Potential output in a rapidly developing economy: the case of China and a comparison with the United States and the European Union

The authors use a growth accounting framework to examine growth of the rapidly developing Chinese economy. Their findings support the view that, although feasible in the intermediate term, China's recent pattern of extensive growth is not sustainable in the long run. The authors believe that China will be able to sustain a growth rate of 8 to 9 percent for an extended period if it moves from extensive to intensive growth. They next compare potential growth in China with historical developments in the United States and the European Union. They discuss the differences in production structure and level of development across the three economies that may explain the countries' varied intermediate-term growth prospects. Finally, the authors provide an analysis of "green" gross domestic product and the role of natural resources in China's growth. © 2009, The Federal Reserve Bank of St. Louis.

China and the changing landscape of the world economy

The rapid development of emerging markets is changing the landscape of the world economy and may have profound implications for international relations. China is often regarded as the most influential emerging market economy because, during the last three decades, it has become increasingly integrated into the world economic system and its success and failure now affect the well-being of other nations in the world. As the financial crisis in the US and EU intensifies, the economic prosperity of the world depends to a large extent on the sustained development of the Chinese economy and other emerging markets, and vice versa.

The ‘Public Interest’ Agency of International Organizations? The case of the OECD Principles of Corporate Governance

This article seeks to outline and explore some of the conditions necessary for International Organizations (IOs) to perform in a public interest fashion through a case study of the Principles of corporate governance formulated by the OECD. Rather than the more commonly documented pathological and dysfunctional behavioural forms of IOs, the case of the Principles, both in their formulation by the OECD, and in their assessment by the World Bank through the ROSC process, represent an episode of IO agency protecting and promoting a wider public interest. In exercising their agency, IO staff, have made the Principles more agreeable to a wider range of interested parties, giving them a general interest orientation, in accordance with a proceduralist definition of public interest. This case should therefore encourage IPE scholars to consider carefully and systematically the sets of circumstances and conditions, which might be required for IO agency to take more socially useful forms. In the final section, three indicators are identified which might be evaluated in future research into the positive public interest agency of IOs across a range of cases.

The New Political Economy of the Macroprudential Ideational Shift

From late 2008 onwards, in the space of six months, international financial regulatory networks centred around the Swiss city of Basel presided over a startlingly rapid ideational shift, the significance and importance of which remains to be deciphered. From being relatively unpopular and very much on the sidelines, the idea of macroprudential regulation (MPR) moved to the centre of the policy agenda and came to represent a new Basel consensus, as the principal interpretative frame, for financial technocrats and regulators seeking to diagnose and understand the financial crisis and to advance institutional blueprints for regulatory reform. This article sets out to explain how and why that ideational shift occurred. It identifies four scoping conditions of presence, position, promotion, and plausibility, that account for the successful rise to prominence of macroprudential ideas through an insiders' coup d'état. The final section of the article argues that this macroprudential shift is an example of a ‘gestalt flip’ or third order change in Peter Hall's terms, but it is not yet a paradigm shift, because the development of first order policy settings and second order policy instruments is still ongoing, giving the macroprudential ideational shift a highly contested and contingent character.

Knowledge as Power, Knowledge as Capital: A Political Economy Critique of Modern 'Academic Capitalism'

We are constantly reminded that we live in a 'knowledge society, and indeed that with a 'knowledge economy' a nation's international competiveness is directly linked to its ability to innovate, out-compete and successfully commercialise knowledge. INcreasingly, research within universities is being directed, incetivized and ultimately disciplined towards clear 'economic' priorities. This article offers a critical analysis - employing a broad political economy approach - of the ways in which research within universities and other places of higher learning has become increasingly orientated towards a narrow set of economic goals.

Trades Unions and the Transition away from 'actually existing unsustainability':From economic crisis to a new political economy beyond growth

Traditionally trades unions have accepted and promoted orthodox economic growth as a policy imperative. In recent years there has been a noticeable ‘greening’ of trade unions in relation to initiatives such as the ‘Green new deal’ and the creation of ‘green collar’ employment and the focus on a ‘just transition’ to a low carbon economy. Yet given the growing evidence of the negative impacts of economic growth in terms of environmental, resource and pollution impacts as well as the inability of economic growth to tackle (as opposed to managed) socio-economic inequality, it is timely to review the case for trades unions to fundamentally rethink the commitment to orthodox economic growth. That is, for trades unions to consider going beyond their current ‘green/sustainability’ strategies to consider more radical ‘post-growth’ policy positions. This chapter will explore some of the dimensions of a ‘post-growth’ trade union agenda by considering the evidence for going beyond growth from within the trade union movement (specifically looking at the International Labor Organization’s 2004 report on Economic Security, to internal union discussions around trades unionism and climate change) and external evidence ranging from Wilkinson and Pickett’s The Spirit Level (which suggests amongst other things that in the developed world what is needed is not economic growth but greater redistribution and lowering inequality – issues also of traditional interest to the Trades Union movement) to Tim Jackson’s Prosperity without Growth (which suggests that economic growth is ecologically unsustainable as well having passed a threshold beyond which it is contributing to human well-being in the developed world). As well as discussing the relationship between trades unionism and what may be called ‘green political economy’ (such as the ‘degrowth’ and ‘limits to growth’ perspectives) this chapter will also discuss the practical/policy implications of this ‘post-growth’ perspective in relation to trades unionism’s analysis of capitalism and its transformation in the context of a climate changed, carbon constrained world, including implications for ideas such as basic income, a shorter working week and what a trades unionism focused on how to achieve high quality of life within a low carbon context might look like.

