期刊简介

《新政治经济学》（New Political Economy）是一份涵盖国际政治经济学研究的双月刊同行评审学术期刊。其成立于1996年，由Routledge出版。本刊是国际政治经济学领域的主流期刊之一，与《国际政治经济学评论》（Review of International Political Economy）并列。2020年该刊影响因子为4.681。

本期目录

1. 太阳能光伏板尽头的光：加沙地带、地缘政治冲突与可再生能源转型之间的相互作用

Light at the End of the Panel: The Gaza Strip and the Interplay Between Geopolitical Conflict and Renewable Energy Transition

2. 治理金融科技与作为治理的金融科技：监管沙盒、风险清洗和破坏性社会分类

Governing Fintech and Fintech as Governance: The Regulatory Sandbox，Riskwashing，and Disruptive Social Classification

3. 市场化银行时代的金融力量

4. 英格兰足球的“日常”文化政治经济学：温布利球场的未来与草根比赛的概念化

Towards an ‘Everyday’ Cultural Political Economy of English Football: Conceptualizing the Futures of Wembley Stadium and the Grassroots Game

5. 欧元区不断发展的财政生态系统：通过资产负债表外财政机构进行治理以松弛财政纪律

The Eurozone’s Evolving Fiscal Ecosystem: Mitigating Fiscal Discipline by Governing Through Off-Balance-Sheet Fiscal Agencies

6. 离岸化的未偿付负债问题：货币等级、国有清算银行与人民币的离岸市场

Offshoring the Uncovered Liability Problem: Currency Hierarchies，State-Owned Settlement Banks and the Offshore Market for Renminbi

7. 企业社会责任理论的失效：认识全球供应链中服装公司对维生工资的承诺

The Ineffectiveness of CSR: Understanding Garment Company Commitments to Living Wages in Global Supply Chains

8. 世界银行、农业信贷与新自由主义在全球发展中的崛起

The World Bank，Agricultural Credit，and the Rise of Neoliberalism in Global Development

9. 亚当·斯密的社会环境学：重新思考政治经济学的智识基础

The Social Ecology of Adam Smith: Reconsidering the Intellectual Foundations of Political Economy

10. 石化资本：能源转型中的价格与利润

Fossilised Capital: Price and Profit in the Energy Transition

11. 丹麦抵押贷款市场的大型银行、市场化银行业务和金融化

太阳能光伏板尽头的光：加沙地带、地缘政治冲突与可再生能源转型之间的相互作用

题目：Light at the End of the Panel: The Gaza Strip and the Interplay Between Geopolitical Conflict and Renewable Energy Transition

摘要：可再生能源转型是缓解气候变化的关键之一。虽然人们已经注意到这一转型面临的各种经济、制度、技术和社会文化障碍，但尚不清楚地缘政治力量阴影下的国家间冲突如何影响可再生能源的部署。现有文献就冲突条件是否阻碍可再生能源扩散存在分歧。这种模糊性令人惊讶，因为可再生能源经常被认为是解决许多冲突及冲突后地区中央电力系统功能失调的良方。由于缺乏脆弱国家/地区的可靠数据，对这些相互竞争的假说进行系统评估具有挑战性。本研究首次使用遥感技术来研究在与以色列冲突的背景下，可再生能源在加沙地带的时空扩散情况。本文发现，虽然冲突随深度贫困而加剧，但加沙地带已经成为可再生能源的领导者。阻碍因素与激励因素的平衡取决于不同的变量：冲突对劳动力、货物和燃料自由流动的影响，冲突的强度，规模经济的作用，机会成本以及替代能源生产成本。

Renewable energy transition is one of the keys to mitigating climate change. While attention has been given to various economic，institutional，technological，and sociocultural barriers to this transition，it is unclear how acute interstate conflict shadowed by geopolitical forces shapes the deployment of renewables. The literature is split between those who speculate that conflict conditions discourage renewable energy proliferation and their critics. This ambiguity is surprising，since renewable energy is often suggested as a panacea for many conflict and post-conflict areas with dysfunctional centralised electricity systems. A systematic assessment of these competing hypotheses is challenging because of the absence of reliable data in fragile states and areas. This study is the first to use remote sensing to examine the temporal and spatial diffusion of renewables in the Gaza Strip against the backdrop of conflict conditions with Israel. It finds that Gaza has become a renewable energy leader despite conflict conditions exacerbated by deep poverty. The balance between discouraging and encouraging factors rests on different variables: the impact of the conflict on the free movement of labour，goods，and fuel，the intensity of the conflict，the role of economies of scale，opportunity costs，and alternative energy production costs.

