Capital Conversion Research Articles

REVISITING INFLATION-GROWTH NEXUS: AN ENDOGENOUS GROWTH MODEL WITH FINANCIAL FRICTIONS

This paper presents a new explanation of why the growth effect of inflation reported in the literature is an inverted-U relationship with considerations of lower bound on bank lending rates. We integrate a non-zero lower bound on the lending rate in the discussion and show the effect of inflation on optimal bank loan contracts. This paper believes that informational friction is a source of the negative relationship between inflation and growth when the loan rate constraint is non-binding. Besides, it finds out that once this loan rate constraint is binding, increasing inflation can reduce the real cost of financing capital investment and then contribute to growth. This paper also proves that the non-zero lower limit can only be reached at the low rate of inflation. It implies developing countries that are more likely to have low capital conversion efficiency and high transaction cost would hold a higher inflation-growth nexus than developed countries.

Unequal neurorehabilitation trajectories – a longitudinal case study combining field structures with social Class–Based Capital Conversion

ABSTRACT Inequalities in illness, service provision, and outcomes are well documented in the Nordic universal welfare state. The ways in which inequalities are produced during illness recovery trajectories remain largely unknown. Long-term brain injury rehabilitation in this context provides a window into veiled aspects of inequality and the underlying mechanisms. We examine inequality empirically by combing framing field structures with the classed abilities of families to mobilise capital after a severe acquired brain injury (severe ABI). Using a Bourdieuan theoretical framework, informed by the concepts of field, doxa, cultural health capital (CHC), and rehabilitation capital (RC), we designed a longitudinal case study encompassing professional records, observations, and interviews that tracked and analysed subjects' trajectories. We found that families’ consistent accumulation and conversion of capital was crucial after a severe ABI because of the multifaceted rehabilitation process involving many different field specific agendas and doxas. This study supplements previous concepts (CHC and RC) developed in a health care context by including other rehabilitation contexts. These disparities in forms of capital amongst social classes result in winners and losers and were reflected in the rehabilitation trajectories of the young adults, characterised by continuity on one extreme and broken trajectories on the other.

Integration of human and social capital: the experience of Russian, Chinese and European corporations

The article presents the results of an empirical study of the conversion of two forms of capital - human and social in the conditions of private corporations in Russia, China, Spain. In theoretical studies, conversion is shown as a key synergistic moment in the creation of profits and rent. Based on a multiparadigm methodological approach, a methodology has been constructed that allows one to assess the degree of conversion of human and social capital in the value dimension. An analysis of the value networks of employees of corporations in Russia, China, Spain made it possible to draw general conclusions regarding sociodynamics and options for converting human and social capital: unity/harmony of capital; differentiation/disharmony of capital; different ratios of unity/differentiation of capital. Empirical material shows a significant difference in the characteristics of the conversion of human and social capital of Russians, Chinese and Spaniards according to the following criteria: the density of connections in the respondents' value networks; in the weight characteristics of indicators; in a specific manifestation of generalizing criteria - prosperity and team spirit. The proposed strategy for diagnosing capital conversion is of an applied nature and is used in several other studies.

Reproducing the urban or reappraising the local? Extracurricular activities developed by fellows in an alternative teacher preparation programme in China

ABSTRACT This paper analyses the forms of, and the reasons for developing extracurricular activities by fellow participants in an alternative teacher preparation programme in China. We frame the paper through Bourdieu’s sociology. Our interviews with 16 fellows reveal that fellows manoeuvre their capital portfolio to develop both academic and non-academic forms of extracurricular activities. Reasons for developing extracurricular activities include using available resources through capital conversion, expanding students’ horizon through contemptuous habitus; and taking into account the local needs. Despite fellows’ good intention to compensate local students, we call for reflexivity to transform their contemptuous habitus into one that realises local values.

