ABSTRACTThe health‐care reform promised by the Patient Protection and Affordable Care Act of March 2010 continues our dependence on a central feature of the American health‐care system: employer‐sponsored insurance . In this article I will criticize the assumptions regarding market and welfare concerns on which this dependence is based and argue that efforts to mandate ESI ignore both the dynamics of the employment relation and the nature of health‐care needs. A comparison between investing in employee education and investing in employee (...) health will reveal the pragmatic challenges to ESI and the covert appeal to employer beneficence on which ESI rests. This paper argues that relying on ESI to guarantee appropriate care for a significant segment of the population is undesirable and unsustainable from both market and moral perspectives. (shrink)

It has often been remarked that the most eloquent tribute ever paid to the incomparable effectiveness of capitalist social arrangements as means for achieving economic growth was that of the Communist Manifesto. Yet it is rather rare to notice that neither Marx nor Engels, either there or elsewhere, either asks or attempts to give an answer to a question which, to anyone proposing to revolutionize these arrangements, ought to have appeared crucial: namely, “What was the secret, and how shall we (...) ensure that, under our proposed alternative arrangements, that secret is not lost?”. (shrink)

This essay attempts to clarify the distinction between property and sovereignty, and to bring out the importance of that distinction to a liberal nationalism. Beginning with common intuitions about what distinguishes our rights to our possessions from the state's rightful governance over us, it proceeds to explore some historical sources of these intuitions, and the importance of a sharp distinction between ownership and governance to the rise of liberalism. From here, the essay moves into an exploration of group ownership, and (...) the ways in which group ownership can in practice turn into an illiberal kind of sovereignty The point is to shed new light on problems that nationalist states — states purporting to represent or foster a particular group identity — characteristically face. Examples of these problems, from the Israel/Palestine conflict, are put forth in the conclusion. (shrink)

This paper explores the presence of both relativistic and universalistic elements in Adam Smith’s moral philosophy. It argues that Smith is more sympathetic to the concerns of anthropologists than most philosophers have been, but still tries to uphold the possibility of moral judgments that transcend cultural contexts. It also argues that the tensions between these aspects of his thought are not easy to resolve, but that Smith’s sensitivity to the issues that give rise to them makes him a useful figure (...) with whom to think through the relationship between anthropology and moral philosophy to this day. (shrink)

The purpose of this response piece is to summarize what is meant by “critical religion” as a contribution to the ongoing debates within the discipline, and specifically in relation to critical research on religion.

Political oeconomy in the 18th century operated in the absence of the conception of an autonomous social order articulated in the later concepts of `the economy' and `society'. Without a self-sustaining mechanism oriented to stability and endogenous economic growth, national prosperity and social order were assumed to depend upon the detailed interventions in economic life that are characteristic of mercantilism and the police of the poor. Smith's theory that autonomous economic growth underpinned a stable order of social interdependencies based upon (...) the division of labour allowed him to move beyond or modify these assumptions. It freed him from the ideas that constant interference in the relationship between agriculture and manufacturing was necessary in order to guarantee food security and that social order and national prosperity depended upon enforcing constraints upon the interests of wage earners. (shrink)

As the second part of a research agenda addressing the idea and meaning of Sustainable Development, this paper responds to the challenges set in the first paper. Using a Foucaudian perspective, we uncover and highlight the importance of discourse in the development of societal context which could lead to the radical change in our epistemological thought necessary for Sustainable Development to reach its potential. By developing an argument for an epistemological change, we suggest that business organizations have an ethical responsibility (...) towards revaluating Sustainable Development, leading to a discourse based on an integrated inclusive process of celebrating diversity in all its forms. The paper goes on to explore the argument for such a change. This exploration is based on three issues: the notion of over simplification in the promotion of development; the idea of an imbalance in the interaction of business and government operating in the larger context of society; and the notion of increasing responsibility with increasing influence in terms of the business organization within society. Having established the argument for an ethical choice by business organizations, we then reflect on how such a change could be incorporated into an organization. (shrink)

