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)

It is a commonplace of the current learned diagnoses that modern technology has all but abolished the resistances of nature to the physical production and transportation of goods. Distribution is regarded as less well developed—as the open or broken link between our needs and their ful­fillment, between desire and gratification. To concede this should suggest not that the current processes of distribution should be attacked or abolished but rather that they should be examined and understood, for it should be remem­bered (...) that distribution, for all its difficulties, does at least measurably take place and, like any other phenomena, it can be understood only in terms of its functioning and carrying on and never in terms of its non-functioning or failure to do so. (shrink)

From the standpoint of modern economics, the “marvel” of the price system is the way in which contextual knowledge is discovered and utilized without requiring individuals to articulate and transmit any great part of it to a central planner. While extremely valuable, this insight has tended to draw attention away from the actual contextual knowledge possessed by agents in a particular time and place that can over time promote the utilization of the market and its related institutions, including the (...) price system, private property, and the rule of law. Examining forms of contextual knowledge such as social capital and trust can deepen our understanding of some of the conditions that promote the entrepreneurial discovery of profit opportunities in complex market processes, in which in the vast majority of trades very few of the actors involved ever know one another or meet face-to-face.Du point de vue de la science économique moderne, le “miracle” du système de prix est la manière à travers laquelle la connaissance contextuelle est découverte et utilisée sans que les individus aient à en articuler et en transmettre une grande partie à un planificateur central. Bien qu’extrêmement utile, cette idée a eu tendance à détourner l’attention de la connaissance contextuelle actuelle possédée par les agents à un moment donné et dans un lieu donné qui peut, à travers le temps, promouvoir l’utilisation du marché et de ses institutions telles que le système des prix, le droit de propriété et la règle de droit. L’examen des formes que peut revêtir la connaissance contextuelle à l’instar du capital social et de la confiance, peut améliorer notre compréhension de certaines conditions qui promeuvent la découverte des opportunités de profit par l’entrepreneur dans des processus marchands complexes, une des caractéristiques de ces derniers étant que peu d’échanges ont lieu entre des agents qui se connaissent ou lors de rencontre en face à face. (shrink)

Minsky proposed classifying firms in three categories: hedge finance units which borrow no more than they are able to service in interest and principal out of operating cash flows, speculative finance units which are overleveraged to the point where they can service interest on their debt out of operating cash flows, but cannot repay the principal, and thus must continually roll over their existing debt, and Ponzi finance units, whose operating cash flows are inadequate even to service interest on their (...) debt. In Minsky’s financial instability hypothesis protracted prosperity leads endogenously to firms overleveraging themselves and transforming a market dominated by hedge finance into one dominated by speculative and Ponzi finance. Since Ponzi finance units are forced to sell off assets to service their existing interest payments, once the market is sufficiently dominated by Ponzi finance units, this creates an oversupply of assets offered for sale, and the resulting debt deflation causes a financial crisis and drastic shortage of liquidity. It appears this crisis state can be brought about by a deceptively low critical mass of Ponzi and speculative finance units. This paper uses a large 2002–2009 quarterly data set of all publicly traded North American firms and foreign firms traded on North American exchanges, a total of 8,905 stocks. Financial ratios are used to classify these firms in each quarter according to Minsky’s FIH categories. Market value is used to weight the categories, and average betas are computed as measures of volatility. Results provide dramatic support for the FIH. The FIH is then reinterpreted in terms of Austrian business cycle theory, which depends on inflationary credit expansion to drive the unsustainable prosperity. According to Minsky’s FIH, unsustainable prosperity emerges endogenously as long periods of economic expansion make borrowers and lenders alike more willing to engage in investment activities for which they fail to see the inherent risk. It becomes clear that this process is amplified and exacerbated by credit expansion. Minsky’s FIH helps flesh out some of the missing dynamics of the malinvestment liquidation phase of ABC theory, and the two views turn out to be surprisingly complementary. (shrink)

Open peer commentary on the article “Learning How to Innovate as a Socio-epistemological Process of Co-creation: Towards a Constructivist Teaching Strategy for Innovation” by Markus F. Peschl, Gloria Bottaro, Martina Hartner-Tiefenthaler & Katharina Rötzer. Upshot: Peschl et al. argue that innovation, or the creation of sustainable change in the market, is a natural topic to be understood from a radical constructivist perspective and is similar in structure to von Glasersfeld’s theory of learning. I argue that this is an (...) accurate and interesting extension of the theory, but that their understanding of innovation needs to be extended to consider the viability of the innovation in the market. It is only in the context of the market that the innovation is perceived as novel, or that it can be understood as sustainable. (shrink)

