Despite the rich body of research on the outward foreign direct investment (OFDI) by Chinese multinationals, little attention has been given to the fact that China’s OFDI is facing a high failure rate even in their initial attempt to enter a foreign market. Grounded on institutional theory, this study provides a nuanced view of the expansion dynamic of Chinese multinational firms overseas using a unique dataset that contains both successful and troubled Chinese foreign market entry attempts (...) between 2018 and 2021. We find that at the firm level, state-owned firms are more likely to face difficulties when trying to enter a new market compared to their private counterparts. Firms’ corporate social responsibility (CSR) reporting reduces the chance of failure. These effects are conditioned on the political, economic, and cultural distances between the home and host counties. (shrink)

We design an agent based Monte Carlo model of antibiotics research and development to explore the effects of the policy intervention known as Market Entry Reward on the likelihood that an antibiotic entering pre-clinical development reaches the market. By means of sensitivity analysis we explore the interaction between the MER and four key parameters: projected net revenues, R&D costs, venture capitalists discount rates, and large pharmaceutical organizations' financial thresholds. We show that improving revenues may be more efficient (...) than reducing costs, and thus confirm that this pull-based policy intervention effectively stimulates antibiotics R&D. (shrink)

As part of a multifactorial approach to address weak incentives for innovative antimicrobial drug development, market entry rewards are an emerging solution. Recently, the Duke-Margolis Center for Health Policy released the Priority Antimicrobial Value and Entry Award proposal, which combines a MER with payment reforms, transitioning from volume-based to “value-based” payments for antimicrobials. Here, the PAVE Award and similar MERs are reviewed, focusing on further refinement and avenues for implementation.

One challenge that globalization has brought to business is that firms, as they expand their market globally through cross-border alliances, need to deal with partner firms from countries of different religious background. The impact of a country’s dominant religion on its firms’ international market entry mode choices has not been examined in traditional approaches. Focusing on hypothesizing the influence of Christian beliefs and atheism (i.e., the absence of belief in any deities), this research aims to fill the (...) gap by exploring religion’s role in providing moral restraint on managers’ propensity for opportunism, which in turn affects these managers’ choices of their firms’ international market entry via non-equity alliances or joint ventures. A study of 22,156 cross-border alliances formed in 48 industries world-wide over 9 years provides new insight toward understanding religion’s influence on firms’ international market entry mode decisions through the ethical dimension of strategic leadership. (shrink)

Recent studies :98–144, 2002; Weismann, J Bus Ethics 88:615–66, 2009) revealed that in the first 28 years of its existence, the Foreign Corrupt Practices Act was not enforced by the federal government. The Weismann study further concluded that the FCPA, designed by Congress as a self-regulatory model of corporate governance, failed to achieve the regulatory goal of deterring global bribery by U.S. companies. The current article addresses the reasons that the FCPA remains an ineffective measure to control bribery as a (...) global market entry strategy despite the highly publicized 2006 Department of Justice initiative to increase prosecutions and tighten enforcement efforts. The failure arises out of both the increased use of informal dispositions of case prosecutions,, which has made “getting caught” merely an increased “cost of doing business” and the failure to close the regulatory gaps in the statute that permit violators to slip through the enforcement net. The article updates and compiles the case prosecution data for every reported case prosecuted between 1977 and 2011. That data are then compared to the results of a 2010 integrity risk survey performed by Deloitte Financial Advisory Services and Forbes which reveal a widely held global business perception that compliance and integrity risks appear to be rising sharply and that the FCPA is ineffective in deterring bribery and corruption in foreign markets. The article aims to serve as a predictive tool for policy makers and business professionals in assessing risk in the global markets, particularly as commerce intensifies in the BRIC countries, notable for bribery and corruption. (shrink)

To what extent do the mother's and father's jobs and occupational sex-typing influence the status and sex-typing of their children's occupation at first entry into the labour market? Referring to a database containing 5027 respondents of two merged Dutch surveys held between 1992 and 1995, this study finds that the effect of the mother's occupational status on her daughter's is significant, but smaller than either the effect of father's status on his son's or his daughter's status. The mother's (...) occupational sex-typing is related to her daughter's occupational sex-typing. The more female sex-typed the daughter's occupation, the lower her occupational status. In the same way, the father's occupational sex-typing is related to his son's occupational sex-typing. While the extension of the classical status attainment models by the mother's occupation and occupational sex-typing leads to interesting and new coefficients, the authors conclude that the more elementary classical model is not invalidated by these new perspectives. (shrink)

Using panel data from three Canadian provinces, this article examines the relationship between the de-marketing of tobacco products through provincial-level price increases and consumers’ attempts to quit smoking as measured by the uptake of tobacco replacement therapies. We ground our hypotheses in the rational addiction model and the theory of planned behavior. Our analyses suggest a positive, one-month lagged effect of a price increase of tobacco products on the uptake of tobacco replacement therapies. This effect dissipates 3 months later, suggesting (...) that there is a critical period for aggressive de-marketing of tobacco products. We discuss the implications of these results for theory and future research into de-marketing harmful consumer products. (shrink)

Business groups dominate the economic landscape in many economies around the world. While business groups overcome the institutional voids arising due to inefficiencies of external markets, they also possess market power, which could be economically and socially counterproductive, especially for unaffiliated firms. Drawing on the transaction cost and industrial organization economics, we examine whether the presence of business group affiliated firms in industries restricts the entry of unaffiliated firms or firms affiliated with small- and medium-size business groups. Findings (...) based on Indian firms suggest that investments by business group affiliated firms in an industry have an inverted U-shaped relationship with the investment by unaffiliated firms. However, investments by firms affiliated with large-sized business groups have a U-shaped relationship with the investment by affiliates of small and medium business groups. These findings suggest that the market power of business groups and entry barrier relationship is contingent on the size of the business groups. (shrink)

