An important part of what it means for agents to be situated in the everyday world of human affairs includes their engagement with economic practices. In this paper we employ the concept of cognitive institutions in order to provide an enactive and interactive interpretation of market and economic reasoning. We challenge traditional views that understand markets in terms of market structures or as processors of distributed information. The alternative conception builds upon the notion of the market as a ‘scaffolding (...) institution’. Introducing the concept of market as a ‘socially extended’ cognitive institution we go beyond the notion of scaffolding to provide an enactive view of economic reasoning that understands the market participant in terms of social interactive processes and relational autonomy. Markets are more than inert devices for information processing; they can be viewed as ‘highly scaffolded’, where strong constraints and incentives predictably direct agents’ behavior. Building on this idea we argue that markets emerge from (a) the economic interaction of both supply and demand sides, in continual and mutual interplay, and (b) more basic social interactions. Consumer behavior in the marketplace is complex, not only determining the market price, but also extending the consumer’s cognitive processes to reliably attain a correct evaluation of the good. Moreover, this economic reasoning is socially situated and not something done in isolation from other consumers From a socially situated, interactive point of view buying or not buying a good is something that enacts the market. This shifts the status of markets from external institutions that merely causally affect participants’ cognitive processes to social institutions that constitutively extend these cognitive processes. On this view the constraints imposed by social interactions, as well as the possibilities enabled by such interactions, are such that economic reasoning is never just an individual process carried out by an autonomous individual, classically understood. In this regard, understanding the concept of relational autonomy allows us to see how economic reasoning is always embodied, embedded in, and scaffolded by intersubjective interactions, and how such interactions make the market what it is. (shrink)

Extending the work of Davidson and Worrell, we further investigate the stock market''s reaction to announced corporate illegalities. We examine a sample of 535 announcements of corporate crime and obtain an overall insignificant stock market reaction. However, when the sample is divided by type of crime, we find that the stock market reacts significantly to announcements of bribery, tax evasion, and violations of government contracts. We also find a significantly negative reaction to announcements of corporate crime when the company had (...) been previously accused of other illegal activity. For companies accused of crime in the 1970s, 51% of them were accused again in the 1980s. (shrink)

Prediction markets, which trade contracts based on the results of predictions, have been remarkably successful in predicting the results of political events. A number of proposals have been made to extend prediction markets to scientific questions, and some small-scale science prediction markets have been implemented. Advocates for science prediction markets argue that they could alleviate problems in science such as bias in peer review and epistemically unjustified consensus. I argue that bias in peer review and epistemically (...) unjustified consensuses are genuine problems in science, and that current attempts to solve them fail in practical circumstances. Prediction markets do show some promise for answering scientific questions while avoiding the pitfalls of consensus and peer review. However, there are strong reasons to believe that science prediction markets will not perform nearly so well as election prediction markets, and implementing prediction markets on a large scale could have significant unintended consequences for the organization of scientific research. The promise of prediction markets to solve current problems in assessing scientific claims is therefore largely illusory. (shrink)

The present research studies more thoroughly and extends from global perspectives the ideas elaborated in a former study dedicated to that which was named there – related to libraries, but not exclusively – symbolic marketing, embodied and objectified as a metaphor. “Living”, active and efficient metaphor. The analyses focus, on the one hand, on the theoretical, conceptual – and even philosophical – aspects of “symbolic marketing”. On the other hand, applying these theoretical considerations, we present and examine as a case (...) study the journal entitled Philobiblon (http://www.bcucluj.ro/philo/), edited by the Lucian Blaga Central University Library (Cluj, Romania), and the marketing procedures associated with it. The periodical is a transdisciplinary scientific organ published in English, destined from its beginnings to the market of international interlibrary publication exchange, which has developed an entire network of peculiar, individual and characteristic marketing structures and initiatives: living, objectified symbolic-metaphoric structures which are evolving and getting diversified not only in the context but also with a view to globalization. (shrink)

Extended antipaternalism means the use of antipaternalist arguments to defend activities that harm (consenting) others. As an example, a smoker’s right to smoke is often invoked in defence of the activities of tobacco companies. It can, however, be shown that antipaternalism in the proper sense does not imply such extended antipaternalism. We may therefore approve of Mill’s antipaternalist principle (namely, that the only reason to interfere with someone’s behaviour is to protect others from harm) without accepting activities that (...) harm (consenting) others. This has immediate consequences for the ethics of public health. An antipaternalist need not refrain from interfering with activities such as the marketing of tobacco or heroin, boxing promotion, driving with unbelted passengers, or buying sex from “voluntary” prostitutes. (shrink)

Economics celebrates an ideal of interaction free from all constraint, an ideal found in the perfectly competitive market, where equilibrium and optimality coincide. Morality can then be thought of as arising from market failure; the perfect market itself operates as a morally free zone, because the only behaviour it makes possible excludes those features of natural interaction that prevent individuals, each acting to maximize his own utility, from achieving optimality. We examine the conditions for market success—individual factor endowments, free individual (...) activity, private goods, mutual unconcern, and the absence of all externalities—showing that these extend the freedom of the solitary individual to the context of interaction, and exclude all free‐riding, parasitism, and any form of partiality. But we note that the initial factor endowment of each person, taken as a given in market interaction, is itself subject to rational and moral scrutiny. The chapter concludes with a discussion of utilitarian and Marxist objections to the market, both of which we reject. (shrink)

