The last years have seen a surge of scandals in financial intermediation. This article argues that the agency structure inherent to most forms of financial intermediation gives rise to conflicts of interest. Though this does not excuse scandalous behavior it points out market imperfections. There are four types of conflicts of interest: personal-individual, personal-organizational, impersonal-individual, and finally, impersonal-organizational conflicts. Analyzing recent scandals we find that all four types of conflicts of interest prevail in financial intermediation.

This article examines the structural power of domestic finance in developing and emerging economies in the context of a shift toward increasingly activist financial development planning and financial sector reform. Focusing on efforts to create large, internationally competitive banks in Malaysia and Nigeria dating to the late 1990s and early 2000s, it highlights that banks have not played their envisaged role in financing structural transformation via industrial growth and economic development. Nonetheless, banks in DEEs have attained considerable structural power over (...) financial policy, supporting their ability to shape growth and investment strategies. Therefore, the article proposes a revised model of the structural power of finance, recognizing its contingent nature. States pursue various forms of financialization both as a substitute to, or in conjunction with, industrial policy. Financialized development strategies enhance the structural power of large banks in DEEs, notwithstanding their limited role in meeting the investment/development imperative. (shrink)

This article draws on the conceptualisation of ‘discursive formation’ to examine the particular configuration of the ‘objects, subjects, concepts and strategies’ which constituted ‘nuclear proliferation’ between 2006 and 2012. While previous studies have mostly explored the discourse of nuclear proliferation through the analysis of newspaper texts, few have considered corpora from different sites or considered the changes, transformations and contradictions that take place when meanings are delocated from one site and relocated in another. Elements of poststructuralist discourse theory, critical linguistics (...) and corpus linguistics are brought together to consider how events were constructed within two corpora: UN Security Council resolutions and newspaper articles published in prominent UK and US broadsheets. WordSmith Tools was used to analyse word frequencies, statistical patterns of keywords, word collocation profiles and concordance patterns. Results indicate that the most salient lexical items refer to actors, strategic actions and technologies. As these constituents of nuclear proliferation are delocated from the political sphere and relocated in the public sphere, three discursive strategies unfold: personalisation, normalisation or exceptionalisation, and reification. (shrink)