ugly” feelings, agency, and community (Cvetkovich, 2012; Ngai, 2007); (b) passionate politics (Mouffe, 2014); (c) postmodern assemblages, biopower, and body politics (Deleuze & Guattari, 1988; Foucault, 1984); (d) affective facts and logics of future threats (Massumi, 2010); and (e) affective ethics (Bertleson & Murphie, 2010). Scholarship in the areas of public relations, risk, feminist and postmodern affect theory, and the vaccine debate provided theoretical grounding for this project. My research questions asked: How is feminist affect theory embodied by mothers in the vaccine debate? How do mothers understand risks as affective facts in the vaccine debate (if at all)? What affective logics are used by mothers in the vaccine debate (if any)? And, What are sources of knowledge for mothers in the vaccine debate? Multi-sited online ethnographic methods were used to explore how feminist affect theory contributes to public relations research, including 29 one-on-one in-depth interviews with mothers of young children and participant observation of 15 online discussions about vaccines on parenting websites BabyCenter.com, TheBump.com, and WhatToExpect.com. I used snowball sampling to recruit interview participants and grounded theory (Glaser & Strauss, 1967) to analyze interview and online data. Results show that feminist affect theory contributes to theoretical and practical knowledge in public relations by politicizing and contextualizing understandings of publics and elucidating how affective facts and logics inform publics’ knowledge and choices, specifically in the context of risk. I also found evidence of suppression of dissent (Martin, 2015) and academic bias in vaccine debate research, which resulted in cultures of silence. Further areas of study included how specific contexts such as motherhood and issues of privilege and access affect publics’ experiences, knowledges, and choices.