The marketplace is a remarkable social institution that has greatly extended our reach so shoppers in the West can now buy fresh-cut flowers, vegetables, and tropical fruits grown halfway across the globe even in the depths of winter. However, these expanded choices have also come with considerable moral responsibilities as our economic decisions can have far-reaching effects by either ennobling or debasing human lives. Albino Barrera examines our own moral responsibilities for the distant harms of our market transactions from (...) a Christian viewpoint, identifying how the market's division of labour makes us unwitting collaborators in others' wrongdoing and in collective ills. His important account covers a range of different subjects, including law, economics, philosophy, and theology, in order to identify the injurious ripple effects of our market activities. (shrink)

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

Around the globe, economists affect markets by saying what markets are doing, what they should do, and what they will do. Increasingly, experimental economists are even designing real-world markets. But, despite these facts, economists are still largely thought of as scientists who merely observe markets from the outside, like astronomers look at the stars. Do Economists Make Markets? boldly challenges this view. It is the first book dedicated to the controversial question of whether economics is (...) performative--of whether, in some cases, economics actually produces the phenomena it analyzes.The book's case studies--including financial derivatives markets, telecommunications-frequency auctions, and individual transferable quotas in fisheries--give substance to the notion of the performativity of economics in an accessible, nontechnical way. Some chapters defend the notion; others attack it vigorously. The book ends with an extended chapter in which Michel Callon, the idea's main formulator, reflects upon the debate and asks what it means to say economics is performative.The book's insights and strong claims about the ways economics is entangled with the markets it studies should interest--and provoke--economic sociologists, economists, and other social scientists.In addition to the editors and Callon, the contributors include Marie-France Garcia-Parpet, Francesco Guala, Emmanuel Didier, Philip Mirowski, Edward Nik-Khah, Petter Holm, Vincent-Antonin Lépinay, and Timothy Mitchell. (shrink)

The original extended mind theory propagated by Clark and Chalmers (Analysis 58:7–19, 1998) refers to the idea that our minds do not simply live within our brains or bodies but extend into the material world. In other words, the extended mind refers to the externalization of cognitive processes into technology. Through the case study of the artistic performance of the android Alter inspired by the Japanese Shintoist ritual of Kagura this paper reconceptualizes the extended mind from a (...) technological act of transfer towards the relational, spatial, and performative ontologies of the intersubjective encounters between humans and non-humans. In an effort to decolonize performance and curatorial practice the paper draws upon indigenous scholarship, feminist STS, and performance studies to overcome preconceived conceptualizations of affect, perception, and relationality. The fundamental question the paper explores is how does intersubjective relationality unfold through performance in space? Based upon a critique of the android Alter’s past performance the paper concludes with a re-envisioned event score that employs a reconceptualized theory of the extended mind and aimed at a different kind of intersubjective relationality to emerge. (shrink)

One of the paradoxes of recent political and economic theory is that, in spite of a period of extended economic difficulty, there has been a growing consensus concerning the virtues of the market economy. In particular, there has been a trend in socialist theory to argue that not only are socialism and the market not incompatible, but that some version of market socialism is the only feasible, practicable, and ethically and politically desirable form of socialism. Notable proponents of this (...) view with whom this paper will be particularly concerned are Selucky, Nove and Hodgson. I will not, in this paper, address the question of whether the market and socialism are necessarily incompatible. Neither will I examine the whole gamut of political and ethical issues surrounding the relation of the market to democracy, freedom, individual rights, and so on – not because they are unimportant, but because they require more extended attention than I could give here. My concern will rather be with some of the economic arguments to which defenders of market socialism have appealed. (shrink)

This article analyzes the rise and fall of a public health ‘fact’ in the US: the assertion that gay men’s Viagra use is inherently recreational and increases STD risk. Extending the science studies argument that drug development and marketing entail the construction of new publics, this article shows how strategic drug marketing silences can also constitute new populations of users. It shows how Viagra marketing’s silence about gay users, which facilitated legitimization of the drug as an aid for companionate heterosexuality, (...) created a cultural space for the development of health discourse about gay men as illegitimate, recreational and risky Viagra users. Using Susan Leigh Star’s concepts of ‘simplification’ and ‘complexification’, this article traces the construction and deployment of this public health fact, as well as its subsequent contestation. Using an arena analysis approach, this article demonstrates how marketing discourse and public health fact-making came together in the case of gay Viagra use to refresh long-standing and politically harmful American cultural associations between gay sex and sickness. (shrink)

Markets, just like states, are systems of governance. Their justification must therefore meet similar standards of moral scrutiny, despite the fact that their authority structure is impersonal. In order to argue for the role of markets as systems of governance that raise similar justificatory burdens, this book provides a philosophical account of market institutions. According to this view, shared social institutions define a framework for how members of a political community think and act toward one another, consistent with (...) citizens respecting themselves and one another as free persons, each entitled to guide their activities in light of their own judgments. The market is one of these shared institutions, so its rules must also be consistent with mutual respect as free persons. This perspective represents a fundamentally different way of thinking about economic life, which rejects both the view of economic actors as disconnected individuals in a state of nature and the view of economic actors as mere preference orderings that are inputs to a giant social welfare function. The book formulates a deeper framework for thinking about economic life, which can displace the familiar ideas that underpin contemporary neoliberalism and finance capitalism. In so doing, the book works out the implications of the idea that the burdens of equal citizenship extend to economic life, such that appropriately regulated markets and workplaces elicit and realize a system in which people respect one another as free. The book concludes with a defense of economic democracy, elements of which can be found under German codetermination. (shrink)

