SPORTS‐LED TOURISM,SPATIAL DISPLACEMENT,AND HOTEL DEMAND

We analyze the relationship between professional sports events and concerts held in LA's Staples Center and nearby hotel performance. Government‐led economic redevelopment projects often envision sports facilities as tourist magnets. Little evidence exists supporting links between sporting events and hotel demand. An empirical analysis exploiting exogenous daily variation in the timing of games and concerts from 2002 to 2017 shows a small positive impact on room revenue at hotels within one mile and larger room revenue decrease at hotels located one to 4 miles away. The overall impact on hotel room revenue and rooms rented was not positive. Nearby hotel room rates increased during NBA and NHL work stoppages. The city granted four new hotels built very near the arena exemptions from occupancy taxes for 20–25 years; these exemptions reduced hotel tax revenues by a minimum of $4.5 million annually and may not have been needed to spur new hotel development. (JEL H26, H71, Z28)     

REPUTATION,PRICE, AND DEATH: AN EMPIRICAL ANALYSIS OF ART PRICE FORMATION

We analyze how an artist's death influences the market prices of her works of art. Death has two opposing effects on art prices. By irrevocably restricting the artist's oeuvre, prices, ceteris paribus, increase when the artist dies. On the other hand, an untimely death may well frustrate the collectors' hopes of owning artwork that will, as the artist's career progresses, become generally known and appreciated. By frustrating expected future name recognition, death impacts negatively on art prices. In conjunction, these two channels of influence give rise to a hump‐shaped relationship between age at death and death‐induced price changes. Using transactions from fine art auctions, we show that the empirically identified death effects indeed conform to our theoretical predictions. We derive our results from hedonic art price regressions, making use of a dataset which exceeds the sample size of traditional studies in cultural economics by an order of magnitude. (JEL Z11, J24, G12)     

Social Capital,Organic Agriculture,and Sustainable Livelihood Security: Rethinking Agrarian Change in Mexico*

Abstract This paper explores the relevance of extra local market linkages and local‐level social capital to sustainable livelihood outcomes in two agrarian communities on Mexico's Baja Peninsula. Contextualized by the specificity of Mexico's transition from state‐directed rural development to neoliberally‐guided rural development in the 1990s, findings suggest that market linkages can intersect with pre‐existing social capital to both create new and destroy preexisting social capital, thus shaping the direction of development and inequality outcomes. The nature of a community's social fabric is often a result of long‐standing historical legacies. In the communities presented, the quantity and quality of social capital was intricately connected to their history of state‐sponsored or market agriculture; the nature of local institutions, with particular emphasis on the formation and evolution of the ejido; and the access to and availability of natural resources, namely land and water, which are both intricately connected to market access options. Moving beyond a simple demonstration that social capital matters, this analysis explores the complex and dynamic interaction between local‐level social capital and extralocal market linkages. In doing so, it contributes to the larger debate on how the historical legacy of populist reforms and the social and political institutions created during state populism have nuanced the trajectory of neoliberal development in Mexico.     

Commodities in action: measuring embeddedness and imposing values

Recent approaches in political economy look at the effects of technology and social values on economic action. Combining these approaches with those of economic anthropologists, this article poses that the way the economy is instituted can be understood by looking at reasons actors have for participating in actor‐networks of production, distribution and consumption. Using the author's research on American recycling, this article first shows that much of the‘making’or instituting of the economy happens outside the market, through political machinations, contracts and standards. Second, it suggests that these relationships impose value upon goods differently than do market relations. The details of the recycling‘chain’show the ways actors shape the network and demonstrate that the social values that add‘economic value’to goods are not uniform, but are highly contextual. Starting from Mark Granovetter's notion of 'social embeddedness', the article explains that the measure of social embeddedness is not as important as the values imposed upon other actors through social structure in the economy. It calls for a close observation of economic action in the locales within which production takes place to understand better the‘actions‐at‐a‐distance’where the politics of technology, social movements and power create the empirical, instituted economy.     

Understanding 2016: China,Brexit and Trump in the history of uneven and combined development

This article uses the theory of uneven and combined development (U&CD) to produce a novel explanation of ‘Brexit and Trump’ – the two shock political events of 2016. The argument proceeds in three steps. First, we identify the global conjuncture of historical unevenness in which the votes occurred: how the neoliberal transformation of the advanced capitalist countries was synchronized with the radically different process of primitive accumulation in China. Second, we apply the theory of U&CD to this peculiar ‘simultaneity of the non‐simultaneous’: the ‘big country’ effects of China's industrialization, we find, were thrice multiplied by its combination with the advanced sectors of the world economy, which accelerated China's take‐off, brought forward its export phase, and widened its export profile at a moment of maximum openness in international trade. Finally, this produced the pattern of development that led to the events of 2016: the resultant trade shocks intensified the internal inequalities of British and American societies in ways that match the geography of the Leave and Trump votes. The analysis has a wider intellectual implication too, for the phenomena of historical unevenness and combination are intrinsic to the history of the global political economy; and the theory of U&CD therefore has a unique contribution to make to the field of International Political Economy.     

