Despite the rich body of research on the outward foreign direct investment (OFDI) by Chinese multinationals, little attention has been given to the fact that China’s OFDI is facing a high failure rate even in their initial attempt to enter a foreign market. Grounded on institutional theory, this study provides a nuanced view of the expansion dynamic of Chinese multinational firms overseas using a unique dataset that contains both successful and troubled Chinese foreign market entry attempts (...) between 2018 and 2021. We find that at the firm level, state-owned firms are more likely to face difficulties when trying to enter a new market compared to their private counterparts. Firms’ corporate social responsibility (CSR) reporting reduces the chance of failure. These effects are conditioned on the political, economic, and cultural distances between the home and host counties. (shrink)

We design an agent based Monte Carlo model of antibiotics research and development to explore the effects of the policy intervention known as Market Entry Reward on the likelihood that an antibiotic entering pre-clinical development reaches the market. By means of sensitivity analysis we explore the interaction between the MER and four key parameters: projected net revenues, R&D costs, venture capitalists discount rates, and large pharmaceutical organizations' financial thresholds. We show that improving revenues may be more efficient (...) than reducing costs, and thus confirm that this pull-based policy intervention effectively stimulates antibiotics R&D. (shrink)

One challenge that globalization has brought to business is that firms, as they expand their market globally through cross-border alliances, need to deal with partner firms from countries of different religious background. The impact of a country’s dominant religion on its firms’ international market entry mode choices has not been examined in traditional approaches. Focusing on hypothesizing the influence of Christian beliefs and atheism (i.e., the absence of belief in any deities), this research aims to fill the (...) gap by exploring religion’s role in providing moral restraint on managers’ propensity for opportunism, which in turn affects these managers’ choices of their firms’ international market entry via non-equity alliances or joint ventures. A study of 22,156 cross-border alliances formed in 48 industries world-wide over 9 years provides new insight toward understanding religion’s influence on firms’ international market entry mode decisions through the ethical dimension of strategic leadership. (shrink)

As part of a multifactorial approach to address weak incentives for innovative antimicrobial drug development, market entry rewards are an emerging solution. Recently, the Duke-Margolis Center for Health Policy released the Priority Antimicrobial Value and Entry Award proposal, which combines a MER with payment reforms, transitioning from volume-based to “value-based” payments for antimicrobials. Here, the PAVE Award and similar MERs are reviewed, focusing on further refinement and avenues for implementation.

Recent studies :98–144, 2002; Weismann, J Bus Ethics 88:615–66, 2009) revealed that in the first 28 years of its existence, the Foreign Corrupt Practices Act was not enforced by the federal government. The Weismann study further concluded that the FCPA, designed by Congress as a self-regulatory model of corporate governance, failed to achieve the regulatory goal of deterring global bribery by U.S. companies. The current article addresses the reasons that the FCPA remains an ineffective measure to control bribery as a (...) global market entry strategy despite the highly publicized 2006 Department of Justice initiative to increase prosecutions and tighten enforcement efforts. The failure arises out of both the increased use of informal dispositions of case prosecutions,, which has made “getting caught” merely an increased “cost of doing business” and the failure to close the regulatory gaps in the statute that permit violators to slip through the enforcement net. The article updates and compiles the case prosecution data for every reported case prosecuted between 1977 and 2011. That data are then compared to the results of a 2010 integrity risk survey performed by Deloitte Financial Advisory Services and Forbes which reveal a widely held global business perception that compliance and integrity risks appear to be rising sharply and that the FCPA is ineffective in deterring bribery and corruption in foreign markets. The article aims to serve as a predictive tool for policy makers and business professionals in assessing risk in the global markets, particularly as commerce intensifies in the BRIC countries, notable for bribery and corruption. (shrink)

To what extent do the mother's and father's jobs and occupational sex-typing influence the status and sex-typing of their children's occupation at first entry into the labour market? Referring to a database containing 5027 respondents of two merged Dutch surveys held between 1992 and 1995, this study finds that the effect of the mother's occupational status on her daughter's is significant, but smaller than either the effect of father's status on his son's or his daughter's status. The mother's (...) occupational sex-typing is related to her daughter's occupational sex-typing. The more female sex-typed the daughter's occupation, the lower her occupational status. In the same way, the father's occupational sex-typing is related to his son's occupational sex-typing. While the extension of the classical status attainment models by the mother's occupation and occupational sex-typing leads to interesting and new coefficients, the authors conclude that the more elementary classical model is not invalidated by these new perspectives. (shrink)

This article examines the historically contentious relationship between the financial market and the public as discussed in academic literature, financial journalism and prescriptive how-to invest handbooks during the late 19th and early 20th centuries. Although financial markets thrive off active public participation, speculating at stock and commodity exchanges has been a sanctioned ritual reserved for a privileged minority. We argue that the financial establishment’s intent to control market access through financial entry-barriers (such as exchange membership fees and (...) margin requirements) has been part of a bigger story we need to understand: a history of delegitimating uninitiated ‘lay speculators’ through the construction of exclusionary narratives about unfit amateur investors and morally corrupt publics. We conceptualize this process as an ongoing and delicate boundary-making exercise contributing to a market participation discourse that has been characterized by a set of reductive binaries, such as those of insider–outsider, professional–amateur and speculator–gambler. We show, however, that attempts to delineate popular participation in financial markets through these binaries have been complicated by the idea that besides being a force of market instability and collective irrationality, the public was a largely untapped source of liquidity. We argue that today’s discourse on public participation in financial markets resuscitates these simplified narratives and propose a more nuanced view of non-professional market participants being both destabilizers and liquidity-providers. (shrink)

