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Financialization occurs where, over time, capitalist economies undergo a transformation, with profit-making via investment in production declining, to be replaced by profit-making via investment in financial markets. In the present research, we offer a novel theoretical explanation for this process, that we call the credit-debt reproduction mechanism. We derive this inductively, starting with Marx's analysis of the paradox of monetary profit and its practical manifestation in the capitalist economy, the shortage of money in circulation. This shortage results in capital becoming increasingly expensive, making long-term investment decisions less certain, less profitable and less justifiable. Investment in financial markets grows, but this leads to an ever-expanding cycle of credit and debt, which puts capitalist economies on a one-way road from productive investments to predominantly unproductive investments. We include in this analysis important reflections on the distinction between "financialization" and "financial development." We also revive and revisit the notion of the shortage of money as a key driver in this process. Another contribution made in this research is to draw a distinction between practical and theoretical solutions to the paradox of monetary profit. Crucially, our research confirms the absence of a theoretical solution to the paradox, there existing only practical solutions. [ABSTRACT FROM AUTHOR]

In this article, we analyse the trade-growth nexus for Slovakia. This country represents a critical case for such research because it is one of the most open economies in the world; by several measures it is the most open economy in the EU, with the most Eurocentric trade, and has maintained one of the best growth performances within the EU over a sustained period of time. In contrast to most contributions to the trade-growth literature, we analyse all six possible causal relationships between Slovakia’s exports, imports and growth, using the technique developed by Toda and Yamamoto (1995), on quarterly data from 1997Q1 to 2014Q4. We find evidence supporting both the export-led-growth hypothesis and the import-led-growth hypothesis. None of the other four relationships was found to be significant. [ABSTRACT FROM AUTHOR]

Gender equality was a founding principle of the European Union (EU) and has remained on its policy agenda ever since, yet delivery of policy goals has been uneven across countries and economic sectors. We draw on theoretical and empirical literatures from human resource management and policy science to explore EU gender equality initiatives and their enactment within one sector which has seen virtually no improvements in gender-based employment equality: construction. To help understand the possible reasons for this, we compare practice and experiences in two countries; the UK and France. In both, the construction industry remains resolutely male-dominated, with women employed primarily in support and administrative roles. We deploy the concept of Europeanisation, to provide an analytical framework to understand the potential gaps between policy goals and on-the-ground implementation, whilst a comparative approach allows us to see if different national approaches to EU policy implementation can help explain these policy failures. We identify three potential ‘fracture points’ where breaks in policy transmission and enactment may occur: between the EU and national levels; between the national and industry levels; and within the industry itself. We identify areas for further research, where unpacking the ‘Black Boxes’ of policy development and industry practices, can help more effective policy-targeting to deliver policy goals on gender equality. [ABSTRACT FROM PUBLISHER]

The multiple streams framework draws insight from interactions between agency and institutions to explore the impact of context, time and meaning on policy change and to assess the institutional and issue complexities permeating the European Union (EU) policy process. The authors specify the assumptions and structure of the framework and review studies that have adapted it to reflect more fully EU decision-making processes. The nature of policy entrepreneurship and policy windows are assessed to identify areas of improvement. Finally, the authors sketch out a research agenda that refines the logic of political manipulation which permeates the lens and the institutional complexity which frames the EU policy process. [ABSTRACT FROM AUTHOR]

The multiple streams model, developed by Kingdon in the United States (US), is being adapted increasingly to study European Union (EU) policy-making. This, however, is revealing a theoretical underdevelopment in some of its central components. The present paper considers several concerns. It seeks to develop the idea of policy entrepreneurship as a context-specific activity that gives substance to the claim that 'ideas have their time'; it interprets the key notion of ambiguity, in the EU context, to mean institutional ambiguity; and it allows for spillovers between policy areas to be endogenous as well as exogenous. This affects the nature of the policy windows wherein policy entrepreneurship occurs. The adapted multiple streams model is used to analyse the 2005 EU sugar policy reform. Institutional ambiguity and endogenous spillovers are shown to create the conditions that enabled active policy entrepreneurship to lead, ultimately, to reform of this most resilient of policies. [ABSTRACT FROM AUTHOR]

The EU budget has only recently started to feature in theories of European integration. Studies typically adopt a historical-institutionalist framework, exploring notions such as path dependency. They have, however, generally been rather aggregated, or coarse-grained, in their approach. The EU budget has thus been treated as a single entity rather than a series of inter-linked institutions. This paper seeks to address these lacunae by adopting a fine-grained approach. This enables us to emphasize the connections that exist between EU budgetary institutions, in both time and space. We show that the initial set of budgetary institutions was unable, over time, to achieve consistently their treaty-based objectives. In response, rather than reform these institutions at potentially high political cost, additional institutions were layered on top of the extant structures. We thus demonstrate how some EU budgetary institutions have remained unchanged, whilst others have been added or changed over time. [ABSTRACT FROM AUTHOR]