Effect of Capital Conversion in the Form of a Reverse Mortgage on Benefits for Senior Citizens in Major Cities of Poland

The aging of population is a common problem in the modern economy and finance. Reverse mortgage is one of alternative ways of raising citizens’ standard of living after retiring by obtaining financial benefits accumulated in a residential property. The aim of the study is to evaluate a role of equity release service in providing additional household income for senior citizens illustrated by the case of a reverse mortgage. This type of service consists in transformation of non-liquid, tied-up in property capital into liquid financial resources. Thanks to capital conversion, senior citizens can supplement retirement benefits without a need to leave their property. The research hypothesis verified in the study stated that benefits paid as equity release in the form of a reverse mortgage provided greater support for women than for men. That hypothesis was rejected.

Calling All Facebook Friends: Exploring Requests for Help on Facebook

Past research suggests Facebook use is linked to perceptions of social capital, a concept that taps into the resources people gain from interactions with their social network. In this study, we examine a sample of public Facebook status updates (N=20,000) for instances in which users request a response from their network. These attempts to mobilize resources offer insight into the mechanisms through which Facebook is used for social capital conversion. After identifying mobilization requests (N=856), we categorize them by cost (i.e., effort needed to satisfy the request) and type (e.g., opinion, information, social coordination) in order to describe the prevalence of these requests and the extent to which they require effort on the part of the potential responders. Finally, we examine characteristics of these users and the linguistic characteristics of status updates that contain mobilization requests.

Adaptation Strategies of Migrant Workers from Ukraine during the COVID-19 Pandemic

The COVID-19 pandemic has had far-reaching social and economic consequences. They are visible particularly in the functioning of local labour markets, affecting less privileged groups such as migrant workers, in a specific way. Here, our analysis aims to identify the strategies of adaptation of Ukrainian economic migrants to the changing situation in the local labour market in the Poznań agglomeration during the COVID-19 pandemic. The analysis relies on the results from quantitative research on changes in the demand for labour and adjustment of competence of immigrants to the Poznań agglomeration labour market throughout the pandemic and in the perspective of the nearest future, as well as on qualitative research conducted using the IDI (in-depth interviews) technique, carried out via the purposive sampling of 30 economically active Ukrainian migrant workers. The identified adaptation strategies are organised according to the assumptions of Pierre Bourdieu’s concept of capital(s). The capital of the researched group with respect to the labour market is treated as both the potential and resources the immigrants offer, produce, apply, and mutually convert in the implementation of their own adaptation strategies to the changing situation of the labour market. We extracted eight types of migrant adaptation strategies with respect to the labour market. These strategies differ in terms of objectives, resources, time perspectives, and other factors considered to be important from migrants’ perspectives. On the basis of interviews, we were able to assess the robustness of these strategies in view of economic shocks and identify the process of capital conversion and exchange.

Ukrainian

The article is devoted to theoretical problems of social capital conversion in modern conditions based on modern ideas and taking into account the specifi cs of social capital formation in Ukraine in recent years as well as the latest achievements of social practices in European countries. The article is relevant due to the need to accelerate the processes of social capitalization and its conversion into open productive forms for social consensus, social development and economic growth. The novelty of the study lies in the formation of a system of views on the nature of social conversion, its contradictions, identifi ed on the basis of systematization of existing relationships and interdependencies in this area, as well as substantiation of models to minimize possible negative consequences for society. The positions of social capital in the structure of total capital, its connection with natural, physical, fi nancial and human capital are conceptually defi ned, and the leading role of open social capital in the formation of a democratic society is proved. The specifi cs of the conversion of social capital in comparison with other forms of capital are revealed. It is established that currently the contradiction between national and corporate social capital is gaining signs of stability. The basic principles and methods of conversion of social capital, adequate to the conditions of formation of a democratic society, are substantiated. Based on the assessment of real trends in socio-economic development and common social practices, three possible models of minimizing the contradictions that arise during the conversion of domestic social capital are proposed, each of which is subject to specifi c tasks and achieving certain development goals. The model of mobilization adaptation is based on the formation of new values in society, norms by public authorities using mostly ideological resources of infl uence on the basis of authority and trust in it by citizens. The model of modernization is focused on updating the statutory norms and rules through their approximation to real economic needs and social practices in accordance with the notion that any law is a normalized ingrained tradition. The model of compromise solutions involves achieving a balance between formal and informal norms in order to achieve a synergistic eff ect from the conversion of social capital.

