On absence: society’s return to barbarians

The problem of social exclusion is dealt here through the lens of a particularly radical social theory, that of autopoietic society by Niklas Luhmann. Here, exclusion is included in society, no longer as an issue for care, integration and therapy, but as a mechanism to show the importance of the visibility of exclusion. The inclusion of exclusion in autopoiesis is a far-reaching step that demands a revisiting of the concept of autopoietic society. This article proposes a radicalization of the concept on the basis of an acknowledgment of the impossibility of communication with the excluded. This acknowledgement conditions society from within. It is built upon the Luhmannian description of Barbarism as the included exclusion, and is further conceptualized as its excess, as a 'space of absence'. Within autopoiesis, absence is described as an aporetic rather than a paradoxical structure, a memento vanitas that irritates the system from within, constantly reminding it of its limitations.

How does a house remember? heritage-ising return migration in an Indonesian-Chinese house museum in Guangdong, PRC

This paper is an attempt to integrate heritage and museum studies through exploring the complex relationship between the materiality of architecture and social memories with a house museum of return migration in Guangdong, PRC as a case study. It unveils that the ongoing process of memory is intrinsically intertwined with spatial and temporal dimensions of the physical dwelling and built environment and the wider social-historical context and power relations shaping them. I argue that it is the house as ‘object of exhibit’ just as much as the exhibits inside the house that materialises the turbulent and traumatic migratory experience of Returned Overseas Chinese, embodies their memories and exposes the contested nature of museumification. By looking at the socially and geographically marginalised dwelling of return migrants, the house draws people’s attention to the often neglected importance of conceptual periphery in re-theorising what is often assumed to be the core of heritage value. It points to the necessity to integrate displaced, diasporic, transnational subjects to heritage and museum studies that have been traditionally framed within national and territorial boundaries.

Churchill as Chancellor of the Exchequer (1924–9) and the return to the gold standard

The general election of 29 October 1924 saw Winston Churchill return to Parliament as Constitutionalist MP for Epping after two years in the political wilderness. It also saw Stanley Baldwin swept back to Number 10 on a Conservative landslide. Speculation about whether Baldwin would cement Churchill’s drift from the Liberal fold by offering him office surfaced during the election campaign. Churchill nevertheless thought ‘it very unlikely that I shall be invited to join the Government, as owing to the size of the majority it will probably be composed only of impeccable Conservatives’. [ 1 ] Because of his anti-socialist credentials, his ability to reassure wavering Liberals through his opposition to protectionism – dropped by Baldwin after its rejection in the 1923 general election – and concern he could prove a rallying point for backbench malcontents, there was however much to commend giving Churchill a post. To his surprise, Baldwin offered Churchill the long-coveted office of Chancellor of the Exchequer, briefly held by his father before his ill-conceived resignation in 1887. Having arranged a meeting with his Labour predecessor, Philip Snowden, about outstanding business the new Chancellor set to work. Marking his political transition, a few days later Churchill resigned from the National Liberal Club.

Cross-Industry Product Diversification and Contagion in Risk and Return: The Case of Bank-Insurance and Insurance-Bank Takeovers

We investigate the impact of domestic/international bancassurance deals on the risk-return profiles of announcing and non-announcing banks and insurers within a GARCH model. Bank-insurance deals produce intra- and inter-industry contagion in both risk and return, with larger deals producing greater contagion. Bidder banks and peers experience positive abnormal returns, with the effects on insurer peers being stronger than those on bank peers. Insurance-bank deals produce insignificant excess returns for bidder and peer insurers and positive valuations for peer banks. Following the deal, the bank bidders’ idiosyncratic (systematic) risk falls (increases), while insurance bidders exhibit a lower systematic risk and maintain their idiosyncratic risk.

