Current debates in science and technology studies emphasize that the bio-economy—or, the articulation of capitalism and biotechnology—is built on notions of commodity production, commodification, and materiality, emphasizing that it is possible to derive value from body parts, molecular and cellular tissues, biological processes, and so on. What is missing from these perspectives, however, is consideration of the political-economic actors, knowledges, and practices involved in the creation and management of value. As part of a rethinking of value in the bio- (...) class='Hi'>economy, this article analyzes three key political-economic processes: financialization, capitalization, and assetization. In doing so, it argues that value is managed as part of a series of valuation practices, it is not inherent in biological materialities. (shrink)

This paper provides a novel axiomatic analysis of exploitation as the unequal exchange of labour in economies with heterogeneous optimising agents endowed with unequal amounts of physical and human capital. A definition of exploitation is proposed, which emphasises the relational nature of exploitation and the resulting inequalities in the allocation of labour and income. It is shown that, among all of the major definitions, this is the only one which satisfies two formally weak and normatively salient axioms, and allows one (...) to generalise a number of core insights of exploitation theory. (shrink)

This study examines the impact of regulatory changes on seven distinct corporate governance determinants of asset quality in Indian banks. We focus on the Companies Act of 2013 and the Insolvency and Bankruptcy Code of 2016, two key pieces of legislation that have significantly impacted the Indian banking industry. Using the General Method of Moments, a dynamic panel data method, we analyze data from 45 Indian public and private sector banks from 2010 to 2019. Our results suggest that board (...) functioning contributes more to the reduction of non-performing assets after the passage of the Companies Act. However, the impact of special committee activity, ownership concentration, and intensity of board activities has worsened. As far as the Insolvency and Bankruptcy Code of 2016 is considered, it has reduced the negative impact of special committee activity and board functioning on asset quality. Our study addresses the endogeneity issue, frequently encountered in previous research on corporate governance determinants of asset quality. This study makes a valuable contribution to the literature by providing insights into the impact of regulatory changes on corporate governance determinants of asset quality in Indian banks. Our research also provides a benchmark for other emerging economies to define their legal frameworks. We suggest further study of the factors, particularly board independence and gender diversity in light of the Acts. (shrink)

The paper offers a wide-angle view of ethics and welfare through the lens of ‘moral economy’. It examines economic activities in relation to a view of welfare as well-being, and to ethics in terms of economic justice. Rather than draw upon abstract ideal theories such as Rawlsian or Capabilities approaches, it calls for an evaluation of actually existing sources of harm and benefit in neoliberal capitalism. It argues that we need to look behind economic outcomes in terms of how (...) much money different people have, examine their economic relations to others, and evaluate the justifications of these relations and their associated rights and practices. It distinguishes three sources of income – earned income, transfers, and unearned income, and argues that the last of these has no functional or ethical justification but has major implications for welfare. It then comments on the policy implications of the argument, including brief comments on asset-based welfare and universal basic income policies, and concludes. (shrink)

L'usage du monde numérique, et plus particulièrement de l'Internet, crée des traces qui constituent la source de services que les utilisateurs contribuent à personnaliser eux-mêmes. En échangeant leurs favoris, leurs photos, leurs informations de toutes sortes, les utilisateurs révèlent leurs préférences et renforcent l'utilité du service qu'ils sont en train d'utiliser. Une première génération de services s'appuie sur les mécanismes d'une rationalité exploratoire, tirant bénéfice du savoir collectif . Une seconde génération de services va plus loin en utilisant les préférences (...) déclarées pour connecter des individus « qui se ressemblent » . Ces évolutions suggèrent le passage d'une économie de stock à une économie de flux où le bien rare est moins l'information que l'attention nécessaire pour la traiter. Elles ont des conséquences sur la gestion de l'identité numérique des individus et rend de moins opérant la notion juridique de la privacy.Using the digital world, and especially the Internet, generates traces that become the basis for services which are customised by the contributions of users themselves. As they share their favourites, photos and information of all kinds, users not only disclose their preferences but also strengthen the utility of the service they are using. Some first-generation services rely on mechanisms based on exploratory rationality and drawing on collective knowledge . A second type of service goes a step further by using displayed preferences to connect people who are "alike" . These trends suggest a switch from a stock-based economy to a flow-based economy, where the most valuable asset is not information as such but the attention it attracts. These developments are creating issues relating to the management of individual digital identities, and bringing the relevance of the legal notion of privacy into question. (shrink)

In their recent work, Lisa Adkins, Melinda Cooper and Martijn Konings challenge traditional employment-based class models, arguing that asset ownership, particularly housing, is now central to understanding class dynamics in the present conjuncture, which some critics characterize as rentier capitalism. This paper examines the historical antecedents of their analysis, especially its relationship to the work of Peter Saunders in the 1990s. It also provides commentary on some of the criticisms of their approach and reflects on the analytic utility, or (...) otherwise, of their asset-based class schema considering these criticisms. (shrink)