Contributions in modern theoretical physics and chemistry on the behavior of nonlinear systems, exemplified by Ilya Prigogine's work on the thermodynamics of open systems, attract growing attention in economics. Our purpose here is to relate the new orientation in the natural sciences to a particular nonorthodox strand of thought within economics. All that is needed for this purpose is some appreciation of the general thrust of the enterprise, which involves a shift of perspective from the determinism of conventional physics to (...) the nonteleological open-endedness, creative, and nondetermined nature of evolutionary processes. (shrink)

The church mission and objectives are more and more difficult to accomplish because of the secularization of the today’s society. Church’s use of marketing is a sensitive issue that has both supporters and critics. This article subscribes to the positive point of view that suggests that religious organizations can apply marketing in order to fulfill their mission and to obtain better results. It also claims that the use of marketing by the church and clergy does not contradict the religious core (...) values and that church marketing should develop a theoretical framework of its own and a specific set of methods, techniques and instruments. The present paper reveals the complexity of religious marketing. It presents a holistic view of the church marketing and proposes a specific conceptual framework for it. The article demonstrates that religious organizations’ marketing should be regarded as a form of social marketing and it briefly describes the church marketing process. (shrink)

Douglass North once emphasized that development takes centuries, but he did not have a theory of how and why change occurs. This groundbreaking book advances such a theory by examining in detail why England and Spain developed so slowly from 1000 to 1800. A colonial legacy must go back centuries before settlement, and this book points to key events in England and Spain in the 1260s to explain why Mexico lagged behind the United States economically in the twentieth century. Based (...) on the integration of North's institutional approach with Mancur Olson's collective action theory, Max Weber's theory of value change, and North's focus on dominant coalitions based on rent and military in In the Shadow of Violence, this theory of change leads to exciting new historical interpretations, including the crucial role of the merchant-navy alliance in England and the key role of George Washington's control of the military in 1787. (shrink)

Why do people buy particular products? Which are the antecedents that lead to the decision in favour of or against the purchase? Knowledge of the underlying semiotic and perceptual mechanisms is of key importance for understanding marketing processes. There are different psychological approaches that help to explain the effects of advertisements and product design. Analysing the sign processes of marketing clarifies the strategies applied. By identifying the manipulative functions of advertising, this book supports the consumers' critical discourse.

Value-sensitive design conceived as an a priori process is necessarily uncompleted, because the foresight needed to accommodate competing values in trueaccord with consumers’ wishes is simply unavailable ab initio. True value-sensitive design is, instead, an ongoing process of market discovery which is evolutionary in nature rather than a priori. We illustrate this generality with the landline telephone.

Are market norms and intrinsic valuation mutually exclusive? Many philosophers have endorsed the thought that market institutions necessarily evacuate non-instrumental value and hence the market and the realm of intrinsic worth are mutually exclusive. Indeed the evacuation of value by the market has been a recurrent theme of much moral and political thinking about the morality of commercial exchange. Consider the following passage from Marx: "Money debases all the gods of man and turns them into commodities. (...) Money is the universal, self-constituted value of all things. It has therefore robbed the whole world, human as well as natural, of its own values." In a similar vein Hannah Arendt writes: "The much deplored devaluation of all things, that is, the loss of all intrinsic worth, begins with their transformation into values or commodities, for from this moment on they exist only in relation to some other things which can be acquired in their stead." Perhaps most famously of all Kant suggests that the market institution of price evacuates value: "In the kingdom of ends everything has either a price or a dignity. If it has a price, something can be put in its place as an equivalent; if it is exalted above all price, then it has a dignity". Evidently for Kant, as for Marx and Arendt, the process of commodification evacuates value as a matter of logical necessity. (shrink)

According to modern organizational theory, the growth of companies in developing nations is due to the coming together of public and private sector interorganizational networks and globalization. Within an open system and a very dynamic environment, a corporation cannot work autonomously. Here are the objectives of the study: The goals of this research are threefold: first, to learn how Thai SMEs expanded into BRICS countries; second, to find out what kinds of inter-organizational networks Thai SMEs relied on when going global; (...) and third, to give some advice to Thai SMEs that want to expand internationally in BRICS and to the Thai government on how to set up management networks that help with investment and internationalization. Documentary analysis of the database from the office of small and medium enterprise promotion and in-depth interviews were among the qualitative approaches employed in this study. This study examined 76 individuals from Thailand who were considered significant informants due to their extensive understanding of developing markets, namely those in the BRICS countries. A total of 63 executives responsible for overseeing their businesses' activities in the BRICS nations, together with 10 operational officers and 3 government officials, were chosen as key informants. In order to get trustworthy information for this study, the researcher used the triangulation method. Executives and government officials with operational responsibilities inside government agencies were interviewed in-depth, and their data was cross-referenced with that from pertinent papers. Thai SMEs were affected by the BRICS countries' political, legal, and socio-cultural frameworks, according to the study. Companies in the BRICS countries went global for three main reasons: to tap into untapped markets, to boost operational efficiency, and to secure access to critical resources. For Thai SMEs looking to grow their business in BRICS nations, the following factors were crucial to their success: 1) The network between different organizations; 2) the capacity to adjust to political and legal changes in BRICS countries; 3) non-formal ties; 4) the capability of local employees; 5) the appropriateness of the entrance method approach; and 6) knowledge gained from past mistakes. (shrink)