Karl Marx and John Stuart Mill supported Abraham Lincoln against what they called the “Slave Power”. Both thinkers fought for the abolition of slavery, and backed the Union in the American Civil War. Marx spread out his opinions on the war and the future social and political changes in several newspapers, while Mill was active trying to persuade the English public realm to prevent England from joining the South. Both shared an historical vision of the future in which human progress (...) was attached to the United States. However, the aims of both thinkers differed in other grounds. Mill was interested in the moral regeneration of American society whereas Marx focused in instilling the revolutionary desire for emancipation among the working classes, starting in the United States. (shrink)

Although Hegel is increasingly recognized as an important figure in the history of political economy, his economic views are never strictly economic. In contrast to other modern thinkers, his primary concern is not the economic efficacy of different practices or institutions but the extent to which they enable and promote the development of human freedom. In this article, I argue that Hegel's pioneering critique of modern liberal economy plays out simultaneously at a more empirical level, corresponding to the properly economic (...) dimension of his analysis, and at a deeper, logical level, which grounds and guides his position. Moreover, I argue that the tendency to favour the first of these levels, found in most of the literature on Hegel's economic thought, reduces the Philosophy of Right's main argument to a more or less vigorous plea for economic interventionism. Against this kind of reading, I show that a renewed focus on the text's logical structure reveals a different and more radical philosophical proposition, which has yet to be fully acknowledged. In particular, I argue that Hegel's dialectical logic leads him beyond the liberalism‐interventionism debate, towards a qualitatively different conception of social and economic relations. (shrink)

Although Hegel is increasingly recognized as an important figure in the history of political economy, his economic views are never strictly economic. In contrast to other modern thinkers, his primary concern is not the economic efficacy of different practices or institutions but the extent to which they enable and promote the development of human freedom. In this article, I argue that Hegel's pioneering critique of modern liberal economy plays out simultaneously at a more empirical level, corresponding to the properly economic (...) dimension of his analysis, and at a deeper, logical level, which grounds and guides his position. Moreover, I argue that the tendency to favour the first of these levels, found in most of the literature on Hegel's economic thought, reduces the Philosophy of Right's main argument to a more or less vigorous plea for economic interventionism. Against this kind of reading, I show that a renewed focus on the text's logical structure reveals a different and more radical philosophical proposition, which has yet to be fully acknowledged. In particular, I argue that Hegel's dialectical logic leads him beyond the liberalism-interventionism debate, towards a qualitatively different conception of social and economic relations. (shrink)

Although Hegel is increasingly recognized as an important figure in the history of political economy, his economic views are never strictly economic. In contrast to other modern thinkers, his primary concern is not the economic efficacy of different practices or institutions but the extent to which they enable and promote the development of human freedom. In this article, I argue that Hegel's pioneering critique of modern liberal economy plays out simultaneously at a more empirical level, corresponding to the properly economic (...) dimension of his analysis, and at a deeper, logical level, which grounds and guides his position. Moreover, I argue that the tendency to favour the first of these levels, found in most of the literature on Hegel's economic thought, reduces the Philosophy of Right's main argument to a more or less vigorous plea for economic interventionism. Against this kind of reading, I show that a renewed focus on the text's logical structure reveals a different and more radical philosophical proposition, which has yet to be fully acknowledged. In particular, I argue that Hegel's dialectical logic leads him beyond the liberalism‐interventionism debate, towards a qualitatively different conception of social and economic relations. (shrink)

Although Hegel is increasingly recognized as an important figure in the history of political economy, his economic views are never strictly economic. In contrast to other modern thinkers, his primary concern is not the economic efficacy of different practices or institutions but the extent to which they enable and promote the development of human freedom. In this article, I argue that Hegel's pioneering critique of modern liberal economy plays out simultaneously at a more empirical level, corresponding to the properly economic (...) dimension of his analysis, and at a deeper, logical level, which grounds and guides his position. Moreover, I argue that the tendency to favour the first of these levels, found in most of the literature on Hegel's economic thought, reduces the Philosophy of Right's main argument to a more or less vigorous plea for economic interventionism. Against this kind of reading, I show that a renewed focus on the text's logical structure reveals a different and more radical philosophical proposition, which has yet to be fully acknowledged. In particular, I argue that Hegel's dialectical logic leads him beyond the liberalism‐interventionism debate, towards a qualitatively different conception of social and economic relations. (shrink)

The target article draws on evolutionary theory to formulate a biosocial model of sex differences in quantitative abilities. Unfortunately, the data do not support some of the crucial hypotheses. The male advantage in geometry is not appreciably greater than the male advantagi in algebra, and the greater male variability in mathematics cited by Gear is not cross-culturally invariant.

