As far as we are aware, this study presents the first comparative analysis of the stock picking and market timing abilities of managers of conventional and socially responsible (SR) pension funds, and of their use of superior information. For the United Kingdom, the results obtained show a slight stock picking ability on the part of SR pension fund managers (although it disappears if multifactorial models are considered), and a negative market timing ability on the part of (...) both SR and conventional pension fund managers (these results hold for multifactorial models controlled by home bias). In relation to the management styles, both conventional and SR pension funds usually invest in small cap and growth values, although it is the SR pension funds that are the most exposed to these styles. We also observed that, while conventional pension fund managers make certain use of superior information to follow stock picking strategies, managers of SR pension funds use superior information to follow market timing strategies. (shrink)

The article analizes the several times of Proclus‘s reception by Nicholas of Cusa’s thought. The direct reading of Proclus can be established because Expositio in Parmenidem Platonis –Cod.Cus. 186– and Elementatio theological –Cod.Cus.195– (Moerbeke’s translation) and De theologia Platonis Libri VI –Cod.Cus.185– (Petrus Balbus’s translation) are in his Library in Bernkastel-Kues with his marginalia. The assimilation of doctrines can be considered assuming that the implicits and explicits references to Plato’s Diadochus, especially in the last works.

This study introduces 'time-specific' analysis of economic processes. Economic processes are conventionally analysed from one point in time to another over a series of time units - days, weeks, or years. By contrast, these time-specific models focus on the temporal character of events within the unit time - their timing, duration, and sequence - utilizing the information that is lost in the macroscopic time perspective of standard economic theory. What time-specific analysis reveals are economic and technological characteristics of goods (...) and services - prices and cost behaviour and temporal mobility or immobility within the unit time - that affect capital productivity and its utilization, optimal schedules of production, work, and consumption, least-cost methods of producing time-shaped outputs, and efficient welfare-maximizing behavior in time-specific, including peak-load, markets. (shrink)

We examine whether investors value the disclosure of first-time standalone corporate social responsibility reports, and whether market valuations differ between government-controlled and privately controlled firms. Using a matched sample of Chinese publicly listed firms, we find that CSR initiators have higher market valuations than matched CSR non-initiators, and CSR initiators controlled by the central and local governments have lower market valuations than CSR non-initiators and CSR initiators controlled by private shareholders. Additional analyses demonstrate that CSR initiators with (...) high CSR reporting quality and perceived credibility have higher market valuations than CSR initiators with low CSR reporting quality and medium or low perceived credibility of CSR reporting. We do not find convincing evidence that CSR mandate, litigation risk, and prior stock returns affect market reactions to CSR reporting. Overall, we find that the market values standalone CSR reports, and that CSR reporting quality and perceived credibility are important factors in market valuation. (shrink)

The Catholic Church – though in popular opinion it is sometimes treated as a stronghold of conservatism, traditionalism, suspicion of progress and novelty, it changed significantly in the second half of the 20th century and continues to change its attitudes, especially in terms of the use of social communication and attitude to the media mass. The Church’s growing openness to media relations and the use of a rich instrumentation of social communication has become one of the reasons for the growing (...) popularity of market orientation among the clergy and active believers, which opens opportunities for the development of the concept of a specific sectoral marketing formula of church marketing. In this article the authors search for the causes of the progressive phenomenon of the marketization of religion, present examples of the activities of the Polish Catholic church, inscribed in the church marketing trend, as well as define the negative consequences resulting from its dissemination. The applied research method is based on the literature analysis and case studies analysis. (shrink)

In this paper I examine Habermas’ conception of the market in The Theory of Communicative Action (TCA). Habermas’ characterization of the market as norm-free has been controversial and I discuss three objections to it: the claims that it (1) conflates of action types, types of action coordination and spheres of action, (2) cannot account for the normative structure of the social organization of labour, and (3) that it makes impossible to make moral judgments about behaviour in the (...) class='Hi'>market. I conclude that while some of these objections are unfounded, we have reason to revise Habermas’ substantive claims about the market. I also stress the importance of distinguishing between the TCA’s methodology and its time-diagnostic thrust. Next, I assess the colonization thesis through a case study of the commodification of higher education. I conclude that this thesis remains plausible, but that it needs to be supplemented with a theory of ideology. (shrink)

It is a well-documented phenomenon that individuals stop searching earlier than predicted by the optimal, risk-neutral stopping rule, leading to inefficient searches. Individuals' search behaviors during making investment decisions in financial markets can be easily affected by their peers. In this study, we designed a search game in a simplified experimental stock market in which subjects were required to search for the best sell prices for their stocks. By randomly assigning subjects into pairs and presenting them with real-time information (...) on their peers' searches, we investigated the effects of peers' decisions on search behaviors. The results showed that two subjects in the same group with real-time peer information learned and engaged in similar search behaviors. However, this peer effect did not exist when subjects had access to feedback information on the ex-post best response. In addition, we found that the presence of information about peers' decisions alone had no significant impact on search efficiency, whereas access to both information on peers' decisions and feedback information significantly improved subjects' search efficiency. (shrink)