This article examines the historically contentious relationship between the financial market and the public as discussed in academic literature, financial journalism and prescriptive how-to invest handbooks during the late 19th and early 20th centuries. Although financial markets thrive off active public participation, speculating at stock and commodity exchanges has been a sanctioned ritual reserved for a privileged minority. We argue that the financial establishment’s intent to control market access through financial entry-barriers (such as exchange membership fees and (...) margin requirements) has been part of a bigger story we need to understand: a history of delegitimating uninitiated ‘lay speculators’ through the construction of exclusionary narratives about unfit amateur investors and morally corrupt publics. We conceptualize this process as an ongoing and delicate boundary-making exercise contributing to a market participation discourse that has been characterized by a set of reductive binaries, such as those of insider–outsider, professional–amateur and speculator–gambler. We show, however, that attempts to delineate popular participation in financial markets through these binaries have been complicated by the idea that besides being a force of market instability and collective irrationality, the public was a largely untapped source of liquidity. We argue that today’s discourse on public participation in financial markets resuscitates these simplified narratives and propose a more nuanced view of non-professional market participants being both destabilizers and liquidity-providers. (shrink)

The authors investigate the differences in ethical perceptions of Australian and Hong Kong international managers. Ethical perceptions are measured with respect to different industry types, cultures and modes of entry into international markets. Mode of entry refers to how firms select to enter foreign markets. Modes of entry include: exporting (indirect or direct), contractual methods (licensing and franchising) and via direct foreign investment (joint ventures and wholly-owned subsidiaries). It was determined that culture and mode of entry (...) have a significant effect on the perception of ethical problems. (shrink)

The paper grasps and outlines the concepts and practices of library marketing as well as generally the marketing of non-profit institutions or organizations, conceptually defined as symbolic marketing- However, what is termed here as symbolic should not be understood as a "weaker " version of marketing, but as the proper way in which marketing perspectives can be actually implemented in such institutions; that is, as a practice which concerns and mobilizes all services and activities of such institutions. The paper also (...) presents the factual initiatives which have been going on for years - quite successfully - in the "Lucian B/aga'' Central University Library, Cluj- Napoca. Romania, especially around the library's periodical, the review Philobiblon. and on the basis of which recent 'projects " can also be conceived more consistently. (shrink)

Boettke and Butkevich argue that a vibrant society is an entrepreneurial society. Entrepreneur- ial effectiveness is a function of the free movement of economic actions – their alertness to opportunities for mutual gain, and their sense of when and where to enter and exit a market. Boettke and Butkevich focus not so much on the behavior of entrepreneurship, but the institutional conditions within which entrepreneurship takes place. They argue that policies which hinder the above ground legitimate expression of entrepreneurial (...) discovery must be eliminated for the further development of the Russian economy towards a market system and away from the current “virtual economy”. Institutions of governance must be established which reduce political uncertainty and encourage individuals to be willing to bet on their ideas and find the financing to bring those bets to life.Boettke et Butkevich suggèrent que l’activité entrepreneuriale est la force motrice d’une société. L’efficacité de l’activité entrepreneuriale dépend de la libre circulation des acteurs économiques – leur vigilance à l’égard des opportunités de gains mutuels, et leur jugement concernant les moment et lieu opportuns pour entrer sur un marché ou en sortir. Les auteurs mettent l’accent, pas tant sur le comportement des entrepreneurs, que sur les aménagements institutionnels à l’intérieur desquels l’activité entrepreneuriale a lieu. Ils considèrent que les politiques qui font obstacle aux manifestations légitimes de découverte entrepreneuriale doivent être éliminées pour accompagner le développement de l’économie russe vers une économie de marché, distincte de l’actuelle “économie virtuelle”. Des institutions de gouvernance qui réduisent l’incertitude politique doivent être établies. Ces institutions devraient aussi encourager les individus à parier sur leurs idées et à trouver des sources de financement pour instaurer ces idées. (shrink)

