bluuebunny/crossref_metadata_2025_split huggingface dataset:
Social Polarization and Inequality of Income and Wealth
Authors: Woo Jaejoon 
Published: June 2022

Abstract
Perhaps the most striking fact about today’s Korea is that income inequality as measured by the Gini coefficient, top income share, or poverty rate is now among the highest in industrial countries. For example, the concentration of income and wealth at the very top of distribution has recently surged to unprecedented levels. Many Koreans believe that luck, birth, connections, and corruption, rather than individual efforts, increasingly determine income and wealth. The so-called Great Gatsby Curve is becoming a socioeconomic phenomenon. There is a risk that mounting popular discontent with the current system undermines the foundation of a capitalist democracy and creates a breeding ground for populism. Motivated by this background, Chapter 5 addresses some of the most significant questions and issues on the inequality of income and wealth, including how the income distribution has evolved in recent years; whether and how the wealthy differ from the rest in Korea; and how and why inequalities and social polarization matter for the Korean economy. It also considers the controversial debate about labor income share.
Looming Fiscal Challenges
Authors: Woo Jaejoon 
Published: June 2022

Abstract
For decades, a strong government balance sheet has been a cornerstone of macroeconomic stability in Korea, while offering ample room for countercyclical fiscal policy response. However, the political landscape has substantially changed recently. In the face of mounting social discontent amid slower growth and rising inequality, spending pressures have been building. Populist politicians’ calls for more ambitious fiscal programs have become louder and basic economic logic is often disregarded. Furthermore, the longer-term fiscal outlook paints a sobering picture for the country, mainly owing to the need to build an effective welfare state from a low base and the looming demographic challenge associated with rapid aging. Chapter 10 addresses a rich set of pertinent questions. Has the fiscal stimulus worked as intended? Are there any effects on current account balances from fiscal deficits? What are the longer-term fiscal risks and through which channels might these risks materialize? Can the favorable interest rate–growth differentials help avoid the need for fiscal austerity? What is the prudent debt level for Korea? What should be the key principles in (re)building the social welfare system to better reconcile the changing imperatives of equity and growth? In conclusion, it proposes a fiscal strategy, arguing that a credible commitment to a fiscal rule(s) that directly aims to curb the government debt path within a prudent limit should be a core element of the strategy.
Women’s Stories of Female Genital Mutilation
Authors: Proudman Charlotte 
Published: June 2022

Abstract
This chapter outlines women’s experiences of FGM. It includes vivid descriptions of FGM including a girl being held down in a pool of blood and cut. However, women’s attitudes towards FGM are far from homogeneous. This chapter shows the nuanced voices of women, from those that condemn FGM to those that support the practice. The chapter examines the key motivations for performing FGM, which include the control of a girl’s and woman’s sexuality, preservation of a cultural practice, a religious requirement to undergo FGM, and fear of transgressing a social norm. Each motivation is explored through the eyes of women who have been subject to FGM. This chapter provides a unique insight into women’s first-hand experiences and attitudes towards FGM.
The Barriers to Criminalising FGM
Authors: Proudman Charlotte 
Published: June 2022

Abstract
Since FGM was criminalised in 1985, there has only been one conviction for the practice as recent as 2019. In this chapter, the obstacles and potential for the implementation of anti-FGM laws are explored in more detail. There has been a political focus on ending FGM through the law but does a top-down approach have an impact on changing deeply embedded cultural attitudes towards FGM? It is suggested in this chapter that there are a range of barriers to ending FGM including: lack of education about FGM, opposition to criminalising FGM, the contentious label of ‘child abuse’, race and racism, and the changing dynamics of FGM. As the law seeks to criminalise perpetrators, communities have responded by changing the practice to avoid detection and prosecution.
Legal Hypocrisy: Female Genital Mutilation v Female Genital Cosmetic Surgery
Authors: Proudman Charlotte 
Published: June 2022

Abstract
This chapter explores the many overlaps between female genital cosmetic surgery (FGCS) and FGM. Whilst both practices involve unnecessary body modification for cultural or aesthetic reasons, there any many distinctions between the practices. Women and professionals attempt to compare and contrast the two practices and they offer their diverse views on the current legal status of FGCS and FGM. This chapter explores the legal position in respect of FGCS and FGM and asks whether there is a legal double standard in permitting FGCS whilst criminalising FGM. In addition, this chapter examines whether the hypocrisy in law could act as a barrier to the end-FGM movement and the criminalisation of FGM. Finally, this chapter concludes by proposing a new solution to resolve existing tensions in law and in practice towards FGCS and FGM.
A Novel Legal Remedy: Female Genital Mutilation Protection Orders
Authors: Proudman Charlotte 
Published: June 2022