Who achieves superior rates of upward social mobility and better labor market outcomes in China: international student returnees or postgraduates who study domestically?

Given the growth in student mobility and transnational higher education, there is an abundance of research on international students’ studying and living experiences in a new environment. However, their poststudy transitions and social mobility have rarely been touched. This study addresses how student returnees perform in China’s labor market and social mobility, following their accomplishment of their master degree in the UK and return to China. In theoretical considerations of the graduates’ social mobility, Bourdieu’s capital theory helps identify the capital accumulation and conversion in the social mobility process. Based on a survey to collect data, 756 questionnaires are collected, including 347 questionnaires for returnees and 409 questionnaires for home graduates. Multi-regression model and visualization are employed to analyze the collected data. This study reports that home graduates have better performance in social mobility than their peers. Additionally, employment preference and spatial mobility between international and home graduates represent large diversity.

ПОЛІТИЧНА СУБ’ЄКТНІСТЬ В УМОВАХ ФОРМУВАННЯ НОВОГО СВІТОПОРЯДКУ

The research problem of the forms and characteristics of political subjectivity transformation within the framework of the new political world order formation is actualized in this article. The erosion of power, the legitimacy crisis of key political institutions, the rapid development of information technology and the accessibility of big data have resulted in entry threshold into politics and an increase in the influence of macro actors (non-institutionalized and initially non-political, mostly group-based). The concept of political subjectivity and the category of subjectlessness of politics as a phenomenon and a procedural characteristic require rethinking within political science. The aim of the publication was to conceptualize the political subjectivity and pre-title categories in the context of the key theoretical and methodological approaches of the interdisciplinary academic discourse. The understanding of political subjectivity within the framework of institutionalism, systems theory, post-bihevioralism and interest group theory, activist sociology and the actor-network theory is highlighted. It is paid an attention to the concept of the «death of the subject» in poststructuralism (M. Foucault), the categories of agency and habitus in structuralist constructivism (P. Bourdieu), the concept of inter-subjectivity in politics (H. Arendt, J. Habermas) and society as a set of practices (S. Muff, St. Laclau), the idea of rupture and interpassivity (S. Žižek) etc. The theory of capital conversion, which can be used to analyze the «profile of subjectivity» of political actors, is considered. The author’s definition of the categories of «political actor» and «political subject» is given. The authors conclude that the most optimal for the study of the subjectivity of political actors in the new world order is the synergistic paradigm, or complexity theory. According to this paradigm, if there are political actors (institutions, interest groups, individuals) in the political space, their influence on the transformation of the political space is possible at bifurcation points and has a random and unpredictable nature. The formation of a new world order as a nonlinear political process is characterized by the trend of subjectlessness as a general procedural characteristic. As a method for studying this trend, the method assemblage (J. Lo) as a process of «gathering» the objects of reality is suggested.

Mapping the Food Festivals and Sustainable Capitals: Evidence from Poland

This study is one of the first attempts to identify and explain the location of food festivals in the context of locally embedded capitals. A multidimensional spatial model was developed and a typology using the k-means method was carried out to evaluate the mapping of 64 food festivals organized in various locations in Poland. With reference to Bourdieu’s concept, the economic, social, cultural, symbolic, and tourism capitals rooted in the local environment were examined and compared with the location of festivals. From the theoretical point of view, this study extends the theory of capital to include the new category of tourism capital, which allows better understanding of the economic effects of festivals. It is the missing element of the circular mechanism of capital conversion. Our study shows that food festivals in Poland are held mainly in large cities and their neighboring municipalities rather than in peripheral rural areas. We indicate that the urban areas have a higher level of capitals and sustainability of capitals for food festivals than rural areas. The conducted research shows that the economic effect of food festivals is stronger in locations with high tourism capital. The proposed model is universal and can be used to analyze the impact of various festivals on capital conversion and local development.