Studies of local knowledge and farmer participatory research tend to focus on raising crops and livestock. Little attention is given to processing and marketing farm products, an important source of income for rural households, particularly women.This article presents the case of an investigation into processing and marketing of milk products by agropastoral Fulani women, which revealed how the women under stand local market forces and recognize important social and even local political functions of their marketing activities. However, it also (...) revealed the limits of their knowledge about how the local economy interlinks with national and international economies.Reasons are examined why the study did not lead to local technical and institutional development in dairying. Differentiation is made between two types of research: “extractive” research to provide information for development planners and academics; and participatory or “enriching” research, in which data collection, analysis, and reporting are done with rural people, to use in their own problem-solving. It is argued that “enriching” research should be aimed at increasing rural people's present knowledge, so that they can better understand and cope with external influences on their activities. They could then better defend their own interests against the macroplanning State.Finally, the ethics of documenting the research results are questioned. Documentation of conventional research is primarily for empowerment and enrichment of the extractive economic and academic systems. But there is also a danger that wider dissemination of results of participatory research and local knowledge will not benefit the rural participants but rather strengthen the information base of planners, so that they can better manipulate local economies. (shrink)

The transition of the former socialists economies to the system of market economy can also be viewed as an exceptional experiment about the real nature of market economy. In this respect, the difficulties met in the transition provide fruitful informations concerning the relative importance of the different parts composing the system. In this paper, we consider the flexibility of behaviors, the time path of transformations and the role of the State during the transition. Endly, an assessment of the (...) validity of the neoclassical paradigm, as a picture of market economy, comes out.La transition des anciennes économies planifiées vers J’économie de marché représente une expérience en grandeur réelle d’une portée considérable pour l’analyse économique. Dans le cas présent, les difficultés de mise en place d’une économie de marché nous amènent à réfléchir sur l’importance réelle des différents éléments constitutifs d’un tel système. La capacité d’ajustement des comportements des agents économiques, le rythme des transformations et le rôle de l’Etat sont ainsi réexaminés. En conclusion, il apparaît que la représentation traditionnelle de l’économie de marché à travers le schéma dominant inspiré de la théorie néoclassique, qui a servi de soubassement intellectuel à la plupart des programmes se révèle peu adapté. (shrink)

Religious marketing is a process of making decisions related to what should and should not be done so that the church could fulfill its mission and serve the parishioners. Religious marketing focuses upon the way the parishioners behave and their satisfaction, because these aspects are very important so that the Orthodox Church could fulfill its mission. A small number of active parishioners is usually interpreted as a sign of incompetence to attract and keep the existing members. Considering this aspect, (...) it is necessary to do the analysis of perceived quality, perceived value and the expectations of the Orthodox related to the religious services. These factors determine the level of their satisfaction and the active involvement in the activities of the church. Motivating and determining the Orthodox parishioners to become loyal to the Orthodox Church would be a great advantage for the fulfillment of its mission, but in order to achieve this it is necessary to know a few marketing elements. (shrink)

Sustainable development goals are aligning marketing innovations to meet sustainability interventions. Recently, marketing has evolved to incorporate sustainability in outreach objectives. Heightened literature on the interplay between sustainability, innovations, and marketing demands a holistic understanding to guide future research direction. The current review bridges the research gap using quantitative performance analysis and qualitative intellectual structure analysis. The thematic and content analysis points towards permeating sustainability focus across the business verticals and value chain for differentiated brand positioning and sustainability-based competitive advantage. (...) The emergent conceptual framework underpins the moderated-mediation role of sustainability and economic enablers with marketing initiatives to promote business innovations beneficial to all stakeholders. The sustainability-aligned innovations in products and processes reflect in gaining cost advantage, revenue generation, access to newer markets, and differentiation. It can be inferred from the study that sustainability and conducive marketing strategies can co-create value across the value chain, providing tangible and non-tangible corporate payoffs. This cross-section in the research domain calls for environmental and business focus at the micro and macro levels, supported by pro-business strategies, system efficiencies, productivity, and technological changes in synergy with the societal landscape. The findings discern strategic directions for practitioners to chart out an organizational portfolio centered around marketing innovations to create business value for the shareholders and sustainability value for the stakeholders, ecosystem, and society. The conceptual framework can help academicians comprehend the business model around sustainability, innovations, and marketing. The evolutionary mapping of the research domain can be used to discern corporate or macro-level policies and transcend reforms aligned to the dynamic market/stakeholder expectations. (shrink)