A number of multinational enterprises have come under ethical scrutiny over the recent decades. In some cases, this may be due to a lack of maturity of corporate moral reasoning. The article is based on a framework developed by Lawrence Kohlberg. He suggested three main stages of moral development: They are (1) pre-conventional moral reasoning, (2) conventional and (3) post-conventional moral reasoning. The article places different approaches to business ethics into the framework developed by Kohlberg. It is argued that the (...) first two stages form an insufficient basis for ethical guidance for multinational organizations. Five post-conventional ethical perspectives are presented to assist MNC's in their analysis in order to uncover the possible dilemmas, to avoid harming others and also to avoid costly embarrassment at the hands of critics. (shrink)

Immanuel Kant e Adam Smith foram dois filósofos historicamente próximos, afinal, foram dois pensadores modernos de reconhecida importância. Além da proximidade temporal, Adam Smith foi amigo pessoal e interlocutor daquele que foi o filósofo que, possivelmente, mais impressionava Kant, a saber, David Hume. Não é então de se estranhar que existam pontos de contato entre as obras de Kant e Smith, a menos que nos esqueçamos que, além de ser um pioneiro da ciência econômica, Smith foi também um importante filósofo (...) moral. Essa mera possibilidade de uma relação é reforçada por registros da admiração de Kant por Smith em escritos não publicados do primeiro. Dado o apreço de Kant pela investigação de Smith sobre o conhecimento moral do homem, este trabalho explora um paralelo entre o modo como Smith compara a virtude da justiça à virtude da beneficência na obra A Teoria dos Sentimentos Morais e o modo como Kant distingue os deveres jurídicos dos deveres éticos ou de virtude em sua Metafísica dos Costumes. A hipótese que temos em vista é que Smith poderia ter apresentado a Kant o conhecimento moral comum que haveria de ser formulado em princípios metafísicos por Kant. Na verdade, mais do que sabermos se foi de Smith que Kant retirou distinções e análises conceituais tão caras a sua própria filosofia moral, importa exatamente notar como o pensamento dos dois filósofos poderia bem guardar a referida relação um para o outro, de tal forma que um possa ser usado para iluminar o outro. (shrink)

Governance theories impact how corporations are run, which in turn impacts societal well-being. This dynamic is commonly accepted, as evidenced by the flood of articles exploring the links between corporate governance and corporate social responsibility. This article supplements current corporate governance theories with Catholic social thought to address burgeoning societal issues such as the increasing trust gap, income inequality, and an overemphasis on financial compensation as the primary way to motivate senior managers. The authors propose a shift away from agency (...) theory and stakeholder theory, both of which, with their limited depictions of the motivations of managers, have contributed to excessive executive compensation. Instead, the authors develop an alternative—justice stewardship theory—which integrates organizational justice theory, the principles of stewardship theory, and the insights of 150 years of CST. (shrink)

In this comparative analysis of the UK and Sweden, we consider, if inherited wealth is most deserving of redistributive taxation, then what lessons, if any, may be learned from the difficult paths faced by this tax in these countries. We conclude that the political momentum behind the Swedish family business was distinct, and, possibly, capable of travel to the UK. The research for this article is part of the FairTax EU project, which is funded by the European Union’s Horizon 2020 (...) research and innovation programme 2014-2018, grant agreement No. FairTax 649439. (shrink)

Analyses of bodies of data usually omit some relevant studies. Geary omits some studies looking at functional correlates of basic biological data, studies of developmental implications for functioning, and the recent achievement of acceleration of cognitive development.

The primary thesis of this article is that the rights and powers of corporations--to collect, recombine, and resell personal data--have accrued in such a way as to fundamentally circumvent traditional and conventional conceptions of privacy, especially with respect to the sphere of informational privacy. In so doing, informational capitalism has also altered in fundamental ways the public and social sphere itself, the sphere through which one might expect these corporate forces and uses of technology to be controlled.