How much inequality does market interaction generate? The answer to this question partly depends on the level of competition among economic agents. Yet, in their normative analysis of the market, theories of distributive justice focus on individual characteristics such as talents as determinants of income, and tend to ignore structural features such as competition. Economists, on the other hand, dispose of the conceptual tools to assess the distributive impact of competition, but their analysis is usually limited to allocative (...) efficiency. Part I of the article distinguishes my argument from conventional perspectives on income inequality and redistribution. Whereas the latter propose either to redistribute income once the market interaction has taken place or to adjust the initial holdings of market participants, I focus on the distributive impact of the institutional structure of the market itself. Part II outlines the ways in which various forms of competition affect distribution. My objective here is descriptive in nature, but shows that a normative evaluation of the market has to take seriously the distributive impact of competition. This impact can be broken down into the analysis of three overlapping groups of economic agents, namely consumers, workers, and capital owners. Consumers potentially gain from competition in the form of lower prices, but these gains are only realized if competition does not put pressure on their work income at the same time. Unless competition squeezes profits unusually hard, capital owners tend to benefit from competition. (shrink)

This study examined how social media marketing activities influence consumers’ engagement behaviour in developing countries. Based on the stimulus-organism-response theory, we examined the effect of SMMA on consumers’ engagement intention and further investigated the moderating effect of social media sales intensity. The study employed a time-lagged design with two waves to confirm the hypothesised framework. The study findings showed that SMMA positively influence consumers’ engagement intention and engagement behaviour. In addition, social media sales intensity strengthens the link between engagement intention (...) and engagement behaviour. This study adds to the literature on social media and discusses its practical implications. (shrink)

The sharp changes in oil prices since 2004 featured a nonlinear data-generating mechanism which displayed bubble-like behavior. A popular view is that such a salient pattern cannot be explained by shifts in economic fundamentals, but was driven by speculative bubbles as a consequence of the increased financialization of oil future markets. Testing this hypothesis, however, is challenging since the fundamental component of the oil price is unobservable. This paper attempts to isolate the contribution of speculative bubbles and fundamentals to the (...) evolution of oil prices by providing a stylized model of commodity pricing. Motivated by our theoretical model, we adopt a continuous-time model with a random and time-varying persistence parameter to empirically investigate the presence of speculative bubbles in daily oil future prices over the period April 1983 to June 2020. We do not find any evidence in favor of speculative bubbles, although we indeed find that oil prices exhibit episodes of unstable behavior after 2004. (shrink)

Why and how have supply chain codes of conduct diffused among lead firms around the globe? Prior research has drawn on both institutional and stakeholder theories to explain the adoption of codes, but no study has modeled adoption as a temporally dynamic process of diffusion. We propose that the drivers of adoption shift over time, from exclusively nonmarket to eventually market-based mechanisms as well. In an analysis of an original data set of more than 1,800 firms between the years (...) 2006 and 2015, we find that strong nonmarket labor institutions in a firm’s home country are critical to initiating and sustaining the diffusion process. Market mechanisms, such as investor scrutiny and brand risk, emerge as important later. Contrary to prior research, we did not find a significant effect from nongovernmental organization (NGO) pressure. We conclude that markets for corporate social responsibility can and do arise, but only after they are effectuated by nonmarket institutions. (shrink)

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and need frequent updates. (...) In addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes. (shrink)

In this paper, we investigated the effectiveness of price limit on stock market with the correlation study and complex network technology. We proposed a time-migrated DCCA cross-correlation coefficient which is beneficial to detect the asynchronous correlations of nonstationary time series. The stock market network is constructed with the threshold method based on time-migrated DCCA. The effectiveness of the price limit during the stock market crash period is studied based on the time-migrated DCCA stock market network. The (...) results indicate that the time-migrated DCCA ensures more relevant results than the equal-time DCCA method. An interesting finding is that the price limit has different effects on the stock market network at different stages of dynamic evolution. Market stabilization will be lowered and the systemic risk will be increased if the price limit is enhanced. Such studies are relevant for a better understanding of the stock market and have a significant contribution to the stock market in reality. (shrink)