Abstract
As the criminalisation of FGM has failed to prevent FGM, family law remedies have been used to protect children from the practice. This chapter explores the development of jurisprudence in family law. In particular, it explores care proceedings which involves the interference of the state in the family’s private and family life to protect a girl at risk of FGM and it examines the introduction of female genital mutilation protection orders (FGMPOs) in 2015 which are used to prevent an at-risk girl from being subject to FGM. This chapter reviews a number of published family law judgments concerning FGM, which shows many key themes including how the risk of FGM is assessed, travel restrictions imposed, and the necessity of medical examinations. It also examines the difference in the protection that is offered to a British girl at risk of FGM in contrast to a girl who does not have secure immigration status. The chapter suggests that the current application of the law is discriminatory, as girls without secure immigration status are often afforded less, or second-rate protection from FGM than British children.
The Unnecessary Referendum
Authors: Stacey Richard 
Published: June 2022

Abstract
Why are new constitutions increasingly submitted to referendum? This chapter describes how, in moments of ‘constitutional interregnum’ where the previous constitutional system has been abrogated and there are no longer any institutional mechanisms in place for the expression of popular will, a referendum is viewed as the only way that a new constitution can claim a sovereign people’s approval. Further, a constitution’s approval at referendum is often taken to be sufficient for this claim to the authority of popular sovereignty. This chapter challenges this orthodoxy, arguing that a referendum is neither necessary nor sufficient for a constitution’s claim to the authority of popular sovereignty. By drawing a distinction between constituent power and popular sovereignty in the first place, and between popular sovereignty and sociological legitimacy in the second place, the chapter argues that the claim to popular sovereignty brings with it a substantive commitment to moral autonomy and political equality. No referendum can purport to express the sovereignty of a people without first recognising that every individual who constitutes that people must be free to contribute to formulating the people’s sovereign will. The referendum is unnecessary: all that is necessary is the commitment to the substantive conditions that make the referendum itself possible. Referendal approval delivers sociological legitimacy to a constitution but does not by itself imbue that constitution with the authority of popular sovereignty. Indeed, a veneer of legitimacy may obscure constitutional arrangements that are antithetical to the very concept of popular sovereignty.
Experimental Bodies
Authors: Fejerskov Adam 
Published: June 2022