This paper evaluates the ethical consequences of the use of marketing techniques in the child adoption process within England and Wales. Since 1995 the political climate in the UK has seen a reassessment of the manner in which the state organises care for children who are within its legal guardianship. Successive UK governments have acknowledged the under‐utilisation of child adoption as a moral and efficient means of child‐care. However, the presentation of child adoption in a more active fashion involves (...) concerns about the manner in which child adoption has been organised. Increasingly child adoption organisations and social work professionals are being made accountable through the language of customer service and performance measurements. The use of commercial techniques such as marketing is justified on utilitarian grounds. However, any utilisation of marketing within the child adoption process is forced to ensure that the child is not de‐centred. Legislation requires that the needs and welfare of the child are the first consideration for the adoption agency. Here we begin to see tensions between the humanitarian project that is child adoption, and the unease produced by viewing the child as human ‘product’. This invites analysis via critical theory. The use of marketing in child adoption raises issues related to the objectification and commodification of the child and prospective adopters. Within child adoption it is assumed that we must engage with the child as ‘face’ (Bauman, 1995). But will these assumptions stand the encroachment of marketing techniques into this very sensitive area? (shrink)

The authors discussed the reasons for the recent economic collapse as caused by the lack of large businesses and global corporations losing touch with the people they serve. Losing touch has caused a distancing of understanding of the customers as people by these businesses and corporations. An antidote to this is that decisions that have to be made in global businesses as well as domestic organizations reflect some level of empathy. The objective is to highlight the fact that these businesses (...) are corporate citizens and in themselves must be aware of the culture in which they conduct themselves. The authors discuss how empathie decision-making can become part of the corporate fabric without losing any sense of appropriate business judgment. A process is defined to enable the empathie process. Finally, a straw man is set up to fund/enable the process while creating a positive and profitable business environment. (shrink)

:Academic Medical Centers offer patient care and perform research. Increasingly, AMCs advertise to the public in order to garner income that can support these dual missions. In what follows, we raise concerns about the ways that advertising blurs important distinctions between them. Such blurring is detrimental to AMC efforts to fulfill critically important ethical responsibilities pertaining both to science communication and clinical research, because marketing campaigns can employ hype that weakens research integrity and contributes to therapeutic misconception and misestimation, undermining (...) the informed consent process that is essential to the ethical conduct of research. We offer ethical analysis of common advertising practices that justify these concerns. We also suggest the need for a deliberative body convened by the Association of American Medical Colleges and others to develop a set of voluntary guidelines that AMCs can use to avoid in the future, the problems found in many current AMC advertising practices. (shrink)

This paper examines visual representation from a distinctive, interdisciplinary perspective that draws on ethics, visual studies and critical race theory. Suggests ways to clarify complex issues of representational ethics in marketing communications and marketing representations, suggesting an analysis that makes identity creation central to societal marketing concerns. Analyzes representations of the exotic Other in disparate marketing campaigns, drawing upon tourist promotions, advertisements, and mundane objects in material culture. Moreover, music is an important force in marketing communication: visual representations in music (...) promotions are also explored as data for inquiry. Offers an alternative to phenomenologically based approaches in marketing and consumer research scholarship that use consumer responses to generate data. Contributes additional insight into societal marketing and places global marketing processes within the intersection of ethics, aesthetics and representation. (shrink)

The literature presents a broad approach to Corporate Social Responsibility, which aggregates a diversity of issues, such as the environment, labor conditions, and human rights. We addressed the impact of increasing CSR demands during the internationalization of emerging market multinationals on one particular subject, animal welfare. This subject raises important ethical concerns, especially as we understand that animals are sentient beings. Through content analysis of annual reports, we tracked the evolution of AW-CSR activities throughout the internationalization of two large (...) Brazilian meat-processing multinationals as they accessed markets with complex AW regulations. We also synthetized findings on broiler chicken on-farm AW research in Brazil and conducted interviews to gauge the impact of CSR standards on animals. Our findings show that, although EMNs that enter developed markets engage with various standards, the impacts of standard enforcement on actual welfare are not straightforward and call for broader AW and animal ethics developments. Uneven results among AW criteria indicate that some aspects are prioritized over others. Furthermore, some actions of actors such as EMNs and low-tier suppliers seem to counterbalance the expected impact of normative pressures to change the lives of animals for the better. We conclude that AW standards may improve AW in emerging markets; but these standards do not appear to be sufficiently stringent, and require improvements to have a more significant positive impact. A major signal emerging from this research is the fundamental need to broaden the animal ethics debate regarding the use of animals to produce meat. (shrink)

