A theory of property needs to give an account of the whole life-cycle of a property right: how it is initiated, transferred, and terminated. Economics has focused on the transfers in the market and has almost completely neglected the question of the initiation and termination of property in normal production and consumption. Yet the market also provides a laissez-faire mechanism: when the legal authorities do not intervene, then the initial right is, in effect, assigned to the first (...) seller and the terminal liability to the last buyer. But does this mechanism satisfy the juridical principle of responsibility: assign de jure responsibility in accordance with de facto responsibility? The fundamental theorem states that if all transfers are covered by voluntary contracts and all contracts are fulfilled, then the laissez-faire mechanism satisfies the responsibility principle.Une théorie de la propriété se doit d’expliquer entièrement le cycle de vie du droit de propriété: les conditions de son émergence, de son transfert et de sa résiliation. La théorie économique s’est focalisée sur les mécanismes de transferts sur le marché et a presque totalement négligé la question de l’émergence et de la réalisation de la propriété dans les phénomènes de production et de consommation. Pourtant, le marché fournit également un mécanisme de laissez-faire: lorsque les autorités légales s’abstiennent d’intervenir, le droit initial est affecté au premier vendeur et la responsabilité terminale au dernier acheteur. Néanmoins, ce mécanisme satisfait-il le principe juridique de responsabilité? A savoir, assigner une responsabilité de jure en accord avec le principe de responsabilité de facto? En effet, le théorème fondamental exprime qui si tous les transferts s’effectuent par des contrats volontaires, et que tous les contrats sont remplis, alors le principe du laissez-faire satisfait le principe de responsabilité. (shrink)

Why are human beings inclined to commit violence that finally brings themselves into conflict? How could human beings have maintained their society that is full of violence and conflicts? René Girard's theory of mimetic desire and the scapegoat mechanism are the answers to these two anthropological questions. Even though his theory basically belongs to the tradition of anthropological philosophy, it is not limited to that realm. In reality, his theory has been applied in other academic disciplines, in particular, in (...) social science, such as political science and economics.There are two remarkable features of Girard's theory that make it possible for its influence to extend beyond anthropology. The first one is that... (shrink)

This paper brings about a conversation between Schumpeterian and Polanyian perspectives on markets and their central role in the capitalist economy. For Schumpeter, markets were critical to the process of selftransformation of economic activity, but in his vision, markets as such were largely taken for granted. Markets enabled the introduction of new processes and products equally as well as rendering economic activities obsolete, with the entrepreneur and firm as agents of change, generating new combinations of activities and driven by the (...) creative power of knowledge. Innovation and markets are jointly the engines of endogenous growth. For Karl Polanyi, by contrast, although markets were the central feature of the capitalist economy from the beginning of the nineteenth century, his main interest is the constant impulse for markets as institutions to expand into every aspect of social life and the countermovement of regulation to restrain what he sees as their essentially destructive nature. His focus is therefore on markets as instituted economic processes, driven by the double movement of regulation and de-regulation. He scarcely considers innovation in production or consumption, concentrating on institutions of exchange and distribution. The paper explores the two perspectives in order to ask the question that their confrontation raises: What is the relation between intra-market endogenous change and marketframework institutional change? To test out each perspective, a schematic “long-duration” empirical account of the United Kingdom food distribution markets is subjected to a Schumpeterian and Polanyian reading, and each is exposed for complementary deficits. A broader explanatory framework is sketched that proposes analysis of innovation in market institutions--especially processes exchange and distribution-- in combination with innovation in production and consumption. It is suggested that to explore the constant change of capitalist economies, these four economic domains each involve different orders of innovation and transformation that have complex feedbacks and interactions with each other. Rather than according primacy to one or other order of change, we require a complex causal account embracing multiple instituted economic processes.Cet article discute de la vision des marchés et de leur rôle central dans l’économie capitaliste selon Schumpeter et Polanyi. Pour Schumpeter, les marchés sont essentiels au processus d’auto transformation de l’activité économique, mais dans son approche il présuppose l’existence des marchés. Les marchés permettent l’introduction de nouveaux processus et produits et rendent en même temps les activités économiques obsolètes. Les marchés, avec l’entrepreneur et la firme comme agents du changement, créent de nouvelles combinaisons d’activités et sont dynamisés par le pouvoir créatif de la connaissance. L’innovation et les marchés sont conjointement les moteurs de la croissance endogène. Chez Karl Polanyi, en revanche, bien que les marchés soient un élément central de l’économie capitaliste dès le début du 19ème siècle, l’attention se porte sur le mouvement permament des marchés-institutions à s’étendre à tous les domaines de la vie sociale ainsi que sur le contre-mouvement de la régulation à limiter ce que Polanyi considère comme la nature destructrice des marchés. Son interêt se porte ainsi aux marchés comme des processus économiques établis, conduits par un double mouvement de régulation et de dérégulation. Il ne considère que rarement l’innovation de production ou de consommation, et se concentre sur les institutions de l’échange et de la distribution.L’article explore les deux visions afin de sinterroger sur ce que la confrontation des approches soulève comme question: Quelle est la relation entre les changements endogènes intra marché et les changements institutionnels de la structure de marché? Pour tester chacune des visions, un compte-rendu empirique sur longue période de la distribution alimentaire au Royaume-Uni est soumis à une lecture Schumpeterienne et Polanyienne.Un cadre explicatif plus large est esquissé et suggère une analyse de l’innovation des institutions de marché - particulièrement des processus d’échange et de distribution - conjointement à l’innovation de production et de consommation. Il est suggéré que pour analyser le changement permanent des économies capitalistes, il faut considérer les ordres d’innovation et de transformation de ces quatres domaines économiques qui connaissent des “effets de retour” ainsi des interactions. Au lieu d’accorder la primauté à un des ordres de changement, il est nécessaire de rendre compte d’une causalité complexe qui prend en compte des processus économiques multiples. (shrink)

