Discussion of the relation between exchange-value and use-value (as defined inCapital I) is clarified by the construction of set-theoretical models of these concepts. Marx argues fallaciously for the independence of exchange-value and use-value. His fallacy is diagnosed as depending upon a mistaken assumption about the impossibility of inferring a certain linear order on a set from a certain (different) partial order on that set.

Applied Business Ethics is a core module for business undergraduate students in an internationalised university business degree programme from the United Kingdom taught at a Private Higher Education Institution in Singapore. Students, who are working adults undertaking this part-time degree, are assessed purely on the application of theoretical knowledge through essays that show evidence of their ability to apply theory in workplace ethical dilemmas. This pilot study explores the utility of the module in terms of use and exchange (...) class='Hi'>value. It was conducted in two phases as an empirical qualitative research. First, an email survey was sent to students, who had already graduated, to gather impressions of the module using open-ended questions. Based on the responses, semi-structured interviews of a purposive sample of four students were carried out to unearth insights on use and exchange value of the module through their stories. The study suggests that a key determinant of use value is workplace utility of the knowledge that has been gained. Over time, consistent derivation of use value translates to exchange value as long-term behaviour changes in the individual create positive workplace outcomes. The study also recognised the powerful influence of organisational culture in determining whether ethical thinking translates into ethical action, which also has a direct bearing on perceptions of use and exchange value. The findings of this study provide an insight to the understanding of the motivations of working adults attending the Applied Business Ethics module on a part-time basis. Having this understanding, it will be possible to further structure the module, in terms of positioning, delivery and assessment, to enable these students to become better managers when dealing with real-world workplace ethical issues. (shrink)

Recent studies have documented the relationship of leadership behavior with employee performance and workplace behaviors. Yet, little attention has been directed at the impact of leadership behavior on the aspects of workplace behaviors such as value congruence and relationship conflict. The goal of this study is to examine the influence of leader-member exchange (LMX) regarding the outcomes of relationship conflict, organizational commitment, and citizenship behavior among employees with value congruence as a moderator. Data was collected using an (...) online questionnaire with a total of 429 valid responses. The results of our study showed that relationship conflict had a mediating effect between LMX and organizational commitment. Employees working with supportive supervisors had relatively good relationships with coworkers as well. The research results of this study offer significant findings for the meaning of leadership behavior in the Chinese culture. Discussion focusing on the influence of collectivism culture and the forces in reshaping Taiwan’s culture is also included. (shrink)

This article draws upon affect theory to analyze transformations of garage sale sellers through the exchange of their affectively charged possessions. Garage sales are awash with human emotion; they feature used personal belongings suffused with identities, histories, stories, and memories that are moved along with affect. The objects for sale are “sticky” in that they act as vessels and glue for strands of sentiment to reflexively pass between sellers and buyers, transmitting affective orientations, whether positive or negative. The affective (...) elements of garage sale goods are contagious as they can intersubjectively leap from one body to another. (shrink)

The exclusive emergence of value and abstract human labour through exchange of mere products is a fundamental principle within the ‘New Reading of Marx’, especially that of Michael Heinrich. He invokes both Capital and the manuscript Additions and Changes, where Marx revised his value-form analysis for the second edition of Capital. However, this manuscript does not support Heinrich’s view. In the same handwritten manuscript, Marx drafted the subsection on the fetishism of the commodity with two passages that (...) Heinrich claims as evidence for his interpretation. Against this, we elaborate Marx’s understanding of abstract human labour as the specific social character of private labour; it does not result from exchange but rather is its prerequisite. Heinrich’s attempt fails to include demand in the magnitude of value. Finally, he does not explain the value-formation by circulation and production. Rather, his one-sided view of exchange means, by way of its logical implications, that the capitalist production process is no longer the unity of the labour process and the valorisation process, but mere production of use-values. (shrink)