Abstract
This chapter takes the reader into the world of the global bioeconomy and pharmaceutical trials around the Global South, using Bangkok as a bustling empirical heart to understand the role of pharmas in both strengthening the global experimental movement and in substituting treatment with trials, normalizing experimentation in everyday bodily life. As governments in the well-off parts of the world are raising the regulatory bar on compliance and documentation, greatly increasing the costs of clinical trials, the pharmaceutical industry looks towards ‘emerging markets’, i.e. poor countries. Here, clinical trials are cheaper and speedier (sometimes reducing the costs to less than one tenth), and regulations far laxer, whilst patient recruitment is easy with struggling public health sectors and high poverty rates entailing a lack of resources or poor access to specialized medicines and treatment. The big business of clinical trials on human subjects has been globalized. In the Global South, questionable regulatory bodies impede the monitoring of clinical trial data and the safety of drugs and devices. Likewise, wide disparities in education, economic and social standing, and health care systems may result in a lack of understanding of both the investigative nature of therapeutic products and the use of placebo groups, just as financial compensation for participation may exceed participants’ annual wages. This chapter explores the human, bioethical, and philosophical consequences of Western pharmaceutical companies increasingly seeing the Global South as a play ground for experimenting with new drugs.
Sticky Power
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
Modern civilization revolves around money. However, money is a paradox. It is nothing more than a representation of and medium for decentralized networks of social trust, but its production is controlled by highly centralized networks of firms, places, and governments, and there is never enough of it to go around. Moreover, given that the creation of money, as credit, is based on expectations, money is at its heart an instrument for human agency to change the future. At the same time, however, the financial systems that produce money are deeply rooted in the past, and perpetuate themselves through history. This book seeks to deepen our understanding of the paradox of money, by introducing a novel conceptual lens—that of Global Financial Networks—to cast new light on the geography, history, politics, and sociology of finance from the middle ages to the global financial crisis and beyond. It shows that the power of finance is inherently “sticky”; with what are generally assumed to be new innovations such as “offshore” finance actually dating back centuries, and the architecture of global financial networks more broadly adapting to the rise and fall of empires and new technologies while changing surprisingly little in their basic character; or at most changing very slowly. A recognition of the mechanics of this durability, it is argued, calls for a new approach to reforming finance which is less reactively focused on regulation, and more proactively focused on building new institutional systems with a long-term “sticky power” of their own.
Global Financial Networks: What They Are and Where They Come from
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
Chapter 1 introduces the global financial network conceptual framework, and the outline of the analysis and arguments in the book. It outlines the conceptualization of global financial networks as “assembly lines” for money, which sit at the heart of the capitalist system. It also explains how a single centralized global financial network is produced as an emergent property of the interaction between diverse decentralized global financial networks that are constructed and used by actors around the world; and describes the basic logic of the “sticky power” that allows this centralized global financial network to perpetuate itself through history.
The Paradox of Sticky Power
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
Post-Keynesian models of finance place an emphasis on understanding how the tension between “animal-spirits”-driven endogenous monetary production, and stability-seeking liquidity preference, behaves cyclically over time. This chapter shows that a post-Keynesian model of finance also needs to be understood in terms of how this tension operates over space. Specifically, it shows that the architecture of the global financial network can be problematized in terms of the mediation of financial innovation-enabled monetary “quantity production” through an institutional process of monetary “quality production.” This monetary quality production has three key elements—liquidity production, legal production, and guaranteeing of value—which are undertaken through a three-pronged networked geographic division of labor between world cities, offshore jurisdictions, and world governments. Crucially, the logic of how these interact produces powerful tendencies toward the centralization of financial and political power; with power concentrating in the hands of financial “platform” firms monopolizing functions necessary for market operation, and in the hands of the few exceptionally powerful states able to extend their umbrella of double-edged sovereign “protection” to globe-spanning processes of international monetary production. While the cast of public and private actors who dominate the global financial network changes historically, the general contours of its organizational and evolutionary logic are remarkably stable, and essentially stretch back to the origins of western capitalism. Indeed, the basic paradox of finance is that the very fluid and unbounded nature of endogenous monetary production generates a powerful countervailing impulse toward durability and conservatism, which is inherently geographically mediated.
The End of Investment Bank Capitalism?
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
This chapter investigates employment patterns, remuneration, and power relations in the US financial sector between 1978 and 2008; identifying the economic geography of investment banking as one of the keys to understanding the dynamics of the contemporary world economy, and promoting a mesolevel approach to the study of geographies of finance. It demonstrates that investment banking occupies the most lucrative and powerful position in the securities industry, which has been the primary driving force behind the expansion of the US financial sector in payrolls in recent decades, and the phenomenon described as “financialization” more broadly; suggesting that the latter might be most precisely understood in terms of the rise of “investment bank capitalism.” The power of investment banking has risen since the late 1970s under the conditions of the growing demand for investment services, technological change, deregulation, and globalization. Investment banks are at the heart of the shadow banking system, inventing and producing many of its key products, and contributing decisively to the outbreak of the global financial crisis of 2007–2009. With leading US investment banks converted into bank holding companies and increased reregulation, the future of investment banking is uncertain. The growing concentration of power in the securities industry “buy side,” especially in the hands of passive fund managers and sovereign wealth funds, presents a particular potential challenge to investment banks. Broadly speaking, however, investment banks appear to be mostly adapting to these new challenges, and indeed often harnessing them as opportunities.
