south korea s economic future industrial policy or economic democracy abstract many south koreans believe that the country s remarkable economic successes over the past half century are the product of an industrial policy that made korean industry competitive in world markets while there is widespread sentiment in favor of maintaining the emphasis on industrial policy others believe industrial policy has generated benefits for some koreans at the expense of the welfare of working class koreans this has resulted in a push toward economic democracy to more equitably distribute the gains from increased productivity neither industrial policy nor economic democracy are in the best interest of koreans rather a laissez faire policy of minimal government interference will provide the best environment to foster south korea s continued economic progress

equal pay by gender and by nationality a comparative analysis of switzerland s unequal equal pay policy regimes across time what explains the adoption of two different policies on equal pay by gender epg and by nationality epn in switzerland and why is the liberal litigation based equal pay policy regime set up by the gender equality act of 1996 much less effective than the neocorporatist accompanying measures to the bilateral european union switzerland agreement on free movement of persons adopted in 1999 to ensure equal pay for workers of different national origins the formation of two different policy regimes cannot be explained by different levels of political will equally different varieties of capitalism cannot explain the setup of the two different equal pay policy regimes within the very same country instead our qualitative comparative analysis across time suggests that the differences can be best explained by a particular constellation of attributes namely the use of different policy frames that is anti discrimination in the epg and unfair competition in the epn case and the different setting of interest politics epitomised by the opposite stances adopted by switzerland s employer associations in the two cases

global cities and the geographical transfer of value the central argument of this article is that global cities are due to their clustering of producer service firms critical governance nodes in global production networks more in particular the article scrutinises the role of producer service firms in uneven development and especially in the geographical transfer of value hadjimichalis 1984 because the direct as well as the indirect mechanisms through which value is transferred geographically require the intervention of producer service firms global cities can be theorised as governance nodes for centripetal wealth transfers along global commodity chains moreover and in the context of the persisting criticism that the global city concept has a bias towards northern western cities the article argues that the claim that global cities are critical places for the organisation of uneven development also holds for cities beyond the usual suspects referring to cases of how producer service firms in hamburg and mexico city erect entry barriers to p

migration theories and evidence an assessment abstract this paper presents a critical survey of theories of migration their welfare and policy implications and their empirical relevance we also develop some extensions to the theory beginning with the harris and todaro ht model in particular the ht model is extended to examine risk averse behaviour within families where the migration of members of families serves to diversify risk the welfare implications of the individual migration decision and government intervention in the form of employment subsidies are examined recent evidence on international migration is presented it is shown that migration does not flow automatically in response to wage differentials characteristics of migrants and the process of self selection are found to be important determinants of the rate of migration

does balance among areas of institutional quality matter for economic growth countries with better institutions as measured by the economic freedom of the world index have greater prosperity growth and well being however the previous literature has ignored interrelationships among the subareas instead implicitly assuming substitutability and independence we hypothesize that when some areas are weak better scores in other areas are not a simple substitute we find that including a simple measure of the within country standard deviation among coexisting area scores results in a meaningfully significant improvement in the empirical growth specifications based on our findings this should become routine practice in future empirical work we also explore interactions among areas and find ones with legal system and property rights most important to include these findings suggest a need to reconsider the implicit assumption of independence among area scores as well as a balanced approach to institutional reform in practice improving the worst areas is more beneficial to growth

bubbles in us regional house prices evidence from house price income ratios at the state level we investigate the presence of bubbles in the us house price income ratio at the state level by applying the recent time series based econometric test to data from january 1975 to december 2014 we

social polarisation in global cities theory and evidence this paper examines the debate over social polarisation in global cities it focuses on the claims made by sassen that the processes of economic change in such cities are leading to a growing polar