This paper examines the marketization of higher education. It takes the curriculum development for a degree sponsored by industry as a focus for exploring the involvement of industry and, more specifically, prospective employers, in shaping higher education provision. Empirical material gathered from a three and a half-year ethnographic study is used to illustrate how mundane promotional work associated with sponsored curricula operates to reconstitute higher education. It is shown how, in the process of introducing sponsored curricula into the university, (...) a market relevance discourse is merged with traditional discourse to promote a new discursive order and thereby contribute to the reformation of university education. This hybrid discourse (of tradition and relevance) makes traditional resistance to the encroachment of "relevance" into university education more difficult to justify, and perhaps impossible to sustain. Nonetheless, it produces new antagonisms that provide future sites of resistance. (shrink)

The view from inside improves our understanding on market failure and regulation failure in financial market. The EMH fails to understand the causes of financial bubbles and crashes. Behavioral finance introduces insight from psychology. The heuristic and biases approach studied behavioral asymmetry in static environment that leads to market irrationality and information distortion. The fast and frugal thinking in decision-making further explore more complex situation under changing environment. They argue that soft-paternalistic regulation is needed under information overload. (...) The most critical issue is information uncertainty and complexity. Lacking information in frequency domain is the main barrier in managing business cycles. Data form inside reveals current limitations of financial data mainly in the short-term price changes. Microstructure studies show that pricing process is shaped by trading rules. Quantitative analysis reveals severe instability in high frequency trading and derivative market. Feasible regulation should aim to encourage new technology and sustainable growth, rather than protect obsolete technology and short-term speculation. The most fundamental challenge to sustainable economic order is the excessive size of the derivative markets that crowding out investment in real economy. This is a more severe issue than the climate change. (shrink)

Medical practitioners owe much of the significant progress made in the diagnosis and treatment of disease to industrial research. Hence, co-operation between providers of medical services, most notably medical practitioners, and the pharmaceutical industry is in the best interest of patients. Yet, empirical evidence shows how well-directed influence exerted by the pharmaceutical industry impacts physicians’ decision-making. Profit-motivated inducement by the pharmaceutical industry may expose patients to considerable risks. Against what many think to be based on overwhelming evidence, Joao Calinas-Correia takes (...) the view that the criticism levelled at the pharmaceutical industry as well as the call for transparency in the relationships between physicians and the industry are exaggerated. In his polemic he praises “Big Pharma” as a success and espouses the view that the undesired consequences of its activities are allegedly inherent in the underlying market environment shaped by politics. Moreover, he believes that the proposals made to control and eliminate such undesired effects will lead to mediocrity. Astonishingly, his polemic reaches out to contest the appropriateness of setting rules at all—even if being set by a democratic process. Calinas-Correia’s assertions are based on the wrong premises. They fail to recognize that today individual civil rights and liberties often enough do not have to be defended against encroachments by governmental authorities. Rather, it is incumbent on the state to create rules designed to defend the individual against infringements by overly powerful non-governmental institutions, in our case the medical-industrial complex. Given the power exercised by physicians and the special nature of their role in public health, clear-cut rules have to be enacted and implemented with respect to their relationship to Big Pharma. (shrink)

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

Music the art of combining sounds, maintains a sequence of time with harmony, melody and rhythm, generates changes in cognitive processes, improves concentration, memory, influences mood, produces changes in emotions, helps control anxiety, increases motivation, and decreases cortisol levels, the stress hormone, activates the hormone of happiness and rest, serotonin and melatonin. The objective was to analyze the influence of music in the purchase process and decision. The approach was qualitative-quantitative, exploratory level, descriptive statistics was applied to identify the (...) main trends and musical genres. The survey was carried out online, in the "La Condamine" market (November-December 2022). The sample 354 customers. The results of the investigation determined that customers enjoy listening to instrumental sounds in the food court, and in the vegetable, fruit and vegetable section; and the musical genre pop and/or reggaeton in the clothing section. The survey data was corroborated with the results of the biometric eyes tracking equipment in eight participants, attention, meditation and blinking were analyzed, with two sounds, sound 1: folk music and sound 2: pop; the average of the evaluations determined the level of acceptance of the participants for the musical genre, confirming the traditional survey with the results of the biometric equipment. Hearing goes beyond what can be perceived with sight and smell; there are sounds and melodies that connect us with emotions (laugh, cry, enjoy) and memories. It is concluded, (i) consider the musical genre according to the segment, (ii) the hours of greatest influx of customers, (iii) areas or sections of the market with greater or lesser product sales, (iv) slow music in places with more expensive products to extend their stay in the establishment. (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)

Society, based on contract and voluntary exchange, is evolving, but remains only partly developed. Goods and services that meet the needs of individuals, such as food, clothing, and shelter, are amply produced and distributed through the market process. However, those that meet common or community needs, while distributed through the market, are produced politically through taxation and violence. These goods attach not to individuals but to a place; to enjoy them, individuals must go to the place where (...) they are. Land owners, all unknowingly, distribute such services contractually as they rent or sell sites. Rent or price is the market value of such services, net after disservices, as they affect each site. By distributing occupancies to those who can pay the highest price, land owners’ interests align with those of society. Without this, tenure would be precarious—by force or favor of politicians. The 18th-century separation of land from state, so little studied by historians, permitted the development of modern property in land. This change is perhaps “the greatest single step in the evolution of Society the world has ever seen.” When land owners realize that they market community services, they will organize to produce and administer them as well, and society will be made whole. (shrink)