The purpose of the study is to develop proposals for the liberalization of the financial services sector of the economy of Turkmenistan in the context of the country's potential accession to the World Trade Organization. The article considers the problems and challenges that Turkmenistan may face in the process of negotiations on the terms of accession to the WTO. The scientific novelty lies in the theoretical justification of the expediency of maintaining the status quo in trade in financial services in (...) the short and medium term within the initial list of specific obligations of the country provided for by the GATS. As a result, in the conditions of macroeconomy and its transitional nature, taking into account the unpredictable volatility of hydrocarbon prices, it is recommended to leave the existing restrictions on access to the financial services market and on the national regime unchanged in the context of a gradual process of lifting restrictions on the movement of capital and its complete liberalization. (shrink)

This book examines the effects of the market mechanism on economies and societies. It argues that perfect competition has a tendency to promote adulteration of products and a general deterioration in quality. It also contends that it is very difficult for competitive firms to behave in socially desirable ways - being kind to the environment, contributing to worthy social programmes, handling redundancy humanely. The book goes on to propose ways in which these flaws might be remedied without subverting (...) the market mechanism. (shrink)

In this article the key aspects of logistical support of the airline’s innovation activity on the market of air transport services have been defined, the structure of the airline’s innovation system, logistics approach to managing the innovation activity of an airline enterprise have been considered and the main objectives of logistical activity in the context of innovation activity support of airlines have been clarified. The importance and peculiarities of logistical support of the airline’s innovation activity as an innovation flow (...) control system have been studied. The algorithm of formation of the logistical support mechanism for the airline’s innovation activity has been elaborated and specified. The objectives tree for improving the efficiency of logistical support of the airline’s innovation activity has been created. (shrink)

The traditional command and control approach and the more recent free market have proven inadequate for promoting ecological agricultural development in China. Organic certification represents a regulated market mechanism with the potential to stimulate ecologically based agricultural research, extension, and investment. Recent linkages between the global organic food industry and local agricultural development in China provide an opportunity to test this potential. The article examines China’s two largest organic certification systems for their potential to promote the adoption (...) of integrated pest management (IPM) as a key component of ecological agriculture. Organic certification is providing a format for research, extension, and implementation of IPM principles and practices, and has the potential to do much more. However, possible contradictions between ecological and market rationality, inherent in organic certification and marketing systems, may be exacerbated by the authoritarian political economy of rural China. (shrink)

Agents who employ non-rational choice procedures are often vulnerable to exploitation, in the sense that a profit-seeking trader can offer them a harmful transaction which they will nevertheless accept. We examine the vulnerability of a procedure for deciding whether to buy a lottery: observe another agent who already bought it and buy the lottery if that agent’s experience was positive. We show that the exploitation of such agents can be embedded in an inter-temporal market mechanism, in the form (...) of speculative trade in an asset of no intrinsic value. (JEL: D84). (shrink)

Markets have led a shadowy existence in economics. The ruling paradigm, neoclassical economics, for which markets are a central institution, has mainly been concerned with the determination of market prices. Until recently, sociological investigations of modern markets focused on production, as did anthropological work that ascertained how each culture made a living. The major debate among anthropologists to date has been about whether the economic rationality of the maximizing individual is to be found in all societies or whether substantive (...) economies are always embedded in a cultural matrix that determines its logics and forms of transaction. A new feature of financial markets is that they are based upon scopic systems – electronic and informational mechanisms of observing and contextualizing market reality and of back-projecting this reality onto the computer screens of globally operating traders. When such a mechanism is in place, coordination and activities respond to the reflected, represented reality rather than to pre-reflexive occurrences. This form of coordination contrasts with network forms of coordination that are pre-reflexive in character. In network markets, participants rely on their relationships to determine ‘where the market is’. In a market based on scopic systems, the market is fully visible on screen – as a set of tradable, comprehensively contextualized, quickly moving prices for various trading instruments. In this situation, a level of global inter-subjectivity emerges that derives from the character of these markets as reflexively observed by participants on their computer screens in temporal continuity, synchronicity, and immediacy. As a consequence, these markets are communities of time. As temporalized systems, financial markets project a form of coordination adapted to a global world that leaves behind the patterns of traditional producer and exchange markets. (shrink)

Ancell and Sinnott-Armstrong argue that medical providers possess wide freedoms to determine the scope of their practice, and therefore, prohibiting almost any conscientious objections is a bad idea. They maintain that we could create an acceptable system on the whole which even grants accommodations to discriminatory refusals by healthcare professionals. Their argument is premised upon applying a free market mechanism to conscientious objections in medicine, yet I argue their Market View possesses a number of absurd and troubling (...) implications. Furthermore, I demonstrate that the fundamental logic of their main argument is flawed. Thinkers who wish to address the issues raised in this debate in general or by discriminatory conscience objections in particular should avoid the Market View and instead envisage theories that assess the reasons underlying conscientious refusals in medicine. (shrink)

Comment on Armin Falk & Nora Szech "Morals and Markets", Science 340(6133), 707-711, 2013.