A Migrant Culture on Display: The French Migrant and French Gastronomy in London (19th – 21st centuries)

The large contemporary French migrant population – estimated by the French Consulate at around 300,000–400,000 in the UK, the majority living in London and the South-East – remains ‘absent’ from studies on migration, and, in a study of migrant food history in Britain, is considered not to have left traces as a migrant community. Over the centuries, the presence of various French communities in London has varied significantly as far as numbers are concerned, but what does not change is their simultaneous ‘visibility’ and ‘invisibility’ in accounts of the history of the capital: even when relatively ‘visible’ at certain historical moments, they still often remain hidden in its histories. At times the French in London are described as a ‘sober, well-behaved […] and law-abiding community’; at other times they ‘appeared as a foreign body in the city’. This article reflects on the dynamics at play between a migrant culture associated with high cultural capital (so much so that is often emulated by those who are not French) and the host culture perception of and relationship to it, in order to consider what this may ‘mean’ for the French (and Francophone) migrant experience. French gastronomy and culinary knowledge is taken as an example of material culture and of cultural capital ‘on display’ specifically in the activity of dining out, especially in French restaurants, or in those influenced by French gastronomy. The social activity of dining out is replete with displays of knowledge (linguistic, culinary), of cultural literacy, of modes of behaviour, of public identity, and of rituals strictly codified in both migrant and host cultures. Dining out is also an emotional and politically-charged activity, fraught with feelings of suspicion (what is in the food? what does the chef get up to in the kitchen?) and of anxieties and tensions concerning status, class and gender distinctions. This article considers the ways in which the migrant French citizen of London may be considered as occupying an ambiguous position at different times in history, simultaneously possessing cultural capital and needing to negotiate complex cultural encounters in the connections between identity and the symbolic status of food in food production, food purveying and food consumption.

Winston Churchill as Chancellor of the Exchequer (1924-9) and the Return to the Gold Standard

This revisits Churchill's decision, as Chancellor of the Exchequer 1924-29, to restore the Gold Standard in 1925. This is considered within the wider context of the overall aims of Churchill's policies, including his efforts to: tackle Anglo-American economic and financial relations in the aftermath of the Great War; address budgetary pressures; widen the tax base through innovations such as the Betting Duty; spread the social burden of taxes; and revive the economy, not least through his de-rating scheme.

Multivariate Appoximations to Portfolio Return Distribution

This article proposes a three-step procedure to estimate portfolio return distributions under the multivariate Gram-Charlier (MGC) distribution. The method combines quasi maximum likelihood (QML) estimation for conditional means and variances and the method of moments (MM) estimation for the rest of the density parameters, including the correlation coefficients. The procedure involves consistent estimates even under density misspecification and solves the so-called ‘curse of dimensionality’ of multivariate modelling. Furthermore, the use of a MGC distribution represents a flexible and general approximation to the true distribution of portfolio returns and accounts for all its empirical regularities. An application of such procedure is performed for a portfolio composed of three European indices as an illustration. The MM estimation of the MGC (MGC-MM) is compared with the traditional maximum likelihood of both the MGC and multivariate Student’s t (benchmark) densities. A simulation on Value-at-Risk (VaR) performance for an equally weighted portfolio at 1% and 5% confidence indicates that the MGC-MM method provides reasonable approximations to the true empirical VaR. Therefore, the procedure seems to be a useful tool for risk managers and practitioners.

The Material Dynamics of a London-French Blog: A Multimodal Reading of Migrant Habitus

Through a fine-grained reading of a London-French blog, this article aims to shed light on the lived experience of the French community in London. The ethnosemiotic conceptual framework brings together ethnographic and semiotic schools of thought, focusing in particular on Pierre Bourdieu’s concept of habitus and Gunther Kress’s multimodal social semiotic analytical model. Habitus is broken down into its material manifestations of habitat, habit and habituation, all displayed in the blog and revealing of the blogger’s identity and positioning within the migration setting. As all modes are considered to be of equal semiotic potential, equivalent emphasis is placed on the multiple modes of meaning-making present in the blog, such as layout, colour, typography and language. By examining the dynamic relationships between blogger and audience, subjectivity and objectivity, on-line and on-land habitus, and intermodal dynamics themselves, through the prism of multimodality, hidden facets of the blogger’s cultural identity and sense of community belonging within the diasporic context begin to materialise.