This paper provides an examination of some problems caused by the concentration of influence in the capital markets of developed countries. In particular, I argue that large asset managers exercise quasi-political power that is not democratically legitimate. In section two, I will examine the economic driver behind the size and power of the big asset managers: the passive investing revolution. I will discuss several respects in which this revolution has fundamentally changed capital markets, most notably by making a (...) large share of investors universal owners. In the third section, I argue for my central analytical conjecture: asset managers exercise quasi-political power. They use their influence to shape the rules of the game in public capital markets in order to implement social and environmental policies that have traditionally been the exclusive purview of states. “Asset manager capitalism” is a recent term coined to refer to the contemporary system of corporate governance that succeeded the Berle and Means corporation with its dispersed ownership; the argument of this section is that asset manager capitalism is also a new political-economic regime. In the fourth section I defend my central normative claim: asset manager capitalism is an untenable and illegitimate political-economic arrangement, for at least two reasons. First, the power of asset managers is not checked by any institutional constraints, and is not rendered legitimate by any democratic process. More fundamental than this procedural critique is an argument that the interests of asset managers could not be aligned with the public interest, given the fact that the distribution of capital is highly unequal. I conclude by discussing several proposals to reform asset manager capitalism. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:DESIRED POSSESSIONS: KARL POLANYI, RENÉ GIRARD, AND THE CRITIQUE OF THE MARKET ECONOMY Mark R. Anspach CREA, Paris! f '""phe most radical critique of liberal capitalism ever:" that is how JL Louis Dumont describes 7Ae Great Transformation, Karl Polanyi's classic work on the rise of the market system. But the French anthropologist goes on to observe that, when one confronts this same critique with the ethnography of tribal (...) societies, "one may ask whether Polanyi did not in fact come up short; having criticized the economy as an idea, he thought he could retain it as a thing..." (Dumont xiv, xvi). Is the economy indeed a "thing" that has always existed in some form everywhere, and if so, what manner of thing is it? In a word, what is an economyfor? Is there a particular aim that any economy must serve? A specific motive that it necessarily brings into play? We will begin by looking at Polanyi's answer to this question. "No human motive is per se economic," Polanyi tells us. "There is no such thing as a sui generis economic experience in the sense in which man may have a religious, aesthetic, or sexual experience." It is market society, with its dependence on a disembedded economic system, which fosters the illusion that the "economic" motives of hunger and gain necessarily underlie every economic system (1968, 63-4). In reality, however, "human beings will labor for a large variety of reasons as long as things are arranged accordingly." For example, "Monks traded for religious reasons... The KuIa trade ofthe Trobriand islanders... is mainly an aesthetic pursuit. Feudal economy was run on customary lines. With the Kwakiutl," industry appears to have been "a point of honor," and 1 82Mark R. Anspach so on (1968, 68). The trick, it seems, is to "arrange things accordingly." An economic system can be "run on noneconomic motives," Polanyi explains, without linking the process of production or distribution "to specific economic interests attached to the possession of goods," as long as "every single step in that process is geared to a number of social interests which eventually ensure that the required step be taken" (2001, 48). Now, there is a danger in this presentation. It could lead a reader to conclude that other societies arrange things cunningly so that all these social interests are harnessed to ensure the performance of the steps necessary to economic processes in a kind ofelaborate ruse—a ruse which the out-in-the-open operation ofthe economy in our society gives us the ability to see through. Very well, such a reader might acknowledge, the economy is an "instituted process," and, yes, the act of instituting it "shifts the place ofthe process in society" (Polanyi 1968, 148), but ifyou track it down to its hiding place and strip away the social contrivances in which it has been embedded, what you will find is still the economy as we know it—indeed, the economy which market society alone lays bare. In this reading, or rather misreading, the "real" economic aims that market society achieves directly are elsewhere accomplished only in the most cumbersomely indirect fashion. This kind of erroneous conclusion will likely be difficult to counter as long as one posits an opposition between multiple, variable and diffuse social interests, on the one hand, and the apparently straightforward individual interest in the possession of goods, on the other. Wherever the economy is submerged in social relationships, Polanyi says, a man "does not act so as to safeguard his individual interest in the possession ofmaterial goods; he acts so as to safeguard his social standing, his social claims, his social assets" (2001, 48). The problem with such an opposition between individual and social is that a market-minded theorist can overcome it simply by broadening the individual interest in the possession ofgoods to include the possession ofreified social goods. Once social interests are conceptualized as "social assets," to use Polanyi's own expression—or as "symbolic capital," to cite a more recent formulation—they lend themselves to "economizing" even in the formal sense, and Polanyi's carefully constructed distinction between the substantive and the formal collapses, apparently confirmingthe universality of the market... (shrink)

The sharing economy has been examined from many angles, including the engagement of customers, the capabilities of the technological platforms, and the experiences of those who sell products or services. We focus on labor in the sharing economy. Labor has been regarded as one type of asset exchanged in the sharing economy, as part of the customer interface when services are sold, or as a party vulnerable to exploitation. We focus on labor as a position in (...) relationship to owners of capital. While new typologies to characterize the sharing economy are emerging, we argue that a well-established framework that has been applied across historic types of work arrangements can offer a robust analysis of enduring and new labor issues. We draw upon labor process theory from early formulations to recent applications to guide an analysis appropriate to the sharing economy. We use both central and less explored concepts from LPT and use Uber as a case to illustrate application of the framework. By considering labor, capital, and the power dynamics between them, we draw attention to unequal exchange and distributive justice, fundamental for taking a business ethics approach to labor in the sharing economy. (shrink)