Spotlight on UK artisan entrepreneurs' situated collaborations: through the lens of entrepreneurial capitals and their conversion

PurposeThe article's purpose is to demonstrate how UK artisan entrepreneurs organise entrepreneurial activities within the context of a creative industry organisation. The research asks how artisan entrepreneurs draw on contexts to manage entrepreneurial activities. The article investigates how these entrepreneurs organise collaborative business solutions through the lens of entrepreneurial capitals and their conversion.Design/methodology/approachThe research study employed a phenomenological approach to analyse the situated entrepreneurial activities of artisan entrepreneurs. Ethnographic methods assisted in capturing these activities.FindingsThe findings demonstrated the context-dependent collaborative business solutions by artisan entrepreneurs. Such solutions emerge from the interplay of the materiality of buildings, social relations management and personal resources. This materiality facilitates creative forms of social relations management for entrepreneurial activities between artisan entrepreneurs.Practical implicationsThe discussed entrepreneurial collaborative solutions are beneficial for many entrepreneurs in fragmented working conditions.Originality/valueThe detailed discussion of how artisan entrepreneurs organise entrepreneurial activities individually and collaboratively sheds light on dynamic microprocesses in context. The lens of entrepreneurial capitals and their conversion for these microprocesses integrates the literature on capital conversions with context as the main contribution to theory. This lens allows to home in on social relations and material environment management adding more fine-grained insights into how these micro-exchange processes work. These insights contribute to the literature on artisan entrepreneurship in the creative industries and entrepreneurship and context.

Bali Traditional Architecture: Sustainability from the Perspective of Capital Concept

This study aims to reveal the sustainability of Balinese traditional residential architectural practices which are based on the provisions of traditional ethnic Balinese social stratification and refers to the capital ownership in Generative Structural Theory from Pierre Bourdieu (economic, cultural, social and symbolic). At present, there are dynamics ownership and capital conversion in the traditional social strata which affect the sustainability of traditional residential architecture practices. The traditional Balinese residential architecture in this study is understood to be the spatial layout and traditional residential buildings of the Middle Bali era. Its sustainability today is seen from the concept of capital in the perspective of Bourdieu’s theory. The basic assumption of Bourdieu’s theory is basically that humans are in the field of social struggle to emerge victorious by competing with one another. This study is a qualitative research with interpretative descriptive method. Primary data were obtained from selected informants (purposive) and from field observations, as well as secondary data from the literature. The study findings show that traditional residential architecture practices in the Middle Bali era were strongly influenced by capital ownership (economic, cultural, social, and symbolic) with various forms of conversion to traditional Balinese aristocratic (triwangsa). Development at this time has opened the opportunity to control various capital for ordinary community (jabawangsa), so that the realm of Balinese traditional housing becomes a medium of struggle as well as a symbol of success in social struggle. On the other hand, the contestation of Balinese traditional residential architectural practices is a sustainability in the arena of social struggle within Balinese society today.

Branding Spin-Off Scholarly Journals: Transmuting Symbolic Capital into Economic Capital

In this article, we analyse a relatively recent commercial strategy used by large academic publishers to capitalize on the brand names of their most prestigious scientific journals. Using Pierre Bourdieu’s model of capital conversion, we explain how publishers transfer the symbolic capital of an already prestigious journal to derivative journals that share in the prestige of the original brand and transform it into new economic capital. As shown by their high impact factors, these newly created journals benefit from the name recognition and reputation of the originals after which they are named. Plus, through a manuscript routing mechanism, the publishers recycle some of the submissions rejected by their highly selective flagship journal by redirecting those manuscripts, along with their reviews, to derivative journals or to one of the lower-impact journals on their list, which may require an article processing charge for publication.

