Dispelling the Myth of the Naive Investor during the British Railway Mania, 1845–46

Anecdotal evidence from the British Railway Mania and other historical financial bubbles suggests that many investors during such episodes are naive, thus contributing to the asset price boom. Using extensive investor records, we find that very few investors during the Railway Mania can be categorized as such. Although some interpretations of the Mania suggest that naive investors were expropriated by railway insiders, our evidence is inconsistent with this view as railway insiders contributed substantial amounts of capital, and their investments performed no better than those made by other experienced investors.

Responsible Leadership: Business Myth or Corporate Reality?

The financial crisis has highlighted some of the limitations of the global system. Enterprises previously thought to be too big to fail have learned the harsh realities of capitalism (Merill Lynch, Lehman Bros, Northern Rock), countries have been shaken considerably from the bankruptcy of Iceland to the near-collapse of the markets in Greece, Ireland and Italy. The current age of austerity has largely dominated supra-national and indeed global politics in the last few years. The extent of the crisis has illustrated that relationships between business, governments and society needs to be re-evaluated in light of shifts in the global market thereby recognizing that some countries have a more limited power of persuasion than some corporations.

Cable Crossings: The Aran Jumper as Myth and Merchandise

This article considers the Aran jumper as a cultural artefact from an anthropological perspective. As an internationally recognized symbol of Irishness that comes with its own myth of origin, the Aran jumper carries emotionally charged ideas about kinship and nativeness. Whether read as an ID document, family tree, representation of the landscape or reference to Christian or pre-Christian spirituality, the Aran jumper’s stitch patterns seem to invite interpretation. Emerging at a particular period in the relationship between Ireland and America, this garment and the story that accompanies it have been shaped by migration and tourism, but may be understood very differently on either side of the Atlantic. The resilience of the myth of a fisherman lost at sea, whose corpse is identifiable only by designs his relatives have stitched into his clothing, is explained in light of its resonance with diasporic narratives and transnational longings.

Spectres of Shakespeare:Ong Keng Sen’s Search: Hamlet and the Intercultural Myth

Arguably, the myth of Shakespeare is a myth of universality. Much has been written about the dramatic, thematic and ‘humanistic’ transference of Shakespeare’s works: their permeability, transcendence of cultures and histories, geographies and temporalities. Located within this debate is a belief that this universality, among other dominating factors, is founded upon the power and poeticism of Shakespeare’s language. Subsequently, if we acknowledge Frank Kermode’s assertion that “the life of the plays is the language” and “the secret (of Shakespeare’s works) is in the detail,” what then becomes of this myth of universality, and how is Shakespeare’s language ‘transferred’ across cultures? In Asian intercultural adaptations, language becomes the primary site of confrontation as issues of semantic accuracy and poetic affiliation abound. Often, the language of the text is replaced with a cultural equivalent or reconceived with other languages of the stage – song and dance, movement and music; metaphor and imagery consequently find new voices. Yet if myth is, as Roland Barthes propounds, a second-order semiotic system that is predicated upon the already constituted sign, here being language, and myth is parasitical on language, what happens to the myth of Shakespeare in these cultural re-articulations? Wherein lies the ‘universality’? Or is ‘universality’ all that it is – an insubstantial (mythical) pageant? Using Ong Keng Sen’s Search Hamlet (2002), this paper would examine the transference of myth and / as language in intercultural Shakespeares. If, as Barthes argues, myths are to be understood as metalanguages that adumbrate social hegemonies, intercultural imaginings of Shakespeare can be said to expose the hollow myth of universality yet in a paradoxical double-bind reify and reinstate this self-same myth.

City of Dreams? Belfast, planning and the ‘myth’ of development

The future of Belfast is found in its plans – beginning with 1945 planning proposals to the recently adopted Belfast Metropolitan Area Plan, these documents have aimed to encourage and channel urban development processes to secure collective outcomes that enhance the public interest. Central to this objective has been the idea of ‘development’ and in this paper we interrogate the representation of this concept in the urban discourse of Belfast. We seek to do this by first exploring how ‘development’ and associated concepts are articulated in key spatial policy documents and then contrast these with examples of some of the key physical, spatial outcomes of economic processes that have occurred in the last ten years. The paper will review the dominant trajectories of urban change in Belfast, consider their implications and relate these to the official goals and aspirations represented in planning strategies and regeneration visions for the city. In doing this we draw on the recent work of Marcuse (2015) to identify how ideas of ‘development’ and ‘growth’ have been used to anonymise, harmonize and homogenise the outcomes of these spatial processes. The paper will conclude by considering how Belfast’s urban discourse acts to suppresses alternative visions of the city and explores the potential consequences of this for the new governance arrangements for planning in Belfast.

Movement of Capital and Trade in Services:Distinguishing Myth from Reality Regarding the GATS and the Liberalization of the Capital Account

This article will analyze the interplay between capital movements and trade
in services as structured in World Trade Organization (WTO) law, and it will
assess the implications of the capital account liberalization for the freedom of
WTO Members to pursue their economic policies. Although the movement
of capital is largely confined to the domain of international financial or monetary
policy, it is regulated by WTO law due to its role in the process of
financial services liberalization, which generally requires liberalized capital
flows. From a legal perspective, the interplay between capital movements
and trade in services requires striking a delicate balance between the right
of market access and the parallel right of economic stability. Indeed, a liberalized
regime for capital movements could pose serious stability problems
during times of crisis. For this reason, it is necessary that Members are able
to derogate from their obligations and adopt emergency measures.
Regulating the movement of capital in the General Agreement on Trade in
Services (GATS) requires stretching the regulatory oversight of WTO law
over different aspects of international economic policy. Indeed, capital movements are a fundamental component of the balance of payments and have a
major role in shaping monetary, fiscal, and financial policies. This article will
analyze how the discipline provided by the GATS on capital movements will
affect not only trade in services, but also the Members’ policy space on
monetary and fiscal policy. The article will conclude that while the GATS offers enough policy space for the maintenance of financial stability, it does
not fully take into consideration the need of Members to control capital
movements in order to conduct monetary policies.