Regional institutional marketing supports sustainable farming by bringing wholesome, nutritious food to members of the community. Schools, in particular, can benefit greatly from this arrangement in comprehensive efforts to address childhood obesity. Nineteen previous publications examined issues around supply of and/or demand for regional food procurement by institutions across the United States, including levels of interest, perceived benefits, and barriers to this arrangement. Food service directors, farmers, and/or distributors participated in surveys, interviews, workshops/forums, case studies, and one evaluation about regional (...) food procurement. Accounts of seven farmer cooperatives or networks indicate that institutional customers are more often restaurants (n = 5), health care facilities (n = 2), colleges/universities (n = 2), and other facilities (n = 2), than public schools (n = 1) or food retailers (n = 1). The studies agree that the main benefits offered by regional food procurement are support of the local economy and increased access to fresh and nutritious food. Barriers consistently faced by food services and farmers have to do with lack of infrastructure and financial support for processing and central distribution. Though obstacles vary by district and/or geographic characteristics, results indicate that across groups there is a clear need for better support mechanisms by which farms can connect with regional markets. The practice of farm-to-institution marketing holds the potential to improve nutritional status of community members and financial stability of farmers, though institutional support is needed for systemic transition to this purchasing method. (shrink)

This paper has already been published in Sociological Research Online, 21/3, August 2016. All rights reserved. © SOCIOLOGICAL RESEARCH ONLINE. It is available from Kent Academic Repository. We thank Dawn Lyon for the permission to republish it here.: This article documents, shows and analyses the everyday rhythms of Billingsgate, London's wholesale fish market. It takes the form of a short film based an audiovisual montage of time-lapse photography and sound recordings, and a - Sociologie – Nouvel article.

The optimal investment problem is studied for a continuous time incomplete market model. It is assumed that the risk-free rate, the appreciation rates, and the volatility of the stocks are all random; they are independent from the driving Brownian motion, and they are currently observable. It is shown that some weakened version of Mutual Fund Theorem holds for this market for general class of utilities. It is shown that the supremum of expected utilities can be achieved on a (...) sequence of strategies with a certain distribution of risky assets that does not depend on risk preferences described by different utilities. (shrink)

In times of erosion and dissolution of social structures and institutions, described by Bauman as the interregnum, there arises both a need and a possibility of developing alternative approaches to the most fundamental organizational practices. Marketing, a simultaneously tremendously successful and much criticized sub-discipline and practice, is a prime candidate for such a redefinition. Potential prefigurations of future processes of organizing and institutionalizing can be found within dissenting organizations, the alternative organizations built at the fringes of, and in opposition to, (...) the mainstream businesses as reported by Parker et al.. In this paper, we present an exploration of the alternative yet already enacted practice we call earnest marketing. Drawing on an ethnographic study of a number of dissenting organizations in the United Kingdom and Poland, we focus on the radical reconstitution of marketing evidenced in their practice, defined by an attitude of earnestness and dedication to the dissemination and demonstration of their self-defined goodness: ideas and values. As organizations engage in earnest marketing, they also become receptive to reciprocal messages from their environments. We conclude by reflecting on the possibilities of a dissenting management model developing the principles of earnest marketing beyond disciplinary confines. (shrink)

Has not the time fully come to lift the prohibition on a regulated market in organs for transplantation? Is there a price for such a market that would be too high to pay? The author revisits the cases for and against organ markets in the light of cultural shifts in society and asks whether the traditional insistence on altruism represents a hindrance to much needed developments or a safeguard for much valued public goods.

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)

In The Great Transformation Karl Polyani argues that we have transitioned from being a society with islands of market life to a market with islands of society. As the market has grown, so too, I would argue, has market culture. In this essay, I argue that the modern family is itself one such “society” within the market, and that it is under pressure to incorporate aspects of market culture. It responds to this pressure by (...) resisting, capitulating to or simply playing with it through an ongoing process of symbolization and re-symbolization. The degree to which families resist or welcome market culture depends, I think, on the fit between individuals’ embrace of market culture and their orientation to time. Temporal strategies preferred by employees at the top of the corporate ladders pose market culture’s first port of entry into the home. Or to put it another way, market culture slips into the family through a crack on the edge of the time bind. (shrink)

Along with the times, newspapers have become one of the business commodities that can survive even though they are slowly starting to fall. So, to continue to maintain the life of a print media or newspaper business through consistent newspaper circulation, it is necessary to implement a particular strategy to defend against online media attacks. Focus in this research in general, this research focuses on knowing how the Bandung Express Networking Daily carries out the Integrated Marketing Communications (IMC) Strategy. In (...) particular, this research focuses on knowing the Integrated Marketing Communications (IMC) Strategy in maintaining the daily circulation of newspapers in Bandung Express Networking. The research question is: How does the Integrated Marketing Communications (IMC) strategy maintain the newspaper's daily circulation? What are the obstacles and implementation of the Integrated Marketing Communications (IMC) strategy carried out by the Bandung Express Networking Daily. The results in this study are Pasundan Express Privileges. Print media advertisements used by Bandung Express Networking include men inserting their names on the product packaging for the Pasundan Express newspaper. Sales promotions. Games, both in content without prizes on Instagram social media and games with prizes. Public Relations and Publicity. The talk show is a form of education and promoting the circulation of the Bandung Express Networking Newspaper, Personal Selling. The Bandung Express Networking journalist team. Here, the media team and the Bandung Express Networking journalists play the most role in personal selling. Direct marketing. Through the Bandung Express Networking website. Com is the official website of Bandung Express Networking, where news and information about newspaper circulation and orders for transactions can be made on this website. (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)