continent. 2.2 (2012): 155–158 Michel Serres. Biogea . Trans. Randolph Burks. Minneapolis: Univocal Publishing. 2012. 200 pp. | ISBN 9781937561086 | $22.95 Conveying to potential readers the significance of a book puts me at risk of glad handing. It’s not in my interest to laud the undeserving, especially on the pages of this journal. This is not a sales pitch, but rather an affirmation of a necessary work on very troubled terms: human, earth, nature, and the problematic world we made. (...) It is this world that aspirates the silence (so to speak), and therefore the subject which, along with the development of the “made world” exports the excess augmentation of the cosmically missing, this silence of the natural, et cetera. Had we learned from Locke that lesson of “labor,” to consume what we need… but perhaps we need more than what matters? Serres’ Biogea has several functions on this manner, if it is indeed a book to be consumed. First, readers searching for novelistic entertainment have a place to dwell. Biogea deserves a place in your back pocket; biographical generosity and poetic fluidity should satisfy most textual fetishes. For lay philosophers who want to refresh their acumen, Biogea deserves a place on the book shelf, one already reads a sorely needed postmodern tune-up here. Serres’ style is clearly French; he leaves few cheese crumbs on his words, rather preciseness and breathing in the work give way to a sweeping manner that breaks the narrative line of sight. A circular narrative and anachronistic fragmentation of terms allows an abyssal atmosphere to swell, if only to pump into the book the externality of its broader text. Biogea aspires to a higher standard and the book, at times, is thinking this negentropic problem too. Univocal, the publisher, has crafted a book appropriate for the hands to hold and the translations are an achievement of an otherwise difficult writer to translate. Terms are the conditions of a broader text. It is important to note that Serres’ content is as much a thinking of terminal ports. There is a regard for the transportation technology of the written word. For me, this is the mark of genius, a craftiness that tells of a book device that I may trust. Serres is an accomplished thinker and a necessary voice to check the putative trendiness of anti-postmodernist and market-driven theory of endless cultural liquidation. Offering interventions on subjectivity as an open system we are given a chance to affirm the human, not merely to discard it, but to engage its poetic image emotion, the calibratory silent sense of the analogic world; the terms on which we base our efforts. 1 The human is the center of its own negation, constantly mediating it. Something deeper at stake appears in the work then, and it is quite obvious from the onset. Certainly, a book is an intensification of possible text and those who brought this actual book into existence have captured a rarity in regards to the subject matter and artistic accomplishment. I mentioned terms as conditions, so let us understand Biogea as bio-yea, a yes to bios . An affirmation of living and accepting presence for all of its defiance of images, words, and things temporal. Therefore Serres’ existence and its existants plays parts; out of linearity and still like a porous bone pumping blood it manufactures into the fleshy life it becomes. Starting from a man named silence chaos emerges, or the man “Old Taciturn” takes up a journey anticipating a great flood. In other words, a development akin to the one in Genesis. In dealing with this ancestral occupation, fusing Genesis with contemporary philosophical terms, Serres initiates this anachronistic fragmentation under the forming subjectivity of his own autobiography. This mutation in the open system is precisely one of Serres’ terms. There an abyss is at work, stated, but also measured by heels on the ground—the abyss dispatching earthen tensions, that which plays our tunes, that which we abide by and recognize in volcanoes, rivers, oceans, earthquakes and weaponry in the battles of the world. Set in later stages of the book, such tensions are harnessed through scientific principles in an attempt to unify the terms of natural force if only to terminate the world. Thus the elevation of the earth into the world is clearly set forth. Here already, and few pages in, a resonance is set forth under appellations such as the river Garonne, a subjectivity as much as it is inhuman, the river is the inhuman that makes us human. I get the sense that Serres is taking up a challenge issued by Wallace Stevens; namely, that the great poems of heaven and hell have been written, but that only the poem of the earth has resisted composition. 2 On this level we cannot avoid the killing factor of silence, given that our cognition blocks its pure, radical obliteration. Thus a silence of attunement to the earth is in a novel dialectic of the rithmic and rhythm. A technological world, a triumph of termination is set forth. If a text imposes its will given the reader who authorizes it, it is made to convey or convect a presupposition to a reader or its inhabitant(s). Text is therefore both, in-content, contenting, contentedness, and in reading it, a way to navigate self-destruction (dis-content). Here then would one note that the “inhuman” reveals itself, “an aperiodic rhythm of lovers and beloved…the sea as our friend…but as our enemy…maternal vivifying sea.” The sea is an open book, or vaginal birth canal, where the engagement of text comes forth: “…woman sea, open vulva.” One sees like the sea, but only after it, when the uninhabitable truth of inhabiting it switches the polarity of the sailors soul: “I was seeing like the sea” (9-11). In other words, we are invited to embrace the nonsense of the visible. At this point I am taken to Jean-François Lyotard’s work The Inhuman , specifically the first entry on negentropy that would be congruent with Serres’ thematic. 3 The human being exports, deports, or transplants its relation through text, through the system— and this is its sense or relation to silence, to music. Unaware of Serres’ proximity to this work, the concept of gender interrelation as regards a solar catastrophe runs clear. It would be, on this basis, that Serres references his peers, the other texts that, as mentioned above, are discarded in philosophy today. For students of philosophy what we have here is perhaps a gift, a needed project. If silence and death are at work, there is a political valence to deal with, and here, much like the domain of the text and the dominion of the reader, we confront the world of natural, fluid violence. The anti-postmodernist critique is in part based on a weak idea that the loss of ideology, of a world vision, motivates the “correlationist” project. 4 Serres seems to offer another way to view this when he notes that whereas persons “sometimes kill,” it is clearly “the collective” that “always kills” (17). What is the collective today, if not an organizing function we never see yet acts in its favor in the name of truth? One feels a sense of enigma here, if only to link to what Stevens remarked of communism as a “grubby faith,” providing this applies for capitalism as well, namely any ideology of progress overly interested in absolutes. Here we get the sense that the inhuman, silence, this type of killing, always killing, could not be matched by human-made, political dynamos. Or that if it comes to an equilibrium, a catastrophe is never too far from us to read with our heels. We are left to note that the forces of nature presuppose and permeate political systems, the more these systems obtain force, the more the system takes upon itself the proper name of nature that motivates its dissemination, albeit falsely. This note, that in an age of ecocide and technological captivity (sustainability and transparency) political regimes won’t grow our soul-learning ears any larger than our tongues, stands clear to us. The promise of technological desubjectification is here pushed aside. Regarding politics, Serres illustrates this fact: Where did this corpse come from? Who was it? Who killed it? I don’t know. I won’t try to find out. I refuse to get vengeance for it. And I only see Garonne. For our victims, today, are the rivers, too. Their waters have irrigated my life, enchanted my thought, invigorated my body; I’ve known them to be threatening, untamable, as dangerous as the sea when it rages. Yes, murderous. They decided to control their courses; dams, sometimes senseless, destroying sites and valleys, reduced entire populations to servile displacements; programs for the irrigation of thirsty farmland, often beneficial of course, completed their drying up.