This article argues that the more open a city is to immigration, the more likely it is to welcome – and hence also receive – foreign direct investment (FDI). If immigration is allowed to complement ...the inflow of foreign capital, urban rent rises by more. This extra rise in rent aids in appeasing owners of capital specific to local traditional industries who else become worse off as FDI flows in. The article's model may help give a simple alternative explanation of why urban centers such as Hong Kong, Singapore, Dublin or many cities on China's Eastern coast have received so much more FDI per capita. These cities could draw on a nearby pool of extra labor that – by driving rents up and keeping wages down – may have been decisive in the political struggle over whether to let foreign direct investors in.
This article asserts that Antonio Gramsci's account of 'the international' linked to the rise of the modern capitalist states-system remains neglected within debates on the historical sociology of ...International Relations (IR). It does so by following two main axes of inquiry that assist the aim of unravelling Gramsci's relevance to understanding processes of state formation within the causal conditioning of `the international'. The first axis focuses on Gramsci's historical research on Renaissance Italy and the role of mercantile capital in shaping late medieval and early modern states; the `southern question' concerning the terms of uneven development of the Mezzogiorno in Italy; and the Italian Risorgimento understood as a passive revolution, or the reorganisation of state identity through the reproduction of capitalist property relations. These issues provide a historical backdrop to considering Gramsci's novel contribution to understanding the `national' dimension as a point of in understanding processes of capitalist expansion within `the international' realm. This is pursued in the second axis through his account of the states-system and its relation to the emerging hegemony of Anglo-Saxon capitalism that detailed the European response of fascism to the growing intervention of foreign capital and the conditions of uneven development in terms of the specific contexts of the Russian Revolution and Woodrow Wilson's liberal internationalism. It is argued that a recognition of such, as specific instances of passive revolution, assists in providing an essential contribution to understanding `the international' in conditioning state formation that has been absent from current debates in historical sociology in IR.
In a small open developing country context, the author considers a three-sector general equilibrium framework and tries to find out the effects of foreign capital inflow on welfare of the country. ...Comparative-static results show that foreign capital inflow widens the skilled-unskilled wage gap under some reasonable conditions, although it causes an expansion of the foreign enclave and the agricultural sector and contraction of the domestic manufacturing sector. Taking sector specific foreign capital, the authors find that foreign direct investment is beneficial in a free market small open economy in the absence of tariff.
This paper introduces dynamic models for the spot foreign exchange rate with capturing both the rare events and the time-inhomogeneity in the fluctuating currency market. For the rare events, we use ...a compound Poisson process with log-normal jump amplitude to describe the jumps. As for the time-inhomogeneity in the market dynamics, we particularly stress the strong dependence of the domestic/foreign interest rates, the appreciation rate and the volatility of the foreign currency on the time-varying sovereign ratings in the currency market. The time-varying ratings are formulated by a continuous-time finite-state Markov chain. Based on such a spot foreign exchange rate dynamics, we then study the pricing of some currency options. Here we will adopt a so-called regime-switching Esscher transform to identify a risk-neutral martingale measure. By determining the regime-switching Esscher parameters we then get an integral expression on the prices of European-style currency options. Finally, numerical illustrations are given. All rights reserved, Elsevier
Se propone problematizar cómo afectan a la burguesía vitivinícola de Argentina los cambios producidos en la actividad a partir de la década de los '90, en el marco de los procesos de globalización. ...Una de las conclusiones principales es que, aunque el ingreso de capitales extranjeros a la actividad vitivinícola ha sido importante, la burguesía cuyos capitales son nacionales y/o locales logra conservar posiciones no desventajosas en la estructura económica de esta agroindustria. Se trabajó principalmente con fuentes estadísticas de organismos oficiales; y con datos obtenidos de páginas web de las empresas, de consultoras especializadas y de entrevistas a informantes calificados. Asimismo, se realizó una exhaustiva revisión bibliográfica sobre la temática.
The article analyses state‘s capital formation problems and its impact on economic growth. The purpose of this article is to determine the major economic growth indicators affected by foreign capital ...as well as to measure the intensity on economic growth. For this reason, the analysis of scientific literature as well as statistical analysis was carried out. According to some researches foreign capital significantly effects on GDP, export/import, average wages, and inflation. Further, the relationship between economic growth and foreign capital depends on business sector and region. Despite, mentioned founding, the influence of foreign capital differs in time.
After more than thirty years of economic reforms, China appears to have settled into a form of state capitalism that is likely to endure as long as the Communist Party retains power. This essay ...provides a critical overview of some of the key features and contradictions that characterize this particular form of capitalism and reviews some recent influential critiques of this system. Many observers have viewed the resurgence of the state-controlled economy as a shift away from policies more hospitable to both indigenous entrepreneurs and foreign capital in the 1980s and 1990s. Drawing on the author's own research with entrepreneurs in China, however, this essay argues for the importance of moving beyond the dichotomy of the controlling state and the free market.
This paper considers the evolution of Ukraine’s space-economy from 1990 to 2009, paying particular attention to comparative regional economic performance during the country’s expansionary phase from ...1999 to 2008. This shows that Ukraine inherited from the Imperial and Soviet eras a space-economy that was amongst the most unbalanced in Europe. Furthermore post-Soviet regional trajectories intensified these territorial imbalances. The paper argues that these trajectories are linked to a wider political economy and especially to shifts in underlying development models and the characteristics of state power. The Orange Revolution marked a significant switch away from export-led industrial growth, which involved national accumulation towards a credit-fuelled consumption model that was reliant on importing foreign capital. The paper identifies three major types of specialized regional economy that persisted despite the change in development model. Nonetheless, their relative performance and contribution to national growth were affected by the shift in model. Centripetal tendencies were reinforced, which increased regional divergence. The paper argues that the Ukrainian space-economy is best understood as a series of historically rooted and relatively geographically bounded regional economies that are increasingly functionally integrated yet externally oriented.
In 2010, labour protests spread across China, sparked by the Honda workers' strike. Hoping to pacify the aggrieved workers, the Shenzhen and Guangdong governments resumed discussion of the suspended ...draft Shenzhen Collective Consultation Ordinance and the Guangdong Regulations on the Democratic Management of Enterprises. However, following strong opposition from foreign chambers of commerce, discussion was once again suspended. The authors show that two factors determine how foreign chambers of commerce and government agencies influence labour legislation in southern China: the position in global production chains of the firms they represent, and the relevant industrial relations model.
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