Poststructural criticisms of classical and neoclassical economic conceptions of human motivation and agency often include rejections of how market exchange is conceived to involve only the desires and rationality of a solitary human agent. While many of these criticisms are illuminating, they also tend not to offer a positive, constructive alternative. In this chapter, I discuss the contributions of Paul Ricoeur's understanding of mutual recognition and how it can be used--albeit perhaps despite Ricoeur's own intention and critical assessment of (...) economics--to retrieve a theory of exchange in which mutuality is possible. My analysis consists of five sections. First, I recapitulate Ricoeur’s criticism of exchange. Second, I examine how the economist Richard Ebeling attempts to read mutuality in exchange through the hermeneutics of Ricoeur and why this attempt fails. Third, I revive Ricoeur’s broader conception of value in relation to care for the other. This allows me, in the fourth section, to correlate Ricoeur’s discussion of ethical value to exchange-value. Finally, I join exchange to mutual recognition via Ricoeur’s discussion of epieikeia. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate (...) “an eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

Agent Ross's interrogation of Ulysses Klaue doesn't just explain the significance of vibranium, it frames vibranium as “the most valuable metal known to man,” which, in turn, establishes what ends up being a moral dilemma for T'Challa – when Agent Ross gets shot and, later, when T'Challa learns the truth about his father's past. The scene also adds to the fabled mystery that the larger Marvel Cinematic Universe (MCU) narrative weaves throughout the other films. Although the metal's uses are fictional, (...) the concept and presence of vibranium in Black Panther and the depiction of Wakanda in the larger MCU narrative present some philosophical issues with regard to vibranium's value. While vibranium's use value is important to Wakandans and its exchange value is important to villains like Klaue, another way to understand the value of vibranium is to examine its cultural value. (shrink)

Some time before deconstruction theoretically destabilized the founding oppositions of Western metaphysics, Pierre‐Joseph Proudhon noted their everyday, practical unravelling in the Bourse Stock Exchange in nineteenth‐century Paris. In his Broker's Handbook, Proudhon considered the profound implications of the speculative model of value introduced by the stock market and recommended that modern reformers and revolutionaries seek their instruction there. The mobilization of value exemplified in the operations of the Bourse propelled capitalism through the twentieth century towards its present (...) global dominance, bringing in its train all the features of supermodernity that currently confound the thinking of cultural values today. For it is not just economic questions that are posed from within the logic of the financial security of the mobile values of share prices, but also questions of ethics, aesthetics, semantics and metaphysics. This essay historicizes and interrogates the new paradigm of value emanating from ‘the temple of speculation’ and attempts to think through its global, cultural and economic effects beyond the mystifications that it engenders. (shrink)

In this study, we comprehensively examine the relationships between ethical leadership, social exchange, and employee commitment. We find that organizational and supervisory ethical leadership are positively related to employee commitment to the organization and supervisor, respectively. We also find that different types of social exchange relationships mediate these relationships. Our results suggest that the application of a multifoci social exchange perspective to the context of ethical leadership is indeed useful: As hypothesized, within-foci effects (e.g., the relationship between (...) organizational ethical leadership and commitment to the organization) are stronger than cross-foci effects (e.g., the relationship between supervisory ethical leadership and commitment to the organization). In addition, in contrast to the “trickle down” model of ethical leadership (Mayer et al. in Org Behav Hum Decis Process 108:1–13, 2009), our results suggest that organizational ethical leadership is both directly and indirectly related to employee outcomes. (shrink)

Questions of value are central to understanding alternative practices of food exchange. This study introduces a practice-based approach to value that challenges the dominant views, which capture value as either an input for or an outcome of practices of exchange. Building on a longitudinal ethnographic study on food collectives, I show how value, rather than residing in something that people share, or in something that objects have, is an ideal target that continuously unfolds and (...) evolves in action. I found that people organized their food collectives around pursuing three kinds of value-ideals, namely good food, good price and good community. These value-ideals became reproduced in food collectives through what I identified as valuing modes, by which people evaluated the goodness of food, prices and community. My analysis revealed that, while participating in food collectives in order to pursue their value-ideals, people were likely to have differing reasons for pursuing them and tended to attach different meanings to the same value-ideal. I argue that understanding how value as an ideal target is reproduced through assessing and assigning value is essential in further explorations of the formation of value and in better understanding the dynamics of organizing alternative practices of food exchange. (shrink)

A comparison of E.O. Wilson's On Human Nature and Abraham Heschel's Who Is Man? introduces a discussion of how descriptions and explanations of the human are related to valuations of the human. More intense comparative analysis focuses on Melvin Konner, The Tangled Wing, and Reinhold Niebuhr, The Nature and Destiny of Man, Similarities of outlook toward life in the world are noted, although the supporting information, concepts, and arguments are radically different. The article illustrates how a subject matter, here the (...) human, that is addressed by different disciplines and methods can yield fruitful interdisciplinary analysis. (shrink)

