Chronic limitations of neo-liberal capitalism and oligopolistic markets: an urgent case for socialized capital

Purpose – The purpose of this paper is to highlight the serious limitations of neo-liberal capitalism and urge for a shift to socialized capital before further economic deterioration leads to a succession of global conflicts. Design/methodology/approach – This conceptual paper adopts a macro perspective in presenting argument on how global, financial markets integration and capital flow liberalization have led to inadequate market and corporate governance measures. The argument is couched in a selected literature and is preceded by a proposed solution – the requirement for socialized capital. An analysis of the nature of socialized capital is outlined and the questions that require attention identified if a paradigm shift from neo-liberal capitalism is to take place. Findings – The need to urgently shift to a new philosophy of capitalism is overwhelming. Emphasized is that capital needs to adopt a socialised identity and is supported by investment horizons of 30 years or more. It is argued that non-market (e.g. state, NGOs, civil society) intervention is critical in setting appropriate frameworks within which socialized capital can operate. Research limitations/implications – This is a theoretical paper, in which questions are raised which require transparent, public debate. Originality/value – The paper presents the case for a fundamental reconsideration of present day markets, the role of capital and the influence of elites in determining the public good.

A grounded investigation of Chinese employees' psychological capital

Purpose – This paper explores the “Western” concept of psychological capital in the People's Republic of China (PRC) and highlights critical areas of divergence and notable dimensions of similarity. Design/methodology/approach – This is an empirical study conducted in a wide range of Chinese organisational forms, employing an inductive approach based on critical incident technique. Findings – This research showed that the concept of psychological capital appears to have a degree of applicability and salience in China. A series of dimensions common in Western organisations were found in our research, including Optimism, Creativity, Resiliency, Self-confidence, Forgiveness and Gratitude, Courage and Ambition (Hope). These were found to be common types of psychological capital both in China and in the West. However, the dimensions of Courtesy and Humility (Qian-gong-you-li in Chinese), Self-possession and Sincerity fell into the “different” category. Originality/value – This paper is a first attempt to examine psychological capital in a range of organisational forms and industrial sectors in China using a grounded theory approach. It not only reports various dimensions of Chinese psychological capital, some unique to this research, but also compares and contrasts these dimensions between China and the West, highlighting further research opportunities.

Spiritual capital: the co-evolution of an ethical framework based on Abrahamic religious values in the Islamic tradition

Purpose – The aim of this paper is to investigate how values from within Abrahamic religions could be adopted to improve liberal market economies’ (LMEs’) corporate governance business practices. Design/methodology/approach – The concept of spiritual capitalism is explained from an Islamic perspective by adopting three universal Abrahamic values to critically analyse LMEs and offer an ethical alternative to current capitalism concerns. Findings – It is found that LMEs can be improved by considering all stakeholders, putting ethics before economics, and introducing shared risk/reward plus lower debt. Originality/value – The paper compares LMEs/Co-ordinated market economies (CMEs)/Islamic countries economies (ICEs) within an ethical framework for LMEs.

Cross-border capital flows into real estate

This study investigates the determinants of cross-border capital flows into direct real estate markets. In particular, it investigates how existing institutional, regulatory and real estate specific barriers affect cross-border real estate inflows and outflows in a sample of 24 developed and emerging countries, and whether investors seek out targets with lower barriers and regulatory arbitrage. We do not find evidence of significant cross-border institutional or regulatory arbitrage in the real estate market. However, real estate market liquidity is found to be the most important driver of cross-border flows. While many of the institutional barriers included in this analysis do not appear to impact the level of real estate inflows significantly, their presence tends to suppress real estate capital outflows to other countries. Overall, easy access to financial markets, a good economic environment and transparent real estate markets may enhance real estate outflows, while returns and the macroeconomy are found to enhance domestic real estate investment.

The impact of career capital on expatriates’ perceived marketability

We examine how the development of three types of career capital (knowing how, knowing whom, and knowing why) during an international assignment affects the perceived marketability of organizational expatriates. Using the perceived marketability perspective and long-term follow-up data, we show that knowing how is seen as the most transferable type of career capital, while the development of other aspects of career capital has little impact on perceived marketability. We also show that career capital development is more recognized in the external market than by current employers. Our findings expand our understanding of long-term career marketability among people who have completed international assignments.

Linguistic capital and the linguistic field for teachers unaccustomed to linguistic difference

Teachers in classrooms throughout England are facing a shifting demographic in their pupil intake. Where once the teaching of children whose first language was not English was considered an inner-city teachers’ role, more recent migration patterns have challenged this preconception (Andrews, 2009). In England in particular, this change sits against an historical backdrop of centralised control of the curriculum for English. This article explores how primary school teachers responded to the arrival of Polish children in county settings following EU accession in 2004. Interviews with a small sample of teachers in schools that had previously been mainly monolingual were coded using Bourdieu’s Logic of Practice. Analysis revealed a complex mix of experienced that appeared to rest on assumed pedagogical norms and professionally assimilated external pressures. Discussion centres on the author’s interpretation of teachers’ ownership of linguistic capital and its relationship to linguistic field.

