In literature, the firm’s selection of dual-product strategy under cap-and-trade regulation and the optimal emission reduction decisions are not well studied, especially through an analytical approach. We develop a theoretic model to investigate the firm’s selection on three product strategies in the presence of cap-and-trade policy, including two single product strategies and a dual-product strategy, and identify two types of consumers: consumers with low-carbon preference and regular consumers. Our analysis shows that, in the absence of cap-and-trade (...) policy, it is optimal to adopt dual-product strategy, but in the presence of this policy, it is optimal to adopt dual-product strategy or low-carbon product strategy. Compared with ordinary product strategy, adopting a low-carbon product strategy or dual-product strategy benefits the firm under cap-and-trade regulation. The additional cost of producing low-carbon product has an impact on the firm’s product strategy selection under cap-and-trade regulation. When it falls below a certain threshold, it is optimal to adopt a dual-product strategy; otherwise, it is optimal to adopt a low-carbon product strategy. Our research can provide reference for firm’s decision-making and government’s policy formulation. (shrink)

Codes of conduct are the main tools to privately regulate worker rights in global value chains. Scholars have shown that while codes may improve outcome standards (such as occupational health and safety), they have had limited impact on process rights (such as freedom of association and collective bargaining). Scholars have, though, only provided vague or general explanations for this empirical finding. We address this shortcoming by providing a holistic and detailed explanation, and argue that codes, in their current form, have (...) limited impact on trade union rights due to (i) buyers paying lip service to trade union rights, (ii) workers being treated as passive objects of regulation in codes of conduct, (iii) auditing being unable to detect and remediate violations of trade union rights, (iv) codes emphasizing parallel means of organizing, (v) suppliers having limited incentives for compliance, and (vi) codes being unable to open up space for union organizing when leveraged in grassroots struggles. Our arguments suggest that there is no quick fix for codes’ limited impact on trade union rights, and that codes, in their current form, have limited potential to improve trade union rights. We conclude by discussing ways in which codes of conduct, and private regulation of worker rights more generally, could be transformed to more effectively address trade union rights. (shrink)

In his important recent book, Aaron James has defended a principle ? Collective Due Care ? for determining when a form of economic integration is morally objectionable because it causes unjustified harm (including unemployment, wage suppression and diminished working conditions). This essay argues that Collective Due Care would yield implausible judgements about trade practices and would be too indeterminate to play the practical role for which it is intended.

Self-regulation exists at the firm-level, the industry-level, and the business-level of economic organization. Industry self-regulation has faced economic (free rider) and legal (antitrust) impediments to widespread implementation, although there exist examples of effective industry self-regulation, e.g., securities industry and the SEC, advertising and the FTC. By instituting industry codes of conduct, national trade associations have shown to be natural vehicles for self-regulation. While there has been long-standing general encouragement for establishing industry codes, adopting and enforcing (...) conduct codes has been seriously circumscribed by restrictive Supreme Court decisions and FTC advisory opinions. One approach to clearing legal confusion is to petition the FTC to issue an industry guide on promulgating and enforcing trade association codes of conduct. Another strategy is to utilize a stakeholder approach to association ethics committee appointments that subsequently influence code creation and enforcement. Finally, a new concept of an industry code of conduct will consist of three subcodes: an economic code; an environmental code; and a socio-political code. Combined, these strategic approaches will offer new opportunities for effective nonmarket regulation. (shrink)

Productive work on societal implications needs to be engaged with the research from the start. Ethicists need to go into the lab to understand what's possible. Scientists and engineers need to engage with humanists to start thinking about this aspect of their work. Only thus, working together in dialog, will we make genuine progress on the societal and ethical issues that nanotechnology poses.Davis Baird, in testimony before the Senate Committee on Commerce, Science and Transportation, May 1, 2003Federal funding of the (...) National Nanotechnology Initiative has averaged roughly $1 billion annually for the last three years, from 2004 to 2006. Society is poised to see more realistic nano-scale devices enter the marketplace, along with futuristic depictions of nanotechnology. For this reason, serious thought must be given to the societal impact of nanotechnology. (shrink)

The debate over international trade has long pitted “free trade” advocates against those who argue that particular reasons support trade restraints. The newest argument is that open trade leads to a “race to the bottom” in the regulation of health, safety, welfare, and especially labor and environmental concerns, harming the nation’s citizens and undermining national sovereignty. One predicate for this argument – that trade increases competitive pressure on domestic industry – is accurate. That, in (...) turn, will raise the cost of some national policies that otherwise would win political approval. But the remainder of the race to the bottom argument rests on assumptions about regulation, the political process, and trade that do not stand up to examination. While responses to increased international competition will vary, the effects of such competition will generally be consistent with any meaningful notion of sovereignty and also will improve national welfare judged by common economic norms.Le débat sur le commerce international a longtemps opposé les défenseurs du libre échange à ceux qui soutiennent qu’il existe des raisons particulières en faveur de barrières à l’échange. L’argument le plus récent est que le libre échange conduit à une course au “nivellement par le bas” au niveau de la réglementation de la santé, de la sécurité, du bienêtre, et plus particulièrement dans les domaines du travail et de l’environnement. Selon ses tenants, elle aurait pour conséquence de léser les citoyens de la nation et d’affaiblir la souveraineté nationale.Un présupposé de cet argument – selon lequel le commerce accroît la pression concurrentielle subie par l’industrie nationale – est fondé. A son tour cela entraînera une augmentation du coût de certaines politiques nationales qui auraient par ailleurs obtenu un assentiment politique.Mais le reste de l’argumentation du nivellement par le bas repose sur des hypothèses à propos de la réglementation, du processus politique, et du commerce qui ne résistent pas à un examen critique.Bien que les réactions à une concurrence internationale accrue varient, les effets d’une telle concurrence seront généralement cohérents avec toute notion pertinente de souveraineté et amélioreront le bien-être national tel que jugé par les normes économiques standard. (shrink)

