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Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International Overview
Type: Book
ISBN: 978-1-80043-786-9

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Explaining Growth in the Middle East
Type: Book
ISBN: 978-0-44452-240-5

Book part
Publication date: 8 July 2010

Jennifer S. Hunt

Purpose – This chapter examines the impact of oil price volatility on domestic political stability in a key supplier state.Methodology – This chapter uses prospect theory to…

Abstract

Purpose – This chapter examines the impact of oil price volatility on domestic political stability in a key supplier state.

Methodology – This chapter uses prospect theory to analyse socio-political instability based on significant changes in a supplier state's largest revenue source. Prospect theory posits that decisions are framed around a pivotal reference point which may or may not correspond to the status quo, but which nonetheless directly affects risk appetite. This analysis uses Iran as a case study, and relative oil price as the reference point to analyse risk-acceptant decision-making surrounding the 2009 Presidential election.

Findings – Dramatic economic context could be a contributing factor to risk-acceptant behaviour in domestic politics. Specifically, volatile price swings in Iran's main source of income, oil, which contributes over 80 per cent in direct and indirect revenue, and perceived external decline therein, may have been a destabilising factor. Combined with loss aversion, this context may have facilitated measures beyond those dictated by rational utility calculus to secure conservative rule in the 2009 election, and in the ensuing unrest.

Research Limitations – Prospect theory is difficult to test outside of carefully framed laboratory experiments. Although its insights have been applied to investment behaviour, management and domestic politics, in conflict studies, robust empirical support remains underdeveloped. Moreover, since prospect theory is an individual model of decision-making, difficulties arise when dealing with nation states with multiple centres of power.

Implications – Prospect theory may be a useful analytic tool for analysing risk-acceptant decision-making in the context of dynamic economic situations.

Originality – Although this analysis complements research on rentier state theory, prospect theory integrates recent developments in behavioural economics and political psychology that may offer a new way to conceptualise the role of expectations and choice framing in decision-making which drives political stability.

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Economics of War and Peace: Economic, Legal, and Political Perspectives
Type: Book
ISBN: 978-0-85724-004-0

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Special Edition: Financial Crisis - Environmental Crisis: What is the Link?
Type: Book
ISBN: 978-1-78052-670-6

Book part
Publication date: 17 December 2009

Colin Hines

Section one of this chapter is a description of what ‘The Green New Deal’ is and how it could be financed. The term was first coined by the author and the report of the same name…

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Section one of this chapter is a description of what ‘The Green New Deal’ is and how it could be financed. The term was first coined by the author and the report of the same name was first published in July 2008 by the New Economics Foundation (nef) to deal with the ‘triple crunch’ of climate change, energy insecurity/price instability and the financial and economic meltdown (nef, 2008).

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The Transition to Sustainable Living and Practice
Type: Book
ISBN: 978-1-84950-641-0

Book part
Publication date: 8 November 2010

Farhang Morady

Since the election of June 2009, the Islamic Republic of Iran has witnessed a huge crisis with the outburst of street protests and demonstrations, challenging its validity…

Abstract

Since the election of June 2009, the Islamic Republic of Iran has witnessed a huge crisis with the outburst of street protests and demonstrations, challenging its validity. Indeed, it has been so intense that it has shaken the whole Islamic Republic for the first time since the 1979 Iranian revolution. What has happened since the disputed election was an upheaval few had anticipated, an opening of Pandora's box, with millions daring to question the, Velayate Fagih, the most important constituent of the Islamic Republic. This postelection period has created a “revolutionary”’ potential that has so far been met with repressive force and violence on the part of the ruling elites leaving no leverage for compromise. Of course, in the 30 years since the revolution, the Islamic Republic's power structures have faced factionalism. These recent developments demonstrate how deeply rooted run the contradictions and differences between the various groups. This upheaval has thrown all sorts of questions into the air: could Iran remain as a Republic? Or would Iran turn into a God's Kingdom, ever more dictatorial in its approach? Or would the splits within the ruling elites continue to crack the fabric of the regime? Will there be a similar schism to that which took place during the Constitutional Revolution in the early 20th century when a leading member of the clergy, Noori, was finally hanged in July 1909 for being openly against reform? Finally, what is the possibility of change beyond the Islamic Republic in Iran?

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The National Question and the Question of Crisis
Type: Book
ISBN: 978-0-85724-493-2

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Explaining Growth in the Middle East
Type: Book
ISBN: 978-0-44452-240-5

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Book part
Publication date: 14 November 2006

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Explaining Growth in the Middle East
Type: Book
ISBN: 978-0-44452-240-5

Book part
Publication date: 3 December 2005

Paul Paolucci, Micah Holland and Shannon Williams

Machiavelli's dictums in The Prince (1977) instigated the modern discourse on power. Arguing that “there's such a difference between the way we really live and the way we ought to…

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Machiavelli's dictums in The Prince (1977) instigated the modern discourse on power. Arguing that “there's such a difference between the way we really live and the way we ought to live that the man who neglects the real to study the ideal will learn to accomplish his ruin, not his salvation” (Machiavelli, 1977, p. 44), his approach is a realist one. In this text, Machiavelli (1977, p. 3) endeavors to “discuss the rule of princes” and to “lay down principles for them.” Taking his lead, Foucault (1978, p. 97) argued that “if it is true that Machiavelli was among the few…who conceived the power of the Prince in terms of force relationships, perhaps we need to go one step further, do without the persona of the Prince, and decipher mechanisms on the basis of a strategy that is immanent in force relationships.” He believed that we should “investigate…how mechanisms of power have been able to function…how these mechanisms…have begun to become economically advantageous and politically useful…in a given context for specific reasons,” and, therefore, “we should…base our analysis of power on the study of the techniques and tactics of domination” (Foucault, 1980, pp. 100–102). Conceptualizing such techniques and tactics as the “art of governance”, Foucault (1991), examined power as strategies geared toward managing civic populations through shaping people's dispositions and behaviors.

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Social Theory as Politics in Knowledge
Type: Book
ISBN: 978-1-84950-363-1

Book part
Publication date: 3 April 2024

Christopher McMahon and Peter Templeton

This chapter builds upon the analysis of the last chapter, as fans have to deal with the issues that arise from their team’s financial superiority. Here, we question what happens…

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This chapter builds upon the analysis of the last chapter, as fans have to deal with the issues that arise from their team’s financial superiority. Here, we question what happens when that financial superiority is accompanied by significant moral and ethical issues. Recent involvement of state actors in the ownership of English football has been evidencable and occasionally appears clear. Various reflexes and cognitive distancing occur from fandoms when football club ownership engages in practices that, according to the normative models that fans ascribe to their clubs, are mutually exclusive with the values of the fanbase and the club’s history. A common form of fan reflex often takes the form of distancing the players on the pitch from the club’s institutional structures, effectively teasing out the matchday experience from the structures that benefit from the raw emotion it generates. Another reflex is questioning why the fan should surrender their club when a morally, ethically problematic ownership model has acquired it. Here we have perhaps the greatest challenge to the normative model and, rather than negotiating that tension, as often as not the response is to try and ignore it.

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Contradictions in Fan Culture and Club Ownership in Contemporary English Football: The Game's Gone
Type: Book
ISBN: 978-1-83549-024-2

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