Integration between the London and New York Stock Exchanges, 1825-1925

The integration between the London and New York Stock Exchanges is analyzed during the era when they were still developing as asset markets. The domestic securities on both exchanges showed little sustained integration, even when controlling for the different characteristics of stocks, implying that the pricing of securities in the US and UK were still being driven by local factors. However, there was considerable integration between New York and those listings on London which operated internationally. These results place a limit on the view that pre-World War I was the first era of globalization in terms of capital markets, and suggest that the listing of foreign securities may be one of the primary mechanisms driving asset market integration.

State power matters: power, the state and political struggle in the post-war American novel

This article is concerned with resituating the state at the centre of the analytical stage and, concomitantly, with drawing attention to the dangers of losing sight of the state as a locus of power. It seeks to uncover the relationship between two related lines of critical inquiry: Marxist and Foucauldian theories of the state; and the attempts by three postwar American novelist (Ken Kesey, William Burroughs and E.L. Doctorow) to determine the nature and extent of this power and to consider under what conditions political struggle might be possible. It argues that such a move is needed because recent critical analysis has been too preoccupied by corporeal micropolitics and global macropolitics, and that the postwar American novel can help us in this move because it is centrally concerned with the repressive potentiality of the US state. It maintains that the resuscitation of Marxist state theories in early 1970s and a debate between Poulantzas and Foucault is intriguingly foreshadowed and even critiqued by these novels. Consequently, it concludes that these novels constitute an unrecognized pre-history of what would become one of the key intellectual debates of the late twentieth century: an engagement between Marxist and post-structuralist conceptions of the power and resistance.

A Triumph of Voluntarism? Industrial Relations and Strikes in Northern Ireland During World War Two

Flanders (1974) considered the Second World War to be the great social triumph and vindication of voluntarism in British industrial relations. This paper considers the experience of one region, Northern Ireland, functioning in a unique social and political context and considers the experience of its wartime industrial relations system. The political framework, trade union growth and representation, collective bargaining, strike activity including the major munitions strike of 1944 which may have provoked Defence Regulations Order 1AA, labour management and Joint Production Committees are all examined. The paper gives qualified support to Flanders’ conclusion.

Sublime Lessons: Education and Ambivalence in War Exhibitions

This paper examines how experiences of the sublime are regulated in the war exhibitions of modern museums. Ambivalence is a key feature of the sublime because subjects are forced to negotiate simultaneous feelings of terror and awe in the face of something unrepresentable like war. This paper analyses how war exhibitions dispel ambivalence by resuscitating a Kantian sublime full of resolution, catharsis and transcendence. In this context, potentially destabilising encounters with horrific objects (e.g. guns, bombs, shrapnel) are neutralised by didactic 'Lessons of War' and celebratory narratives of victory. Using examples from the United States Holocaust Memorial Museum, the Imperial War Museum in London and the Smithsonian Institution, this paper illustrates how conventional war exhibitions reproduce a politics of consensus by carefully managing the experience of the sublime.