(22) Serres enters into his idea concerning the captivity of language from the natural into a world system: For thousands of years, we have been licking things with our tongues, covering and daubing them so as to appropriate things for ourselves. If language boils down to a convention, this convention took place between the speakers without consulting the thing named, become as a result the property of those who covered it in this way with their drawn or voiced productions. Malfeasance analyzes these acts of appropriation. Thus every inert object, every living thing as well, sleeps under the covers of signs, a little in the way that, today, a thousand posters shouting messages and ugly riots of color drown, with their filthy flood, the landscapes, or better, exclude them from perception because the meaning, almost nil, of this false language and these base images forms an irresistible source of attraction to our neurons and eyes. This appropriation covers the world’s beauty with ugliness. (38-39) Technological concealment coming to bear, we begin to get a sense of another commentary on the condition of sensing, driving home the necessity of a text dealing with such subject matter to be what its terms insist. Thus toward new openings: The new opening. As low beneath our feet as you like, the Biogea opens us to another space, high enough for us to be able to acquire a wisdom there, that of redeveloping this same place differently from our fathers, this place that’s still politically cut up by old hatreds, beneath the flood of tears and blood that we call history. Without this soft place, spiritually very old, but newly conceived in this way, without the juridical construction of a common good, opposed to our filthy ownership, I don’t see how our planet, hard, will survive. Hardness that depends on a softness, material belonging that depends on this temporary rented location (51). Serres enters into a summit on the content and the structure of his work. Archimedes is brought in with the concept of three volcanoes. Meaning fire, but as well earth, water, air. For it was Archimedes’ war machines that sought to lift the earth, thus bringing in the question of principles of science: “can a principle be invented while controlling its consequences?” (66-7). May the earth be put in a sentence, terminated by terminology, appellations, gone wild? By means of these element-dominating laws, this old physicist began to tear nature away from the ancient myths; by a strange return, today we’re plunging our successes back into the anxieties and terrors from which that ancient physics was born. Yes, our new history of science and technology is plunging, today, as though in a loop, into the fundamental human myths from which Empedocles’ first laws came. A major progression and a regression on the nether side of the origins. Consequently, the contemporary time requires that we try to return to that unity in which the principles of hate and love are at the same time human, living, inert and global. We will never attain a deontology of our knowledge and actions without thinking the subjective, the objective, the collective, and the cognitive all together simultaneously. Here, hate and love are the result of these four components.(71) Working then on the concept of fire-starting mirrors to the atomic annihilation of the Second War, Serres works into the subjectivity in question on the matter of rhythm—say rithmic— precisely at that point: Knowledge is changing today. The all-political is dying; the monarchy of the sciences said to be hard is coming to a close. The science of the things of the world will have to communicate just as much as the things of the world do, which do it much better than humans do, who don’t always want to do it. Let’s celebrate two changes this morning. The first one strikes a new blow to our narcissism. No, knowledge and the world don’t resemble our analytical enjoyments of refined cutting up, of endless debates and of exclusions full of hate. They, on the contrary, form a bloc and a sum, alliance and alloys. Uniting the fields of knowledge among themselves the way the things are connected among themselves, the second newness puts into place sets united by interlacing, webs and simplexes that combine with the things of the world, themselves combined, the combined knowledge that understands them.(130-1) Biogea closes on its opening flood thematic, approaching the initial telos of Genesis. Here the trees are brought into a position with atmosphere, the opaque abyssal reservoir, the tomb of the sun, sea in the polarity of the earthen heaven and hell. The poem of the earth then is silent but deadly, indeed, as funny as that phrase is, mainly a tomb gas. The meaning of the living and the non-meaning of things converge in the muteness of the world; this meaning and non-meaning plunge there and come out, the ultimate eddy. Mundus patet: through a fissure, through an opening, a fault, a cleft come noises, calls as small as these apertures. I’m listening, attentive, I’m translating, I’m advancing in the scaled-down meaning and science. Mundus patet: should the world open greatly, it will launch me into its silence. The totality remains silent. Knowledge expanded in elation. White origin of meaning, fountain of joy. (198) Final Remarks One test of a review is the long term trajectory the referee thinks the book will have. I see Serres’ text lending greatly into the vision of Biogea . In fact, in the vision of the novel inquiries of Stephen Jay Gould’s work there is something to be thought on the level of the individual and the species; namely, that humanity and its uniqueness is in its deferral, its thinking and naming, a thinking surrounded by silence that filters into everything, that pulls us through the world, the kinetic pulse we recognize, and all of that we cleave away in the base philosophical maxim of difference itself. Unique individuals are spatial creatures: we dwell, and we ought to get good at it. Yet this is an imaginative space that, if you are crazy enough to believe it, de-term-ine the conditions of its own terms. That is why we are not merely creating spaces on the acceleration of time, or so this ignoramus thinks, to accidentally transcend. Imagination already has this insatiable silence that we drink up and fail to manifest. Space is timeless. The imagination itself, shared by humans for themselves, their objects, and the species as a whole, is a non-defined space of relation; a whole human trajectory as part of nature, and part of worlds that are the other side of thinking nature, the consequence of it, at least our attempt to do so. Our survival is based on our deliberation, our caution, our natural deconstructive sense toward this silence that is already part of the song, sung, singing of this century without end. Good books will let us inhabit this space and recognize a form of life. Serres’ text moves toward dwelling, as noted, in masterful and accessible ways. The pitched battles are the falling replays of anemic and dead politics. As soon as we realize there is humanity, we may be able to enjoy the end of it, our inhuman capability of listening to silence. NOTES 1. See Michel Serres. The Parasite . Minneapolis: University of Minnesota Press. 2007. 2. Wallace Stevens, “Imagination as Value” [ca. 1945], in Collected Poetry and Prose . New York: The Library of America. 1997. 724-39. 3. Jean-François Lyotard. The Inhuman: Reflections on Time . Trans. Geoffrey Bennington & Rachel Bowlby. Stanford, CA: Stanford University Press. 1992. 4. See the introduction: Quentin Melliassoux. After Finitude: An Essay on the Necessity of Contingency . Trans. Ray Brassier. New York: Continuum. 2008. EDITOR'S NOTE: This review was updated on August 8, 2012. Substantial edits include block quotes from the book under review as well as the inclusion of comments from the author. (shrink)

