{"title":"Buying into new ideas: the ECB’s evolving justification of unlimited liquidity","authors":"Casimir Hesse, Lea Steininger","doi":"10.1093/ser/mwae005","DOIUrl":"https://doi.org/10.1093/ser/mwae005","url":null,"abstract":"In 2012, Draghi put an end to rising euro area sovereign bond yield spreads by resolving to do ‘whatever it takes’. The crisis rhetoric and institutional practices of unlimited liquidity have since become commonplace, as countermeasures to recent market turmoil show. This article sets out to explain how and why ‘unlimited liquidity’ ideas moved to the ECB’s center of economic analysis during the euro crisis. Previous work fails to decipher that the ideational shift was highly anomalous when viewed against German ordoliberalism or scholarly support for ‘expansionary austerity’. Addressing this relative neglect in other accounts, we draw on qualitative text analysis and expert interviews to argue that this shift was due to norm entrepreneurs who capitalized on the uncertainty of the crisis. We employ constructivist arguments to identify four scoping conditions that account for the ascendance of ‘unlimited liquidity’: an indicative reference, credibility, institutional positioning and—as an extension to the literature—intellectual sensitivity. Our analysis suggests that the euro crisis changed economic ideas, and fundamentally remodels the constructivist framework for studying monetary policy in crisis times.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"28 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140576767","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 do countries shift their export specialization? The role of technological capabilities and industrial policy in Ireland, Spain and Sweden (1995–2018)","authors":"Guendalina Anzolin, Chiara Benassi","doi":"10.1093/ser/mwae010","DOIUrl":"https://doi.org/10.1093/ser/mwae010","url":null,"abstract":"This article contributes to the Comparative Political Economy discourse on countries’ export specialization transitions. While current growth model literature often highlights producer coalitions’ influence, we present a complementary perspective emphasizing industrial policies. These policies, we argue, are not solely shaped by politics but are also deeply influenced by sectoral technological capabilities. By strategically engaging in both demand and supply-side sectoral innovation processes, industrial policies deepen existing technological capabilities with spillover effects into new sectors or foster new sector-specific capabilities. Our empirical analysis comprises two main steps. First, we create export profiles for eight European nations, using OECD TiVA data from 1995 to 2018. These profiles are categorized based on their technological and innovation content. Second, we identify significant shifts in export structures within Ireland, Sweden and Spain. Through thorough case studies, we illustrate the role of industrial policies in cultivating sector-specific technological capabilities.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"90 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140576612","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 state and the state-of-the-art: prefiguring private insurance for US flood risk","authors":"Rebecca Elliott","doi":"10.1093/ser/mwae019","DOIUrl":"https://doi.org/10.1093/ser/mwae019","url":null,"abstract":"States not only govern markets, but they also create them, often with the intention of expanding or improving the delivery of specific policy objectives. This article outlines one way they do this: prefiguration. States prefigure markets, and private market actors, when they imagine and instantiate new market products, logics, and practices. I illustrate prefiguration through an analysis of the history of the National Flood Insurance Program (NFIP), the federal program that underwrites flood insurance in the United States. From the time of the NFIP’s establishment, policymakers and officials have fashioned and continuously reformed a public program, and an insurance product, in ways that emulate an imagined primary private flood insurer. In doing so, though, they have gradually established the conditions under which private flood insurers can do business. This article contributes to scholarship on state ‘marketcraft’. Whereas many scholars have addressed why governments turn to markets in the first place, and the consequences of doing so, this article offers a closer examination of what takes place in between: the specific activities that governments undertake as they pursue market creation.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"35 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140576607","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":"Toward a cultural sociology of taxation","authors":"Ruth Braunstein","doi":"10.1093/ser/mwae017","DOIUrl":"https://doi.org/10.1093/ser/mwae017","url":null,"abstract":"This article advances calls for a cultural sociology of taxation by arguing that Zelizer’s theory of how monetary exchanges perform ‘relational work’ can be applied to taxpaying. Based on a review of research on taxpaying in the USA, I show this approach offers insight into a disparate set of puzzles about taxation including: why the USA continues to require income tax returns; why anti-tax sentiment persists even at low tax rates; why anti-government conservatives support some social spending; and whether linking taxpaying to citizenship promotes solidarity or racialized hierarchies. Recognizing that taxpaying involves relational work also reveals continuities with other forms of monetary exchange; and supplies evidence that relational work is performed at higher levels of relational abstraction than previously understood. While this article only gestures toward these possibilities, I hope it stimulates future research that fulfills the new fiscal sociology’s aspirations for a cultural sociology of taxation.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"185 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140199318","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 spectacle of automation and status aspirations: adoption of automated metro systems around the world, 2000–2020","authors":"Youbin Kang, Jungmyung Kim","doi":"10.1093/ser/mwae016","DOIUrl":"https://doi.org/10.1093/ser/mwae016","url":null,"abstract":"Automation’s extensive impact on the labor market and economy is well recognized, but the underlying motivations for its adoption remain understudied. To address this gap, we analyze an original dataset covering 1276 cities across 148 countries, using event history analysis to examine the adoption of automated metro systems. Our research suggests that city governments are driven by status competition in their decisions to automate subway systems. We find that high-status cities are more likely to adopt automation. However, this trend diminishes when cities are preparing to host a mega-event such as the Olympics, indicating that lower-status cities use these events as opportunities to adopt automation technologies. Our finding reveals that status-driven aspirations, manifesting in the spectacle of automation, are a significant motivator for adopting automated technologies, prompting further investigation into the socio-economic factors influencing automation and the symbolic importance of technological advancement across various economic sectors.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"126 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140154405","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}