How valuable is the market mechanism for practical morality? What is its moral standing? We can scarcely doubt that as individuals we do value tremendously the opportunity of using markets. Indeed, without access to markets most of us would perish, since we don't typically produce the things that we need to survive. If we could somehow survive without using markets at all, our quality of life would be rather abysmal. It is natural to feel that an institution that (...) is so crucial to our well-being must be valuable. And since moral evaluation can hardly be indifferent to our interests and their fulfillment, it might appear that there is nothing much to discuss here. The market's moral standing “has to be” high. (shrink)

This book deals with the basic question of what money can and cannot buy and offers an analysis of the limitations of the market mechanism. Few concepts are as controversial as religion and the market mechanism. Some consider religion to be in conflict with a modern rational scientific view of life, and thus as a contributory cause of harsh conflicts and a barrier to human happiness. Others consider religious beliefs as the foundation for ethics and decent (...) behaviour. Similar, a number of neoliberal writers acclaimed the market mechanism as one of the greatest triumphs of the human mind, and saw it as the main reason why rich countries became rich. Others are extremely skeptical and stress how this mechanism has result in big multinational firms with powerfully rich owners and masses of poor low-paid workers. Researchers from various fields - economists, social scientists, theologians and philosophers - handle these questions very differently, applying different methods and different ideals. This book offers a synthesis of the different viewpoints. It deals with economists’, theologians’ and philosophers’ differing thoughts about the market and its limitations. (shrink)

In a recent article in this journal, David Rondel argues that symbolic (or semiotic) objections to markets hold significant argumentative force. Rondel distinguishes betweenIncidentalmarkets andPervasivemarkets, where Incidental markets describe individual instances of exchange and Pervasive markets comprise the social management of goods by an institutional market arrangement. In this reply, I specify a key insight that buttresses Rondel’s distinction. The distinction as it is currently characterized fails to identify when Incidental markets become Pervasive. This opaqueness allows scholars that defend (...) markets without limits to question the analytical distinctiveness of Incidental and Pervasive markets. I show that by incorporating the market’s price mechanism as an indicator of a properly Pervasive market, Rondel’s distinction is not only able to tackle the aforementioned retort, but also allows for important reflections on what types of institutions should be considered markets at all. (shrink)

Marketing systems research has the potential to contribute to the well-being of individuals, communities and our environment but we need to ensure that we do not mechanistically apply inadequate approaches. This article identifies tensions and limitations within the developing marketing systems theory and literature. Using the tools of critical realism, we aim to critique the omissions in the metatheory of marketing systems research and then put forward CR to reconstruct a more comprehensive basis for the development of marketing systems theory. (...) We draw attention to the failings of current metatheory in its use of conflationary approaches to theorizing before setting out the features of a CR informed study of marketing systems. (shrink)

A project manager’s emotional intelligence (EI) is essential to project success. However, the mechanism in this cause and effect remains a black box in extant literature. China is now the world’s largest construction market, and figuring out the mechanism of construction project manager’s (CPM’s) EI on project success is meaningful for developing the global construction market. This study conducted an in-depth interview with 24 CPMs with more than 5-year experience in construction project management. The grounded theory (...) was employed to profile the application of CPM’s EI and to build the multilevel mechanism that explains the influence of CPM’s EI on project success. The mechanism framework conforms to the existed input–process–output (IPO) theory. It consists of a team-level mechanism (including the positive team atmosphere, shared vision, and team cohesion) and an individual-level mechanism (i.e., organizational citizenship behavior directed at the organization, perceived supervisor support, trust in leader, and subordinate’s psychological and emotional health). This study further proposed that the effect of this mechanism does not work immediately but develops with time passing. Implications for further research and project management practice are discussed in the end. (shrink)

Applying an evolutionary framework, we investigate how a reputation mechanism and a buyer insurance (as used on Internet market platforms such as eBay) interact to promote trustworthiness and trust in markets with moral hazard problems. Our analysis suggests that the costs involved in giving reliable feedback determine the gains from trade that can be obtained in equilibrium. Buyer insurance, on the other hand, can affect the trading dynamics and equilibrium selection. We find that, under reasonable conditions, buyer insurance (...) crowds out trust, and trustworthiness. (shrink)