This article explores gender inequities and sexual double standards in teens’ digital image exchange, drawing on a UK qualitative research project on youth ‘sexting’. We develop a critique of ‘postfeminist’ media cultures, suggesting teen ‘sexting’ presents specific age and gender related contradictions: teen girls are called upon to produce particular forms of ‘sexy’ self display, yet face legal repercussions, moral condemnation and ‘slut shaming’ when they do so. We examine the production/circulation of gendered value and sexual morality via (...) teens’ discussions of activities on Facebook and Blackberry. For instance, some boys accumulated ‘ratings’ by possessing and exchanging images of girls’ breasts, which operated as a form of currency and value. Girls, in contrast, largely discussed the taking, sharing or posting of such images as risky, potentially inciting blame and shame around sexual reputation (e.g. being called ‘slut’, ‘slag’ or ‘sket’). The daily negotiations of these new digitally mediated, heterosexualised, classed and raced norms of performing teen feminine and masculine desirability are considered. (shrink)

This paper begins by consider a straightforward question in the metaphysics and morality of markets: Are there cases in which it is morally permissible to freely give x (i.e. without exchange for valuable consideration), but impermissible to give x in exchange for valuable consideration? To address this question, this paper raises the issue of the difference between giving freely and giving in exchange for valuable consideration. It argues that the distinction lies in whether the receipt of valuable (...) consideration acts as a reason for the giver. If S receiving some valuable consideration for x is not a reason for S to give x, then x is not engaging in an exchange. This illuminates the discussion around the morality of markets. Instead of supposing that x transforms when it is exchanged (rather than given), the difference can be assessed in terms of the giver’s reasons. As such, S freely giving x may be morally permissible and S exchanging x impermissible if S taking a valuable consideration as a reason makes the act wrong. The paper illustrates this with cases where individuals may give x only for certain reasons, and therefore are not permitted to exchange x. Finally, the paper concludes with an analysis of how this approach to analyzing exchange can contribute to the discussion of the metaphysics of markets, and create a fine-grained analysis of the different varieties of impermissible exchanges in terms of the moral analyses we do for other acts; it connects the discussion of the morality of giving and exchanging some x to the morality of other actions, and giving their permissibility in terms of justificatory reasons, consequences, etc. In doing so, the paper represents a contribution to the broader discussion of the morality of markets by illustrating a way to develop an analysis of the morality of exchanges (an important constituent of markets). This analysis circumvents approaches in the metaphysics of markets that have raised skepticism, e.g. certain goods transform when placed on a market. While compatible with claims about transformative goods, this theory allows for an explanation of moral prohibitions against certain kinds of exchange only on the basis of the justificatory reasons of the agents involved in the exchange; this is a much more stable metaphysical base from which to evaluate the morality of markets and exchanges. (shrink)

For as long as there have been markets, there have been complaints about market motives. For much of this history, the two sides have talked past one another. Optimists about markets have mostly addressed other optimists, and failed to take seriously the kinds of relational values that might be at stake and the range of possible alternatives to market-based production. Pessimists about markets have mostly addressed other pessimists, and failed to take seriously the full range of market-involving economic structures and (...) the different kinds of psychologies compatible with market interactions. Recently, there has been a break-through, on behalf of the optimists. According to the model of exchange as mutual assistance, an exchange can be perceived as a joint activity for mutual benefit - and needn't involve self-directed motives at all. This essay pushes back, on behalf of the market pessimists. The essay develops a contrast between exchange as mutual assistance and an ideal of production as caring solidarity, in which production is a joint activity of caring about one another. This alternative ideal draws on Marxist, socialist, feminist, and Christian traditions, and, in particular, on recent work on care, solidarity, and alienation. These two models – exchange as mutual assistance and production as caring solidarity – share key features, including an emphasis on reasoning from a ‘we-perspective’, on trusting one another, and on resisting a familiar self/other motivational dichotomy. Key differences are developed in detail. The essay concludes by discussing the implications for an economics of caring solidarity, with discussion of the limitations of various market socialist strategies. (shrink)

