The Economics of Modern Imperialism

This work focuses exclusively on the modern economic aspects of imperialism. We define it as a persistent and long-term net appropriation of surplus value by the high-technology imperialist countries from the low-technology dominated countries. This process is placed within the secular tendential fall in profitability, not only in the imperialist countries but also in the dominated ones. We identify four channels through which surplus value flows to the imperialist countries: currency seigniorage; income flows from capital investments; unequal exchange through trade; and changes in exchange rates. We pay particular attention to the theorisation and quantification of international UE and of exchange-rate movements. Concerning UE, we extend Marx’s transformation procedure to the international setting. We use two variables in the analysis of UE: the organic composition of capital and the rate of exploitation, and we measure which of these two variables is more important in contributing to UE transfers. We research a time span longer than in any previous study. We also introduce the distinction between narrow and broad unequal exchange according to whether two countries are assumed to trade only with each other or also with the rest of the world. As for the analysis of the exchange rates as a channel for appropriation of international surplus value, we reject conventional approaches because they are rooted in equilibrium theory. We find very strong empirical evidence that exchange rates tend towards the point at which the productivities are equalised. This is only a tendency because this equalisation is inherently incompatible with the nature of imperialism. Finally, given its topicality, we apply our analysis to the relation between the US and China and find that China is not an imperialist country according to our definition and data.

Overreaction or Underreaction to Intra-Industry Earnings Information Transfer: A Cross-Country Analysis

We apply the moderated confidence hypothesis (MCH) to investigate overreaction and underreaction in intra-industry earnings information transfers in an international setting. MCH predicts that late announcing firms’ investors overreact (underreact) to early announcing industry peers’ earnings news when early announcing peers’ earnings news is imprecise (precise) signals of late announcing firms’ earnings. Consistent with early announcing peers’ earnings news being imprecise signals of late announcing firms’ earnings in an international setting, we find that late announcing firms’ investors overreact to early announcing peers’ earnings news. The country-level information environment and culture shape the precision of peers’ earnings as signals of each other’s earnings and investor behaviors. Consistent with MCH, we find that late announcing firms’ investors are more likely to underreact in countries with a richer information environment, are more likely to overreact in countries with higher individualism and are less likely to overreact in countries with higher uncertainty avoidance.

Identity and Representation: Does ‘Name’ Matter As An Element of Statehood?

No state is born sans a name. The widely accepted view is that a state comprises its population, the geographical territory, the ruling government and capacity to enter into relations with other states. This paper argues that in addition to these traditionally recognised requirements, the name of a state, as the most suitable signifier of its identity, deserves to be recognised as an element of statehood. The reason for establishing a state is to create conditions as well as justification for exercising sovereign power, which ipso facto requires manifestation of its identity. This expected function seems impracticable at least in an international setting if a state does not have any name at all. The name of a state serves as the most efficacious vehicle for manifesting its identity as a legal entity. Moreover, practices concerning the name and naming of the prospective states show that it has been regarded as a crucial desideratum by the actors concerned in the course of attainment of statehood.

Financial Leverage and Debt Maturity Targeting: International Evidence

We provide evidence on leverage and debt maturity targeting in a large international setting. There are key differences in the relative importance of institutional factors in explaining actual as opposed to target capital structures. Targets and target deviations are plausibly influenced by the institutional environment. Firms from countries with strong legal institutions target lower leverage and higher long-term debt, whereas better-functioning financial systems result in lower target leverage and long-term debt. Financial crisis has shifted the desired structure of the securities toward shorter maturities and has led to more prevalent target deviations. Better institutions significantly decrease the likelihood of target deviations.

Cosmopolitan Identifiers

I propose a simple Unicode-based lexical syntax for programming language identifiers using characters from international scripts (currently Latin, Greek and Cyrillic). What makes such cosmopolitan identifiers special is that each identifier is either equivalent to a uniquely determined simple identifier consisting only of ASCII characters, or that the identifier is a symbolic identifier. This makes collaboration in an international setting easier, especially in contexts where such identifiers are not only used by professional programmers, but are also present in the domain of normal users, for example through scriptable applications.

Safe Space, Dangerous Territory: Young People’s Views on Preventing Radicalization through Education—Perspectives for Pre-Service Teacher Education

Initiatives for preventing radicalization and violent extremism through education (PVE-E) have become a feature of global educational policy and educational institutions across all phases, from early childhood to universities, also in Finland. If schools may be regarded as safe spaces here for identity and worldview construction and experiences of belonging, the specific subject matter of PVE-E is also dangerous territory. Not least because of PVE-E’s focus on radicalization, but above all because of perceptions of schools being used as an adjunct of governmental counter-terrorism policy. We argue that understanding young people’s views on issues related to radicalization and violent extremism is critical in order to develop ethical, sustainable, contextualized, and pedagogical approaches to prevent hostilities and foster peaceful co-existence. After providing some critical framing of the Finnish educational context in a broader international setting, we thus examine young people’s views (n = 3617) in relation to the safe spaces through online survey data gathered as a part of our larger 4-year research project Growing up radical? The role of educational institutions in guiding young people’s worldview construction. Specifically focused on Finland but with potentially wider international implications, more understanding about the topic of PVE-E is needed to inform teacher education and training, to which our empirical data makes some innovative contribution.