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In the first four or five centuries of its manufacturing in Europe, paper was neither cheap nor available in unlimited quantities. Old rags, the primary material from which the paper was exclusively made, were a strategic commodity and trade with them was strictly regulated. Owing to their perpetual scarcity, as well as to the overall laboriousness of the papermaking process, a skilled master printer of the Incunabula period was hardly able to purchase a ream or two of high-quality paper for his monthly earnings. Consequently, the earliest printers had to rely on the support of ‘venture capitalists’ in order to secure steady supplies of paper. But the limitations of its manufacturing were not resolved by the end of the Incunabula period. Alas, the shortage and high cost of paper accompanied the development of print in Italy and elsewhere practically up until the advent of its industrial production from wooden pulp in the nineteenth century. [ABSTRACT FROM PUBLISHER]

The thesis of this paper is that the role of debt and its relationship with equity in the firm, due to recent significant developments in the corporate finance markets after the global financial crisis of 2007-2008, has been transformed. The relatively new, but already very experienced private credit funds, are competing with banks in a dynamic market which is full of unforeseen and large-scale risks. The paper examines private credit funds and compares their business model to bank financing from a corporate governance perspective. The paper shows that modern debt providers (i) are interested in the firm's profit maximisation, (ii) are dynamically involved in the governance of the firm also outside financial distress, and that (iii) corporate loan financing agreements are often expected to be renegotiated (repriced). The paper argues that outside financial distress, debt and equity have become even more overlapping and intertwined than they used to be. [ABSTRACT FROM AUTHOR]

This paper examines the different forms of family capital in the context of parental involvement in children's schooling. This paper has three-fold goals. First, it ascertains the level of parental involvement of Filipino parents as perceived by the parents themselves and their children. Second, it investigates the impacts of various forms of capital on parental involvement. Third, it determines which type of capital will have a significant impact on parental involvement. This paper is based on a survey among elementary and secondary students and their parents of purposively selected 29 elementary and secondary schools in the Philippines. These schools were selected as they were part of a corporate social responsibility project. This paper concludes that parental involvement among parents from low-income households is generally low. Parents are relatively more involved in parenting for education. Results of the multiple regression analysis reveal that membership in CCT (Conditional Cash Transfer), participation in community activities, parent's level of education, and family size predicted parental involvement. The results point to the idea that parents with better social and human capital are likely the ones who will be more involved in their children's education. [ABSTRACT FROM AUTHOR]

This paper attempts to estimate energy crop supply using a linear programming (LP) model comprising hundreds of representative farms of the arable cropping sector in France. In order to enhance the predictive ability of such a model and to provide an analytical tool useful to policy makers, interval linear programming is used to formalize bounded rationality conditions. In the presence of uncertainty related to yields and prices, it is assumed that the farmer may adopt a mm-max regret (MMR) criterion as an alternative to the classic profit maximization criterion. Recent advances in operational research are exploited, permitting an efficient implementation of the mm-max criterion within an LP model. Model validation based on observed activity levels suggests that about 40% of the farms adopt the MMR criterion. Energy crop supply curves generated by the MMR model prove to be upward-sloped, like classic LP supply curves. [ABSTRACT FROM AUTHOR]

The paper studies the effects of federalism on primary-income (before taxes and transfers) inequality. A jurisdiction in a federal system chooses an economic policy for the interests of the jurisdiction, but the policy is determined uniformly at the national level in a unitary system. A jurisdiction with more resources can choose a higher level of public inputs such as productivity-enhancing investment and hence attract more businesses in a federal system, but a jurisdiction in a unitary system cannot. More business activities result in higher incomes, and income inequality is higher in a federal system than in a unitary system. The paper also provides an empirical analysis, and available evidence suggests that primary-income inequality is higher in a federal system. [ABSTRACT FROM AUTHOR]

Despite substantial attention to sustainability issues, much of current research regarding tourism development does not fully appreciate the essential dynamics of the concept of sustainability, failing to appreciate the role played by changing capital stocks as sources of resident well-being. Since tourism development impacts on resident well-being through build up or depletion of different types of capital stocks, the sustainability challenge involves managing these stocks rationally for sustained or increasing intertemporal well-being. The paper proposes a conceptual framework for assessing sustainable tourism development with the concept of capital at its centre. Tourism stakeholders must meet several different types of challenges, both conceptual and practical, if the capitals approach is to be most effective in supporting good policy to promote sustainable tourism development. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to demonstrate that Science Communication inheres to the capitalist relations of production. By making use of Marxist dialectics, the enquiry will elucidate the enquiry will elucidate that capital creates the gap between science and society that Science Communication is deemed to bridge, for capitalism deprives workers of the 'intellectual potencies of the material process of production' and makes both impossible and meaningless for them to appropriate scientific knowledge in a direct, unmediated manner. Along these lines, the paper will revisit the long-standing 'deskilling-upskilling debate' in order to shed light on what specific workers' productive attributes form the material basis on which Science Communication grounded. I conclude that the existence of Science Communication responds to the fact that workers are devoid of any control over the social qualitative content of their work – the purpose and the mode of the labouring activity. In other words, Science Communication is premised on the limited form taken by the productive consciousness capital equips workers with in order just to reproduce itself. [ABSTRACT FROM AUTHOR]