The essay aims to show how business ethics—understood as a three-level approach—can strengthen the social cohesion of a society, which is jeopardized today in many ways. In the first part, the purpose of business and the economy is explained as the creation of wealth defined as a combination of private and public wealth that includes natural, economic, human, and social capital. Special emphasis is placed on the implications of the creation of public wealth which requires institutions other than the market (...) and motivations other than self-regarding ones. In the second part, the question of what holds a society together is discussed through different approaches: enlightened self-interest, a new game-theoretical approach, and the concept of the common good advanced by Catholic Social Teaching, followed by my own proposal. The third part presents several perspectives for business ethics to strengthen social cohesion of a society by focusing on the purpose of business and the economy to create natural, economic, human, and social capital; by advancing public goods that stand the test of ethical scrutiny; and by securing human rights conceptualized as public goods. (shrink)

This article reconstructs Adam Smith’s contribution to the conversation on the nature and value of free government in the eighteenth century. Smith contributes to this conversation in two ways. First, by embedding the idea of free government in a narrative of the progress of government, which traces the interplay between natural progress and social circumstances, and culminates in the establishment of modern free government in Britain. Second, by offering a theory of the form of free government fit for modern commercial (...) states. Drawing on the “rational system of liberty” established in Britain, the Smithian model of free government is based on a “happy mixture” of republicanism and monarchism. Looking beyond the rational system, it merges the traditional concern for constitutional security against arbitrary power with a new science of policy intended to moderate the oppressive inclinations of legislators. The article contests Duncan Forbes’ reading of Smith as questioning the relation between individual liberty and free government, and brings Smith closer to Quentin Skinner’s work on the neo-Roman understanding of liberty. It suggests that Smith’s work may offer insight into some of the ways in which neo-Roman ideas were being creatively reformulated in the eighteenth century. (shrink)

Although it may seem from its formalism that game theory must have sprung from the mind of John von Neumann as a corollary of his work on computers or theoretical physics, it should come as no real surprise to philosophers that game theory is the articulation of a historically developing philosophical conception of rationality in thought and action. The history of ideas about rationality is deeply contradictory at many turns. While there are theories of rationality that claim it is fundamentally (...) social and aims at understanding and molding all facets of human psychological life, game theory takes rationality to be essentially located in individuals and to concern only the means to achieve predetermined ends. Thus, there are some thinkers who have made important contributions to this history who do not appear in the story of game theory at all, among them, Plato, Kant, and Hegel. There is, however, a clear trail to follow linking theories of instrumental rationality from Aristotle to the nineteenth-century marginalist economists and ultimately to von Neumann and Morgenstern and contemporary game theorists, that historically grounds game theory as a model of rational interaction. (shrink)

This article aims to challenge the idea of a ‘balance’ between security and liberty. Set against the background of ever greater demands for security, the article argues that the idea of balance is an essentially liberal myth, a myth that in turn masks the fact that liberalism's key category is not liberty, but security. This fact, it is suggested, undermines any possibility of liberalism challenging current demands for greater security, as witnessed by the thoroughly authoritarian ‘concessions’ to security by some (...) contemporary liberals. More ambitiously, the article also suggests that attempts to develop a ‘radical’ politics of security are misplaced, and that what is needed is more a political critique of the concept. (shrink)

Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the boundaries of the (...) study object of economics have been expanded since today’s mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues. (shrink)

This study investigates measurement invariance of the 17-item-4-factor Love of Money Scale across gender and college major among university students in People’s Republic of China. Results revealed configural invariance across gender. Metric invariance across gender was not achieved based on chi-square change, but achieved based on fit indices change between unconstrained and constrained multi-group confirmatory factor analysis. Both configural invariance and metric invariance were achieved across college major. Results of this study suggest that the Love of Money Scale, developed in (...) the U.S., has achieved measurement invariance in this student sample in China. Future researchers will have some confidence in using this measurement when they examine the love of money in Chinese management and organizational studies. (shrink)

For years business ethics has limited the moral duties of enterprises to negative duties. Over the last decade it has been argued that positive duties also befall commercial agents, at least when confronted with large scale public problems and when governments fail. The argument that enterprises have positive duties is often grounded in the political nature of commercial life. It is argued that agents must sometimes take over governmental responsibilities. The German republican tradition argues along these lines as does Nien-Hé (...) Hsieh. Agents in commercial life are bound by positive duties because at some point they become citizens that must take on the responsibilities of the state. In this paper we leave undisputed the claim that corporations must acknowledge positive duties. However, we demonstrate that the political grounding fails, at least in the sense that this theory insufficiently acknowledges a long standing liberal tradition that vindicates apolitical markets and clear borderlines between politics and economics. We carve out an alternative route to the grounding of one specific positive duty—the duty to further justice. Our argument is based on the moral nature of commercial agents and tries to demonstrate that the duty to further justice ensues from liberalism. Taking a Kantian perspective, it conceptualizes the duty to further justice as a moral duty, orientated toward the political domain. It is grounded in the obligation to attain moral autonomy in the civil condition. (shrink)