Value is a basic concept in economics, ethics and sociology. Locke made labour the source of value, whereas Smith referred to an ideal exchange and Kant specified that commodities only have a market price, no intrinsic value. One can distinguish two modern concepts of value, an economic one trying to explain value in terms of utility, interest or preferences, and an ideal one considering values as ends in themselves. On this basis, Durkheim constructed his (...) theory of value, which was developed by his followers Mauss and Bouglé and further by Bataille. Their line of thought makes it possible to develop a conceptual framework, which can be used to criticise neo-liberalism, big business and the effects of globalisation, while at the same time defending the moral value of business and giving an interpretation of the anti-globalisation protests. (shrink)

Examining how new forms of currencies diffuse is important to uncover their impact on the organization of communities, and thus motivates our study of community currencies. Community currencies provide a medium of exchange by using alternative banknotes or electronic money, which circulates only within particular communities, allowing members to trade goods, increase social cohesion, and achieve collective goals. In this study, we examine how community currencies help facilitate social commons by serving as a setting for building community relationships and (...) a catalyst for other social activities beyond market relations. We analyze cases of community banks that provide microfinance and issue community currencies in Brazil. We find that microfinance entrepreneurs who involve a greater diversity of stakeholders from public, private, and nonprofit sectors in decision making even prior to startup, while also facilitating the formation of supportive social capital from diverse cross-sector stakeholders, increase opportunities for developing new community currencies. By exploring the implications of entrepreneurial actions that promote inclusive participation of diverse stakeholders for accomplishing collective goals, our findings are relevant for other activities that create a common pool of resources while also developing the vitality of the community, including initiatives that use cryptocurrencies and other emerging forms of currencies for building social commons. (shrink)

The major global challenges of our time, like climate and environmental crises, rising inequality, the emergence of disruptive technologies, etc., demand interdisciplinary research for effective solutions. A clear understanding of value is essential for guiding socio-cultural and economic transitions to address these issues. Despite numerous attempts to define value, existing approaches remain inconsistent across disciplines and lack a comprehensive framework. This paper introduces a novel perspective on value through the lens of granular interaction thinking theory, proposing an (...) informational entropy-based notion of value. Grounded on quantum mechanics, Shannon’s information theory, and the mindsponge theory, this framework integrates both subjective and objective considerations and is highly compatible with interdisciplinary research. The informational entropy-based notion of value effectively bridges diverse concepts of value, including use and exchange value in economics, personal values in psychology, and cultural, moral, ethical, and aesthetic values in society. By offering a unifying perspective, granular interaction thinking theory provides a valuable framework for translating insights from quantum mechanics into socio-cultural, economic, and psychological contexts, enriching theoretical discourse and enhancing analytical effectiveness. (shrink)

In this empirical study, we present two new models that are corporate ethics based. The first model numerically quantifies the corporate value index (CV-Index) based on a set of predefined parameters and the second model estimates the market-to-book values of equity in relation to the CV-Index as well as other parameters. These models were applied to Canadian companies listed on the Toronto Stock Exchange (TSX). Through our analysis, we found statistically significant evidence that corporate values (CV-Index) positively correlated (...) with firm performance. The results are even more significant for firms with low market-to-book values. Our empirical findings suggest that corporate ethics is vital for management, employees, shareholders, stakeholders, and the community at large. In addition, we have tested and confirmed five hypotheses that are used to illustrate corporate ethics behavior and performance. (shrink)

Shareholder and investor relations, and the closely related area of corporate governance have been the arenas of much dispute, much of which has not been confined to practical financial matters. Ethical challenges have come as well from persons and groups with widely differing value systems. This paper presents the Corporate Value Exchange Model (CVE) as a framework for analyzing the corporate-shareholder and corporate-investor relationships, and for formulating decisions that can respond ethically to these groups without subordinating the (...) interests of other constituents. (shrink)

The paper discusses the publications of the Royal Swedish Academy of Sciences (RSAS) as part of a wider network of publication exchange, linking learned societies, libraries, and archives. The periodicals of the RSAS went through several reorganisations between 1813 and 1903, all to some extent related to their role in publication exchange. Although subject to many of the same deliberations of commercial value and institutional prestige as the expanding book trade, publication exchange offered a means of (...) communication for institutions with widely differing financial, linguistic and scientific status, and a forum for articulating a wide range of values significant in scientific publication. In the context of publication exchange, the roles of producers and consumers, and of publishers and repositories of scientific knowledge overlap, and librarians emerge alongside editors as central actors in scientific communication. Scientific editorship should be viewed not only as a means of disseminating scientific findings to wider audiences, but as designing a product that could be used to forge institutional connections, to acquire publications, and to build collections. The case of the RSAS periodicals highlights the importance of publication, not only for the distribution of scientific knowledge, but for its acquisition. (shrink)