There is little systematic work on how much the core of mainstream macroeconomics has changed since the crisis of 2008 and even less on what explains patterns of stability and change. This paper addresses this gap by first, mapping out debates over the core assumption of rational expectations in high-prestige academic publications and the research of central banks of systemic importance and second, deploying a sociological perspective to assess the various forms of capital deployed by orthodox defenders, radical challengers and constructive critics of this assumption. The paper finds that although the core of modern macro has seen a more robust radical challenge than one might have expect, the defense of rational expectations remained quantitatively dominant and substantively elastic. While radical challengers had access to significant material resources and symbolic capital, orthodox players control the institutions of the economics profession via editorial boards and refereeing for the top journals. As such, the orthodox exercise a strong gatekeeping function that allows some pluralism yet also goes some way toward explaining their continued intellectual dominance. [ABSTRACT FROM AUTHOR]

The relationship between sporting capital and participation experiences in lower-middle income countries, such as Zimbabwe, especially amongst people with visual impairments, is hitherto unknown. This paper examines the participation experiences of Zimbabwean youth blind football players and asks how does the accumulation of sporting capital help in managing and sustaining participation in blind football? The paper employs a mixed method approach and draws upon data from semi-structured interviews, participant observation, personal photographs, and the Sporting Capital Index questionnaire to analyse the sporting capital development of 14 youth blind football players from nine of Zimbabwe's ten provinces. The players' sporting capital domains were established early through a diversified range of formal participation in various sports, including goalball, athletics, and volleyball during primary school. Increased sporting capital highlighted transferability to different teams and environments to help manage and sustain participation in blind football. Sporting capital is increased by a varied sport offer, empathetic and skilled teachers and coaches, opportunities to develop independence and a strong peer network, for example, through having access to specialist equipment. Taken together, accumulated capital empowered players to surmount a range of barriers, helping them to sustain participation. Findings will help stakeholders, including national blind sport federations, National Governing Bodies, National Paralympic Committees, educational institutions and blind football teams, among others, to develop management structures and educational programmes to help increase youth blind football players' sporting capital and identify and manage negative incidents that might affect lifelong participation in blind football. [ABSTRACT FROM AUTHOR]

This paper addresses the substitution elasticity of capital on the labour force in the context of the development of intellectualization. Given the substitution of capital for labour, China's benchmark listed logistics companies are compared with an American company to discuss the evolution of capital – labour substitution. A large-scale intellectualization process began in 2017, and based on a variable elasticity of substitution, this paper creates an econometric model of substitution elasticity between capital and labour and its evolution between 2017 and 2021. The American logistics company UPS maintains a relatively high level of substitution elasticity, and Chinese logistics companies are quickly catching up. The substitution elasticity of capital on labour in Chinese enterprises trends upward year after year. In 2021, the capital – labour substitution elasticity of logistics enterprises in both countries showed considerable growth. The calculation model of substitution elasticity presented in this paper can be extended to different regions and industries to measure intelligent development levels and the relationship between capital and the labour force. [ABSTRACT FROM AUTHOR]

This paper extends our understanding of agency in second language (L2) students' academic English socialization by reporting on an investigation into how two mainland Chinese doctoral students enacted their agency in feedback-seeking for improving academic English writing during their studies in an English-medium university in Hong Kong. The findings show that the ways in which they exercised their agency to seek language feedback from socializing agents varied between individuals and in different feedback-seeking contexts. In particular, their enactments of feedback-seeking agency are found to be differentially shaped not only by their academic writing goals, but also by the habitus derived from their past experiences and the forms of social and cultural capital they accumulated prior to and during their doctoral studies. The findings also reveal that their language ideologies regarding the role of native-speaker norms in academic English writing mediated their feedback-seeking agency by exerting influence on their academic writing goals and their perceptions of different socializing agents as affordances for their language socialization. Overall, this paper offers more nuanced understandings of agency in L2 students' academic English socialization and illustrates the complex and dynamic interplay between agency, goal, habitus, capital and language ideology in shaping their feedback-seeking behaviour. [ABSTRACT FROM AUTHOR]

The paper analyses the impact of public capital on the Japanese manufacturing industries from 1970 to 1995. Unlike previous studies, which are based mostly on economy-wide analysis, this study is based on a disaggregated analysis at the industry level. A Generalized Leontief cost function is utilized to estimate the impact of public capital on nine manufacturing industries in Japan. The results indicate that public capital offers no insignificant contribution to the productive performance of these manufacturing industries except for Paper, Textiles and Transport. The paper also suggests that the bubble economy in the 1980s is the contributing factor behind this insignificant effect of public capital. [ABSTRACT FROM AUTHOR]