The present study takes Confucian entrepreneurs as an entry point to portray the dynamics and problems involved in the process of putting moral precepts into practice, a central issue in business ethics. Confucian entrepreneurs are defined as the owners of manufacturing or business firms who harbor the moral values of Confucianism. Other than a brief account of their historical background, 41 subjects from various parts of Mainland China, Taiwan, Hong Kong, Singapore and Kuala Lumpur were selected for in-depth interviews. (...) By studying the moral choices they made in the market, it was discovered that, contrary to the prevalent mode of inquiry in economics either to reduce all social phenomena to rational calculations or to consider moral actions in terms of utilitarian values, their economic action cannot be accounted for by the postulate of utility maximization, and that the efforts to do business according to their moral principles can be very costly. The study also attempts to document how these Confucian entrepreneurs reconciled the conflict between the moral values they cherished and the instrumental goals they pursued, and will seek to uncover how they responded when faced with this dilemma. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Diacritics 29.3 (1999) 40-62 [Access article in PDF] Syncretism and Its Synonyms: Reflections on Cultural Mixture Charles Stewart * The subject matter of anthropology has gradually changed over the last twenty years. Nowadays ethnographers rarely search for a stable or original form of cultures; they are usually more concerned with revealing how local communities respond to historical change and global influences. The burgeoning literature on transnational flows of ideas, (...) global institutions, and cultural mixture reflects this shift of attention. This increased awareness of cultural interpenetration has, furthermore, been instrumental in the critique of earlier conceptions of "culture" that cast it as too stable, bounded, and homogeneous to be useful in a world characterized by migrations (voluntary or forced), cheap travel, international marketing, and telecommunications. 1 Contemporary social theory has accordingly turned to focus on phenomena such as globalization, transnational nationalism, and the situation of diaspora communities. In this body of literature the word syncretism has begun to reappear alongside such related concepts as hybridization and creolization as a means of portraying the dynamics of global social developments.In what follows I consider some current attempts to theorize mixture before turning to examine the suitability, or not, of the terms listed above. Anthropologists and other social scientists have expressed ambivalence about all three terms--syncretism, hybridity, and creolization. I discuss these reservations before presenting a genealogical consideration of the single term syncretism. My purpose in considering the history of syncretism up to the present is not to enforce a standard usage confined to the domain of religion; nor is it my goal to promote syncretism to a position of primus inter pares in the company of all other terms for mixture. I see my approach instead as an attempt to illustrate historically that syncretism has an objectionable but nevertheless instructive past. If this past can be understood, then we are in a position to consciously reappropriate syncretism [Shaw and Stewart 2] and set the ethnographic study of cultural mixture on new tracks.This might seem too minimalist to readers who currently have no reservations about the term, but many anthropologists, on both sides of the Atlantic, have personally expressed to me strong reservations about ever employing the word syncretism. If asked why they hold this view, they are often unable to articulate a specific reason. Some, however, did express one or both of the following objections: (1) syncretism is a pejorative term, one that derides mixture, and/or (2) syncretism presupposes "purity" in the [End Page 40] traditions that combine. Both of these reservations will be considered below, but it is the broad disagreement within the anthropological community on the appropriateness of the very term syncretism that has stimulated this inquiry. Such ambivalence reflects basic uncertainties about how to conceptualize cultural mixture. Current Discussions of Mixture Cultures, if we still wish to retain this term (and I do), are porous; they are open to intermixture with other, different cultures and they are subject to historical change precisely on account of these influences. 2 This has no doubt always been the case. Certainly decolonization and the entry into a postmodernity where master narratives of purity and homogeneity are vulnerable to doubt have contributed to valorizing recognitions of mixture where formerly they had been stigmatized as inauthentic and hence uninteresting for anthropological study. Research in the Caribbean, in Sidney Mintz's view, started relatively late precisely because this region "was considered theoretically unfruitful... its peoples supposedly lacked culture, or were culturally bastardized" [303].Cultural borrowing and interpenetration are today seen as part of the very nature of cultures [Glissant 140-41; Rosaldo, Foreword xv]. To phrase it more accurately, syncretism describes the process by which cultures constitute themselves at any given point in time. Today's hybridization will simply give way to tomorrow's hybridization, the form of which will be dictated by historico-political events and contingencies. In examining cultural hybridity, writers such as Edward Said and James Clifford [Predicament 14-15] have lifted syncretism out of the framework of acculturation. Syncretism is no longer a transient "stage" which will disappear when, with time, assimilation occurs. As Said... (shrink)

Arthur Anderson & Co. has made a significant contribution to assist and encourage the teaching of business ethics. They provided assistance initially through workshops and curriculum materials; currently they are using campus coordinators to disseminate information and materials. The curriculum materials can be used by the instructor to assist students in practicing their moral reasoning skills and cover four academic areas: Accounting, Finance, Marketing, and Management. These materials include business ethics video vignettes, suggestions on presentation methods, guidelines for implementing a (...) stakeholders' analysis approach to ethical reasoning, and possible discussion questions. The vignettes present ethical dilemmas that persons may encounter in entry level positions. We have used the vignettes, the accompanying discussion questions, and the suggested stakeholder analysis in class presentations. This paper presents a discussion of the basic concepts associated with cooperative learning, an example of the implementation of cooperative learning techniques using the Arthur Andersen Accounting Ethics Vignettes, and empirical results of the influence of these particular group discussions on the students' ethical responses. We did not attempt to measure whether the individuals' moral levels changed, but whether the group discussions stimulated any changes in the students attitudes toward the particular ethical dilemma they viewed. (shrink)

This paper focuses on Warren Nutter’s The Extent of Enterprise Monopoly in the United States, 1899-1939. This started out as a (1949) doctoral dissertation at The University of Chicago, part of Aaron Director’s Free Market Study. Besides Director, O.H. Brownlee and Milton Friedman were closely involved with supervising it. It was published by The University of Chicago Press in 1951. In the 1950s the book was explicitly understood as belonging to the “Chicago School” (Dow and Abernathy 1963). By articulating (...) the content, context, and reception of Nutter’s monograph, this paper discusses four larger themes. First, I introduce the importance of Kuhnian conceptions of science to the methodological and institutional understanding of economics in the development of a ‘Chicago’ school of economics. I do this in context of previously unpublished Stigler-Kuhn exchange. While Thomas Kuhn was widely read and adopted in the social sciences and humanities in the 1960s and 70s (and thereafter), I argue that at ‘Chicago,’ proto-Kuhnian language can be found going back to the 1940s; in those early days it is partly used to disparage the achievements of economic theorizing as promoted by others. A more self-congratulatory Kuhnian self-understanding of economics as a mature paradigm starts to get adopted around 1955 by George Stigler. One important new claim is that the later Kuhnian language gets adopted in part to divest ‘Chicago’ from its shared roots with Institutionalist economics. So, this paper contributes to a better understanding of the formation of a shared narrative at ‘Chicago.’ Second, I introduce contextual themes from Milton Friedman’s writings in the late 40s and 50s to help us understand the nature of realism at Chicago. Nutter’s dissertation helps in reading and illuminating Milton Friedman’s famous 1953 methodology paper in historical and intellectual context. Third, while this chapter notes some of the political ramifications of Chicago economics, my main aim is to help explain the manner in which Chicago attempted to chart a distinctive methodological course. This methodology has often been described as Marshallian with debts to the large-scale NBER studies. Rather than going over familiar territory, I call attention to the importance of proxies in Nutter’s empirical methodology. It is an unappreciated feature of the inductive, quantitative method that focused on the component structures of the economy that characterizes Chicago’s methodological outlook in this period. I show this by comparing Nutter’s dissertation to work done by Stigler, then at Columbia. We know from Stigler’s correspondence with Friedman that in this period they discussed methodological matters. What is less well known is that Friedman is explicitly credited for Stigler’s methodological insights in Stigler's Five Lectures at LSE. The fifth lecture, “Competition in the United States,” covers similar territory as Nutter’s project. Comparing the work by Stigler and Nutter sheds light on the nature of Chicago methodology as it was being developed away from foundations laid by Frank Knight and Henry Simons in the late 1940s and 1950s and opening up the door to (right wing) social engineering as exemplified by Harberger. I present my analysis through the published critical reception of both works among economists. A fourth reason to focus on Nutter’s dissertation is that it was featured in a Fortune magazine article in January 1952. So, it provides a useful entry into how politically important ‘Chicago’ research was marketed to a wider audience. This connects to issues explored by Phil Mirowski and his students, Rob van Horn and Eddie Nik-kah. So, Nutter’s dissertation can help us see how ‘sponsored’ research looks at ‘Chicago at the time. This is especially important because it has been claimed that Director’s Free Market Study group promoted a change from classically liberal views on monopoly, which condemned labor and employer monopolies, to a more pro-business stance. (shrink)