material flows and resource productivity in china south korea and japan from 1970 to 2008 a transitional perspective abstract china japan and south korea are the important east asian countries and being paid intensive attentions to their economic miracle while their environmental performance is less discussed together these three countries are in different level of developmental stages from emerging economy to matured developed economy we hereby provide a laboratory idea to investigate the socio economic metabolism under typical development stages so that enlightenment on global resource management policy making can be made this study is based on a long time series data on the material flow analysis on china south korea and japan applied with up to date standardized methodologies of material flow accounting material flows resource productivity data indicators as well as environmental kuznets curve are presented and compared from 1970 to 2008 driving forces for the material flow change were further investigated with ipat approach obvious differences of resource efficiency productivity and consumption patterns were verified japan presented the trend of dematerialization and technology effects made significant contribution china was highlighted with surging resource consumption stage mainly driven by the economic and population factors even though the resource efficiency was significantly enhanced in the past three decades south korea presented the combined features of china and japan in different stages based on the analytical results information and insights behind results like the industrial structure value chain position in the global supply demand chain and how they had impacts on the resource efficiency and productivity were discussed in depth the research results provide critical insights to future effective and efficient global resource management policy making

new evidence on the first financial bubble the mississippi bubble south sea bubble and the dutch windhandel of 1720 together represent the world s first global financial bubble we hand collect cross sectional price data and investor account data from 1720 to test theories about market bubbles our tests suggest that innovation was a key driver of bubble expectations we present evidence against the currently prevailing debt for equity conversion hypothesis and relate stock returns to innovations in atlantic trade and insurance we find evidence consistent with the innovation driven bubble dynamics documented by pastor and veronesi 2009 for new economy stocks our evidence seems inconsistent with clientele based theories that emphasize bubble riding and short sales restrictions

labour mobility and the changing housing market labour mobility as a concept is not as straightforward as it first appears and has different meanings in different contexts mobility as a policy concern arose in britain in the 1980s and assumed a particular form it was often confined to a discussion of geographical movement between labour markets and the constraints imposed on potential job seekers by their tenure position mobility can indeed be expressed in this way but this captures only one aspect of job movement at other times there are concerns with industrial and occupational mobility and notions such as job changing labour turnover and flows also feature in employment policy discussions this article raises the question as to whether mobility propensity is an attribute of the individual or the post that the employee might have or seek the analysis offered here suggests the latter and accordingly an alternative explanation of labour and housing market interactions is provided the article is written in five parts it begins by critically ass

global and local subcontracting space ethnicity and the organization of apparel production abstract labor intensive apparel production has shifted to low wage asian nations yet continues to flourish in the united states and other high wage areas this paper explains this apparent contradiction by concluding that in addition to labor costs firm size ethnicity market strategy and trade regulations powerfully affect the location of apparel production large firms are more able to disperse production globally than small firms us based firms owned by ethnic asians are more likely to produce in asian factories than firms of other ethnicities and firms producing for rapidly changing fashion markets are less likely to produce offshore than firms producing less fashion intensive products finally trade restrictions powerfully affect the location of production albeit in ways different than intended by policy makers

urban restructuring polarisation and immigrants opportunities the case of russian immigrants in tel aviv the study deals with restructuring processes in the city of tel aviv and examines several of the major arguments of the restructuring approach through the investigation of the occupational integration of immigrants from the former soviet union into the economy of the city the study examines hypotheses on occupational and income polarisation in the restructuring economy of israel s main business centre using data from censuses and income surveys which were conducted by israel s central bureau of statistics over the period 1983 94 the study compares distributions of veteran israelis and recent immigrants among economic sectors and occupations in the city of tel aviv and the country as a whole the findings show that both occupational and income polarisation are greater in the city than in the country as a whole it is also demonstrated that this trend of occupational and income polarisation is more pronounced among the new immigrants the findings lend support to the restructuring approach

the mobility of labor and capital a study in international investment and labor flow list of tables acknowledgements introduction 1 foreign investment a neglected variable 2 the use of foreign workers 3 the new immigration 4 the globalization of production implications for labor migration 5 the rise of global cities and the new labor demand 6 the reconcentration of capital in the united states a new investment zone conclusion notes references index

