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The paper ethnographically explores the cultural embedding of atomistic indifference in online, global financial markets: arenas that have been digitally designed according to economic ideals and that demand an extreme form of relational and social dissociation from the partners to exchange and from those affected by the transactions. Its case‐study is lay financial‐trading in Israel, a country undergoing extensive neoliberalization. The study shows that dissociation is embedded in an economic culture marked by constant, multi‐sited declarations that economic‐Others are cold, uncaring and manipulative. It takes shape as traders convert the distrust towards Others into distrust towards portions of the Self that represent links to these Others, namely their own social‐psychology and social concern. Acting atomistically and selfishly in the market thus entails considerable reflexive work. The paper contributes to an ongoing debate on the moral and cultural embeddedness of markets in general and of the expanding financial markets in particular. [ABSTRACT FROM AUTHOR]

This paper provides a contribution to the institutionalist approach to money through ethnographic research carried out in two local currency systems in Argentina (known as trueque). It argues that Argentinian local currencies must be considered as monies in their own right even if they differ from state and bank issued currencies, because they can be understood as systems of evaluation and settlement of debts denominated in a specific unit of account (the crédito). Money is said to be an ambivalent social relation because in the two cases studied it mediates very different dynamics, exacerbating inequality in one context and promoting collective emancipation in another. This difference is due to the kind of political communities that the crédito tends to forge. In both Rosario and Poriajhu, the political community is defined by a set of values that legitimizes ongoing monetary practices and institutions rather than the State's coercion., (© London School of Economics and Political Science 2018.)

Monetary financing - the funding of state expenditure via the creation of new money rather than through taxation or borrowing - has become a taboo policy instrument in advanced economies. It is generally associated with dangerously high inflation and/or war. Relatedly, a key institutional feature of modern independent central banks is that they are not obligated to support government expenditure via money creation. Since the financial crisis of 2007-2008, however, unorthodox monetary policies, in particular quantitative easing, coupled with stagnant growth and high levels of public and private debt have led to questions over the monetary financing taboo. Debates on the topic have so far been mainly theoretical with little attention to the social and political dynamics of historical instances of monetary financing. This paper analyses one of the most significant twentieth-century cases: Canada from the period after the Great Depression up until the monetarist revolution of the 1970s. The period was a successful one for the Canadian economy, with high growth and employment and manageable inflation. It offers some interesting insights into the relationship between states and central banks and present-day discussions around the governance of money creation., (© London School of Economics and Political Science 2017.)

This paper explores the factors that have recently increased support for candidates and causes of the populist right across the developed democracies, especially among a core group of working-class men. In the context of debates about whether the key causal factors are economic or cultural, we contend that an effective analysis must rest on understanding how economic and cultural developments interact to generate support for populism. We suggest that one way to do so is to see status anxiety as a proximate factor inducing support for populism, and economic and cultural developments as factors that combine to precipitate such anxiety. Using cross-national survey data from 20 developed democracies, we assess the viability of this approach. We show that lower levels of subjective social status are associated with support for right populist parties, identify a set of economic and cultural developments likely to have depressed the social status of men without a college education, and show that the relative social status of those men has declined since 1987 in many of the developed democracies. We conclude that status effects provide one pathway through which economic and cultural developments may combine to increase support for the populist right., (© London School of Economics and Political Science 2017.)

This paper is inspired by Thomas Piketty's book Capital in the Twenty- First Century. Piketty does a wonderful job of tracing income and wealth over time, and relating changes to trends of economic and population growth, and drawing out the implications for inequality, inheritance and even democracy. But, he says relatively little about where capital is located, how capital accumulation in one place relies on activities elsewhere, how capital is urbanized with advanced capitalism and what life is like in spaces without capital. This paper asks 'where is the geography in Capital' or 'where is the geography of capital in Capital'? Following Piketty's lead, the paper develops its analysis through a number of important novels. It examines, first, the debate that Jane Austen ignored colonialism and slavery in her treatment of nineteenth century Britain, second, how Balzac and then Zola provide insight to the urban political economy of capital later in the century, and third, how Katherine Boo attends to inequality as the everyday suffering of the poor. [ABSTRACT FROM AUTHOR]

This paper notes the contemporary emergence of 'morality' in both sociological argument and political rhetoric, and analyses its significance in relation to ongoing UK welfare reforms. It revisits the idea of 'moral economy' and identifies two strands in its contemporary application; that all economies depend on an internal moral schema, and that some external moral evaluation is desirable. UK welfare reform is analysed as an example of the former, with reference to three distinct orientations advanced in the work of Freeden (1996), Laclau (2014), and Lockwood (1996). In this light, the paper then considers challenges to the reform agenda, drawn from third sector and other public sources. It outlines the forms of argument present in these challenges, based respectively on rationality, legality, and morality, which together provide a basis for evaluation of the welfare reforms and for an alternative 'moral economy'., (© London School of Economics and Political Science 2016.)

