Abstract:Opportunism impacts the behavior of firms in market situations where they purchase goods and services externally and create dependency relationships with other firms. Opportunism as a business issue is addressed in economics and marketing literature as an important factor in transaction cost analysis and market governance. Management and business ethics scholars, however, do not address this issue in depth, if at all.The recent bankruptcy of MCI WorldCom highlights some of the risks inherent in a world economy where customers and companies (...) of one society are dependent upon the business practices of partner companies in other societies. Telecommunications customers and companies in Asia, Europe and other places, who depended upon MCI WorldCom for connections to North America, now have important areas of their business in jeopardy because of the uncertainty about the fate of a critical business partner.MCI WorldCom’s situation appears to be the result of an attempt to obtain personal gain, at the expense of others, by at least one senior manager. This is called opportunism. Williamson (1985) defined opportunism as “self-interest seeking with guile.” It can wreak havoc with companies, customers, stock markets and economies and is demonstrated regularly in press accounts of misstatements on financial reports and other ways senior managers use their positions to enhance their personal wealth and influence.This paper will focus on the ethical issues surrounding business relationships and how Confucianism, with its focus on trust, reciprocity and mutual benefit in relationships, can offer a moral foundation to the inter-firm arrangements that are so much a part of the contemporary business landscape. (shrink)

This case study examines five dimensions of the 2007–2009 financial crisis in the United States: the devastating effects of the financial crisis on the U.S. economy, including unparalleled unemployment, massive declines in gross domestic product, and the prolonged mortgage foreclosure crisis; the multiple causes of the financial crisis and panic, such as the housing and bond bubbles, excessive leverage, lax financial regulation, disgraceful banking practices, and abysmal rating agency performance; the extraordinary efforts of the Federal Reserve, the Federal Reserve Bank (...) of New York, and the Department of the Treasury to stem the financial freefall triggered by the crisis and resuscitate financial institutions, the ethical implications of the unprecedented actions by government institutions to rescue financial institutions and drag the country back from the brink of global financial collapse, and the conduct of the various parties contributing to the financial crisis, such as the shoddy behavior of mortgage brokers, the massive securitization of mortgages into overly complex bonds, the excessive leverage of financial institutions, the disgraceful work of bond rating firms, the abysmal risk management systems employed by financial institutions, and the massive operations of the shadow banking and over-the-counter derivatives markets; and the major provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law to in response to the financial crisis and for the purpose of correcting the egregious conduct of major financial institutions. (shrink)

(2013). Matching bias in syllogistic reasoning: Evidence for a dual-process account from response times and confidence ratings. Thinking & Reasoning: Vol. 19, No. 1, pp. 54-77. doi: 10.1080/13546783.2012.735622.

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory (...) work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences. (shrink)

The first step in education's long road to respectability lay in the ability of its proponents to demonstrate that it was worthy of collaborating with traditional disciplines in the syllabus of higher learning. The universities where the infant discipline of education was promoted benefited from scholars who engaged in teaching and research with enthusiasm and preached the gospel of scientific education. These schools-Teachers College/Columbia University, the University of Chicago, and Stanford University-gained a reputation as oases of pedagogical knowledge. Soon, public (...) and private colleges alike introduced professional academic programs for the preparation of teachers. Foremost among the subjects for these programs was education philosophy, with its long history and the impeccable credentials of its ancient and modern expositors. Although the principal focus of this study is the history of educational philosophy in colleges and universities, it also recognizes educational philosophy's antecedents. Chapters cover ancient roots, Christian educational theory, educational theory and the modern world, philosophy and education in early America, development of philosophies of education, disciplinary maturity for educational philosophy, and prospects. There is a bibliography and an index. (shrink)

