This article analyzes the evolution of state capacity in Peru during the recent commodity boom. Peru’s economic growth happened in a context in which inclusive democratic institutions were at play for the longest period ever registered in the country and at a time when political elites decided to invest considerable resources in developing state capacity. This case illustrates how boom-led economic growth can lead to the institutional strengthening of a weak state. However, state capacity continues to be low in (...) Peru. The causal mechanism that yields such continuity differs from those entertained in classic path-dependent explanations of state capacity in Latin America. The article identifies a novel mechanism that helped reproduce the Peruvian path intertemporally. This relational mechanism suggests that state capacity remains low because of the relatively enhanced capacities of state challengers to locally fend off and contest an otherwise much stronger state apparatus. The article argues, on that basis, the need to employ a relational analysis that gauges net state strength with respect to the power acquired by relevant non-state actors who might challenge state authority across different local arenas. Classic conceptualizations of state capacity are indeed relational, but conventional applications are predominantly unilateral and, thus, misleading. Unilateral notions of state capacity are those that focus on either state efforts and investments to assert state capacity or, alternatively, on the presence of challenges that curtail the levels of actually observed state capacity. (shrink)

This paper uses agent-based modelling to study the frequent booms and busts in Chinese agricultural markets. First, an artificial agricultural commodity market consisting of heterogeneous agents, such as producers, consumers, and speculators, is built. A numerical simulation suggests that speculation can cause large price fluctuations via nonlinear price dynamics. Then, parameters are estimated by the simulated method of moments using garlic and ginger price data in China from 2006Q2 to 2018Q3. The estimation yields a statistically significant speculative behavior (...) parameter, supporting speculators’ existence. Based on the well-estimated model, a low-cost policy experiment aiming at market stabilization is carried out. The essence of this policy is to release the theoretical steady state of the estimated model as the government-guided price to producers. The guided price, even partially followed by producers, can reduce simulated price variances and weaken speculators’ negative impact on market stability. Robustness tests show that the effect of policy experiment is robust under a 20% change in any parameter value or a 5% change in the guided price. (shrink)

The sharp changes in oil prices since 2004 featured a nonlinear data-generating mechanism which displayed bubble-like behavior. A popular view is that such a salient pattern cannot be explained by shifts in economic fundamentals, but was driven by speculative bubbles as a consequence of the increased financialization of oil future markets. Testing this hypothesis, however, is challenging since the fundamental component of the oil price is unobservable. This paper attempts to isolate the contribution of speculative bubbles and fundamentals to the (...) evolution of oil prices by providing a stylized model of commodity pricing. Motivated by our theoretical model, we adopt a continuous-time model with a random and time-varying persistence parameter to empirically investigate the presence of speculative bubbles in daily oil future prices over the period April 1983 to June 2020. We do not find any evidence in favor of speculative bubbles, although we indeed find that oil prices exhibit episodes of unstable behavior after 2004. (shrink)

In the last two decades, commercial crop production has boomed to meet global food and biofuel demands as well as produce industrial commodities, while also being promoted as an effective approach for poverty alleviation in the Global South. Despite possible new economic opportunities, scholars are concerned that crop booms could exacerbate vulnerability in farmer livelihoods. However, it is little known how local resilience can be built in the context of crop booms. Through mixed methods of combination of quantitative (...) and qualitative approaches, this research conducted a multidimensional assessment of livelihood resilience by focusing on absorptive, adaptive and anticipatory capacities of local people in Southwest China. Unlike existing literature, this research found that farmers who adopted a hybrid livelihood strategy that was partially involved in crop booms under agriculture modernization while simultaneously maintaining some degree of traditional agricultural practices had a higher level of livelihood resilience. In contrast, those who were fully involved and put all of their capital into cash crop planting as well as those who did not participate in cash crop production and completely avoided crop booms both showed a relatively low level of livelihood resilience. The paper argues that crop booms might provide more possibilities for farmers to diversify their agricultural systems and livelihood strategies to strengthen livelihood resilience when they have better access to land and markets. (shrink)

The severe hereditary progeroid disorder Cockayne syndrome is a consequence of a defective transcription‐coupled repair (TCR) pathway. This special mode of DNA repair aids a RNA polymerase that is stalled by a DNA lesion in the template and ensures efficient DNA repair to permit resumption of transcription and prevent cell death. Although some key players in TCR, such as the Cockayne syndrome A (CSA) and B (CSB) proteins have been identified, the exact molecular mechanism still remains illusive. A recent report (...) provides new unexpected insights into TCR in yeast.1 The identification and characterisation of a novel protein co‐purifying with the yeast homologue of CSB (Rad26) imposes reassessment of our current understanding of TCR in yeast. What about humans? BioEssays 24:780–784, 2002. © 2002 Wiley Periodicals, Inc. (shrink)