治理金融科技与作为治理的金融科技：监管沙盒、风险清洗和破坏性社会分类

题目：Governing Fintech and Fintech as Governance: The Regulatory Sandbox，Riskwashing，and Disruptive Social Classification

摘要：本文评估了一种沙盒方法，其能够监管金融技术对金融和社会关系带来的挑战。通过将金融技术视作嵌入到解决主义（solutionism）和创新话语中的社会技术现象，本文认为监管性的沙盒能够接受上述话语。该沙盒非但没有限制金融技术，还被设计为以一种看似是风险驯化（risktaming）的方式来对金融技术进行风险清洗（riskwashing）。接下来，本文阐述了未来应该对金融技术进行管控的几类问题：首先本文认为，金融技术能够通过其信息传导的能力以加速基于银行的金融向基于市场的金融转变。其次本文指出，作为“金融技术-金融化仪器”（fintech-financialization apparatus）一部分的金融技术拥有交换（译者注：catallactic，奥地利学派对自由市场经济交换职能的描述，常见于哈耶克与米塞斯的著作。）和价值挖掘的治理功能。第三，通过将金融技术-金融化仪器的思想插入到福尔卡德（译者注：Marion Fourcade，加州大学伯克利分校社会学系教授，研究兴趣为经济社会学。）和希利（译者注：Kieran Healy，杜克大学社会学系教授，研究兴趣为自利和利他主义的社会基础）对于数据驱动式经济的社会分层之讨论，本文认为数据驱动式经济同样具有社会破坏的潜能。因此，本文批判了规制沙盒在这一过程中充当促进者的行为，并建议增加复杂监管系统中否决者和否决节点的数量与权力。

This article evaluates the sandbox approach as a regulatory answer to the challenges financial technology brings to finance and social relations. Taking fintech as a sociotechnological phenomenon embedded in discourses of solutionism and innovation，we show that the regulatory sandbox accepts these discourses. Instead of containing fintech，the sandbox is designed in a way that advances riskwashing of fintech even if it is disguised as risktaming. Next，we demonstrate fintech’s problematic nature that regulation should control. First，we propose that through its information processing capacity，fintech accelerates the transition from bank-based to market-based finance. Second，we demonstrate that fintech as part of a fintech-financialization apparatus has catallactic and value-extracting governance effects. Third，inserting the fintech-financialization apparatus into Fourcade and Healy’s argument on the social stratification effect of the data-driven economy，we argue that it also has a socially disruptive potential. We critique the regulatory sandbox for being a facilitator to this process and recommend increasing the number and power of veto players and veto points in complex regulatory regimes.

市场化银行时代的金融力量

题目：The Power of Finance in the Age of Market Based Banking

摘要：长期以来，人们一直认为市场化会破坏银行，这反映在人们对于市场金融和银行金融的共同反对。然而，最近的研究表明，一些银行在金融化的市场化环境中蓬勃发展。本文认为这些银行主导金融化的原因源于 1960 年代随着负债管理的兴起而引发的一场融资革命。这种做法使一些银行更好地利用其运营并扩大资产负债表。新的融资方式也影响了美国银行的商业模式，推动了从贷款向交易的转变。正如本文所述，这场金融革命将权力从放贷人转移到利用掠夺性策略获取资产的金融代理人。

It has long been assumed that marketization would undermine banks，a claim reflected in the common opposition of market and bank-based finance. But as recent research shows，some banks have flourished in the marketized environment of financialisation. I argue the reason they have come to dominate financialisation stems from a revolution in funding that began in the 1960s with the rise of liability management. This practice enabled some banks to dramatically leverage their operations and expand their balance sheet. The new funding practice also impacted the business model of US banks fuelling a move from lending to trading. As I show，this revolution in finance shifted the power away from lenders and towards leveraging financial agents that focused on capturing assets through predatorial strategies.

英格兰足球的“日常”文化政治经济学：温布利球场的未来与草根比赛的概念化

题目：Towards an ‘Everyday’ Cultural Political Economy of English Football: Conceptualizing the Futures of Wembley Stadium and the Grassroots Game

摘要：2018年出售温布利大球场的提议增加了获得意外之财的可能性，这笔财富可能会再投资于英格兰足球的草根阶层。然而，这项竞标最终被撤回，而这正如本文所述，这一事件突出了英格兰足球的日常文化基础与该项运动在更广泛的社会中追求的政治经济话语、战略和轨迹之间的共同关系。本文阐述了被概念化为“日常”文化政治经济学的理论方法，发现这一事件背后的文化历史、物品、空间和实践都处于危险之中，紧缩和财富分配不均对英国足球的日常文化生产的物质影响。出售温布利的提议未能充分考虑和减轻这些政治和经济影响对草根足球“日常文化”的影响。本文呼吁制定一种战略，突出英格兰足球的文化基础，重塑当代比赛中存在的不平等权力关系的日常做法。