Entrepreneurial strategies in a family business: growth and capital conversions in historical perspective

This article focuses on the entrepreneurial and pro-social activities of William Rushworth II from 1897 to 1944. He inherited a family business modest in scale, which eventually became one of the largest music houses in the world. The Company business model incorporated entrepreneurial and pro-social activities. Our theoretical model shows the transmutability of the forms of capital and how they were utilised by William to identify productive opportunities in the music industry sub-field. Our findings show that converting cultural capital into economic capital was of prime importance to an entrepreneur operating within the cultural industries. Bridging social capital was vital to build links vertically and horizontally across the industry value chain to transform cultural capital into symbolic and economic capital. Intra-field habitus hybridisation was utilised to transfer practices within the different sub-fields of the cultural industries. William transformed his economic capital into social and cultural capital through his support and sponsorship of music and the arts. Business success led to appointments to prestigious organisations and entry into the field of power.

Paid Work alongside Higher Education Studies as an Investment in Human Capital

In this study, using a database of higher education student surveys, we analyse the motivations behind paid work through cluster analysis and reveal which variables influence them. We hypothesise that working while studying is also an investment in human capital. We research to what extent students are motivated to work alongside their studies by the possibility of acquiring work experience and future financial return. Furthermore, we examine whether Bourdieuan capital conversion is characteristic of students. We found that acquiring work experience was a more important motive behind paid work than acquiring cultural and social capital and the possibility of capital conversion. We also found that students from disadvantaged backgrounds are primarily motivated to seek employment by the prospect of short-term income. It is a significant finding that even if the students’ jobs are not related to their studies, they still have the goal of gaining professional experience and increasing their capital, which implies that they consider many of these jobs to be an investment in human capital (even if it does not yield a return in the future; see the theoretical section). According to our policy recommendation, higher education institutions should offer students more study-related employment opportunities in the examined Central European region, while employers should also attribute a greater value to the professional experience acquired alongside higher education studies.

THE SOCIAL STRUGGLE OF PRACTICES CONTEMPORARY RAJAH PANYENGKER IN BALI

This study aims to analyze why there are practitioners today who still interpret Rajah Panyengker (mystical script) as a means of obtaining understanding, safety. Yet in reality they also practice Hindu religious rituals with the same purpose. The answers to these questions are sought in the arena of social struggle of practitioners Rajah Panyengker. In relation to their desire to emerge victorious in the arena of social and social struggle, they felt the need to convert capital so that they would not lose against their colleagues, fellow practitioners. The size of a practitioner's cultural capital is very dependent on his habitus. Therefore the answers to the research questions will be sought in the formation of the habitus of Rajah Panyengker practitioners. How the habitus forms the mystical cultural capital of practitioners regarding Rajah Panyengker, then places it in the arena of social struggle of the Balinese people today. Thus the focus of this study is directed at the meeting between the arenas of practitioners' internal social struggle with the users of Rajah Penyengker. Generative structural theory is used as a basis for thinking to understand and explain these problems. The conclusion of this study, that to emerge victorious in the arena of social struggle, practitioners fulfill the wishes of patients who want to get Rajah Penyengker. In the arena of social struggle like that, practitioners Rajah Panyengker do capital conversion. Thus this phenomenon illustrates the increasing arena of social struggle for practitioners of Rajah Penyenker today, not to search for positivistic origins or their backgrounds to interpret Rajah Penyengker. 
 Keywords: Rajah Panyengker, social struggle, practitioners

How Do NPOs Get Funding? A Business Model Perspective Based on the Conversion of Symbolic Capital

Despite intensive research dedicated to both social alliances and business models, a research gap persists with regard to why and how nonprofit organizations (NPOs) choose (or not) to partner with for-profit organizations (FPOs) to obtain funding. By adopting an NPO-centered analysis, this article presents a new framework, based on Bourdieu’s forms of capital. With an explicit consideration of symbolic capital—and the risks of damaging it if the NPO turns to FPOs for funding—the authors explore specific issues related to NPO business models. The empirical test of the framework relies on an original database of 150 nongovernmental organizations with international scope. It reveals four distinct business models (public, civic, opportunistic, and diversified) and demonstrates that a high stock of symbolic capital gives organizations the power to choose and eventually diversify their funding sources, including partnering with select FPOs.