In response to the obesity epidemic, much discussion in the public health and child advocacy communities has centered on restricting food and beverage marketing practices directed at children. A common retort to appeals for government regulation is that such advertising and marketing constitutes protected commercial speech under the First Amendment. This perception has allowed the industry to function largely unregulated since the Federal Trade Commission 's foray into the topic, termed KidVid, was terminated by an act of Congress (...) in 1981. The FTC has since focused on self-regulation as a potential solution to such concerns. However, this method of control has proven ineffective to protect children, and has led to growing recognition that federal regulation may be necessary.Since KidVid, the evidence has only mounted that children are uniquely vulnerable to the effects of advertising. Over the same time period, the exposition of commercial speech jurisprudence has plateaued, as the Supreme Court has not decided a pure commercial speech case since 2002. (shrink)

Since the development of assisted reproductive technologies, infertile individuals have crossed borders to obtain treatments unavailable or unaffordable in their own country. Recent media coverage has focused on the outsourcing of surrogacy to developing countries, where the cost for surrogacy is significantly less than the equivalent cost in a more developed country. This paper discusses the ethical arguments against international surrogacy. The major opposition viewpoints can be broadly divided into arguments about welfare, commodification and exploitation. It is argued that the (...) only valid objection to international surrogacy is that surrogate mothers may be exploited by being given too little compensation. However, the possibility of exploitation is a weak argument for prohibition, as employment alternatives for potential surrogate mothers may be more exploitative or more harmful than surrogacy. It is concluded that international surrogacy must be regulated, and the proposed regulatory mechanism is termed Fair Trade Surrogacy. The guidelines of Fair Trade Surrogacy focus on minimizing potential harms to all parties and ensuring fair compensation for surrogate mothers. (shrink)

John Stuart Mill does not contradict himself in On Liberty with respect to the issue of piecework, contrary to Dale E. Miller's charge that he does. Miller fails to understand that the liberty principle (LP) limits society's authority to regulate trade in that society has no legitimate authority to prohibit or make unduly expensive a buyer's post-trade use of his purchased product in self-regarding ways. LP gives an employer who has purchased labor under a trade contract in (...) a free and fair competitive labor market a right to conclude a separate mutually consensual self-regarding piecework contract with any skilled worker already in his employ. (shrink)

This article puts into perspective the practice of financial regulation in contemporary financial markets, while a new normative order has emerged. This order, heralded by algorithmic technologies, changes the conditions for the exercise of regulation: to date, it has not yet been fully acknowledged nor understood by regulatory bodies. Computer code, replacing speech and writing, induces a changeover from one normative order to another in contemporary markets: the norm, previously explicated with recourse to interpretation, is now replaced by (...) an order characterized by calculation. Such paradigm change is identified based on a discussion of works by Gilles Deleuze. In so doing, it contributes to the developing research programme in the cultures of high-frequency trading (Lange et al. 2016) and also points at broader issues for conceptualising financial regulation. (shrink)

Historically, whistleblowing research has predominantly focused on psychological and organisational conditions of raising concerns about alleged wrongdoing. Today, however, policy makers increasingly start to look at institutional frameworks for protecting whistleblowers and responding to their concerns. This article focuses on the latter by exploring the roles that trade unions might adopt in order to improve responsiveness in the whistleblowing process. Research has consistently demonstrated that the two main reasons that deter people from reporting perceived wrongdoing are fear of retaliation (...) and a belief that the wrongdoing is unlikely to be rectified. In this article, we argue that trade unions have an important part to play in dealing with both these inhibiting factors but this requires them to be appropriately engaged in the whistleblowing process and willing to take a more proactive approach to negotiations. We use Vandekerckhove’s 3-tiered whistleblowing model and Kaine’s model of union voice level to structure our speculative analysis of the various ways in which trade unions can interact with whistleblowers and organisations they raise concerns about alleged wrongdoing in, as well as agents at a regulatory level. Our articulation of specific roles trade unions can play in the whistleblowing process uses examples from the UK as to how these trade union roles are currently linked to and embedded in employment law and whistleblowing regulation. (shrink)