AfterTranscritique: On Kant and Marx, Karatani Kōjin’s new bookThe Structure of World Historypresents another engagement with Marxian theory from a ‘heterodox’ standpoint. In this book, rather than viewingThe Structure of World Historyfrom the aspect of mode of production in the conventional ‘Marxist’ sense, Karatani shifts perspective to the modes of exchange. To this end, Karatani appropriates what he sees as Marx’s emphasis on ‘exchange’. In the present essay, by looking at the textual evidence, I critically evaluate whether this (...) appropriation of Marx’s theory is justified. I furthermore contend that Karatani’s reading of the concepts of value, money, capital, and surplus-value from the standpoint of ‘exchange’ arises from a grave misconstrual of Marx’s critical intent. Accordingly, Karatani neglects the critique of exploitation and the systematic production of poverty that informs the basic assumptions of Marx’s analysis of the capitalist mode of production. (shrink)

Since the transition to democracy in the early 1990s, economic research and instruction in South Africa have become far more quantitative and technically sophisticated. In this paper, I trace and discuss reasons for these developments, and I argue that this quantification of economics should not be at the expense of exchanges with qualitative data that fail the criterion of being representative, or with other disciplines that are less quantitative. With South Africa’s complex history, persistent inequality and considerable cultural diversity, economics (...) has much to gain from interdisciplinary collaboration and mixed methods research. (shrink)

This paper describes two frameworks—utilitarian and Kantian—society uses to make decisions concerning environmental management and, in particular, species protection. The utilitarian framework emphasizes the consequences of choices for prior preferences. A perfectly competitive market, on this model, correctly values environmental resources. The Kantian approach identifies rules appropriate to recognized situations given the identity of the decision maker. It relies on democratic political processes and institutions to provide the means by which citizens determine the identity of their community—its moral character and (...) aspirations—and match appropriate rules to recognized situations. This paper argues that markets do not fail in any general way in measuring the economic value of plants and animals. Market prices, in general, correctly represent the marginal or exchange value of species. If society legislates against extinction, this must be understood as an exercise in Kantian decision making in view of the moral value of species, not as an attempt to “correct” a market failure or to promote social welfare or utility. (shrink)

Steve Sherlock’s The Performativity of Value: On the Citability of Cultural Commodities explores how social identity is increasingly constructed through the citation of cultural commodities—a process that has become “performative” of the U.S. cultural economy. Sherlock extends the work of Butler, Derrida, and the Bakhtin Circle to describe how the regeneration of exchange value involves the continual re-commodification of language.

This paper uses a problematic passage at Phaedo 69a–c as a case study to explore the advantages we can gain by reading Plato in his cultural context. Socrates argues that the common conception of courage is strange: people fear death, but endure it because they are afraid of greater evils. They are thus brave through fear. He proposes that we should not exchange greater pleasures, pains, and fears for lesser, like coins, but that there is the only correct coin, (...) for which we must exchange all these things: wisdom (phronēsis). Commentators have been puzzled by the precise nature of the exchange envisaged here, sometimes labelling the coinage metaphor as inept, sometimes describing this stretch of argument as “religious” and thus not to be taken seriously. The body of the paper looks at (1) the connection between money and somatic materialism, (2) the incommensurability in Plato of financial and ethical orders, (3) financial metaphors outside Plato that connect coinage with ethics, (4) intrinsic and use values in ancient coinage, and (5) Athenian laws on coinage, weights, and measures that reflect anxiety about debased coins in the fifth and early fourth centuries. It sees the Phaedo passage as the product of a sociopolitical climate which facilitated the consideration of coinage as an embodiment of a value system and which connected counterfeit or debased currency with debased ethical types. Athenians in the early fourth century were much concerned with issues of commensurability between different currencies and with problems of debasement and counterfeiting; understanding this makes Socrates’ use of coinage metaphors less puzzling. Both the metaphor of coinage and the other metaphors in this passage of the Phaedo (painting and initiation) engage with ideas of purity, genuineness, and deception. Taken as a group, these metaphors cover a large area of contemporary popular culture and are used to illustrate a disjunction between popular and philosophical ways of looking at value. (shrink)