The proposed sale of Wembley Stadium in 2018 raised the possibility of a windfall that could be reinvested into the grassroots tier of English football. This bid was ultimately withdrawn but，as this article demonstrates，the episode highlighted the co-constitutive relationship between the everyday cultural base of English football，and those political and economic discourses，strategies，and trajectories that have been pursued within the sport and wider society. Developing a theoretical approach conceptualised here as ‘everyday’ cultural political economy，this article considers the cultural histories，objects，spaces and practices whose futures were both at stake in this transaction – namely，Wembley and the grassroots game – and the material effects that austerity and a skewed distribution of wealth have had upon the everyday cultural production of English football. The proposed sale of Wembley，it is argued here，failed to sufficiently account for and mitigate the impact that these political and economic effects have had upon the ‘everyday culture’ of grassroots football. The concluding remarks of this article call for a strategy that foregrounds the cultural base of English football and those quotidian practices that have come to be recast by the unequal power relations extant to the contemporary game.

欧元区不断发展的财政生态系统：通过资产负债表外财政机构进行治理以松弛财政纪律

题目：The Eurozone’s Evolving Fiscal Ecosystem: Mitigating Fiscal Discipline by Governing Through Off-Balance-Sheet Fiscal Agencies

摘要：《马斯特里赫特条约》下的财政制度设计了欧元区的财政模块，试图通过市场力量约束成员国的国库预算，减少公共债务的总量，禁止货币融资，并避免欧元区国家的国库相互救助，从而保持成员国国库预算平衡。在这篇文章中，我们分析了这些“新自由主义”的财政治理规则是如何逐渐被另一种方法，即“通过资产负债表外财政机构进行治理”（OBFAs）所取代的。OBFAs是一种具有特殊用途的工具，在支持公共投资、为银行提供偿付能力保险、为其他国库提供最后资本保险以及扩大安全资产的存量等方面支持国库。通过赞助OBFAs，国库可以用“或有”负债——即不在资产负债表上出现的担保——来替代其资产负债表上的“实际”负债，这可能与欧盟的新自由主义财政纪律相冲突。国家和超国家的财政部门和OBFAs共同构成了一个“财政生态系统”。这一系统虽然重新强调了新自由主义的财政纪律，但其在实践中却越来越松弛。这种新的欧元区财政治理模式不仅在2010年以来实施的多项政策中有所反映（如复苏和弹性基金），而且也是许多欧元区改革提案的主要战略。

The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces，reducing the overall volume of public indebtedness，prohibiting monetary financing，and avoiding that Eurozone treasuries bail each other out. In this article，we analyse how these ‘neoliberal’ rules for fiscal governance have been gradually superseded by an alternative approach that we call ‘governing through off-balance-sheet fiscal agencies’ (OBFAs). OBFAs are special purpose vehicles that complement treasuries in supporting public investment，offering solvency insurance for banks，providing capital insurance of last resort for other treasuries，and expanding the stock of safe assets. By sponsoring OBFAs，treasuries can substitute ‘actual’ liabilities on their balance sheets，which are potentially in conflict with the EU’s neoliberal fiscal rules，with ‘contingent’ liabilities – guarantees that do not appear on-balance-sheet. Together，national and supra-national treasuries and OBFAs form a ‘fiscal ecosystem’ in which neoliberal fiscal rules get re-emphasised but in practice are increasingly mitigated. This new mode of Eurozone fiscal governance is reflected not only in multiple policies implemented since 2010 – the Recovery and Resilience Facility for example – but also represents the main strategy in many Eurozone reform proposals.

离岸化的未偿付负债问题：货币等级、国有清算银行与人民币的离岸市场

摘要：历史上，未偿付负债的存在往往对外国银行和主导货币有益。本文以中国在国际金融框架下满足自身外汇需求的实践为例，探讨了国有清算银行是否能够成为人民币离岸市场上“非交割”金融资产的中介，以填补发展中经济体在制度和技术上的先天劣势。研究发现，虽然离岸货币市场建设可以在不依赖货币交割的贸易结算等领域减少对美元的依赖，但是在离岸市场中持有人民币是具有挑战性的。其原因在于，国有清算银行的管理、地理因素和信用局限性会增强对未偿付负债的约束。本研究将人民币离岸市场建设与其他离岸市场相区分，并强调了离岸市场建设和贸易基础设施、金融体系结构等问题之间不能孤立地看待。

