{"title":"Harnessing venture capital in China","authors":"Yan Xu","doi":"10.1093/ser/mwad037","DOIUrl":"https://doi.org/10.1093/ser/mwad037","url":null,"abstract":"\u0000 This article studies the development and distinct features of China’s venture capital (VC) market, now the world’s second largest. I show that the Chinese state has creatively adapted its involvement in VC to harness it for industrial policy—by working with private investors to target startups in key sectors, rendering state activism and vibrant entrepreneurship mutually supportive. This adaptation and China’s embrace of transnational VC have created two varieties of VC with distinct investment patterns. Whereas return-driven VC, much raised overseas, has been active in backing platform companies, policy-guided VC has bet heavily on startups in prioritized sectors. This article challenges the view that vibrant VC and entrepreneurship are products of liberal market economies and the top-down portrayal of China’s political economy. It also adds to the understanding of state–market relations in China by illuminating the process of adaptation and reinvention and by studying China through an explicitly comparative lens.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44025681","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":"Boosting work through welfare? Individual-level employment outcomes of social investment across European welfare states through the Great Recession","authors":"S. Ronchi","doi":"10.1093/ser/mwad039","DOIUrl":"https://doi.org/10.1093/ser/mwad039","url":null,"abstract":"\u0000 Given the heterogeneity of European welfare states, governments’ efforts in ‘social investment’ reform may reap different outcomes in different national contexts. Through multi-level modelling based on longitudinal microdata from the EU Statistics on Income and Living Conditions (2004–2013) and on country-level policy indicators, this article assesses: whether citizens of countries that put higher budgetary efforts into social investment have better employment prospects and whether increasing such efforts over time improves employment chances within a country; whether people living in social investment-oriented welfare states maintained higher employment chances in the years of the Great Recession; whether micro-level employment outcomes depend on (in-)complementarities between investment- and protection-oriented policies. The results reveal that the most social investment-oriented welfare states show higher individual-level employment chances, which they were able to preserve during the Great Recession. However, increasing resources on social investments does not always yield empirically discernible returns over the short-to-medium term.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48606671","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 financialization of corporate venture capital investment? The corporation as a venture capitalist","authors":"A. Szalavetz, Nicolas Sauvage","doi":"10.1093/ser/mwad036","DOIUrl":"https://doi.org/10.1093/ser/mwad036","url":null,"abstract":"\u0000 Recent trends in corporate venture capital (CVC) activities have added to the size and complexity of the financial system. Intuition suggests that in a period marked by spectacularly increasing start-up valuations, the opportunity to earn large capital gains increases the importance of corporate investors’ financial motivations. Drawing on interviews with 12 Silicon Valley-based CVC units of global industrial companies, we examine if new trends in CVC investment represent a diversion from incumbents’ traditional focus on improving the competitive advantage of their core businesses. Building on the theory of the financialization of non-financial companies, we investigate the relationship between the strategic and financial motivations of CVC investing. We extend theory by distinguishing between developments at the extensive and intensive margins. We argue that the commonly applied quantitative measures capture financialization only at the extensive margin. Qualitative data indicate that the hypothesis of financialization does not hold at the intensive margin.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46808454","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":"On Rebecca Elliott’s Underwater: Loss, Flood Insurance, and the Moral Economy of Climate Change in the United States, Columbia University Press, 2021","authors":"","doi":"10.1093/ser/mwad017","DOIUrl":"https://doi.org/10.1093/ser/mwad017","url":null,"abstract":"","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48511707","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":"On Jordanna Matlon’s A Man among Other Men: The Crisis of Black Masculinity in Racial Capitalism, Ithaca, NY, Cornell University Press, 2022","authors":"","doi":"10.1093/ser/mwad020","DOIUrl":"https://doi.org/10.1093/ser/mwad020","url":null,"abstract":"","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47867179","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":"Beyond crony capitalism: financialization, flexible actors and private power in transition economies—the case of Agrokor","authors":"P. Stubbs, Mislav Žitko","doi":"10.1093/ser/mwad035","DOIUrl":"https://doi.org/10.1093/ser/mwad035","url":null,"abstract":"\u0000 In this article, we provide a critique of the concept of crony capitalism as the dominant explanation of change in economies in transition-based as it is on an idealized technocratic representation of ‘free markets’. We do this through an analysis of the fall of the Croatian company Agrokor, one of the most important companies in post-socialist Southeast Europe. The Agrokor case allows for an understanding of state-economy restructurings in times of crisis, and the competing temporalities and rhythms of corporate practices, political interventions and public perceptions. Agrokor can be considered as a symbol of many of the unfolding contradictions of transnational capitalism in the semi-periphery. The nature of Agrokor’s demise is understood as a result of the hyper-financialization of the firm and the rise of transnational predatory finance. The translation of liquidity and debt crises into a fundamental restructuring of the conglomerate, ushering in a shift in power and control, is the product of active work by a range of agents and an attempted resolution, partial and unfinished, of a struggle for dominance between fractions of capital.