In recent years, trade-control laws and regulations such as embargoes and sanctions have gained importance. However, there is limited empirical research on the ways in which small- and medium-sized enterprises (SMEs) respond to such coercive economic measures. Building on the literature on organizational responses to external demands and behavioral ethics, this study addresses this issue to better understand how external pressures and managerial decision-making are associated with the scope of trade-control compliance programs. Based on a sample of 289 (...) SMEs, the findings show that the organizational responses of SMEs reflect proportionate adjustments to regulatory pressures but only if decision-makers are well informed and aware of the prevailing rules and regulations. Conversely, uninformed decision-making leads to a disproportionate response resulting in an inadequately reduced scope of the compliance program. In addition, the results indicate that SMEs that are highly integrated into supply chains are susceptible to passing-the-buck behavior. (shrink)

Any foreign manufacturer desiring to market its products in Jordan has several courses open to it. The foreign manufacturer could establish a branch or wholly-owned subsidiary in Jordan or enter into a licensing or joint venture agreement with a company doing business in Jordan. If it wants a less significant presence, however, it is left with the alternative of having a local commercial agent market and sells its products. -/- The purpose of this article is to study certain aspects-exclusivity and (...) termination- of commercial agency according to the Jordanian law. The article is divided into four sections. Section two explains the general rules governing commercial agency in Jordan. Section three analyzes exclusivity of commercial agents. This section introduces the WTO's General Agreement on Trade in Services (GATS), the basic instrument covering trade in services, and analyses the current commercial agencies regulation in Jordan and its relation to articles VIII and IX of GATS. Also, section two explores Jordan schedule of specific commitments under the GATS in order to shed light on the extent and limit of its obligations with regard to commercial agents. Section four discusses agency termination. Finally, the article concludes by summarizing the main. (shrink)

Food charity in the United States has grown into a critical appendage of agro-food supply chains. In 2016, 4.5 billion pounds of food waste was diverted through a network of 200 regional food banks, a fivefold increase in just 20 years. Recent global trade disruptions and the COVID-19 pandemic have further reinforced this trend. Economic geographers studying charitable food networks argue that its infrastructure and moral substructure serve to revalue food waste and surplus labor in the capitalist food system. (...) The political–legal framework undergirding this revaluation process however is still poorly understood. Drawing on a 6-year institutional ethnography of the food banking economy in West Virginia, this paper takes a supply-side approach to examine the material and moral values driving the expansion of food waste recovery as hunger relief. Empirically, it focuses on the laws, contracts and fiscal incentives regulating charitable food procurement at the U.S. Department of Agriculture and Feeding America. The assemblage of government agencies, private businesses and non-profit organizations enrolled into this gift economy at different scales I argue, serves to enclose food waste into a public–private governance structure that regulates food surpluses and ensures these will not disrupt the scarcity logics driving profitability along primary food circuits. (shrink)

Neuropeptides are key modulators of adult neurocircuits, balancing their sensitivity to both excitation and inhibition, and fine‐tuning fast neurotransmitter action under physiological conditions. Here, we reason that transient increases in neuropeptide availability and action exist during brain development for synapse maturation, selection, and maintenance. We discuss fundamental concepts of neuropeptide signaling at G protein‐coupled receptors (GPCRs), with a particular focus on how signaling at neuropeptide GPCRs could underpin neuronal morphogenesis. We use galanin, a 29/30 amino acid‐long neuropeptide, as an example (...) for its retrograde release from the dendrites of thalamic neurons to impact the selection and wiring of sensory afferents originating at the trigeminal nucleus through galanin receptor 1 (GalR1) engagement. Thus, we suggest novel roles for neuropeptides, expressed transiently or permanently during both pre‐ and postnatal neuronal circuit development, with potentially life‐long effects on circuit layout and ensuing behavioral operations. (shrink)

This article introduces and develops the concept of trade narrative to understand how business sectors defend against public disapproval and the threat of increased regulation or removed subsidy. Trade narrative works by accumulating lists of benefits and occluding costs, and is created by consultants for economic interests organized via trade associations. This represents an under-analysed ‘policy-based evidence machine’, the aim of which is to format the discourses of the media and political classes about the contribution of (...) the sector in ways that frame political choice about what is thinkable and doable. In doing so it supports elite power by providing a relay for intra-elite communication. Using illustrations from privatized railways, banking and pharmaceuticals in the UK and US, the argument explores how the causal arrow runs in the opposite direction from that supposed in most discussion of discourse-economy relations in the field of cultural economy. (shrink)

Novel regulatory elements that enabled expression of pre‐existing immune genes in reproductive tissues and novel immune genes with pregnancy‐specific roles in eutherians have shaped the evolution of mammalian pregnancy by facilitating the emergence of novel mechanisms for immune regulation over its course. Trade‐offs arising from conflicting fitness effects on reproduction and host defenses have further influenced the patterns of genetic variation of these genes. These three mechanisms (novel regulatory elements, novel immune genes, and trade‐offs) played a pivotal (...) role in refining the regulation of maternal immune systems during pregnancy in eutherians, likely facilitating the establishment of prolonged direct maternal–fetal contact in eutherians without causing immunological rejection of the genetically distinct fetus. (shrink)