In [3], two different effective versions of Borel embedding are defined. The first, called computable embedding, is based on uniform enumeration reducibility, while the second, called Turing computable embedding, is based on uniform Turing reducibility. While [3] focused mainly on computable embeddings, the present paper considers Turing computable embeddings. Although the two notions are not equivalent, we can show that they behave alike on the mathematically interesting classes chosen for investigation in [3]. We give a “Pull-back Theorem”, saying that if (...) Φ is a Turing computable embedding of K into K’, then for any computable infinitary sentence φ in the language of K’, we can find a computable infinitary sentence φ* in the language of K such that for all. (shrink)

The Cambridge Companion to Piaget provides a comprehensive introduction to different aspects of Jean Piaget's work.

Fair trade is at a critical juncture as a social movement. In the midst of a sales boom and vastly increased visibility, the tensions and contradictions that exist within the movement are intensifying. In particular, expansion of the fair-trade system to cover new commodities, and the process of 'mainstreaming' fair trade have opened rifts in the movement and called into question the meaning of 'fairness'. This essay reviews three recent books on fair trade, and examines current threats to the system, (...) as well as fair trade's potential for supporting a broad process of social, economic, political, and ecological transformation. (shrink)

Stakeholders in traditional dairy-producing states in the upper Midwest and Northeast hope that the boom in the organic milk market will offer family-scale dairy farms a means to escape the cost-price squeeze of the conventional food system. However, recent trends in organic dairy raise questions about whether organic dairy is conventionalizing, which is to say it is coming to resemble the conventional sector as shown in disparities of power in the value chain that pressure all participants to adopt more industrial (...) practices. This paper reports the results of an exploratory qualitative study of whether and how the organic milk value chain in upstate New York is conventionalizing. Findings lend some support to the conventionalization hypothesis in that organic milk from the beginning has been produced, processed, and marketed as a commodity, and the federal regulations governing organic dairy have facilitated the replication of this commodity-based system. However, there is also evidence that some producers are responding to these pressures not by intensifying, but by going deeper into the alternative organic model, forging more direct and local relationships along the value chain and embracing principles of the organic movement. (shrink)

The quinoa export boom generated a rapid standardization project that sought to transform a heteroglot local grain into a uniform global commodity that could flow smoothly through global markets. All agricultural commodities come into being through different standardization processes that materialize specific concepts of quality. Yet the sudden rise in export demand for quinoa, massive price surge, and the biodiverse nature and local orientation of existing quinoa production made quinoa’s standardization particularly dramatic. This article traces the enforcement of quality (...) standards for quinoa export ethnographically, focusing on the interactions between farmers and técnicos, a category of actors tasked with training farmers in “quality” quinoa production and enforcing quality at the moment of sale. I argue that standards moralize agricultural production practices, redefining “good quinoa” and “good farmers.” At the same time, they serve as powerful tools to render technical the reorientation of Andean agricultural systems toward quinoa export. Advocates for more just and ecologically sustainable global commodity chains should pay attention to quality standards as a key site of politics with major ramifications for inclusion/exclusion and resilience. (shrink)

Economics is a science - at least positive economics must be. And science is in part applied mathematics, in part empirical observations and tests. Looking at the history of economics, one cannot find much testing done before the twentieth century, and even the collection of data, even in the manner Marx engaged in, was not common in his day. It is true that economic policy is an older field, and in that field much information is deployed for the purpose of (...) prescribing a course of action. But this is not to say that the information procured for that purpose is either based on observation or has been tested. In the seventeenth century some alchemists and economists hoped to boost the economy by manufacturing gold, others feared inflation; and the British Parliament legislated against manufacturing gold. David Hume proved in the eighteenth century - quite a priori - that doubling the quantity of gold will only double the price of each commodity and he thus set things at rest for a while. Later the question was opened again when Marx, for example, showed historically how the gold robbed from the Americas started Europe's boom. Yet the theory - the quantity theory of money, as it is called - which Hume proved a priori, is still contested and still hardly tested to economists' satisfaction: is the price level fixed mainly by the amount of available money? Some economists answer yes, others no. (shrink)

Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. (...) That was why banks turned their mortgage-loans into derivative-driven securities, why pension-funds placed bets on commodity-futures and why countries such as Greece used derivatives to hide the real state of their finances. Derivatives helped determine the form and magnitude of the crisis, but were not its underlying cause. Proposed reforms of the derivatives-market ignore the fundamental determinants of the financial crisis, assuming it to be a failure of regulation. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between monetary (...) and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

Along with the rapid application of new information technologies, the data-driven era is coming, and online consumption platforms are booming. However, massive user data have not been fully developed for design value, and the application of data-driven methods of requirement engineering needs to be further expanded. This study proposes a data-driven expectation prediction framework based on social exchange theory, which analyzes user expectations in the consumption process, and predicts improvement plans to assist designers make better design improvement. According to the (...) classification and concept definition of social exchange resources, consumption exchange elements were divided into seven categories: money, commodity, services, information, value, emotion, and status, and based on these categories, two data-driven methods, namely, word frequency statistics and scale surveys, were combined to analyze user-generated data. Then, a mathematical expectation formula was used to expand user expectation prediction. Moreover, by calculating mathematical expectation, explicit and implicit expectations are distinguished to derive a reliable design improvement plan. To validate its feasibility and advantages, an illustrative example of CoCo Fresh Tea & Juice service system improvement design is further adopted. As an exploratory study, it is hoped that this study provides useful insights into the data mining process of consumption comment. (shrink)

The reasons why upland farmerson the Indonesian island of Sulawesi areengaged in a cacao boom and its long termimplications are addressed in the context ofprotected area management regulations, andpolitical and economic conditions inPost-Suharto, Indonesia. In the remote casestudy village of Moa in Central Sulawesi, wefound that while few households cultivatedcacao in the early 1990s, all had planted cacaoby 2000. Furthermore, the vast majoritycultivate cacao in former food-crop focusedswidden fields under full-sun conditions.Farmers cultivate cacao to establish propertyrights in light of a (...) land shortage driven inpart by the prohibition of farming and forestproduct collecting in a nearby national park,and to secure a future source of income, aconcern that has been exacerbated byIndonesia's economic crisis. However,conversion of swidden fields to sun-grown cacaoconstrains future food productionopportunities, increases susceptibility todrought stress and potential soil nutrient andorganic matter losses, and increases householddependence on a commodity that is subject toextreme price volatility. These factors raisesignificant concerns for local food securityand agricultural sustainability. (shrink)

The period of very high foreclosure rates sets the 2007–8 financial meltdown apart from similar banking crises fueled by asset price booms. Why did the 2007–8 meltdown lead to a prolonged foreclosure crisis? Through a theoretical perspective built on Minsky’s financial instability hypothesis, Polanyi’s ideas about adverse consequences of commodity fiction, financialization of homes, and institutional coupling, I argue that commodifying houses as financial assets exposed mortgage loan holders to price fluctuations originating in capital markets and elevated their (...) risk of default. I show how increased exposure to price fluctuations followed from the tight coupling between U.S. housing and capital markets, a coupling that resulted directly from the rising preponderance of securitization in U.S. housing finance. I provide further evidence from countries where housing finance was tightly coupled with capital markets to countries where housing finance did not rely dominantly on capital markets. (shrink)

Commodities and Capabilities presents a set of inter-related theses concerning the foundations of welfare economics, and in particular about the assessment of personal well-being and advantage. The argument presented focuses on the capability to function, i.e. what a person can do or can be, questioning in the process the more standard emphasis on opulence or on utility. In fact, a person's motivation behind choice is treated here as a parametric variable which may or may not coincide with the pursuit of (...) self-interest. Given the large number of practical problems arising from the roles and limitations of different concepts of interest and the judgement of advantage and well-being, this scholarly investigation is both of theoretical interest and practical import. (shrink)

Environmental variability has been proposed as an important mechanism in behavioral psychology, in ecology and evolution, and in cultural anthropology. Here we demonstrate its importance in simulational studies as well. In earlier work we have shown the emergence of communication in a spatialized environment of wandering food sources and predators, using a variety of mechanisms for strategy change: imitation (Grim, Kokalis, Tafti & Kilb 2000), localized genetic algorithm (Grim, Kokalis, Tafti & Kilb 2001), and partial training of neural nets on (...) the behavior of successful neighbors (Grim, St. Denis & Kokalis 2002). Here we focus on environmental variability, comparing results for all of these mechanisms in a range of different environments: (a) environments with constant resources, (b) environments with random resources around the same mean, and (c) sine-wave variable environments with cycles of ‘boom and bust’. Communication, it turns out, is strongly favored by environmental variability on the pattern of ‘boom and bust.'. (shrink)

