Finance, social economics and community development

The last three decades have seen social enterprises in the United Kingdom pushed to the forefront of welfare delivery, workfare and area-based regeneration. For critics, this is repositioning the sector around a neoliberal politics that privileges marketization, state roll-back and disciplining community groups to become more self-reliant. Successive governments have developed bespoke products, fiscal instruments and intermediaries to enable and extend the social finance market. Such assemblages are critical to roll-out tactics, but they are also necessary and useful for more reformist understandings of economic alterity. The issue is not social finance itself but how it is used, which inevitably entangles social enterprises in a form of legitimation crises between the need to satisfy financial returns and at the same time keep community interests on board. This paper argues that social finance, how it is used, politically domesticated and achieves re-distributional outcomes is a necessary component of counter-hegemonic strategies. Such assemblages are as important to radical community development as they are to neoliberalism and the analysis concludes by highlighting the need to develop a better understanding of finance, the ethics of its use and tactical compromises in scaling it as an alternative to public and private markets.

Bernard Mandeville and the doctrine of laissez-faire

The view of Mandeville as a pioneer of laissez-faire is difficultto reconcile with his repeated insistence that private vices were turnedinto public benefits by the ‘dexterous management of the skilfulpolitician’. Even if references to the skilful politician are regarded asshorthand for a legal and institutional framework, there remains thequestion of whether such a framework is a spontaneous order or theproduct of purposeful experiment as Mandeville thought? Mandevillewarned about the harmful effects of meddling but his complaint wasabout the actions of fashionable do-gooders rather than government. Heunderstood that the voluntariness of a transaction could be regarded asa defence against complaints of unfairness but he was quick to pointout the limitations of voluntariness especially in the market for labour.Mandeville’s objective was to teach people what they are not what theyshould be. He pointed to the strengths of the emerging market systembut was not afraid to expose its faults.

Employing neo-Durkheimian institutional theory in crosscultural accounting research

Purpose
Neo-Durkheimian institutional theory, as developed by the anthropologist Mary Douglas, is proposed as a suitable theory base for undertaking cross-cultural accounting research. Her social theory provides a structure for examining within-country and cross-country actions and behaviours of different groups and communities. It avoids associating nations and cultures, instead contending any nation will comprise four different solidarities engaging in constant
dialogues. Further, it is a dynamic theory able to take account of cultural change.

Design/methodology/approach
The paper establishes a case for using neo-Durkheimian institutional theory in cross-cultural accounting research by specifying the key components of the theory and addressing common criticisms. To illustrate how the theory might be utilised in the domain of accounting and finance research, a comparative interpretation of the different experiences of financialization in Germany and the UK is provided drawing on Douglas’s grid-group schema.

Findings (mandatory)
Neo-Durkheimian institutional theory is deemed sufficiently capable of interpreting the
behaviours of different social groups and is not open to the same criticisms as Hofstede’s
work. Differences in Douglasian cultural dialogues in the post-1945 history of Germany and
the UK provide an explanation of the variations in the comparative experiences of
financialization.

Institutional Hybridity in Public Sector Reform: Replacement, Blending, or Layering of Administrative Paradigms

Despite an abundance of studies on hybridization and hybrid forms of organizing, scholarly work has failed to distinguish consistently between specific types of hybridity. As a consequence, the analytical category has become blurred and lacks conceptual clarity. Our paper discusses hybridity as the simultaneous appearance of institutional logics in organizational contexts, and differentiates the parallel co-existence of logics from transitional combinations (eventually leading to the replacement of a logic) and more robust combinations in the form of layering and blending. While blending refers to hybridity as an ‘amalgamate’ with original components that are no longer discernible, the notion of layering conceptualizes hybridity in a way that the various elements, or clusters thereof, are added on top of, or alongside, each other, similar to sediment layers in geology. We illustrate and substantiate such conceptual differentiation with an empirical study of the dynamics of public sector reform. In more detail, we examine the parliamentary discourse around two major reforms of the Austrian Federal Budget Law in 1986 and in 2007/2009 in order to trace administrative (reform) paradigms. Each of the three identified paradigms manifests a specific field-level logic with implications for the state and its administration: bureaucracy in Weberian-style Public Administration, market-capitalism in New Public Management, and democracy in New Public Governance. We find no indication of a parallel co-existence or transitional combination of logics, but hybridity in the form of robust combinations. We explore how new ideas fundamentally build on – and are made resonant with – the central bureaucratic logic in a way that suggests layering rather than blending. The conceptual findings presented in our article have implications for the literature on institutional analysis and institutional hybridity.

Theorizing temporary spatial clusters and institutional boundary-work in industrial markets

To better understand the nature of temporary spatial clusters (TSC’s) in industrial marketing settings, this conceptual paper first provides a theoretical synthesis of spatial understanding from the industrial marketing (IM) and economic geography (EG) fields, focusing particularly on Doreen Massey’s work on relational space. This leads to a conceptual schema for organizing the IM literature in terms of spatiality, and which also helps clarify the ontological nature of TSCs. We then move to introduce the notion of institutional boundary-work, drawing on the work of Thomas Gieryn, and Andrea Brighenti’s examination of territorology, to conceptualize the activities of market actors engaged in the ongoing social accomplishment of TSCs. Such activities, we suggest, involve these actors ‘marching’ boundaries to assume network influence and maintain market order in IM settings. In summary, therefore, our paper addresses two fundamental questions: i) How do we conceptualize the form of TSCs in IM settings? And, ii) what function(s) are TSCs performing (and how is this being undertaken) in IM? The paper closes by providing methodological guidance for how a research agenda on TSCs within IM activity might be developed, followed by a summary of the managerial implications that emerge from our theorizations.

