THE VALUE OF RISK: MEASURING THE SERVICE OUTPUT OF U.S. COMMERCIAL BANKS

Banks often charge implicitly for their services via interest spreads, instead of explicit fees. Much of bank output thus has to be estimated indirectly. In contrast to current statistical practice, dynamic optimizing models of banks argue that compensation for bearing systematic risk is not part of bank output. We apply these models and find that in the U.S. National Accounts between 1997 and 2007, bank output was overestimated by 21% and gross domestic product (GDP) by 0.3%. Compared with current methods, our new estimates imply more plausible estimates of the income share of capital and the return on fixed capital of the banking industry. (JEL E01, E44, O47)     

Trade union pedagogy and cross‐border action

In this article, we examine the potential of global union pedagogy to address the structural and political challenges of cross‐border trade‐union action. We do so by proposing an analytical framework that draws on labour relations, political sociology and education to explain educational processes and outcomes as responses to the pitfalls of global labour campaigns and the inadequacy of global and local labour institutions. We proceed to assess the value of our framework by elaborating on its different dimensions – framing, synthesizing, connecting and regenerating – in relation to the educational work of a global union federation, namely the International Transport Workers' Federation. We find that an actor‐centred approach that combines top–down, bottom–up as and horizontal processes of collecting knowledge from different contexts and making links between different countries, industries and parts of supply chains can help actors realize that their seemingly diverse concerns are essentially different manifestations of the same problem.     

A hegemon fighting for equal rights: the dominant role of COC Nederland in the LGBT transnational advocacy network

Networks are alternatives to hierarchical organizational forms. However, actors in networks have different resources at their disposal, and more powerful participants will try to influence the network as a whole. We identify a dominant node in the European LGBT advocacy network, and explore whether a hegemonic actor in the transnational advocacy network will affect less powerful groups' issue framing. Our project uses software that locates the issue network on the internet, highlighting how transnational advocacy work and digital communication have become inextricably connected. We confirm that Cultuur – en Ontspannings Centrum, known as COC Netherland has higher‐than average centrality measures in the LGBT network. Noting the limitations of hyperlink analysis, we conduct a content analysis of select nodes illustrating the impact of a hegemon. We focus on marriage equality and find tentative support for our hypothesis: organizations with links to COC advocate for stronger forms of legalized same‐sex union than do organizations without ties.     

New Zealand's turbulent waters: the use of forced labour in the fishing industry

In this article, we make an empirical and conceptual contribution to the emerging debate on unfree labour in the context of labour chains and global value chains. We recast an historical view of poor labour practices aboard some foreign charter vessels fishing in New Zealand's waters as something more nefarious. Applying the International Labour Organization (ILO) and European Commission (EC) operational indicators of human trafficking for forced labour to 293 interviews, we evaluate the extent to which we can consider migrant fishing crew aboard South Korean vessels as victims of forced labour. We find that they are indeed victims of forced labour and that there is a need to extend the ILO/EC operational indicators to take into account exit strategies. Specifically, there is insufficient recognition of deception, exploitation and coercion at the point of exit, which can prevent a trafficked victim from exiting the employment relationship. Thus, it is crucial to take account of all stages, from recruitment to exit, to understand fully unfree labour in labour and global value chains.     

Selection of single sampling variables plans based on the minimum angle

This paper provides single sampling variables plans for given values of n, the acceptable quality level and limiting quality level. Tables are constructed using the minimum angle technique.