This book concentrates upon the historic associations of the marketplace in the work of Aristotle, Adam Smith, Karl Marx, and demonstrates how what markets were imagined to entail for society was critical to each author's understanding of the central social problems of their time.

American bankruptcy law has offered a "fresh start" in every state for over one hundred years. As a result, econometric studies of consumer bankruptcy often focus on one of the few aspects of the law that has varied significantly across time and across states: exemptions. Professors Gropp, Scholz and White published the first article to test the effect of exemptions on credit markets. Consistent with theory, they found that residents of states with larger exemptions pay higher interest rates than those (...) in states with lower exemptions and face an increased probability that they will be denied credit. These effects were most pronounced for poor households. This result is surprising because exemptions only allow a household to keep what it has. The difference between a $100,000 exemption and an exemption with no dollar limit should not matter if the household has little or no assets to exempt. This essay examines alternative explanations for why exemptions appear to have a disproportionate impact on the poor. Unfortunately, however, none of these alternative explanations proves entirely satisfactory. (shrink)

Much has been written about medicine and the market in recent years. This book is the first to include an assessment of market influence in both developed and developing countries, and among the very few that have tried to evaluate the actual health and economic impact of market theory and practices in a wide range of national settings. Tracing the path that market practices have taken from Adam Smith in the eighteenth century into twenty-first-century health care, (...) Daniel Callahan and Angela A. Wasunna add a fresh dimension: they compare the different approaches taken in the market debate by health care economists, conservative market advocates, and liberal supporters of single-payer or government-regulated systems. In addition to laying out the market-versus-government struggle around the world -- from Canada and the United States to Western Europe, Latin America, and many African and Asian countries -- they assess the leading market practices, such as competition, physician incentives, and co-payments, for their economic and health efficacy to determine whether they work as advertised. This timely and necessary book engages new dimensions of a development that has urgent consequences for the delivery of health care worldwide. (shrink)

As it has become more and more urgent to solve the problems of environmental protection, we consider it necessary to conduct multilevel studies to examine the impact of business strategy on both employees’ and firms’ performances in environmental protection. Synthesizing the perspectives of strategic orientation, corporate strategy, and firm performance, we propose a comprehensive theoretical model linking market orientation and environmental performance. Based on a survey of 134 matched chief executive officers, senior marketing managers and frontline workers from Chinese (...) firms, we found that market orientation positively affects environmental strategy which, in turn, influences both environmental product quality and employees’ environmental involvement. These latter two variables consequently have a positive influence on environmental performance. At the same time, environmental commitment moderates the link between market orientation and environmental strategy. (shrink)

In the 19th century, ‘scientific archaeologists’ split from their antiquarian colleagues over the role that provenience (context) plays in the value of an artifact. These archaeologists focus on documenting an artifact’s context when they remove it from its original location. Archaeologists then use this contextual information to place these artifacts within a particular larger assemblage, in a particular time and space. Once analyzed, the artifacts found in a site or region can be used to document, to understand, and explain the (...) past. Given the central place of context for archaeological excavation, archaeologists have done everything in their power to combat the black market. Hoping to stem the tide, archaeologists have leveled attacks on those who excavate these materials, those who traffic in them, and those who purchase them. Unfortunately, despite decades of argument and legal wrangling, archaeologists have been unable to stop the black market. The purpose of this paper is to analyze this failure from the supply side (what archaeologists call looting) and to suggest better ways to engage other stakeholders to the benefit of most, if not all. (shrink)

