When Istvan Hont died in 2013, the world lost a giant of intellectual history. A leader of the Cambridge School of Political Thought, Hont argued passionately for a global-historical approach to political ideas. To better understand the development of liberalism, he looked not only to the works of great thinkers but also to their reception and use amid revolution and interstate competition. His innovative program of study culminated in the landmark 2005 book Jealousy of Trade, which explores the birth (...) of economic nationalism and other social effects of expanding eighteenth-century markets. Markets, Morals, and Politics brings together a celebrated cast of Hont's contemporaries to assess his influence, ideas and methods. Richard Tuck, John Pocock, John Dunn, Raymond Geuss, Gareth Stedman Jones, Michael Sonenscher, John Robertson, Keith Tribe, Pasquale Pasquino, and Peter N. Miller contribute original essays on themes Hont treated with penetrating insight. (shrink)

In Free Market, Jacob Soll has crafted an encyclopedic work, tracing the concept of the “free market” from Cicero to Milton Friedman. The core of the book concerns European political theorists, fro...

_A concise history of “just price,” from Aristotle to the present day_ The question of what constitutes a fair price has been at the center of market interactions since the time of Aristotle. Should a seller sell to the highest bidder, or is there some other standard, such as a morally defined price, to be applied? Charles R. Geisst traces the ways that philosophers, religious leaders, and economists have sought to answer that question, from antiquity through the modern era. (...) Aristotle’s thinking on usury influenced the idea of pricing well into the Renaissance. In his view, money was barren and should not be used to beget more money. As trade became more extensive, the strictures placed on pricing by Aristotelian thinking began to fall away, replaced by Roman and common-law conceptions of value and interest. Geisst’s book follows the evolution of that thought—influenced along the way by figures such as Copernicus, Fibonacci, Adam Smith, Marx, Cassel, and Keynes—and charts parallel developments in European and Islamic notions of fair pricing. Today, pricing is seen as an economic inevitability, dictated by the laws of supply and demand. But this has not always been the case. As Geisst argues, the idea of a just price was once a moral concept, long before it was an economic one. (shrink)

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

Tackling the roots of marketing theory, and unraveling the many influences and debates that have come to define the discipline, this book is a must-have student text.

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)

In Culture, Genre, and Literary Vocation, Michael Davitt Bell charts the important and often overlooked connection between literary culture and authors' careers. Bell's influential essays on nineteenth-century American writers—originally written for such landmark projects as The Columbia Literary History of the United States and The Cambridge History of American Literature—are gathered here with a major new essay on Richard Wright. Throughout, Bell revisits issues of genre with an eye toward the unexpected details of authors' lives, and invites us (...) to reconsider the hidden functions that terms such as "romanticism" and "realism" served for authors and their critics. Whether tracing the demands of the market or the expectations of readers, Bell examines the intimate relationship between literary production and culture; each essay closely links the milieu in which American writers worked with the trajectory of their storied careers. (shrink)

Distant Harms, Distant Markets looks at moral complicity in markets, employing resources from sociology, early Christian history, feminism, legal theory, and Catholic moral theology today. The authors skillfully explore the causal and moral responsibilities which consumers bear for the harms that markets cause to distant others.

In this essay, I use a general argument about the evidential role of data in ongoing inquiry to show that it is fruitful for economic historians and historians of economics to collaborate more frequently. The shared aim of this collaboration should be to learn from past economic experience in order to improve the cutting edge of economic theory. Along the way, I attack a too rigorous distinction between the history of economics and economic history. By drawing on the (...) history of physics, I argue that the history of a discipline can be a source of important evidence in ongoing inquiry. My argument relies on the claim that it is a constitutive element of science that evidence is never discarded forever and is thus historical in nature. In the final section, I offer a case study by explaining a research proposal that turns on a long-running data-set Babylonian whole-sale prices of six commodities noted in pre-Hellenistic and Hellenistic times. To motivate my reading of this data-set, I critically discuss Aristotle's successful attempt to distinguish between astrology and political economy. (shrink)