Business life cycle and capital structure: evidence from Chinese manufacturing firms

This paper uses a panel data-fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision-making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non-sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy-makers to ensure that products and financial markets are well-balanced.

Turning a Bourdieuian lens on English teaching in primary schools: linguistic field, linguistic habitus and linguistic capital

The research project used to frame discussion in this chapter was a doctoral study of the experiences of English primary school teachers teaching pupils whose home language was not English in their previously monolingual classrooms. They taught in a region in the south of England which experienced a significant rise in the population of non-native English speakers following Eastern European member states’ accession to the EU in 2004 and 2007. The study focussed principally on the teachers’ responses to their newly arrived Polish children because Polish families were arriving in far greater numbers than those from other countries. The research aims focussed on exploring and analysing the pedagogical experiences of teachers managing the acquisition of English language for their Polish children. Critical engagement with their experiences and the ways in which they did or did not adapt their pedagogy for teaching English was channelled through Bourdieuian constructs of linguistic field, capital and habitus. The following sections explore my reasons for adopting Bourdieu’s work as a theoretical lens, the practicalities and challenges of incorporating Bourdieu’s tools for thinking in data analysis, and the subsequent impact on my research activity.

Gender, race, and heterogeneous effects of epidemic malaria on human capital and income

This article investigates the impact of exposure to a serious, unusual, and unforeseen malaria epidemic in northeast Brazil in 1938–40 on subsequent human capital attainment and income. Arguing the event was exogenous, the article exploits cohort and regional heterogeneity in exposure to identify effects. Results are consistent with differential mortality rates according to gender and socioeconomic status, such that heterogeneous selection and scarring effects are observed. Analyzing by gender alone, positive (selection) effects are found for men, and mixed (positive and negative) effects for women. Allowing for heterogeneity by race, selection effects persist for men. In contrast, positive (selection) effects are observed for nonwhite women, and negative (scarring) effects for white women. Results contribute to evidence suggesting that exposure to negative environmental shocks affects human capital attainment, while also suggesting it heterogeneously affects cohort composition.

Sibling influence on the human capital of the left-behind

While a growing literature has analyzed the effects of parental migration on the educational outcomes of children left behind, this study is the first to highlight the importance of sibling interactions in such a context. Using panel data from the RUMiC Survey, we find that sibling influence on school performance is stronger among left- behind children. Hence, parental migration seems to trigger changes in familial roles and sibling effects among children. However, it is primarily older sisters who exhibit a positive influence on their younger siblings. We corroborate our results by performing a series of tests to mitigate endogeneity issues. The results from the analysis suggest that sibling effects in migrant households might be a mechanism shaping children’s outcomes and success and that adjustments within the family left behind have the potential to generate benefits – or reduce hardships – in response to parental migration.

Capital

Group exhibition of posters and film produced by 'Capital Drawing Group' [Andrew Cooper, Enda Deburka, Dean Kenning and John Russell].

Two Faces of AIDS in Hong Kong: Culture and the Construction of the `AIDS Celebrity'

Since the first reported case of HIV infection in Hong Kong in 1985, only two HIV-positive individuals in the territory have voluntarily made public their seropositivity: a British dentist named Mike Sinclair, who disclosed his condition to the media in 1992 and died in 1995, and J.J. Chan, a local Chinese disc-jockey, who came forward in 1995 and died just a few months later. When they made their revelations, both became instant media personalities and were invited by the Hong Kong Government to act as spokespeople for AIDS awareness and prevention. Mike Sinclair worked as an education officer for the Hong Kong AIDS Foundation, and J.J. Chan appeared in Government television commercials about AIDS. This article explores how the public identities of these two figures were constructed in the cultural context of Hong Kong where both Eastern and Western values exist side by side and interact. It argues that the construction of `AIDS celebrities' is a kind of `identity project' negotiated among the players involved: the media, the Government, the public, and the person with AIDS (PWA) himself, each bringing to the construction their own `theories' regarding the self and communication. When the players in the construction hold shared assumptions about the nature of the self and the role of communication in enacting it, harmonious discourses arise, but when cultural models among the players differ, contradictory or ambiguous constructions result. The effect of culture on the way `AIDS celebrities' are constructed has implications for the way societies view the issue of AIDS and treat those who have it. It also helps reveal possible sites of difficulty when individuals of different cultures communicate about the issue.