This article presents a critical discursive analysis around the concept of menstrual health in a series of texts published in book format and in social networks in the last five years (2019-2023) by different activists and menstrual educators in Argentina. In a reading itinerary that goes from the singular to the collective, I identify the configuration of an experiential episteme that redefines the menstruating body as informational and multidimensional, which enables that, in addition to a physiological dimension, its role in (...) different social, political, cultural, environmental and economic contexts is vindicated. I place these examples in the context of the neoliberal precariousness that installs the therapeutic-managerial culture as a moral imperative, while at the same time it challenges certain subjectivities with relative privilege —white, urban, trained and educated women— to dispute and strain meanings. (shrink)

Do markets generate a “just” wage? The answer to this question will depend upon the particular theory of the market that the political economist employs. When comparing actual labor markets with the neoclassical theory of competitive equilibrium as its normative benchmark, Joseph Heath argues that factor pricing is orthogonal to normative issues such as distributive justice. We argue that Heath’s conclusion, though not invalid, follows from a similar normative benchmark of equilibrium, one that evaluates factor pricing without taking into (...) account the institutional conditions within which factor prices emerge. Though indeed classical political economists and early neoclassical economists failed to deliver an explicit theory of distributive justice, what Heath overlooks is that implicit to their understanding of the market process was an institutional theory of distributive justice. (shrink)

Corporate sustainability is an important strategy and value orientation for marketing, but scarce research addresses the organizational drivers and barriers to including it in companies’ marketing strategies and processes. The purpose of this study is to determine levels of commitment to corporate sustainability in marketing, processes associated with sustainability marketing commitment, drivers of sustainability marketing at the functional level of marketing, and its organizational context. Using survey data from 269 managers in marketing, covering a broad range of industries in Sweden (...) and Denmark, we took a structural modelling approach to examine construct relationships, mediation, and moderation effects. Overall, the findings show that marketing capabilities associated with the innovation of new products, services, and business models constitute a strong driver to leverage sustainability marketing commitment. In conjunction with insights into processes related to the enactment of sustainability marketing, this result indicates that companies’ marketing departments have a propensity to drive corporate sustainability. The study provides substance to the idea of aligning substantive marketing capabilities closer to dynamic capabilities. Accordingly, the study reveals that reliance on market orientation alone does not lead to greater sustainability commitment. (shrink)

The aim of the book is to uncover the relation between market and justice through the critical examination of the work of Friedrich Hayek. The book argues for the following thesis: the institution of free market is not the only candidate social system; substantial, not merely formal distributive justice must become the central virtue of our social institutions. Notwithstanding its achievements and virtues, the Hayekian theory makes a simple mistake by equivocating possible social systems, dividing them into two (...) groups. One is the world of liberty and free market where people follow the general and abstract rules of conduct, accepting the outcome of market processes, be those good or bad. The other is the world of coercion and repression in which organized distributive instituions dominate and free market is non-existent. According to Hayek’s famous thesis, although freedom is possible in the latter world, we are nevertheless already on the road to serfdom: this fate is inevitable. In this dichotomy the decision is indeed simple. If justice is nothing else but the Trojan horse of oppression, then it is indeed a dangerous and unworkable ideal. However, if this dichotomy does not hold and there is a variety of acceptable social systems, then justice may become the central virtue of institutions, thereby contradicting Hayek’s theory. In the second half of the book I present this alternative, justice-governed social system in more detail. (shrink)

Sustainable investment, which integrates social, environmental and ethical issues, has grown from a niche market of individual ethical investors to embrace institutional investors resulting in £764 billion in assets under management in the UK alone [Eurosif, 2008: ‘European SRI Study 2008’ ]. Explaining this growth is complex, involving shifts in personal and collective values, reactions to corporate scandals, scientific and media pronouncements about climate change, Government initiatives, responses from financial markets and the influence of SI innovators in The City (...) of London. The article examines the influence of human agency through interviews with 14 SI champions who have variously been responsible for launching SI funds and changing investment processes and organisational structures in order to enhance SI. Interviewees were asked about their motivations and persuasive strategies, the obstacles they faced and how they overcame them as well as broader implications of SI for financial markets. The following key categories inform the results and the discussion: Values; Conservatism, Antipathy and Incredulity; Optimism and Sympathy from Insiders; The Social and Political Context; The Business Case; Organisational Constraints; Inappropriate forms of Remuneration; Short-termism; The Nature of Capitalism. Three discourses were also identified. The first is the necessity to make a business case for SI; the second is the benefits that SI can bring to the quest of overcoming short-termism; the third is a belief that for SI to have a significant influence, greater government intervention is required. (shrink)