Alternative agricultural systems, like organic and local agriculture, are becoming increasingly important in Europe to the detriment of conventional methods. As a matter of fact, sustainable agriculture, which started as a niche sector, has been able to conquer a significant share of the European agro-food market. Institutional promotion along with increasing consumer demand has allowed for the development of different agricultural models, from the farm to the fork, with an increasing focus on the ethical issues associated with the agro-food production (...) system. For instance, the organic agriculture agro-food chain is based on four principles, namely health, ecology, fairness and care with the goal of competing in the global agro-food market while respecting the environment, livestock, producers, and consumers. Within these themes, the seed market represents an extremely complex part of the whole picture. The present paper analyses the historical evolution of the seed sector by identifying the main issues related to sustainable agricultural systems and protection of biodiversity. It follows the identification of different seed markets based on different farm types. The two aspects are then discussed and matched in order to identify the main issues characterizing the sector. A review of possible solutions to those problems, taking into account their ethics, is also provided. (shrink)

A secret concealed for centuries, shrouded in myth, silenced by stone. A secret that if unleashed threatens to shake the very foundation of Western civilization. A secret that can remain hidden no longer. The quest begins in Rome, where a grizzly murder and a plundered tomb serve to ignite perhaps the most controversial conflict in human history. Inspector Domenico Conti is charged with the task of recovering the contents of the tomb, but as he delves deeper into the investigation, (...) he is thrust into the center of a centuries-old struggle between truth and those who would stop at nothing to conceal it. But he is not alone. Dr. Dana McCarter, newly appointed director of the Advanced Institute for the Study of Antiquity, finds herself at the heart of the mystery when her considerable expertise in ancient Greek philosophy and her suspect involvement with the black market take her on a journey beginning in her New York University offices and sweeping around the globe—from the dark alleys of Moscow, to the rolling hills of the Italian countryside and the enigmatic relics of an ancient civilization, alive with long-kept secrets. As the search for answers leads them through a labyrinth of conspiracy and intrigue, Dana and Domenico must question everything they believe in and decide how much they are willing to sacrifice to know the truth. (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)

Through an historical analysis of the transnational practices of economists during the Cold War, Johanna Bockman rejects the narrative that the revolutions of 1989 represented the victory of ‘Western economics’, and especially neoliberalism, over ‘East-European socialism’. Rather, Bockman shows that the space of exchange, as well as policy experimentation in socialist states such as Yugoslavia and Hungary, led to the articulation of alternative, decentralised, ‘market socialisms’ from the 1950s up until the 1980s. Instead of operating within separate and incommensurable paradigms (...) of ‘capitalist’ and ‘socialist’ economics, Bockman shows how neoclassical theory and its long tradition of comparing distinct economic systems became the centralepistemeallowing for the transnational exchange of ideas between economists of both the East and the West. This review-essay evaluates the book’s central claims but argues that the book stands on weaker ground when arguing that a reformed socialism was a viable option in Eastern Europe after 1989. (shrink)

The unfortunately vast history of paternalism in both medicine and clinical research has resulted in perpetually increasing respect for patient autonomy and free choice in Western health care systems. Beginning with the negative right to informed consent, the principle of respect for autonomy has for many patients evolved into a positive right to request treatments and expect accommodation. This evolution of patient autonomy has mirrored a more general social attitude of market liberalism where increasing numbers of patients have come (...) to embody the role of the “consumer.” This paper explores this transformation and critiques the current way in which respect for patient autonomy is put into practice. Ultimately, this paper concludes that the consumer view of patient autonomy is dysfunctional. Moreover, this paper argues that, based on the inherent goals of medicine, some form of paternalism is required in any meaningfully therapeutic relationship. (shrink)

Throughout the history of capitalism, there have been tensions between financial institutions and the state, and between financial capital and the firms and households engaged in the production and consumption of physical goods and services. Periods of financial sector dominance have regularly ended in spectacular panics and crashes, often resulting in the liquidation of large numbers of financial institutions and the reimposition of regulatory controls previously dismissed as outmoded and unnecessary. The aim of this article is to consider measures (...) to restore financial markets to their proper role, as servants rather than masters of the market economy and the society within which it is embedded. (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)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We (...) also review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

