{"title":"The labor of assetization: producing ‘hypergrowth’ inside a tech startup","authors":"Benjamin Shestakofsky","doi":"10.1093/ser/mwae057","DOIUrl":"https://doi.org/10.1093/ser/mwae057","url":null,"abstract":"Venture capitalists maximize profits not by ‘squeezing’ efficiencies out of established companies, but instead by promoting ceaseless experimentation aimed at helping startups achieve ‘hypergrowth’. To date, there is limited empirical evidence of both how startups achieve hypergrowth, and the impact of these practices on organizations and workers. This article draws on 19 months of participant-observation research inside a venture-backed startup I call AllDone to trace the links between the institution of venture capital and the organization of work. Although AllDone executives engaged in cost-cutting strategies common to other financialized firms, they also developed distinctive corporate strategies and organizational structures. Each of the company’s three work teams was organized to perform interdependent functions in support of venture capital’s imperative for rapid and exponential asset value inflation. I conclude with a discussion of the article’s implications for research on venture capital, startup work, and the relationship between financialization and work more broadly.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"49 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Where are inequalities produced? Comparing the variations of graduate employment between the UK’s districts and universities","authors":"Yang Yu","doi":"10.1093/ser/mwae052","DOIUrl":"https://doi.org/10.1093/ser/mwae052","url":null,"abstract":"This study presents the first set of estimates of inequalities in high-status employment between UK districts and universities. Making use of graduate data from the Higher Education Statistics Agency, this study compares how graduates’ employment and social mobility vary based on their place of origin and the university attended. Inequality and social mobility are measured by the chance of entering a higher professional occupation 15 months after graduation. The results showed that the occupation inequalities between universities were much larger than those between local authority districts, indicating that our higher education system is evidently (re)producing an even greater amount of inequality than spatial disparities. These findings contribute to the emerging academic and policy narrative regarding the social and geographic inequalities in the UK, addressing the inequalities in graduate employment across universities may be crucial in meeting the demands of the labor market and driving upward mobility throughout the country.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"41 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142198238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The moral accounting of debts: productivity, deservingness and the consensual creation of Chapter XIII bankruptcy","authors":"Nicholas A Pang","doi":"10.1093/ser/mwae047","DOIUrl":"https://doi.org/10.1093/ser/mwae047","url":null,"abstract":"Chapter XIII’s wage-earner payment plans are now the default form of personal bankruptcy in the USA. During the Great Depression, it was created as a voluntary choice and enacted with unanimous legislative support. Absent conflict between creditors and labor and social reformers, legislators agreed that Chapter XIII was for the benefit of both honorable insolvents and their fair creditors. How did wage-earner payment plans emerge out of a consensual legislative process? Employing a computational abductive approach on a wide range of legislative, media and bankruptcy records, I show that Chapter XIII’s creation was facilitated by a ‘moral accounting’ that, based on their race and gender identities, positively evaluated most White men bankruptcy petitioners as ‘deserving’, even as it recognized occupational variations in their economic ‘productivity’. This study highlights how racial discourses of ‘deservingness’ are central to the construction of credit markets as part of America’s submerged welfare state.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"30 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141886641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Why right-wing governments restrict market competition: a demographic theory","authors":"Jingjing Huo","doi":"10.1093/ser/mwae049","DOIUrl":"https://doi.org/10.1093/ser/mwae049","url":null,"abstract":"Recent scholarship on the evolution of neoliberalism points out that, despite free market discourse, right-wing rule has often resulted in re-regulation and further market concentration, to the advantage of large corporations. This article argues that such an outcome is not an inevitable result of right-wing incumbency. Instead, I identify an exogenous, demographic, change that prompts right-wing governments to increasingly embrace market concentration: the aging of the workforce, which has intensified the substitution of capital for labor, and as a result, somewhat paradoxically, reduced the amount of pure profits that can be distributed to wealthy households. In response, right-wing governments restrict competition to shore up pure profits. Drawing on data from 14 to 20 OECD countries, I show that as workforce aging intensifies, right partisanship becomes increasingly associated with more regulatory restrictions on competition, greater market concentration, and a greater pure profit share of income.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"63 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141786232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Countermovements from the core: the assetization of pharmaceuticals, transparency activism and the access to medicines movement","authors":"Théo Bourgeron, Susi Geiger","doi":"10.1093/ser/mwae039","DOIUrl":"https://doi.org/10.1093/ser/mwae039","url":null,"abstract":"The assetization of essential goods brings to high-income countries the logics of scarcity that have been dominant for long in low-to-middle income countries—fostering the rise of new forms of activism. Will this new activism strengthen already existing social movements or weaken them through more moderate politics? Building on interviews and the observation and mapping of activist events, we investigate this question through the case of pharmaceuticals. We detail how the assetization of pharmaceutical drugs has triggered the constitution of a new ‘flank’ in the access to medicines (A2M) movement—pharmaceutical transparency activism. We argue that transparency activism has expanded the contestation of the pharmaceutical state of affairs, by bringing into the broader A2M movement countries that were previously at the core of global pharmaceutical chains. Our article illuminates how the assetization of essential goods creates forms of activism that have significant impact on existing social movements.