It is central to standard economic theory that people act on their interests. People are interested in a variety of things, so a range of values should influence market behavior. When engaged in commerce, however, people generally act for personal gain; the influence of other values usually just disappears in the marketplace. What is missing from the standard account is that people often act on proper subsets of their interests. Economics can, however, be extended to capture this insight. Key (...) Words: economic theory • attention • self-interest • social responsibility • discrimination. (shrink)

In 1997, the American Academy of Pediatrics issued a policy statement strongly supporting the physiological benefits conferred by human milk. It recommended that infants be breastfed for 12 months and called for employers to support breastfeeding. The following year, federal legislation was formulated to facilitate breastfeeding among women in paid work. Although both these events represented significant developments in the U.S. context, they nevertheless posed potential gender equity concerns. This article explores the National Organization for Women's response to these developments. (...) In doing so, it also examines the way in which the issue of breastfeeding and women's labor market involvement was addressed in equal-treatment/special-treatment debates in the previous decade. The article concludes by arguing that “equality and difference” discussions need to be extended to provide a new theoretical and practical framework for achieving equity in the workplace that would also accommodate the needs of women who wish to breastfeed or to express/pump breast milk. (shrink)

The retirement village sector1 is one part of the increasingly marketized `aged-care' services in New Zealand and in many other parts of the industrialized world. While critical researchers have examined organizational and residents' representations of aging, retirement, and retirement communities in the context of `the market', there is no research that examines communication related to residents' enactment of participation within these settings with respect to these processes of marketization. We aim to refine, complicate, and extend what we might call `the (...) marketization thesis' through this study that examines resident participation within retirement communities. This essay is based on a comparative examination of two major New Zealand retirement community organizations. The rhetorical and critical discourse analysis reveals the complexity of what `participation' means for the residents within the context of an institution that is in transition from a medicalized to a marketized model of service delivery. Through a close examination of these meanings, we offer new insights into issues of individual action and freedom within the frame of a market-driven and avowedly `customer-centred' organization and consequently suggest a reconsideration of participation in organizations in which clients are also `insiders'. (shrink)

The purpose of this paper is to provide a basis for a systematic development of signaling theory on CSR initiatives. The paper proposes signaling theory as a framework supportive of a strategic CSR approach; maps extant research on signaling through CSR initiatives; offers a comprehensive assessment of the most diffused CSR initiatives and discusses their eligibility as signaling devices; and outlines a research agenda to further develop and test signaling theory in business ethics. Specifically, the study reconsiders some key assumptions, (...) identifies key gaps in empirical validation, and proposes directions to extend multiple signal, signaling pattern, and target cases. (shrink)

Ethical consumerism theory aims to describe, explain, and evaluate the ways in which producers and consumers use the market to support social and environmental values. The literature draws insights from empirical studies of sectors that largely take place on the legal market, such as textiles and agri-food. This paper takes a first step toward theorizing ethical consumerism in semi-legal sectors where market activities occur legally and illegally. How does extant theory extend to sectors such as sex work, cigarettes, and recreational (...) drugs? This study draws on the case of recreational cannabis (marijuana) in Portland, OR (USA). Data from 33 interviews, structured fieldwork at 64 dispensaries, and the US Census Bureau American Community Survey are analyzed using qualitative, quantitative, and spatial methods. The findings are compared to 12 suggestions that emerge from the literature on fair trade, organics, alternative agriculture, and political consumerism. I argue that not all ethical consumerism theory extends to semi-legal sectors. Cannabis closely resembles theoretical expectations in terms of supply/demand, prioritization of ethical issues, and pervasiveness of false claims, but differs in terms of who organizes, which types of strategies are pursued, and how ethical products are framed. The differences stem from several pervasive stigmas about cannabis. I also argue that the stigmas that set cannabis apart from other (more legal sectors) and present challenges to ethical consumerism in cannabis are directly related to the War on Drugs. These insights suggest that prohibition (and its lingering effects) can inhibit the emergence of ethical consumerism. (shrink)

The rapid popularity of mobile shopping makes people’s lives more convenient, but it also makes it easier for customers to change providers. How to use marketing stimulus to retain customers has become an urgent concern for mobile sales companies. However, the theoretical researches in this field are not enough. For this reason, this study used the methods of literature review and structural equation to explore the effects of mobile marketing design factors on the continual intention of consumers in mobile shopping (...) by using the S-O-R model and its extended theories. The conclusions of the research showed that interface quality of mobile sales terminal and integrity of mobile sales terminal had significant positive impacts on consumption emotion; sales promotion in mobile sales terminal had a significant positive impacts on continual intention of mobile shopping; consumption emotion had a significant positive effect on continual intention of consumers in mobile shopping; consumption emotion played a significant mediating role in the relationship between interface quality of mobile sales terminal and continual intention of mobile shopping and between integrity of mobile sales terminal and continual intention of mobile shopping. The conclusions could not only enrich the theories of mobile shopping behavior but also provide guidance for companies to carry out mobile marketing activities and allocate marketing resources rationally. (shrink)

