NAFTA and uneven development in the North American apparel industry

The various contributions to this book have documented how NAFTA-inspired firm strategies are changing the geography of apparel production in North America. The authors show in myriad ways how companies at different positions along the apparel commodity chain are responding to the new institutional and regulatory environment that NAFTA creates. By making it easier for U.S. companies to take advantage of Mexico as a nearby low-cost site for export-oriented apparel production, NAFTA is deepening the regional division of labor within North America, and this process has consequences for firms and workers in each of the signatory countries. In the introduction to this book we alluded to the obvious implications of shifting investment and trade patterns in the North American apparel industry for employment in the different countries. In this concluding chapter we focus on Mexico in the NAFTA era, specifically the extent to which Mexico's role in the North American economy facilitates or inhibits its economic development. W e begin with a discussion of the contemporary debate about Mexico's development, which turns on the question of how to assess the implications of Mexico's rapid and pro-found process of economic reform. Second, we focus on the textile and apparel industries as sectors that have been significantly affected by changes in regulatory environments at both the global and regional levels. Third, we examine the evidence regarding Mexico's NAFTA-era export dynamism, and in particular we emphasize the importance of interfirm networks, both for making sense of Mexico's meteoric rise among apparel exporters and for evaluating the implications of this dynamism for development. Fourth, we turn to a consideration of the national political-economic environment that shapes developmental outcomes for all Mexicans. Although regional disparities within Mexico are profound, aspects of government policy, such as management of the national currency, and characteristics of the institutional environment, such as industrial relations, have nationwide effects, and critics of NAFTA charge that these factors are contributing to a process of economic and social polarization that is ever more evident (Morales 1999; Dussel Peters 2000). Finally, we suggest that the mixed consequences of Mexico's NAFTA-era growth can be taken as emblematic of the contradictions that the process of globalization poses for economic and social development. The anti-sweatshop campaign in North America is one example of transnational or crossborder movements that are emerging to address the negative consequences of this process. In bringing attention to the problem of sweatshop production in North America, activists are developing strategies that rely on a network logic that is not dissimilar to the approaches reflected in the various chapters of this book. © 2009 by Temple University Press. All rights reserved.

Multigrid for American option pricing with stochastic volatility

The paper describes an implicit finite difference approach to the pricing of American options on assets with a stochastic volatility. A multigrid procedure is described for the fast iterative solution of the discrete linear complementarity problems that result. The accuracy and performance of this approach is improved considerably by a strike-price related analytic transformation of asset prices and adaptive time-stepping.

Welfare Effort and Poverty from the Monetary and Capabilities Approach: A Cross-Country Analysis in Latin American and the Caribbean (1990-2010)

There is abundant empirical evidence on the negative relationship between welfare effort and poverty. However, poverty indicators traditionally used have been representative of the monetary approach, excluding its multidimensional reality from the analysis. Using three regression techniques for the period 1990-2010 and controlling for demographic and cyclical factors, this paper examines the relationship between social spending per capita —as the indicator of welfare effort— and poverty in up to 21 countries of the region. The proportion of the population with an income below its national basic basket of goods and services (PM1) and the proportion of population with an income below 50% of the median income per capita (PM2) were the two poverty indicators considered from the monetarist approach to measure poverty. From the capability approach the proportion of the population with food inadequacy (PC1) and the proportion of the population without access to improved water sources or sanitation facilities (PC2) were used. The fi ndings confi rm that social spending is actually useful to explain changes in poverty (PM1, PC1 and PC2), as there is a high negative and signifi cant correlation between the variables before and after controlling for demographic and cyclical factors. In two regression techniques, social spending per capita did not show a negative relationship with the PM2. Countries with greater welfare effort for the period 1990-2010 were not necessarily those with the lowest level of poverty. Ultimately social spending per capita was more useful to explain changes in poverty from the capability approach.

Factores explicativos de las actitudes hacia el castigo juvenil. Evidencias de un diseño factorial

El rol desempeñado por la opinión pública en el desarrollo de la política criminal actual justifica el incremento de investigaciones destinadas a evaluar las actitudes de los ciudadanos hacia el castigo. No obstante, los avances en este ámbito han sido limitados debido a la utilización de rudimentarios instrumentos de medida. Por ello, el presente trabajo tiene como propósito explorar el efecto que generan en la opinión ciudadana ciertas variables referidas al hecho delictivo y al infractor, precisando su contribución relativa y la interacción existente entre ellas. Para satisfacer este objetivo se recurrió a un diseño factorial de la encuesta, creando una población de 256 casos-escenario fruto de la combinación de cuatro factores: la edad del joven, su historial delictivo, el grado de implicación en el hecho y el tipo de delito cometido. Los mismos fueron distribuidos en grupos de ocho casos ordenados aleatoriamente y fueron suministrados a 32 sujetos. Posteriormente se aplicaron análisis de regresión logística binaria. Los resultados obtenidos revelan que la naturaleza violenta de los hechos, la implicación activa de los jóvenes y el historial delictivo son predictores importantes de las condenas punitivas. Sin embargo la edad, una variable fundamental en la configuración de la justicia juvenil, no resulta significativa. De este modo, el trabajo muestra el potencial explicativo de este conjunto de factores y debate sus implicaciones teóricas y metodológicas para la investigación futura en este terreno.