Accommodating strangers: British hospitality and the asylum hotel debate

This article examines the accommodation of asylum seekers through Jacques Derrida's ethical writings on hospitality, generosity and parasitism. The differing hospitable spaces of the asylum and the hotel, and of the strange figures of the asylum seeker and the tourist, are discussed with reference to these discourses of “giving” and “taking”, paralleling Derrida's opposition between unconditional hospitality and hospitality‐as‐economy. This “new racism” towards asylum seekers is thus located within the economic sphere, as asylum control is linked to the welfare state and to fears of strangers' parasiting the host nation. However, I argue that it is the nation‐state that parasites asylum seekers both through their defining difference and their contribution to service economies. Ultimately then the asylum hotel does exist, as Stephen Frears' film, Dirty Pretty Things (2002), illustrates.     

A Dual‐track Strategy for Managing Mauritania's Projected Oil Rent

High rent creates contests for its capture that, unless skilfully managed, degrade political institutions and distort the economy, leading to a collapse of growth if unreformed. Mauritania's projected oil stream risks such an outcome because past rent‐driven growth has left a legacy of Dutch disease effects, rent‐seeking and dependent social capital. This article proposes a dual‐track strategy for deploying the oil rent as a politically practical means of managing social tensions and improving the economic outcome. Track one promotes a dynamic market economy in the hitherto neglected rural areas, while track two gradually reforms the rent‐driven urban sector, thus postponing confrontation with established rent‐seekers while the dynamic sector drives competitive diversification of the economy and builds a pro‐reform political constituency.     

Donald Trump's discursive field: A juncture of stigma contests over race,gender, religion,and democracy

Donald Trump's election to the U.S. Presidency in 2016 qualifies as one of the more shocking events in American political history. This article reviews the literature on the social construction of Donald Trump's political career. It finds prominent ideological laminations over racism, Islamophobia, nativism, sexism, Christianity, and right‐wing populism in Trump's discursive field. This article argues that Trump's discursive field comprises a juncture of stigma contests over the moral worth of numerous collective identities including men, women, racial minorities, immigrants, Muslims, Christians, and the middle class. Such stigma contests likely exacerbate recognition gaps created by neoliberal policies. This review suggests that scholars should continue to examine the connection between Trump's political career and stigmatization. Moreover, cultural sociologists should ready themselves to track the dialectical response to Trump and to assess the lasting impact on the American normative order.     

Women in the Field: Women,Farming and Organizations

One striking feature of farming as an occupation is that there are few women who farm in their own right. The passing of land from father to son means that women rarely own land. Their typical entry to farming is through marriage. Women's route of entry to farming affects interpersonal relationships within the family, and also women's role in the public space of farming. Women are under‐represented in farming organizations, in training programmes, and in the politics of farming. This article focuses on the position of women within farming organizations and the interaction between (male) farming organizations and women's farming organizations. Farmers are an extremely well‐organized occupation and wield considerable political power because of this effective organization. However, farming organizations are almost entirely male. This article examines how women are treated within farming organizations, and also the interaction between (male) farming organizations and women's farming organizations. Drawing on the theory of organizations, I argue that the inclusion of women in farming organizations and the existence of women's farming organizations reinforce gender divisions within agriculture and do not in any way question the understanding of men as farmers, or the political power they hold.     

Joan Acker and Doing Comparable Worth

Joan Acker's seminal book Doing Comparable Worth, based on her first‐hand experience of implementing comparable worth for Oregon state employees, constitutes a major contribution to understanding the obstacles to achieving the goal of equal pay and is a precursor of her inequalities regimes work. For Acker the foundering of the comparable worth exercise on the rocks of management's opportunistic strategy to marginalize trade unions provided a direct experience of how gender and class inequalities are simultaneously produced and reproduced. Consequently, wage setting is always political and change to wages generates widespread resistance above and beyond issues of gender inequalities. While the feminist activists may be rightly criticized for naivety in their belief in a technical solution to gender pay inequalities, their robust critiques of pay practices is sorely missing in today's renewed acceptance of a gender‐neutral labour market, and more limited feminist interest in theories of pay.     