In this volume Donald Walker brings together Robert Clower's influential essays on monetary economics, grouping them so as to bring out clearly the development of Clower's thought. Among Clower's contributions are an important reinterpretation of Keynes' work, a fresh treatment of the nature of money, the formulation of a microeconomic approach to the understanding of monetary behaviour, and distinct insights on money supply-and-demand and inflation. The essays constitute a well-rounded treatment of the major problems in monetary economics, and the volume (...) as a whole demonstrates how the study of monetary economics may extend knowledge of short-run economic fluctuations and prove useful in developing policy options to ameliorate them. (shrink)

This research updates and significantly extends Akaah and Riordon’s (J Market Res 26:112–120, 1989 ) evaluation of ethical perceptions of marketing research misconduct among marketing research professionals. In addition to examining changes in perceptions toward key marketing research practices over time, we assess professionals’ judgments on the ethicality, importance, and occurrence of a variety of new marketing research ethics situations in both online and offline contexts. In a second study, we assess ethical judgments of the public at large using a (...) representative sample of US consumers—key stakeholders ignored in prior research on unethical marketing research practices. Generally speaking, disapproval of unethical research conduct has grown across the board in the last 20 years for both managers and marketing researchers. The same misconduct elicits a stronger disapproval in the online environment compared to the offline environment. Compared to marketing researchers, managers tend to think that unethical research conduct occurs more frequently. Those who conduct marketing research or use its findings (i.e., marketing researchers and managers) are less tolerant of unethical research conduct than the general public. (shrink)

The recent financial crisis and Great Recession have been compared to other historical moments during which significant shifts in regimes of market governance have occurred. Here, we engage with the pieces that follow in this special section of Politics & Society as we consider three dimensions along which global market governance might be transformed in the direction of greater democracy. First, given that problems of market governance often extend across national boundaries, enhanced intergovernmental coordination could play a key role in (...) promoting the public interest. Second, broader country representation would help to ensure that the interests of different national publics are more fully addressed. Third, wider social participation would expand the definition of the public interest at both the national and global levels, allowing a range of social groups to enhance the quality of their representation by governments and IGOs, and to engage more directly in the project of market governance. (shrink)

Under what conditions do motherhood penalties emerge in countries undergoing transition from state socialism to capitalism? This analysis identifies the ways managers in global financial firms employ gendered assumptions in constructing and implementing labor practices among highly skilled professional workers in Hungary. Relying on 33 in-depth interviews with employers as well as interviews with headhunting firms, labor and employment lawyers, and analysis of antidiscrimination cases brought before Hungary’s Equal Treatment Authority between 2004 and 2008, we identify several strategies global employers (...) use to shed, demote, and marginalize professional mothers. By demonstrating the salience of motherhood as a status characteristic in the postsocialist labor market, our work contributes to existing scholarship on motherhood penalties. Our work also extends this scholarship by showing how the salience of motherhood is strongly conditioned by state-level arrangements that shape the opportunity context in which employers design and carry out employment practices. (shrink)

The current global-justice literature starts from the premise that world poverty is the result of structural injustice mostly attributable to past and present actions of governments and citizens of rich countries. As a result, that literature recommends vast coercive transfers of wealth from rich to poor societies, alongside stronger national and international governance. Justice at a Distance, in contrast, argues that global injustice is largely home-grown and that these native restrictions to freedom lie at the root of poverty and stagnation. (...) The book is the first philosophical work to emphasize free markets in goods, services, and labor as an ethical imperative that allows people to pursue their projects and as the one institutional arrangement capable of alleviating poverty. Supported by a robust economic literature, Justice at a Distance applies the principle of noninterference to the issues of wealth and poverty, immigration, trade, the status of nation-states, war, and aid. (shrink)

Employment is critical for refugees’ positive integration into a receiving country. Enabling employment requires cross-sector collaborations, that is, employers collaborating with different stakeholders such as refugees, local employees, other employers, unofficial/official supporters, and authorities. A vital element of cross-sector collaborations is trust, yet the complexity of cross-sector collaborations may challenge the formation and maintenance of trust. Following a theory elaboration approach, this qualitative study with 37 employers and 27 support workers in Germany explores how employers’ experiences in cross-sector collaborations on (...) refugees’ labor market integration affect their trust in other stakeholders in this cross-sector space. Specifically, we explored employers’ perceptions of trust breaches, and how these perceptions affect their further engagement in cross-sector collaborations on refugee integration. Based on our findings, we propose a process model that describes how unmet collaboration expectations and negative assessments of collaborators’ attitudes and behaviors lead to perceived trust breaches which, in turn, lead to employers’ hesitancy to hire refugees and/or to engage in cross-sector collaborations. In doing so, we extend existing theory on trust within organizations to the cross-sector context of refugee integration, uncovering context-specific meanings to trustworthiness dimensions and illustrating how breaches of different trustworthiness dimensions can interact. Moreover, we show how social policies, resources, and trustors’ perceived vulnerability in collaborations shape their risk perceptions. This study highlights the central role of trust for refugee integration and illustrates how missing goals and process clarity endanger sustainable collaborations. (shrink)