Over 10,000 Palestinian citizens of Israel - approximately half of whom are women - cross the Green Line on a regular basis to study at universities in the West Bank. Challenging views that would dismiss these cross-border flows as illustrative of their relatively privileged legal, material and socio-economic status as citizens, this paper engages the concept of mobility capital as well as the work of feminist scholars on the capital investment strategies of women and minorities to reveal the more limited capacity of Palestinian citizens to cross the Green Line as well as the defensively-oriented mobilising strategies which they have adopted not only to move but to maintain their presence, access their rights, and secure their future livelihoods in Israel. Arguing that these cross-border student mobilities should be seen as both a counter-hegemonic and 'stacked' form of capital accumulation that is heavily reliant on the bridging work of informal networks, this paper seeks to advance recent calls to centre settler colonialism within the field of mobilities while drawing attention to the more complex interconnections that exist between mobility and capital in the everyday life struggles of indigenous communities. [ABSTRACT FROM AUTHOR]

In this paper, we draw on the concepts of figurations, capital, and hegemonic masculinity to analyse a bullying relation involving two fifth-grade boys at a Swedish comprehensive school. The findings are based on ethnographic fieldwork, which included participant observations and group interviews with eight teachers and fourteen students (seven girls and seven boys) from the same class. Our findings demonstrate the complexity of the relation between the boys and suggest that rather than constituting a straight-forward bullying situation involving a problematically aggressive 'bully' targeting a less powerful 'victim', it is part of a more complex figuration involving interdependent social relations that are tenuously balanced in terms of power dynamics and where the boys position themselves and are positioned in relation to the long-term symbolic norms of status dominant within their specific school field. [ABSTRACT FROM AUTHOR]

This paper is related to the literature on the effect of foreign direct investment (FDI) on the labour market of host countries. Labour market literature has focused on the demand side of FDI; that is, increasing wage inequality by demanding more skilled workers or just increasing the overall average wages. On the supply side, FDI can enrich the skilled labour force of the host country by the provision of on-the-job training or learning or through indirect technological spillover effects. This paper takes into account both these effects and tests for human capital formation effect of FDI in India for core manufacturing sector firms for the period 2001-2015 using the Prowess database of the Centre for Monitoring Indian Economy. It also takes into account the endogeneity of decision-making on the part of foreign firms in locating FDI. Different dynamic panel data methods are used with static and dynamic generalized method of moments techniques. This study does not find any positive supply-side human capital formation effects of FDI but finds a positive demand-side effect of FDI of raising wage inequality and average wages. The results remain robust while taking into account heterogeneities at region, industry, size, and age of the firms. [ABSTRACT FROM AUTHOR]

Energy is one of the most important factors of growth, needed to power physical capital. This implies complementarity between these two factors, but in most theoretical papers, substitutability is assumed. In this paper, the main question is if complementarity between energy and physical capital hampers balanced growth or not. In order to answer this question, we consider the simple economic growth model with two sectors - output production and energy production - where energy is complementary to physical capital. Two forms of capital - physical and human - are distributed in this model between two sectors to maximise output. We consider the equilibrium state of this model, analyse comparative statics and derive necessary conditions for balanced growth. We also analyse some of the effects of technological progress. The analysis brings us to the conclusion that, in general, it leads to an increase in output, but that changes in technology of production have an ambiguous influence on output. We also derive explicit paths of growth for all macroeconomic variables. We find that, in general, if the obtained conditions are fulfilled then complementarity is not an obstacle to economic growth, subject to our assumptions which are quite standard in this kind of research. [ABSTRACT FROM AUTHOR]

In the context of skyrocketing house prices and fierce competition for talents between cities, this study explores the housing pathways of young talents and their future migration plans in Shenzhen, China. Using the housing pathways approach and Bourdieu's theory of practice with three concepts, this study uncovers how structural factors and the often-overlooked agency factors together influence the formation of different housing pathways. Drawing on 18 semi-structured interviews with young talents, four different housing pathways were identified: staying at parents' home, private renting to owning, talented renting, and progressive private renting. We found that the interaction of habitus and different forms of capital shapes different housing pathways. In addition, young talents following different housing pathways have various future migration plans. This paper sheds new light on the use of the housing pathways approach and Bourdieu's theory of practice in providing a nuanced understanding of housing and migration behaviour. [ABSTRACT FROM AUTHOR]

The number of skilled migrants moving from the Global North to the Global South has been increasing in recent decades. This paper develops and employs a capital-mobility framework to analyze empirical evidence about the new international migration of skilled U.S. migrants to the Pearl River Delta Region of China. Guided by the literature on im/mobility and capital, this paper asks the following questions: What affects skilled U.S. migrants' mobility to and from China? How do they experience the dynamics of voluntary and involuntary immobility in China? Drawing on 58 semi-structured interviews, we found that the level of capital accumulation and its transferability and convertibility influenced migrants' mobility and immobility. In addition, the global outbreak of Covid-19 facilitated mobility for some while hindered mobility for others. This study discusses the differences between North-to-South and South-to-North skilled migration and conceptualizes im/mobility as a continuum experienced by skilled migrants during their migratory trajectories. [ABSTRACT FROM AUTHOR]