In this paper, I argue that there is no essential inconsistency between a well-constructed free trade policy and environmental sound development. From an examination of the concept of “free trade,” I argue that “free trade” must mean “environmentally sustainable trade.” The argument is conceptual in nature. I argue that free trade must mean trade free of subsidies in which the price of a good fairly reflects the costs of its production. I then argue that (...) environmentally unsustainable commodity trade is in fact “subsidized.” Therefore, the international regulation of this trade would be consistent with the goal of free trade. Moreover, such regulation could promote both environmental conservation and the long-run interest of developing countries. However, ethical and practical considerations demand that these regulations must be structured so that they do not have a negative short-term economic impact on developing countries. A mechanism to implement this policy is suggested. (shrink)

Knowing who benefits financially from a securities trade is necessary for the detection, prosecution and deterrence of illegal securities trading. Foreign jurisdictions with banking or securities secrecy laws are frequently used as a platform for illegal activity to frustrate law enforcement. This paper considers the extent to which Canadian law gives effect to so-called foreign blocking legislation. We conclude that while Canadian law does not generally give effect to foreign blocking legislation, it imposes only limited requirements on market intermediaries (...) to collect beneficial ownership information. Regulators are therefore left with the option of obtaining assistance from their foreign counterparts. (shrink)

Introduction -- The rise of regulatory governance -- Theories of regulation -- Regulatory space and regulatory regimes -- Policy processes and the regulatory policy cycle -- Bad, better and legitimate regulation -- Define: agenda-setting, issue diagnosis and objective setting -- Design: regime variables; option generation -- Decide: regime assessment and selection -- Implement: regime deployment, application and execution -- Evaluate: assessment of regulatory policy and regime -- The future of regulatory governance -- Conclusion.

Certification and labeling initiatives that seek to enhance environmental and social sustainability are growing rapidly. This article analyzes the expansion of these private regulatory efforts in the coffee sector. We compare the five major third-party certifications – the Organic, Fair Trade, Rainforest Alliance, Utz Kapeh, and Shade/Bird Friendly initiatives – outlining and contrasting their governance structures, environmental and social standards, and market positions. We argue that certifications that seek to raise ecological and social expectations are likely to be increasingly (...) challenged by those that seek to simply uphold current standards. The vulnerability of these initiatives to market pressures highlights the need for private regulation to work in tandem with public regulation in enhancing social and environmental sustainability. (shrink)

Australia and India have had few reasons in the past to develop systematic and significant levels of economic engagement. This was due to very different positions they have held in the world-system since the Second World War. De-colonization, the fall of the British Empire, the weak status of the British Commonwealth, and the realpolitik of the Cold War saw India and Australia located on different parts of the geo-political and economic world map with small demographic and cultural flows, and insignificant (...) economic trade. Both countries developed similar economic policy regimes that were essentially state-led nationalist projects of economic development with concomitant policies of import-substitution, local industry-subsidization, highly-regulated financial systems, and high tariffs. The last quarter of the 20th century saw a radical revision of both nations’ economic strategies, with Australia moving first to drop many of its trade barriers in the 1970s and ’80s. It is now one of the most open economies in the world. India’s liberalization programme commenced much later in 1991 but nonetheless has had a dramatic impact on its economic fortunes and growing status in the world economy. With these changes there are increasing opportunities for bilateral trade and a greater economic enmeshment in regional engagements and alignments in the Indian Ocean and in wider Asian fora. One significant indicator of change in growing Australia-India economic engagement is to look at Foreign Direct Investment (hereafter FDI). Currently, the movement of FDI between these two countries is still not very large but has a strong potential to grow over the short to medium term. This paper looks at the future prospect of this growth and asserts that, by engaging in areas of comparative advantage, it will benefit both national economies. Moreover, economic flows are also indicators of great social and cultural traffic. The movement of FDI between the two countries will not only encourage greater flow of peoples, especially outward migration from India to Australia, but also trigger more Australian expatriates living in India (from a very low base). Greater economic trade promises more cultural exchange. (shrink)

Abstract:The law of insider trading has progressed from an expansive approach, according to which all trading on nonpublic information was considered illegal, to a constricted approach, under which corporate outsiders are permitted to trade on nonpublic information provided such trading does not breach a fiduciary duty. This article analyzes both the former, expansive theory and the currently utilized constricted theory, within a framework of basic tenets of the American capitalist social contract regarding legitimacy of property claims. The existing constricted (...) approach to the regulation of insider trading is found to be deficient in meeting the expectations of two core components of the social contract: it discourages procedural equality of opportunity, and it endorses claims to property that are not characterized by legitimate methods of acquisition or transfer. Because the old, expansive regulatory interpretation was more consistent with the terms of the social contract in regard to property claims, it served our economic and ethical expectations more effectively than the system presently in place. Accordingly, the article culminates in a recommendation that the expansive approach to regulating insider trading be reestablished under Unites States law. (shrink)