How do markets come about? This article offers a first systematic analysis of three different ideal types of market fashioning: mutual adjustment, organization, and fields. Although aspects of these are identifiable in most empirical markets, these three ideal types provide analytic tools for students of real markets and marketplaces. After going through this comprehensive literature, it is argued that mutual adjustment, which refers to non-planned processes, is affinity with markets in which products are differentiated, for example, producer markets. Organization (...) refers to process driven by attempts to decide for others and shows affinity with markets for standardized and homogenous products, for example, stock exchanges. Organization also accounts for the making of marketplaces. The broader notion of fields does not refer to any specific process, but accounts for the context of market fashioning and its respective power struggles. (shrink)

The reach of markets and market-based forms of valuation is never unlimited in any society, which invites empirical and political questions regarding how limits to markets are instituted, justified and enforced. Under neoliberalism, the state performs a key role in expanding the reach of markets and associated principles and techniques of valuation, using law and governmental techniques. But this then poses a question of the relationship between the neoliberal state and the market that it endorses and enforces: is (...) the state internal or external to the market order that it helps to construct? European Union state aid rules provide an empirical entry point to consider such questions, providing a combination of normative, technical and sovereign principles, via which the division between state and market can be justified, tested and enacted. The article identifies three separate though overlapping logics within state aid documents, each of which offers the state a justification for suspending the competitive market order: exemptions, in which non-market values are upheld, externalities, in which markets are shown to be technically inefficient, and exceptions – such as the 2008 financial crisis – in which the state abandons the market to save the market. (shrink)

What limits should there be on the areas of life that are governed by market forces? For many years, no one seriously defended the buying and selling votes for political elections. In recent years, however, this situation has changed, with a number of authors defending the permissibility of vote markets. One popular objection to such markets is that they would lead to a tyranny of wealth, where the poor are politically dominated by the rich. In a recent paper, Taylor (...) :313–328, 2017. doi: 10.1007/s11158-016-9327-0) has argued that this objection can be avoided if certain restrictions are placed on vote markets. In this paper we will argue that this attempt to rebut an argument against vote markets is unsuccessful. Either vote markets secure their purported benefits but then they inevitably lead to a tyranny of wealth, or they are restricted so heavily that they lack the features that have been claimed to make vote markets attractive in the first place. Using Taylor’s proposal as a test case, we make the more general claim that vote markets cannot avoid the tyranny of wealth objection and bring about their supposed benefits at the same time. (shrink)

The advance of technology has influenced marketing in a number of ways that have ethical implications. Growth in use of the Internetand e-commerce has placed electronic “cookies,” spyware, spam, RFIDs, and data mining at the forefront of the ethical debate. Some marketers have minimized the significance of these trends. This overview paper examines these issues and introduces the two articles that follow. It is hoped that these entries will further the important “marketing and technology” ethical debate.

The advance of technology has influenced marketing in a number of ways that have ethical implications. Growth in use of the Internetand e-commerce has placed electronic “cookies,” spyware, spam, RFIDs, and data mining at the forefront of the ethical debate. Some marketers have minimized the significance of these trends. This overview paper examines these issues and introduces the two articles that follow. It is hoped that these entries will further the important “marketing and technology” ethical debate.

Libertarians favor a free market for intrinsic reasons: it embodies liberty, accountability, consent, cooperation, and other virtues. Additionally, if property rights against trespasses such as pollution are enforced and if public lands are transferred as private property to environmental groups, a free market may also protect the environment. In contrast, Terry Anderson and Donald Leal's Free Market Environmentalism favors a free market solely on instrumental grounds: markets allocate resources efficiently. The authors apparently follow cost‐benefit planners in (...) endorsing a specious tautology that “defends” allocative efficiency by defining “social welfare” in terms of it. They make no attempt to show that allocative efficiency is a good thing or that it is consistent with environmental protection. By regarding pollution as a compensable external cost rather than as an enjoinable nuisance and by arguing that the government should auction rather than give public lands to environmental groups, moreover, Anderson and Leal offer far less protection of the environment than libertarians do. (shrink)

Several recent studies indicate that cheating has become both more prevalent and more socially acceptable. In this article I draw parallels between market values and student attitudes about cheating. They include: (1) reduction of a broad range of goods to their economic value, (2) use of non-reciprocity as a guiding principle, (3) valuing the appearance of virtue over real virtue, and (4) reframing dishonesty in a positive light. I posit two ways that market culture influences the willingness to (...) cheat, and discuss the media's role in transmitting this influence. The article concludes with the suggestion that attempts to curtail cheating by further policing students may only exacerbate the problem in the long run. The same contextual factors that help mitigate undesirable market behavior, when cultivated in the classroom, can help to curb student cheating. (shrink)

We are in the midst of a worldwide debate over whether there should be "more" or "less" government. As enthusiasm for free markets mounts - in both former Communist nations and in Western countries such as England and the United States - is it productive to attempt to solve problems through this "more/less" dichotomy?