continent. 2.2 (2012): 155–158 Michel Serres. Biogea . Trans. Randolph Burks. Minneapolis: Univocal Publishing. 2012. 200 pp. | ISBN 9781937561086 | $22.95 Conveying to potential readers the significance of a book puts me at risk of glad handing. It’s not in my interest to laud the undeserving, especially on the pages of this journal. This is not a sales pitch, but rather an affirmation of a necessary work on very troubled terms: human, earth, nature, and the problematic world we made. (...) It is this world that aspirates the silence (so to speak), and therefore the subject which, along with the development of the “made world” exports the excess augmentation of the cosmically missing, this silence of the natural, et cetera. Had we learned from Locke that lesson of “labor,” to consume what we need… but perhaps we need more than what matters? Serres’ Biogea has several functions on this manner, if it is indeed a book to be consumed. First, readers searching for novelistic entertainment have a place to dwell. Biogea deserves a place in your back pocket; biographical generosity and poetic fluidity should satisfy most textual fetishes. For lay philosophers who want to refresh their acumen, Biogea deserves a place on the book shelf, one already reads a sorely needed postmodern tune-up here. Serres’ style is clearly French; he leaves few cheese crumbs on his words, rather preciseness and breathing in the work give way to a sweeping manner that breaks the narrative line of sight. A circular narrative and anachronistic fragmentation of terms allows an abyssal atmosphere to swell, if only to pump into the book the externality of its broader text. Biogea aspires to a higher standard and the book, at times, is thinking this negentropic problem too. Univocal, the publisher, has crafted a book appropriate for the hands to hold and the translations are an achievement of an otherwise difficult writer to translate. Terms are the conditions of a broader text. It is important to note that Serres’ content is as much a thinking of terminal ports. There is a regard for the transportation technology of the written word. For me, this is the mark of genius, a craftiness that tells of a book device that I may trust. Serres is an accomplished thinker and a necessary voice to check the putative trendiness of anti-postmodernist and market-driven theory of endless cultural liquidation. Offering interventions on subjectivity as an open system we are given a chance to affirm the human, not merely to discard it, but to engage its poetic image emotion, the calibratory silent sense of the analogic world; the terms on which we base our efforts. 1 The human is the center of its own negation, constantly mediating it. Something deeper at stake appears in the work then, and it is quite obvious from the onset. Certainly, a book is an intensification of possible text and those who brought this actual book into existence have captured a rarity in regards to the subject matter and artistic accomplishment. I mentioned terms as conditions, so let us understand Biogea as bio-yea, a yes to bios . An affirmation of living and accepting presence for all of its defiance of images, words, and things temporal. Therefore Serres’ existence and its existants plays parts; out of linearity and still like a porous bone pumping blood it manufactures into the fleshy life it becomes. Starting from a man named silence chaos emerges, or the man “Old Taciturn” takes up a journey anticipating a great flood. In other words, a development akin to the one in Genesis. In dealing with this ancestral occupation, fusing Genesis with contemporary philosophical terms, Serres initiates this anachronistic fragmentation under the forming subjectivity of his own autobiography. This mutation in the open system is precisely one of Serres’ terms. There an abyss is at work, stated, but also measured by heels on the ground—the abyss dispatching earthen tensions, that which plays our tunes, that which we abide by and recognize in volcanoes, rivers, oceans, earthquakes and weaponry in the battles of the world. Set in later stages of the book, such tensions are harnessed through scientific principles in an attempt to unify the terms of natural force if only to terminate the world. Thus the elevation of the earth into the world is clearly set forth. Here already, and few pages in, a resonance is set forth under appellations such as the river Garonne, a subjectivity as much as it is inhuman, the river is the inhuman that makes us human. I get the sense that Serres is taking up a challenge issued by Wallace Stevens; namely, that the great poems of heaven and hell have been written, but that only the poem of the earth has resisted composition. 2 On this level we cannot avoid the killing factor of silence, given that our cognition blocks its pure, radical obliteration. Thus a silence of attunement to the earth is in a novel dialectic of the rithmic and rhythm. A technological world, a triumph of termination is set forth. If a text imposes its will given the reader who authorizes it, it is made to convey or convect a presupposition to a reader or its inhabitant(s). Text is therefore both, in-content, contenting, contentedness, and in reading it, a way to navigate self-destruction (dis-content). Here then would one note that the “inhuman” reveals itself, “an aperiodic rhythm of lovers and beloved…the sea as our friend…but as our enemy…maternal vivifying sea.” The sea is an open book, or vaginal birth canal, where the engagement of text comes forth: “…woman sea, open vulva.” One sees like the sea, but only after it, when the uninhabitable truth of inhabiting it switches the polarity of the sailors soul: “I was seeing like the sea” (9-11). In other words, we are invited to embrace the nonsense of the visible. At this point I am taken to Jean-François Lyotard’s work The Inhuman , specifically the first entry on negentropy that would be congruent with Serres’ thematic. 3 The human being exports, deports, or transplants its relation through text, through the system— and this is its sense or relation to silence, to music. Unaware of Serres’ proximity to this work, the concept of gender interrelation as regards a solar catastrophe runs clear. It would be, on this basis, that Serres references his peers, the other texts that, as mentioned above, are discarded in philosophy today. For students of philosophy what we have here is perhaps a gift, a needed project. If silence and death are at work, there is a political valence to deal with, and here, much like the domain of the text and the dominion of the reader, we confront the world of natural, fluid violence. The anti-postmodernist critique is in part based on a weak idea that the loss of ideology, of a world vision, motivates the “correlationist” project. 4 Serres seems to offer another way to view this when he notes that whereas persons “sometimes kill,” it is clearly “the collective” that “always kills” (17). What is the collective today, if not an organizing function we never see yet acts in its favor in the name of truth? One feels a sense of enigma here, if only to link to what Stevens remarked of communism as a “grubby faith,” providing this applies for capitalism as well, namely any ideology of progress overly interested in absolutes. Here we get the sense that the inhuman, silence, this type of killing, always killing, could not be matched by human-made, political dynamos. Or that if it comes to an equilibrium, a catastrophe is never too far from us to read with our heels. We are left to note that the forces of nature presuppose and permeate political systems, the more these systems obtain force, the more the system takes upon itself the proper name of nature that motivates its dissemination, albeit falsely. This note, that in an age of ecocide and technological captivity (sustainability and transparency) political regimes won’t grow our soul-learning ears any larger than our tongues, stands clear to us. The promise of technological desubjectification is here pushed aside. Regarding politics, Serres illustrates this fact: Where did this corpse come from? Who was it? Who killed it? I don’t know. I won’t try to find out. I refuse to get vengeance for it. And I only see Garonne. For our victims, today, are the rivers, too. Their waters have irrigated my life, enchanted my thought, invigorated my body; I’ve known them to be threatening, untamable, as dangerous as the sea when it rages. Yes, murderous. They decided to control their courses; dams, sometimes senseless, destroying sites and valleys, reduced entire populations to servile displacements; programs for the irrigation of thirsty farmland, often beneficial of course, completed their drying up.(22) Serres enters into his idea concerning the captivity of language from the natural into a world system: For thousands of years, we have been licking things with our tongues, covering and daubing them so as to appropriate things for ourselves. If language boils down to a convention, this convention took place between the speakers without consulting the thing named, become as a result the property of those who covered it in this way with their drawn or voiced productions. Malfeasance analyzes these acts of appropriation. Thus every inert object, every living thing as well, sleeps under the covers of signs, a little in the way that, today, a thousand posters shouting messages and ugly riots of color drown, with their filthy flood, the landscapes, or better, exclude them from perception because the meaning, almost nil, of this false language and these base images forms an irresistible source of attraction to our neurons and eyes. This appropriation covers the world’s beauty with ugliness. (38-39) Technological concealment coming to bear, we begin to get a sense of another commentary on the condition of sensing, driving home the necessity of a text dealing with such subject matter to be what its terms insist. Thus toward new openings: The new opening. As low beneath our feet as you like, the Biogea opens us to another space, high enough for us to be able to acquire a wisdom there, that of redeveloping this same place differently from our fathers, this place that’s still politically cut up by old hatreds, beneath the flood of tears and blood that we call history. Without this soft place, spiritually very old, but newly conceived in this way, without the juridical construction of a common good, opposed to our filthy ownership, I don’t see how our planet, hard, will survive. Hardness that depends on a softness, material belonging that depends on this temporary rented location (51). Serres enters into a summit on the content and the structure of his work. Archimedes is brought in with the concept of three volcanoes. Meaning fire, but as well earth, water, air. For it was Archimedes’ war machines that sought to lift the earth, thus bringing in the question of principles of science: “can a principle be invented while controlling its consequences?” (66-7). May the earth be put in a sentence, terminated by terminology, appellations, gone wild? By means of these element-dominating laws, this old physicist began to tear nature away from the ancient myths; by a strange return, today we’re plunging our successes back into the anxieties and terrors from which that ancient physics was born. Yes, our new history of science and technology is plunging, today, as though in a loop, into the fundamental human myths from which Empedocles’ first laws came. A major progression and a regression on the nether side of the origins. Consequently, the contemporary time requires that we try to return to that unity in which the principles of hate and love are at the same time human, living, inert and global. We will never attain a deontology of our knowledge and actions without thinking the subjective, the objective, the collective, and the cognitive all together simultaneously. Here, hate and love are the result of these four components.(71) Working then on the concept of fire-starting mirrors to the atomic annihilation of the Second War, Serres works into the subjectivity in question on the matter of rhythm—say rithmic— precisely at that point: Knowledge is changing today. The all-political is dying; the monarchy of the sciences said to be hard is coming to a close. The science of the things of the world will have to communicate just as much as the things of the world do, which do it much better than humans do, who don’t always want to do it. Let’s celebrate two changes this morning. The first one strikes a new blow to our narcissism. No, knowledge and the world don’t resemble our analytical enjoyments of refined cutting up, of endless debates and of exclusions full of hate. They, on the contrary, form a bloc and a sum, alliance and alloys. Uniting the fields of knowledge among themselves the way the things are connected among themselves, the second newness puts into place sets united by interlacing, webs and simplexes that combine with the things of the world, themselves combined, the combined knowledge that understands them.(130-1) Biogea closes on its opening flood thematic, approaching the initial telos of Genesis. Here the trees are brought into a position with atmosphere, the opaque abyssal reservoir, the tomb of the sun, sea in the polarity of the earthen heaven and hell. The poem of the earth then is silent but deadly, indeed, as funny as that phrase is, mainly a tomb gas. The meaning of the living and the non-meaning of things converge in the muteness of the world; this meaning and non-meaning plunge there and come out, the ultimate eddy. Mundus patet: through a fissure, through an opening, a fault, a cleft come noises, calls as small as these apertures. I’m listening, attentive, I’m translating, I’m advancing in the scaled-down meaning and science. Mundus patet: should the world open greatly, it will launch me into its silence. The totality remains silent. Knowledge expanded in elation. White origin of meaning, fountain of joy. (198) Final Remarks One test of a review is the long term trajectory the referee thinks the book will have. I see Serres’ text lending greatly into the vision of Biogea . In fact, in the vision of the novel inquiries of Stephen Jay Gould’s work there is something to be thought on the level of the individual and the species; namely, that humanity and its uniqueness is in its deferral, its thinking and naming, a thinking surrounded by silence that filters into everything, that pulls us through the world, the kinetic pulse we recognize, and all of that we cleave away in the base philosophical maxim of difference itself. Unique individuals are spatial creatures: we dwell, and we ought to get good at it. Yet this is an imaginative space that, if you are crazy enough to believe it, de-term-ine the conditions of its own terms. That is why we are not merely creating spaces on the acceleration of time, or so this ignoramus thinks, to accidentally transcend. Imagination already has this insatiable silence that we drink up and fail to manifest. Space is timeless. The imagination itself, shared by humans for themselves, their objects, and the species as a whole, is a non-defined space of relation; a whole human trajectory as part of nature, and part of worlds that are the other side of thinking nature, the consequence of it, at least our attempt to do so. Our survival is based on our deliberation, our caution, our natural deconstructive sense toward this silence that is already part of the song, sung, singing of this century without end. Good books will let us inhabit this space and recognize a form of life. Serres’ text moves toward dwelling, as noted, in masterful and accessible ways. The pitched battles are the falling replays of anemic and dead politics. As soon as we realize there is humanity, we may be able to enjoy the end of it, our inhuman capability of listening to silence. NOTES 1. See Michel Serres. The Parasite . Minneapolis: University of Minnesota Press. 2007. 2. Wallace Stevens, “Imagination as Value” [ca. 1945], in Collected Poetry and Prose . New York: The Library of America. 1997. 724-39. 3. Jean-François Lyotard. The Inhuman: Reflections on Time . Trans. Geoffrey Bennington & Rachel Bowlby. Stanford, CA: Stanford University Press. 1992. 4. See the introduction: Quentin Melliassoux. After Finitude: An Essay on the Necessity of Contingency . Trans. Ray Brassier. New York: Continuum. 2008. EDITOR'S NOTE: This review was updated on August 8, 2012. Substantial edits include block quotes from the book under review as well as the inclusion of comments from the author. (shrink)

