I’m giving the following talk at the 13th AIPEN Workshop to be held at the University of Melbourne on 9th and 10th February 2023 – thanks to Dr Sara Meger and colleagues for organising.
From Jones to Sunak: How The City and Financialised Hedge Funds Shape The United Kingdom’s Political Economy
Rishi Sunak’s rapid ascension to becoming Prime Minister of the United Kingdom in October 2022 signalled how financialisation and capital accumulation shape the United Kingdom’s political economy. This paper investigates how Sunak’s career in Goldman Sachs and in the hedge funds the Children’s Investment Fund Management and Theleme Partners gave him the reputation and the decision-making skills to outflank former Prime Minister Liz Truss, whose Trussonomics fiscal policies sought to provide unfunded tax arbitrage for her 1% donors. The blow up in October 2022 of Liability Driven Investment leveraged strategies in United Kingdom pension funds created a classic Bagehot-style run on the gilt: financial markets reacted by deligitimating Truss and instead backing Sunak. I show how Sunak was able to use the unique meso-level (organisational) strategic subcultures of hedge funds to accumulate capital and to gain valuable tactical skills for his subsequent political career, from COVID-19 crisis alpha (reflected in Theleme Partners’ position size in the pharmaceutical firm Moderna), to pursuing new fiscal and monetary policies that reflected the City’s Big Bank deregulation experience under former Prime Minister Margaret Thatcher in the 1980s, far more than Liz Truss’s wishful idolisation of Thatcher as a leadership symbol. Global political economy lessons are drawn for future capital accumulation in Sydney (Australia), Tokyo (Japan), and Singapore financial hubs, despite the high likelihood of a bear market and continued geopolitical volatility. The likely result despite counter-hegemonic demands will be a version of the Matthew Effect: the (already) successful will become more successful.
On Friday, I’m presenting at the 12th Australian International Political Economy Workshop on the ‘Çorporations and Power’ panel. You can download my presentation slides here. Thanks to AIPEN and The University of Queensland for a travel bursary to attend and present at the Workshop.
Update: an iPhone recording of the AIPEN talk can be heard here.
My 2020 Monash University political science PhD dissertation The Development of Strategic Culture in Terrorist Organisations is now publicly available to read and download. An archive of PhD Candidature documents is also publicly available. Thanks to my PhD Supervisors, Examiners, and Research Support staff. You can also read an archive of Postdoc applications. I continue to add to my Academia.edu archive and am working on new papers.
You can now read a sample chapter and the milestone documentation from my 2020 Monash University embargoed political science PhD on Japan’s new religious movement Aum Shinrikyo. This release is part of my in-progress updates to my Academia.edu profile.
The published version of my new Futures article on futures studies and strategic foresight scholar Richard Slaughter is out as part of a special issue (you can also read the Author Accepted Manuscript version). It is free to download from the publisher Elsevier for the next 50 days. You can also read a 2005 article by me on Slaughter’s scholarship.
The Australian International Political Economic Network is holding its 12th Workshop at The University of Queensland, Brisbane, Australia on the 3rd and 4th February 2022 (rescheduled due to COVID-19 lockdowns). AIPEN and UQ have kindly provided me with a travel bursary to attend the 12th Workshop: my thanks to Associate Professor Shahar Hameiri, Ms. Monica Di Leo, and Ms. Olivia Formby for their help. Here is the abstract of my proposed talk:
The Political Economy of Media Debates on COVID-19’s Origins
Dr Alex Burns, Melbourne Graduate School of Education, The University of Melbourne.
Since its emergence in China’s city Wuhan in late 2019, the COVID-19 virus has caused an international pandemic, a major public health emergency, and has had significant economic impacts. Two rival explanatory hypotheses developed regarding COVID-19’s origins: (1) zoonotic disease transfer from animals to humans, likely involving bats, and (2) a ‘lab leak’ theory involving a possible accident at the Wuhan Institute of Virology. The World Health Organisation promoted the zoonotic disease transfer hypothesis: this became the dominant explanation during COVID-19’s initial global outbreak in 2020. However, Trump Administration officials in the United States promoted the ‘lab leak’ theory in the geopolitical context of a trade war with China. The ‘lab leak’ theory – initially dismissed as fringe conspiratorial thinking – gained further media coverage in 2021 after long-form investigative journalism profiles by Nicholson Baker (New York Magazine) and Nicholas Wade (Bulletin of the Atomic Scientists). These profiles led to renewed debate in the media about scientific research funding; the promises and dangers of virology research; the history of laboratory accidents; and the difficulties of international governance and verification. This presentation investigates the political economy of this media debate on COVID-19’s origins, and it also provides a contemporary update to the influential propaganda model developed by Edward S. Herman and Noam Chomsky (Manufacturing Consent: The Political Economy of the Mass Media).
You can listen to my AIPEN 11th Workshop talk from 2020 here.
Three recent pieces from my research newsletter:
- Mapping US Power Shifts: the personal synthesis behind a Postdoc application.
- Deaths of Despair: the personal impacts of Angus Deaton and Anne Case’s research on health, inequality, mortality risk, and poverty transmission.
- Theta Race: why Silicon Valley restructuring higher education might be a good thing.
A recent post from my research newsletter on what my Bachelor of Arts from La Trobe University taught me.
Some updates from my new research newsletter:
#PublishingPaidMe: what I learned from my 1994-2004 freelance journalism career.
Research Publishing Analytics: how I use them to assess researcher track records.
The Time Value of Research: on the opportunity costs involved with being a researcher.
Research and Deflation: on conducting research in a deflationary macroeconomic environment.
I’ve started a new Substack-hosted subscription-based research newsletter. This will provide more event and time-based commentary on politics, terrorism, and political economy – several times a week – to my Vega Theory research program blog.