The paper discusses legal implications of the expansion of practical uses of mathematics in social life. Taking as a starting point the omnipresence of mathematical infrastructures underlying policies, technology and markets, the paper proceeds by attending to relevant materials offered by general philosophy, legal philosophy, and the history and philosophy of mathematics. The paper suggests that the modern transformation of mathematics and its practical applications have spurred the emergence of multiple useful technologies and forms of social interaction but have (...) impoverished access to meanings originating in the lifeworld. The paper also argues that, as part of devices of interest aggregation and expert networks, mathematical infrastructures can be scrutinized by a revised form of legal practice that subjects them to legal critique and reconstruction in order to overcome conditions that have eroded the moral self-awareness of individuals and communities and their existential meanings. (shrink)

The paper discusses legal implications of the expansion of practical uses of mathematics in social life. Taking as a starting point the omnipresence of mathematical infrastructures underlying policies, technology and markets, the paper proceeds by attending to relevant materials offered by general philosophy, legal philosophy, and the history and philosophy of mathematics. The paper suggests that the modern transformation of mathematics and its practical applications have spurred the emergence of multiple useful technologies and forms of social interaction but have (...) impoverished access to meanings originating in the lifeworld. The paper also argues that, as part of devices of interest aggregation and expert networks, mathematical infrastructures can be scrutinized by a revised form of legal practice that subjects them to legal critique and reconstruction in order to overcome conditions that have eroded the moral self-awareness of individuals and communities and their existential meanings. (shrink)

The old discussion of 'Market or State' is obsolete. There will always have to be a mix of market and state. The only relevant question is what that mix should look like. How far do we have to let the market go its own way in order to create as much welfare as possible for everyone? What is the responsibility of the government in creating welfare? These are difficult questions. But they are also interesting questions and Paul De Grauwe analyses (...) them in this book. The desired mix of market and state is anything but easy to bring about. It is a difficult and sometimes destructive process that is constantly in motion. There are periods in history in which the market gains in importance. During other periods the opposite occurs and government is more dominant. The turning points in this pendulum swing typically seem to coincide with disruptive events that test the limits of market and state. Why we experience this dynamic is an important theme in the book. Will the market, which today is afforded a greater and greater role due to globalization, run up against its limits? Or do the financial crisis and growing income inequality show that we have already reached those limits? Do we have to brace ourselves for a rejection of the capitalist system? Are we returning to an economy in which the government is running the show? (shrink)

This article studies the impact of a credit expansion monetary policy on output and unemployment rate. In the introduction the history of the Phillips curve and its interpretation are presented to understand why New Consensus Macroeconomics argues that monetary policy is neutral in long-run i. e. has no effect on economic activity and natural unemployment rate. This New Consensus Macroeconomics supports the independence of the Central Bank, inflation-targeting and the strategy of constrained discretion model and influences strongly the monetary (...) policy of central bank today. The second section critics these three principles of the new consensus. It opposes free-banking to central banking system, and takes the defense of deflation to critic the inflation-targeting. Then the third section deals with long-run neutrality of monetary policy. In an Austrian Business Cycle perspective, there is neutrality of monetary only if the production structure must always return exactly to its level of before the boom. It is improbable, because the monetary policy via tax inflation and artificial variation of real interest rate has a long-run effects on the conditions of financing of entrepreneurial project and in fine all the market process dynamic. (shrink)

Sir John Hicks was a leading economic theorist of the twentieth century, and along with Kenneth Arrow was awarded the Nobel Prize in 1972. His work addressed central topics in economic theory, such as value, money, capital and growth. An important unifying theme was the attention for economic rationality 'in time' and his acknowledgement that apparent rigidities and frictions might exert a positive role as a buffer against excessive fluctuations in output, prices and employment. This emphasis on the virtue of (...) imperfection significantly distances Hicksian economics from both the Keynesian and Monetarist approaches. Containing contributions from distinguished theorists in their own right, this volume examines Hicks's intellectual heritage and discusses how his ideas suggest a distinct approach to economic theory and policy making. It will be of great interest to scholars and students of economic theory and the history of economic thought. (shrink)