The advance of technology has influenced marketing in a number of ways that have ethical implications. Growth in use of the Internetand e-commerce has placed electronic “cookies,” spyware, spam, RFIDs, and data mining at the forefront of the ethical debate. Some marketers have minimized the significance of these trends. This overview paper examines these issues and introduces the two articles that follow. It is hoped that these entries will further the important “marketing and technology” ethical debate.

MacIntyre’s theory of practices, institutions, and their respective kinds of goods, has revived and enriched the ethical critique of market economies, and his view of politics as centrally concerned with common goods and human flourishing presents a major challenge to neutralist liberal theorists’ attempts to exclude distinctively ethical considerations from political deliberation. However, the rejection of neutrality does not entail the rejection of liberalism tout court: questions of human flourishing may be accorded a legitimate role in political decisions-including those (...) about economic systems - provided that the powers of the state remain subject to certain recognizably liberal constraints. Further, although neutralist liberals often defend market economies on the mistaken grounds that they alone are consistent with the principle of ethical neutrality, a non-neutralist defence of them should not be ruled out, especially if the substantive theory of goods used to evaluate them is somewhat less restrictive than MacIntyre’s. (shrink)

This paper examines what can be learnt from analysing attempts to give lay people more involvement in the administration of state schools. Although devolving more responsibility to schools and lay governors has been an important feature of school reform in several countries, it is not immediately apparent if this shift is the product of globally similar social and political forces or nationally specific cultural, ideological and economic factors. In considering this issue, the paper describes recent changes in school governance in (...) England, New Zealand, USA, Scotland and Catalunya, Spain. It is argued that some of these changes can best be characterised as attempts to increase the democratic participation of citizens in the running of schools. Other changes, however, seem rather to represent on attempt to bring the culture of business to schools and reduce the power of professional educators over education. (shrink)

This article examines how distrust drives exchange. We propose a theoretical framework integrating the literature of trust into cultural sociology and use a case of patients giving hongbao (red envelopes containing money) to doctors in China to examine how distrust drives different forms of unofficial exchange. Based on more than two years’ ethnography, we found that hongbao exchanges between Chinese patients and doctors were, ironically, bred by the public’s generalized distrust in doctors’ moral ethics. In the absence of institutional assurance, (...) Chinese patients drew on the cultural logic of particularism and its associated cultural repertoire to induce fidelity from their physicians. They mobilized interpersonal networks to function as assurance and presented hongbao as a return of favor to the doctors. This form of exchange is gifting-oriented. Alternatively, if there were no interpersonal networks to rely on, they proactively offered hongbao to doctors at arm’s length in an attempt to personalize the relationship to seek assurance and abate their anxieties. This form of exchange is bribery-oriented. Both forms of exchange co-existed when there was one-way generalized distrust manifested from patients to doctors. When doctors also developed generalized distrust in patients, arm’s length exchanges declined, leaving embedded exchanges as the dominant form. Our study asserts the central role of culture in constituting exchange behaviors and the importance of institutions in shaping the form of exchange. It contributes to the midrange theory of trust, generating a number of hypotheses for future research on the relationships among culture, institutions, distrust, assurance, and illicit exchange. (shrink)

With the current problems surrounding the unethical behaviour of companies and the growth in public awareness of environmental issues, it was inevitable that governments would introduce legislation covering sensible company obligations. This paper examines the issues surrounding legislation in corporate social responsibility and attempts to relate them to stakeholder management. In the long run, companies that take an active interest in such legislation will be in a particularly strong position to develop strong market positioning strategies.

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. (...) Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

The Austrian school tends to associate the morality of the market with its efficient operation. Consequently, it criticizes attempts to offer an ethical evaluation of the market for not understanding how the market works. This criticism proves correct with regard to those who would seek to run an economy according to a set of predetermined moral criteria, such as socialist advocates of central planning or Victorian moralists who regarded the market as the embodiment of the desert (...) ethic. However, if the market trades on moral resources it does not create, this may justify placing it within a more substantive moral framework that establishes its ethical basis and limits. (shrink)

This book examines transaction cost economics, the influential theoretical perspective on organizations and industry that was the subject of Oliver Williamson's seminal book,Markets and Hierarchies. Written by leading economists, sociologists, and political scientists, the essays collected here reflect the fruitful intellectual exchange that is occurring across the major social science disciplines. They examine transaction cost economics' general conceptual orientation, its specific theoretical propositions, its applications to policy, and its use in systematic empirical research. The chapters include classic texts, broad review (...) essays, reflective commentaries, and several new contributions to a wide range of topics, including organizations, regulations and law, institutions, strategic management, game theory, entrepreneurship, innovation, finance, and technical information. The book begins with an overview of theory and research on transaction cost economics, highlighting the specific accomplishments of scholars working within the perspective and emphasizing the enormous influence that transaction cost reasoning exerts on the social sciences. The following section covers conceptual uses for the transaction cost framework and major theoretical or methodological elements within it, such as bounded rationality. While advancing some interesting theoretical propositions, these chapters are in fact more ambitious: each examines a specific field, area, or research program and attempts to fashion a new way of thinking about research questions. In the section on industrial applications, contributors study the application of transaction cost theory to a range of problems in utilities, telecommunications, laser printing, and early international trade. The book closes with four microanalytical chapters that delve into the structures and behaviors of specific aspects of firms and organizations: boards of directors, equity structures, employment models, human resource policies and practices, technology strategies, and innovation events. Firms, Markets, and Hierarchies collects excellent social science work on transaction cost economics, taking stock of its status, charting its future development, and fostering its renewal and evolution. (shrink)