Like nature itself, modern economic life is driven by relentless competition and unbridled selfishness. Or is it? Drawing on converging evidence from neuroscience, social science, biology, law, and philosophy, Moral Markets makes the case that modern market exchange works only because most people, most of the time, act virtuously. Competition and greed are certainly part of economics, but Moral Markets shows how the rules of market exchange have evolved to promote moral behavior and how exchange itself may make (...) us more virtuous. Examining the biological basis of economic morality, tracing the connections between morality and markets, and exploring the profound implications of both, Moral Markets provides a surprising and fundamentally new view of economics--one that also reconnects the field to Adam Smith's position that morality has a biological basis. Moral Markets, the result of an extensive collaboration between leading social and natural scientists, includes contributions by neuroeconomist Paul Zak; economists Robert H. Frank, Herbert Gintis, Vernon Smith, and Bart Wilson; law professors Oliver Goodenough, Erin O'Hara, and Lynn Stout; philosophers William Casebeer and Robert Solomon; primatologists Sarah Brosnan and Frans de Waal; biologists Carl Bergstrom, Ben Kerr, and Peter Richerson; anthropologists Robert Boyd and Michael Lachmann; political scientists Elinor Ostrom and David Schwab; management professor Rakesh Khurana; computational science and informatics doctoral candidate Erik Kimbrough; and business writer Charles Handy. (shrink)

Which goods should we be able to buy and sell on the market and, alternatively, which goods should remain sheltered from the market? For many goods in modern societies, this has proven to be a thorny question. Moreover, it is a question that cannot be answered by way of a theoretical shortcut, that is, by attributing certain general values (or disvalues) to the market and inferring from these general attributes that the market is (or isn’t) the (...) best institution to govern the provision of a specific good. Therefore, in the first part of this work, three theoretical building blocks are proposed to frame the way we should handle the market question. First, a social theory is formulated which treats the market as one out of five main socio-economic modes of provision, the others being public provision, professional provision, informal provision and self-provision. Second, in choosing the best institutional framework for a specific good, it is argued that we should not restrict ourselves to the option of implementing one of these modes of provision only. Special attention should be paid to the option of ‘institutional pluralism’, i.e. instituting a market and a non-market alternative simultaneously for the same good. Both the attractions and the limits of such an institutional pluralism are discussed. Third, in making institutional choices about these modes of provision, we need a normative theory providing the moral criteria to guide our choices. Here a capability theory is proposed, which consists of three central principles, parallel to a distinction between three types of capabilities: those that are ‘immoral’, those that are ‘morally required’ and those that are merely ‘morally permissible’. The principles prescribe avoiding the realization of the immoral capabilities and promoting the realization of morally required and permissible capabilities. In the second part, this threefold framework is applied to three specific goods. These are security (protection against criminal threats), media (mass communication by media such as television, radio and the press) and care (caring activities provided on a structural basis to dependents such as care for children, chronically ill and elderly people). For each of these goods a capability analysis shows that the most appropriate institutional framework is institutional pluralism. In the case of security this is a pluralism of market and public provision, in the case of media a pluralism of market and professional provision and in the case of care a pluralism of market and informal provision. In the final chapter I investigate the conditions that have to be fulfilled for these institutionally pluralist arrangements to be stable, that is, to have a robust chance of survival. The main challenge to stability comes from the dynamic toward capital accumulation that is inherent in contemporary capitalism, and if left unchecked requires an ongoing conversion of non-market practices into markets. Two solutions are proposed to counter this threat: a general working time reduction which reduces capital accumulation and a strategy of publicly funded investment of accumulated capital in non-market parts of institutionally pluralist practices. (shrink)

Farmers markets in low-income, urban areas struggle to establish and sustain themselves. Accordingly, farmer recruitment and retention remain a challenge. This paper examines the perspectives of farmers who have been recruited to participate in farmers markets located in LIUA. Taking an ethnographic approach, we seek to understand why farmers join, stay, and/or leave newly-developed farmers market in LIUA. In-depth interviews revealed different motivations for joining new LIUA markets and that these motivations were closely tied to farmers’ reasons for farming. (...) We identified four categories of motivations: farming as a primary livelihood strategy; a new business opportunity; recreation; a social mission. Retention differed across these motivational categories. Farmers who joined LIUA farmers markets to support their livelihoods were the most likely to drop out of these markets. Farmers who used the farmers market to explore a new business opportunity were less likely to drop out and those who farmed for recreation or for a social mission were most loyal and did not drop out. The results indicate that understanding the motivations of farmers may be crucial to retaining farmers at LIUA farmers markets. They also indicate that farmers who are most suited to LIUA farmers markets may be currently overlooked by market managers who regularly target full-time livelihood vendors. These findings have implications for creating more stable farmers markets in LIUA. (shrink)

Transition to the market economy in post-socialist Ukraine, followed by the destruction of the ‘working mother’ gender contract, has led to the emergence of new forms of women’s identities. But the formation of new identities in the transformational period appeared to be mediated by free market ideology, linked to the development of consumer capitalism and dissemination of western consumer standards and lifestyles. The seeming diversity of the new identities promised by the ‘free market’ turned out to be (...) reduced to two models: housewife and businesswoman. Imported along with western mass culture, they can easily be inscribed onto the Ukrainian cultural context. At the same time, the everyday practice of economic survival through informal business and the difficulties of adaptation to the market economy have a profound impact on women’s identity formation. (shrink)