Highlighting the fluid nature of habitus/capital, this paper critiques a 'rucksack approach' (Erel, 2010) in the Bourdieusian studies of Chinese migrants' cultural reproduction and social inclusion, which takes a determinism and fatalism standpoint and neglects the re-structuring of the migrant habitus and cultural capital over generations. Semi-structured interviews were conducted in Beijing and Shanghai with 62 teachers, rural migrants and local parents and students. This paper conceptualises an urban field of cultural reproduction, which is marked by the reproduction and validation of urban-specific cultural configurations, including knowledge, skill, language, aesthetic/taste, value and lifestyle. In this field, migrant children have experienced re-structuring of habitus and accumulation of new forms of cultural capital. This is illustrated by their manner of speaking, ways of behaving, self-presentation, and their appreciation of extra-curricular hobbies. A well-integrated relationship between migrant and local children can be identified, which contributes to the production of a generation of 'new urban citizens', yet in the meantime reproduces the migrant families' class status as low-skilled labourers. [ABSTRACT FROM AUTHOR]

Nicosia's Buffer Zone, the boundary dividing the Cypriot capital, has been for decades considered a 'no man's land', 'dead' and unchanging. This paper examines a prominent shift in local socio-spatial practices following the reinstatement of controlled mobility on the island in 2003. Since then, diverse local initiatives have reclaimed Buffer Zone space, offering pregnant analytical moments to problematize the historical relevance of bordering and de-bordering in Nicosia. Through this exploration, the boundary emerges as a dynamic social construct, accommodating multiple visions of and for the city, thus contributing to a reconceptualization of the notion of 'in-between' borders and boundaries. [ABSTRACT FROM AUTHOR]

The heterogeneity of the contemporary Indian middle-class has been discussed widely. However, the effect of its internal differences on the distribution of educational resources needs to be examined systematically. Drawing upon in-depth interviews with parents in 53 middle-class families in Dehradun, India, this paper explores three aspects of the home-school relationship: how socioeconomic transformations shape parents' aspirations for their children's future, educational decisions parents make to realise those aspirations, and mothers' engagement in their children's everyday schooling. The tripartite analysis reveals that despite sharing common educational goals and strategies with the population in general, middle-class families in India use their class privilege to gain valuable educational resources. The paper argues that the discrepancy in the mobilisation of accumulated resources in the heterogeneous middle-class results in disparate educational advantages across families. It critiques the binary construction of social classes when explaining the processes of social reproduction in contemporary Indian society. [ABSTRACT FROM AUTHOR]

This paper critically interrogates the meaning attached to social reproduction in the so-called Social Reproduction Theory [SRT]. While SRT represents an improvement over competing approaches to social reproduction along several dimensions, its understanding of social reproduction as referring exclusively to the ongoing reproduction of labour-power does not fully capture the extent to which the reproduction of social life is mediated by the reproduction of capital. Instead of defining social reproduction in opposition to capitalist production, it is argued that their relation should be reformulated as one between a transhistorical content, namely, the need of any society to reproduce itself through a division of labour that mediates its metabolic interaction with nature, and a historically specific form it adopted, as myriad uncoordinated acts of individual production linked together by the incessant circulation of capital along its different value forms in search of self-expansion. Inasmuch as the reproduction of social life thus requires the concomitant reproduction of capital's abstract nexus as the key mediating link between human life and its condition, the reproduction of social life and that of capital need to be framed as two mutually co-mediated moments within overall capitalist social reproduction. [ABSTRACT FROM AUTHOR]

This paper is a theoretical contribution to the development and update of Marx's theory of money and credit, given the empirical developments in finance since the 1970s. It expands on the discussion of fictitious capital and government bonds within the Marxian literature. In contrast with most Marxian literature and some of Marx's own writings on the topic, I argue that fictitious capital does not represent any real capital and then further develop the idea that fictitious capital is the channel through which the dominance of interest-bearing capital over other forms of capital occurs. This interpretation lays the foundation for understanding why government bonds, as titles of fictitious capital, are the keystone of financial markets and an unavoidable source for both financial accumulation and exploitation, rather than being a mere consequence of state spending. For this reason, public debt can neither be avoided nor fully paid off. [ABSTRACT FROM AUTHOR]

In the last 20 years, the concept of social capital has attracted much more attention and many more devotees than any other concept in the social sciences. This has gradually resulted in an enormous amount of literature. This paper seeks to make a threefold contribution to the voluminous literature on social capital. First, it argues against the recent interest in the foundations of social capital, that the real foundations of social capital cannot be found and thus should not be sought in the writings of the putative forerunners of the concept, as some authors have suggested (e.g. Putnam 2000, Ostrom and Ahn 2003). Second, it argues against the objections to the non-capital properties of social capital that social capital is an important form of capital. Finally, this paper suggests that social capital is not the only missing link in reaching higher levels of economic performance. There are also other important factors that can equally be considered as potential missing links. [ABSTRACT FROM AUTHOR]

Balancing higher education, study, family life and a professional role is a complex task for many women students. Family support, work commitments and feelings of guilt can impact on how mothers carve out time and space for family life and their studies. This paper draws on qualitative research with women doctoral students to examine their use of time and space. Following a narrative line of inquiry with methods of mind mapping and focused interviews, family capital was used as a theoretical lens to analyse the role the family plays in supporting access to time and space. Findings reveal factors that may act as a barrier to a woman's success and highlight certain strategies that mothers use to find time and space to study. This paper highlights the important role of economic, social, cultural and emotional capital in the family and how access to capital influences study patterns, especially in terms of 'headspace'. [ABSTRACT FROM AUTHOR]