It is a guilty secret that many college professors sell the complimentary desk copies that they receive from textbook publishers for cash. This article attempts to shed light on the undercover practice by looking at the resale of complimentary textbooks by faculty from four perspectives. Part One provides an overview of the college textbook industry, the business reasons that motivate publishers to provide complimentary desk copies to faculty, and the economic consequences of the entry of the textbooks into the (...) used book market. Part Two examines the legal characteristics of complimentary desk copies in terms of their ownership and any contractual duties that may arise from their receipt. Part Three looks at legislative efforts to curb the practice, and Part Four reviews university policies addressing the issue. In Part Five, the ethical implications of faculty selling desk copies are examined, with a special focus on this practice in a business school. The Conclusion considers the future of the sale of complimentary copies in light of the move to e-books and other initiatives by authors and textbook publishers to circumvent the practice. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:American Journal of Philology 124.2 (2003) 306-309 [Access article in PDF] Philippe Rouet. Approaches to the Study of Attic Vases: Beazley and Pottier. Trans. Liz Nash. Oxford Monographs on Classical Archaeology. Oxford: Oxford University Press, 2001. xiii + 167 pp. 21 black and white plates. Cloth, $74. This monograph examines the development of two major approaches in the study of Greek vase painting by focusing on a comparison of (...) the work of Sir John D. Beazley with that of Edmond Pottier. Beazley, an English scholar, spent his scholarly life attributing vases to various formerly unnamed artists based on [End Page 306] their style of drawing, thereby ascertaining for the first time the artistic history and stylistic development of Attic black-figure and red-figure vase painting. Pottier, a French scholar, founded the Corpus Vasorum Antiquorum, an international series whose original goal was to publish all ancient clay vases. Each scholar's interests contrasted with the other's in many ways. Beazley's work focused more on the object and Athens, while Pottier was opposed to the study of individual artists and was particularly interested in the relationship of the origins of Greek civilization to the East and the broader context of the vessels.The book's introduction sets the historical and intellectual background of Beazley and Pottier. Areas covered include the early history of collecting, initial attempts at defining the works of individual Greek vase painters, some influential early catalogues of Greek vases (e.g., those of Hamilton's collection), and the role that the copying of motifs from ancient pottery had in spreading the interest in Greek vase painting in the late eighteenth and early nineteenth centuries, particularly the part played by the Wedgwood workshop. I miss here any reference to the fine work of Brian A. Sparkes on these subjects (The Red and the Black: Studies in Greek Pottery[London and New York, 1996] 34-63).The first chapter considers the most influential, immediate predecessors of Beazley and shows how their work formed the intellectual framework for his accomplishment. They are Wilhelm Klein, whose important study of and signatures on Attic vases still serves as the basis for our interpretation of them; Paul Hartwig, who was the first to attribute vases to an anonymous master; and Adolph Furtwängler, who in collaboration with Karl Reichhold initiated the monumental three-volume work, Griechische Vasenmalerei, which featured exceptionally accurate drawings of vase paintings. The author astutely notes that Furtwängler's work on attributing Roman copies of Greek sculpture to artists was likewise influential in augmenting the interest in style and artistic personalities. The intertwined relationship between connoisseurship, collectors, and the art market is touched on briefly in the discussions of Hartwig and Edward Warren. It might also have been noted here that the wording and style of Beazley's earliest work on the Kleophrades Painter clearly owes its inspiration to Hartwig.Pottier's early life and career are the focus of the next chapter. This was the time when museum catalogues and encyclopedic dictionaries were for many the signs of significant national scholarship. Indeed, after France's loss in 1870 in the Franco-Prussian War, Pottier and many of his contemporary compatriots sought to affirm the intellectual vitality of their nation by initiating and completing such projects. Pottier's contribution was to publish Vases antiques du Louvre, in which photography was used for the first time on a large scale to illustrate the vases, and to serve as one of the editors of the Dictionnaire des antiquités grecques et romaines, in which he was also responsible for many of the entries on vases.Chapter 3 returns to the subject of connoisseurship and the two non-classical archaeologists whose methodology bear clear resemblances to Beazley's. The first of them, Giovanni Morelli, was the first to attempt a scientific methodology for attributing paintings to unknown artists by examining the minor details [End Page 307] of drawings in order to discover the artistic language of the painters. Rouet concludes that Morelli paved the way for Beazley's work, for... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Feminist Studies 44, no. 2. © 2018 by Feminist Studies, Inc. 379 Amy Bhatt The Butterfly Effect of Women’s Studies My entry into women’s studies began over two decades ago when I was an undergraduate at Emory University. I took Introduction to Women’s Studies in 1998, the same year that Feminist Studies published a formative issue on the evolution of women’s studies in the academy. I turned to (...) doctoral programs in women’s studies after graduation, all the while growing aware of the heated debates over the future (and the past) of the field, the challenges of crafting interdisciplinary graduate programs, the relationship between academic and activist feminisms, and the ramifications of institutionalization. By the time I entered the University of Washington’s PhD program in 2004, these conversations were further enlivened by the expansion of graduate degrees and certificates across the country and internationally. In 2017, I was promoted to associate professor after being hired as the first women’s studies tenure-track faculty member at my current institution, the University of Maryland, Baltimore County. Having been a part of three differently situated women’s studies programs/departments, I have experienced both the advantages that the field offers for engaged scholarship and teaching, but also the conceptual, resourcing, and workload problems that arise from doing interdisciplinary work. While not engaging the longer history of the scholarly and institutional evolution of women’s studies, my perspective as a relatively recently minted PhD student considers two areas: the promises and pitfalls of 380 Amy Bhatt graduate training (particularly in light of a constricted academic job market) and the impact of integrating women’s studies into the academy. Impossibilities and Promises In her introduction to a special forum on the paradoxes and challenges of women’s studies in graduate education in a 2003 issue of Feminist Studies (which took up the themes raised in the 1998 issue), Pamela Caughie points out that tension is at the core of women’s studies: “Interdisciplinary work depends on disciplinary knowledges; professional training may thwart social activism; theory cannot always be applied.”1 While women ’s studies programs have proliferated across higher education, even ardent feminist academics have levied forceful arguments against institutionalizing women’s studies as stand-alone units. In the same Feminist Studies article, Caughie argues that women’s studies should avoid “disciplining interdisciplinarity,” in part, because such attempts presume a (false) coherence in traditional disciplines that is oppositional to the interstitial nature of interdisciplinarity. While she advocates for graduate training in the field, she expresses concern that by hiring faculty in women’s studies and advocating for a shared research agenda, “we risk reproducing rather than critiquing disciplinary structures.”2 Likewise, in her introduction to Women’s Studies on the Edge, Joan Wallach Scott argues that, because of its formalization within the academy, women’s studies has lost its connection to activism and institutional critique.3 And perhaps most famously, Wendy Brown argues that the work of feminist, queer, critical race, and postcolonial theory ought to be returned to the disciplines, rather than remain within the separate, 1. Pamela L. Caughie, “Graduate Education in Women’s Studies: Paradoxes and Challenges (Introduction to Forum),” Feminist Studies 29, no. 2 (Summer 2003): 406. 2. Pamela L. Caughie, “Professional Identity Politics,” Feminist Studies 29, no. 2 (2003): 430. See also Robyn R. Warhol, “Nice Work, If You Can Get It— And If You Can’t? Building Women’s Studies Without Tenure Lines,” in Women’s Studies on Its Own, ed. Robyn Wiegman (Durham, NC: Duke University Press, 2002), 224–32. 3. Joan Wallach Scott, “Introduction: Feminism’s Critical Edge,” in Women’s Studies on the Edge, ed. Joan Wallach Scott (Durham, NC: Duke University Press, 2008), 1–16. Amy Bhatt 381 often marginalized, domain of women’s studies.4 Such critics caution against the formalization of and, in some cases, expansion of women’s studies across academe. On the other hand, advocates of women’s studies point out that the disciplines themselves are a taxonomy that reflects particular power/content /methodologicalinterventionsandthattheyarenotself-evidentspaces of knowledge production. They argue that formalization ought to be celebrated and that the debate over interdisciplinarity versus traditional disciplines has... (shrink)