The rapid advancement of algorithmic trading has demonstrated the success of AI automation, as well as gaps in our understanding of the implications of this technology proliferation. We explore ethical issues in the context of autonomous trading agents, both to address problems in this domain and as a case study for regulating autonomous agents more generally. We argue that increasingly competent trading agents will be capable of initiative at wider levels, necessitating clarification of ethical and legal boundaries, and corresponding development (...) of norms and enforcement capability. (shrink)

Food trade is of economic importance for both developed and developing countries. Food, however, is a special commodity. Firstly, the lack of food -- hunger, under-nourishment, and starvation -- is one of the world's pressing moral problems. But food is not only special because it is necessary for our survival; food is also special because it is strongly related to our social and cultural identity. Two recent transatlantic trade conflicts over food -- over the use of artificial growth (...) hormones in beef production and over the use of biotechnology in food production -- show that food is a specific commodity. In these trade-conflicts, the obligations flowing from free-trade treaties collide with the cultural and social meanings of food. Current international trade agreements neglect this point and force countries to fight their case in the field of food safety science. This causes a bias in the discussion. Europe's resistance towards artificial growth hormones and GM-food is not strictly science based; it is also culture based. For a fair resolution of trade-conflicts, this needs to be accommodated in international trade legislation. With the help of the notion of public reason I defend that precaution with regard to scientific uncertainty, and the possibility for compulsory labelling with regard to sensitive non-nutritional properties of foodstuffs, need to be incorporated in international food trade regulations. (shrink)

Clicks, comments, transactions, and physical movements are being increasingly recorded and analyzed by Big Data processors who use this information to trace the sentiment and activities of markets and voters. While the benefits of Big Data have received considerable attention, it is the potential social costs of practices associated with Big Data that are of interest to us in this paper. Prior research has investigated the impact of Big Data on individual privacy rights, however, there is also growing recognition of (...) its capacity to be mobilized for surveillance purposes. Our paper delineates the underlying issues of privacy and surveillance and presents them as in tension with one another. We postulate that efforts at controlling Big Data may create a trade-off of risks rather than an overall improvement in data protection. We explore this idea in relation to the principles of the European Union’s General Data Protection Regulation as it arguably embodies the new ‘gold standard’ of cyber-laws. We posit that safeguards advocated by the law, anonymization and pseudonymization, while representing effective counter measures to privacy concerns, also incentivize the use, collection, and trade of behavioral and other forms of de-identified data. We consider the legal status of these ownerless forms of data, arguing that data protection techniques such as anonymization and pseudonymization raise significant concerns over the ownership of behavioral data and its potential use in the large-scale modification of activities and choices made both on and offline. (shrink)

Two recent books consider the future of trade governance.Consent and Tradeproposes reforms to trade agreements so that states can consent more freely to their terms.On Trade Justicedefends reforms to the World Trade Organization, arguing that multilateralism is the foundation for a “new global deal” on trade. Each book describes trade's distinctive features and proposes a principle to regulate both trade and trade governance.Consent and Tradedefends a principle of respect for state consent in (...) trade agreements.On Trade Justiceoffers a theory of trade justice that requires nonexploitation. Consent and nonexploitation are important principles for economic exchanges. However, trade governance and trade itself are different forms of cooperation, with different agents and different interests at stake. Consent and nonexploitation are less compelling as principles for trade governance than for trade itself. Both books understate the conflict between their principles for trade governance and liberal justice. (shrink)

The UN Cartagena Protocol onBiosafety adopted in Montreal, 29 January, 2000and opened for signature in Nairobi, 15–26 May,2000 will exert a profound effect oninternational trade in genetically modifiedorganisms (GMOs) and their products. In thispaper, the potential effects of variousarticles of the Protocol on international tradein GMOs are analyzed. Based on the presentstatus of imports of GMOs and domestic researchand development of biotechnology in China,likely trends in imports of foreign GM food andrelated products after China accedes to WTO isexplored. Also, (...) China's potentialcountermeasures to control and regulate importsof GMOs in line with implementation of theProtocol are discussed. China, in recent times,has increased its food and agricultural importssubstantially from USA and Canada. Chinaimported soybean 10.42 mill. tons in 2000 andabout 15 mill tons in 2001, of which majorityare from USA where GM soybean accounts for60%. The plantation of US Monsanto'stransgenic Bt cotton was increased to more than1 million ha in China in 2001. Though China haspaid great attention to develop biotechnology,it appears to have little scope to export GMOsand GM products. So China may consider a rangeof administrative measures to implement theCartagena Protocol and to regulate its importof GMOs and GM agricultural products.Consequently, the Regulation on Safety ofAgri-GMOs was issued on June, 2001 and followedthree detailed rules issued in Jan. of 2002,with a priority to limit foreign GMOs importingby safety certification and labeling system.These were outlined taking into accountpolicies adopted in Western countries such asgreen barriers to international trade. (shrink)