Transparency is a crucial condition to implement a CSR policy based on the reputation mechanism. The central question of this contribution is how a transparency policy ought to be organised in order to enhance the CSR behaviour of companies. Governments endorsing CSR as a new means of governance have different strategies to foster CSR transparency. In this paper we discuss the advantages and disadvantages of two conventional policy strategies: the facilitation policy and the command and control strategy. Using three criteria (...) (efficiency, freedom and virtue) we conclude that both strategies are defective. Most attention is paid to the facilitation strategy since governments nowadays mainly use this. In evaluating this strategy we analyse the Dutch case. As an alternative we introduce a third government policy: the development of a self-regulating sub-system. By construing an analogy with the historical development of corporate financial disclosure, we point out that the vital step in the creation of a self-regulating subsystem is the creation of strong informational intermediate organisations. (shrink)

This paper argues that, in light of the apparent settled nature of economists’ judgement on the issue of trade liberalization, the profession has stopped thinking critically about the question and, as a consequence, makes poor-quality arguments justifying their consensus. To develop support for this claim, the paper first recounts what economic analysis can say about trade liberalization. Then it analyses the quality of the arguments that economists make in support of free trade. The paper argues that the standard argument made (...) by economists in favour of free trade is either incoherent or implicitly imposes philosophical value judgements about what is good for a nation or society, or it makes leaps of empirical faith about how the world works. The paper concludes with suggestions for better arguments. View HTML Send article to KindleTo send this article to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle. Find out more about sending to your Kindle. Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply. Find out more about the Kindle Personal Document Service.DECONSTRUCTING THE ARGUMENT FOR FREE TRADE: A CASE STUDY OF THE ROLE OF ECONOMISTS IN POLICY DEBATESVolume 28, Issue 1Robert Driskill DOI: https://doi.org/10.1017/S0266267112000090Your Kindle email address Please provide your Kindle [email protected]@kindle.com Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Dropbox To send this article to your Dropbox account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox. DECONSTRUCTING THE ARGUMENT FOR FREE TRADE: A CASE STUDY OF THE ROLE OF ECONOMISTS IN POLICY DEBATESVolume 28, Issue 1Robert Driskill DOI: https://doi.org/10.1017/S0266267112000090Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Send article to Google Drive To send this article to your Google Drive account, please select one or more formats and confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive. DECONSTRUCTING THE ARGUMENT FOR FREE TRADE: A CASE STUDY OF THE ROLE OF ECONOMISTS IN POLICY DEBATESVolume 28, Issue 1Robert Driskill DOI: https://doi.org/10.1017/S0266267112000090Available formats PDF Please select a format to send. By using this service, you agree that you will only keep articles for personal use, and will not openly distribute them via Dropbox, Google Drive or other file sharing services. Please confirm that you accept the terms of use. Cancel Send ×Export citation Request permission. (shrink)

In contrast to many aspects of the social responsibility of business, CSR scholarship has been largely silent on the issue of the payment of corporate tax. This is curious because such tax payments are often considered a fundamental and easily measured example of a company’s citizenship behavior. However, because the payment of corporate tax can often be legally avoided, this activity represents a boundary condition for CSR. If the law and CSR suggest that a company should pay its fair share (...) of tax, yet many successful companies actively avoid this social obligation, should they be considered socially irresponsible. This paper explores the issue of tax avoidance and the implications it has for any credible definition and measure of CSR. It also highlights an aspect of corporate practice that is deliberately hidden from public view. (shrink)

This commentary focuses on one of the many issues raised in Geary's target article: the importance of gender differences in spatial ability to gender differences in mathematics. I argue that the evidence for the central role of spatial ability in mathematical ability, or in gender differences in it, is tenuous at best.