Business groups dominate the economic landscape in many economies around the world. While business groups overcome the institutional voids arising due to inefficiencies of external markets, they also possess market power, which could be economically and socially counterproductive, especially for unaffiliated firms. Drawing on the transaction cost and industrial organization economics, we examine whether the presence of business group affiliated firms in industries restricts the entry of unaffiliated firms or firms affiliated with small- and medium-size business groups. Findings (...) based on Indian firms suggest that investments by business group affiliated firms in an industry have an inverted U-shaped relationship with the investment by unaffiliated firms. However, investments by firms affiliated with large-sized business groups have a U-shaped relationship with the investment by affiliates of small and medium business groups. These findings suggest that the market power of business groups and entry barrier relationship is contingent on the size of the business groups. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Marcia Muelder Eaton ANTHONY POWELL AND THE AESTHETIC LIFE Anthony POWELL'S work has been looked at carefully by relatively few critical scholars, in spite of the fact that he has been called "the most elegant writer presently working in the English language." ' I am surprised at how little he is read — at least in the United States. He is a splendid writer, often entertaining, always a skilled (...) craftsman. His earlier novels {Afternoon Men, 1931; Venusberg, 1932; From a View to a Death, 1933; Agents and Patients, 1936; and What's Become of Waring, 1939) are short satiric and ironic comedies dealing mainly with London bohemia in the 1920s. His later fictional work is a twelve volume tour de force (A Question of Upbringing, 1951; A Buyer's Market, 1952; The Acceptance World, 1955; At Lady Molly's, 1957; Casanova's Chinese Restaurant, 1960; The Kindly Ones, 1962; The Valley of Bones, 1964; The Soldier's Art, 1966; The Military Philosophers, 1968; Books Do Furnish a Room, 1971; Temporary Kings, 1973; Hearing Secret Harmonies, 1975) 2 in which the narrator, NicholasJenkins, attempts, with varying degrees of success, to make sense of life as A Dance to the Music of Time. Both the early and later works are populated by many characters. Manageable in the short, independent novels, they become so numerous in the interdependent volumes of Dance that several critics are dubious about anyone's keeping them straight; had I read them as they were published — with months, sometimes years and the novels of others between appearances — I am sure it would have been impossible to keep track of the minor characters. In 1960, Time and Tide published a cast ofcharacters for "readers who find it difficult to remember from book to book details of family and other more tenuous relationships between characters who have a habit of popping up surprisingly in the most unexpected places."3 The entries provide the following kinds of information: "McReith, Lady (Gwen): friend of Babs Templer and Jimmy Stripling; goes to bed with 166 Marcia Muelder Eaton167 Peter Templer when staying in the Templer (senior) house.... Tolland, George: son of Lord Warminster: was in Coldstream for some years then went into city. Very correct." More recently Hilary Spurling has compiled a book-length guide to the plots and characters ofDance. It also includes an index of books, paintings, and places referred to.4 Even with these guides there are loose ends, and it is not always clear what functions certain minor characters serve. Nonetheless, the popping-up in unexpected places is, as I hope to show, essential to the theme of the work. Powell is by no means universally acclaimed; his novels have been described as "contrived,"5 and "pseudo-Proustian" and "blandly snobbish."6 The early novels have been said to "tell about 'twentyish emancipation, silly parties at which drunks behave stupidly, ambitious young men on the make for the daughters of fox-hunting families, all with an air of slightness and couldn't-care less." 7 And Dance has likewise been scorned: To begin with, each character is introduced as he first appears to the narrator, who immediately speculates for three or four pages on the probable nature of a character who is blond, has small ears, and wears a black overcoat. The overcoat then says a few desultory words, whereupon the narrator takes several pages of pain to modify his original opinion in the light of this additional evidence.8 Like all parodies, these have some truth in them. But it is simplistic to describe his work in these terms — it amounts to painting in colors far too crude what is an enormously subtle picture of life. Powell's "easy modulations," as John Russell has called his novels,9 capture intricacies of human behavior and interaction in a profound and original way. And Powell's focus on ritual and the attempts of people to play chosen roles, ultimately provides a genuinely metaphysical, epistemological, ethical, and aesthetic interpretation of life. It is hopeless to try to provide a synopsis of the twelve volumes. The novels follow Nicholas Jenkins from his school days to late middle age. Friends such as Peter Templer, Charles... (shrink)