Ethical corporate marketing—as an organisational-wide philosophy—transcends the domains of corporate social responsibility, business ethics, stakeholder theory and corporate marketing. This being said, ethical corporate marketing represents a logical development vis-a-vis the nascent domain of corporate marketing has an explicit ethical/CSR dimension and extends stakeholder theory by taking account of an institution’s past, present and (prospective) future stakeholders. In our article, we discuss, scrutinise and elaborate the notion of ethical corporate marketing. We argue that an ethical corporate marketing positioning is a (...) prerequisite for corporations which claim to have an authentic ethical corporate identity. Our article expands and integrates extant scholarship vis-a-vis ethical corporate identities, the sustainable entrepreneur and corporate marketing. In delineating the breadth, significance, and challenges of ethical corporate marketing we make reference to the BP Deepwater Horizon (Gulf of Mexico) catastrophe of 2010. (shrink)

This article presents a model for regulating cognitive enhancement devices. Recently, it has become very easy for individuals to purchase devices which directly modulate brain function. For example, transcranial direct current stimulators are increasingly being produced and marketed online as devices for cognitive enhancement. Despite posing risks in a similar way to medical devices, devices that do not make any therapeutic claims do not have to meet anything more than basic product safety standards. We present the case for extending existing (...) medical device legislation to cover CEDs. Medical devices and CEDs operate by the same or similar mechanisms and pose the same or similar risks. This fact coupled with the arbitrariness of the line between treatment and enhancement count in favour of regulating these devices in the same way. In arguing for this regulatory model, the paper highlights potential challenges to its implementation, and suggests solutions. (shrink)

An instrument of wealth accumulation and racial segregation in housing markets, the intersections between zoning and labor are often overlooked. Extending theories of space, race, and class, and drawing on historical and archival evidence, I elaborate three ways that American land-use zoning emerged to shape labor markets in the early 20th century: (1) zoning constrained households from engaging in subsistence and direct market activity, acting as a regulatory source of labor commodification; (2) zoning first emerged as a xenophobic (...) tool for regulating labor competition; and (3) zoning introduced racialized boundaries distinguishing formal work from a sphere of economic informality. I illustrate these theoretical-historical propositions with a study of the frontier origins of American land-use zoning laws in late-19th -century Los Angeles. This first and influential approach to residential zoning emerged amid racial dynamics of western settlement and the class politics of a national “free” labor market. I demonstrate how efforts to regulate the settlement and labor practices of poor urban households and Chinese immigrants on in Los Angeles became the direct legal basis for the dichotomous categories of “residential” and “industrial” districts that the city first defended before the U.S. Supreme Court in 1915. By theorizing the intersections of land-use zoning and labor markets, this paper provides a theoretical framework and historical genealogy for future work to consider entanglements of housing and labor politics amid the concurrent flexibilization of work and land use in the present. (shrink)

In the wake of the current financial crises triggered by risky mortgage-backed securities, the question of ethics and risk-taking is once again at the front and center for both practitioners and academics. Although risk-taking is considered an integral part of strategic decision-making, sometimes firms could be propelled to take risks driven by reasons other than calculated strategic choices. The authors argue that a firm's risk-taking propensity is impacted by its ethical climate (egoistic or benevolent) and its emphasis on output control (...) to manage its marketing function. The firm's long-term orientation is argued to moderate the control–risk propensity relationship. The authors also extend research on risk and performance and argue that the association of risk-taking propensity and firm performance is contingent on the ownership (publicly traded versus privately held) structure of the firm. Based on survey data from a sample of manufacturing industries in the United States, the results show significant impact of ethical climate and marketing output control on a firm's risk-taking propensity; also risk-taking propensity shows a stronger association with firm performance in privately held firms than in publicly traded firms. (shrink)

This paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund, which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the (...) paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case. (shrink)

When an individual is unable or unwilling to become a parent the natural way, he/she can avail of a surrogate mother. Furthermore, when the surrogate pregnancy takes place in a foreign country, the practice is popularly referred to as ‘surrogacy tourism’ or ‘birther tourism’, which is the main topic of this research. In contrast to existing research most of which is confined to the medical angle, here we look at how marketing makes surrogacy tourism more accessible but concomitantly promotes unwanted (...) ethical and marketing practices, even if inadvertently. On one hand, rigorous promotion of surrogacy tourism has successfully spread the word and has made such option available to individuals who would have otherwise been unaware of such opportunity. On the other hand, excessive marketing has resulted in unethical, illegal and in some cases, unhealthy medical practices in which, service providers, clinics and doctors often participate, but on which there appears to be scant research. This analysis, therefore, has two-fold implications: first, the findings can be extended to several other related professions, such as the medical community, administrators, law enforcement agencies and most importantly, potential ‘parents’; secondly, it can aid administrators and regulators tighten extant loopholes in the system, and thereby, provide a more robust and safer option for surrogate tourists. (shrink)