The Dark Side of NY–LON
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
This chapter brings financial centers into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity, and connectivity between the two leading global financial centers justifies the use of the term “New York–London axis” (the axis). It traces how the axis developed historically as the single most important connection within the global financial network, and shows that the global financial crisis 2007–2009 originated to large extent in the axis rather than in an abstract space of financial markets. The dominance of the axis in global finance can be easily underestimated and evidence suggests that, contrary to expectations, the axis is not in decline. The main implication is that the debate on global financial reform has to take seriously the role of global financial centers. In particular, if global finance is to change, the New York–London axis has to change.
From the Euromarket to the Great Inversion
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
This chapter presents a novel analysis of the geographic evolution of international banking since 1980, which addresses still unanswered questions about the role of offshore centers in the global financial crisis, and the post-crisis stability of these centers. It shows that post-1980 regulatory shifts prompted a “Great Inversion” of offshore banking, wherein conventional Euromarket activity was partially overshadowed by the growth of European “midshore” center national banks. As a result, offshore (or in this case midshore) jurisdictions (1) were likely more responsible for pre-crisis regulatory failures in a home than host regulator capacity and (2) internalized far greater domestic fiscal risks than in previous crises. It also delves into the basic political geographic paradox of offshore banking, arguing the emergence of offshore as an institution needs to be understood just as much as an expression of state agency—both offshore and onshore—as in terms of the private sector subversion of state agency.
Regional Blocks and Imperial Legacies
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
While foreign direct investment (FDI) is generally assumed to represent long-term investments within the real economy, approximately half of global FDI is accounted for by networks of offshore shell companies created by corporations and individuals for tax and other purposes. Important empirical as well as conceptual questions surround both the global structure, and the significance of these networks. This chapter seeks to answer these questions by employing principal component analysis to decompose the global bilateral FDI anomaly matrix into its primary constituent subnetworks. It finds that the global offshore FDI network is highly globalized, with a centralized core of jurisdictions in Northwest Europe and the Caribbean exercising a largely homogeneous worldwide influence. To the extent that the network is internally differentiated, this appears to primarily reflect a historic layering of social and political relationships. Four primary offshore FDI subnetworks are identified, bearing the imprint of four key processes and events: European, particularly UK colonialism, the post–WWII hegemonic alliance between the United States and Western Europe, the fall of Soviet communism, and the rise of Chinese capitalism. Evidence is also found of qualitative, more than quantitative variation in offshore FDI based on national rule of law and communist history.
“Capitalist Tools in Socialist Hands”?
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
This chapter analyzes the evolution of China Mobile—one of China’s pioneer “national champions,” and one of the world’s largest telecom companies—through the lens of the global financial network framework, focusing on the role of financial and business services (FABS), financial centers, offshore jurisdictions, and various governments, in its development. It demonstrates that despite being a domestic company, China Mobile is plugged firmly into the global financial network, with incorporation in Hong Kong, cross-listing in Hong Kong and New York, and numerous offshore companies registered in the British Virgin Islands. Indeed, global FABS firms, with Goldman Sachs in the lead, were instrumental in the very conception of China Mobile in 1997 and its subsequent expansion, thus helping the Chinese government to consolidate and modernize its whole telecom sector. Hong Kong, meanwhile, has played a critical role as an onshore–offshore financial center intermediating between global financial markets and mainland China, and in underwriting the reputation of China’s “national champions.” The analysis also points to the advantages of Beijing over Shanghai as a financial center within the context of China’s state-dominated financial system. It also highlights the surprising parallels between China’s contemporary strategies of global financial engagement, and the strategies pursued by the USSR historically. Ultimately, it argues that China sits at a crossroads in its relationship with the global financial network, wherein it may end up turning the tables on the fundamentally postcolonial relationships that this network represents, even while becoming more deeply entangled in these relationships than ever.
A Great Transformation?
Authors: Haberly Daniel , Wójcik Dariusz 
Published: June 2022

Abstract
This concluding chapter summarizes the basic findings and arguments of the preceding chapters of the book, and examines the question of how to go about reforming the contemporary financial system, drawing on insights gained through the lens of the global financial network framework. It argues that the key to the effective and enduring reform of finance, from the local to national level, is to reorient the focus of reform away from a predominantly reactive emphasis on regulation—which seeks to stamp out the financial practices that we do not want—toward a proactive emphasis on financial institutional building, which seeks to construct the financial system that we actually do want. It argues, moreover, that the logic of this proactive financial institution-building needs to be grounded in an appreciation of the paramount centrality of liquidity production, much more than the provision or intermediation of capital, to the role and operation of the financial system. Specifically, it argues that what is needed is a financial institution-building program that prioritizes the radical “democratization of liquidity,” and lays out the general outlines of how the device of central bank digital currencies (CBDCs) might be used to help achieve this, in conjunction with a broader program of reform.