In his posthumously published lectures, Politics in Commercial Society, István Hont argues that Jean-Jacques Rousseau and Adam Smith should be understood as theorists of commercial society. This article challenges Hont’s interpretation of both thinkers and shows that some of his key claims depend on conflating the terms ‘commercial society’ and ‘commercial sociability’. I argue that, for Smith, commercial society should not be defined in terms of the moral psychology of commercial sociability, before questioning Hont’s Epicurean interpretation of Smith’s theory of (...) sociability. I then turn to Rousseau and outline some of the difficulties involved with classifying him as a theorist of commercial society, the most important of which is that he often appeared to be more deeply opposed to commercial progress than Hont suggests. I conclude by highlighting some of the most salient differences between Rousseau’s and Smith’s views of the politics of eighteenth-century Europe. (shrink)

Bentham and J. S. Mill can be regarded as utilitarian tax-reformers distinguished from political economists who were simply averse to taxation. The purpose of this paper is to elucidate the difference between Bentham's and Mill's tax reform programmes. Bentham proposed the law of escheat and a tax on bankers' and stock dealers' profits, subject to the principle of least sacrifice of enjoyment. He also planned to correct the inequality of the land tax by extending it into a general income tax. (...) Mill proposed an income tax on the basis of the principle of equal sacrifice of enjoyment. He also proposed a progressive inheritance tax and a variable land tax, regarding unearned income as a fit subject for a special tax. Consequently, Mill used Bentham's ideas and tools to take a step towards a more egalitarian programme. (shrink)

In this article it is argued that there are notable parallels between all of the different strands within ethics on the one hand, and accountancy on the other that, in teaching, can be drawn upon to enhance students’ understanding of the latter. Accountancy, part of economics, draws on utilitarian ethics, but not solely so. Accounting, in addition, draws on deontological and communitarian strands in ethics. The article suggests that the teaching of accounting – especially to non-economists – would benefit substantially (...) from highlighting and developing these parallels. (shrink)

The principle of limited liability is one of the defining characteristics of modern corporate capitalism. It is also, we argue in this article, a powerful structural source of moral hazard. Engaging in a double conceptual genealogy, we investigate how the concepts of moral hazard and limited liability have evolved and diffused over time. We highlight two parallel but unconnected paths of construction, diffusion, moral contestation, and eventual institutionalization. We bring to the fore clear elective affinities between both concepts and their (...) respective evolution. Going one step further, we suggest that both concepts have come to be connected through time. In the context of contemporary capitalism, limited liability has to be understood, we argue, as a powerful structural source of moral hazard. In conclusion, we propose that this structural link between limited liability and moral hazard is an important explanatory factor of the systemic instability of contemporary capitalism and, as a consequence, of a pattern of recurrent crises that are regularly disrupting our economies and societies. (shrink)

Morality and business ethics are topics facing increased attention in modern management, yet they tend to be looked at only in relation to external relationships. However one of the most important contributions to management practice and theory (human relations) was built upon a sociological theory that was totally concerned with morality. That sociological theory was borrowed by Mayo (the father of human relations) without reading the original theory; consequently he missed the real point that the theory made, i.e. a common (...) morality embracing everyone was necessary to maintain order and social cohesion. Such a morality was only possible when we realised our social dimension through continuous contact with each other. Moral man had to be social man; occupational groups were a way of attempting to achieve this. Yet morality is a dimension of group dynamics and management training rarely mentioned, partly through ignorance, partly through a fear of what discussions of morality might lead on to, and partly through a structural blindness to non-operational problems. (shrink)

Democracy is in serious difficulties. Three features of the crisis stand out. First is the dominant culture of disillusionment in democracy, which transpires as the mistrust in constitutionalist institutions and values. Second, political authority, both at domestic and international levels, is largely substituted by the rule of non-transparent and unpredictable social powers. Third, democratic states are deprived of much of their capacity to govern, but they retain a non-negligible capacity to coerce.The article is structured as follows. Section I introduces Karl (...) Polanyi’s concept of embeddedness and juxtaposes it to the theoretical defense of market disembeddedness advanced by the classical political economy. It then points to the challenge that the complexity of the contemporary society poses to the idea of embeddedness and identifies the need for further analytical clarification of the idea. Section II tries to explain why the idea of embeddedness is intuitively suspect. One reason is found in the domi... (shrink)