The existence of an uncovered liability has historically benefited foreign banks and lead currencies. Using the case of China’s efforts to fund its foreign exchange needs by exploiting loopholes in the international financial architecture，the paper examines whether using state-owned settlement banks as a means of intermediating a specialised ‘non-deliverable’ financial asset in offshore markets can substitute the institutional and technical prerequisites that developing economies typically lack. The findings show that while offshore money markets can reduce US dollar dependency in areas such as trade invoicing that do not depend on currency delivery，increasing the offshore holdings of RMB is more challenging. The reasons for this are to be found in the way the governance，geographic and credit generating limitations of state settlement banks reinforce the constraints imposed by the uncovered liability problem. The findings distinguish the historical evolution of the RMB’s offshore use from other offshore markets and reinforce the impossibility of separating issues related to trade infrastructures from those related to the structure of the international financial system.

企业社会责任理论的失效：认识全球供应链中服装公司对维生工资的承诺

题目：The Ineffectiveness of CSR: Understanding Garment Company

Commitments to Living Wages in Global Supply Chains

摘要：面对来自公民社会、工会与希望改善工人待遇的消费者的压力，在全球服装供应链顶端的公司承诺向供应链中的工人支付维生工资。基于从批判政治经济学作品中对企业社会责任（CSR）的观点，本研究团队对服装公司在支持工人权利上是否言行一致展开的调查。为了实现这一目标，研究团队对服装公司及其相关多方利害关系人倡议的公开资料，以及对本研究团队在2018-2019年借助调查问卷完成的全球20个主要服装公司的原始数据的详细分析。基于这一数据，我们认为只有极少的证据能证明这些公司在履行承诺并向供应链中的工人支付维生工资上做出了有意义的推动。该发现挑战了广泛传播的推企业社会责任理论对改善工人权益的推断。我们认为，面对大量证明企业社会责任无效的证据，我们需要展开新的政治经济学研究，以更好的理解企业如何利用企业社会责任承诺获利，并用其转移社会对企业核心商业模式和全球供应链中价值不平等分配的注意力。

世界银行、农业信贷与新自由主义在全球发展中的崛起

题目：The World Bank，Agricultural Credit，and the Rise of Neoliberalism in Global Development

摘要：本文回顾了1960至1990年间世界银行农业信贷项目的发展情况，揭示了这些项目如何成为新自由主义发展治理被阐明、谈判和争论的关键。20世纪70年代的农业信贷是世行在“向贫困宣战”时期的工作重点。在这一时期，农业项目反映了对农业发展市场化和商业化的重视，但也非常清晰地表明了在农业市场中信贷作用的矛盾性。农业信贷项目越来越多地涉及与利率市场化、国有农业贷款机构商业化及其他金融部门市场化相关的隐性或显性的条件。但是这些试图推动农业信贷市场化、商业化的项目常常反映出单调的操作挑战及意识形态的转变，甚至他们自己也大多无法达到自己的条款要求。因此，审视农业信贷项目的演变揭示出普遍的新自由主义立场是如何通过对业务问题的试错及调整而部分达成的，也可以揭示出即使在结构调整的时代，在实践中推动基于市场的金融体系是多么困难。

This article examines the development of the World Bank’s agricultural credit programming between 1960 and 1990. I show how these projects constituted key sites where neoliberal development governance was initially articulated，negotiated，and contested. Agricultural credit was a key point of emphasis for the Bank during its ‘Assault on Poverty’ era in the 1970s. Agricultural programming in this era reflected a strong emphasis on agricultural development through marketisation and commercialisation，yet also very clearly demonstrated clear points of ambivalence around the role of credit in relation to agricultural markets. Agricultural credit projects increasingly included implicit or explicit conditionalities linked to the marketisation of interest rates，the commercialisation of state-owned agricultural lenders，and the marketisation of wider financial sectors into the 1980s. But these efforts to marketize and commercialise agricultural credit through these projects often reflected mundane operational challenges as much as ideological shifts，and themselves largely failed even on their own terms. Looking at the evolution of agricultural credit projects thus shows how broadly neoliberal positions were arrived at in part through trial and error adjustments to operational concerns，as well as how fraught the promotion of market-based financial systems was in practice even in the structural adjustment era.

