ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Illusion of Democracy in Financial Markets

Democratising of financial trading fails to recognise the skewed character of finance markets.

Strange and Worrying International Market Liquidity

There seems to be a rise in illusory liquidity in international markets, which appears to be plentiful in quiet times, but vanishes at other times. “Flash crashes” are more frequent. Reforms that have made banks safer have contributed to this, leading to a withdrawal of short-term market participants, and causing long-term investors to act short term. There seems to be a trade-off between day-to-day liquidity and what I call “systemic liquidity.”

Reforming the Risky Financial System

Other People's Money: The Real Business of Finance by John Kay; New York: Public Affairs, 2015; pp 352, $27.99 (hardcover).

Migration, Bachelorhood and Discontent among the Patidars

Juxtaposing data collected in the 1950s with data from 2013, this paper describes some of the consequences of a crisis of agriculture in India as a crisis of values and aspirations. Among a relatively prosperous Patidar community in western India, agriculture continues to be economically remunerative while farmers are considered poor. Instead, the ability to secure a job away from land, to move out of the village and possibly overseas have come to constitute new markers of status in a traditionally competitive society. The paper departs from common representations of the caste as an upwardly mobile and successful group, and focuses instead on the discontent and on those who try to achieve the new values of the caste, but fail. As a consequence of failure it shows how Patidars recur to what, from an outsider's point of view, may seem paradoxical: in order to "move up" and participate in the culture and economy of the caste, they have to "move down." In this respect, the paper also contributes to understanding the unevenness of India's growth and the contrary trends that work both to strengthen and weaken caste identity.
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