State–Chaebol relations in the post-crisis period

This article examines contemporary Korean capitalism via an analysis of state-chaebol relations in the post-crisis period. The Korean state played a prominent role in industrial and financial restructuring after the crisis. Some scholars argue that a 'new' state has emerged in Korea, with the activism during the financial crisis representing only a temporary diversion from the shift towards a 'competition state'. Others claim that the Korean state still seeks to directly shape economic outcomes: some policy instruments have changed, but strategic intent, defined here as the will to directly manage investment flows and shape economic structures, has not. The transition of Korean capitalism from the developmental state system towards neo-liberalism, this article argues, is far from complete. Emphasizing the situated choices of state elites and the challenging political context in which they find themselves, we presume a condition of mutual dependence between the state and chaebols. Given incidences of conflict in the post-crisis context, we argue that the state has not fully reasserted its will over the chaebols. The restructuring of chaebols ('Big Deals') are best understood as symbolic measures intended to garner external support for the Korean state rather than unfettered exercise of strategic intent. At the same time, we go beyond existing accounts of 'state decline' by highlighting the place of economic performance by the chaebols as the preeminent criteria for state support. The state and chaebols remain central to Korean capitalism, even in its current hybrid and somewhat dysfunctional form.

Financial crisis, Social pathologies and 'generalised perversion' : questioning Zizek's diagnosis of the times

Slavoj Zizek's work has been highly influential in the formulation of an emerging consensus among Lacanian social researchers, that we live in a society of generalised perversion whose initial fruits are the corrosion of democracy and the recent financial crisis. This position rests upon a notion of modern subjectivity that connects ‘commodity fetishism’ with clinical perversion in a pathological configuration, so that social theoretical identification of crisis tendencies, evaluative language about moral problems and diagnostic categories from the Lacanian clinic can be combined in a single figure. In this article, we question the series of conceptual links that constitute this position, tracing them from Zizek’s critique in his short work on the global financial crisis and his broader restatement of this analysis in the recent Living in the End Times, through the moment of his announcement of the notion of ‘generalised perversion’ in The Ticklish Subject, all the way back to fundamental propositions outlined in his earliest work. Our argument progresses through three claims. First, we show in the evolution of this position that it leads Zizek to equivocate in his diagnosis of contemporary society between two mutually exclusive categories (‘psychosis’ and ‘perversion’), indicating an antinomy in his work that is resolved in favour of ‘generalised perversion’ on empirical, not logical, grounds. Secondly, we offer a critical resolution of the antinomy through a critique of what we argue is Zizek’s mistaken over-extension of psychoanalytic reason beyond its legitimate scope of application. Finally, we point to some of the political implications of the way that Zizek speculatively resolves his logical difficulties, by analysing the consequences of his claim that generalised social perversion - the problem to be solved - involves a dethroning of the communal ego ideal. A communitarian streak, implicit in the potential conflation of moral denunciation with psychoanalytic diagnosis that the rhetoric of ‘perversion’ invokes, runs through Zizek’s work on capitalism, we propose in conclusion.

Earliest Wuchiapingian (Lopingian, Late Permian) brachiopods in southern Hunan, South China : implications for the Pre-Lopingian crisis and onset of Lopingian recovery / radiation

The uppermost 5-15 m of the Douling Formation in the southern Hunan area. South China, yields a diverse fauna comprised of ammonoids, bivalves, and brachiopods. The brachiopods reported in this paper consist of 51 species in 34 genera and are dominated by the Lopingian (Late Permian) species associated with a few species persisting from the underlying Maokouan (Late Guadalupian). This fauna is of earliest Wuchiapingian in age as precisely constrained by the associated conodont Clarkina postbitteri postbitteri and the Guadalupian-type ammonoid fauna of the Roadoceras-Doulingoceras Zone in the brachiopod horizon. The discovery of the Lopingian species-dominated brachiopod fauna in the earliest Wuchiapingian in southern Hunan suggests a much less pronounced effect of the pre-Lopingian crisis (end-Guadalupian mass extinction) than the end-Changhsingian mass extinction in terms of brachiopods, a contemporaneous onset of the Lopingian recovery/radiation during the pre-Lopingian crisis period, and taxonomic selectivity of the pre-Lopingian crisis in terms of different fossil groups. New taxa are Echinauris doulingensis n. sp., Pararigbyella quadrilobata n. gen. and n. sp. and P. doulingensis n. gen. and n. sp.

Sydney 1998 - lessons from a drinking water crisis

From July to September 1998, high concentrations of Cryptosporidium and Giardia were detected episodically in the water supply and distribution systems of Sydney, Australia. The resulting drinking water crisis triggered three consecutive boil-water advisories and a government inquiry into the management of the water supply. The episodic nature of the detections focused attention on the veracity of the laboratory results and triggered an investigation of the transport of these pathogens in Sydney's water supply system. This article provides information submitted to the Sydney Water Inquiry that explains the episodic occurrence of pathogens in the reticulated water supply, attributing it to rapid fluctuations in the quality of the water reaching the water treatment plant

How the financial crisis sundered the dream of the autonomous subject

The article discusses the effect of the 2008 economic meltdown on self-reliance. Banks are noted to have honored credit default swaps and purchase mortgages as collateralized debt obligations (CDO) with the option of buy back at face value. Also discussed are the Wall Street Bailout, the Australian banking system and the overseas debt of Australia.

Volatility spillover between New Zealand stock market returns and exchange rate changes before and after the 1997 Asian financial crisis

Researchers in the last decade have been investigating the interdependence of stock returns and exchange rate changes within the same economy. Kanas (2000) and Yang and Doong (2004) find that for the G-7 countries, in general, the volatility of the stock market spills over to the exchange rate market but that volatility spillovers from the exchange rate market to the stock market are insignificant. Chen, Naylor, and Lu (2004) find that NZ individual firm returns are significantly exposed to exchange rate changes. This study complements their work by investigating the volatility spillover between the stock market and the foreign exchange market within the NZ economy.