Financialisation, income distribution and aggregate demand in the USA

This paper investigates the effects of financialisation and functional income distribution on aggregate demand in the USA by estimating the effects of the increase in rentier income (dividends and interest payments) and housing and financial wealth on consumption and investment. The redistribution of income in favour of profits suppresses consumption, whereas the increase in the rentier income and wealth has positive effects. A higher rentier income decreases investment. Without the wealth effects, the overall effect of the changes in distribution on aggregate demand would have been negative. Thus a pro-capital income distribution leads to a slightly negative effect on growth, i.e. the USA economy is moderately wage-led.

Culture and the 2012 games: creating a tourism legacy?

The role of tourism in delivering wider economic legacies is strongly stated in recent national tourism policy documents. The Olympic Games are envisaged to have the legacy impact of ‘4 million extra visitors’ and ‘50,000 extra jobs’ over 4 years (DCMS (2011). Government Tourism Policy, p. 15). This paper considers the nature of Olympic tourism and the possible contribution of the Cultural Olympiad to developing a cultural tourism legacy. It does this by investigating local perceptions of culture and local cultural enactments in the London Borough of Hackney, one of the five boroughs surrounding the Olympic Park. This research shows that local cultural enactments and programming connected to the Olympics are largely motivated by a wider social agenda. They are funded by a wide variety of arts, social and youth programmes and largely reflect initiatives and projects that were already in place in the Borough. While there is an acceptance that cultural events might stimulate the visitor economy, specific discourses around ‘tourism’ and ‘tourists’ are not expressed by the people engaged in the local process.

The complexities of tourism and regeneration: the case of the 2012 Olympic Games

Regeneration proposals typically seek to use a range of physical, economic and social initiatives to tackle inequality and improve areas. Often they attempt to change the image of places, making them more attractive to tourists, investors, and residents. The role of tourism in these regeneration processes is complex and contested. Tourism elements are often not well understood by decision-makers and sometimes create tensions with wider social regeneration aspirations. Using concepts from complexity theory, this paper interrogates the relationship between tourism and wider regeneration aspirations connected with the 2012 Olympic Games. It uses complexity theory to explore the context within which policies are developed, and the relationships between different policy initiatives. Both are highly complex, constantly evolving and sometimes ambiguous. It argues complexity concepts might be used to help to develop deeper understanding of the relationships between tourism and regeneration.

Examining Chinese Tourists’ Nature-based Tourism Participantion Behavior: Incorporating Environmental Concern into a Constraint-Negotiation Modela

Finding the balance between economic development and preservation of the natural environment is a challenging yet important task. This is a particularly pressing issue in the case of China, as it is the largest and fastest-growing market for tourism. The purpose of this research is to examine Chinese tourists’ participation in nature-based, tourism activities by incorporating tourists’ environmental concern, measured by a revised New Environmental Paradigm (NEP) scale, into a tourism constraint-negotiation model. The responses of 409 Chinese tourists show environmental concern will positively affect tourists’ motivation, which, in turn, will affect their negotiation strategy and ultimately their participation behavior. The theoretical and managerial implications of this study are discussed in the context of the tourism literature.