The history of market regulations provides an important perspective on the gendering of systems of food within the evolution of urban economies. This article addresses an important and distinctive period in this process, when New York shifted away from colonial and English-derived institutions in the first four decades of the nineteenth century. The legal status of women was unsettled during this time, introducing uncertainty into women's economic activities. New York City's public marketplaces were carefully regulated through a network of (...) ancient and sometimes arcane laws that inscribed particular activities within well-defined spaces while prohibiting them elsewhere. While these laws were derived from traditional English practices, enforcement was becoming increasingly legalistic rather than customary. While these market laws did not specifically invoke gender, they produced a system that was less navigable to women due to their problematic status as legal subjects. Because the system's navigability differed by commodity, these laws significantly shaped the gendered identity of foodstuffs, such as meat and fruit. Carefully delineating these legal constructions allows us to better understand how women navigated the real and conceptual spaces of the food system, and to see how the changing legal realities of New York impinged on women's employment. (shrink)

Regional market integration in Europe and North America has grown increasingly extensive. This integration has created institutions and structures to guide pancontinental political, economic, and social policies. At the same time, both regions are experiencing pressures of decentralization. These competing trends are transforming relationships between and among business, society, and government. This article compares and contrasts integration in North America and Europe, and discusses the implications of political, economic, and institutional changes in these two regions for business-government relations and (...) the structure and strategic orientation of the corporate public affairs (PA) function. This article reviews recent literature on comparative political economy, business and public policy, and corporate PA, and it presents a conceptual model and research propositions, supported by case illustrations, of how integration and decentralization affect business-government relations and corporate PA in Europe and North America. (shrink)

In its curving watercourse, the Loire encompasses vast areas of central France—Touraine, Blésois, Sologne, Berry—former provinces, all closely related, where one travelled from one town to another by imperceptible degrees, a whole district which since time immemorial, has been, above all, French. The towns there have remained as they were in olden times: peaceful populous villages which are quiet and slow-moving although their organisation is complex, standing on an unpretentious historic substructure whose only outcrops are familiar remains: Here a still-imposing (...) castle; there a church, frequently of outstanding beauty; and sometimes public monuments dating from the first onset of community awareness—they consist of such things as a wash-house, a fountain, a bridge over a river, a shady square, or covered market…. (shrink)

Assisted reproductive technology is a global market engaging a variety of local moral economies where the construction of the demand–supply relationship takes different forms through the operation of the politics of value. This paper analyzes how the market–culture relationship works in different settings, showing how power and resources determine what value will, or will not, accrue from that relationship. A commodity’s potential economic value can only be realized through the operation of the market if its cultural status (...) is seen to be legitimate. At the same time, local moral economies and their associated social orders are potentially susceptible to the destabilizing implications of new commodities. The formal or informal organization of power relationships in the market–culture interaction can enable potential value to become manifest and tangible over time or block its path. The interaction is steered through national institutional sources of cultural authority embedded in state and religion, where the visible contest in the politics of value is conducted. Increasingly, that interaction finds its expression in transnational institutions of governance where the struggle for control of the cultural agenda reflects the global nature of the ART market. (shrink)

The Market as God captures how our world has fallen in thrall to the business theology of supply and demand. According to its acolytes, the Market is omniscient, omnipotent, and omnipresent. It knows the value of everything, and determines the outcome of every transaction; it can raise nations and ruin households, and nothing escapes its reductionist commodification. The Market comes complete with its own doctrines, prophets, and evangelical zeal to convert the world to its way of life. (...) Cox brings that theology out of the shadows, demonstrating that the way the world economy operates is neither natural nor inevitable but shaped by a global system of values and symbols that can be best understood as a religion. -/- Drawing on biblical sources, economists and financial experts, prehistoric religions, Greek mythology, historical patterns, and the work of natural and social scientists, Cox points to many parallels between the development of Christianity and the Market economy. At various times in history, both have garnered enormous wealth and displayed pompous behavior. Both have experienced the corruption of power. However, what the religious have learned over the millennia, sometimes at great cost, still eludes the Market faithful: humility. (shrink)

As the economy has grown increasingly financialized, the relationship between financial innovation and instability has attracted more attention. Previous research finds that the proliferation of complex financial innovations, like asset securitization and new financial derivatives, helped to erode the market governance arrangements that kept excessive bank risk-taking in check, inviting instability. This article presents an alternative way of understanding how financial innovations and market governance arrangements combine to shape instability. Market governance arrangements also shape how financial firmsreceiveinnovations, (...) leading to greater or lesser instability at particular times and places. I illustrate this argument by tracing the effects of changing corporate governance arrangements at large US banks in the 1990s and 2000s. Like non-financial firms in the preceding decade, banks adopted reforms associated with the shareholder value model of corporate governance. These changes to internal bank governance arrangements affected the agendas of bank executives in ways that encouraged expanded use of securitization and derivatives. Drawing from this case, I argue that a full understanding of instability in the financialized era requires closer attention to the (institutionally-structured) interests of financial innovationusers—not just to features of financial innovations themselves. (shrink)