The Kyoto Protocol and its implementation brought forward issues of climate change and its mitigation strategy by national measures through the creation of market mechanisms in carbon trading. The trading of emission certificates has become an important trade commodity worldwide, and its markets have diversified. While this opportunity has created new markets for entrepreneurs and actors that range from farmers to brokers, unequal involvement in most developing countries is noted. This has been mostly observed in those countries where entrepreneurship (...) is often regarded as the cornerstone of economic growth and social improvement. South Africa has spearheaded other African countries in its implementation of Clean Development Mechanism (CDM) projects leading to carbon trading. Based on our research on South African entrepreneurship and its involvement in the carbon market, we conclude that albeit a number of opportunities, the biggest challenge for entrepreneurial participation in the carbon market remains in the nature and processes of CDM project implementation, the lack of a clear supportive system, limited access to financing and—more importantly—general ignorance of the trading opportunities by entrepreneurs. The complex nature of CDM projects themselves limits participation due to lack of the necessary skills on the national level leading to uneven distribution of CDM projects on provincial levels in South Africa. Recommendations are provided to overcome the obstacles and to promote entrepreneurial activity in the carbon market. (shrink)

By highlighting the logico-metaphysical undergirding of Hegel's discussion of the market, this article brings to light certain proto-Marxist or proto-socialist tendencies in Hegel as well as key disagreements with Adam Smith, which have been missed by recent studies like Herzog's Inventing the Market (2013). For Smith, market laws function like an impartial arbiter that rewards honest effort; his main worry is that individuals may fail to display virtues like honesty, probity and frugality, thereby hindering the smooth functioning (...) of the market mechanism. For Hegel, by contrast, the market is a de-personalized player in its own right that imposes its arbitrary rule, a rule that does not reflect in any way the virtues and efforts of market participants. This assessment is easily overlooked, unless one realizes that Hegel believes the market to be functioning according to the structures that he discusses in the ‘Objectivity’ section in his Science of Logic. As a consequence of this assessment Hegel attributes a different role to the state than Smith does: Rather than aiding and shaping individuals, by means of institutions, education and health care, the state needs to address the structural functioning of market laws and, to some extent, inhibit its free-flowing functioning. Individuals need to re-appropriate their own social relations by organizing them along the lines of the logical organism or internal teleology. After outlining Hegel's interpretation and assessment of the market structures with the help of the Logic, I will discuss Hegel's demand for an organic state, that sublates and oversees the market, thereby safeguarding the important personal freedoms enjoyed by market participants. (shrink)

Free marketeers claim that theirs is the only economic mechanism which respects and furthers human freedom. Socialism, they say, has been thoroughly discredited. Most libertarians treat the state in anything other than its minimal, 'nightwatchman' form as a repressive embodiment of evil. Some reject the state altogether. But is the 'free market idea' a rationally defensible belief? Or do its proponents fail to examine the philosophical roots of their so-called freedom? Anti-libertarianism takes a sceptical look at the conceptual (...) tenets of free market politics. Alan Haworth argues that libertarianism is little more than an unfounded, quasi-religious statement of faith: a market romance. Moreover, libertarianism is exposed as profoundly antithetical to the very freedom which it purports to advance. This controversial book is for anyone interested in the cultural and political impact of free market policies on the modern world. It will be invaluable to students and specialists of political and economic theory, social science and philosophy. (shrink)

Mechanism design is a form of optimization developed in economic theory. It casts economists as institutional engineers, choosing an outcome and then arranging a set of market rules and conditions to achieve it. The toolkit from mechanism design is widely used in economics, policymaking, and now in building and managing online environments. Mechanism design has become one of the most pervasive yet inconspicuous influences on the digital mediation of social life. Its optimizing schemes structure online advertising (...) markets and other multi-sided platform businesses. Whatever normative rationales mechanism design might draw on in its economic origins, as its influence has grown and its applications have become more computational, we suggest those justifications for using mechanism design to orchestrate and optimize human interaction are losing traction. In this article, we ask what ideological work mechanism design is doing in economics, computer science, and its applications to the governance of digital platforms. Observing mechanism design in action in algorithmic environments, we argue it has become a tool for producing information domination, distributing social costs in ways that benefit designers, and controlling and coordinating participants in multi-sided platforms. (shrink)

Food security is one of the major concerns in the Philippines. Although livestock and poultry production accounts for a significant proportion of the country’s agricultural output, smallholder households are still vulnerable to food insecurity. The current study aims to examine how livestock production and selling difficulties affect smallholder households’ food-insecure conditions. For this objective, Bayesian Mindsponge Framework (BMF) analytics was employed on a dataset of the Food and Agriculture Organization’s Data in Emergencies Monitoring (DIEM) system. We found that production and (...) selling difficulties significantly adversely affect food insecurity in the Philippines. However, their effects vary according to the severity of food insecurity. In particular, production and selling difficulties affect the households’ likelihood of eating less healthy and nutritious food equally. However, the production difficulties have more negligible impacts on the possibility of skipping meals and even ambiguous impacts on the likelihood of not eating for a whole day compared to the effects of selling difficulties. Moreover, we also found that the market plays a crucial role in facilitating not only livestock trading but also livestock production (e.g., purchase of feed and medicines). Based on these findings, we suggest that the livestock market needs to be expanded and regulated to maintain the balancing prices between livestock products and products and services used for livestock production, and facilitate the product-exchanging mechanism. (shrink)