A legal system is any institution or set of institutions in a given society that provides dispute resolution in a systematic and reasonably predictable way. it does so through the exercise of three functions: the judicial, the legislative, and the executive. The judicial function, the adjudication of disputes, is the core of any legal system; the other two are ancillary to this. The legislative function is to determine the rules that will govern the process of adjudication (this function may (...) be merged with the judicial function, as when case law arises through precedents, or it may be exercised separately), while the executive function is to secure submission (through a variety of means, which may or may not include violence) to the adjudicative process and compliance with its verdicts. A government or state (for present purposes i shall use these terms interchangeably) is any organisation that claims, and in large part achieves, a forcibly maintained monopoly, within a given geographical territory, of these legal functions, and in particular of the use of force in the executive function. now the market anarchist objection to government is simply a logical extension of the standard libertarian objection to coercive monopolies in general.1 First, from a moral point of view, among people regarded as equals2 it cannot be legitimate for some to claim a certain line of work as their own privileged preserve from which others are to be forcibly excluded; we no longer believe in the divine right of kings, and on no other basis could such inequality of rights be justified. Second, from an economic point of view, because monopolies are insulated from market competition and hold their customers by force, they lack both the information and the incentive to provide consumers with fair, efficient, and inexpensive service. The anarchist accepts these arguments, and merely asks why they should apply with any less force to the provision of legal services. (shrink)

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

In a recent contribution to this journal, Arjaliès (J Bus Ethics 92:57—78, 2010) suggests that the emergence of socially responsible investment (SRI) in France can be best described as a social movement with a collective identity that aimed to challenge the dominant logic of the financial market. Such an account is at odds with a body of empirical studies that approaches SRI in the French context as a process of market creation led by loosely coordinated actors with (...) contradictory and conflicting interests and values, who have mainly complied with—rather than opposed—the existing dominant financial logic of the asset-management field. In this comment, we build on this prior research to contest Arjaliès' perspective on both theoretical and empirical grounds, with the aim of highlighting the shortcomings of conflating social movements and other forms of collective actions in understanding the building of new markets in organization theory and SRI studies. We contend that in mistaking for social movement forms of collective actions that underpin the emergence of markets, scholars of organization theory may confuse distinct mechanisms in their explanation of SRI emergence across countries, overlook the complex dynamics and interactions of markets and social movements, and, most importantly, fail to evaluate the real political significance of SRI as an empirical phenomenon. We propose that future research on SRI distinguishes carefully "social-movement research as a theoretical framework" from "social movement as an empirical phenomenon" in order to avoid such drawbacks while benefiting from recent advances in social-movement research. (shrink)

The chapter sets forth a conceptual model of a comparative institutional approach to law and economics that can help make the meaningful alternatives known to society. The driving force behind such an approach is the need to come to grips with the interrelations between legal and economic processes. Consistent with the thrust of old and new institutional economics, institutional structure cannot merely be assumed away or taken as given; rather, institutions must be the subject of study involving a comparison of (...) the effects of institutional alternatives on our environment, natural resources, and use of land. The chapter includes a discussion of the i) constitutional, ii) institutional, and iii) economic-impact stages of choice, focusing on four different means of social control that serve to allocate society’s scarce resources, namely the market sector, the public sector, the communal sector, and the openaccess resource sector. Environmental, natural resource, and land-use examples are included in the analysis of each stage of choice in exploring the consequences of fashioning remedies within the market sector, the public sector, the communal sector, or leaving resources in the open-access resource sector. It presents a perspective that avoids the rhetorical policy stance of “government versus the market” by showing that economic performance is driven by i) law, ii) technology and iii) social norms. In this, the state stands as an essential complement to the market sector, the public sector, and the communal sector and not a substitute for them; each exists through the active role of government not by government forbearance.Ce chapitre présente un modèle conceptuel d’une approche institutionnelle comparative en analyse économique du droit, aidant à faire connaître d’autres alternatives à la société. Cette approche permettra d’approfondir, les interrelations entre les processus économiques et juridiques. Selon les principes de l’ancienne et de la nouvelle économie institutionnelle, la structure des institutions ne peut pas être supposée donnée ou absente de l’analyse. Plutôt, les institutions doivent être l’objet d’étude, et l’on doit s’attacher à comparer les effets des différentes alternatives sur l’environnement, les ressources naturelles et l’utilisation de la terre. Ce chapitre contient une discussion des étapes de choix constitutionnels, institutionnels et des impacts économiques. Il se concentre sur quatre moyens différents de contrôle social, qui servent à allouer des ressources rares de la société, notamment le marché, le secteur public, le secteur de communautés, le secteur des ressources d’accès libre. Les exemples environnementaux, ceux des ressources naturelles, et de l’utilisation des terres sont considérés dans l’analyse de chacune des étapes de choix, en analysant les conséquences de la confection de remèdes au sein respectivement, du secteur de marché, du secteur public, du secteur des communautés, ou lorsque l’on laisse libre les ressources du secteur d’accès libre. Il fournit une perspective qui évite les positions rhétoriques de politiques “Etat versus marché” en montrant que la performance économique est liée au droit, à la technologie et aux normes sociales. Dans cette perspective, l’Etat est considéré comme un complément essentiel du marché, du secteur public, du secteur communal et non comme un substitut; chacun de ces secteurs existe à travers le rôle actif de l’Etat. (shrink)