Cooperativism, entrepreneurship and economic development: a linking theoretical model

Cooperatives, as a kind of firms, are considered by many scholars as an remarkable alternative for overcoming the economic crisis started in 2008. Besides, there are other scholars which pointed out the important role that these firms play in the regional economic development. Nevertheless, when one examines the economic literature on cooperatives, it is detected that this kind of firms is mainly studied starting from the point of view of their own characteristics and particularities of participation and solidarity. In this sense, following a different analysis framework, this article proposes a theoretical model in order to explain the behavior of cooperatives based on the entrepreneurship theory with the aim of increasing the knowledge about this kind of firms and, more specifically, their contribution to regional economic development.

Has Regionalism Peaked? The Latin American Quagmire and its Lessons

Since 1960, Latin American attempts at regionalism have undergone distinct phases. More notably, they have tended to diverge across space, gradually giving birth to separate blocs that seem to be tearing South, Central and North America apart. Additionally, within and across these regions several overlapping projects coexist. This article focuses on the dynamics of segmented and overlapping regionalism in order to describe what they look like, analyse how they articulate with one another, and explain why member states have pushed for such a messy outcome. This situation, linked to the evolution of the global context, might be indicating that regionalism in Latin America has reached its peak, beyond which it may be difficult to achieve further progress. Two conclusions are elicited: first, economic integration is becoming a geographically diffused phenomenon rather than a regional one; second, regionalism is still a compelling foreign policy but its causes, goals and outcomes are no longer what they used to be.

Has Regionalism Peaked? The Latin American Quagmire and its Lessons

The chapters in this book were originally published in the The International Spectator, volume 47, issue 1 (February 2012).

Stock Market reaction to the CSR announcements of American fast food companies

The purpose of this study is to examine whether Corporate Social Responsibility (CSR) announcements of the three biggest American fast food companies (McDonald’s, YUM! Brands and Wendy’s) have any effect on their stock returns as well as on the returns of the industry index (Dow Jones Restaurants and Bars). The time period under consideration starts on 1st of May 2001 and ends on 17th of October 2013. The stock market reaction is tested with an event study utilizing CAPM. The research employs the daily stock returns of the companies, the index and the benchmarks (NASDAQ and NYSE). The test of combined announcements did not reveal any significant effect on the index and McDonald’s. However the stock returns of Wendy’s and YUM! Brands reacted negatively. Moreover, the company level analyses showed that to their own CSR releases McDonald’s stock returns respond positively, YUM! Brands reacts negatively and Wendy’s does not have any reaction. Plus, it was found that the competitors of the announcing company tend to react negatively to all the events. Furthermore, the division of the events into sustainability categories showed statistically significant negative reaction from the Index, McDonald’s and YUM! Brands towards social announcements. At the same time only the index was positively affected by to the economic and environmental CSR news releases.

The neo-liberal state and the crisis of public service broadcasting in the Anglo-American democracies /

The NeO'liberal State and the Crisis ofPublic Service Broadcasting in the Anglo-American Democracies The purpose ofthis analysis ofthe present condition ofpublic service broadcasting in the Anglo- American democracies was to investigate whether such media can still be regarded as the primarypublic spherefor a dialogue between each nation 's civil society and the State. The motivationfor this thesis was based on a presumption that such fora for public discussion on the central issues of each society have become viewed as less relevant bypoliticians andpolicy-makers and thepublics they were intended to serve in the Anglo-American democracies over thepast two decades. It is speculated that this is the case because ofa beliefthat the post-war consensus between the respective States andpublics that led to the construction of the Keynesian Welfare State and the notion ofpublic service broadcasting has been displaced by an individualistic, neo-liberal, laissez-faire ideology. In other words, broadcasting as a consumer-oriented, commercial commodity has superseded concerns pertaining to the importance ofthe public interest. The methodology employed in this thesis is a comparative analysisfrom a criticalpolitical economy perspective. It was considered appropriate to focus on the United Kingdom, Australia, Canada and the\ United States because they comprise the four largest Anglo-American nations with democratic political systems andprimarily market economies. Justificationfor this particular sample is reinforced by thefact that case study countries also share a common socio-political and economic tradition. The evidence assembledfor this thesis consisted almost exclusively ofexisting literature on the subjects ofpublic service broadcasting, global economic andpolitical integration, and the ascendance ofthe 'free-market ' ethos in Western democracies since the late mid- to late-1970s. In essence, this thesis could be considered as a reinterpretation ofthe existing literature relevant to these issues. Several important common features werefound among the political, economic and broadcasting systems of the four case study nations. It is proposed that the prevalence of the neo-liberal world view throughout the political and policy environments of the four countries has undermined the stability and credibility of each nation 's national public service broadcasting organization, although with varying intensity and effect,. Deregulation ofeach nation 's broadcasting system and the supremacy ofthe notion of 'consumer sovereignty' have marginalized the view of broadcasting on any basis other than strictly economic criteria in thefour case study countries. This thesis concludes that,for a reconstruction ofa trulyparticipatory anddemocraticpublicsphere to be realized in the present as well as thefuture, a reassessment ofthe conventional concept ofthe 'public sphere ' is necessary. Therefore, it is recommended that thefocus ofpolicy-makers in each Anglo-American democracy be redirectedfrom that which conceived ofan all-encompassing, large, state-ownedand operated public broadcasting service toward a view which considers alternativeforms ofpublic communication, such as local community and ethnic broadcasting operations, that are likely to be more responsive to the needs of the increasingly diverse and heterogeneous populations that comprise the modem Anglo-American democracies. The traditional conception of public broadcasters must change in accordance with its contemporary environment if the fundamental principles of the public sphere and public service broadcasting are to be realized.