Arianna Tassinari, Demetrio Panarello, Giorgio Tassinari, Fabrizio Alboni, Ignazio Drudi, Francesco Bagnardi
{"title":"Business, as usual? The impact of organized economic interests on the stringency of Covid-19 containment policies: insights from the Italian case","authors":"Arianna Tassinari, Demetrio Panarello, Giorgio Tassinari, Fabrizio Alboni, Ignazio Drudi, Francesco Bagnardi","doi":"10.1093/ser/mwae013","DOIUrl":"https://doi.org/10.1093/ser/mwae013","url":null,"abstract":"How do organized economic interests affect the governance of the coronavirus disease 2019 (Covid-19) pandemic? We investigate whether the structural and instrumental power of employer organizations and unions impact upon the stringency of containment measures implemented by governing authorities to tackle the Covid-19 pandemic, focusing on Italy during the first Covid-19 wave of early 2020 as a crucial case. Using Hausman–Taylor panel regression models and original indicators of regional stringency and of unions and employers’ organizations’ efforts to exercise instrumental power via public pressure on social media, we find that the intensity of public pressure by employer organizations is negatively correlated with the stringency of the policy responses implemented by regional authorities to tackle the Covid-19 pandemic, whilst union pressures only show a limited effect. Our findings demonstrate that business pressure and the interplay of economic and class interests are constitutive of the governance of a crucial social and public health phenomenon such as the Covid-19 pandemic.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"102 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071176","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 much does immigration contribute to national poverty rates? A decomposition analysis for 17 European welfare states","authors":"David de Smalen, Jan Van Bavel, Wim Van Lancker","doi":"10.1093/ser/mwae012","DOIUrl":"https://doi.org/10.1093/ser/mwae012","url":null,"abstract":"Over the past decades, many European welfare states failed to reduce poverty. We examine two coinciding trends: the inability to lower poverty rates, and the growth of immigrant populations. Immigrants have become the main contributor to population growth in Europe and have higher poverty risks than natives. This contribution quantifies to what extent national poverty rates were driven by population change. We present a Kitagawa–Blinder–Oaxaca decomposition of national poverty rates in 17 western European countries between 2005 and 2019 using EU-SILC data. The effect of shifting EU and non-EU immigrant populations on poverty rates is heterogeneous: while poverty in some countries increased substantially due to compositional changes, for the majority the effect was small or negligible, including in countries with above-average growth of foreign-born populations. Overall, in two-thirds of country–years changes in the population composition were not the main driver of national poverty rates.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"6 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071174","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":"Persistent or temporary? Effects of social assistance benefit sanctions on employment quality","authors":"Markus A Wolf","doi":"10.1093/ser/mwad073","DOIUrl":"https://doi.org/10.1093/ser/mwad073","url":null,"abstract":"This article analyzes the effects of sanctions for unemployed recipients of the social assistance benefit in Germany. I conduct an analysis using administrative data from 2012 to 2018, applying a dynamic entropy balancing approach. In contrast to most previous analyses of benefit sanction effects, I analyse outcomes over a longer period and assess effects on various dimensions of employment quality, including education (mis)match. The results show, in line with previous research, that benefit sanctions increase the employment probability in the first months after treatment. In the long run, the employment probability and employment quality of sanctioned benefit recipients are lower than those for the comparison group of non-sanctioned benefit recipients, indicating long-lasting negative effects. The negative consequences of benefit sanctions for employment quality are hence not temporary, but persistent.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"47 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071296","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":"Feeling disadvantaged? Type of employment contract and political attitudes","authors":"Kseniia Gatskova, Michał Pilc, Maciej Beręsewicz","doi":"10.1093/ser/mwae011","DOIUrl":"https://doi.org/10.1093/ser/mwae011","url":null,"abstract":"We tested the theory of relative deprivation in the context of the Polish labour market during the post-crisis period from 2009 to 2015. This period witnessed the highest incidence of temporary contracts in the European Union, providing novel evidence on the causal relationship between the type of employment contract and political attitudes. Our findings suggest that temporary workers are more supportive of income redistribution but less supportive of democracy. Additionally, a shift from permanent to temporary contracts among prime-aged employees leads to a decrease in their support for democracy. Although this effect is modest in magnitude, the article points to an important mechanism influencing shifts in political attitudes. Our findings suggest that the effect of temporary employment on political attitudes is more pronounced among socio-demographic groups less accustomed to unstable employment.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"131 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140071339","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":"Flexibility loss and worker well-being: what happens to job satisfaction when workers lose their telework usage?","authors":"Satoshi Araki, Jeremy Rappleye","doi":"10.1093/ser/mwae009","DOIUrl":"https://doi.org/10.1093/ser/mwae009","url":null,"abstract":"The association between flexible work arrangements (FWA) and worker well-being has been extensively investigated. However, the Covid-19 pandemic has generated a new phenomenon where workers return to inflexible workstyles after experiencing FWA. This article examines the consequence of this ‘flexibility loss’ with attention to telework and job satisfaction (JS). Using panel data collected by the Japanese government in 2020–2021, regressions and generalized structural equation modeling reveal (a) workers who frequently telework exhibit higher JS in both years; (b) on average, losing telework does not affect JS; and (c) workers who experienced telework-related challenges in 2020 and continue to work remotely next year report lower JS, whereas those who lost telework opportunities possess higher JS. These results suggest that a new type of labor stratification emerges based on the compound of workers’ FWA experience (upsides or downsides) and their FWA usage (continuation or withdrawal), which affects well-being either functionally or adversely.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"19 1","pages":""},"PeriodicalIF":3.7,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140046015","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}