As people’s lives get better and better, more and more people choose to travel and with that comes the demand for more transportation. For now, traditional transportation hubs can temporarily meet people’s travel needs. If driven by big data concepts and methods, the various capabilities of high-speed rail transportation hubs will be sublimated, and the regional economy will be in line with the prosperity of this place. Proportionally, railway hubs are extremely attractive to the rapid growth of the regional (...) economy. This paper takes the high-speed railway hub construction model under big data as the research object and verifies the reliability of the research model and the development of economic regions based on the high-speed railway data in recent years as reference parameters. This article selects the panel data of railway transportation and regional economy in China’s provinces for 10 consecutive years from 2011 to 2020. Among them, seven indicators were selected for railway transportation: passenger volume, freight volume, passenger turnover, cargo turnover, number of railway employees, railway transportation industry fixed asset investment and construction scale, and per capita railway network density. In terms of regional economy, six indicators were selected: regional GDP, per capita GDP, per capita investment in fixed assets, per capita total retail sales of consumer goods, per capita investment in imports and exports, and the proportion of the added value of the tertiary industry in GDP. The experimental results prove that each sample is tested in pairs, the standard error level of the mean is 0.002, which is less than 0.05, and high-speed railway construction can finally achieve economic integration. By improving the development of high-speed railways, continuously shortening the distance between time and space, breaking regional trade barriers, and reducing the cost of commodity circulation, industrial interaction and coordinated development between different regions can be effectively promoted. (shrink)

Value is increasingly found in human subjects and in particular within their minds. This places the individual at the centre of economic life and therefore the inner life of individual merits more attention. A key element of humanity is memory and it drives such phenomena as trust and goodwill, essential in modern business. Bergson’s philosophy examines the interaction of mind and matter and in this reflects the dualism of the knowledge economy. His work on memory offers important insights for (...) those seeking to account for and manage intangible assets. Our paper examines, through the prism of Bergsonian philosophy, the implications for accounting practice of the increased importance of intangible assets in modern corporations. (shrink)

‘Rentier capitalism’ is the term increasingly used to describe economies dominated by rentiers, rents, and rent-generating assets. A growing body of scholarship considers how the ownership of such assets by individuals and households is reshaping patterns of class and inequality and accordingly requires the reconceptualisation of the latter phenomena. The significance of company-owned assets and corporate rents for class, inequality and their conceptualisation has not been considered, however. This article offers an exploratory investigation along these lines, highlighting the importance of (...) employees’ working relationship to company-owned, rent-generating assets for their class position. The article further reflects on how developments in this regard might be approached from the perspective of Marx’s writing on value, labour and class, and the challenges that those developments potentially pose to Marxian concepts. (shrink)

Everything we do in life involves a connection with information, experience and know-how: together these represent the most valuable of intangible human assets encompassing our history, cultures and wisdom. However, the more easily new technologies gather information, the more we are confronted with our limited capacity to distinguish between what is essential, important or merely ‘nice-to-have’. This article presents the case study of a multilingual Knowledge Management System, the Business enabling e-Platform that gathers and protects tacit knowledge, as the key (...) to developing structured intellectual capital, while acknowledging the urgent need here to integrate Ethics-by-design alongside AI-by-design, in view of the far-reaching consequences involved, for good or ill. It also explains how a beneficial Circular Economy of Knowledge depends on evidence-based answers, and how harmonising taxonomies, terminology and standards promotes global trust as the basis for the unhindered transfer of tacit knowledge between generations in a way that benefits everyone. (shrink)

Issues of the ‘global commons’ have secured a prominent place in environmental discourse. The temperature-regulating functions of the global atmosphere and radiation control functions of stratospheric ozone offer clear examples of true public goods. Other environmental assets, such as biodiversity and forests, are treated as if they are public goods, but in reality are complex mixtures of private goods, local public goods and global public goods. The approach to the provision and protection of these goods has tended to focus on (...) the development of international agreements, such as those at the Rio de Janeiro ‘Earth Summit’ in 1992. But do these agreements contain the relevant incentives to conserve the global commons? Much depends on one's view of human nature. The Scottish economic tradition suggests that unless incentives focus on ‘self love’, as postulated by Hume and Smith, improvements will, at best, be marginal. A richer array of policy measures is obtained by analysing the potential for ‘global bargains’, trades that improve the environment whilst making each party better off. The souls of Hume and Smith surely approve recent developments in practical global bargains. (shrink)

Digital personal data is increasingly framed as the basis of contemporary economies, representing an important new asset class. Control over these data assets seems to explain the emergence and dominance of so-called “Big Tech” firms, consisting of Apple, Microsoft, Amazon, Google/alphabet, and Facebook. These US-based firms are some of the largest in the world by market capitalization, a position that they retain despite growing policy and public condemnation—or “techlash”—of their market power based on their monopolistic control of personal data. (...) We analyse the transformation of personal data into an asset in order to explore how personal data is accounted for, governed, and valued by Big Tech firms and other political-economic actors. However, our findings show that Big Tech firms turn “users” and “user engagement” into assets through the performative measurement, governance, and valuation of user metrics, rather than extending ownership and control rights over personal data per se. We conceptualize this strategy as a form of “techcraft” to center attention on the means and mechanisms that Big Tech firms deploy to make users and user data measurable and legible as future revenue streams. (shrink)

The large number of hungry people in a global economy based on industrialization, privatization, and free trade raises the question of the ethical dimensions of the worsening food crisis in the world in general and in developing countries in particular. Who bears the moral responsibility for the tragic situation in Africa and Asia where people are starving due to poverty? Who is morally responsible for their poverty - the hungry people themselves? the international community? any particular agency or institution? (...) In the context of Article 3 of the UN Declaration of Human Rights, which states that "Everyone has the right to life, liberty and security" (UNDHR, 1948), the ethical question of poverty and hunger becomes a major human concern that should be discussed publicly and resolved by whatever means available. But how can the poor and hungry realize their right to life and security if their very survival is at stake? This paper maintains that responsibility for global poverty at present lies in recent neo-liberal trends in the global economy and with those individuals and organizations who, though small in number, have acquired a disproportionate share of the world's assets and financial resources. That being the case, it is suggested that our monetary and financial policies are in need of drastic changes with regard to global responsibility towards the hungry and impoverished. (shrink)