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"18 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141192306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How does a poor labour market affect inequalities in access to postsecondary education? Empirical evidence from 31 affluent countries","authors":"Kristina Lindemann, Markus Gangl","doi":"10.1093/ser/mwae032","DOIUrl":"https://doi.org/10.1093/ser/mwae032","url":null,"abstract":"This study examines how macroeconomic conditions affect inequality of educational opportunity. Using longitudinal data from 30 European countries and the USA, we study the effect of changing unemployment rates on the extent of social inequality in postsecondary transitions in the period (2004–2016), which includes the Great Recession. The findings from multilevel models with country fixed effects show that rising unemployment rates tend to increase social inequalities in postsecondary transitions, as youth from low-educated families have increased risk for exclusion from both employment and education, while the likelihood of postsecondary enrolment slightly rises for youth from higher-educated families. Yet, economic downturns also incentivize youth whose parents have middle level of education to opt for postsecondary education, especially in contexts where it is more affordable. Our findings suggest that changing opportunity costs and economic insecurity are the relevant factors to explain changing inequalities in access to postsecondary education during a recession.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"26 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141150980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"‘It’s a who-you-know thing’: interactional fraud prevention in non-bank check cashing","authors":"Vance Alan Puchalski","doi":"10.1093/ser/mwae028","DOIUrl":"https://doi.org/10.1093/ser/mwae028","url":null,"abstract":"This article demonstrates how presentations of self and the information conveyed within them are a conduit for risk evaluation within the marketplace. Using the case of check cashing, it investigates customer screening within the Detroit area’s most prevalent non-bank check cashing businesses, which are not standalone check cashing outlets but rather corner convenience and liquor stores known as ‘party stores’. Without algorithmic techniques based on hard or quantitative data, how do owners screen customers to prevent fraud? Drawing on 35 months of ethnographic fieldwork, this article uncovers two strategies toward this end: (a) gathering private information about customers through small talk; and (b) assessing check cashers’ presentations of self. Analyzing check cashing and fraud in this setting speaks to theoretical perspectives of risk evaluation by presenting a case of interactional fraud prevention, which highlights the interpersonal, interactional mechanisms through which soft information is exchanged and assessed in ex ante screening.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"39 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140935661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Whose firm? Resilience of the German corporate sector to financialization","authors":"Carmen Giovanazzi","doi":"10.1093/ser/mwae026","DOIUrl":"https://doi.org/10.1093/ser/mwae026","url":null,"abstract":"We examine how financialization has progressed in the German nonfinancial corporate sector since the 2000s. Using a sample of firms historically listed in the largest German stock market indices, DAX and MDAX, we not only confirm the rise of international passive asset managers but also find a growing prevalence of controlling business families. Although executive pay increasingly consists of equity grants, indicating growing shareholder value orientation, we do not identify corporate financialization in terms of rising share buybacks and payout rates. Instead, ever larger shares of corporate funds are kept inside firms as retained earnings. While firms in the USA ‘downsize-and-distribute’ under the pressure of institutional investors, we hold that German firms ‘save-and-sit-on-it’. Although shaped by the liberalization of corporate governance regulations, this regime still relies on blockholdings and codetermination, while integrating asset managers as new providers of patient capital.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"12 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140830699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Systemic cycles of accumulation and chaos in the world capitalist system: a missing link","authors":"Giorgos Galanis, Christian Koutny, Isabella Weber","doi":"10.1093/ser/mwae007","DOIUrl":"https://doi.org/10.1093/ser/mwae007","url":null,"abstract":"We re-examine the systemic cycles of accumulation (SCA) of Arrighi (2010) and Arrighi and Silver (1999) which provide a framework for the analysis of the cyclical patterns of geographical expansion of trade and production and the related shifts of hegemonic power within the world capitalist system. Within the SCA framework, the last stage of a hegemonic cycle is characterized by what is called ‘systemic chaos’. However, the drivers of these dynamics have not been explicitly analyzed. This article fills this gap by providing a link between the accumulation process and systemic chaos. Introducing the logistic map into the SCA analysis, our approach provides the missing detailed understanding of how systemic chaos is an outcome of the contradictory socioeconomic dynamics of capital accumulation itself while being based on the key insights of the SCA framework of hegemonic cycles.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"73 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140576773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The standard form under pressure? On the ecological reconfiguration of product presentation using the example of consumables","authors":"Eltje Gajewski, Simon Schrör","doi":"10.1093/ser/mwae020","DOIUrl":"https://doi.org/10.1093/ser/mwae020","url":null,"abstract":"This article provides a framework for analyzing valorizations and justifications for ecologically sustainable everyday products. By drawing on theoretical arguments from the French neo pragmatist approach of economics of conventions, especially the idea of enrichment, we develop a typology of valorizations that distinguishes between analytic and narrative presentations. A qualitative empirical analysis of green alternatives to standard consumables, such as coffee, textiles or hygiene products, is used to help explain the strategies by which sustainable products are placed and marketed. We state that sustainable product presentations use a range of established forms of valorization that also affects the justification of their often-higher prices. We conclude that the standard form of consumables comes under pressure while capitalist actors appear to incorporate the growing ecologic critique with a set of ecologic enrichments.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"52 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140576628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}