RÉSUMÉ: La notion de propriété de soi présuppose la définition des droits de propriété sur les ressources externes que le libertarisme de gauche limite habituellement aux ressources naturelles. Or, dans une économie spécialisée, la propriété de soi doitégalement être complétée par une définition des droits de propriété sur le surplus coopératif. S'il est cohérent, pour un libertarien de gauche, de considérer le surplus coopératif comme ressource externe et de le distribuer d'une manière égale, on doit en outre observer qu'une théorie (...) de la justice doit se prononcer sur les questions distributives dans plusieurs contextes. Articuler les différences entre ces contextes nous permet de préciser la relation que le libertarisme de gauche entretient avec d'autres théories de la justice.ABSTRACT: Any substantive notion of self-ownership presupposes well-defined property rights over external resources. Left-libertarians usually limit this category to natural resources. I argue that in a specialized economy, substantive self-ownership equally needs to be complemented by a definition of property rights to the cooperative surplus. The natural way for left-libertarianism to provide such a definition is to view the cooperative surplus as an external resource and to distribute it equally. The second part of the article makes the general point that a complete theory of justice needs to take a stance on distribution in various contexts. Articulating the differences between these contexts allows us to gain a better understanding of how left-libertarianism relates to other theories of justice. (shrink)

What explains and justifies factor shares, that is, the returns that workers and capital owners receive on their contribution to economic production? Arguably, neither economic theory nor theories of distributive justice give a satisfactory answer to this question. One important explanation of this shortcoming, this paper argues, lies in the fact that they fail to take the full measure of the phenomenon of increasing returns from specialisation or, as economist often call it, of total factor productivity. This paper aims to (...) fill this gap by asking what follows for distributive justice from taking this phenomenon seriously. The paper proceeds in four steps. First, it demonstrates in detail how a sophisticated division of labour creates a cooperative surplus. Second, it puts forward a counterfactual experiment to measure this surplus. Third and crucially, the paper argues that justice requires an equal division of this surplus and that this idea turns out to be a surprisingly ecumenical one. The final section defends the equal surplus proposal against two objections, namely the suggestion that an equal distribution of the cooperative surplus is either politically unfeasible or economically inefficient. (shrink)

Teleological thinking about money reasons from what money is for to both how it ought to be used and what forms it should take. One type, found in Aristotle’s argument against usury, takes teleological considerations alone to decisively settle normative questions. Another type, found in Locke’s argument about monetary durability, takes teleological considerations to contribute to the settling of normative questions, but sees them as one consideration among many. This paper endorses the type made by Locke while rejecting the type (...) made by Aristotle, and identifies further teleological tendencies in the work of Adam Smith and other philosophers. (shrink)

Increasing the “truth per dollar” of money spent on science is one legitimate long-run goal of the economics of science. But before this goal can be achieved, we need to increase our knowledge of the successes and failures of past and current reward structures of science. This essay reviews what economists have learned about the behavior of scientists and the reward structure of science. One important use of such knowledge will be to help policy-makers create a reward structure that is (...) more efficient in the future. (shrink)

The notion of the ‘division of physiological labour’ is today an outdated relic in the history of science. This contrasts with the fate of another notion, which was so frequently paired with the division of physiological labour, which is the concept of ‘morphological differentiation.’ This is one of the elementary modal concepts of ontogenesis. In this paper, we intend to target the problems and causes that gradually led biologists to combine these two notions during the 19th century, and to progressively (...) dissociate them, retaining only the concept of differentiation by the early 20th century. We shall adhere to the following: 1. The primitive economic concept of the division of labour is not a descriptive notion denoting a type of organisation of labour, but an etiological one: the idea of a causal relationship between this type of organization and the improvement of the whole. 2. This concept rapidly interested naturalists such as Henri Milne-Edwards, who were keen to find a rational ground for hierarchizing living forms based on anatomical complexity. 3. The validation of this notion in the realms of biology was subject to at least two conditions which were far from being fully satisfied. This did not prevent, however, the initial success of the concept of the division of physiological labour during the second half of the 19th century. 4. Finally, the gradual disqualification, within the Darwinian theoretical context, of the conception of an intrinsic hierarchical rank of organisms, led to a lack of interest in the concept of the physiological division of labour, at least in its non-Darwinian and non-ecological variant (the link between the division of labour within an organism and organic perfection). (shrink)