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43734515","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 family web: Multigenerational class persistence in elite populations","authors":"Shay O’Brien","doi":"10.1093/ser/mwad033","DOIUrl":"https://doi.org/10.1093/ser/mwad033","url":null,"abstract":"\u0000 This article introduces the first-ever full kinship network of an upper-class population in a US city (n = 12 273). Multigenerational class transmission models tend to conceptualize families as father–son chains, especially for the upper class, but I systematically include women, finding that nearly 70% of Dallas high society from 1895 to 1945 was related in a single web encompassing most of the city’s wealthy, powerful, and high-status people. Because elites did not always have sons, nearly three times more families persisted over the 50-year period than patrilineal measures would suggest. Almost all persistent families connected to the web, and they connected more deeply than non-persistent families. Three case studies demonstrate that women and kin ties beyond the patrilineage frequently drove elite family persistence. Upper-class populations are best understood not as collections of distinct dynasties that live or die with the success of sons, but as complex, durable family webs.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42406258","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 platform businesses mobilize their users and allies: Corporate grassroots lobbying and the Airbnb ‘movement’ for deregulation","authors":"Luke Yates","doi":"10.1093/ser/mwad028","DOIUrl":"https://doi.org/10.1093/ser/mwad028","url":null,"abstract":"\u0000 This article analyzes and theorizes the political strategies of businesses in the new digital ‘platform’ economy. Airbnb, Uber and meal delivery companies have transformed travel, urban space and repertoires of everyday exchange; they are also transforming norms around governance. Central to platforms corporate political strategies is the use of corporate grassroots lobbying (CGL), the selection, mobilization, resourcing and coordination of ordinary users and grassroots allies to influence the public and policy-making process. The article argues that platforms build on, and make five innovations to, the most common existing repertoires of CGL. Four main approaches of CGL among these businesses are also identified: temporary mobilization; curated storytelling; front groups; and grassroots alliances. The article demonstrates how these approaches to CGL are deployed and combined, using Airbnb as the main case study. Finally, I reflect on the implications of the findings for the platform economy, corporate political activity and socioeconomic change.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49055677","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":"Labor market risks and welfare preferences: a bounded rationality approach","authors":"Leo Ahrens","doi":"10.1093/ser/mwad034","DOIUrl":"https://doi.org/10.1093/ser/mwad034","url":null,"abstract":"This study introduces a bounded rationality approach to welfare preference formation under exposure to labor market risks. It argues that risk exposure only increases welfare demand when it is reasonable to assume that workers are aware of their risk exposure and when future-related concerns are currently salient. Empirical analyses of longitudinal data from Switzerland and 28 European countries support the theory. Swiss workers only optimize their welfare preferences in a forward-looking manner when they become unemployed, and only the national unemployment rate is found to increase welfare demand in European countries. In contrast, a variety of risks on the occupational and individual level drawn from previous research are found to be unrelated with welfare preferences. The implication is that the risk exposure of employed workers may matter less for their welfare preferences and downstream political phenomena such as voting behavior than commonly expected.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134891945","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":"Making sense of the financialization of households: state of the art and beyond","authors":"Alicja Bobek, Marek Mikuš, M. Sokol","doi":"10.1093/ser/mwad029","DOIUrl":"https://doi.org/10.1093/ser/mwad029","url":null,"abstract":"\u0000 Building on, and going beyond, the state-of-the-art literature, this article aims to advance the analysis and conceptualization of the financialization of households. It argues that there is a need to better conceptualize the household and that the relations between households and other actors in financialized capitalism require further elaboration. Its contribution rests on providing a high-level review of literature and on proposing a relational and activity-orientated approach to the household as a micro-level social institution performing its activities through a web of relationships. Furthermore, it builds on the concept of ‘financial chains’ to draw attention to power relations and transfers of value between households and other economic actors. In doing so, the article also highlights the uneven ways through which households are inserted into such ‘financial chains’ and explores social, spatial and temporal dimensions of household financialization. Finally, it suggests avenues for further research.","PeriodicalId":47947,"journal":{"name":"Socio-Economic Review","volume":" ","pages":""},"PeriodicalIF":3.7,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48478960","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}