Capital configurations and trade-offs: How do families with children, wishing to move to a rural area, search for their new location in order to achieve desired forms of capital?

Since the 1970s, the concept of counterurbanization has been used within geographical and rural studies to denote the demographic revival and growth of rural areas. However, little is known about how contemporary urban-to-rural migrants actually search for their future residence. This is unfortunate, as the increased use of internet search tools may become a crucial facilitator for significant counterurbanization by providing families key information about hitherto ‘forgotten’ places where they can, better than in the larger cities, achieve the specific stocks, or ‘configurations’, of social, cultural and economic capital they desire. Therefore, drawing on Contextual Inquiry based, semi-structured interviews with 8 Danish families in various parts of Denmark in spring 2018, the purpose is to shed more light on how families with children in practice use what we term information capital , i.e. online and offline search strategies, in order to find their ideal rural place to live. In this way, information capital becomes a kind of ‘auxiliary’ capital, which allows various types of families to identify and achieve exactly the configurations of capital they desire and, by this, increase their life quality. Within a dynamic, Bourdieusian capital conversion framework, the paper shows how the families must ‘sacrifice’ capital in order to achieve desired forms of capital, that is, make trade off between various forms of capital, as for example trading off economic for social capital. • Urban-to-rural migrant families can be divided into three ideal types: Relation, Practical and Practical-Relation families. • Trade-off strategies: In relation to relocation, families traded off some forms of capital for others, e.g. economic for social. • Internet search tools should be seen as an important facilitator for counterurbanization. • In their search for a new rural location, both online and offline information capital became crucial for all families.

Sustainability evaluation based on the Three-dimensional Ecological Footprint and Human Development Index: A case study on the four island regions in China

Sustainable development emphasizes the sustainability of natural resources and the environment as well as the development of social welfare. Under the background of resource scarcity and environmental constraints, maximizing social welfare is an inevitable choice to achieve sustainable development. Ecological Wellbeing Performance (EWP) can comprehensively reflect the efficiency of natural capital conversion into social welfare, and improving EWP is a feasible measure to achieve sustainable development. Moreover, island areas are the extremely complicated ecological-social-economic systems due to the traits that are geographical isolation, scarce resources, and frequent natural disasters, so that emphasizing the sustainability of island systems is a key step for achieving sustainable development goals. This study developed the EWP model based on the improved Three-dimensional Ecological Footprint (EF) and urban-scale Human Development Index (HDI), to synthetically evaluate and analyze the sustainable development of four major island regions in China with the data in 2017. Results found that: (1) The four regions are all in ecological deficits, being in exchange for overdraft natural capital for economic development. The EFdepth is greater than the original length 1 indicating the excessive consumption of the natural capital stock. The EFsize reflects the abundance and liquidity of regional natural capital, all the four regions are with the generally low level of flow capital utilization. Hainan with highest EFsize 0.428 is due to its comparatively sparse population density, abundant resources, and strong ecological capacity, while the relatively large population density and more restricted natural capital flows make Taiwan in the lowest value. (2) Judging from the evaluation results of the HDI, Chongming (0.796) and Hainan (0.773) high development level are relatively behind Taiwan (0.912) and Zhoushan (0.827) very high development level, for the impact of income is greater, that is, economic development in Hainan and Chongming is slightly weak. (3) Taiwan, with the highest EWP 3.646, shows the excellent natural resource utilization efficiency and sustainability, followed by Zhoushan, Chongming, and Hainan. In general, increasing HDI while reducing EF can be an ideal way to improve the efficiency of ecological resources and achieve sustainable urban development.