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Virtual Oversight over Transnational Capitalism

Virtual Oversight over Transnational Capitalism. XBRL metadata and renewed government control of the global economy. Dr David Kreps, University of Salford & Renfred Wong, University of Bath. Agenda. Heim's ideas about Virtuality Digital markets Egovernment Transparency XBRL

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Virtual Oversight over Transnational Capitalism

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  1. Virtual Oversight over Transnational Capitalism • XBRL metadata and renewed government • control of the global economy Dr David Kreps, University of Salford & Renfred Wong, University of Bath

  2. Agenda • Heim's ideas about Virtuality • Digital markets • Egovernment Transparency • XBRL • Latour's Inscription • Gramsci's Hegemony

  3. Virtuality • Michael Heim • Strong virtuality • immersion, interaction, intensity • Weak Virtuality • information society...

  4. Digital Markets • Castells • 24hr global capital flows • integrated financial markets working in real time • billion dollar transactions in seconds

  5. Crunch • Sub-prime mortgages • CDOs • Lending pyramid on defaulting base • Bear Stearns, Lehman Bros, AIG • Uncertainty: no borrowing or lending: crunch • High profile fraud - Enron, Bernard Madoff and others

  6. Transparency • eGovernment - transparency • Electronic middle-men don’t take a cut or bribe • Better targeting and accountability • Detailed audit trail

  7. eXtensible Business Reporting Language • Metadata - data about data, Resource description, information retrieval, interoperability, ownership, information management • XML based - eXtensible Markup Language • XML - general-purpose specification for creating custom markup languages

  8. XBRL • Charlie Hoffman • Director of Industry Solutions-Financial Reporting at UBMatrix, Silicon Valley • 1998 - Certified Public Accountant • Proposed XBRL to High Tech Task Force of American Institute of Certified Public Accountants • XBRL International - not-for-profit consortium of c550 co's & agencies

  9. XBRL & Transparency • XBRL - knowledge management taxonomy (dictionary) for financial information, not unlike bar-coding • Static financial information made interactive • Allows financial information to be extracted and compared instantaneously • Saves analysts, regulators and other reporting authorities considerable time • Creates level playing field in terms of access

  10. Implementation • China, Japan, Korea, Singapore and Spain - primary filing format. • Japan - all public company reports • Canada and other countries - voluntary programs ... so far

  11. Implementation - US • May 2008 US Securities &Exchange Commission (SEC) • announced plan to require both US and foreign filers use XBRL • Large filers - c500 companies with a market capitalisation > $5bn (£2.5bn) from late 2008 • Foreign filers using International Financial Reporting Standards to follow in 2011.

  12. Updates • IFRS Taxonomy 2008 • complete translation of International Financial Reporting Standards into XBRL • issued by The International Accounting Standards Committee (IASC) Foundation

  13. Wait and see • A number of the major economies are still trying to “wait and see” • Priority given to harmonisation of domestic ‘generally accepted accounting principles’ (GAAP) with International Financial Reporting Standards (IFRS) and/or International Accounting Standards (IAS).

  14. XBRL and Heim • ‘strong’ (ish) virtuality • Immersion - located within the virtual realm of transnational financial flows, marking up with transparent metadata every detail of each of transaction • Interaction - such immersion immediately changes the global financial scene into one no longer capable of harbouring the kind of obscurity, obfuscation and misleading complexity that brought about the credit crunch • Information ‘intensity’ - global and intricate in scale

  15. Inscription • XBRL achieves transparency by inscription • Inscription - Bruno Latour - refers to the way artefacts (including code languages) embody patterns or scenarios of use • ‘Inscription’ can be used to describe how concrete anticipations and restrictions of future patterns of use are involved in the development and use of a technology

  16. Hegemonic Shift • Wider political and social change • Gramsci: “recognised that social power is not a simple matter of domination on the one hand and subordination or resistance on the other.” • ‘dominant’ groups govern with consent - they achieve hegemony • XBRL-part of an inscription that seeks to return hegemonic control of transnational capitalism to democratically elected governments

  17. Conclusion • Image of virtuality as both medium of transnational capitalism through digital markets, and tool of social policy through financial regulation • Between Heim’s strong & weak virtuality • In the realm where XBRL is set to translate its inscription, technology and social policy are united and interlinked, at the nub of a geopolitical struggle between transnational capitalists and government regulators for supremacy over the market.

  18. Contact • Dr David Krepsd.g.kreps@salford.ac.ukhttp://snipr.com/davidkreps

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