Desenvolvimento local: estratégias e competitividade

O tema desta tese relaciona-se com a qualificação das estratégias de desenvolvimento municipais. A emergência do planeamento territorial estratégico, como alternativa ou suplemento ao planeamento físico tradicional, reintroduziu o debate sobre a capacidade de o planeamento territorial influenciar trajectórias de desenvolvimento descentralizadas. A investigação segue, em termos teóricos e empíricos, duas linhas de inquirição: uma, relativa aos desafios colocados pelas premissas metodológicas e operativas da abordagem estratégica em planeamento territorial; a outra, diz respeito às implicações da actualização da agenda que acompanharam a emergência da abordagem estratégica, incidindo designadamente sobre a questão da competitividade territorial. A primeira lida com a validade intrínseca da abordagem estratégica e a forma como esta confronta as práticas tradicionais dominantes no planeamento territorial, em particular em Portugal. É feita uma análise do debate e dos resultados de experiências recentes em planeamento territorial estratégico e uma reflexão sobre a forma como estas podem influenciar o estabelecimento de novos referenciais para a intervenção dos sistemas de planeamento. A segunda pretende aprofundar o conhecimento sobre as competências necessárias ao planeamento, para a gestão de processos descentralizados de promoção da competitividade, e avaliar o alcance dos resultados obtidos até agora e as limitações associadas à concretização daquele objectivo. Argumenta-se que algumas das mais significativas exigências conceptuais da perspectiva estratégica de intervenção sobre o território são tratadas com ligeireza, ao mesmo tempo que, no contexto da definição de um quadro de avaliação do planeamento territorial estratégico, se espera contribuir para uma reavaliação do papel que cabe ao plano, enquanto instrumento de referência e de motivação para a acção em planeamento. Na outra parte da investigação, relativa à actualização da agenda de planeamento, é feita uma análise crítica da noção de competitividade Territorial. Usando contributos disciplinares da economia regional, da geografia económica, da sociologia económica e dos sistemas territoriais de inovação desenvolve-se um quadro conceptual que procura pôr em evidência a convergência entre as capacidades de uma prática qualificada de planeamento territorial estratégico e as necessidades e requisitos dos processos de desenvolvimento local. A análise de um conjunto de experiências municipais de concepção e implementação de planos estratégicos, representando realidades locais bastante heterogéneas em termos de dinâmica económica e de capacidades institucionais, é usada para avaliar alguns dos principais aspectos levantados em cada uma das linhas sob investigação.

Calculus of variations on time scales and applications to economics

We consider some problems of the calculus of variations on time scales. On the beginning our attention is paid on two inverse extremal problems on arbitrary time scales. Firstly, using the Euler-Lagrange equation and the strengthened Legendre condition, we derive a general form for a variation functional that attains a local minimum at a given point of the vector space. Furthermore, we prove a necessary condition for a dynamic integro-differential equation to be an Euler-Lagrange equation. New and interesting results for the discrete and quantum calculus are obtained as particular cases. Afterwards, we prove Euler-Lagrange type equations and transversality conditions for generalized infinite horizon problems. Next we investigate the composition of a certain scalar function with delta and nabla integrals of a vector valued field. Euler-Lagrange equations in integral form, transversality conditions, and necessary optimality conditions for isoperimetric problems, on an arbitrary time scale, are proved. In the end, two main issues of application of time scales in economic, with interesting results, are presented. In the former case we consider a firm that wants to program its production and investment policies to reach a given production rate and to maximize its future market competitiveness. The model which describes firm activities is studied in two different ways: using classical discretizations; and applying discrete versions of our result on time scales. In the end we compare the cost functional values obtained from those two approaches. The latter problem is more complex and relates to rate of inflation, p, and rate of unemployment, u, which inflict a social loss. Using known relations between p, u, and the expected rate of inflation π, we rewrite the social loss function as a function of π. We present this model in the time scale framework and find an optimal path π that minimizes the total social loss over a given time interval.

Blending adaptive governance and institutional theory to explore urban resilience and sustainability strategies in the Rome Metropolitan Area, Italy

Adaptive governance is an emerging theory in natural resource management. This paper addresses a gap in the literature by exploring the potential of adaptive governance for delivering resilience and sustainability in the urban context. We explore emerging challenges to transitioning to urban resilience and sustainability: bringing together multiple scales and institutions; facilitating a social-ecological-systems approach and; embedding social and environmental equity into visions of urban sustainability and resilience. Current approaches to adaptive governance could be helpful for addressing these first two challenges but not in addressing the third. Therefore, this paper proposes strengthening the institutional foundations of adaptive governance by engaging with institutional theory. We explore this through empirical research in the Rome Metropolitan Area, Italy. We argue that explicitly engaging with these themes could lead to a more substantive urban transition strategy and contribute to adaptive governance theory.

Questioning the Universality of Institutional Transformation Theories in Spatial Planning: Shopping Mall Developments in Palermo

Theories about institutional transformation in spatial planning, although mainly based on the Anglo-Saxon context, have assumed a dominant role in planning research and theory as means to understand the transformations that have been restructuring planning systems in recent decades in the Western world and beyond. The article, looking at transformations of planning practice through the lenses of the concept of planning cultures, debates the utility of building ‘universal’ theories for spatial planning and advocates for the need for a de-provincialization of planning theories. This is done through a case-study approach applied to the history of the transformation of the retail system in a context characterized by the specificities of the Italian planning context and Southern European cities, namely: the planning processes for, and power relationships underlying, the first shopping malls opened in Palermo, Italy, since 2009 — some decades later than most of Western cities.