In the last decade, advances in technology have significantly disrupted the way firms provide goods and services. At the forefront of this technological disruption is the sharing economy, where individuals earn income by providing services or sharing assets through peer-to-peer platforms. With global revenues in the sharing economy projected to increase substantially in the next decade, income from this economy will continue to be an important source of tax revenues for governments around the world. However, sceptics argue (...) that the sharing economy inherently lends itself to dishonest reporting of taxable income. We employ an online experiment, using 746 taxpayers, to observe whether the prosocial benefits often promoted by P2P platforms reduce honest reporting of taxable sharing economy income. Consistent with moral licensing theory, we find that earning income from a prosocial-oriented P2P platform liberates taxpayers to dishonestly report their sharing economy income, and this result is fully driven by taxpayers whose personal values are incongruent with values promoted by the P2P platform. Our paper contributes to the limited but growing research on the sharing economy and its implications for ethical decisions. It also adds to the moral licensing literature by identifying value congruency as an important moderator for moral licensing effect. (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)

Despite the ideal of dispossession, absolute poverty and the total absence of links with possession and human beings which shaped the myth of the monastic desert, the monastic economy and its management were very similar to the secular economic system, in that both were organised by networks based on families.This article tackles how and where material assets were produced and administered in Egyptian monasteries between the fourth and eighth centuries, and who was responsible for this function. The history of (...) monasticism is materially related to the institutionalisation of the society’s cultural and material systems of production. Consequently the economy was also transformed by monastic practices: history is linked to the definition and the successful affirmation of the figure of the oikonomos, the steward in charge of everyday life in monasteries. (shrink)

This article explains how Pope Francis’s economic views are both radical and practical. His views are practical in the sense that they are sensitive to social realities, not theoretical abstractions; and they are radical in the sense that they undermine traditional economic ideologies. To demonstrate these points, I show how Francis’s pronouncements are consistent with “economic democracy.” In economic democracy efforts are made to create a more equal dispersal of capital assets and the economy is more squarely oriented around (...) fundamental human ends, including the common good, human dignity, equality and opportunity, meaningful work, ecological responsibility, and solidarity. (shrink)

Nineteen eighty-seven was a year of financial paradox. During the 1980s there was the strong perception that the Americans, the Europeans, and the Japanese were living well, contrasting with the accounting data that suggested the house of cards was about to fall. Three factors dominated the financial economy of 1987: the 25-percent drop in equity prices in mid-October, the apparent collapse of the U.S. dollar in the foreign exchange market, and the formal recognition by the major international banks that (...) their losses on developing country loans would amount to at least $250 billion. The key question at the end of that year was whether the world economy was moving into a period of inflation or deflation. This essay identifies three possible scenarios. First, the decline in the foreign-exchange value of the U.S. dollar would lead to a rapid increase in U.S. net exports, an excessively large increase in demand for U.S. goods, and a run on the U.S. dollar, which would prompt more contractive monetary policies from the Federal Reserve and an increase in interest rates on U.S. dollars. Second, an increase in U.S. net exports would offset the decline in domestic spending from the smaller fiscal deficit and the less rapid growth of consumer spending. Interest rates on U.S. dollar assets would fall, which in turn would facilitate the expansion of income, and the U.S. fiscal deficit would automatically decline. Or, third, a second stock market meltdown might cause consumer and investment spending to decline more than the increase in net exports, resulting in a recession and a decline in the inflation rate and interest rates. (shrink)

This study was aimed at examining the impacts of the Sharing economy on the individual and community Quality of Life and wellbeing by looking at their associated influencing factors using Village Savings and Loans Associations as a model of sharing economy in Malawi. An online community-based cross-sectional study design was conducted from November 2020 through January 2021. In the survey, 402 Village Savings and Loans Associations members from the Mzuzu City area participated, recruited using snowball and respondent-driven sampling (...) techniques. The sample size was computed using a single population proportion using the Yamane formula. Descriptive statistics and ordinal logistic regression model techniques were also employed. Additionally, we used the Chi-Square test, two-way ANOVA, and Ordinal regression model to determine statistical associations between socioeconomic data and QOL and wellbeing variables with a 5% level of significance. On the aspect of community wellbeing, the findings of our study indicated that income provided members with options to live a better QOL and wellbeing within the community by either facilitating payment for better education, eating healthier foods, acquiring assets, etc. Further, the absence of discrimination provided a platform for voice, inclusion, and social trust, enhancing freedom of expression. We also found that education facilitated better earnings and knowledge of public health-related issues. As for the contribution to the sharing economy, our study has emphasized the role played by trust in enhancing sharing economy. We recommend and encourage people to join these VSLAs so as to improve their QOL and wellbeing. However, there is a need to replicate the study on a larger scale to validate our study findings for effective policy formulation and implementation geared to improving the overall quality of people’s lives. Based on these findings, we further recommend that authorities reinstate programs like National Strategy for Financial Inclusion 2016–2020 and Savings and Loan Groups Best Practice Guidelines 2016–2017 that could further enhance the future of VSLAs, which are vital for QOL and community wellbeing of the people in developing countries like Malawi. (shrink)