The World Health Organisation (WHO) is leading a global effort to deliver improved diagnostic testing to people living in low‐resource settings. A reliance on the healthcare technologies marketplace and industry, shapes many aspects of the WHO project, and in this situation normative guidance comes by way of the ASSURED criteria — Affordable, Sensitive, Specific, User‐friendly, Rapid and robust, Equipment‐free, and Delivered. While generally improving access to diagnostics, I argue that the ASSURED approach to distributive justice — efficiency — and assessment (...) of worth — productivity — may constrain efforts to deliver timely and accurate diagnosis in the developing world equitably by holding back new and innovative diagnostics and indirectly encouraging program and device design that may unfairly discriminate against certain groups. Even as we try to overcome the problem of global healthcare injustice, we may be entrenching disadvantage. I present my critique of ASSURED by 1) referencing Boltanski and Thévenot's theory of orders of worth to highlight the industrial and market foundations of the ASSURED guidelines; 2) comparing ASSURED with other normative guides that elevate the importance of civic responsibility in evaluations of distributive justice; 3) presenting a case study of the failed promise of microfluidic diagnostic devices. I conclude that a new approach to normative guidance is required to assess the value of developing world diagnostics, preferably, one that does not force global public goods into the marketplace. (shrink)

Noxious markets, inequality and social meanings In this thoughtful and timely book, Debra Satz provides a convincing justificatory framework for our ongoing discomfort at the intrusion of markets into many areas of our lives that hitherto had been free from commercial influence. Her central problem is the commodification of everyday life. We inhabit social worlds which are highly commodified and in which the market is often prescribed as a universal panacea for any social problem we confront. Yet despite such (...) overt marketisation in the culture at large, nonetheless there remains the widespread belief that there are some things that should not be for sale: the very thought of selling certain goods remains repugnant. Satz's task in this book is to explain why such misgivings are correct. How might we best account for the intuition that some things should not be for sale? At the heart of her tale is a concern with the inequality that markets often bring in their wake. (shrink)

Whoever enters a food store in Switzerland, nowadays, most probably passes by a conspicuous crate for depositing empty glass containers for Toni yogurts. But who actually would know that the story behind the recyclable glass containers is one of the most interesting and informative cases, where one company successfully integrated ecological considerations of society-at-large into their company's marketing strategy, making it eventually a great business success. It is an encouraging story for those who are trying to find ways to include (...) a sense of social responsibility into company policies without calling for more state intervention to bring it about. It is a sobering story at the same time, leaving little doubt, that there are no easy and undisputed solutions for complex and ambiguous problems. (shrink)

This article investigates whether investors consider the reliability of companies’ sustainability information when determining the companies’ market value. Specifically, we examine market reactions (in terms of abnormal returns) to events that increase the reliability of companies’ sustainability information but do not provide markets with additional sustainability information. Controlling for competing effects, we regard companies’ additions to an internationally important sustainability index as such events and consider possible determinants for market reactions. Our results suggest that first, investors take (...) into account the reliability of sustainability information when determining the market value of a company and second, the benefits of increased reliability of sustainability information vary cross-sectionally. More specifically, companies that carry higher risks for investors (e.g., higher systematic investment risk, higher financial leverage, and higher levels of opportunistic management behavior) react more strongly to an increase in the reliability of sustainability information. Finally, we show that the benefits of an increase in the reliability of sustainability information are higher in times of economic uncertainty (e.g., during economic downturns and generally high stock price volatilities). (shrink)

Employee volunteerism can be an effective strategy for increasing the effectiveness of corporate philanthropy. However, in order to be effective, volunteer initiatives should be directed by the firm to ensure a strategic fit and focus on the core competencies of the firm. Therefore, internal marketing strategies are needed to ensure managers receive employee support. Our research quantitatively extends research by Peloza and Hassay {journal of Business Ethics 64(4), 357-379, 2006) who argued that employee volunteerism is motivated by egoistic, altruistic and (...) organizational citizenship motives. Our findings suggest that volunteer opportunities that fulfill egoistic and organizational citizenship motives will be effective, but that the altruistic motive is not significant. We also find that formal policies concerning manager recognition or time off are not effective, providing more discretion for individual managers. Implications for managers seeking to increase the effectiveness (and therefore support the business case) of their corporate philanthropy are discussed. (shrink)