We revisit the Marxist debate on the commodity form. By following the thought of Alfred Sohn-Rethel and Slavoj Žižek, we attempt to understand the commodity form through the Kantian categories a priori. Sohn-Rethel explores the proposition that there can be no cognition independent of its historical and social conditions and puts forward the daring conclusion of an ontological unity between knowledge and commodity exchange. We suggest that Sohn-Rethel’s thought finds new relevance nowadays, under the prevalence of a (...) cognitive capitalism. We discuss the reformulation of relations of production and consumption under cognitive capitalism and show how knowledge-led immaterial and affective labour adds a higher value to the commodities into which it is embodied. Above all, the commodity form in cognitive capitalism becomes biopolitical. (shrink)

This article draws on a five-year, multi-sited transnational research project on the global traffic in human organs, tissues, and body parts from the living as well as from the dead as a misrecognized form of human sacrifice. Capitalist expansion and the spread of advanced medical and surgical techniques and developments in biotechnology have incited new tastes and traffic in the skin, bones, blood, organs, tissues, marrow and reproductive and genetic marginalized other. Examples drawn from recent ethnographic research in Israel, the (...) Palestinian Authority and Turkey serve to cast light on the dark side of organs harvesting and transplantation. The article focuses on the dangers of the `fetishized kidney' for both sellers and buyers, for whom this new commodity has become an organ of opportunity and an organ of last resort. The bodily sacrifice is disguised as a donation, rendered invisible by its anonymity, and hidden under the medical rhetoric of `life saving' and `gift giving'. It suggests that the ultimate fetish as recognized long ago by Ivan Illich is the idea of `life' as object of manipulation. (shrink)

To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Given that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. I argue that they cannot. I first offer an interpretation of (...) the commodity and credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. I then argue that thus understood, neither theory can accommodate cryptocurrency. Finally, I develop a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and I argue that this hybrid account can accommodate cryptocurrency. (shrink)

: This essay examines the increasing commodification of the body with respect to tissues, gametes, and embryos. Such commodification contributes to a diminishing sense of human personhood on an individual level, even as it erodes commitments to human flourishing at the societal level. After the case for social harm resulting from the increasing commodification of the body is made, the question becomes whether that harm is best remedied by following any of three approaches by which government traditionally seeks to promote (...) the flourishing of its citizens. The author concludes that it is not, and that what is needed is a pragmatic and somewhat casuistic approach to the regulation of contested commodities--that which legal scholar Margaret Jane Radin calls "incomplete commodification.". (shrink)

In recent years, the free market position has been gaining strength. In this book, Radin provides a nuanced response to its sweeping generalization.

In the United States today, the human body defines a lucrative site of reusable parts, ranging from whole organs to minuscule and even microscopic tissues. Although the medical practices that enable the transfer of parts from one body to another most certainly relieve suffering and extend lives, they have also irrevocably altered perceptions of the cultural values assigned to the body. Organ transfer is rich terrain to investigate—especially in the American context, where sophisticated technological interventions have significantly shaped understandings of (...) health and well-being, suffering, and death. In _Bodies, Commodities, and Biotechnologies_, Lesley Sharp probes the ideological assumptions underlying the transfer of body parts, the social significance of donors' deaths, and the medico-scientific desires surrounding complex forms of body repair. Sharp also considers the experimental realm, in which nonhuman species and artificial devices present further opportunities for recovery and for controversy. A compelling scientific investigation and social critique, _Bodies, Commodities, and Biotechnologies_ explores the pervasive, and at times pernicious, practices shaping American biomedicine in the twenty-first century. (shrink)

Western Australia has recently assumed an unaccustomed centrality in the minds of Australian policymakers. The recent resource boom briefly propelled WA to the forefront of national economic affairs. While this proved a relatively short-lived prominence, the emergence of WA at the centre of a putative ‘Indo-Pacific’ region promises to give it a more enduring strategic significance. This paper details how geopolitical and geoeconomic forces have shaped WA’s developmental history, and why they are likely to do so in the future as (...) well. (shrink)