Over the past three decades, economic sociology has been revealing how culture shapes economic life even while economic facts affect social relationships. This work has transformed the field into a flourishing and increasingly influential discipline. No one has played a greater role in this development than Viviana Zelizer, one of the world's leading sociologists. Economic Lives synthesizes and extends her most important work to date, demonstrating the full breadth and range of her field-defining contributions in a single volume for the (...) first time. Economic Lives shows how shared cultural understandings and interpersonal relations shape everyday economic activities. Far from being simple responses to narrow individual incentives and preferences, economic actions emerge, persist, and are transformed by our relations to others. Distilling three decades of research, the book offers a distinctive vision of economic activity that brings out the hidden meanings and social actions behind the supposedly impersonal worlds of production, consumption, and asset transfer. Economic Lives ranges broadly from life insurance marketing, corporate ethics, household budgets, and migrant remittances to caring labor, workplace romance, baby markets, and payments for sex. These examples demonstrate an alternative approach to explaining how we manage economic activity--as well as a different way of understanding why conventional economic theory has proved incapable of predicting or responding to recent economic crises. Providing an important perspective on the recent past and possible futures of a growing field, Economic Lives promises to be widely read and discussed. (shrink)

North Sumatra and West Java in Indonesia, the Andes of Bolivia and Peru, Western Province, the Coast and Machakos in Kenya, were Small Ruminant Collaborative Research Support Program (SR-CRSP) sites in which the role of small ruminants was studied and where technological interventions were designed. In all cases the target groups were poor rural households that could maintain sheep, goats, or South American camelids. The objective was to increase the welfare of families through the use of small ruminant technologies. Access (...) to and control of resources, and intrahousehold dynamics were analyzed to understand if, how, and when, technological interventions help achieve this objective. The way in which the studied villages integrate into the market, the specific role that livestock and other productive enterprises play in the household economy, the risks faced by families in rural areas condition the role of livestock and other resource management technologies. As an asset, small and large stock are gendered, but this is qualified by the alternatives that household members have. Small ruminants under the domain of women, either through production or marketing, are shown to contribute to in-kind consumption or, as liquid assets, to household welfare purchases, in the case of Andean agropastoral households and households in Kenya. Women are also managers of the grazing areas, which are often fallow fields. The research experiences show the relationship between gender, resource management, and the ability to build livestock assets and security, in different houehold production systems. (shrink)

As the development trend of the future housing field, green housing is an effective way to reduce pollution, save energy, and promote industrial upgrading. At the same time, the green house is of great significance to change the development mode of the construction industry and promote the sustainable development of the social economy. This study proposes a comprehensive research model to examine the influencing mechanism of residents’ intention to purchase green buildings. The proposed model is empirically tested using data (...) collected from 1,338 urban residents in China. Based on logit, probit, and ivprobit models, factors such as personal characteristics, housing price, and the number of real estate ownership are selected to conduct empirical analysis and mechanism analysis on willingness that affects consumers’ purchase of green houses. The results show that housing assets significantly affect the willingness of householders to pay for green houses. The more houses they own, the higher their willingness to pay for a green house will be. Similarly, if the housing prices are higher, householders are more willing to buy a green house. The amount of housing assets will affect the willingness of householders to pay for green housing through the way of individual happiness. In terms of the characteristics of the householder, if the householder is more educated, unmarried, his willingness to buy a green house will be stronger, and owning housing assets may affect the individual happiness due to the housing wealth effect brought by rising housing prices. People with more housing assets are more likely to have the happiness brought by higher wealth, which may affect the purchase intention of householders. (shrink)

Asset freezes are sometimes viewed as the quintessential form of targeted sanctions—relatively effective in achieving their goals, while affecting only the individuals and companies that are “bad actors.” However, as part of the roundtable “Economic Sanctions and Their Consequences,” this essay argues that there are significant ethical problems raised by asset freezes and other forms of targeted financial sanctions. Sanctioners have long been criticized for targeting individuals and companies for arbitrary reasons or without adequate due process. However, there (...) is a second concern that is less well known. Asset freezes and other targeted financial sanctions may be imposed on government officials, government agencies, or private companies that hold a critical role in the target country's economy. A country's central bank, national oil company, or national shipping line, for example, may be severely compromised as a result of its inclusion on a financial blacklist. In addition to the explicit prohibitions imposed by targeted financial sanctions, there is a chilling effect as well. This can be seen when international banks and corporations withdraw from the target country altogether because the burden of compliance with these measures is so great, and the potential penalties so high. (shrink)

The video game producers are currently in spotlight of market information services. Successes and huge budgets of such companies attract many readers. However, scientific studies related to this sector do not share the same popularity. A reflection on the source of value in this sector shows that what generates revenues is not disclosed in the report. Great examples are customers’ relationships or the value of employees creating the game code and story of the game. Video games producers sector presents a (...) good combination of business and culture that allows reflection on financial characteristics of knowledge based companies. Prior studies show that market’s valuation takes into account unrecognised assets but capital-intensive character of a production and intangibility of a product and its assets causes problems with exact valuation. In this paper the author asks about the impact of the characteristics on the assessment of a financial condition. The research question in this paper is whether it is possible to use and interpret correctly popular discriminant analysis model for knowledge based entities on the example of video game companies. Results are applicable by analysts and managers of this sector and help to determine the usefulness of this method, but it still depends on assumptions and accounting policies. The reflection presented also broadens the discussion on financialisation because analysed companies can oppose this trend in a specific way. (shrink)