This paper reports an attempt to develop a code of ethics for marketing educators at colleges and universities throughout the world. The paper describes the process of development and the outcome. The code of ethics details social responsibilities of marketing educators in relation to certain publics and actions. Social responsibilities related to certain publics include ethical prescriptions such as treating others with respect and dignity, upholding justice, providing information to others about matters that may significantly affect their well being, providing (...) access to needed and affordable resources, protecting the privacy of others, allowing the expression of a grievance and providing a mechanism for redress, providing fair credit, and ensuring safety. Social responsibilities related to certain actions include avoiding conflict of interest; conducting ourselves with the highest standards of intellectual honesty, professionalism, and objectivity; adhering to all policies of our academic institutions and challenging unjust or ineffective policies; mentoring our junior colleagues and students; being selfless in contributing to the marketing discipline and society at large, and defending the principles of academic freedom. (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)

The specific issue addressed in this paper is urban encroachment on agricultural lands, and the problems it poses for both analysis and the conservation of the land resource. The purpose of our discussion is two-fold: (1) to identify where and why traditional analytical and regulatory approaches fail to resolve land use conflicts, and (2) to explore ways and means of resolving some of the dilemmas which society faces in making land use decisions. This paper's contribution is in the spirit of (...) Getting Incentives Right for the inter-temporal transfer of wealth, as represented in trade-offs between environmental and resource endowments and human and physical capital. Efforts are placed on identifying what the appropriate price, levy, taxes, and grant ratios ought to be in order to encourage individuals in the marketplace to act in society's interest. We have also explored ways of efficiently transmitting those incentives through the market mechanism, without unduly relying on bureaucratic methods or suasion. Emphasis is placed on mechanisms that have little scope for preferential access and are subject to public scrutiny; emphasis on such self-disciplining approaches should result in less effort expended on (unproductive) lobbying activities and bureaucratic administration. (shrink)

Large changes of financial market prices without exogenous causes deviate significantly from the Gaussian behavior of random variables. This indicates that financial markets should be treated as complex systems, for which nonlinear interactions of its subunits/agents are crucial. I focus on how the complex systems perspective impacts the notion of explanations in economics. The mechanistic model seems to fit the bill, but problems surface on closer scrutiny. One characteristic of complex systems is that their behavior is surprisingly independent from (...) microscopic details. Thus, mechanistic explanations in the microreductionist manner seem unavailable. Despite these conflicts, I defend a modified structural mechanistic approach. (shrink)

This article utilizes three premises. There are commonly ecologically oriented, naturally selected specialized differences in frequency and/or quality as well as sexually selected differences between the sexes. Sex in the sense of coming together and going apart or going apart and coming together is trade in these naturally selected differences, i.e., there is a mating market in sexual species. While such trade is beneficial to the population as a whole, sexual competition and selection is conflict over the profits of (...) that trade and can be detrimental to the population as a whole. These premises yield a naturally selected sex allocation theory of the possible directions and forms of sexual selection, i.e., one that includes costs as well as frequencies. This can explain conventional sex roles, the sex-role reversed, inter- as well as intrasexual selection, and passive as well as active choice. Any of these alternatives may be over mates, over gametes, or both. A hypothetical example based on density dependence relative to resources is provided, one that suggests that centrioles may be a cytoplasmic resource in males in multicellular animals, and which are the target of active choice and the mechanism of manipulation in passive female choice. As a whole, the approach yields a truly general theory of sexual selection, provides an alternative to the mechanism for Fisher’s principle, and gives a theoretical explanation for Mayr’s biological species definition. (shrink)

In today’s society, a peculiar understanding of distributive justice has developed which holds that “social justice must be distributed by the coercive force of government.” However, this is a perversion of the ideal of distributive justice. The perspective of distributive justice which should be considered is one with its roots in the school of thought referred to as self-actualization ethics or eudaimonism, which holds that each person is unique and each should discover whom he or she is—to actualize his or (...) her true potential and to live the “good life” within the congeniality and complementarity of personal excellences of his or her fellow members of community. When a eudaimonistic perspective is considered, a definition of distributive of justice could be “the allocation of goods and utilities via the voluntary ubiquitous human interaction of self-actualizing individuals who not only recognize the human dignity of the self and other and the rights which flow from and guarantee it, but also actively will goods and utilities toward the self and other so as to manifest human dignity.” Therefore, with a eudaimonistic understanding of distributive justice, one can argue that the free market is the ubiquitous interactions of self-actualizing individuals who are giving and receiving goods and utilities for one and another’s own “happiness,” i.e. the free market is the socio-economic mechanism by which distributive justice operates. In this paper I first will overview the philosophical foundations of distributive justice. Next, I will propose a eudaimonistic definition of distributive justice. Finally, I will highlight examples of distributive justice operating in a free market economy. (shrink)

This empirical research applies cointegration in the traditional measurement method first to build directed weighted networks in the context of stock market. Then, this method is used to design the indicators and the value simulation for measuring network fluctuation and studying the dynamic evolution mechanism of stock market transaction networks as affected by price fluctuations. Finally, the topological structure and robustness of the network are evaluated. The results show that network structure stability is strong in the bull (...) market stage and weak in the bear market stage. And the convergence rate of the dynamic evolution of network fluctuation is higher in the bull market stage than in the bear market stage. (shrink)