亚当·斯密的社会环境学：重新思考政治经济学的智识基础

题目：The Social Ecology of Adam Smith: Reconsidering the Intellectual Foundations of Political Economy

摘要：近250年以来，亚当·斯密所著的《国富论》一直被视为现代（政治）经济学的起点。在政治经济学领域，该书不仅被视为一种自由主义理论传统的登顶之作，也是广义上的政治经济学的奠基性观点。尽管大量有关该书的解读已被出版，可能在不知不觉中，许多之后的经济思想对《国富论》的核心与权威性的推断，使该书中的环境观点被其主要结论掩盖了。尽管长期被正统的解读所忽视，斯密事实上坚持对人类与自然环境不断演化的关系的认真思考是政治经济学分析的基础。笔者认为，这种方法可以被视为一种“社会环境学”。对该理论基础的重新分析可以阐明：在一方面，之后的自由主义政治经济学对环境过度乐观的推断是亚当斯密的遗产。在另一方面，在今天的环境危机下，该理论催促我们去重新理解其重要性，因为广义上的政治经济学分析，就是一种对人类社会与地球关系理解的具象化。

Nearly 250 years on，the publication of Adam Smith’s The Wealth of Nations is widely understood as a germinal moment for modern (political) economic analysis. Within political economy，the text continues to be cited not only as the inauguration of a specifically liberal theoretical tradition，but also as a foundational statement of what it means to be doing political economy more broadly. Yet established readings of the work have reproduced，perhaps unwittingly，assumptions about the nature and remit of its content drawn from subsequent economic thought，obscuring crucial environmental ideas that underpinned its main conclusions. Though long overlooked within orthodox readings，Smith in fact insisted that essential to political economic analysis was a careful consideration of the materiality of evolving relationships between societies and the nonhuman environment – an approach that，I suggest，can justifiably be viewed as a kind of ‘social ecology’. Reassessing these theoretical foundations reveals，on the one hand，over-optimistic ecological assumptions that he bequeathed to subsequent liberal political economy. On the other，in light of today’s ecological crisis，it prompts us to reconsider the importance，for political economic analysis more broadly，of a materialised understanding of the relationship between human societies and the earth.

石化资本：能源转型中的价格与利润

摘要：能源去碳转型的关键挑战在于，如何将可再生能源价格降低至相对石化燃料具有竞争力的程度。关于生产化石燃料及可再生能源的相对收益率的讨论较少，但这对于资本主义全球经济的未来投资方向而言更为重要。欧洲三大石油天然气巨头——英国石油（BP）、壳牌（Shell）及道达尔（Total）决定在接下来数十年减少碳氢化合物生产并增加可再生能源生产，这使得它们在制度上横跨了两大能源领域及各自的经济动态。本文总结了这些公司的公告、既有投资和利益情况，以此评估这些企业乃至世界能源转型的前景。

Getting renewable energies to a position of price competitiveness with fossil fuels has long been seen as a key challenge to the counter-carbon energy transition. Less discussed，but more significant to future investment trajectories in the capitalist global economy，is the relative profitability of fossil-fuel and renewable-energy production. Having recently pledged over the next few decades to decrease hydrocarbon production and increase renewable-energy generation，Europe's three oil and gas majors – BP，Shell and Total – now institutionally straddle the two energy worlds and their respective economic dynamics. This article takes stock of the companies’ announcements and of the existing investment and profit landscape to assess the prospects for their own corporate energy transitions and thus for the global energy transition more broadly.

丹麦抵押贷款市场的大型银行、市场化银行业务和金融化

题目：Large Banks，Market-based Banking，and the Financialisation of Danish Mortgage Markets

This paper puts forward three arguments; firstly，the origions of Danish market-based banking can be traced to the shift by a small group of large commercial banks into the mortgage lending business. Secondly，the Danish case demonstrates the centrality of housing and the politics of mortgage market liberalisation to the rise of market-based banking. And finally，that national diversity in the form of market-based banking mattered for Danish financial stability. Historically，the Danish mortgage model was characterised by cooperative mortgage associations focused on the provision of stable equitable access to housing finance. However，as we shall see，the 1986 financial crisis marked a turning point for Danish finance，and from that point on，a small group of the large commercial bank became increasingly influential. The empirical sections outline three stages to the transformation of Danish finance. In the 1980s，a financial crisis led to the creation of a new type of large commercial bank. In the 1990s，the large banks diversified into the mortgage business crowding out the traditional mortgage banks. Finally，in the 2000s，the large banks provide credit for a massive housing bubble through new forms of market-based banking.

编译 | 王芷汀 刘培晨 王星澳 谭伟业 郑敖天 程朵依

审校 | 卫艺璇 李博轩 邵良 黄慧彬 姚寰宇 杨沛鑫

排版 | 何婕 廉梦瑶

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