Race, Debt and the Welfare State

In this article I explore how the figure of debt illuminates the racial politics of welfare in neoliberal Britain. I begin by giving a reading of the simultaneous unfolding of post-war race politics and the Beveridgean welfare state, and then turn to consider the interpellative appeal of neoliberal debt to minoritiSed subjects who have, in certain respects, been de facto excluded from prevailing models of welfare citizenship. In particular, this article considers the ways in which household debt might, even as it increases social inequality, simultaneously produce ideas about equality and futurity, as well as gesture towards the possibility of post-national forms of identity and belonging. If we are to challenge the lowest-common-denominator logics of ‘capitalist realism’ it is necessary to develop orientations to the economic that are as convincing as the popular stories that circulate about the operations of the neoliberal marketplace, and which are as meaningful as the social relations they play a part in constituting. Rather than reproduce the racialized model of welfare citizenship that is implicit to the ‘defence’ of the postwar welfare state, I suggest that there are elements of prevailing neoliberal market relations that might themselves serve as a more substantial basis for expressions of racial equality. There is, in other words, something that we can learn from neoliberal debt regimes in order to develop a more egalitarian future-oriented politics of social welfare and economic redistribution.

Impact of the Financial Crisis on the Performance of European Acquisitions

This study looks at the impact of the recent financial crisis on the short-term performance of European acquisitions. We use institutional theory and transaction cost economic theory to study whether bidders derive lower or higher returns from acquisitions announced after 2008. We investigate shareholders’ stock price reaction to 2245 deals which occurred during 2004–12 across 22 European Union countries. Our results from both univariate and multivariate analysis show that the deals announced in the post-crisis period, corresponding to the period of economic recession, generate higher returns to shareholders as compared to acquisitions announced in the pre-crisis period. We also test the relevance of the Economic and Monetary Union (EMU), that is, the Eurozone, to this value accrual during the recessionary period. We observe that non-EMU transactions obtain significantly higher gains vis-à-vis EMU transactions in the post-crisis years. Overall, announcement returns of European acquisitions have been affected by the financial crisis and the global recession; and companies that target countries with different currency regimes are likely to generate better returns from their acquisitions.

British torture in the 'war on terror'

Despite longstanding allegations of UK involvement in prisoner abuse during counterterrorism operations as part of the US-led ‘war on terror’, a consistent narrative emanating from British government officials is that Britain neither uses, condones nor facilitates torture or other cruel, inhuman, degrading treatment and punishment. We argue that such denials are untenable. We have established beyond reasonable doubt that Britain has been deeply involved in post-9/11 prisoner abuse, and we can now provide the most detailed account to date of the depth of this involvement. We argue that it is possible to identify a peculiarly British approach to torture in the ‘war on terror’, which is particularly well-suited to sustaining a narrative of denial. To explain the nature of UK involvement, we argue that it can be best understood within the context of how law and sovereign power have come to operate during the ‘war on terror’. We turn here to the work of Judith Butler, and explore the role of Britain as a ‘petty sovereign’, operating under the state of exception established by the US Executive. UK authorities have not themselves suspended the rule of law so overtly, and indeed have repeatedly insisted on their commitment to it. They have nevertheless been able to construct a rhetorical, legal and policy ‘scaffold’ that has enabled them to demonstrate at least procedural adherence to human rights norms, while at the same time allowing UK officials to acquiesce in the arbitrary exercise of sovereignty over individuals who are denied any access to appropriate representation or redress in compliance with the rule of law.