In spite of its commercial importance and signs of clear concern in public policy arenas, trade credit has not been subjected to systematic, extended analysis in the business ethics literature, even where suppliers as a stakeholder group have been considered. This paper makes the case for serious consideration of the ethics of trade credit and explores the issues surrounding slow payment of debts. It discusses trade debt as a kind of promise, but—noting that not all promises are (...) good ones—goes on to develop an analysis of the ethics of trade credit grounded in an understanding of its fundamental purpose. Making a distinction between “operating” trade credit and “financial” trade credit, the paper provides an account of the maximum period for which it is appropriate for one company to delay payment to another from which it has purchased goods or services. The concern of commentators and policy makers that companies should not take too long to pay their debts is affirmed, but the understanding of what timely payment means is significantly finessed, with one conclusion being that, if debts have not already been settled according to acceptable standard terms of trade, cash should pass quickly back along the supply chain once the customer in the final product market has paid. The analysis has implications not only for companies that take credit but also for external parties that seek to rate companies or set regulations according to speed of payment—an approach that is shown to be misleadingly simplistic, albeit well intentioned. A corresponding important responsibility for suppliers, not to extend excessive credit, also follows from the analysis developed. Having provided a novel analysis of an important business problem, the paper then discusses some of the related practical issues and makes suggestions for further research. (shrink)

It is unclear what proper remuneration for surrogacy is, since countries disagree and both commercial and altruistic surrogacy have ethical drawbacks. In the presence of cross-border surrogacy, these ethical drawbacks are exacerbated. In this article, we explore what would be ethical remuneration for surrogacy, and suggest regulations for how to ensure this in the international context. A normative ethical analysis of commercial surrogacy is conducted. Various arguments against commercial surrogacy are explored, such as exploitation and commodification of surrogates, reproductive capacities, (...) and the child. We argue that, although commodification and exploitation can occur, these problems are not specific to surrogacy but should be understood in the broader context of an unequal world. Moreover, at least some of these arguments are based on symbolic rhetoric or they lack knowledge of real-world experiences. In line with this critique we argue that commercial surrogacy can be justified, but how and under what circumstances depends on the context. Surrogates should be paid a sufficient amount and regulations should be in order. In this article, the Netherlands and India are case examples of contexts that differ in many respects. In both contexts, surrogacy can be seen as a legitimate form of work, which requires the same wage and safety standards as other forms of labor. Payments for surrogacy need to be high enough to avoid exploitation by underpayment, which can be established by the mechanisms of either minimum wage, or Fair-Trade guidelines. An international treaty governing commercial surrogacy should be in place, and local professional bodies to protect the interests of surrogates should be required. Commercial surrogacy should be permitted across the globe, which would also reduce the need for intended parents to seek surrogacy services abroad. (shrink)

This paper examines the implications of the General Agreement on Trade in Services (GATS), the World Trade Organization’s agreement governing trade in health-related services, for health policy and healthcare reform in the United States. The paper describes the nature and scope of US obligations under the GATS, the ways in which the trade agreement intersects with domestic health policy, and the institutional factors that mediate trade-offs between health and trade policy. The analysis suggests that (...) the GATS provisions on market access, national treatment and domestic regulation, which are designed to eliminate ‘regulatory barriers’ to global trade in health services, limit the range of options that state and federal regulators and legislative bodies can employ to regulate the health sector and implement healthcare reforms. As such, the paper identifies the broader social and ethical implications of free trade policy. (shrink)

This article identifies the main issues of justice that arise in international trade and critically evaluates contemporary philosophical debates over how to understand them. I focus on three central questions of distributive justice, as applied to trade. What is it about trade that makes it a subject of justice? Which aspects of the international trading system should our principles of justice regulate? What do duties of justice or fairness in trade demand? I show how debates over (...) these questions turn not only on empirical disagreements specific to trade but also on deeper and more general disputes in moral and political philosophy. I argue that trade is a domain in which diverse moral concerns complexly intersect and that a satisfying account of it must do justice to this complexity by itself exhibiting substantial pluralism. (shrink)

The power trading system has the characteristics of nonlinearity, dynamics, and complexity. Part of the business data in the trading system needs to be exposed to numerous external business systems. The traditional centralized power trading model has some problems, such as low data security and trust crisis of regulators. Blockchain technology provides prominent ideas for solving these problems. Firstly, the improved AdaBoost algorithm is used to predict the supply and demand gap of power trading nodes. Secondly, based on the fact (...) that the information on the blockchain is only open to the power supply side, a two-stage game model of asymmetric information between the power supply side and the power user is constructed to capture the price competition behavior between them in order to find the Nash equilibrium price in two stages. Finally, the US PJM market electricity market data are used to carry out an example analysis to verify the effectiveness of the algorithm and model. (shrink)

Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...) be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

Public Health Science and practice expanded during the course of the 20th century. Initially focused on controlling infectious disease through basic public health programs regulating water, sanitation and food, by 1988 the Institute of Medicine broadly declared that “public health is what we, as a society, do collectively to. assure the conditions for people to be healthy.” Commensurate with this definition, public health practitioners and policymakers today work on ;in enormous range of issues. The 2002 policy agenda of the American (...) Public Health Association reflects positions on genomics’ role in public health; national health and safety standards for child care programs; sodium in Americans’ diets; the health and safety of emergency rescue workers; and war in Central Asia and the Persian Gulf. (shrink)