The Terror that Underpins the “Peace”: The Political Economy of Colombia's Paramilitary Demobilization Process

Studies on terrorism have traditionally focused on non-state actors who direct violence against liberal states. These studies also tend to focus on political motivations and, therefore, have neglected the economic functions of terrorism. This article challenges the divorce of the political and economic spheres by highlighting how states can use terrorism to realise interconnected political and economic goals. To demonstrate this, we take the case of the paramilitary demobilisation process in Colombia and show how it relates to the US-Colombian free trade agreement. We argue that the demobilisation process fulfils a dual role. First, the process aims to improve the image of the Colombian government required to pass the controversial free trade agreement through US Congress to protect large amounts of US investment in the country. Second, the demobilisation process serves to mask clear continuities in paramilitary terror that serve mutually supportive political and economic functions for US investment in Colombia.

An Ethical Production of Place:A Case for Economy in Architectural Design

Architects typically interpret Heidegger to mean that dwelling in the Black Forest, was more authentic than living in an industrialised society however we cannot turn back the clock so we are confronted with the reality of modernisation. Since the Second World War production has shifted from material to immaterial assets. Increasingly place is believed to offer resistance to this fluidity, but this belief can conversely be viewed as expressing a sublimated anxiety about our role in the world – the need to create buildings that are self-consciously contextual suggests that we may no longer be rooted in material places, but in immaterial relations.
This issue has been pondered by David Harvey in his paper From Place to Space and Back Again where he argues that the role of place in legitimising identity is ultimately a political process, as the interpretation of its meaning is dependent on whose interpretation it is. Doreen Massey has found that different classes of people are more or less mobile and that mobility is related to class and education rather than to nationality or geography. These thinkers point to a different set of questions than the usual space/place divide – how can we begin to address the economic mediation of spatial production to develop an ethical production of place? Part of the answer is provided by the French architectural practice Lacaton Vassal in their book Plus. They ask themselves how to produce more space for the same cost so that people can enjoy a better quality of life. Another French practitioner, Patrick Bouchain, has argued that architect’s fees should be inversely proportional to the amount of material resources that they consume. These approaches use economics as a starting point for generating architectural form and point to more ethical possibilities for architectural practice

Exposición Internacional 1910. Buenos Aires.: Didactic leisure and international recognition

International exhibitions were greatly responsible for the modernization of western society. The motive for these events was based on the possibility of enhancing the country’s international status abroad. The genesis of world exhibitions came from the conviction that humanity as a whole would improve the continual flow of new practical applications, the development of modern communication techniques and the social need for a medium that could acquaint the general public with changes in technology, economy and society .
Since the first national industrial exhibitions in Paris during the eighteenth century and especially starting from the first Great Exhibition in London’s Hyde Park in 1851 these international events spread steadily all over Europe and the United States, to reach Latin America in the beginnings of the twentieth century . The work of professionals such as Daniel Burnham, Werner Hegemann and Elbert Peets made the relation between exhibitions and urban transformation a much more connected one, setting a precedent for subsequent exhibitions.
In Buenos Aires, the celebration of the centennial of independence from Spain in 1910 had many meanings and repercussions. A series of factors allowed for a moment of change in the city. Official optimism, economical progress, inequality and social conflict made of this a suitable time for transformation. With the organization of the Exposición Internacional the government had, among others, one specific aim: to achieve a network of visual tools to set the feeling of belonging and provide an identity for the mixture of cultures that populated the city of Buenos Aires at the time. Another important objective of the government was to put Buenos Aires at the level of European cities.
Foreign professionals had a great influence in the conceptual and factual shaping of the exhibition and in the subsequent changes caused in the urban condition. The exhibition had an important role in the ways of thinking the city and in the leisure ideas it introduced. The exhibition, as a didactic tool, worked as a precedent for conceiving leisure spaces in the future. Urban and landscape planners such as Joseph Bouvard and Charles Thays were instrumental in great part of the design of the Exhibition, but it was not only the architects and designers who shaped the identity of the fair. Other visitors such as Jules Huret or Georges Clemenceau were responsible for giving the city an international image it did not previously have.
This paper will explore on the one hand the significance of the exhibition of 1910 for the shaping of the city and its image; and on the other hand, the role of foreign professionals and the reach these influences had.

The Biospheric Project - Manchester International Festival 2013:Technical food systems

The Biospheric Project is a nested multi-scalar urban agriculture project that aims to develop sustainable food systems in disadvantaged communities, though not only physical interventions, such as the urban masterplan and neighbourhood design to the building and its roof and façade, but also through social and commercial interventions, such as community involvement, businesses and a distribution system.

The project is focused around the Biospheric Foundation, a community interest company and research think-tank whose aim is to hasten our transition to a closed cycle, low-carbon economy. Its home is Irwell house, that houses a large-scale aquaponic-based food production system, which is directly linked to a whole-food shop (78 Steps, named after the distance from the productive system) and a whole food distribution system (the Whole Box). The building sits within a post-industrial landscape which is being developed into a new productive landscape, utilizing the the technologies developed by the Biospheric Foundation and Prof Greg Keeffe of Queens University Belfast. The collaboration links designer, academics and activists across the disciplines of Urban design, Architecture, Permaculture, landscape design, environmental science and business and community.

Human Resource Management in Multinational Enterprises: Evidence From a Late Industrializing Economy

This paper examines the extent to which human resource management (HRM) practices in multinational enterprises (MNEs) from a small, late developing and highly globalized economy resemble their counterparts from larger, early industrializing countries. The paper draws on data from a large-scale representative survey of 260 MNEs in Ireland. The results demonstrate that there are significant differences between the HRM practices deployed in Irish-owned MNEs and that of their US counterparts but considerable similarity with UK firms. A key conclusion is that arguments in the literature regarding MNEs moving towards the adoption of global best practices, equating to the pursuance of an American model of HRM, were not obvious. The study found considerable variation from ‘US practices’ amongst indigenous Irish MNEs.