social polarisation economic restructuring and welfare state regimes the central argument of this paper is that it is misconceived to view social polarisation of occupational structure and incomes in global cities as either inevitable or as a direct product of econo

immigrant underemployment across us metropolitan areas from a spatial perspective a significant number of immigrants fail to realise their full potential in the us labour markets as evidenced by those working in occupations requiring skill levels far below their own level of ed

in the margin of the welfare state labour market position and housing conditions of undocumented immigrants in rotterdam undocumented immigrants form a substantial share of minority populations data on the city of rotterdam show that the fate of undocumented immigrants to a large degree is dependent on established migrant communities differences between migrant communities in terms of numbers and access to social housing seem to have significant effects on the position of undocumented immigrants with the same ethnic or national background undocumented immigrants both feed on and contribute to migrant communities in terms of housing opportunity and segregation in the age of migration any serious study of migrant communities has to take into account the presence and social position of undocumented immigrants

foreign direct investment and international migration to dutch cities this article assesses separately the push pull factor explanations in sassen s theory on migration from newly industrialising countries to cities in oecd countries the push factor explanation argues that foreign direct investments spawn migration flows to the country from which these investments stem the pull factor explanation revolves around demand for low skilled workers in cities due to the clustering of advanced producer services it is found that dutch investment flows indeed function as a push factor for migration to dutch cities but that the local settlement of immigrants is not related to the clustering of advanced producer services

do 18th century bubbles survive the scrutiny of 21st century time series econometrics abstract applying the methods of phillips et al 2015 psy while considering the possibility of non stationary volatility harvey et al 2016 evidence of exuberance in share prices is confirmed for the south sea company and established for a number of other 18th century financial organisations for the first time the timings of these bubble episodes show signs of possible contagion

the geographical formation of international management centres in europe international management centres are based on production control functions control functions comprise headquarters as bases of operation and beachheads co ordinating foreign branches and subsidiaries bases of operations and beachheads are sustained by advanced business services financial and real estate services and corporate services these activities make up an economic formation transport communication facilities internationally oriented office locations and specific amenities enable the formation to function smoothly the spatial and social structures of many city regions are strongly affected by the development of these international management centres segmentation processes in the housing and labour markets can be related to these formations of management activities

openings in the wall transnational migrants labor unions and u s immigration policy this article seeks to enhance our understanding of why the united states resisted restrictionist immigration legislation in the late twentieth century during times when one may have expected a movement toward closure as occurred in the 1920s the article will supplement a state centric approach with insights from the perspective of complex interdependence the significance of transnational relations and the blurring of foreign and domestic politics i will argue that the societal groups that influence the formation of u s immigration policy contain a transnational component which contributes to the maintenance of relatively open legislation more specifically i will argue that the transnationalization of the labor market blurs the boundaries between foreign and domestic constituents for unions causing unions to resist those restrictionist immigration measures that impede organization of foreign born workers hence the pressures for restrictionism are weaker than anticipated by the conventional wisdom that expects labor to lobby for closure excerpt

rising metropoli the geography of mergers and acquisitions in germany high levels of mergers and acquisitions m as were a characteristic of the global economy in the 1990s the overall effects of m as on economic welfare and their spatial implications however remain a profoundly neglected topic using three standardised indices representing the relative quantity of take overs in each german regierungsbezirk the paper demonstrates that the recent wave of m as has resulted in a major concentration of firms and economic activity in the main german metropoli the paper then turns to a study of the flows of m a transactions by means of regression analysis it identifies the main drivers of the geographical concentration of firms to be indicators of the general level of agglomeration i e regional gdp and population and the concentration of political power in the region the results also indicate that investment in r d the general level of education or unemployment when considered in combination with agglomeration indicators play a negligible role in determining m a f