In this paper I shall be arguing against the claim made by Erin and Harris and others, that creating a “regulated market” in organs for transplantation taken from living vendors is both viable practically and a moral imperative. No-one can doubt that there is currently a crisis in the provision of organs for transplantation, with a massive gap between supply and demand. There are a number of reasons for this crisis. Since its development as a life-saving measure in the (...) second half of the last century, organ transplantation has expanded exponentially, both in terms of survival rates, the number of people on the waiting list for the procedure, and the range of transplantable organs. Advances in immuno-suppression and in prevention of infection have led to improvement in both the survival of the recipients and of the transplanted organs. At the same time, there has been an increase in repeat transplantations and in multiple organ transplants. The range of conditions for which transplantation is offered has widened, and transplantable organs now include: kidney, liver, pancreas, heart and lung. Brain-dead donors can provide all of these organs, while the kidney and sections of the liver and pancreas can also be obtained from living donors. Survival outcomes are better from living donors than from cadaveric donors, and, in the case of kidney failure, better from transplantation than from dialysis. [End Page 164] The relevant question, however, is whether permitting a market in human organs is morally justifiable, and, even if it were, whether it would provide a solution to the current crisis. I argue in this paper that organ trading is wrong in principle, since it commodifies the human body and inevitably exploits the poor and the socially vulnerable, and that, far from alleviating the crisis, it is likely to make it worse. First we should note that there is an uncompromising opposition to all forms of organ trading from two major international healthcare organisations. (shrink)

The past two decades have witnessed the emergence of corporateassociation- and standards-based forms of environmental selfregulation. Private environmental governance is commonly presented as being a market-driven phenomenon. Firms seek to manage their environmental impacts as a means of achieving cost-based or differentiation-based advantages. Yet, these innovations are necessarily embedded in the regulatory policies and institutions of nation states and thus subject to the dynamics of regulatory change. Historically, economic crises have stimulated significant regulatory changes that have, more often than (...) not, resulted in an expansion of public regulation and a diminution of self-regulation. This Article considers the ramifications of the global financial crisis for the development of private environmental governance. (shrink)

The tapestry of human behaviour in the marketplace today is turbulent, unpredictable, and chaotic. Yet it is also so diverse, rich and global that it presents a rare ethical and moral opportunity, and challenge, to out-behave competition and create enduring value. This is corporate ethics for corporate advantage. Corporate Ethics for Turbulent Markets: The Market Context of Executive Decisions focuses on the HOW of doing business - the economic, social, ethical, moral and spiritual values we bring to our business (...) ventures - and how thereby we impact the world. The book focuses on the LEMS (legality, ethicality, morality, and spirituality) technique that we submit as a prescriptive benchmarking tool for all corporate thinking, deliberation, explanation, evaluation, choices, strategic implementation, accountability and moral responsibility. It demonstrates that by going beyond the legal obligation (legality) to do the "right thing" (ethicality), to do the "right thing rightly" (morality), and doing the "right thing rightly and for the right intentions" (spirituality), we can create a sure strategy for good decision making and implementation that can heal the world from its current addictions to corporate fraud in all its evil forms. Envisioning a moral reawakening, this book will challenge business students and executives alike to re-evaluate the moral justification of business choices, decisions, actions and their consequences. LEMS as a four-dimensional cross-checking skill for all that we think, do, become and be takes time and patience but it can surely heal an otherwise divided and broken world.--back cover. (shrink)

For some time we have seen a shift away from direct marketing, a core feature and dominant exchange form in the alternative food world, towards a greater role for intermediation. Yet, we still need to better understand to what extent and in what ways new mediated Alternative Food Networks represent an evolution of or departure from core tenets of alternative food systems. This paper focuses on AFNs with new intermediaries that connect small-scale producers with urban end-consumers. Based on original research (...) in Frankfurt, Berlin, and Calgary, we analyze three different types of mediated AFNs: one driven by consumers, one by an external intermediary, and one by producers. Our cases include non-capitalist, capitalist, and alternative capitalist economic practices as identified by Gibson-Graham. Conceptually, we base our analysis on the three-pillar-model of alternative agri-food systems, which we further refine. Besides comparing our cases with each other, for heuristic purposes we also compare them with an ideal-type model that adheres to core tenets of alterity in all three pillars. Our empirical analysis shows that intermediary organizations can bring important benefits and that mediated AFNs are in principle able to hold true to the core tenets of alternative agri-food systems. However, it is very important to develop models of democratic control and ownership as well as economic arrangements in which created value is fairly shared. Only then can the potentials of new mediated models be realized while the pitfalls of the conventional systems they seek to replace be avoided. (shrink)