'Are We Now Equal?' Recent experiences and perceptions of South American migrants in Argentina under MERCOSUR

De manière générale, ma thèse examine les mécanismes des processus sociaux, économiques et politiques ayant contribué, souvent de manière contradictoire, à la (re)définition des critères d’adhésion au sein de la nation et de l’Etat. Elle le fait par le dialogue au sein de deux grands corps de littérature intimement liés, la citoyenneté et le transnationalisme, qui se sont penchés sur les questions d’appartenance, d’exclusion, de mobilité et d’accès aux droits chez les migrants transnationaux tout en soulignant la capacité accrue de l’Etat à réguler à la fois les déplacements de personnes et l’accès des migrants aux droits. Cette thèse remet en question trois principes qui influencent la recherche et les programmes d’action publique ayant trait au transnationalisme et à la citoyenneté des migrants, et remet en cause les approches analytiques hégémoniques et méthodologiques qui les sous-tendent. L’étude a été menée à deux niveaux distincts d’analyse empirique et analytique. D’une part, nous examinons les « technologies de la citoyenneté » (Ong 2003, Fujiwara 2008) qui ont été développées par le gouvernement pour transformer l’Argentine en une nation latino-américaine diverse et inclusive pendant la dernière décennie, en nous intéressant particulièrement à la création, par le Kirchnerisme, d’une « nouvelle légalité » pour les Paraguayens, les Boliviens et les Péruviens résidant dans le pays. D’autre part, nous analysons la « dimension horizontale des processus de citoyenneté » (Neveu 2005, Pickus and Skerry 2007, Gagné and Neveu 2009) chez ces migrants dans des aires urbaines, périphériques et rurales du partido de La Plata. Plus spécifiquement, nous examinons dans quelle mesure les conditions socioéconomiques des migrants ont changé suite à leur nouveau statut légal (en tant que ressortissants du MERCOSUR en Argentine, dont les droits sont égaux à ceux des citoyens) et aux politiques de « citoyenneté inclusive » déployées par le gouvernement. Cette thèse se penche particulièrement sur les fondations et l’incarnation (« embodiment ») des droits en examinant comment le nouveau statut légal des migrants se manifeste au quotidien en fonction de a) où ils vivent et travaillent, et b) leur statut social perçu par les autres migrants et non-migrants. D’une part, nous examinons les aires urbaines, périphériques et rurales de La Plata en tant que « zones de souveraineté graduée » (Ong 1999), où des régimes de gouvernementalité locaux spécifiques se sont développés en lien avec l’installation de groupes ethniques souvent distincts, et dont les droits et devoirs diffèrent de ceux d’autres zones. D’autre part, nous étudions la façon dont le statut social est produit à travers les interactions sociales quotidiennes en transposant des distinctions construites socialement telles que race, classe, genre et origine nationale, en systèmes d’exclusion formels (Gregory 2007). Notre analyse ethnographique de ce que nous appelons les « expériences de légalité » des migrants démontre que leur égalité formelle vis-à-vis des Argentins, loin d’être simplement donnée comme un nouveau statut légal uniformément garanti pour tous, est à la fois inégalement vécue par les divers migrants, et différemment respectée dans les zones géographiques dirigées par divers régimes de gouvernementalité (Foucault 1978).

The Andhra Pradesh Microfinance Crisis and American Payday Lending: Two Studies in Vulnerability

Microcredit, a non-profit lending approach that is often championed as a source of women’s inclusion and empowerment, has in the past decade been followed by microfinance, a forprofit sibling of a different temperament. Microfinance in India is now in turmoil, precipitated by legislation in the state of Andhra Pradesh, which has encouraged withholding of payment, which in turn has frozen the market. This paper considers one precipitating condition of the crisis: the remarkable, new, and developing burden of formal economic debt that poor women in the state have only recently come to hold – debt that now surpasses one year’s family income, on average. The development of this lending sector follows upon innovation in lending to the poor of the global north over the past two decades, and the practices show noteworthy parallels. Both lending schemes have produced similar disproportionate burdens upon some low-status individuals within their respective economic orders, and both may exploit a vulnerability that is born of aspiration and produces great dysfunction for borrowers. This paper introduces the two lending schemes, sketches the parallels, and introduces the claim that ethical finance arrangements for the poor require attention to vulnerability, an under-utilized category in both liberal ethical theory and in finance.