post industrialisation immigration and unemployment how and why the impact of immigration on unemployment differs between dutch cities studies on the substitution thesis in advanced economies show scattered results the impact of immigration on the wages and likelihood of unemployment of the less educated varies strongly both studies on the substitution thesis itself and studies on the unequal post industrial development of urban economies suggest that this is because the substitution thesis is conditional on the type of urban economy the empirical validity of this suggestion is tested by comparing the impact of immigration on the employment level of the less educated among 22 dutch metropolitan areas the findings corroborate the central hypothesis in strong service oriented urban economies the impact of immigration on unemployment levels is mitigated because of high labour demand for the less educated

the effect of foreign direct investment on international migration does education matter using migration data in 1990 and 2000 we find that inward foreign direct investment fdi in non oecd countries affects the out migration of individuals with tertiary and secondary education to oecd countries originating the investments but has no significant effect on the out migration of individuals with primary education distinguishing between linkage and home effects our results show a dominant home effect of fdi for individuals with tertiary education but a stronger linkage effect for those with secondary education the existing stock of former migrants in foreign countries influences the out migration of individuals with primary education

married women s employment in rapidly industrializing societies examples from east asia a variety of explanations have addressed the phenomenon of secular change in married women s employment in rapidly industrializing countries these include theoretical frameworks that emphasize female labor supply the conditions of labor demand patriarchal values the international division of labor and the effects of exported industrialization this article examines two societies south korea and taiwan that showed considerable similarity in female labor supply conditions female labor force participation and cultural values 20 years ago but have since diverged in dramatic and puzziling ways using aggregate and microlevel data this article shows that the emergent differences in married women s employment are best explained by the intersection of labor supply similar in the two cases and demand markedly different the article highlights the impact of government policy and foreign loan investment in shaping the nature of labor demand during rapid export led industrialization in both countries

income disparities and employment and occupational changes in new york preston v and mclafferty s 1993 income disparities and employment and occupational changes in new york reg studies 27 223 235 to determine how deindustrialization and the growth of service employment have affected geographic disparities in income within urban areas we examined empirically the spatial distribution of household income in the new york cmsa between 1960 and 1980 and the associations between income growth and employment and occupational change geographic disparities in median household income increased as wealth dispersed to the periphery and income grew slowly in counties adjacent to manhattan despite the loss of 400 000 manufacturing jobs total employment increased albeit unevenly on the periphery employment in all sectors grew rapidly while the inner counties lost manufacturing jobs loss of blue collar workers did not alter occupational segregation substantially correlation analysis revealed that income growth was associated significantly with employment growth in all sect

the transformation of the american class structure 1960 1980 this study explores a series of predictions concerning the likely changes in the american class structure in the 1970s made by wright and singelmann in their work on proletarianization they argued that in a period of economic stagnation such as occurred in the 1970s there should be an acceleration of the process of proletarianization and a decline in the expansion of managerial and semiautonomous employee or expert locations in the class structure these changes should occur both because of an intensification of proletarianization within economic sectors and because of decline in the shift of employment into the relatively less proletarianized sectors such as the state on the basis of the data used in this study none of these predictions is supported indeed the evidence indicates a decisive acceleration of the growth of managerial class locations in the 1970s and a clear deproletarianization within and across economic sectors these findings are interpreted as a result of two principal factors t

global talent local careers circular migration of top indian engineers and professionals despite heightened interests from policy makers in the notion of brain circulation the discussion around the issue has remained largely theoretical drawing upon unique data of the alumni of a leading indian university this study examines how migration dynamics unfold within a highly educated population whose emigration is considered as a classic example of brain drain we adopt an integrative framework bringing together macro level push and pull influences and individual level selectivity we find that disparity in economic development between countries drives migration flows in both directions while host country demand has a stronger impact on out migration than on return migration we also detect significant selection effects at the individual level top students are more likely to emigrate and less likely to return in out migration flowing out of the country appear to be the best and the brightest amongst the highly educated talent pool in return migration negative selection is manifested in multiple aspects including ability post migration human capital investment and income we also find that the influences of macro forces vary amongst individuals higher ability individuals appear to be less affected by demand changes the findings have important policy implications for both source countries and receiving countries