In the United States today, the human body defines a lucrative site of reusable parts, ranging from whole organs to minuscule and even microscopic tissues. Although the medical practices that enable the transfer of parts from one body to another most certainly relieve suffering and extend lives, they have also irrevocably altered perceptions of the cultural values assigned to the body. Organ transfer is rich terrain to investigate—especially in the American context, where sophisticated technological interventions have significantly shaped understandings of (...) health and well-being, suffering, and death. In _Bodies, Commodities, and Biotechnologies_, Lesley Sharp probes the ideological assumptions underlying the transfer of body parts, the social significance of donors' deaths, and the medico-scientific desires surrounding complex forms of body repair. Sharp also considers the experimental realm, in which nonhuman species and artificial devices present further opportunities for recovery and for controversy. A compelling scientific investigation and social critique, _Bodies, Commodities, and Biotechnologies_ explores the pervasive, and at times pernicious, practices shaping American biomedicine in the twenty-first century. (shrink)

A review of economic thought since the sixteenth century reveals two streams of economic discourse, dirigisme and laissez-faire. Starting with the mercantilists, dirigiste approaches to economics embrace the real-world complexity of commodities that often differ greatly in attributes that are growth- and rent- augmenting. Most importantly, this means that free trade is likely to be polarising: it concentrates growth- and rent-augmenting commodities in countries that already enjoy a head start in these commodities. Advanced countries, therefore, support laissez-faire, while lagging countries (...) tend to support dirigisme. In order to rationalise their laissez-faire stance, advanced countries began developing a new economic discourse that strips commodities of their complexity. The foundations for this ideological reconstruction of economics were first laid by Adam Smith; this process eventually reached its climax with the neoclassical economists who stripped commodities down to one attribute: their capital intensity. In opposition to this laissez-faire economics, other writers, supportive of the interests of lagging countries, brought complexity back into their economic discourse; they argued that lagging countries had a fighting chance of catching up to advanced economies only by indigenising a growing array of growth- and rent-augmenting commodities. (shrink)

Over the last few years there seems to have been a sharp increase in the number of books that want to spread the news that economics is, or at least can be, fun. This paper sets out to explain in what senses economics is supposed to be fun. In particular, the books in what I will call the economics-made-fun genre will be compared first with papers and books written by economists with the explicit intent of making fun of economics. Subsequently, (...) it will be examined whether or not it makes sense to accuse books in the economics-made-fun genre of economics imperialism, as some commentators have recently done. (shrink)

The Cuban Revolution in 1959 installed in the Caribbean island the ideology of the extreme left, the revolutionary government, the transition from populism to Marxism in broad sectors of Latin American intllectual youth. Such context produced the entry into the geopolitical and sociocultural scene of the boom era as a movement for the liberal emancipation of Latin America and postulated its protagonists as mobilizers and inspirers of the ideological conflict in the bosom of the Cold War. These are two unpublished (...) and critical realities due to their socio-historical particularity, because they produced the radical change in Marxist politics and the metamorphosis of the Latin writer. Under the Latin Americanist perspective and beyond regionalism, our analytical interpretation will focus on such a pragmatic duality, shedding more light on a hypothetical question: If the uprising in the South was the product of the Cuban Revolution or explicit opposition to the cultural project of Havana. (shrink)

Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand (...) often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc. (shrink)

This article explores the financialisation of the world’s most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of loanable (...) sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy. (shrink)

Human subjects in the developing world historically have been, and continue to be, treated like expendable commodities in clinical research. This paper will explore some of the factors that make those in the third world prime targets for exploitation. It will also challenge a deeply-entrenched view that has permitted this unethical conduct to persist—namely, the belief that the standard of medical care should vary depending upon where a research subject lives. The paper will also discuss the Food and Drug Administration’s (...) 2008 decision to disavow the Declaration of Helsinki, to the further detriment of research subjects in developing countries. Finally, the paper will suggest a possible solution to help address this ethical crisis. (shrink)

This essay explores an increasingly popular genre of organized group travel in white mainline and emerging evangelical US Christianity I call “journeys to the margins”: trips centered on learning from marginalized persons for the traveler’s ethical formation. Drawing on ethnographic research with one case study, “Come and See Tours” to Israel/palestine, I interrogate how the commodified form of these trips shape possibilities for ethical subjectivation. First, I demonstrate ways in which journeys to the margins market ethical transformation to American Christian (...) consumers in the form of packaged moral narratives. Second, I focus on the paradoxical nature of journeys to the margins as simultaneously packaged commodities and ethical encounters. Finally, I use reformulations of freedom emerging from the anthropology of ethics to argue that possibilities for ethical subjectivation occur in moments when tour ideals come into tension with lived realities. (shrink)