ARTICLE: Anarchy and International Law: The Approaches of Hedley Bull and Noam Chomsky

Are anarchy and the law antithetical? Not so, as for more than 350 years international law has governed a legal order based on anarchy; wherein no central authority exists and law functions not on the basis of coercion but on cooperation whereby States must agree to each specific laws before it is bound by its obligations. This article contemplates two manners in which an anarchist might consider international law interesting: first, as a legal system which governs an anarchical society as described by Hedley Bull in line with the English School of International Relations; and second, as a manifestation of a State system which, though illegitimate can be utilized, as Noam Chomsky does, for tactical reasons to demonstrate its inconsistencies and thus weakening the system with the ultimate aim being its implosion

Varieties of resource nationalism in sub-Saharan Africa’s energy and minerals markets

This article examines resource nationalism in sub-Saharan Africa's energy and minerals markets. It does so by exploring economic and political developments in three cases: Nigeria as an example of a petro-state established by means of expropriation in the wake of decolonisation; South Africa, a mature mining industry shaped by its settler colonial history; and Mozambique, a new and therefore highly-dependent entrant into the league of significant natural gas producers. Extractive industries have played a controversial role in sub-Saharan Africa due in particular to the prevalence of the resource curse. Nevertheless, energy exports will continue to play an important role in fuelling economic growth and, potentially, also development as new deposits of natural gas and oil are discovered across the region. Resource nationalism has, moreover, increasingly constrained operations of the traditionally dominant Western energy companies, in particular as competition from state-owned energy companies in sub-Saharan Africa and from emerging powers such as China is increasing.

Capital Markets Union and ending short-termism: lessons from the European Commission's public consultation

The European Commission’s initiative to establish a Capital Markets Union is in sharp conflict with the more radical goals of downsizing significantly certain financial activities and firms that have become too-big-to-fail and too-big-to-govern and of ending or at least drastically limiting extreme speculation and short-termism in finance and the real economy in order to increase financial stability. The recent public consultation on the Commission’s Green Paper Building a Capital Markets Union gives evidence of how weak such demands are compared to calls for deeper capital markets with more ‘shadow banking’ and rebuilding (sound) securitisation. The consultation is an example of how framing the problem and the refined better regulation agenda influence post-crisis financial reregulation and help to marginalize more radical ideas demanding a return to a more traditional banking model and transforming finance back to serving the real economy.

Learning Not to Curse: Swearing, Testimony, and Truth in Olaudah Equiano’s The Interesting Narrative

This article addresses swearing and testimony in Olaudah Equiano’s The Interesting Narrative (1789) by reading the work in the context of a broader contemporary discourse concerning profane swearing and cursing. Acts of profane enunciation inform a number of key episodes in Equiano’s life, and bear particular significance for his spiritual development and abolitionist witnessing. Within the Narrative, swearing is cast as a failure of piety, civility, and humanity, and shown to be actively avenged by a retributive deity. In Britain, profane swearing was also thought to undermine the validity of legal testimony; while, in the British West Indies, slaves were denied recourse to such testimony against their oppressors. By disavowing profane swearing and cursing, the essay argues, Equiano sought to assert both the validity of his oath and the truth of his testimony against the iniquities of the British slave trade.

The Changing Worlds and Workplaces of Capitalism

How do the large scale structures of capitalism and the local social relations of workplaces and organisations shape each other? Through a series of European studies of capital and labour's shifting struggles and compromises; of the politics of welfare, industrial relations and labour markets; and the transformation of post-industrial networked workplaces, this edited collection shows how capitalist workplaces and economies are changing today. The first section explores how European capitalism developed and the different national forms of the struggle between capital and labour for a bigger share of national income. In the second part of the volume, the contributors investigate the institutions that are the building blocks of these different national forms, and how they are changing as labour markets are increasingly shaped by globalisation, feminisation and liberalisation. The final chapters examine how these institutions of capitalism play out in the contemporary workplace – where the most dynamic sectors are based on loose networks and external labour markets and a shifting, uncertain alliance between employers and workers. The authors argue for a new integration of political economy and the sociology of work and organisations.