After genetically engineered Bt cotton lost its effectiveness in central and southern Indian states, pink bollworm infestations have recently returned to farmers’ fields and have substantially shifted their vulnerability context. We conceive Bt cotton as a neoliberal technology that is built to protect farmers only temporarily from Lepidopteran pests while ultimately driving the further concentration of capital. Based on data from a representative survey of the three major cotton-producing districts of the state of Telangana, we find that pink bollworm pest (...) infestations are a shock to farmers that lead to severe losses in yield and income. Using the vulnerability concept as a framework, we embed our findings in a political-economic context by drawing on Harvey’s notion of accumulation by dispossession. We argue that Bt cotton includes an inherent sociobiological obsolescence that results in a systematic dispossession of resource-poor households while providing appropriation opportunities for other actors. Finally, reproduced hegemonic structures facilitate the accumulation of capital through a redistribution of assets from the bottom to the top of the agricultural sector. Claims that considered Bt cotton as a pro-poor technology were thus flawed from the outset. (shrink)

State ownership, worker ownership, and household ownership are the three main forms in which productive assets (firms) can be held. I argue that worker ownership is not wise in economies with high capital-labor ratios, for it forces the worker to concentrate all her assets in one firm. I review the coupon economy that I proposed in 1994, and express reservations that it could work: greedy people would be able to circumvent its purpose of preventing the concentration of corporate wealth. (...) Although extremely high corporate salaries are the norm today, I argue these are competitive and market determined, a consequence of the gargantuan size of firms. It would, however, be possible to tax such salaries at high rates, because the labor - supply response would be small. The social-democratic model remains the best one, to date, for producing a relatively egalitarian outcome, and it relies on solidarity, redistribution, and private ownership of firms. Whether a solidaristic social ethos can develop without a conflagration, such as the second world war, which not only united populations in the war effort, but also wiped out substantial middle-class wealth in Europe - thus engendering the post-war movement towards social - insurance is an open question. (shrink)

The past three decades have seen a decline in traditional industries in the United Kingdom and there has been a relative decline in the value of physical assets to the UK economy. At the same time, the value of intangible assets seen in intellectual property rights have increased considerably. As such, IP rights represent important assets for companies and often comprise the foundation for market dominance and continued profitability. There is a structural uncertainty in the law relating to the (...) use of IP as collateral for the purpose of raising debt finance and this may impact upon the survival of firms with high ratios of intangible to tangible assets. This article considers the proper goals for an effective credit and security regime in IP. It examines the significance of the availability of collateral to the lending decision and also considers whether the reluctance to maximise the use of IP as security reflects inherent difficulties which arise out of the nature of IP as economic assets. This has implications for the reform of English personal property security law and the development of bright line priority rules associated with Article 9 of the US Uniform Commercial Code which is often cited as a model for reform of English law. (shrink)

While Minsky’s work is often identified with the critique of financial speculation, this paper argues that there is a different side to his work. We argue that Minsky can be read as offering a post-foundational perspective on political economy that recognizes the speculative dimension of all economic activity. This post-foundational reading allows for an understanding of neoliberal policymaking in terms of the provision of liquidity to too-big-to-fail constituencies. The article discusses how some segments of Western societies have been able (...) to participate in the inflationary logic of this too-big-to-fail dynamic, whereas others are locked out and face increasingly tight liquidity constraints. This differential access to liquidity is an increasingly central aspect of the stratifying rationality of contemporary capitalism. By connecting Minsky’s insights into the temporal logic of capital to key issues in social theory, the article presents a new theorization of (il)liquid life that advances on extant accounts. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet their (...) aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

ABSTRACT Asset‐market bubbles occur dependably in laboratory experiments and almost as reliably throughout economic history—yet they do not usually bring the global economy to its knees. The Crash of 2008 was caused by the bursting of a housing bubble of unusual size that was fed by a massive expansion of mortgage credit—facilitated, in turn, by the longest sustained expansionary monetary policy of the past half century. Much of this mortgage credit was extended to people with little net wealth (...) who made slender down payments, so that when the bubble burst and housing prices declined, their losses quickly exceeded their equity. These losses were transmitted to the financial system—including banks, investment banks, insurance companies, and the institutional and private investors who provided liquidity to the mortgage market through structured securities. It seems that many of these institutions became insolvent; it is certain that they became illiquid. Liquidity loss and solvency fears created a feedback cycle of diminished financing, reduced housing demand, falling housing prices, more borrower losses, and further damage to the financial system and eventually the stock market and the real economy. There are important parallels with the housing and financial‐market booms that led up to the Crash of 1929 and the Great Depression. (shrink)

This article contrasts two reform proposals articulated in recent debates about how to democratize the digital economy: data-owning democracy and digital socialism. A data-owning democracy is a political-economic regime characterized by the widespread distribution of data as capital among citizens, whereas digital socialism entails the social ownership of productive assets in the digital economy and popular control over digital services. The article argues that while a degree of complementarity exists between the two, there are important limitations to theories (...) of data-owning democracy that have not yet received significant attention within the literature. The bulk of the article highlights three ways in which digital socialists would consider a data-owning democracy to fall short of achieving a more just digital economy: a lack of workplace democracy, limitations in terms of scope, and a lack of democratic control over long-term investment decisions in new technology. The article thus contributes to determining what is at stake in recent debates about how to democratize the digital economy. (shrink)