Abstract:Opportunism impacts the behavior of firms in market situations where they purchase goods and services externally and create dependency relationships with other firms. Opportunism as a business issue is addressed in economics and marketing literature as an important factor in transaction cost analysis and market governance. Management and business ethics scholars, however, do not address this issue in depth, if at all.The recent bankruptcy of MCI WorldCom highlights some of the risks inherent in a world economy where customers and companies (...) of one society are dependent upon the business practices of partner companies in other societies. Telecommunications customers and companies in Asia, Europe and other places, who depended upon MCI WorldCom for connections to North America, now have important areas of their business in jeopardy because of the uncertainty about the fate of a critical business partner.MCI WorldCom’s situation appears to be the result of an attempt to obtain personal gain, at the expense of others, by at least one senior manager. This is called opportunism. Williamson (1985) defined opportunism as “self-interest seeking with guile.” It can wreak havoc with companies, customers, stock markets and economies and is demonstrated regularly in press accounts of misstatements on financial reports and other ways senior managers use their positions to enhance their personal wealth and influence.This paper will focus on the ethical issues surrounding business relationships and how Confucianism, with its focus on trust, reciprocity and mutual benefit in relationships, can offer a moral foundation to the inter-firm arrangements that are so much a part of the contemporary business landscape. (shrink)

Conference Report: Towards a Science of Consciousness, Helsinki 2015.

Studies based on the Rankine-Hugoniot relations have classified MHO shock waves as fast, switch-on, intermediate, switch-off, and slow. Any waves found in nature must also: possess steady-state structures and be stable in the presence of small-flow disturbances. In this monograph, Dr. Anderson examines these criteria in relation to plane shocks for which the collision frequency is large compared with cyclotron frequency. It contains a three-dimensional graphic representation of shock end states and presents an exact solution for the shock adiabatic curve (...) in a convenient form. An MIT Press Research Monograph. (shrink)

To the Editor: In his essay, “Can We Mandate Compassion?” , Ron Paterson, a former health and disability commissioner in New Zealand, discusses the decline of physicians’ compassion—an issue that is receiving more attention in the media, and in our journals, hospitals, and medical societies, as well. He decided—and I agree—that compassion should not be mandated. How could it be? After all, it’s unquantifiable; it’s not meted out in milliliters or grams. Compassion is a spontaneous emotion that arises from the (...) individual caregiver’s spiritual reservoirs. Trying to regulate or mandate it would be absurd—the ultimate attempt at dehumanizing medicine. Giving students more exposure to the .. (shrink)

(2013). Sickle Cell Disease and the “Difficult Patient” Conundrum. The American Journal of Bioethics: Vol. 13, No. 4, pp. 3-10. doi: 10.1080/15265161.2013.767954.

This article describes, analyzes, and advocates for management of clinical healthcare conflict by a process commonly referred to as bioethics mediation. Section I provides a brief introduction to classical mediation outside the realm of clinical healthcare. Section II highlights certain distinguishing characteristics of bioethics mediation. Section III chronicles the history of bioethics mediation and references a number of seminal writings on the subject. Finally, Section IV analyzes barriers that have, thus far, limited the widespread implementation of bioethics mediation.

A unique multilevel perspective-structural social psychology-is explicated to help build theoretical bridges between micro and macro levels of analysis in sociology. The perspective portrays actors (human or corporate) as having minimal properties of purposiveness and responsiveness, encounters as interaction episodes between multiple actors, microstructures as local patterns of interaction emerging from and subsequently influencing encounters, and macrostructures as networks of social positions. These levels of analysis are connected via mutually contingent processes. Applying these assumptions, we illustrate the ability of the (...) framework to strengthen the macrosociological import of micro theories of power, status, and justice. We argue that structural social psychology is an important metatheoretical strategy for developing testable connections between individual and collective units of sociological analysis. (shrink)