Private participation in infrastructure is a relatively newphenomenon in the developing world (World Bank, 1999). In telecommunications, electric power, water, and other sectors, developing countries are turning to private sector investors to help increase availability, improve access, and move toward market-based pricing of resources and services. The findings of this dissertation demonstrate that the governance, mode of entry, and mix of public and private ownership of infrastructure projects are influenced by country-level economic, institutional, and technological factors, and by (...) investing firms’ ownership structures and strategies. (shrink)

The authors investigate the differences in ethical perceptions of Australian and Hong Kong international managers. Ethical perceptions are measured with respect to different industry types, cultures and modes of entry into international markets. Mode of entry refers to how firms select to enter foreign markets. Modes of entry include: exporting (indirect or direct), contractual methods (licensing and franchising) and via direct foreign investment (joint ventures and wholly-owned subsidiaries). It was determined that culture and mode of entry (...) have a significant effect on the perception of ethical problems. (shrink)

Boettke and Butkevich argue that a vibrant society is an entrepreneurial society. Entrepreneur- ial effectiveness is a function of the free movement of economic actions – their alertness to opportunities for mutual gain, and their sense of when and where to enter and exit a market. Boettke and Butkevich focus not so much on the behavior of entrepreneurship, but the institutional conditions within which entrepreneurship takes place. They argue that policies which hinder the above ground legitimate expression of entrepreneurial (...) discovery must be eliminated for the further development of the Russian economy towards a market system and away from the current “virtual economy”. Institutions of governance must be established which reduce political uncertainty and encourage individuals to be willing to bet on their ideas and find the financing to bring those bets to life.Boettke et Butkevich suggèrent que l’activité entrepreneuriale est la force motrice d’une société. L’efficacité de l’activité entrepreneuriale dépend de la libre circulation des acteurs économiques – leur vigilance à l’égard des opportunités de gains mutuels, et leur jugement concernant les moment et lieu opportuns pour entrer sur un marché ou en sortir. Les auteurs mettent l’accent, pas tant sur le comportement des entrepreneurs, que sur les aménagements institutionnels à l’intérieur desquels l’activité entrepreneuriale a lieu. Ils considèrent que les politiques qui font obstacle aux manifestations légitimes de découverte entrepreneuriale doivent être éliminées pour accompagner le développement de l’économie russe vers une économie de marché, distincte de l’actuelle “économie virtuelle”. Des institutions de gouvernance qui réduisent l’incertitude politique doivent être établies. Ces institutions devraient aussi encourager les individus à parier sur leurs idées et à trouver des sources de financement pour instaurer ces idées. (shrink)

This paper presents a new theoretical justification for the Cournot–Bertrand model to arise in equilibrium when firms have, at the outset, the same cost structure and sell symmetrically differentiated products. The Cournot–Bertrand model assumes some firms compete on price, adjusting their production to meet demand, while others set quantities and let their price adjust until market equilibrium is reached. We show that this may occur endogenously due to the possibility of entry, which may be deterred when some of (...) the incumbents decide to set prices, while others free ride on this behavior and choose quantities. (shrink)

Using panel data from three Canadian provinces, this article examines the relationship between the de-marketing of tobacco products through provincial-level price increases and consumers’ attempts to quit smoking as measured by the uptake of tobacco replacement therapies. We ground our hypotheses in the rational addiction model and the theory of planned behavior. Our analyses suggest a positive, one-month lagged effect of a price increase of tobacco products on the uptake of tobacco replacement therapies. This effect dissipates 3 months later, suggesting (...) that there is a critical period for aggressive de-marketing of tobacco products. We discuss the implications of these results for theory and future research into de-marketing harmful consumer products. (shrink)

This article examines rival strategies employed by public, private and civil society actors to promote fair trade organic commodity chains. The article analyses the case of fair trade organic cotton as a produce that is on the brink of reaching a mass market, and compares this with patterns of the more widely documented fair trade organic fruit case. It is shown how variations in commodity chain configurations and interfaces reflect different stakeholder positions and interests, as well as development philosophies. (...) The case of fair trade organic cotton chains illustrates how stakeholder involvement may speed up learning and thus facilitate mass-market entry. Finally, it is argued that rival commodity chain configurations make it difficult to agree upon common fair trade organic cotton certification strategies. (shrink)

The politics of populism is the politics of belonging. It reflects a deep challenge to the liberal democratic state, which attempts to maintain social boundaries (as an imperative of state capacity) but also allow immigration. Boundaries—established through citizenship and norms of belonging—must be both coherent and malleable. Changes to boundaries become sites of contestation for exclusionary populists in the putative interest of “legitimate” citizens. Populism is an inevitable response to liberal democratic adjustment; any liberal democracy that redefines citizenship opens itself (...) to populist challenge. (shrink)