This paper develops a duopolistic contingent claim model to evaluate the equity values of life insurers during a trade war. Choosing advanced (technology-oriented) relative to backward (human capital-oriented) technology is crucial for insurance management. A result shows that holding more capital would enhance insurer survival. The enhancement becomes more significant when the trade war becomes more severe and when the technology chosen by the insurers is more backward. Capital, as such, contributes to insurance stability but discourages advanced technology development for insurers during the trade war. [ABSTRACT FROM AUTHOR]

Professionalism in the English Further Education (FE) system has been traditionally discussed in terms of superior teaching practices, attitudes and behaviours. The concept of 'good work' is therefore central to this paper's analysis. Following a Bourdieusian tradition, professionalism is treated as a 'site of struggle' between FE teachers and managers, where managers hold the power to change the definition and substance of 'good work'. This has implications for how teachers understand and speak about professionalism and highlights the discord that arises when teachers hold different viewpoints from managers. Drawing on a survey of 461 responses, the analysis makes three contributions: first, professionalism is theorised as a form of symbolic capital which actors attain by acquiring and deploying cultural, social and economic capital. Second, it shows how inequalities in capital can affect teachers' perceived opportunities for professional recognition. Finally, it reveals that senior managers, with the greatest power, enforce a compliance model of professionalism based on the production of 'good data', which is the legitimate capital in the FE field, even when this is shown to be deprofessionalising to teachers. [ABSTRACT FROM AUTHOR]

This paper explores third-wave post-neoliberalism as an assemblage, fractured and dis/embodied, a mobile tool of governance articulated in various shapes across geopolitical sites. Post-neoliberalism is assembled alongside other key cultural shifts, such as post-truth, posthuman and the computational turn. In light of this Special Issue, this paper will argue that education reform is not only shaped by neoliberal drivers, such as marketisation, competition and decentralisation, but a central tenet of post-neoliberal reform is the presence of the intangible; 'big data' and data-fication, shaped by prominent globalised datasets such as OECD PISA, artificial intelligence, predictive software and complex algorithms. Measurement is far from new in the capitalist economy, but this economy seeks to measure the intangibles, that which does not necessarily exist in three-dimensional spaces. This is, as I will argue in this paper, the mark of capitalism without capital and the rise of the intangible economy in schooling. [ABSTRACT FROM AUTHOR]

As an acknowledged example of a carefully structured teacher learning system, Shanghai has a long tradition of using expert teachers to drive teacher learning both within and across schools. This article tracks the work voyages of eight expert teachers in Shanghai using three forms of capital. The purpose of the paper is to explore how these teachers obtained and accumulated their human, social and symbolic capital from when they entered the profession as novice teachers to their present standing as influential expert teachers. The article identifies the significant people and critical events that facilitated capital accumulation throughout their professional voyages. Conditions conducive for teacher leaders to emerge and exert leadership are unravelled and delineated. These conditions include a centralised and policy-driven structure and the dominant societal culture with high regard for education and seniority. More research is needed to know if the study's findings hold currency across different contexts. [ABSTRACT FROM AUTHOR]

While economic diversification by capitalist farmers in India is a commonly accepted fact, it is rarely analysed through the lens of agrarian questions of capital. This paper argues that questions about the movement and transformation of agrarian capital continue to be significant in understanding contemporary processes of agrarian change and rural development. However, these need to be studied by looking beyond the agrarian transition debate in contexts where agrarian capitalism has consolidated itself and non-agricultural capitalist development is not fuelled by agrarian capital. Using the case of the state of Punjab and drawing on intensive field research, the paper examines a broad spectrum of non-farm investments and activities of large capitalist farmers, including agriculture-based business, non-agricultural business, education-based diversification and international migration. It shows that both industrial investments and mobility through education have been limited. International migration is a preferred, but also risky, channel for the utilisation of agrarian surplus. The analysis takes seriously experiences of failure of non-agricultural businesses, resulting in the circulation of agrarian capital across the agricultural and non-agricultural sectors. This both further strains accumulation within agriculture and reveals the limits to productive investment in the non-agricultural economy imposed by historically specific social, political and economic conditions. [ABSTRACT FROM AUTHOR]

This paper reconsiders Marx's theory of capital in the light of more recent discussions of the relationship between capital and nature. It points out how this theory continues to be misrepresented and misunderstood by a number of scholars, and argues that one reason for such failings is a tendency to neglect the role of labour in mediating this relationship. Further, the paper reviews literature relating to the value of nature, primitive accumulation, natural capital and the production of nature, in order to show the importance of the concept of labour and the limitations of approaches that do not recognize that importance. [ABSTRACT FROM AUTHOR]