Since market scoring rules have become popular as a form of market maker, it seems worth reviewing just what such mechanisms are intended to do. The main function performed by most market makers is to serve as an intermediary between people who prefer to trade at different times. Traders who have the same favorite times to trade can show up together to an ordinary continuous double auction, and then make and accept offers to trade. But when traders (...) have different favorite times, a market maker can help them by first making offers that some of them will accept, and then later making opposite offers which others will accept. By adjusting prices in his favor, a market maker can even profit from providing this service. By making offers, however, a market maker opens himself up to the risk of losing to informed traders who know more than he about asset values. It is a complex and difficult task to choose the price and duration of offers in order to profit the most from intermediary trades while suffering the least from informed trades. This task requires subtle judgments about the relative fraction of informed and intermediary trades at different times, prices, quantities, and trading histories. No simple algorithm could reasonably claim to do this task optimally. Very active markets have little need for market makers, as anyone can trade at anytime. In markets with large but sporadic trades, a human will likely find it profitable to apply their considerable intelligence to the complex task of market making. The question is what to do for smaller less-active markets, which cannot afford such human attention. Trading may simply not happen there if no intermediary can be found to make such markets. A computer program with less than human intelligence that attempts to make markets runs the risk of being out-smarted by human traders. Humans might even figure out how to turn that program into a money pump, giving up cash each time it is run through some cycle of trades.. (shrink)

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

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)

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)

The Marketing of Education has become epidemic. Business practices and principles now commonly suffuse the approach and administration of Higher Education in an attempt to make schools both more competitive and “branded.” This seems to be progressing without reference to the significant ethical challenges as well as the growing costs to society, students, and educators in pursuing a model with such inherent conflicts. The increased focus on narrowly defined degrees targeted to specific job requirements rather than the focus on (...) raising the level of students’ ability to engage in more abstract and critical thinking is accelerating. The impact on student world views and the lack of engagement with meaningful and challenging discourse has severely impaired their ability to become both engaged and reflective. This model has also impacted faculty morale as concern with lack of academic rigor continues to grow. An ethical crisis has emerged within education internationally and intervention is urgently needed. (shrink)

The thesis of this book is that people enter into social contracts because they are different from one another and have incentives to cooperate. In economic life, people have identical interests—namely, their own se- interests—so they have an incentive to compete. The social worlds that we create, or map, and those that are already mapped for us are increasingly complex, and thus the tracking of rationality is not so straightforward, although it is everywhere evident. In a sense, this book grew (...) out of two questions: Why hasn't the United States had a second revolution? Or is the revolution yet to come? Many have discussed the current crises that confront contemporary society, such as great economic inequalities, poverty, the declining quality of jobs, the growing power of corporate elites, and racial antago nisms. I attempt to understand these problems in terms of the radical restructuring of social life by economic and spatial forces. My specula tive thesis is that social organizations must reinforce social contracts and nurture the opportunities for them to be forged. However, contemporary organizations, particularly economic ones, have internalized the princi ples of economic markets, thereby inducing competition and easing out cooperation. In defining social contracts, I draw from Rousseau and also from Marx and his analysis of use value. One hopes that new organiza tional forms based on principles of democracy and community will evolve. In a diverse, multicultural society, this requires great mutual understanding and cooperation and the recognition of differences. (shrink)

The present study takes Confucian entrepreneurs as an entry point to portray the dynamics and problems involved in the process of putting moral precepts into practice, a central issue in business ethics. Confucian entrepreneurs are defined as the owners of manufacturing or business firms who harbor the moral values of Confucianism. Other than a brief account of their historical background, 41 subjects from various parts of Mainland China, Taiwan, Hong Kong, Singapore and Kuala Lumpur were selected for in-depth interviews. (...) By studying the moral choices they made in the market, it was discovered that, contrary to the prevalent mode of inquiry in economics either to reduce all social phenomena to rational calculations or to consider moral actions in terms of utilitarian values, their economic action cannot be accounted for by the postulate of utility maximization, and that the efforts to do business according to their moral principles can be very costly. The study also attempts to document how these Confucian entrepreneurs reconciled the conflict between the moral values they cherished and the instrumental goals they pursued, and will seek to uncover how they responded when faced with this dilemma. (shrink)

In almost all countries, the transition from a centrally planned economy to a market economy caused high unemployment. The governments attempted to ease the changeover to a market economy for the unemployed by introducing several passive and active labour market policies. This paper first points out which effects were to be expected of such policies from the perspective of Austrian Economics. These theoretical hypotheses are then tested empirically. It turns out that the hypotheses deducted from Austrian Economics (...) theory are impressively corroborated by the empirical evidence.Dans presque tous les pays, la transition d’une économie centralement planifiée vers une économie de marché ont provoqué un chômage élevé. Les gouvernements ont essayé d’adoucir la transition vers une économie de marché pour les chômeurs en introduisant plusieurs politiques passives et actives sur le marché du travail. Tout d’abord, cet article souligne quels étaient les effets attendus de telles politiques à la lumière de l’économie autrichienne. Ces hypothèses théoriques sont ensuite testées de manière empirique. Il en ressort que les hypothèses déduites de la théorie économique autrichienne sont corroborées de manière significative par les preuves empiriques. (shrink)