What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of exchanges. Second, it ultimately fails to (...) generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

Aristotle’s economic thinking in the Nicomachean Ethics 5.5 and Politics 1 provides one of the earliest analyses of the economic nature exchange. Establishing the significance of Aristotle in this area has often led modern commentators to equate Aristotle’s descriptive analysis of use and exchange to the definitions of use-value and exchange-value as it is found in Karl Marx. In this article, I show that Aristotle’s understanding of use and exchange is qualitatively different from this (...) interpretation, focusing in particular on the ethical nature of use and how, for Aristotle, exchange is an extension of practical deliberation. (shrink)

Carver's interpretation of Marx's value theory (Terrell Carver, ?Marx's Commodity Fetishism?, Inquiry, Vol. 18 [1975]) is accepted, but his rejection of it criticized by explicating the reasons Marx gives for his theory after his faulty analysis of exchange-value at the very beginning of Capital. The central concept of abstract labour is shown to relate commodity exchange to other forms of distribution; by being compared to these the function of commodity exchange is recognized as the attachment (...) of an amount of abstract labour to a commodity, and exchange-value as that which determines that amount What it means to say value is thought to inhere in commodities is explicated. (shrink)

In this paper I expose Caligaris and Starostas argument on the logical character of the initial moments in Hegels and Marxs dialectics; I argue that the categories of Marxs theory of labor-value must be read in such a way that value, or substance of value, is taken non-substantially, arising only with the emergence of exchange value, or the value-form; Finally, I attempt to justify this reading from the standpoint of the idea of self-posited presuppositions, (...) as developed by Slavoj Zizek. (shrink)

This article examines whether ethical business practice enhances financial performance with respect to interorganizational favour exchange. We argue that the link between the ethicality and economic utility of interorganizational favour exchange is governed by: (1) organizational–individual interest alignment/conflict and (2) the fairness or justifiability of favour exchanges from the perspective of third parties. We classify interorganizational (IO) favour exchange into four types (Business–Personal, Personal–Business, Personal–Personal and Business–Business favour exchange). Our analysis shows that the first three types (...) of favour exchange are unethical as they involve conflicts between organizational and individual interests in one or both participating organizations that negatively affect organizational value creation. The last type of favour exchange involves organizational–individual interest alignment in both participating organizations and positively affects the capacity of those involved in the exchange to create value. Favour exchanges of this fourth variety are ethically justifiable unless they unfairly damage the legitimate interests of third parties. In the latter case, these favour exchanges create the risk of negative third party reactions, which in turn affect the sustainability of the benefits of the favour exchanges to the focal group (the dyad). Our research results advance understanding of the ethical and economic implications of IO favour exchange, counter the prejudice against this behaviour in organizations, provide ethical guidance for management and business practice, and have implications for the relationship between doing well and doing good. (shrink)

Sacred values differ from material or instrumental values in that they incorporate moral beliefs that drive action in ways dissociated from prospects for success. Across the world, people believe that devotion to essential or core values – such as the welfare of their family and country, or their commitment to religion, honor, and justice – are, or ought to be, absolute and inviolable. Counterintuitively, understanding an opponent's sacred values, we believe, offers surprising opportunities for breakthroughs to peace. Because of the (...) emotional unwillingness of those in conflict situations to negotiate sacred values, conventional wisdom suggests that negotiators should either leave sacred values for last in political negotiations or try to bypass them with sufficient material incentives. Our empirical findings and historical analysis suggest that conventional wisdom is wrong. In fact, offering to provide material benefits in exchange for giving up a sacred value actually makes settlement more difficult because people see the offering as an insult rather than a compromise. But we also found that making symbolic concessions of no apparent material benefit might open the way to resolving seemingly irresolvable conflicts. We offer suggestions for how negotiators can reframe their position by demonstrating respect, and/or by apologizing for what they sincerely regret. We also offer suggestions for how to overcome sacred barriers by refining sacred values to exclude outmoded claims, exploiting the inevitable ambiguity of sacred values, shifting the context, provisionally prioritizing values, and reframing responsibility. (shrink)