Critical peace education literature has focused attention on how programmes that promise to teach peace contribute to and contest existing power relations. However, using social theory to work out the relationship between peace education programmes and their context is only beginning. This paper uses a document review and interviews with experts to examine the expectations for peace education in Colombia and the challenges these programmes face. It finds there is a coherent set of demands that constitute peace education, which primarily focus on developing empathy and critical thinking. These aims face material restrictions of a lack of time and space in the curriculum, but also the problem of embedded competitive behaviour between pupils. Bourdieu's toolkit of habitus, field and capital frames this obstacle as part of the struggle to determine what constitutes legitimate capital within a field. This framing has two benefits. It prevents the problem of competitive inter-pupil relations being located within the actions of individual teachers and students. It also allows for solutions that address the structural challenges facing peace education. This use of Bourdieu focuses attention on the systemic obstacles facing peace education and so helps move the literature away from problem-solving and individualised analysis. [ABSTRACT FROM AUTHOR]

In recent years, mandatory convertibles (MCs) have become a popular means of raising capital, especially for large projects. This paper is the first theoretical paper to investigate MCs using the incomplete-contract approach. We show that MCs can be an efficient instrument in sequential financing. MCs have some distinct features compared to other convertibles, such as mandatory conversion, a high dividend rate, and capped capital appreciation. We show in theory that these features are designed to achieve efficiency. [ABSTRACT FROM AUTHOR]

This paper takes issue with Marxist perspectives that tend to view capital and capitalism as one and the same endless logic. It begins with an ideal typical Marxist political economy of capitalism that has come into vogue in recent decades. The analysis of capitalism offered by this political economy is then compared with the very different configuration of present day capitalism, in which the value form is in retreat and other forms of surplus labour extraction merge with it in complex ‘illogical’ ways. The disparity between conceptual categories and the concrete realities of capitalism is then located to Hegelian Marxism, a project to transform Marxism into a suffix of Hegelianism. The paper explains that this perspective pays little heed to Marx’s warnings about how one ought to employ Hegel’s dialectic method with respect to capital and considers the consequences. The paper then puts forward reasons why Marxism on its own terms can distinguish between capital and capitalism and analyses the declining social power of capital within capitalism as part and parcel of a broader transition in social labour and the erosion of the value form. The final section of the paper takes up the consequences of this reasoning. [ABSTRACT FROM PUBLISHER]

My forthcoming book Bourdieu in the City: Challenging Urban Theory (Cambridge, Polity Press, 2023) is not intended as an eclectic combination of the structuralist and the phenomenological takes on the city rehearsing Pierre Bourdieu's influential critique of the deadly antinomy of objectivism and subjectivism. Nor does it aim just to make room for the author of Distinction in the pantheon of theorists before which students of the city are expected to genuflect. I intend the book, not as an addition, but a challenge to the urban canon and a springboard for a possible reconstruction of urban theory and inquiry around what I christen the Bourdieusian trialectic of symbolic space, social space, andphysical space. In this paper, I provide a compact characterization of the trialectic and then draw out its implications for the theory and comparative study of the city. [ABSTRACT FROM AUTHOR]

Guided by the notion of 'flexible citizenship', as a strategy to accumulate and exchange different forms of capital across national borders, our ethnographic study followed eleven Chinese international secondary school students' transnational lives. This paper is focused on how instrumental goals of flexible citizenship cover over the emotional and existential qualities of these youths' lives. To orient this concern, we turn to Rizvi's conception of 'cosmopolitan learning' highlighting learners' relational awareness of their 'situatedness' in a hyper-connected world. Our analysis shows that student participants' understandings and practices were laced with emotional and moral sensitivities emerging from the intersecting transnational regimes of family, nation-states, and capital. Governed by home and host cultural logics and power discourses, the students were pushed and pulled into an instrumental flexible citizenship. They lacked dialogical spaces and pedagogical supports from teachers and parents for their cosmopolitan learning; we suggest stakeholders in East–West study abroad take notice. [ABSTRACT FROM AUTHOR]

From innovations in mobile money to bookkeeping devices, the burgeoning of financial-technologies (fintech) in the Global South has been critiqued by scholars concerned with financialization, datafication, and recently, neo-coloniality. While sympathetic to these concerns, this paper argues for a more descriptive, ambivalent, and urban reading of the implications and stakes of this fintech boom. Using Cape Town as a case study, we explore how the city has become and positioned itself as a/the capital of fintech innovation in Africa. With two detailed vignettes that look respectively at the recent histories of business process offshoring in the city and at the cycles of experimentation that via Cape Town bring fintech to the rest of the continent, we make three arguments. First, that the urban state has been instrumental in shaping how fintech lands in cities and how the infrastructures which support it develop. Second, that diverse cultural economies of experimentation engender the worlding practices through which local fintech ecosystems operate. Overall, we suggest that paying attention to these different ways in which fintech is enabled and mobilized by the urban state opens a necessary research agenda into the ambivalence of financial innovation in Africa. [ABSTRACT FROM AUTHOR]

Theory suggests that the effect of inequality on growth varies with the level of economic development, as captured by the ratio of human capital to physical capital. In particular, the effect is shown to be positive at lower levels of this ratio, and turns negative beyond a threshold in such models. Using a comprehensive panel of annual data for the 48 contiguous US states over the period 1948 to 2014, we find overwhelming evidence in support of this theory, unlike prior work on this topic. Hence, our paper highlights the importance of accurately measuring the process of economic development using data on human capital and physical capital, instead of using proxies that are not theoretically consistent. Understandably, if not done so, policymakers would end up undertaking incorrect decisions. [ABSTRACT FROM AUTHOR]