This discussion revises and extends Jonny Anomaly's ‘public goods’ account of public health ethics in light of recent criticism from Richard Dees. Public goods are goods that are both non-rival and non-excludable. What is significant about such goods is that they are not always provided efficiently by the market. Indeed, the state can sometimes realize efficiency gains either by supplying such goods directly or by compelling private purchase. But public goods are not the only goods that the market may fail (...) to provide efficiently. This point to a way of broadening the public goods account of public health to accommodate Dees' counterexamples, without abandoning its distinctive appeal. On the market failures approach to public health ethics, the role of public health is to correct public health-related market failures of all kinds, so far as possible. The underlying moral commitment is to economic efficiency in the sense of Pareto: if we can re-allocate resources in the economy so as to raise the welfare of some without lowering the welfare of any other, we ought to do so. (shrink)

The importance of organizational ambidexterity was stressed in different fields of management. This study was using a distinct method to measure the differences in the degree of ambidexterity to bridge the gap with the previous studies and to provide more insights in the successful management of exploitation and exploration. This study surveyed Taiwanese small and medium-sized enterprises to test the hypotheses. We issued 1000 questionnaires in total and received 234 valid ones. Results indicate exploitative and explorative capabilities exerting non-linear effect (...) on performance. Likewise, ambidexterity and its interaction with market orientation have positive influence on firm performance. This study used structural equation modeling to analyze data, as this approach is known to be particularly advantageous for the exploratory nature of this study. We also used hierarchical regression analysis to test interaction and moderating effects. The study contributes to the literature in two ways. First, we offer a clearer understanding of the complete concept of social capital, including inter-firm and intra-firm social capital, and how contributes to improving and extending existing exploitative capabilities. Second, this study outlines how market orientation can have different effects on an ambidextrous strategy that is adopted to improve Taiwanese SMEs performance. (shrink)

Although inclusion in formal value chains extends the prospect of improving the livelihoods of rural small-scale producers, such a step is often contingent on compliance with internationally-promoted food safety standards. Limited research has addressed the challenges this represents for small rural producers who, grounded in culturally-embedded food safety conceptions, face difficulties in complying. We address this gap here through a multiple case study involving four public school feeding programs that source meals from local rural providers in the Bolivian Altiplan. Institutional (...) logics theory is used to describe public food safety regulations and to compare them to food safety conceptions in the local indigenous Aymara rural setting. We identify a value-based conflict that leads to non-compliance of formal food safety rules that jeopardizes the participation of small farmers in the market. These include: partial adoption of formal rules; selective adoption of convenient rules; and ceremonial adoption to avoid compliance. Decoupling strategies allow local actors to largely disregard the formal food safety regulations while accommodating traditional cultural practices and continuing to access the market. However, these practices put the long-term sustainability of the farmers’ participation in potentially favorable opportunities at risk. (shrink)

Multi-level marketing companies such as Amway, Herbalife, or Tupperware differ from most other companies. They market their products and services by means of self-employed distributors who typically work from home, sell products to end consumers, and recruit, motivate, and educate new distributors to do the same. Although the industry’s growth seems to illustrate the attractiveness of MLMs, the industry has been facing several legal and ethical problems. In this paper, we focus on these problems and argue that an extended (...) MLM model may help us to understand why such problems continue to occur, despite the countermeasures that have been implemented. By explicating how problems relate to a specific but often overlooked characteristic of MLMs, i.e., the so-called distributor network, we provide an extended understanding of MLMs’ mode of operation, the sources of their legal and ethical problems, and the reason that currently implemented and suggested countermeasures may not suffice. Moreover, based on our extended understanding of MLMs and their problems, we propose additional countermeasures. (shrink)

We analyze the transition of central banks from lenders to market makers of last resort. The adoption of unconventional monetary policies characterizes this transition. In their new role as market makers, central banks engage in the latter by extending and reinforcing interventions in other markets than the traditional bank reserves market. We then explain that the difference between the two roles is one of degree rather than kind. In both cases, the prevention of liquidity shortages is a primary concern. (...) As conventional policies become inadequate, central banks resort to unconventional policies to escape a general liquidity shortage at the zero lower bound. However, these unconventional policies do not solve the structural problems in financial and real markets. Both conventional and unconventional monetary policies cause price distortions, in particular on asset markets. The policies of the market maker of last resort prevent necessary readjustments of cyclical divergences between real and financial markets. (shrink)

The article reconstructs, in economic terms, managerial business ethics perceptions in the Japanese consumer market for fast-moving daily consumption products. An economic, three-level model of moral agency was applied that distinguishes unintentional moral agency, passive intentional moral agency and active intentional moral agency. The study took a qualitative approach and utilized as empirical research design an interview procedure. The study found that moral agency of Japanese firms mostly extended up to unintentional and intentional passive moral agency. Certain myopic managerial (...) views were found to affect active moral agency. This leaves room for business ethics program that aim at the development of active moral agency. (shrink)

The present study extends the study of individuals' ethical ideology withinthe context of marketing ethics issues. A national sample of marketing professionals participated. Respondents' ethical ideologies were classified as absolutists, situationists, exceptionists, or subjectivists using the Ethical Position Questionnaire (Forsyth, 1980). Respondents then answered questions about three ethically ambiguous situations common to marketing and sales. The results indicated that marketers' ethical judgments about the situations differed based on their ethical ideology, with absolutists rating the actions as most unethical. The findings (...) are consistent with those of two earlier studies that utilized samples of business students (Barnett et al., 1994, 1995). The results suggest that personal moral philosophy is an important influence on ethical decision making that should be considered in empirical studies of business ethics. The results also support the utility of the Ethical Position Questionnaire (Forsyth, 1980) as a means for researchers and practitioners to assess individuals' ethical ideology. (shrink)