:Opportunism impacts the behavior of firms in market situations where they purchase goods and services externally and create dependency relationships with other firms. Opportunism as a business issue is addressed in economics and marketing literature as an important factor in transaction cost analysis and market governance. Management and business ethics scholars, however, do not address this issue in depth, if at all.The recent bankruptcy of MCI WorldCom highlights some of the risks inherent in a world economy where customers and companies (...) of one society are dependent upon the business practices of partner companies in other societies. Telecommunications customers and companies in Asia, Europe and other places, who depended upon MCI WorldCom for connections to North America, now have important areas of their business in jeopardy because of the uncertainty about the fate of a critical business partner.MCI WorldCom’s situation appears to be the result of an attempt to obtain personal gain, at the expense of others, by at least one senior manager. This is called opportunism. Williamson defined opportunism as “self-interest seeking with guile.” It can wreak havoc with companies, customers, stock markets and economies and is demonstrated regularly in press accounts of misstatements on financial reports and other ways senior managers use their positions to enhance their personal wealth and influence.This paper will focus on the ethical issues surrounding business relationships and how Confucianism, with its focus on trust, reciprocity and mutual benefit in relationships, can offer a moral foundation to the inter-firm arrangements that are so much a part of the contemporary business landscape. (shrink)

Climate change represents a significant challenge to the entire planet and its inhabitants. While few, if any, will be able to escape totally the effects of climate change, it will fall most heavily, at least initially, on the poor, regardless of where they reside. We may observe already possible scenarios. The tragic situation in Darfur may be less an ethnic conflict and more a clash between marginal farmers and herdsmen in an increasingly more arid local climate. More powerful storms on (...) the scale of hurricane Katrina, which affected the poor more than other economic groups, may become commonplace. The alteration of the maple sugar cycle may be a harbinger of stress on the world's flora and fauna that humanity depends upon. Mainstream climatologists have concluded that human behavior, primarily the effects of industrialization, causes human-induced climate change. Left unchecked climate change will have serious consequences for humanity, especially the poor. Business, the primary agent of industrialization, is both the problem and the solution. This paper will apply the ethics of philosophers John Rawls, Robert Nozick, and Aristotle, along with the work of strategist Michael Porter. Understanding how climate change management fits into a firm's strategic opportunity will contribute to the ability of business to develop the technologies and business processes necessary to cope with climate change. The paper will conclude with a brief discussion of GE's Ecomagination program as an example of a promising moral response to climate change. (shrink)

The term, “bioethics” was coined in 1970 by American cancerologist V. R. Potter. In the few decades since, the field of bioethics has emerged as an important discipline. The field has attained a remarkable degree of public recognition in a relatively short period of time. The “right to die” cases such as In re Quinlan placed bioethical issues on the front pages. Although the discipline is of recent vintage, the past quarter century has witnessed a flurry of scholarly activity, creating (...) a substantial body of bioethical literature. Moreover, the bioethics movement has manifested itself in institutional expressions. Universities and medical schools have added courses in bioethics to their curricula. In 1974, federal legislation and regulations mandated that federal grantees conducting human subjects research establish institutional review boards to safeguard subjects’ welfare, and even absent a legislative mandate numerous hospitals created ethics committees. Centers and institutes, devoted exclusively to the study of bioethical issues, have been founded. (shrink)

The term, “bioethics” was coined in 1970 by American cancerologist V. R. Potter. In the few decades since, the field of bioethics has emerged as an important discipline. The field has attained a remarkable degree of public recognition in a relatively short period of time. The “right to die” cases such as In re Quinlan placed bioethical issues on the front pages. Although the discipline is of recent vintage, the past quarter century has witnessed a flurry of scholarly activity, creating (...) a substantial body of bioethical literature. Moreover, the bioethics movement has manifested itself in institutional expressions. Universities and medical schools have added courses in bioethics to their curricula. In 1974, federal legislation and regulations mandated that federal grantees conducting human subjects research establish institutional review boards to safeguard subjects’ welfare, and even absent a legislative mandate numerous hospitals created ethics committees. Centers and institutes, devoted exclusively to the study of bioethical issues, have been founded. (shrink)