This article explores the management and organisational context for capturing and retaining knowledge transferred through the design process. It is widely acknowledged that our ability to successfully organise and transfer design knowledge is dependant upon the context in which it is situated. However the knowledge generated through the creative process is often viewed from the perspective of the artefact rather the process itself. An understanding of the socially complex knowledge-based resources operating within design groups could enhance competitiveness and organisational development. (...) Yet, a systematic literature review of leading design and educational management journals found limited empirical evidence that shed light on the influence of knowledge management on design group performance. The article addresses this gap in the literature. Based on two in-depth case studies with interior design companies implementing new digital asset management systems over a 2-year period, the paper explores the findings in relation to design practice and policy, alongside implications for the contribution of the creative industries to the knowledge economy. (shrink)

To avoid the disastrous effects of climate change, a rapid and drastic transition toward a low-carbon society and economy is required. This transition imposes significant transitional losses on some agents given the benefits they can no longer realize. In economic terms, it leads to the stranding of their assets. This article investigates whether fossil fuel owners could refer to their expectations about the benefits of producing their reserves to justify transitional measures such as exemptions from new rules or financial (...) compensations. It criticizes forward-looking views on the normative relevance of expectations and defends a backward-looking view, which justifies limited claims. It contends that states that are responsible for creating false expectations about regulatory stability should provide compensations to fossil fuel companies for the costs of relying on those expectations. States can be held responsible if they caused this expectation-related harm in a foreseeable and avoidable way, which is only the case if the expectation is reasonable and if they were not put under pressure by the lobbying activities of the fossil fuel industry. (shrink)

Philippe Van Parijs has argued that, in a globalizing economy, acquiring a second language, additional to one's native language, is more necessary for some persons than others — and that this asymmetric bilingualism is a form of injustice which should be rectified by a more equitable global sharing of the costs of second-language acquisition. This article responds by suggesting that (1) since native languages have geographic locations, and (2) since locations with less globally useful native languages thereby sustain lowered (...) living costs, then (3) the costs which persons incur, in acquiring a second, more globally useful language, may already be offset by the lower costs they incur by virtue of their living in a location with a less globally useful native language. Hence, theories of justice (such as Van Parijs's) that require the egalitarian redistribution of locational values would impose, rather than remedy, an injustice by redistributing second-language-acquisition costs. Key Words: distributive justice • global redistribution • linguistic assets • locational values • Philippe Van Parijs. (shrink)

One of the important assets that Gutenberg’s printing press gifted to modern political economies is the ability to print paper money. The common man usually thinks that paper money is the real money, while in fact it is only a promissory note promising the bearer of the note the payment of the same amount (in coins, if not in gold) by the Reserve Bank. In the past, however, governments did deny such payment in exchange of the notes and one government (...) even made the holding of gold by the citizens as illegal. (shrink)

This chapter contains sections titled: Why Asset Ownership? The Content of Work: Meaningful Work The Governance of Work: Protection against Arbitrary Interference The Status of Work: Workers as Property Owners Conclusion References.

In 2004, the agricultural economies of many rural communities in the United States were impacted by the cessation of a price-support and supply-control program for tobacco production. Tobacco was not only an important livelihood, but also was central to social and cultural life. Using a social–ecological systems lens and the adaptive cycle metaphor, we examine the reorganization of agriculture in communities that previously produced tobacco under the program. Specifically, we seek to understand how transitional policy that provided financial support to (...) tobacco farmers interacted with other social, cultural, physical and human capitals to condition system reorganization. We conducted semi-structured interviews with farmers, extension agents, and policy makers in Kentucky as well as examined trends in income and number of farmers before and after the transition as indicators of reorganization. We determined that the financial support was perceived as helpful in supporting the transition and that tobacco farmers reorganized their livelihoods primarily around existing, remnant assets and endogenous capacities. In addition, we determined that though the agricultural system may be reorganizing economically, it is not necessarily supportive of the same social bonds and values that co-existed with tobacco economy. Understanding agricultural economies as part of complex social–ecological systems that consist of interconnected values, identities, ecology and social ties is important for developing policies to support systems and communities through economic transitions. (shrink)

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis. The book develops a theory of dynamic (...) interaction between three types of agent: firms, households and banks. Firms are profit-maximisers operating under conditions of imperfect competition and their production and investment decisions are influenced by monetary and financial factors as well as by the state of the labour market. Households hold financial assets, supply labour and have a direct influence on nominal wage rates. Banks set interest rates on bank loans and deposits. No assumptions are made about nominal price rigidities and the capital-output ratio is determined endogenously. Using a framework of analysis which is rigorous and which does not exclude traditional neoclassical mechanisms, this book demonstrates the validity of important Marxian and Keynesian insights into the growth process. (shrink)