With the high frequency and intensity of worldwide disasters, cause-related marketing campaigns with sudden disasters are becoming increasingly popular. However, little is known about whether and how cause acuteness may influence consumer attitudes. This research aims to extend this research area through investigating the relationship between cause acuteness and consumer attitudes toward the product, as well as its underlying mechanism and boundary conditions. Based on a moral psychology perspective, we propose a theoretical model focusing on the mediating role of moral (...) elevation in influencing consumer attitudes. This model also incorporates product-cause fit and information transparency as moderators underpinning necessary conditions that are likely to lead to positive consumer attitudes. Four empirical studies were conducted to test our model. Our research results reveal that consumers have more positive attitudes toward the product associated with a sudden disaster than with an ongoing tragedy. Furthermore, the positive effect of cause acuteness on consumer attitudes is mediated by enhanced moral elevation, which occurs under the conditions of high product-cause fit and high information transparency. (shrink)

In this article, we explore how digital marketers think about marketing in the age of Big Data surveillance, automatic computational analyses, and algorithmic shaping of choice contexts. Our starting point is a contradiction at the heart of digital marketing namely that digital marketing brings about unprecedented levels of consumer empowerment and autonomy and total control over and manipulation of consumer decision-making. We argue that this contradiction of digital marketing is resolved via the notion of relevance, which represents what Fredric Jameson (...) calls a symbolic act. The notion of the symbolic act lets us see the centering of relevance as a creative act of digital marketers who undertake to symbolically resolve a contradiction that cannot otherwise be resolved. Specifically, we suggest that relevance allows marketers to believe that in the age of surveillance capitalism, the manipulation of choice contexts and decision-making is the same as consumer empowerment. Put differently, relevance is the moment when marketing manipulation disappears and all that is left is the empowered consumer. To create relevant manipulations that are experienced as empowering by the consumer requires always-on surveillance, massive analyses of consumer data and hyper-targeted responses, in short, a persistent marketing presence. The vision of digital marketing is therefore a fascinating one: marketing disappears at precisely the moment when it extends throughout the life without limit. (shrink)

Many firms are striving to improve their environmental positions by presenting their environmental efforts to the public. To do so, they are applying green marketing strategies to help gain competitive advantage and appeal to ecologically conscious consumers. However, not all green marketing claims accurately reflect firms’ environmental conduct, and can be viewed as ‘greenwashing’. Greenwashing may not only affect a company’s profitability, but more importantly, result in ethical harm. Therefore, this research extends past greenwashing studies by examining additional influences on (...) and outcomes of perceived greenwashing. To do so, we conducted two studies, an interview study with consumer product and consulting firms, as well as an experiment examining consumers interacting with a company website. For these studies, we used multiple methods, including interviews, questionnaires, and neurophysiological techniques. We found that perceived greenwashing relates not only to environmental and product perceptions, but also to consumers’ happiness while interacting with the website. We also found that website interactivity relates to perceived greenwashing, environmental and product perceptions, and to the amount of interaction with the website. We conclude by discussing managerial and ethical implications for research and practice. (shrink)

In 2016, summarily outlawing all chemical inputs, the Indian state of Sikkim transitioned to completely organic agriculture. Despite “organic discontents” of farmers and citizens about autocratic implementation, lowered yields, and unsatisfactory prices, “Sikkim Organic” enjoys global accolades and local compliance. The paradox of alternative agriculture in the Global South is that it is often promoted by the same state-science-capital hegemonic formation that pushed the conventional paradigm. How has the Sikkimese state negotiated this paradox and continued to claim success, when other (...) radical state-led organic transformations have failed? Recent scholarship advocates for contextual definitions of organic success, beyond the parameters of yield and profit. They examine the socio-political concerns of farmers, middlemen and consumers that shape their engagement with the phenomenon. This lens is seldom applied to the state. Drawing on ethnographic conversations with farmers, local consumers, state officials and discourse analysis of governmental literature and speeches, this article analyzes the Sikkimese state’s efforts at consolidating its hegemony as a process of political brand-building. Highlighting the cultural aspects of policy implementation, it analyzes the affective resonances about traditional agrarian practices and about the morality of organic markets that the state discursively creates to support its organic regime. This extends the critique of the state beyond the focus on governmentality and neoliberalization through state-led certification/standardization. The article neither absolves the state of its failures nor dismisses the potential of progressive organic policies. It shows the significance of contextual cultural-political framings in determining outcomes of large-scale experiments towards sustainable agrarian futures. (shrink)