Urban entrepreneurialism is generally characterized by a series of spectacular events, organized and orchestrated by powerful actors. Recently, this has given rise to a series of urban policy agendas that have become ubiquitous across the world. This paper draws attention to an emergent form of urban entrepreneurialism that privileges environmentalism, social inclusion and grassroots creativity. Based on the 2015 European Green Capital process taking place in Bristol in the United Kingdom, this paper shows how the European Green Capital Award is being used to engage a large and diverse range of organizations in the name of the Bristol Green Capital Partnership. We argue that rather than reiterating narratives of urban entrepreneurialism as dominated by narrow economic agendas and being socially exclusionary, this form of urban entrepreneurialism encourages us to look at cities as places that can be coproduced in context-sensitive ways by multiple entities. The paper is informed by primary data gathered through fieldwork conducted over 2014 and 2015, including primary documents, key informant interviews and participant observation. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) is a subject that has garnered considerable attention in recent years. This study conducts the empirical study by using a real options perspective to examine whether a company's CSR commitment tends to increase its market value. According to Taiwan's CommonWealth Magazine, this study distinguishes CSR and non-CSR companies. The paper estimates and compares the real options values of CSR and non-CSR companies and shows that high percentage of the company value is attributed to real options. This study finds that a company's commitment to fulfilling its social responsibility increases its real options value and that the higher the number of CSR Awards won by a company, the higher its real options value. Compared with 10 years ago, investors now pay more attention to companies' CSR performance. In addition, the higher a company's size, systematic risk, fixed asset ratio, debt ratio, or skewness in stock returns, the higher a real options value is likely to be. [ABSTRACT FROM AUTHOR]

This paper considers the complementarity and substitutability of natural resources and physical capital. Unlike existing empirical research, concentrated on the estimation of the elasticity of substitution between energy and capital, the author focuses on macro data and the growth theory approach. The author considers the standard economic long-run growth models with substitutability or complementarity among natural resource use and physical capital in the production process. He derives from these models empirically verifiable theoretical relationships between their rates of growth. The author also uses cross-country long-run data to obtain an empirical correlation between these growth rates and finds evidence in favour of gross complementarity between the examined factors of production on the macro level in the long run. [ABSTRACT FROM AUTHOR]

In this paper we explore perspectives of academically successful students from low socio-economic status (LSES) backgrounds in an Australian university regarding their success. In response to initiatives arising from the Australian Government's 2008 Review of Australian Higher Education, university cohorts have increasingly diversified. This diversification of student cohorts has been especially apparent for students from LSES backgrounds, who were found to be underrepresented in higher education. Previous researchers have investigated how traditional cultural norms within the field of higher education, and deficit perspectives of LSES background students, place these students at a disadvantage. Utilising a capital-based approach, we were interested in understanding students' awareness of their strengths, and how they utilised and exchanged resources (i.e., capital) to leverage these strengths for success. It was indicated by participants that whilst they entered the field of higher education with little formal 'know-how', through a strong sense of identity and motivation they developed strategies to succeed. Of significance, these processes occurred with little institutional assistance. [ABSTRACT FROM AUTHOR]

This paper provides a structured literature review of 84 business angel articles published between 2000 and 2013, building on the 1999 review contacted by Mason and Harrison. The articles are classified according to the generational framework laid out by Mason and Harrison, which describes first and second generations of articles (prior to 1999) and calls for a third generation of research. We find that Mason and Harrison’s agenda has largely been met, with some notable gaps. We also find that the research is diverse, with many articles falling into what Mason and Harrison call first and second generations. Our paper outlines a new agenda for research focusing on six key areas. Finally, we conclude with a discussion of key implications for policy and practice. [ABSTRACT FROM PUBLISHER]

Thomas Piketty’s Capital in the 21st Century has attracted public, policy and academic attention. Although there is a growing research literature on the formation, distribution, utilization and wider implications of housing wealth there has been little discussion of Piketty’s work in housing studies. This paper outlines and assesses the major contributions of Piketty, including re-emphasizing distribution and political economy perspectives within economics, modelling growth and distribution, establishing detailed long run patterns of wealth change and policy implications. The paper highlights the significance of shifting housing wealth in increasing inequalities in some countries: housing matters in macro-shifts. We also draw out the implications of house price and wealth growth for the balance of rentier vs. entrepreneurial forms of capitalism. If Piketty’s work is important for housing research, we also argue the converse, that housing research findings can strengthen his analysis. The stylized facts of advanced economy metropolitan growth suggest that housing market processes and wealth outcomes will drive higher inequality and lower productivity into the future unless housing and related policies change markedly. Piketty, strong on evidence and conceptualization is weak on policy development and housing studies can drive more effective assessments of change possibilities. [ABSTRACT FROM AUTHOR]