This article examines rival strategies employed by public, private and civil society actors to promote fair trade organic commodity chains. The article analyses the case of fair trade organic cotton as a produce that is on the brink of reaching a mass market, and compares this with patterns of the more widely documented fair trade organic fruit case. It is shown how variations in commodity chain configurations and interfaces reflect different stakeholder positions and interests, as well as development philosophies. (...) The case of fair trade organic cotton chains illustrates how stakeholder involvement may speed up learning and thus facilitate mass-market entry. Finally, it is argued that rival commodity chain configurations make it difficult to agree upon common fair trade organic cotton certification strategies. (shrink)

The article discusses the use of algorithmic models in finance. Algo trading is widespread but also somewhat controversial in modern financial markets. It is a form of automated trading technology, which critics claim can, among other things, lead to market manipulation. Drawing on three cases, this article shows that manipulation also can happen in the reverse way, meaning that human traders attempt to make algorithms ‘make mistakes’ by ‘misleading’ them. These attempts to manipulate are very simple and immediately (...) transparent to humans. Nevertheless, financial regulators increasingly penalize such attempts to manipulate algos. The article explains this as an institutionalization of algo trading, a trading practice which is vulnerable enough to need regulatory protection. (shrink)

How important is the experience of risk in business endeavors for self-respect and moral development? Tomasi prompts this question with his attempt to reconcile Rawls’s theory of justice as fairness with free-market capitalism, by claiming that economic activity is a way for people to exercise their autonomy, responsibility, and self-authorship, including through voluntary risk-taking. Critics argue that the social environment generated through market institutions is ill-suited for developing a sense of responsibility and autonomy among citizens. We refine (...) the case for economic liberty by looking at the link between risk-taking and attitudes toward democratic citizenship. We highlight the critical role of ethical business practice as a contributor to the stability of liberal-democratic societies. (shrink)

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

The growth of global value chains (GVCs) and the emergence of novel forms of value chain governance pose two questions for normative business ethics. First, how should we conceptualize the relationships between members of a GVC? Second, what ethical implications follow from these relationships, both with respect to interactions between GVC members and with respect to achieving broader transnational governance goals? We address these questions by examining the emergence of transnational eco-labeling as an increasingly prominent form of GVC governance that (...) is redefining the relationship between nominally independent firms. On the first question, we argue that GVCs occupy a middle ground between intrafirm and interfirm transactions, thereby posing a challenge to theoretical frameworks that attempt to apply ethical standards based on transaction types. On the second question, we argue that this unique institutional status leads to a range of novel ethical considerations and dilemmas for GVC members. Lead firms, their suppliers, and third-party standard-setters all confront new ethical quandaries when third-party eco-labeling is introduced to a GVC. The nature of these quandaries means that, while GVCs may be well-positioned to serve as instruments of transnational governance, they are frequently not well-oriented to do so. Our analysis marks an initial attempt to map the ethical considerations that apply to members of a GVC, and in doing so, places the literature on normative business ethics and transnational governance in a closer conversation. (shrink)

The growth of global value chains (GVCs) and the emergence of novel forms of value chain governance pose two questions for normative business ethics. First, how should we conceptualize the relationships between members of a GVC? Second, what ethical implications follow from these relationships, both with respect to interactions between GVC members and with respect to achieving broader transnational governance goals? We address these questions by examining the emergence of transnational eco‐labeling as an increasingly prominent form of GVC governance that (...) is redefining the relationship between nominally independent firms. On the first question, we argue that GVCs occupy a middle ground between intrafirm and interfirm transactions, thereby posing a challenge to theoretical frameworks that attempt to apply ethical standards based on transaction types. On the second question, we argue that this unique institutional status leads to a range of novel ethical considerations and dilemmas for GVC members. Lead firms, their suppliers, and third‐party standard‐setters all confront new ethical quandaries when third‐party eco‐labeling is introduced to a GVC. The nature of these quandaries means that, while GVCs may be well‐positioned to serve as instruments of transnational governance, they are frequently not well‐oriented to do so. Our analysis marks an initial attempt to map the ethical considerations that apply to members of a GVC, and in doing so, places the literature on normative business ethics and transnational governance in a closer conversation. (shrink)

The proposed European Artificial Intelligence Act (AIA) is the first attempt to elaborate a general legal framework for AI carried out by any major global economy. As such, the AIA is likely to become a point of reference in the larger discourse on how AI systems can (and should) be regulated. In this article, we describe and discuss the two primary enforcement mechanisms proposed in the AIA: the _conformity assessments_ that providers of high-risk AI systems are expected to conduct, (...) and the _post-market monitoring plans_ that providers must establish to document the performance of high-risk AI systems throughout their lifetimes. We argue that the AIA can be interpreted as a proposal to establish a Europe-wide ecosystem for conducting AI auditing, albeit in other words. Our analysis offers two main contributions. First, by describing the enforcement mechanisms included in the AIA in terminology borrowed from existing literature on AI auditing, we help providers of AI systems understand how they can prove adherence to the requirements set out in the AIA in practice. Second, by examining the AIA from an auditing perspective, we seek to provide transferable lessons from previous research about how to refine further the regulatory approach outlined in the AIA. We conclude by highlighting seven aspects of the AIA where amendments (or simply clarifications) would be helpful. These include, above all, the need to translate vague concepts into verifiable criteria and to strengthen the institutional safeguards concerning conformity assessments based on internal checks. (shrink)