This study extends the theory of planned behavior framework by introducing three further variables to explain how behavioral intention and actual behavior are induced by situational factors as well as green advertising from the company. Then, this study has four objectives. First, this study will assess the direct effect of personal factors and contextual factors on learning experience and the direct effect of personal factors on subjective norms. Second, this study will assess the direct effect of learning experience on social (...) cognitive factors for a specific green product. Third, this study will assess the direct effect of social cognitive factors on intention purchasing behavior. Finally, this study will assess the role of green marketing as a moderating variable for the relationship between intention and purchasing behavior. Data used in this study were primary data, which were collected through closed questionnaires with a five-point Likert scale. This study succeeded in obtaining 602 valid data from the results of filling out questionnaires by participants. This study uses the partial least square method with SmartPLS 3.0 for data processing. The result of data processing indicated that outcome expectation, self-efficacy, and subjective norms had significant positive effects on purchase intention for green personal care products. This study also found that the learning experience influenced both outcome expectation and self-efficacy. Although weak, the learning experience was influenced by demographic factors and contextual factors. The demographic factors that affect learning experience were gender and level of education. The contextual factor has a more substantial influence on learning experience in developing consumption-related attitudes to green personal care products than the demographic factor. Finally, this study also found the direct effect of intention on actual purchase behavior and the positive role of green marketing as the moderating variable. (shrink)

Against the idea that market economy is something greedy and immoral, we will set out the idea that market economy based on firms has a very positive moral content: the possibility of excellence of human action. Firms based on people acting together, sharing the culture of the organization, toward virtue-based ethics, create and distribute most of the economy’s wealth, innovate, trade and raise living standards. We will present a criterion which states that social coordination improves if the process of creation (...) of individual possibilities of action, which is carried out in the social institutions—in our case, the firm—is extended. There is a retention of possibilities that is formed in the institutions and transmitted culturally. In that moment entrepreneurship emerges, the creative tension that expands, maintains, or diminishes the possibilities of action. Hence, the firm is the institution that carries out a very important practice: fostering new possibilities of individual action. In this paper, we will adopt the point of the view of the acting person. The reality we observe is personal action within its cultural and institutional dimensions. A theory of personal action in societal institutions bridges the way from virtue-based ethics toward ethics of institutions. (shrink)

À quoi attribuer le succès médiatique de Sartre à Montréal en mars 1946 ? Quelles furent les conditions de la réception de cette philosophie dans la culture québécoise ? Cette étude montre que le succès médiatique de Sartre est rendu possible principalement par l’action de journalistes et de critiques littéraires qui exploitèrent les thématiques de la philosophie sartrienne en vue d’ouvrir le climat intellectuel québécois et d’accroître leur pouvoir dans le champ intellectuel.What contributed to Sartre’s Montreal media success of March (...) 1946 ? What conditionned the enthusiastic reception of Sartre’s philosophy ? This study shows that journalists and literary critics were largely responsible for the French philosopher’s media success. They used Sartre’s philosophy for the purpose of expanding the cultural climat while extending their own power base within Quebec’s intellectual life. (shrink)

Recently, some authors have claimed that, from a republican perspective, market relations are dominating. However, _prima facie_, this idea does not fit within the (neo-)republican conceptualization of domination, which models domination on the master-slave relation. The aim of this article is to twofold. First, I try to argue that market relations can be seen as dominating. Second, I attempt to show that this can be done through an extension of the (neo-)republican conceptualization of domination. I try to achieve this by (...) comparing the master-slave relation with the accounts of those authors who maintain that market relations entail domination. This comparison reveals that there are fundamental similarities between the master-slave relation and the dynamics within market relations that are identified as dominating. What they have in common is the specific harm of domination, which I call the ‘logic of domination’. However, where the master-slave relation and market relations diverge is in the characteristics of the relation that causes the logic of domination to materialize. I argue that Pettit’s concept of discursive control allows us to extend his account of domination in such a way that we can conceive of market relations as dominating. (shrink)

Originally published in 1987, Colin Campbell’s classic treatise on the sociology of consumption has become one of the most widely cited texts in sociology, anthropology, cultural studies, and the history of ideas. In the thirty years since its publication, The Romantic Ethic and the Spirit of Modern Consumerism has lost none of its impact. If anything, the growing commodification of society, the increased attention to consumer studies and marketing, and the ever-proliferating range of purchasable goods and services have made Campbell’s (...) rereading of Weber more urgent still. As Campbell uncovers how and why a consumer-oriented society emerged from a Europe that once embodied Weber’s Protestant ethic, he delivers a rich theorization of the modern logics and values structuring consumer behavior. This new edition, featuring an extended Introduction from the author and an Afterword from researcher Karin M. Ekström, makes clear how this foundational work aligns with contemporary theory in cultural sociology, while also serving as major influence on consumer studies. (shrink)

This article seeks to subject Fred Block and Margaret Somers’ influential reconstruction of Karl Polanyi’s The Great Transformation to a systematic review. I show that Block & Somers’s central claim—that Polanyi’s thinking underwent a “theoretical shift” as he wrote his seminal book—is not supported by archival evidence. I demonstrate that all the narrative keys that Block & Somers advance to lend plausibility to their discovery of a “theory of the always-embedded market economy” in The Great Transformation, wither under critical probing. (...) While this article does not advance a comprehensive alternative reconstruction of Polanyi’s main work, the essential continuities it uncovers in his social thought suggest that Polanyi’s book is best understood as the culmination of his long-standing efforts to rebuild a radically transformative socialism on non-Marxist foundations. The recognition that Polanyi’s political purposes extend far beyond regulated capitalism or social-democracy, I conclude, makes it possible—and indeed necessary—to read The Great Transformation as an internally coherent work of social theory. (shrink)