Since the first phase of the formal effort to sequence the human genome, geneticists, social scientists and other scholars of race and ethnicity have warned that new genetic technologies and knowledge could have negative social effects, from biologizing racial and ethnic categories to the emergence of dangerous forms of genetic discrimination. Early on in the Human Genome Project, population geneticists like Luigi Luca Cavalli-Sforza enthusiastically advocated for the collection of DNA samples from global indigenous populations in order to track the (...) history of human ancestry, migration, and languages, while social scientists like Troy Duster insisted that the new genetics was in danger of ushering in insidious practices of eugenics. The Human Genome Diversity Project's 1991 proposal to archive human genetic variation around the world quickly came under intense scrutiny by indigenous peoples and advocacy groups who worried that such measures could exploit indigenous groups as research populations and even resurrect racist taxonomies from the nineteenth century. (shrink)

Applied philosophy has been a growing area of research for the last 40 years. Until now, however, almost all of this research has been centered around the field of ethics. _A Companion to Applied Philosophy_ breaks new ground, demonstrating that all areasof philosophy, including epistemology, metaphysics, philosophy of science, and philosophy of mind, can be applied, and are relevant to questions of everyday life. This perennial topic in philosophy provides an overview of these various applied philosophy developments, highlighting similarities and (...) differences between various areas of applied philosophy, and examining the very nature of this topic. It is an area to which many of the towering figures in the history of philosophy have contributed, and this timely Companion demonstrates how various historical contributions are actually contributions within applied philosophy, even if they are not traditionally seen as such. The Companion contains 42 essays covering major areas of philosophy; the articles themselves are all original contributions to the literature and represent the state of the art on this topic, as well as offering a map to the current debates. (shrink)

Mainstream nursing history often positions itself in opposition to philosophy and many nursing historians are reticent of theorizing. In the quest to illuminate the lives of nurses and women current historical approaches are driven by reformist aspirations but are based on the conception that nursing or caring is basically good and the timelessness of universal values. This has the effect of essentialising political categories of identity such as class, race and gender. This kind of history is about affirmation (...) rather than friction and about the conservation of memory and musealization. In contrast, we will focus on how we imagine nursing history could be used as a philosophical, critical perspective to challenge the ongoing transformations of our societies. Existing reality must be confronted with strangeness and the historically different can assume the function of this counterpart, meaning present and past must continuously be set in relation to each other. Thus, critical history is always the history of the present but not merely the pre‐history of the present – critique must rather present different realities and different certainties. In this paper, we use this approach to discuss the implementation of the nursing process (NP) in Germany. The nursing process appears to be a technology that helped to set up an infrastructure ‐ or assemblage ‐ to transform nursing interventions into a commodity exchangable between consumers and nurses in a free market. In our theoretical perspective, we argue that NP was a step in the realization of the German ordoliberal program, a specific variety of neoliberalism. In order to implement market‐orientation in the healthcare system it was necessary to transform hospitals into calculable spaces and to make all performances in the hospital calculable. This radically transformed not just the systems, but the ways in which nurses and patients conveived of themselves. (shrink)

In a recent contribution to this Journal, Matthew Caulfield urges business owners to curtail the influence of their moral conscience on market decisions: in deciding with whom to transact, vendors should adopt an attitude of impersonalism; they should not deny service on account of moral objections to customers' personal characteristics. The history of service denial in the United States is dominated by business owners denying service to Black customers. Civil rights legislation since the Reconstruction era has been designed to (...) eradicate discrimination in contractual relationships, though its successes have been partial. In the foregoing decade, cases of denying service to LGBTQ + people have rekindled debate about discrimination by businesses. This essay places Caulfield's moral argument for impersonalism into its contemporary legal and legislative context, for it is legislatures and courts which ultimately regulate business conduct. Many matters raised by Caulfield surface in legal debates, though in some decisive recent decisions, courts have not sided with impersonalism. In explaining why, I offer a critique of contemporary legal reasoning in cases of service denial and argue that proponents of impersonalism have reason to be concerned at the granting to businesses the privilege of denying service. (shrink)