The west-centrism in approaching the knowledge systems of east has been sufficiently highlighted and problematized. This paper argues that the attempts have often been restricted to a framework of colonial gaze that prevents the Indian classical philosophy from gaining a vantage of its own. The approach to the classical traditions have been largely fragmented, catering to the pressure of proving its “relevance” either as a knowledge system or as texts with useful resources and answers to contemporary problems. This “problem solving” (...) framework at the very outset de-recognizes the capacity of an entire philosophical tradition of problem identification and formulation, unsettling terrains of knowledge by asking new questions. The article presents a case for theorizing relevance as a prerequisite to resolving some of these issues. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. (...) Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

The advance of technology has influenced marketing in a number of ways that have ethical implications. Growth in use of the Internetand e-commerce has placed electronic “cookies,” spyware, spam, RFIDs, and data mining at the forefront of the ethical debate. Some marketers have minimized the significance of these trends. This overview paper examines these issues and introduces the two articles that follow. It is hoped that these entries will further the important “marketing and technology” ethical debate.

The paper grasps and outlines the concepts and practices of library marketing as well as generally the marketing of non-profit institutions or organizations, conceptually defined as symbolic marketing- However, what is termed here as symbolic should not be understood as a "weaker " version of marketing, but as the proper way in which marketing perspectives can be actually implemented in such institutions; that is, as a practice which concerns and mobilizes all services and activities of such institutions. The paper also (...) presents the factual initiatives which have been going on for years - quite successfully - in the "Lucian B/aga'' Central University Library, Cluj- Napoca. Romania, especially around the library's periodical, the review Philobiblon. and on the basis of which recent 'projects " can also be conceived more consistently. (shrink)

The reach of markets and market-based forms of valuation is never unlimited in any society, which invites empirical and political questions regarding how limits to markets are instituted, justified and enforced. Under neoliberalism, the state performs a key role in expanding the reach of markets and associated principles and techniques of valuation, using law and governmental techniques. But this then poses a question of the relationship between the neoliberal state and the market that it endorses and enforces: is (...) the state internal or external to the market order that it helps to construct? European Union state aid rules provide an empirical entry point to consider such questions, providing a combination of normative, technical and sovereign principles, via which the division between state and market can be justified, tested and enacted. The article identifies three separate though overlapping logics within state aid documents, each of which offers the state a justification for suspending the competitive market order: exemptions, in which non-market values are upheld, externalities, in which markets are shown to be technically inefficient, and exceptions – such as the 2008 financial crisis – in which the state abandons the market to save the market. (shrink)

This article provides an in depth analysis of the organization, technology employed and functioning of the guild-organized leather manufacturing industry in the capital during the tenth century. Emphasis is placed on the internai organization and operations of the establishments; the technical processes employed; their business organization form and governing rules; the implications of the guild's occupational exclusivity; the likely market structure, degree of exercisable market power, and their impact on price competition. The scale of operations and growth of (...) firms was determined by entrepreneurial decisions based on market signais. Prices and wages were set by market forces – not by the guild. Pro-competitive regulations and unimpeded new entry fostered correct business conduct and maintained a level playing field. Occupational exclusivity did flot ensure market monopoly, as the guiid system did not aim to promote the members' economic interests, thwart intra-guild and extemal competition, or achieve equality of economic resuits. (shrink)

Entry of new organizations, including multinational enterprises from emerging markets, raises the ethical question of will they benefit society. The concept of legitimacy answers this question because it is the overall assessment of the appropriateness of organizational ends and means. Moreover, gaining legitimacy enables EMNEs to succeed in new host countries. Past work examined collective level indicators of the legitimacy of MNEs, but recent research recognizes the importance of individuals’ perceptions as the micro-foundation of legitimacy. This study first uses (...) new pragmatism, deontology, and utilitarianism to demonstrate that legitimacy is fundamentally an ethical concept—a perspective that has been overlooked in management research. Second, this study uses a seven-step procedure to develop and validate a measure of individuals’ perceptions of the legitimacy of Chinese EMNEs operating in The Netherlands, a developed country. Six dimensions of legitimacy were identified. The study also finds support for this legitimacy judgment process linking the dimensions: validating knowledge → propriety judgments → generalized judgment. This work provides additional micro-foundations to research on legitimacy and contributes to the ongoing process of construct validation. Future research could use the validated measure in other settings and use specific ethical theories in depth to refine the concept of legitimacy. (shrink)

Prediction markets, which trade contracts based on the results of predictions, have been remarkably successful in predicting the results of political events. A number of proposals have been made to extend prediction markets to scientific questions, and some small-scale science prediction markets have been implemented. Advocates for science prediction markets argue that they could alleviate problems in science such as bias in peer review and epistemically unjustified consensus. I argue that bias in peer review and epistemically unjustified consensuses are genuine (...) problems in science, and that current attempts to solve them fail in practical circumstances. Prediction markets do show some promise for answering scientific questions while avoiding the pitfalls of consensus and peer review. However, there are strong reasons to believe that science prediction markets will not perform nearly so well as election prediction markets, and implementing prediction markets on a large scale could have significant unintended consequences for the organization of scientific research. The promise of prediction markets to solve current problems in assessing scientific claims is therefore largely illusory. (shrink)

In her important book Promoting Justice Across Borders, Lucia Rafanelli offers a detailed account of ‘reform interventions’, seen as ‘any deliberate attempt to promote justice in a foreign society’. Such interventions, she argues, can and should be subject to ethical evaluation, including standards relating to toleration, legitimacy, and collective self-determination. While I am sympathetic to many of Rafanelli's arguments, in this essay I will argue that, for a large number of cases this complex moral machinery is not needed, because (...) the acts in question either are, or could be, morally indifferent when looked at from the perspective of interaction between members of the international community. In particular, I argue that many market or economic interactions between states fall into this morally indifferent zone, and so need not meet the standards set out by Rafanelli to be acceptable. (shrink)

Libertarians favor a free market for intrinsic reasons: it embodies liberty, accountability, consent, cooperation, and other virtues. Additionally, if property rights against trespasses such as pollution are enforced and if public lands are transferred as private property to environmental groups, a free market may also protect the environment. In contrast, Terry Anderson and Donald Leal's Free Market Environmentalism favors a free market solely on instrumental grounds: markets allocate resources efficiently. The authors apparently follow cost‐benefit planners in (...) endorsing a specious tautology that “defends” allocative efficiency by defining “social welfare” in terms of it. They make no attempt to show that allocative efficiency is a good thing or that it is consistent with environmental protection. By regarding pollution as a compensable external cost rather than as an enjoinable nuisance and by arguing that the government should auction rather than give public lands to environmental groups, moreover, Anderson and Leal offer far less protection of the environment than libertarians do. (shrink)

The Marketing of Education has become epidemic. Business practices and principles now commonly suffuse the approach and administration of Higher Education in an attempt to make schools both more competitive and “branded.” This seems to be progressing without reference to the significant ethical challenges as well as the growing costs to society, students, and educators in pursuing a model with such inherent conflicts. The increased focus on narrowly defined degrees targeted to specific job requirements rather than the focus on (...) raising the level of students’ ability to engage in more abstract and critical thinking is accelerating. The impact on student world views and the lack of engagement with meaningful and challenging discourse has severely impaired their ability to become both engaged and reflective. This model has also impacted faculty morale as concern with lack of academic rigor continues to grow. An ethical crisis has emerged within education internationally and intervention is urgently needed. (shrink)

We are in the midst of a worldwide debate over whether there should be "more" or "less" government. As enthusiasm for free markets mounts - in both former Communist nations and in Western countries such as England and the United States - is it productive to attempt to solve problems through this "more/less" dichotomy?

