Who would you entrust your car to? Many of us who drive entrust our cars to parking valets, exchanging the keys for a small ticket handed to us by a company employee, often stationed behind a kiosk where prices are shown. We find comfort in knowing that if the car were to be stolen, we could always call the police to handle the matter. We might also entrust our cars to friends or family members. Since they are close to us, we expect them to take good care of the vehicle.
These two scenarios roughly correspond to the two predominant explanations that the social science literature offers about what makes trust possible. In the first case, reliable institutions make trust possible; in the second, group dynamics—and particularly, the recognition of others as members of our same group (homophily)—do.
Yet, in a recently published article, I explore the case of informal car-parkers in Mexico City—often dubbed “viene-vienes”—and their interactions with clients, which defies both of these explanations. Amid the busy streets of Mexico City, with its terrible traffic and limited parking, middle- and high-class Mexicans often entrust their cars—keys and all—to informal car parkers with no institutional affiliations.
What is the relationship between markets, money and their infrastructures? Economists tell us that the relationship is straightforward: money makes markets “fluid” and adequate infrastructures make them efficient. But ongoing attempts at integrating financial markets in Europe teach us a different story.
In a series of three recently published research articles, I analyze the
interlacing problems in present-day Europe of (a) creating an integrated infrastructure for
financial markets, (b) rendering
financial markets liquid and efficient without producing systemic
risks, and (c) drawing
a line between money as a tradeable commodity in the market
and as a fluidifying medium for markets (an infrastructure).
This nexus of problems reveals fundamental contradictions inscribed in the
legal and political foundations for still ongoing European financial market
integration processes. Mapping these contradictions can recast our
understanding of controversies and debates related to integration processes
ranging from bureaucratic disagreements over technical issues to open political
conflict in the aftermath of the Great Financial Crisis of 2009.
The financial crisis of 2008, along with the Great Recession it triggered, has defined the course of the 21st century. Yet, despite the political agitation and economic hardship that ensued, everything appears to be back to the right track. The major stock market indices have reached new highs: In November, the Dow Jones surpassed 28,000 for the first time in history. US household debt just broke the $14 trillion mark. In the era of Dodd-Frank, the financial sector seems more regulated and stable. Compared to the turmoil in the political sphere, the US economy appears to be smooth sailing.
But what does this “right track” mean?
Our new book, Divested: Inequality in the Age of Finance, shows that the most damaging consequence of the contemporary financial system is not simply recurrent financial crises but the social divide it has generated between the haves and have-nots over the past 40 years.
The US labor market has undergone major changes in the types of occupations that are in demand over the last fifty years. Since the 1970s, many jobs and sectors traditionally dominated by men have contracted or disappeared. For example, the manufacturing and construction sectors – both heavily male-dominated sectors – were among the hardest hit industries during the Great Recession in terms of job losses, and jobs in the manufacturing sector have had an overall decline of over 50% since the 1970s.
On the other hand, the demand for jobs traditionally held by women has increased significantly, and these patterns are expected to continue in the future. In fact, women dominate the majority of industries projected to have the highest job growth over the next decade. If the jobs that women currently dominate represent the future occupational landscape, will men enter these jobs?
Diversity is increasingly recognized as important in the workplace, be it for performance, legitimacy, or social justice reasons, and schools as workplaces are no exception. Three recent trends in education point to the importance of a racially diverse teacher workforce for better student outcomes, especially for racial minority students.
First, studies in education continually show gains in gifted placement, attendance, and achievement for racial minority students assigned to a racial minority teacher. Second, such “racial matching” is not available to many racial minority students because of racial segregation in schools. While more than 50% of US public school children are nonwhite, only 20% of public school teachers in the US are nonwhite. Third, nonwhite teachers have higher levels of turnover than white teachers.
We need a deeper understanding of not only how schools recruit teachers of color, but also how organizational conditions in schools can better retain teachers of color. These insights can be applied to similar organizational settings where diversity management is consequential for client/customer experiences and outcomes (e.g., hospitals, retail), or to any workplace concerned with racial equity in employees’ access to workplace resources post-hire.