Objectives of socially responsible investment (SRI) are discussed with reference to the two main mechanisms of the SRI ‘movement’: shareholder advocacy and managed investments. We argue that in their current forms, both mechanisms lack the power to create significant corporate change. Shareholder advocacy has been largely unsuccessful to date. Even if resolutions were successful, shareholder advocacy may still be ineffective if underlying economic opportunities remain. Marketing material and investment prospectuses issued by socially responsible mutual funds (SRI funds) commonly contain the (...) claim that, by affecting corporations' access to capital funding, SRI funds can change corporate practices. This paper makes a contribution by presenting the market share of SRI funds in the regions where they are most developed, being Europe, the U.S. and Australia, to show that this claim is unlikely to eventuate. SRI funds also commonly claim that they will outperform conventional active mutual funds. That the economic performances of both are similar might be explained by their similar portfolio compositions. The paper makes an innovation in the SRI literature by adopting a legitimacy framework to explain the continued presence of SRI funds. To achieve desired social and environmental outcomes, SRI funds are urged to address issues at a more systemic level. A suggested mechanism is the collective lobbying of corporations and, especially, governments. (shrink)

Telepresence in e-commerce, the feeling of resembling shopping in a physical store, plays a critical role in determining online purchase intention. However, the cognitive mechanism and boundary conditions about its effect still need further investigation. The current study construed flow experience and socioeconomic status as important variables and developed a moderated mediation model for their roles in the effect of telepresence. The model was supported by our study where a group of Chinese female college students participated in simulated online (...) apparel shopping and completes relevant questionnaire surveys. The results show that: website telepresence predicts positively the purchase intention of females, flow experience mediates the impact of website telepresence on purchase intention, and the relationship between website telepresence and flow experience could be moderated by socioeconomic status, namely, females with higher socioeconomic status demonstrate stronger mediation of flow experience. These findings can help researchers and online retailers understand the flow concept in e-commerce and formulate marketing strategies to retain consumers with different socioeconomic statuses. (shrink)

More and more well-documented failure of established companies which could not respond to rapid market changes, such as Kodak and Nokia, demonstrate the importance of transferring marketing information into real firm performance. While marketing strategy and management literature has long advocated the direct impact of strong firm market orientation (MO) on new product development (NPD) performance, limited research has discussed the mediating mechanism of this MO-NPD performance relationship. Using the traditional source–position–performance (SPP) framework, this study focuses on (...) the innovation ambidexterity perspective to investigate the mediating mechanism between MO and NPD performance. Then, this study proposed a conceptual framework and propositions to examine the MO - NPD performance relationship further. Theoretical and practical implications of the findings are also discussed. (shrink)

Control of the market microstructure theory of corporate governance perspective on the traditional theory of the firm as a deepening of the study, the use of information economics and game theory tools to the mainstream economic analysis framework for the development, the market for corporate control transactions, configuring and tuning the details of the process accurately describes the shares of companies in the separation of ownership and control of internal control case shareholders, tender offers, takeover bids and other (...) governance mechanisms different from the actual control and operation of, the existence of incomplete information and transaction costs under control conditions to analyze market transactions , from the perspective of market microstructure control to clarify the shareholders of the managers to implement effective control mechanisms, policies and conditions. Share control over the behavior of financial market issues, equity market and environmental factors control the interaction between the control and equity issues in the legal protection and market control policy design issues will be the future theoretical research in this field focus. Corporate governance theory based on corporate control market microstructure focuses on trading, allocating and adjusting process of the corporate control market, applying the information economic approach and game instrument to expand the mainstream economic analysis framework. It accurately describes the factual operation of different corporation control and governance mechanism such as corporation owner's internal control, tender offer, takeover bid and negotiating transfer, deepening the traditional firm theory. Moreover it analyzes the corporate control market transactions on the case of incomplete information and positive transaction cost, examines the effective mechanism, strategies and condition by which the owner control and monitor the management based on corporate control market microstructure perspective. Those are the future research topics in this field that behavior finance, interaction with environments and legislation protect and regulation policy designations. (shrink)

Based on attribution theory and regulatory focus theory, this paper discusses the influence mechanism of cause-related marketing on customers’ extra-role behavior and the moderating effects of customer promotion focus and customer prevention focus. The results show that egoistic cause-related marketing (ECRM) has a negative impact on customer extra-role behavior, while altruistic cause-related marketing has a positive impact on customer extra-role behavior. Customer promotion focus has a significant positive moderating effect on the negative impact of ECRM on customer extra-role behavior; (...) customer promotion focus also has a significant positive moderating effect on the positive effect of altruistic cause-related marketing on customer extra-role behavior. There is a significant negative moderating effect of customer prevention focus on the negative impact of ECRM on customer extra-role behavior, while there is a significant positive moderating effect of customer prevention focus on the positive impact of altruistic cause-related marketing on customer extra-role behavior. (shrink)