Purpose ‐ The purpose of this paper is to explore the "resource curse" problem as a counter-example of creative performance and innovation by examining reliance on capital and physical resources, showing the gap between expectations and ex-post actual performance that became clearer under conditions of economic turmoil. Design/methodology/approach ‐ The analysis uses logistic regressions with dichotomous response and predictor variables on structured tables of count data, representing firm performance as an outcome of capital resources, physical resources and innovation where appropriate. (...) Findings ‐ Key findings relevant to economic and business practice follow. First, a typical characteristic of successful Vietnamese firms in the transition period is their reliance on either capital resources or physical asset endowments. Second, poor performers exhibit evidence of over-reliance on both capital and physical assets. Third, firms that relied on both types of resources tended to downplay creative performance. Some evidence suggests that firms face more acute problem caused by the law of diminishing returns in troubled times. Fourth, the "innovation factor" has not been tapped as a source of economic growth. Research limitations/implications ‐ This study has some limitations. The size of the survey sample is approximately 150 firms, while the potential sample of > 300 should be possible in the future. When the size increases, the research could be expanded to include further variables that will help investigate more deeply into the related issues and business implications. With regard to the implications of the study, the absence of innovations has made the notion of "resource curse" identical to "destructive creation" implemented by ex-ante resource-rich firms, and worsened the problem of resource misallocation in transition turmoil. The Vietnamese corporate sector's addiction to resources may contribute to economic deterioration, through a downward spiral of lower efficiency leading to consumption of more resources. Practical implications ‐ Insights obtained from this study could save transition economies' resources which have almost always been considered sine qua non before any critical major policymaking, while this is not necessarily true, and in many cases, even counterproductive. Originality/value ‐ Original data set on Vietnam stock market are collected, processed, prepared and used by the authors. Original design by the authors for regression equations with dichotomous predictor variables: dependence on endowed physical assets, reliance on capital resources and significant signs of creative performance/innovations. Original idea of viewing "resource curse" as absence of innovation and due to uncreative "destructive creation" of poor-performing commercial operations by resource-rich firms is used in the paper. We have searched the literature in business research and found that the empirical results have not been previously reported. (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)

This chapter contains sections titled: Redistributing Wealth, I: Taxing Large Estates and Incomes Redistributing Wealth, II: The Structure of Universal Assets Individual Assets versus Common Wealth Property‐Owning Democracy as an Incomplete Ideal Appendix: Accumulation of Capital Assets Over a 35‐Year Period References.

Since the financial crisis first erupted in the summer of 2007, the US Federal Reserve has sought to contain negative spillovers into the real economy by dramatically loosening monetary policy. Initially, this was done by lowering its key lending rates, but as the crisis has worsened, and rates have approached closer to zero, it has resorted to expanding its balance sheet in a historically unprecedented fashion. The Fed’s total assets have more than doubled to nearly $2 trillion since the (...) summer of 2007.Much of the debate surrounding the wisdom of this extraordinary increase in the production of money has revolved around its expediency–in other words, will it actually work to rescue the economy? Very little has been said, at least explicitly, about whether it is the morally right thing to do.This paper seeks to fill this gap by providing a moral analysis of the Fed’s response to the financial crisis. For this purpose, we apply Aristotelian virtue theory, Lockean natural rights philosophy, Kantian deontology, and Benthamite utilitarianism. The idea is that if a consensus, or a strong majority, can be reached from differing philosophic assumptions and starting points, then the resulting judgment ought to be compelling for all neutral observers. On the basis that the Fed’s efforts are likely to result in a marked rise in inflation, we argue that every one of these four moral theories ultimately renders a negative judgment. As such, we conclude that the Fed is pursuing an immoral course. (shrink)

The value and training needs of the future research workforce is under the spotlight. In this article, I take up Ulrich and Dash's (2013) somewhat provocative invitation to engage in discussion and debate about current and future research. In my three-tiered response, I first discuss Ulrich and Dash's article, followed by my own observations about the APEC/Deloitte (2010) research report: "Skills and Competencies Needed in the Research Field: Objectives 2020," and finally, I explore, in some detail, challenges of building a (...) twentyfirst-century research workforce. (shrink)

This open access book looks at how a democracy can devolve into a post-factual state. The media is being flooded by populist narratives, fake news, conspiracy theories and make-believe. Misinformation is turning into a challenge for all of us, whether politicians, journalists, or citizens. In the age of information, attention is a prime asset and may be converted into money, power, and influence – sometimes at the cost of facts. The point is to obtain exposure on the air and (...) in print media, and to generate traffic on social media platforms. With information in abundance and attention scarce, the competition is ever fiercer with truth all too often becoming the first victim. Reality Lost: Markets of Attention, Misinformation and Manipulation is an analysis by philosophers Vincent F. Hendricks and Mads Vestergaard of the nuts and bolts of the information market, the attention economy and media eco-system which may pave way to postfactual democracy. Here misleading narratives become the basis for political opinion formation, debate, and legislation. To curb this development and the threat it poses to democratic deliberation, political self-determination and freedom, it is necessary that we first grasp the mechanisms and structural conditions that cause it. (shrink)

Over the past decade land has again moved to the centre of resource conflicts, agrarian struggles, and competing visions over the future of food and farming. This renewed interest in land necessitates asking the seemingly simple, but pertinent, question ‘whatisland?’ To reach a more profound understanding of the uniqueness of land, and what distinguishes land from other resources, this symposium suggests the notion of ‘land imaginaries’ as a crucial lens in the study of current land transformations. Political-economy, and the (...) particular economic, financial, or political interests of various actors involved in land projects do not directly result in, or translate into, outcomes, such as dispossession and enclosure, increased commodification, financialization, and assetization, or mobilization and resistance. All these processes are informed by different imaginaries of land—the underlying understandings, views, and visions of what land is, can, and should be—and associated visions, hopes, and dreams regarding land. Drawing on a variety of case studies from across the world, crossing Global North/South and East/West, and including contemporary and historical instances of land transformation, this symposium addresses the multifaceted ways in which implicit, explicit, and emergent understandings of land shape current land transformations. (shrink)