One of the on-going consequences of recent financial crises seems to be that the conventional 'anchor' measures of global finance (such as the US dollar, treasury bonds and AAA rated securities) are no longer playing the anchoring role once believed of them. LIBOR now needs to be added to this list and not just because it has been tarnished by illegal practices, but because it is looking increasingly surpassed by financial market practices. LIBOR was believed to provide a risk-free rate of interest, but has been revealed to be risk-laden. Moreover, LIBOR is a measure of the costs of borrowing, whilst market concern is increasingly with measures of interest rate volatility. This paper looks at why, in the context of crisis, financial market focus on interest rates is turning towards other benchmarks, notably the overnight indexed swap (OIS) market, and what this shift might be telling us about the anchoring requirements of global financial markets., (© London School of Economics and Political Science 2016.)

In this paper, I take Capital in the Twenty-First Century by Thomas Piketty as the starting point for a set of twelve policy proposals that could bring about a genuine shift in the distribution of income towards less inequality. In designing the set of proposals, I draw on the experience of reducing inequality in postwar Europe and on an analysis as to how the economic circumstances are now different in the twenty-first century, highlighting the role of technical change and the rise in capital emphasized by Piketty. The proposed measures span many fields of policy, and are not confined to fiscal redistribution, encompassing science policy, competition policy, public employment, a guaranteed return on small savings, a capital endowment, as well as more progressive taxation of income and wealth transfers, and a participation income. Inequality is embedded in our social structure, and the search for a significant reduction requires us to examine all aspects of our society. I focus on inequality within countries, and what can be achieved by national governments, with the UK specifically in mind. The primary audience is those concerned with policy-making in national governments, but implementation should not be seen purely in these terms. There are different levels of government, and certain proposals, particularly those concerned with taxation, may only be feasible if pursued by a group of countries in collaboration. The last of the twelve proposals - for a basic income for children - is specifically directed at the European Union. Finally, actions by individuals as consumers, as workers, or as employers, can all contribute to reducing inequality. [ABSTRACT FROM AUTHOR]

In the last 20 years, the drive for evidence‐based policymaking has been coupled with a concurrent push for the use of randomized controlled trials (RCTs) as the "gold‐standard" for generating rigorous evidence on whether or not development interventions work. Drawing on content analysis of 63 development RCTs and 4 years of participant observation, I provide a rich description of the diverse set of actors and the transnational organizational effort required to implement development RCTs and maintain their "scientific status." Particularly, I investigate the boundary work that proponents of RCTs—also known as randomistas—do to differentiate the purposes and merits of testing development projects from doing them, as a way to bypass the political and ethical problems presented by adopting the experimental method with foreign aid beneficiaries in poor countries. Although randomistas have been mostly successful in differentiating RCTs from the projects evaluated, I also examine cases where they were not able to do so, as a means to highlight the controversies associated with implementing RCTs in international development. [ABSTRACT FROM AUTHOR]

Capital and Ideology represents a significant further statement from Thomas Piketty. The arguments made by the "New Piketty" are largely compatible with those of his previous Capital in the Twenty‐First Century, but reflect broadening of scope and deepening of causal analysis, most markedly through the adoption of a world historical perspective. The result is a fuller offering for understanding inequality's pattern in the world, why it exists and how we can best respond to it. The book presents a wide range of arguments, which do not on first glance appear unified. This review essay distills these into six propositions, describes and evaluates each in turn, and identifies some threads that link them. In the process, it provides a critical assessment of Capital and Ideology. [ABSTRACT FROM AUTHOR]

In this article, we address the classical debate about the relationship between the economic and cultural aspects of social stratification, typically cast in terms of Weber's distinction between class and status. We discuss in particular Chan and Goldthorpe's influential, yet largely unchallenged, attempt to reinstate a strict version of the class‐status distinction, mounted as an attack on 'Bourdieusian' accounts. We argue that this is unconvincing in two respects: There are fundamental problems with their conceptualization of status, producing a peculiar account where one expression of status honour explains the other; in addition, their portrayal of the Bourdieusian approach as one‐dimensional is highly questionable. In contradiction of a reading of Bourdieu as discarding the class‐status distinction, we develop an alternative, neo‐Bourdieusian account that recognizes class and status as distinct aspects of stratification, thereby allowing for a subtle analysis of their empirical entwinement. The fruitfulness of this approach is demonstrated by analysing the homology between the space of lifestyles and the social space through Multiple Correspondence Analysis of unusually rich data about lifestyles. Importantly, we highlight the relative autonomy of these spaces: Although they exhibit a similar structure, they do not overlap completely. [ABSTRACT FROM AUTHOR]

I examine the idea of 'the long run' in Piketty (2014) and related works. In contrast to simplistic interpretations of long-run models of income- and wealth-distribution Piketty (2014) draws on a rich economic analysis that models the intra- and inter-generational processes that underly the development of the wealth distribution. These processes inevitably involve both market and non-market mechanisms. To understand this approach, and to isolate the impact of different social and economic factors on inequality in the long run, we use the concept of an equilibrium distribution. However the long-run analysis of policy should not presume that there is an inherent tendency for the wealth distribution to approach equilibrium. [ABSTRACT FROM AUTHOR]