Innovations in web technologies, data warehousing and data mining enable Internet marketers to collect, process and analyze personal data gathered from web users browsing and online purchase habits on a much greater scale as it is now quicker and more economical to do so. Recent surveys indicate that consumers are not comfortable with these practices, especially when the data is collected or sold without their consent. The resulting conflict of interest demands a solution. In this paper, a framework of (...) incomplete markets, property rights and transaction costs is used to analyze the problem and propose some preliminary solutions. (shrink)

In previous works, I defined ourselves as informational organisms, or inforgs for short, who forage for, produce, cultivate, curate, process, and consume information (Floridi 2013). Yet, we may also be understood as interfaces, who inhabit and interact with, an environment also made up of data and computational processes. By describing ourselves in such terms, this paper argues that we can better understand several crucial phenomena that characterise our digital age, including marketing and the “marketisation” of political communication. The article (...) concludes by discussing some of the implications for this in political theory. -/- . (shrink)

Scientific integrity cannot be adequately ensured by appeals to the ethical principles of individual researchers. Research fraud has become a public scandal, exacerbated by our inability accurately to judge its extent. Current reliance on peer review of articles ready for publication as the sole means to control the quality and integrity of the majority of research has been shown to be inadequate, partly because faults in the research process may be concealed and partly because anonymous peer review is itself (...) imperfect. Consequently, the scientific literature is mixed, with the reader unable always to distinguish the good articles from the bad. Scientific research is subject to market forces that will always provide a motivation for a range of misdemeanours. This has led to a ‘market for lemons’. Regulations, and sanctions against miscreants, need to be modelled on those historically found necessary to limit financial fraud. Practical and effective systems of process control and audit have already been devised to ensure the integrity of clinical and pre-clinical research. These should be adapted for use in a much wider range of research activities. (shrink)

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a (...) result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices. (shrink)

According to Margaret Gilbert’s collective epistemology, we should take attributions of beliefs to groups seriously, rather than metaphorically or as reducible to individual belief. I argue that, similarly, attributions of belief to markets ought to be taken seriously and not merely as reports of the average beliefs of market participants. While many of Gilbert’s purported examples of group belief are better thought of as instances of acceptance, some collectives, such as courts and markets, genuinely believe. Such collectives enact truth-aimed (...) processes that are beyond the control of any single individual. These processes produce beliefs that are distinct from any individual belief and do not merely report the “average” or “majority” view of the group. In the case of markets, beliefs are indicated by prices, though it is often difficult to infer beliefs from prices and those inferences are almost always uncertain. Reliabilism is the best available standard of justification for market beliefs. In some cases market beliefs are reliable and prove to be true. Thus, in some cases markets can know. (shrink)

Recently among analytic political philosophers there has been a considerable revival of interest in the normative evaluation of the market and of economic processes more generally. While not rejecting markets in toto , philosophers such as Elizabeth Anderson and Amartya Sen have raised questions about the proper range of the market, explored the role of normative considerations in economic decision-making and raised doubts about the view that normative constraints are never legitimately placed on economic activity. In this article (...) I experience the relevance to such explorations of the economic casuistry of the medieval schoolmen. Key Words: Just Price • medieval philosophy • usury • distributive justice • Aquinas. (shrink)

This paper begins with a brief review of evidence for migration to the relatively affluent city of Rome during the earlier Empire. Then it is suggested that most slaves coming to Rome at this time originated in the Greek East and that these slaves were volunteers not forcible captives. Slavery by contract made it possible for individuals to overcome credit constraints limiting their ability to borrow to finance training and migration. This view is tested by examining literary, epigraphic and archaeological (...) evidence to decide whether slave markets in the Greek East (at Acmonia, Ephesus, Magnesia on Meander, Thyatira and Delos) and in Rome itself were suitable for processing „dangerous merchandise“ (= forcible captives). The totality of the evidence suggests they were not. Near Easterners conveyed through local and Roman slave markets were probably willing self-sellers seeking economic advancement. A new, positive, light is cast on the role of slave dealers who profited from reallocating labor power from less to more productive uses. (shrink)