The alliance of pure market economies with democratic polities has traditionally been a problematic one. It is argued that orthodox theoretical conceptualizations of market behaviour and the application of such theory to our communal lives have entrenched an incoherent alliance. In particular, the reductive mechanism characteristic of both neo-classical economic theory and its deployment in our socio-economic order has severely undermined the telic agency required for the autonomy or self-rule definitive of an authentic democratic order. Such reduction (...) is observed to function through the disabling of the cognitive capacity of consumers and by disempowering the agency of workers such that coercion is misconceived as freely agreed contract. (shrink)

It has been found in many cases that consumers are prone to exhibit impulsive buying behavior that is manifested as being immediate, emotional, and irresponsible especially under short video scenario. Supported by the customer inspiration theory, this study explores the psychological mechanism underlying impulse purchase in short videos that differentiates the traditional web shopping by the strong sense of presence in short video marketing. On the basis of a questionnaire survey and three laboratory experiments, this study examines the relationship (...) among presence, customer inspiration, and impulse purchase intention. The empirical results point to the fact that social presence, co-presence, and physical presence have significant positive effects on impulse purchase intention, and customer inspiration mediates the effect of social presence, physical presence, and co-presence on impulse purchase intention. Furthermore, it is indicated that social and co-presence have stronger influences on impulse purchase intention than physical presence, thus proving a stronger effect of social factors on impulse purchase intention than physical factors in short video environment. The research results testify the impact of presence on consumer behavior in the upgrading short video marketing and provide valuable reference for marketing strategies to shorten consumers' decision-making time in short video purchase. (shrink)

This study aims to explore the influence of organizational learning and dynamic capability on organizational performance of human resource service enterprises with the moderating role of technology environment and market environment. Data were gathered from 360 human resource service enterprises, and applied the hierarchical linear regression method and structural equation model to test the hypotheses. We found that organizational learning has a significantly positive impact on resource integration capability, as well as has a significantly positive impact on resource reconfiguration (...) capability of human resource service enterprises. Resource integration capability and resource reconfiguration capability have a significantly positive impact on organizational performance. Moreover, results indicated that the resource integration capability and resource reconfiguration capability partially mediate in the relationship between organizational learning and organizational performance. Furthermore, technology environment and market environment have positive moderation effect between resource integration capability and organizational performance of human resource service enterprises, as well as have positive moderation effect between resource reconfiguration capability and organizational performance of human resource service enterprises. The current study contributes to a better understand the impact mechanism of organizational learning on organizational performance from the perspective of organizational learning theory and dynamic capability theory. In addition, this study provides implications for human resource service enterprises and managers to improve organizational performance. (shrink)

The phenomenon of lobbying is considered as a mechanism for representing group interests, a system and practice of realizing the social interests of various groups, unions and associations of citizens, as well as business groups and corporations, which act through purposeful influence on the legislative power and state administrative structures. The informational and communicative essence of lobbying is revealed, and informational lobbying is singled out as a specific type of lobbying activity in the conditions of a post-industrial society. Information (...) lobbying is defined as a method of information support for the activities of certain interest groups, structures operating in the sphere of decision-making by state authorities and local governments, and a special way of forming and supporting communications, which has specific features, principles and norms of information exchange and reproduction of political contacts, communication channels and other components. It is proven that the communicative nature of information lobbying allows its subjects to organize political discourse. In general, it is appropriate to define information lobbying as a form of marketing communications, which is a specific result of the development of political markets in the conditions of developed representative democracy, when the owners of large public resources begin to play a special political role. Like any type of marketing communications, information lobbying is focused on establishing two-way relations and forming feedback between the communicator and the recipient. A special direction of information lobbying is international lobbying activity, which is interpreted as the interaction of legal entities or individuals with state power structures and management institutions that are formed at the global level, in order to influence the development and decision-making by them in their own interests or in the interests of specific clients. (shrink)

This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements linked to business systems. We developed a new international triad of business systems: the Anglo-American, the Communitarian and the Emerging system, building on the frameworks of Choi et al. (British Academy of Management (Kynoch Birmingham) 1996, Management International Review 39, 257–279, 1999). A common factor determining the success of a corporate governance structure is the extent to which it is transparent to market forces. (...) Such transparency is more than pure financial transparency; as it can also be based on factors such as governmental, banking and other types of institutional transparency mechanism. There may also be a choice for firms to adopt voluntary corporate disclosure in situations where mandatory disclosure is not established. The Asian financial crisis of 1997–1999 and the more recent corporate governance scandals such as Enron, Andersen and Worldcom in the United States and Ahold and Parmalat in Europe show that corporate governance and business ethics issues exist throughout the world. As an illustration we focus on Asia’s emerging1 markets, as, both in view of the pressure of globalization and taking into account the institutional arrangements peculiar to the emerging business system, these issues are important there. Particularly for those who have to find an accommodation between the corporate governance structures and disclosure standards of the Emerging system and those of the Anglo-American and Communitarian systems. (shrink)