The negative co‐variation of life‐history traits such as fecundity and lifespan across species suggests the existence of ubiquitous trade‐offs. Mechanistically, trade‐offs result from the need to differentially allocate limited resources to traits like reproduction versus self‐maintenance, with selection favoring the evolution of optimal allocation mechanism. Here I discuss the physiological (endocrine) mechanisms that underlie optimal allocation rules and how such rules evolve. The hormone testosterone may mediate life‐history trade‐offs due to its pleiotropic actions in male vertebrates. Conservation (...) in the actions of testosterone in vertebrates has prompted the ‘evolutionary constraint hypothesis,’ which assumes that testosterone signaling mechanisms and male traits evolve as a unit. This hypothesis implies that the actions of testosterone are similar across sexes and species, and only the levels of circulating testosterone concentrations change during evolution. In contrast, the ‘evolutionary potential hypothesis’ proposes that testosterone signaling mechanisms and male traits evolve independently. In the latter scenario, the linkage between hormone and traits itself can be shaped by selection, leading to variation in trade‐off functions. I will review recent case studies supporting the evolutionary potential hypothesis and suggest micro‐evolutionary experiments to unravel the mechanistic basis of life‐history evolution. BioEssays 29: 133–144, 2007. © 2007 Wiley Periodicals, Inc. (shrink)

This article identifies the main issues of justice that arise in international trade and critically evaluates contemporary philosophical debates over how to understand them. I focus on three central questions of distributive justice, as applied to trade. What is it about trade that makes it a subject of justice? Which aspects of the international trading system should our principles of justice regulate? What do duties of justice or fairness in trade demand? I show how debates over (...) these questions turn not only on empirical disagreements specific to trade but also on deeper and more general disputes in moral and political philosophy. I argue that trade is a domain in which diverse moral concerns complexly intersect and that a satisfying account of it must do justice to this complexity by itself exhibiting substantial pluralism. (shrink)

High-profile failures in financial trading have led to interest in how the culture of the industry produces risky and unethical behaviours among traders. Yet, there is no established theoretical framework for studying this: we apply safety culture theory to examine ten recent high-profile trading mishaps investigated by the UK financial regulator. The results show that the dimensions of safety culture used to understand organisational accidents in domains such as aviation also explain failures in Risk Management within financial trading organisations. This (...) counters narratives focusing on traders who are unethical ‘rule breakers’, and emphasises the value of a systemic approach, whereby safety culture theory is used to explain why risky behaviours in financial trading occur. Safety culture therefore provides a conceptual basis for further research on risky and unethical behaviours in financial trading, alongside providing insights for possible intervention. (shrink)

With the rise of globalization, the debate around free trade versus fair trade and liberalism versus protectionism has become increasingly complicated. At times, the regulations of the World Trade Organization seem to pit developed markets against emerging markets as governments attempt to expand international trade while at the same time protecting local industry. To this end, antidumping measures have been extensively developed as a way to block foreign low-cost goods from entering domestic markets. In response, some (...) exporters have begun to circumvent these antidumping measures using strategies such as transhipment, assembly operations, and slightly modified products. While previous studies have addressed the ethical aspects of antidumping measures, this study will focus on the ethics of circumvention strategies with a special focus on the theories on legal compliance and, specifically, civil disobedience and conscientious evasion. (shrink)

This paper investigates the determinants of regulatory compliance in corporate organizations. Exploiting a unique enforcement and reporting framework for insider trading in Italy, we present three main findings. First, board governance, such as chief executive–chairman duality and the proportion of non-executive directors, does not increase the propensity of firms to comply with regulation. Second, family firms and firms with a high degree of separation of ownership from control are most likely to comply with regulation. Third, corporate ethos is (...) more important in predicting regulatory compliance than explicit corporate governance structures. (shrink)

This book analyzes the political economy governing energy regulation across the African continent. Presenting case studies that span diverse energy sectors and countries, it provides an overview of their complex political and regulatory frameworks. The book explores emerging technologies and energy markets, highlighting Africa’s preparedness for the energy transition, and sheds light on the pivotal role of cross-border energy trade with regard to energy access. Further, it examines regulators’ influence within regional power pools, as well as their contribution (...) to gender mainstreaming in the energy sector, addressing vital social issues. This book is divided into five parts, the first of which focuses on the political economy of energy regulation. The second part discusses emerging technologies and climate change issues, while the third examines regional energy markets, and regional institutional collaboration. The fourth part features contributions on gender mainstreaming, while part five rounds up the coverage. The book will be of interest to policymakers and investors in Africa, as well as scholars interested in energy regulation and economics. (shrink)