Both James C. Scott and Friedrich Hayek articulate critiques of centralised state planning that are fundamentally epistemological in character. In particular, both emphasize the loss of knowledge resulting from attempts to achieve synoptic legibility of complex social practices. Yet while Hayek’s critique of central planning leads to an emphasis on the indispensability of the price system, Scott argues that capitalist markets are also mechanisms of perverse simplification. This paper explores the roots of this disagreement and seeks to articulate the insights (...) that emerge from reading Hayek and Scott together on questions of markets, knowledge, and the state. (shrink)

For most of human history, economic systems were personal in nature--people normally interacted with people they knew personally and knew well. Today's modern market economies are impersonal--people normally interact with people they do not know personally. The historical movement from personal to impersonal systems was necessary for societies to develop the specialization of labor needed for modern production technologies. That is, the high standards of living in the developed world are due to these impersonal systems. However, the ethical systems (...) theologians apply to modern market systems were developed for personal societies and are often inappropriate for impersonal societies. In this article, we develop the differences between personal and impersonal systems, examine the writings of a number of theologians who are very critical of market economies, and attempt to show how a different ethical approach is needed. (shrink)

MacIntyre’s theory of practices, institutions, and their respective kinds of goods, has revived and enriched the ethical critique of market economies, and his view of politics as centrally concerned with common goods and human flourishing presents a major challenge to neutralist liberal theorists’ attempts to exclude distinctively ethical considerations from political deliberation. However, the rejection of neutrality does not entail the rejection of liberalism tout court: questions of human flourishing may be accorded a legitimate role in political decisions-including those (...) about economic systems - provided that the powers of the state remain subject to certain recognizably liberal constraints. Further, although neutralist liberals often defend market economies on the mistaken grounds that they alone are consistent with the principle of ethical neutrality, a non-neutralist defence of them should not be ruled out, especially if the substantive theory of goods used to evaluate them is somewhat less restrictive than MacIntyre’s. (shrink)

This study integrates insights from stakeholder theory and the literature on competitive dynamics and incumbent responses to entry. While research in economics and strategy has examined how market incumbents respond to new entrants, little is known about the heterogeneity in these responses to the entry of a stakeholder-oriented firm; our study addresses this research gap. Findings from a novel, longitudinal dataset of 206 granularly defined pharmaceutical markets in India suggest that stakeholder-oriented firm entry in these markets (...) is associated with an impact on prices and product differentiation with heterogeneous responses from high-end and low-end incumbents. Specifically, entry by a stakeholder-oriented firm results in a reduction in prices and dosage sizes from high-end incumbents, whereas low-end incumbents respond in the opposite direction. (shrink)

Since market scoring rules have become popular as a form of market maker, it seems worth reviewing just what such mechanisms are intended to do. The main function performed by most market makers is to serve as an intermediary between people who prefer to trade at different times. Traders who have the same favorite times to trade can show up together to an ordinary continuous double auction, and then make and accept offers to trade. But when traders (...) have different favorite times, a market maker can help them by first making offers that some of them will accept, and then later making opposite offers which others will accept. By adjusting prices in his favor, a market maker can even profit from providing this service. By making offers, however, a market maker opens himself up to the risk of losing to informed traders who know more than he about asset values. It is a complex and difficult task to choose the price and duration of offers in order to profit the most from intermediary trades while suffering the least from informed trades. This task requires subtle judgments about the relative fraction of informed and intermediary trades at different times, prices, quantities, and trading histories. No simple algorithm could reasonably claim to do this task optimally. Very active markets have little need for market makers, as anyone can trade at anytime. In markets with large but sporadic trades, a human will likely find it profitable to apply their considerable intelligence to the complex task of market making. The question is what to do for smaller less-active markets, which cannot afford such human attention. Trading may simply not happen there if no intermediary can be found to make such markets. A computer program with less than human intelligence that attempts to make markets runs the risk of being out-smarted by human traders. Humans might even figure out how to turn that program into a money pump, giving up cash each time it is run through some cycle of trades.. (shrink)

The article discusses the use of algorithmic models in finance (algo or high frequency trading). Algo trading is widespread but also somewhat controversial in modern financial markets. It is a form of automated trading technology, which critics claim can, among other things, lead to market manipulation. Drawing on three cases, this article shows that manipulation also can happen in the reverse way, meaning that human traders attempt to make algorithms ‘make mistakes’ by ‘misleading’ them. These attempts to manipulate (...) are very simple and immediately transparent to humans. Nevertheless, financial regulators increasingly penalize such attempts to manipulate algos. The article explains this as an institutionalization of algo trading, a trading practice which is vulnerable enough to need regulatory protection. (shrink)

What limits should there be on the areas of life that are governed by market forces? For many years, no one seriously defended the buying and selling votes for political elections. In recent years, however, this situation has changed, with a number of authors defending the permissibility of vote markets. One popular objection to such markets is that they would lead to a tyranny of wealth, where the poor are politically dominated by the rich. In a recent paper, Taylor (...) :313–328, 2017. doi: 10.1007/s11158-016-9327-0) has argued that this objection can be avoided if certain restrictions are placed on vote markets. In this paper we will argue that this attempt to rebut an argument against vote markets is unsuccessful. Either vote markets secure their purported benefits but then they inevitably lead to a tyranny of wealth, or they are restricted so heavily that they lack the features that have been claimed to make vote markets attractive in the first place. Using Taylor’s proposal as a test case, we make the more general claim that vote markets cannot avoid the tyranny of wealth objection and bring about their supposed benefits at the same time. (shrink)

How do markets come about? This article offers a first systematic analysis of three different ideal types of market fashioning: mutual adjustment, organization, and fields. Although aspects of these are identifiable in most empirical markets, these three ideal types provide analytic tools for students of real markets and marketplaces. After going through this comprehensive literature, it is argued that mutual adjustment, which refers to non-planned processes, is affinity with markets in which products are differentiated, for example, producer markets. Organization (...) refers to process driven by attempts to decide for others and shows affinity with markets for standardized and homogenous products, for example, stock exchanges. Organization also accounts for the making of marketplaces. The broader notion of fields does not refer to any specific process, but accounts for the context of market fashioning and its respective power struggles. (shrink)

Perfect competition provides the model of a frictionless economy, in which price-setting economic agents behave independently of each other, abandoning to the market the coordination of their individual decisions. The implications of this model are extensively presented in the traditional price theory textbooks. Imperfect competition is the paradigm that develops as soon as economic agents interact in a conscious manner, which is the rule when competition takes place amongst a restricted number of agents. In this system, agents act strategically, (...) taking into account the impact of their decisions on competitors' behaviour and on the price mechanism. Such situations commonly arise when firms differentiate their products, erect strategic entry barriers, or exploit the imperfect information of their customers about the price or characteristics of their product. This book explores the theoretical richness of these economic contexts, using some basic tools of game theory. Designed as an ancillary text for graduate students, it not only summarizes the historic contributions made by economic theorists such as Cournot and Edgeworth, but also makes accessible many of the most recent developments in the same field. (shrink)