Scientific research is based on the division of cognitive labour: every scientist has to trust that other colleagues have checked whether the items that are taken as knowledge, and she cannot check by herself, are reliable enough. I apply ideas from the field known as ‘information economics’ to analyse the scientists’ incentives to produce items of knowledge of an ‘adequate’ quality, under the assumption that a big part of what one observes in her empirical research is not available for the (...) readers of the paper. I also discuss some criticisms to this ‘marketization’ of science studies. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:The Author, Art, and the Market: Rereading the History of AestheticsChristopher McClintickThe Author, Art, and the Market: Rereading the History of Aesthetics, by Martha Woodmansee; 200 pp. New York: Columbia University Press, 1994, $29.50.Martha Woodmansee’s book The Author, Art, and the Market: Rereading the History of Aesthetics deftly employs a historical, materialist focus to trace the growth of the middle-class in eighteenth-century Germany and to (...) analyze its startling, significant effects on literary aesthetics and the construction of canon, genre, and treatment of gender. The first five chapters are devoted, essentially, to an outline of the development of German aesthetics and the concluding chapter to the English reception of Kant. Woodmansee’s study offers much insight into the period and helps greatly to demonstrate “how a cultural formation that evolved as recently as ‘art’ could have entrenched itself so thoroughly that we imagine it always to have existed” (p. 8).Woodmansee’s central contention is that populist theories of aesthetics in Germany and England, which in many ways anticipated important elements of materialist or cultural studies emphases, were muted by canonized writers of the eighteenth century like Schiller, Wordsworth, and Coleridge. These writers propagated instead the Kantian notion of art as a realm separate from other human activities and the distinction between high and low art forms. The first three chapters are particularly strong and provide the historical and methodological underpinning for Woodmansee’s rereading of the history of German aesthetics. Chapter One begins with a discussion of the little-studied German writer Karl Philipp Moritz who, she says, “gave the first unequivocal and systematic expression to what I have called our modern conception of the arts” [End Page 176] (p. 11). Woodmansee points particularly to the fact that Moritz champions the notion of art as having an intrinsic value, an idea that five years later, in Kant’s Critique of Judgment, “came to fruition” (p. 12). In Chapter Two, “Genius and Copyright,” Woodmansee lucidly discusses texts such as Lessing’s essay “Leben und leben lassen,” clarifying the tensions regarding “the emergence in the eighteenth century of writers who sought to earn their livelihood from the sale of their writing to the new and rapidly expanding reading public” (p. 36). The survey includes Herder, Wieland, Fichte, and Goethe, and reveals how these writers’ concerns about the often exploitive relationship of authors and publishers, the growth of a middle-class readership, and the integration of literature into the general economy, greatly contributed to the establishment of the author as the main focus of any critical undertaking.It is Schiller, however, as the archinterpreter and proponent of Kantian aesthetics who is singled out for a particularly thorough rereading. In Chapter Three, Woodmansee writes that Schiller does not represent the kind of political liberality he is purported to in works like On the Aesthetic Education of Man (1793) but instead, “at a historical moment when so much discursive activity was being carried on in the name of the people, sought to write them out of his model of poetry” (p. 75). Schiller’s relationship to the middle-class market and its role in his transcendental aesthetic is graphically traced—from his attempts to penetrate the market and, failing this, his acceptance of, and dependence on patronage, and consequent dismissal of the reading public.In Chapter Six Woodmansee devotes her attention to English criticism, ending somewhat abruptly her discussion of German aesthetics with neoclassicism. Here she clarifies the great influence of Kant on Addison, Coleridge, and Wordsworth, who perpetuated the notion of art as an ideal realm, as well as the idea that criticism is a task which has “essentially to do with the recovery of a writer’s meaning” (p. 55). Woodmansee scrutinizes Wordsworth’s ostensibly nonmaterialist artistic motives partly by discussing the poet’s indefatigable efforts to get parliament to extend copyright laws in order to reward high art projects which, Wordsworth believed, the public could not properly appreciate until a later date. Woodmansee’s materialist focus seriously challenges the contention, as many would have it, that Wordsworth was a champion of the working people.Chapter Five, “Engendering Art,” does not adequately develop the... (shrink)