Randomized controlled trials test new drugs using various debiasing devices to prevent participants from manipulating the trials. But participants often dislike controls, arguing that they impose a paternalist constraint on their legitimate preferences. The 21st Century Cures Act, passed by US Congress in 2016, encourages the Food and Drug Administration to use alternative testing methods, incorporating participants’ preferences, for regulatory purposes. We discuss, from a historical perspective, the trade-off between trial impartiality and participants’ freedom. We argue that the only (...) way out is considering which methods improve upon the performance of conventional trials in keeping dangerous or inefficacious compounds out of pharmaceutical markets. (shrink)

Growing international trade has helped lift living standards around the world, and yet free trade is always under attack. Critics complain that trade forces painful economic adjustments, such as plant closings and layoffs of workers, and charge that the World Trade Organization serves the interests of corporations, undercuts domestic environmental regulations, and erodes America's sovereignty. Why has global trade become so controversial? Does free trade deserve its bad reputation? In Free Trade under Fire, (...) Douglas Irwin sweeps aside the misconceptions that litter the debate over trade and gives the reader a clear understanding of the issues involved. This third edition has been thoroughly updated to include the latest developments in world trade--including the practice of off-shoring services, the impact of trade on wages, and the implications of trade with China-based on the latest research. (shrink)

Regulating the Creative Economy Drastic changes have occurred throughout the past century and the world community is struggling to find the exact concepts to describe, understand and, possibly, govern them. One of the concepts used to describe these changes is the so-called "creative economy". Even though the concept is becoming more frequently used, it lacks a precise definition and its meaning remains elusive. Moreover, the proliferation of related concepts, such as the "experience economy", the "cultural economy", the "knowledge-based economy" and (...) the "creative and cultural industries", further obscures its precise scope and meaning. These concepts are, however, no less elusive, particularly because they are of a dual or oxymoronic character, which variably combines aspects of culture, creativity and intellectual creation on the one hand with those of the economy, business, trade and commerce on the other.In sum, the conceptual uncertainties also translate into major difficulties in finding appropriate regulatory responses in the sphere of law. The aim of the present article is therefore to cast light on the meaning of the concept of the creative economy with a view to paving the way for its better and more efficient regulation in the legal sphere. To this end, the first part offers a comprehensive interpretative analysis of the "creative economy" with a view to establishing its value to the present global governance debate. Based on the evidence that designates the creative economy as an evolving concept requiring a multidisciplinary model for the formulation of an adequate approach in law- and policymaking, the second part discusses some of the creative economy's major implications in the sphere of law. In this regard, several regulatory examples appear to advocate the abandonment of the conventional in favour of a more holistic method of regulation. The article concludes with some recommendations that are deemed useful for further debate and research in this area, which ultimately may contribute to the formulation of the kind of creative laws that are needed for the successful regulation of the creative economy in the future. (shrink)

The anti-counterfeiting trade agreement was originally meant to harmonise and enforce intellectual property rights provisions in existing trade agreements within a wider group of countries. This was commendable in itself, so ACTA’s failure was all the more disappointing. In this article, I wish to contribute to the post-ACTA debate by proposing a specific analysis of the ethical reasons why ACTA failed, and what we can learn from them. I argue that five kinds of objections—namely, secret negotiations, lack of (...) consultation, vagueness of formulation, negotiations outside any international body, and the creation of a new governing body outside already existing forums—had only indirect ethical implications. This takes nothing away from their seriousness but it does make them less compelling, because agreements should be evaluated, ethically, for what they are, rather than for the alleged reasons why they are being proposed. I then argue that ACTA would have caused three ethical problems: an excessive and misplaced kind of responsibility, a radical decrease in freedom of expression, and a severe reduction in information privacy. I conclude by indicating three lessons that can help us in shaping a potential ACTA 2.0. First, we should acknowledge the increasingly vital importance of the framework of implicit expectations, attitudes, and practices that can facilitate and promote morally good decisions and actions. ACTA failed to perceive that it would have undermined the very framework that it was supposed to foster, namely one promoting some of the best and most successful aspects of our information society. Second, we should realise that, in advanced information societies, any regulation affecting how people deal with information is now bound to influence the whole ‘onlife’ habitat within which they live. So enforcing IPR becomes an environmental problem. Third, since legal documents, such as ACTA, emerge from within the infosphere that they affect, we should apply to the process itself, which one day may lead to a post-ACTA treaty, the very framework and ethical values that we would like to see promoted by it. (shrink)

Elizabeth Anderson’s “pluralist–expressivist” value theory, an alternative to the understanding of value and rationality underlying the “rational actor” model of human behavior, provides rich resources for addressing questions of environmental and animal ethics. It is particularly well-suited to help us think about the ethics of commodification, as I demonstrate in this critique of the pet trade. I argue that Anderson’s approach identifies the proper grounds for criticizing the commodification of animals, and directs our attention to the importance of maintaining (...) social practices and institutions that respect the social meanings of animals. Her theory alone, however, does not adequately address the role of the state in this project. Drawing on social contract theory to fill this gap, I conclude that the state’s role in regulating the pet trade should be limited to ensuring the welfare of animals in the stream of commerce, not prohibiting their mass marketing altogether. (shrink)