LABOR'S SHARE,THE FIRM'S MARKET POWER,AND TOTAL FACTOR PRODUCTIVITY

We investigate the relationship between labor's share, firm's market power, and the elasticity of output with respect to labor input using an approach based on an unobserved components model. The approach yields time‐varying estimates of market power and the elasticity. Evidence on the market power of firms (which we find to be rising since 2000) gives a deeper understanding of movements in labor's share and the labor wedge. The generated values of the elasticity yield revised estimates of total factor productivity growth which is informative about the extent of the downward bias inherent in traditional estimates which use labor's share as a proxy for the elasticity. (JEL O47, C32, E25)     

INTERMARRIAGE AND THE LABOR MARKET OUTCOMES OF ASIAN WOMEN

The impact of intermarriage with natives, on labor market outcomes of immigrants, is not homogeneous across ethnic groups. Wages of Asian women are compared with non‐Asians. Both ordinary least squares and instrumental variables estimates of the effects of intermarriage on the wages of Asian women are negative and significant. Non‐Asian women earn a wage premium that becomes insignificant when controls for selection into marriage are introduced. One possible explanation for the intermarriage penalty for Asians is an income effect of having a high‐earning native husband. Intermarriage penalties rise with husband's education. Assimilation patterns of intermarried Asians indicate that they have lower initial wages, market hours, and employment, but exhibit faster rates of growth over their years of stay. The results are robust across Asian subgroups and husband's ethnicity. (JEL J16, J12, J31, J61)     

THE DURATION OF FIRM‐DESTINATION EXPORT RELATIONSHIPS: EVIDENCE FROM SPAIN, 1997–2006

This article uses survival analysis to investigate the duration of Spanish firms' trade relationships by destination over 1997–2006. Whereas firm export status is highly persistent, firms' destination portfolio is very dynamic: a typical firm‐country exporting relationship has a median duration of 2 years. Yet, if a firm manages to export to a country beyond 2 years the risk of exiting that market sharply falls afterwards. The results indicate that not only firm heterogeneity but also destination heterogeneity are crucial to explain survival in export markets. In particular, country (political) risk heavily shapes the effect of firm, product, and other destination characteristics on the length of trade relationships. Whereas firm productivity, comparative advantage, partners' GDP, and proximity enhance duration of trade with low‐risk countries, they have no effect on trade survival with high‐risk countries. On the contrary, information spillovers are particularly relevant to enhance survival of trade relationships with high‐risk countries. (JEL C41, F10, F14)     

DETERMINANTS OF REVENUE IN SPORTS LEAGUES: AN EMPIRICAL ASSESSMENT

This study investigates determinants of revenue in North America's four major professional sports leagues. Revenue is positively associated with on‐field success in baseball (MLB), basketball (NBA), and hockey (NHL), but not in football (NFL). The returns to success are not diminishing as commonly assumed, which casts doubt on the uncertainty of outcome hypothesis, and differences across leagues are consistent with revenue sharing arrangements. Estimates indicate a strong negative but diminishing relationship between stadium age and revenue. Teams in larger markets generate more revenue than smaller markets, but the returns to success do not differ according to market size. (JEL Z21)     

WAGES,RENTS, AND HETEROGENEOUS MOVING COSTS

The model of compensating differentials in regional labor and land markets was formalized by Roback (1982) . The model interprets regional differences in constant quality wages and rents as compensating firms and residents for inter‐regional differences in amenities. This paper extends the Roback model to allow for moving costs which vary among a city's residents and businesses. This modification of the model generates new interpretations of regional differences in rents and wages. The theoretical results suggest that the interpretation of inter‐city rent and wage differentials as compensating is misguided, that such differentials are inappropriate as weights in Quality of Life (QOL) comparisons, and stresses the importance of local housing market parameters in the determination of these differentials. The importance of amenities is retained, but housing supply becomes the main other determinant of regional rents. Housing supply was ignored in the literature following on Roback's initial insight. We show that interactions between amenities and housing supply will bias QOL rankings. Finally, we support the empirical importance of heterogeneous moving costs by demonstrating the effects of exogenous supply constraints on local housing prices. (JEL R31)     

