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.

Reforms, incentives, welfare and productivity growth in Chinese wheat production

Following the 1978 rural reform, a series of agricultural reforms were introduced in China with an aim to create incentives for the farmers to produce more. However, the nineties’ reforms towards liberalization eventually resulted in a huge drop in agricultural production, which apparently motivated the grain self-sufficiency program in 1998. For a dataset that covers wheat production during these reforms, we examine how and to what extent these reforms affected the Total Factor Productivity (TFP) and the welfare of wheat farmers in China, both at the national and at the regional level. We find that although the nineties' price reforms led to a relatively faster growth of the incentivized TFP of wheat production, they failed to improve profits vis a vis welfare for the farmers. A series of weather shocks in the early nineties resulted in a scarcity of cultivable land and a shortage of agricultural labour, which eventually led to a sharp increase in their relative prices. The introduction of grain self-sufficiency program stabilized these agricultural prices but destroyed the growth in TFP for most regions. However, this reform resulted in some improvement in farmers’ welfare. Wheat farmers in China therefore experienced a trade off between productivity and welfare; competition boosted their productivity and regulation improved their welfare. Not only these findings add a completely new set of results to the existing literature, they can also form a strong basis for future agricultural reforms in China.

Low cost carriers and the changing fortunes of airports in the UK

This paper investigates how low cost carrier (LCC) developments have affected the traffic and financial performance of UK airports from 2002 to 2014. Considerable growth in traffic was experienced from 2002 to 2007, especially at regional airports as a result of LCC expansion. This was replaced with a more volatile period from 2008 to 2014 where many of the regional airports that experienced the greatest increases in traffic during the early years, then experienced the largest reductions. This has clearly had an impact on their financial well-being, resulting in reduced profits for many airports. It has also meant that many regional airports that seemed like attractive investments as a result of LCC expansion are now less financially appealing, especially given that the LCC sector in the UK appears to be shifting capacity to larger regional airports, and in some cases, London airports.

The War at Home

The reform of cities spaces and housing has been a key issue with campaigners on the left for more than a century. These campaigns have found allies in the work of socially committed photographers from Jacob Riis at the turn of the twentieth century to Margaret Morton and Camilo Jose Vergara today. Globally the current phase of neo-liberalism has brought its own issues to the city as ‘regeneration’ strategies dispossess the urban poor in areas that are potentially lucrative to real estate development. In this process known as ‘accumulation by dispossession’ large profits are accumulated in the process of dispossessing people of their land, rights and homes. Central to the theoretical component of this paper, is an interrogation of contemporary ideas on the production and photographic representation of urban space. The research hence questions photography’s ability to make ‘legible’ the key drivers of today’s emergent terrains and to visualize their connections to the networks of power and capital that articulate the current political economy (Sassen 2011:36). One strand here will be the ‘fleshing out’ of the cultural practices behind photographers mediating urban development (Jones 2013: 1.2). Alongside current corporate depictions historical precedents will be discussed. Photographers as far back as Charles Marville in Paris of the 1850’s have documented urban reconstruction (Kennel 2013). Often employed by those undertaking the demolition, these photographic images frequently suppress certain narratives of the unbuilding process. Acting as a propaganda tool they eliminate the impact on the lives of inhabitants or the economic realities driving the valorization of reconstruction schemes (James 2004). Reformist documentary images have also played their part in justifying large-scale urban reconstruction that involved the eventual displacement of existing communities (Rose 1997: Blaikie 2006). Focusing on the gentrification of social housing in Pendleton, Salford (Greater Manchester) the presentation will explore the artists’ own work through a critical discussion, photographic images and excerpts from site writing they’ve undertaken in the area since 2004. It asks can an alternative photographic and visual strategy provide a meaningful political counter narrative to combat persuasive corporate discourses on ‘urban revitalization’? The paper will explore strategies and techniques of witnessing and ask whether these types of record can counter neo-liberal visualizations that mediate the material transformation of city areas. Can such representations begin a critical conversation about the nature of urban change and who benefits from these transformations (Wyly 2010)? Can we develop this critical photography into a type of practice that moves beyond generalisations and talks about social relations though an ‘explicit analysis of society’ (Rosler 2004:195).

Clipped wings: corporate social and environmental responsibility in the airline industry

Within the developed world, airlines have responded to the advice of advocates for corporate social and environmental responsibility (CSER) to use the intertwined CSER dimensions of economics, society and environment to guide their business activities. However, disingenuously, the advocates and regulators frequently pay insufficient attention to the economics which are critical to airlines’ sustainability and profits. This omission pushes airlines into the unprofitable domain of CSERplus. The author identifies alleged market inefficiencies and failures, examines CSERplus impacts on international competition and assesses the unintended consequences of the regulations. She also provides innovative ideas for future-proofing airlines.　 Clipped Wings is a treatise for business professionals featuring academic research as well as industry anecdotes. It is written for airlines (including their owners, employees, passengers and suppliers), airports, trade associations, policy makers, educators, students, consultants, CSERplus specialists and anyone who is concerned about the future of competitive airlines.

As assessment of the Competition Commission Report and subsequent outcomes

Following the Office of Fair Trading's review of the British deregulated bus market as a whole in 2009, the issues raised were referred to the Competition Commission. Its final report was published in December 2011. Subsequently, the House of Commons Transport Committee carried out an enquiry into the Commission's report, and reactions to it by the operating industry, user groups, and other bodies, which was published in September 2012. A number of major issues have been raised, including the extent to which price competition may be effective, the appropriate rate of return on capital that would be expected within the industry (and appropriate actions where this is excessive in practice), and industry structure. The importance of competition per se, as distinct from attributes of direct concern to users (such as reliability, frequency, and fares) has also been debated. This paper reviews the issues raised, and outcomes to date, in the light of further evidence on the industry's performance. It is demonstrated similar rates of return could be attained through very different operating strategies, which in turn have very different implications for changes in consumer surplus. The alternative uses made of such profits (for example through reinvestment) may also have markedly different impacts effects on users. Rather than focussing on the dangers of excessive rates of return on capital, the outcomes for service users should be the main issue.