The current crisis of the liberal world order manifested, primarily in the outbreak of new wars of global significance, can be read and diagnosed in many ways. One is identifying it by radically questioning the view that the globalized market can produce international order and peace. The article reconstructs and investigates the main theoretical assumptions of this view, tracing them, especially to the marginalist tradition, whose historical-conceptual trajectory and main effects it analyzes, from the scientific disputes of Eugen Böhm-Bawerk’s Privatseminar (...) to the theoretical and militant activity of Friedrich August von Hayek. Finally, the article turns to the main effects of marginalism on global history, arriving at the thesis of its, at least momentary, historic failure. (shrink)

Christopher Hill's National History and the World of Nations reminds us of the conjunctural moment of an emerging world market in the latter half of the nineteenth century and the promise it offered for vitalizing a “world history” yet to be written. More importantly, it supplies the silhouette of a radically different interpretive approach, formed by the force of a centrifugal perspective that—through its concentration on how France, the United States, and Japan were simultaneously motivated to construct representations (...) of self-identity in national narratives—converged to disclose the possibility of a wider world no longer held hostage to the geopolitical category of the “West.” Hill's account shows that the impulse behind the formation of national history employed different strategies to imagine a singular linear historical narrative of national identity that aimed both to remove the spectacle of coexisting, different, multiple temporalities and to weld large and regionally disparate populations into a single people who, in a new time, would be instructed to recognize themselves in the nation's story. In Hill's reckoning, national history in France, the United States, and Japan appears simply as another name for historical necessity that sought, through processes of naturalization and nationalization, to overcome the unstable and uneven relationship between state and capital but that failed to conceal the deeper reality of determinations demanded by the relations of capital at the local and international levels. (shrink)

In this book Luigino Bruni analyses the market and its ethos, illuminating the history of capitalism and highlighting the need for a new ethical direction. In the last two centuries, the present vision of the market economy that can be called capitalism has produced remarkable economic, technological and civic results; but today, in these times of crisis, it has become obsolete, because it is about to exhaust its innovative and civilising force. The historical and theoretical analysis of this book (...) aims to show that a new ethos of market would come from a reconsideration of some of the ideas that were at the foundation of modern political and civil economy. The ideas of Adam Smith and Antonio Genovesi see markets as a vehicle for mutual advantage, public happiness and civic virtues; and it is these concepts that are necessary for a reconfiguring the market towards a great cooperative enterprise aimed directly at the mutual advantage of the subjects involved in the exchange and, indirectly, at the common good of society. (shrink)

This paper is the first major and a thorough study on the Merger & Acquisition (M&A) activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even (...) the most complete set of empirical data. Proceeds from the sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impact of M&A on Vietnam’s long-term prosperity is thus highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts may result in domestic entrepreneurship which will perhaps be the single most important indicator. (shrink)

This article reviews the history of marketing thought in relation to social responsibility and business ethics. The main objective of the article is to show that business can be profitable and socially responsible at the same time by practising the societal marketing concept. More specifically, it presents the development of a marketing philosophy, discusses the influence of consumerism on the marketing concept and deals with ethics and social responsibility in marketing. It is argued that (...) organisations who adopt the societal marketing concept will be the ones most likely to make long-run profits as well as be beneficial to society as a whole. (shrink)

As offshoots of and reactions to neoliberalism continue to dominate our political imaginary, the scholarly critique of neoliberal thought remains urgent and timely. This article engages with two re...