Current research considers business model innovation as a series of responses to technological change and market environment change. However, in practice, it is often business model innovation that leads to market innovation and subversion and then promotes a new round of iterative product renewal. This is because business model innovation is a value creation activity based on market demand, rather than a technology-oriented innovation behavior. Moreover, since the degree of demand manifestation varies, the degree of its influence (...) on value creation and thus the driving mechanism for business model innovation vary significantly, and the duality of market-oriented theory is introduced to explore how firms go about achieving business model innovation based on different demand characteristics and how the results of firms’ integration of market information work. Through regression analysis of 230 sample enterprises, the results show that both responsiveness and proactive market orientation have a significant positive impact on business model innovation. In contrast, market information integration has a positive regulatory effect on the two groups of relationships. (shrink)

In this paper, we investigated the quarantine hotel booking intention of potential consumers from a corporate social responsibility perspective. Mixed methods were adopted to explore the formation mechanisms of QH BI of potential consumers when the COVID-19 pandemic recedes. In Study 1, we constructed a theoretical model of QH BI of potential consumers based on grounded theory and put forward research propositions. In Study 2, we tested the robustness of the model and identified the mediating effect through two situational experiments. (...) The research results showed that: Potential customers are more willing to book QHs than normal hotels. Multiple mediating mechanisms are involved in the effect of the operation as a quarantine facility on BI of potential consumers, including “QH-corporate social responsibility -customer trust -BI” and “QH-CSR-customer gratitude -BI.” This research not only has theoretical significance for deepening and expanding social exchange theory and hotel CSR theories but also provides guidance for the participation of the hotel industry in the prevention and control of the COVID-19 pandemic and hotel marketing after the pandemic ends. (shrink)

PurposeThe purpose of this paper is to argue that in spite of the widely optimistic held view on the effect of information and communication technologies (ICTs) in promoting the “knowledge society” in Europe and economic development elsewhere, evidence suggests that ICT's could be strengthening labour duality world wide.Design/methodology/approachThe paper addresses these issues by presenting a brief assessment of the “Washington Consensus” and the emergence of ICTs in terms of trade, growth and inequality in different regions of our planet. The paper (...) also describes the effects of globalisation and ICTs on European economies. Finally, the paper presents the key finding and raises some policy implications to exploit ICT potentialities to ensure welfare systems in advanced economies and development in emerging countries.FindingsThe lack of sufficient institutional mechanism of distribution in developing economies is not only making it more difficult for economic growth to translate into development but it is also favouring relocations of production, pressures to deregulate employment, control salaries and social expenditure in Europe. This feeds complex processes of social segmentation world wide. To meet this challenge Europe has no choice but to opt for the development of avant‐garde sectors. However, measures linked to the development of the knowledge society may not be sufficient to maintain our welfare states in the current context of globalisation. Europe must play a more internationally active role in the design of another model of globalisation that would encompass social policies at a global scale as one of its pillars.Originality/valueThere are very few studies of ICTs' role in the relationship between openness‐growth‐development‐inequality. What are ICTs responsible for? What are ICTs' effects on development and welfare state sustainability? (shrink)

Markets allow for the processing of decentralized information through the price mechanism. But in addition, many markets rely on other mechanisms in markets, or non-market institutions, that provide and manage other forms of knowledge. Within national economies, these institutions form an ‘epistemic infrastructure’ for markets. In global markets, in contrast, this epistemic infrastructure is very patchy, undermining the preconditions for morally responsible agency. New technologies might help to improve the epistemic infrastructure of global markets, but they require conceptualizing (...) knowledge not only as a tradable good, but also as a precondition of morally responsible agency. (shrink)

Relational Egalitarianism focuses on the construction of equal social relationships between persons. It strongly opposes luck egalitarianism, which understands equality as a distributive ideal. In Cohen’s theory of justice, luck egalitarianism and relational egalitarianism simultaneously exist, and Cohen provides arguments corresponding to each. In this paper, we explore the manifestation of tension between these two forms of egalitarianism in his theory. In addition, we also reconstruct some possible solutions provided by Cohen to soften this tension, including the three approaches of (...) market mechanism, egalitarian ethos and value pluralism, and find them to be unsuccessful. This tension is a serious challenge that needs to be addressed in Cohen’s theory of justice. (shrink)

Philosophical arguments about government contracting either categorically oppose it on legitimacy grounds or see it as largely anodyne. I argue for a normatively distinct kind of contracting – the advance market commitment, or AMC – and show that it is justified by the same liberal values that justify the welfare state.

This study investigates the relationship between the ethical, educational, and disciplinary development of professional accountancy organizations in a given country and the development of that country’s stock market. Using a comprehensive measure based on the responses of the major PAOs in 36 countries to a questionnaire designed by the International Federation of Accountants to assess the development of PAOs internationally, we find a significantly positive association between the development of PAOs and stock market development. In addition, we find (...) the positive association between the development of PAOs and stock market development to be more pronounced in countries with higher levels of investor protection, a stronger public enforcement environment, or lower levels of corruption, suggesting the importance of complementary institutions in the relationship between PAOs and stock market development. We also find that better-developed PAOs are associated with better-quality financial reporting. Finally, our result also shows that relative to the investigation and discipline mechanism and educational requirements imposed by PAOs, the ethical development of a country’s professional accountants appears to have the strongest positive association with a country’s stock market development. (shrink)