Trading Activity in Options and Stock Around Price-Sensitive News Announcements

This study investigates the trading activity in options and stock markets around informed events with extreme daily stock price movements. We find that informed agents are more likely to trade options prior to negative news and stocks ahead of positive news. We also show that optioned stocks overreact to the arrival of negative news, but react efficiently to positive news. However, the overreaction patterns are unique to the subsample of stocks with the lowest pre-event abnormal option/stock volume ratio (O/S). This finding suggests that the incremental benefit of option listing is related to the level of option trading activity, over and beyond the presence of an options market on the firm's stock. Finally, we find that the pre-event abnormal O/S is a better predictor of stock price patterns following a negative shock than is the pre-event O/S, implying that the former may contain more information about the future value of stocks than the latter.

Banking compliance and dependence corruption: towards an attachment perspective

Why did banking compliance fail so badly in the recent financial crisis and why, according to many, does it continue to do so? Rather than point to the lack of oversight of individuals in bank compliance roles, as many commentators do, in this paper I examine in depth the organizational context that surrounded people in such roles. I focus on those compliance personnel who did speak out about risky practices in their banks, who were forced to escalate the problem and 'whistle-blow' to external parties, and who were punished for doing so. Drawing on recent empirical data from a wider study, I argue that the concept of dependence corruption is useful in this setting, and that it can be extended to encompass interpersonal attachments. This, in turn, problematises the concept of dependence corruption because interpersonal attachments in organisational settings are inevitable. The paper engages with recent debates on whether institutional corruption is an appropriate lens for studying private-sector organisations by arguing for a focus on roles, rather than remaining at the level of institutional fields or individual organisations. Finally, the paper contributes to studies on banking compliance in the context of the recent crisis; without a deeper understanding of those who were forced to extremes to simply do their jobs, reform of the banking sector will prove difficult.

Finance, social economics and community development

The last three decades have seen social enterprises in the United Kingdom pushed to the forefront of welfare delivery, workfare and area-based regeneration. For critics, this is repositioning the sector around a neoliberal politics that privileges marketization, state roll-back and disciplining community groups to become more self-reliant. Successive governments have developed bespoke products, fiscal instruments and intermediaries to enable and extend the social finance market. Such assemblages are critical to roll-out tactics, but they are also necessary and useful for more reformist understandings of economic alterity. The issue is not social finance itself but how it is used, which inevitably entangles social enterprises in a form of legitimation crises between the need to satisfy financial returns and at the same time keep community interests on board. This paper argues that social finance, how it is used, politically domesticated and achieves re-distributional outcomes is a necessary component of counter-hegemonic strategies. Such assemblages are as important to radical community development as they are to neoliberalism and the analysis concludes by highlighting the need to develop a better understanding of finance, the ethics of its use and tactical compromises in scaling it as an alternative to public and private markets.

Housing, Regeneration and Community Asset Transfer

Community asset transfer enables local groups to own or manage a government owned facility and/or related services. For critics, it is merely an extension of roll-back neoliberalism, permitting the state to withdraw from welfare and transfer risk from local government to ill-defined communities. The paper uses quantitative and case study data from Northern Ireland to demonstrate its transformative potential by challenging the notion of private property rights, enabling communities to accumulate and endanger forms of cooperative consumption. It concludes by highlighting the implications for more progressive forms of social economics in relation to public and private markets and government sponsorship of its own development.

The Dynamics of Male and Female Street Prostitution in Manchester, England

This article examines male street prostitution in Manchester, England, and draws some comparisons to its female counterpart in this city. While the two sectors have some important similarities, we also find significant differences in the physical and social ecology of the places in which they work, in their behavior patterns, and in individuals’ demographics and work experiences. We find that ecological dif- ferences between the male and female markets have a major impact on partici- pants’ work practices, opportunities, and integration into the local community. The data also indicate that it is incorrect to speak of a monolithic male street market or sector in Manchester because sellers shift between settings (street, bar, and escorting), unlike the female street sector. We also find that the males demonstrate more diversity in their repertoires for earning money. The findings have implications for local government policy and for outreach workers who work with these populations.