Executive pay and performance: did bankers’ bonuses cause the crisis?

This paper examines the pay-performance relationship between executive cash compensation (including bonuses) and company performance for a sample of large UK companies, focusing particularly on the financial services industry, since incentive misalignment has been blamed as one of the factors causing the global financial crisis of 2007–2008. Although we find that pay in the financial services sector is high, the cash-plus-bonus pay-performance sensitivity of financial firms is not significantly higher than in other sectors. Consequently, we conclude that it unlikely that incentive structures could be held responsible for inducing bank executives to focus on short-term results.

Ballet-performing normality in the face of crisis

This paper contextualises the framework and methodology for producing the video performance Ballet, by Szuper Gallery (Susanne Clausen & Pavlo Kerestey), which was initiated through an encounter with an archive of rural information and propaganda films from the Museum of English Rural Life [MERL] in Reading, UK. This project looked at ways of extrapolating filmed gestures from the MERL films to choreograph a large-scale performance film and to consider how this practice-led research could instigate a new way of engaging with and interpreting the MERL film collection. The resulting video was produced in 2009 and was first exhibited at MERL, where it became part of the archive. This was followed by a series of international screenings. I will set out the surrounding research in and around the archive propaganda films, focusing on the performances by rural extras (background actors) in these films, while looking at the way one could understand the relation between a future-past, or tradition and accident in these films (Massumi, 1993). I will pair this with a reflection on the cultural reading of the extras (Didi-Huberman, 2009) and the notion of social choreography (Hewitt, 2005) in this context. I will then lay out reflections on artistic methods for the final performance, a Crash Choreography, based on calculated, but spontaneous encounters.

The financial system reform in China: the lesson learnt from the global financial crisis

This paper reviews the impact of the global financial crisis on financial system reform in China. Scholars and practitioners have critically questioned the efficiencies of the Anglo- American principal-agent model of corporate governance which promotes shareholder-value maximisation. Should China continue to follow the U.K.-U.S. path in relation to financial reform? This conceptual paper provides an insightful review of the corporate governance literature, regulatory reports and news articles from the financial press. After examining the fundamental limitations of the laissez-faire philosophy that underpins the neo-liberal model of capitalism, the paper considers the risks in opening up China’s financial markets and relaxing monetary and fiscal policies. The paper outlines a critique of shareholder-capitalism in relation to the German team-production model of corporate governance, promoting a “social market economy” styled capitalism. Through such analysis, the paper explores numerous implications for China to consider in terms of developing a new and sustainable corporate governance model. China needs to follow its own financial reform through understanding its particular economy. The global financial crisis might help China rethink the nature of corporate governance, identify its weakness and assess the current reform agenda.

Reframing 'crisis' in fair trade coffee production: trajectories of agrarian change in Nicaragua

A focus on crisis provides a methodological window to understand how agrarian change shapes producer engagement in fair trade. This orientation challenges a seperation between the market and development, situating fair trade within global processes that incorporate agrarian histories of social change and conflict. Reframing crisis as a condition of agrarian life, rather than emphasizing its cyclical manifestation within the global economy, reveals how market-driven development encompasses the material conditions of peoples' existence in ambiguous and contradictory ways. Drawing on the case of coffee production in Nicaragua, experiences of crisis demonstrate that greater attention needs to be paid to the socioeconomic and political dimensions of development within regional commodity assemblages to address entrenched power relations and unequal access to land and resources. This questions moral certainties when examining the paradox of working in and against the market, and suggests that a better understanding of specific trajectories of development could improve fair trade's objective of enhancing producer livelihoods.

Economic commodity or environmental crisis? An interdisciplinary approach to analysing the bushmeat trade in central and west Africa

Bushmeat is a large but largely invisible contributor to the economies of west and central African countries. Yet the trade is currently unsustainable. Hunting is reducing wildlife populations, driving more vulnerable species to local and regional extinction, and threatening biodiversity. This paper uses a commodity chain approach to explore the bushmeat trade and to demonstrate why an interdisciplinary approach is required if the trade is to be sustainable in the future.

Patterns of discourse semantics: A corpus-assisted study of financial crisis in British newspaper discourse in 2009

Corpus-assisted analyses of public discourse often focus on the lexical level. This article argues in favour of corpus-assisted analyses of discourse, but also in favour of conceptualising salient lexical items in public discourse in a more determined way. It draws partly on non-Anglophone academic traditions in order to promote a conceptualisation of discourse keywords, thereby highlighting how their meaning is determined by their use in discourse contexts. It also argues in favour of emphasising the cognitive and epistemic dimensions of discourse-determined semantic structures. These points will be exemplified by means of a corpus-assisted, as well as a frame-based analysis of the discourse keyword financial crisis in British newspaper articles from 2009. Collocations of financial crisis are assigned to a generic matrix frame for ‘event’ which contains slots that specify possible statements about events. By looking at which slots are more, respectively less filled with collocates of financial crisis, we will trace semantic presence as well as absence, and thereby highlight the pragmatic dimensions of lexical semantics in public discourse. The article also advocates the suitability of discourse keyword analyses for systematic contrastive analyses of public/political discourse and for lexicographical projects that could serve to extend the insights drawn from corpus-guided approaches to discourse analysis.

Climate change and the current 'food crisis'

Many reasons are being advanced for the current ‘food crisis’ including financial speculation,increased demand for grains, export bans on selected foodstuffs, inadequate grain stocks, higher oil prices, poor harvests and the use of crop lands for the production of biofuels. This paper reviews the present knowledge of recorded impacts of climate change and variability on crop production, in order to estimate its contribution to the current situation. Many studies demonstrate increased regional temperatures over the last 40 years (often through greater increases in minimum rather than maximum temperatures), but effects on crop yields are mixed. Distinguishing climate effects from changes in yield resulting from improved crop management and genotypes is difficult, but phenological changes affecting sowing, maturity and disease incidence are emerging. Anthropogenic factors appear to be a significant contributory factor to the observed decline in rainfall in southwestern and southeastern Australia, which reduced tradable wheat grain during 2007. Indirect effects of climate change through actions to mitigate or adapt to anticipated changes in climate are also evident. The amount of land diverted from crop production to biofuel production is small but has had a disproportionate effect on tradable grains from the USA. Adaptation of crop production practices and other components of the food system contributing to food security in response to variable and changing climates have occurred, but those households without adequate livelihoods are most in danger of becoming food insecure. Overall, we conclude that changing climate is a small contributor to the current food crisis but cannot be ignored.