This paper unpacks the meanings and implications of the mobility of international students in vocational education – an under-researched group in the field of international education. This four-year study found that transnational mobility is regarded as a resourceful vehicle to help international students ‘become’ the kind of person they want to be. The paper justifies the value of re-conceptualising student mobility as a process of ‘becoming’. Mobility as ‘becoming’ encompasses students’ aspirations for educational, social, personal and professional development. Theorising mobility as ‘becoming’ captures international students’ lived realities and has the potential to facilitate the re-imagining of international student mobility with new outlooks. By theorising mobility as ‘becoming’, this research suggests the importance of drawing on the integrated and transformative nature of Bourdieu’s forms of capital in understanding the logics and practice of the social field – international student mobility. [ABSTRACT FROM PUBLISHER]

The sociological literature on elite private schooling is frequently informed by Bourdieu's signature concepts of cultural, social and symbolic capital. Yet, his insistence that economic capital is the 'root' of these other capitals is often overlooked or downplayed. This paper addresses this lacuna. While it gestures to Bourdieu's other capitals, its primary focus is on finance itself and the various legal and accounting regimes that facilitate schools' financial capital acquisition, accumulation and conversion into other individual and organisational capitals. We interrogate these schools' income-generating and spending strategies on fees, infrastructure and scholarships, explicating how charity law, tax regimes, and accounting rules work to their advantage. In so doing we demonstrate how ambiguous law and accounting regimes enable them to produce exclusivity through pricing and luxury infrastructure. In short, we show how elite private schools in England keep fees high, scholarships low and luxury pervasive KEYWORDS Private schools; financial capital; charities; tax; accounting; social class. [ABSTRACT FROM AUTHOR]

New legislation in Sweden has put further requirements on contract archaeology that the production of knowledge should be relevant for society and accessible to the public. What happens when heritage goals and laws are implemented in real contract archaeology projects? What is the relationship between different actors and stakeholders and the archaeological heritage landscape, and what are the reasons and factors for this? Who is included and excluded? In a case study on a large excavation from 2016 in Hjulsta, Stockholm, this paper will investigate the cultural heritage goals set by the authorities and how well these were implemented. Studying the outreach programme, I look at the relationship between Swedish contract archaeology and the rest of society. I analyse and discuss the success and problems concerning these established links, utilizing the concept of capital, and suggest strategies for improvement. I also discuss the public potential of archaeology in a more general way. In my conclusion I argue that wider inclusion of the public could help to avoid friction and conflict in a contested landscape. The case study is specifically Swedish in context, but the analysis is applicable in many national systems for undertaking archaeological investigations. [ABSTRACT FROM AUTHOR]

A firm's search strategy is to use innovation inputs from external sources such as suppliers, clients, competitors, universities and research transfer offices (RTOs) to complement their in-house knowledge. Thus, a firm needs to be capable of identifying and valuing the potential value of certain external knowledge, i.e. absorptive capacity. Most of the studies regarding search patterns are reduced mostly to medium–high- and high-tech industries in which only the level of investment in R&D activities as determinant of a firm's search strategy is considered. In addition, when the flows of external knowledge arise from firm–university interactions, the evidence is still inconclusive, specifically for SMEs and low–medium-tech environments. Therefore, the objective of this paper is to explore the pattern of a firm's search strategy through its absorptive capacity to acquire external flows of knowledge from universities and RTOs. The paper draws especially on the role of non-R&D innovation activities in low–medium-tech sectors. Seven hundred and forty three innovative firms from the Spanish Ministry of Industry are analysed. Results suggest that human resources and other non-R&D activities are the core drivers explaining the cooperation agreements to access external knowledge from universities and RTOs. Surprisingly, R&D expenditures do not contribute to the explanation. This paper presents important implications for policy-makers beyond the classic R&D policies. [ABSTRACT FROM PUBLISHER]

The objective of this paper is to analyse major determinants of disposable per capita income at a local municipality level for a territory of Spain: the Valencian region. A cross-sectional spatial study for an averaged period (2010–2013) will allow us to control for intraregional correlation, paying special attention to the role of real public investment and its possible effects on disposable personal income. A reference framework for economic and social policymakers will be provided by the specification of the model. [ABSTRACT FROM AUTHOR]

In this paper, I consider how the inheritances of secular modernity condition and constrain forms of cosmopolitan and Marxist critique. I analyse Leslie Marmon Silko's novel Almanac of the Dead (1991) as a text which theorises anti-colonial and anti-capitalist resistance by materialising spiritual resurgence. Almanac blurs the boundaries between materiality and spirituality and reveals the limits of the language of globalisation for reading the text's anti-colonial gesture. I argue that Silko contests frameworks of secular modernity in two central ways: first, by disrupting accounts of linear time, and second by de-centring the role of human agency in revolution. Drawing on original archival research from the Leslie Marmon Silko Papers, I show how Almanac is a genre-defying text in active conversation with late Cold War imperialist conflicts in South America and Marxist theories of revolution. The political force of Silko's novel, however, lies not only in its representation of late capital in the settler colonial nation-state, but in its capacity to imagine other worlds beyond the strictures of colonial modernity. Challenging conceptions of the autonomous subject of agency, and disrupting the progressive temporality of resistance movements, Silko's novel proposes new critical imaginaries for thinking dissent in communion with the sacred. [ABSTRACT FROM AUTHOR]