The leader–member relationship has been identified as a key determinant of successful working relationships and business outcomes in China. A high-quality leader–member relationship helps managers and employees to meet the demands they face and gives them the opportunity to develop socially, emotionally and morally. Such relationships form the basis of the overall well-being and success of the organisation. This article contributes to relationally oriented leadership theories and more specifically to the leader–member exchange theory by examining the theory in the (...) context of Western expatriate managers and Chinese employees in China. The first aim of the study is to analyse the similarities and differences between the LMX theory, which owes its origins to Western corporate experience, and the social and moral norms of guanxi, a crucial element in the Chinese value system. Since Westerners and Chinese people can give different interpretations to guanxi, the second aim of the article is to discuss the ethical challenges to the Western manager arising from guanxi. The findings of this study have implications not only for China, but also for other Chinese communities where guanxi is endorsed and practised. (shrink)

In this essay I discuss reciprocity as it unfolds within the context of a Confucian relational ethic. I discuss the relationship between reciprocity and the virtue of shu or 'sympathetic understanding' and then go on to argue that the goods that grow out of reciprocal relationships are necessary for Confucian ethics. These include social equilibrium, a rich sense of self-esteem, and reliable expectations concerning the actions of others. Finally, I discuss the difficulties of acting reciprocally in socially disproportional relationships and (...) in those that involve the manifestation of ill will. It is suggested that Confucian ethics provides a viable account of reciprocity that remains relevant for those living in modern contexts. " The rules of ritual propriety value reciprocity, If I give a gift and nothing is returned, that is contrary to propriety; If the thing comes to me, and I give nothing in return, that is also contrary to propriety. ". (shrink)

Statistical decision theory, whether based on Bayesian principles or other concepts such as minimax or admissibility, relies on minimizing expected loss or maximizing expected utility. Loss and utility functions are generally treated as unit-less numerical measures of value for consequences. Here, we address the issue of the units in which loss and utility are settled and the implications that those units have on the rankings of potential decisions. When multiple currencies are available for paying the loss, one must take (...) explicit account of which currency is used as well as the exchange rates between the various available currencies. (shrink)

Prominent neo-Marxists have recently acknowledged longstanding criticisms of Marx's labor theory of value as at best a cumbersome and redundant price model but continue to variously defend the doctrine as an interpretation of historically observed class conflict between exploiters and exploited. This essay counters that value theory also fails badly as a "labor theory of exploitation." The fundamental flaw is the canonical premise that labor alone is productive, with normative implications closer to the entrepreneurial work ethic than to (...) socialist standards of distributive justice. The essay then identifies an alternative theory of exploitation implied by Marx's earlier writings on alienation but obscured by his later association of exploitation with surplus value. What capital appropriates is not "surplus value" produced by labor, but the capacity to produce it, creating asymmetric interdependence within the division of labor. Exploitation arises in the mediation of this interdependence through the exchange of commodities. (shrink)

In the exchange paradox, two players receive envelopes containing different amounts of money. The assignment of the amounts ensures each player has the same probability of receiving each possible amount. Nonetheless, for each specific amount a player may find in his envelope, there is a positive expectation of gain if the player swaps envelopes with the other player, in apparent contradiction with the symmetry of the game. I consider a variant form of the paradox that avoids problems with improper (...) probabilities and I argue that in it these expectations give no grounds for a decision to swap since that decision must be based on a summation of all the expectations. But this sum yields a non‐convergent series that has no meaningful value. The conflicting recommendations – that it is to one or the other player's advantage to swap – arise from different ways of grouping terms in the sum that yield an illusion of convergence. I describe a generalized exchange paradox, explore some of its properties and display another example. (shrink)

In a spontaneously wide-ranging conversation one winter evening in Japan, sociologist of religion Bryan Wilson and Buddhist philosopher Daisaku Ikeda recognized the importance of explaining and learning about their respective worldviews. Human Values in a Changing World is the record of their further exchanges on how they see the religious response to the human condition. Their contrasting approaches - one, as an academic, and the other, as a lay Buddhist - allow for a constructive critique of preconceptions otherwise unexamined in (...) their own cultural contexts. "There is an intimate connection between faith and the fruits of commitment," Wilson says at one point. To which Ikeda responds that while the benefits of faith to momentary happiness are perhaps not the core value of a religion, they can inspire and lead people to become aware of that core value or fundamental truth. The two men's observations on the origins of religious sensibilities move from the spiritual and the moral to the politics of private and public life. Although published some years ago, Human Values in a Changing World addresses topics and issues which are of perennial importance to human flourishing, including: sexual morality, the limits of tolerance and religious freedom, the future of the family, the belief in an afterlife, and the idea of sin. (shrink)