Variegated neoliberalization: geographies,modalities, pathways

Across the broad field of heterodox political economy, ‘neoliberalism’ appears to have become a rascal concept – promiscuously pervasive, yet inconsistently defined, empirically imprecise and frequently contested. Controversies regarding its precise meaning are more than merely semantic. They generally flow from underlying disagreements regarding the sources, expressions and implications of contemporary regulatory transformations. In this article, we consider the handling of ‘neoliberalism’ within three influential strands of heterodox political economy – the varieties of capitalism approach; historical materialist international political economy; and governmentality approaches. While each of these research traditions sheds light on contemporary processes of market‐oriented regulatory restructuring, we argue that each also underplays and/or misreads the systemically uneven, or ‘variegated’, character of these processes. Enabled by a critical interrogation of how each approach interprets the geographies, modalities and pathways of neoliberalization processes, we argue that the problematic of variegation must be central to any adequate account of marketized forms of regulatory restructuring and their alternatives under post‐1970s capitalism. Our approach emphasizes the cumulative impacts of successive ‘waves’ of neoliberalization upon uneven institutional landscapes, in particular: (a) their establishment of interconnected, mutually recursive policy relays within an increasingly transnational field of market‐oriented regulatory transfer; and (b) their infiltration and reworking of the geoinstitutional frameworks, or ‘rule regimes’, within which regulatory experimentation unfolds. This mode of analysis has significant implications for interpreting the current global economic crisis.     

THE MATCHING OF HETEROGENEOUS FIRMS AND POLITICIANS

We use a Chinese firm‐director panel dataset to examine the matching of heterogeneous firms and politicians. On the basis of 36,308 detailed biographies, we identify individuals who previously held bureaucratic positions and classify the rank of each position in the Chinese political hierarchy. Using this direct measure of political capital, we examine how firms with heterogeneous productivity match politicians with different political strength. Our results indicate a positive assortative matching in the political capital market. More productive firms are paired with more powerful politicians. Furthermore, the preference for political capital relative to conventional human capital increases in firms' dependence on external financing and the inefficiency of local governments. Conditional on the endogenous matching, new hires with political capital receive more compensation than their co‐workers in the same cohort. The marginal effect of a one‐step rise on the political ladder significantly exceeds the marginal effect of raising education attainment from, for example, high school to college. (JEL D21, D73, J24, J31, O12)     

AUCTIONS WITH RESALE OPPORTUNITIES: AN EXPERIMENTAL STUDY

We study first price asymmetric private value auctions with resale opportunities presented in seller's and buyer's markets. We offer experimental evidence on bidding behavior, prices, and resource allocation. Building upon the Hafalir and Krishna (2008) model, we find that bidders will bid higher in an auction if the resale market is a seller's market than a buyer's market. There is a price/revenue‐efficiency trade‐off established theoretically between these two resale regimes. In equilibrium, however, final efficiency is high irrespective of the resale market structure. Evidence of bid symmetrization and higher final efficiency is found in the buyer‐advantaged resale case. (JEL D44, C92)     

UTOPIAS AND CITIES OF KALMAN ZINGMAN,AN UPROOTED YIDDISHIST DREAMER

The article analyses historical, political and ideological aspects of Sholem Aleichem's collection of political feuilletons, Menachem Mendel. Der tsveiter tom (Menachem Mendel. The second volume). The feuilletons were published in the newspaper Haynt (Today) in Warsaw in 1913. They were written as correspondence between the famous personages of Sholem Aleichem's prose, Menachem Mendel and his wife Sheyne Sheyndl. Menachem Mendel. Der tsveiter tom presents a wide panoramic view of the political and everyday life of Russian Jewry on the eve of the First World War. Sholem Aleichem described many aspects and events of world, and of Russian and Russian-Jewish politics, among them the Balkan Wars, the 11th Zionist Congress in Vienna, Jewish emigration, the Jewish question in the imperial Russian State Duma, expulsion of Jews from villages in the Russian Empire, the territorialist movement and the struggle between Yiddish and Hebrew. In 1913, Russian Jews were, on the one hand, an oppressed minority locked in the Pale of Settlement, but on the other a real subject of Russian and world politics, involved with political parties and civil movements, newspapers, leaders, congresses and the like. Within Sholem Aleichem's final half-fictional half-journalistic work a complicated collective portrait of Russian Jews emerges.     

INDEPENDENT AGENCIES,POLITICAL INTERFERENCE,AND FIRM INVESTMENT: EVIDENCE FROM THE EUROPEAN UNION

Investment in network infrastructure is crucial for economic growth. This article studies the impact of the presence of independent regulatory agencies (IRAs) on the investment of European regulated firms. We account for measurement error in formal independence of IRAs by exploiting cross‐country heterogeneity in the quality of political institutions. Results show that regulatory independence increases firms' investment rate by around 1.2%–3.3%. The positive effect survives when we control for social capital accumulation, investor protection, and market liberalization. However, the effect of IRAs is not immune to politics, as we find that political interference in regulatory functions persists in the European Union and is detrimental to firm investment. (JEL D78, L50, D92, H1)