The contemporary society is characterised by a strong presence of different religious expressions, both traditional and new, community-based and individual. Therefore, we speak of a post-secular age in which there is a continuous exchange between beliefs and non-beliefs in everyday life. In this sense, the religious question takes on an increasingly intercultural connotation in the continuous biographical exchanges among people who give different existential meanings according to their own conscience. It is precisely the dimension of meaning, determined by the (...) choice of values, based on a perspective linked to Frankl’s existential analysis and logotherapy, that will be the subject of this contribution. In particular, proposing a theoretical approach to the question, we will outline what could be some aspects of Frankl’s psychology useful to lay the foundation of an educational stance on religiosity that could promote a democratic and supportive coexistence within an intercultural horizon. (shrink)

The exchange of forensic DNA data is seen as an increasingly important tool in criminal investigations into organised crime, control strategies and counter-terrorism measures. On the basis of a set of interviews with police professionals involved in the transnational exchange of DNA data between EU countries, this paper examines how forensic DNA evidence is given meaning within the various different ways of constructing a police epistemic culture, it is, a set of shared values concerning valid knowledge and practices (...) normatively considered adequate and legitimate. The police epistemic culture is fuelled by multiple dynamics of boundary work, revealing how police professionals involved in international cooperation (i) define their specific core activities and competencies; (ii) construct particular understandings of valid knowledge and how it should be produced; (iii) enact the police epistemic culture in contrast to the epistemic cultures of the judicial authorities and forensic scientists. (shrink)

The main goal of this paper is to prove the thesis that the attempts to transpose the cultural differentiation into the social and economical universalism and globalism must lead to repressive psychosocial totalitarianism on a large scale. Modern human sciences and politics tend to classify the individual in respect to his adaptive efficiency in interactive relation with programmed environment and to qualify him according to given imposed criteria of social functionalism. The correctly socialized individual is expected to be an exchangeable (...) functional unit assessed according to its usefulness in performing a set of particular tasks, despite his cultural background being considered as a second-rate factor, which may affect the social acceptance and correctness of his behavior. However, no community is an exact representation of society because it is held together not by functions but by the values aswell as the forms of their actualization and implementation into the common organization and their way of life. The community is not a contract upon which society is based. The identity of the individual must not be removed from the culture of the community in which he lives and from its constitutive values. It is also rooted in the past and history of striving for self-determination and cultural as well as personal subjectivity. Without these significant cultural and historical components the individual identity is nothing but an operational, programmable algorithm of functional living unit assigned to perform short-term utilitarian tasks. This approach stands in contradiction to the Aristotelian concept of wellbeing and happiness considered as striving for the common good of spiritual values by individuals as well as by human communities. Any extensive and effective civilization neglecting the higher values of moral, symbolic and religious sense of the individual, must face totalitarianism or extinction. (shrink)

As the international art market globalizes the indigenous image, it changes its identity, status, value, and purpose in local and larger contexts. Focusing on a school of Australian Aboriginal painting that has become popular in the contemporary art world, Robyn Ferrell traces the influence of cultural exchanges on art, the self, and attitudes toward the other. Aboriginal acrylic painting, produced by indigenous women artists of the Australian Desert, bears a superficial resemblance to abstract expressionism and is often read as (...) such by viewers. Yet to see this art only through a Western lens is to miss its unique ontology, logics of sensation, and rich politics and religion. Ferrell explores the culture that produces these paintings and connects its aesthetic to the brutal environmental and economic realities of its people. From here, she travels to urban locales, observing museums and department stores as they traffic interchangeably in art and commodities. Ferrell ties the history of these desert works to global acts of genocide and dispossession. Rethinking the value of the artistic image in the global market and different interpretations of the sacred, she considers photojournalism, ecotourism, and other sacred sites of the western subject, investigating the intersection of modern art and postmodern culture. She ultimately challenges the primacy of the "European gaze" and its fascination with sacred cultures, constructing a more balanced intercultural dialogue that deemphasizes the aesthetic of the real championed by western philosophy. (shrink)

Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the market level and (...) for several types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance. (shrink)