John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry's contributions in connection to Marx's and Veblen's theories, but also apply them to the socio-economic issues in the 21st (...) century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx's and Veblen's theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry's heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading. (shrink)

A variety of stakeholders including investors, corporate managers, customers, suppliers, employees, researchers, and government policy makers have long been interested in the relationship between the financial performance of a corporation and its commitment to business ethics. As a subject of research, the relations between business ethics and corporate valuation has yet to be thoroughly quantified and investigated. This article is an effort to amend this inadequacy by demonstrating a statistically significant association between ethical commitment and corporate valuation measures. Consistent with (...) anecdotal evidence, we have found a significant association between the ethical commitment of Korean companies and their valuation on the Korean stock market. However, the result reveals that the association between ethical commitment and financial performance is not significantly supported. (shrink)

This study examines the participation and interaction of relevant individuals in the process of developing an accounting standard for South Korea’s emission trading scheme (ETS). Despite the enormous accounting implications of such schemes, there is a paucity of research on the development and application of ETS accounting. Ulrich Beck’s and Anthony Giddens’s risk society framework is utilised to scrutinise the process of setting accounting standards—from the agenda-setting stage all the way to the final publication of the standard. In this case (...) study, we take an interpretive approach in analysing the rich data collected through face-to-face interviews with prominent standard-setters, accounting experts and representatives of industry and government. Participant observation and relevant documents were also considered. The findings highlight the political nature of accounting standard-setting and identify the risks and responsibilities of the key agents in the process along with the means of sub-political action taken to influence decisions. We reveal that the agents involved in standard-setting attempted to balance their anthropocentric priorities with ecocentric responsibilities and prioritised the production of a standard with minimal impact on economic, reputational, and operational risk. Having authority as a standard-setter, referring frequently to precedents and, perhaps most importantly, engaging actively with the stakeholders throughout the process seem to have contributed to a widely accepted standard, which can serve as a benchmark for future attempts to factor in ETSs. (shrink)

Based on a questionnaire survey, this study is the first to systematically focus on Mongolian managers' perceptions of BE. As such, this paper (1) examines Mongolian managers' views of BE, (2) compares BE perceptions in Mongolia to those in the USA, Japan and Korea, and (3) identifies differences and similarities between the four national groups. We find that unethical practices exist and are quite common in Mongolia, where nearly half of the respondents have experienced ethical conflicts during their career. These (...) conflicts mostly arose in relation to respondents' superiors and colleagues and were related to fairness or discrimination. The results indicate that in their (un)ethical decision-making, Mongolian mangers are situational, but also place importance on the behaviour of their superiors. Finally, situational questions revealed that unlike respondents from the other three national groups, Mongolian managers do not see a significant difference between their own BE attitudes and those of an average manager. (shrink)

This study examines the relationship between corporate commitment to business ethics and financial reporting quality. We posit that companies with a higher level of ethical commitment exhibit better quality financial reporting than those with a lower level of ethical commitment. Consistent with our prediction, we find that companies with a higher level of ethical commitment are engaged in less earnings management, report earnings more conservatively, and predict future cash flows more accurately than those with a lower level of ethical commitment. (...) We also find that corporate commitment to business ethics has perpetuating effects on future financial reporting quality. (shrink)

A variety of stakeholders have long been interested in the factors that are related to firm valuation. This article investigates why companies with more comprehensive corporate governance (CG) have a value premium over companies with less comprehensive CG. We posit and find that the cost of equity capital (COC) decreases with the strength of CG, suggesting that the value premium stems from the lower COC for more comprehensive CG. We also find that the COC is lower for companies with strong (...) commitment to business ethics (BE) than for those with weak commitment to BE and that the beneficial effect of CG on the COC is more pronounced for companies with weak commitment to BE than for those with strong commitment to BE. Companies with more comprehensive CG tend to exhibit strong commitment to BE, but the beneficial effect of corporate ethical commitment is not completely subsumed by CG. Our results suggest that companies could lower their cost of equity capital and increase firm value by adopting more comprehensive CG practices and committing to higher standards of BE. (shrink)

Currently, there is a resurgence of interests in phenomenology in education. This article sheds light on the importance of hermeneutical phenomenology in teaching and learning based on the lived experience of a Sioux Indian adolescent boy, elicited from an ethnographic case study conducted at an alternative high school in the US. Employing narrative inquiry, this article seeks phenomenological ways of understanding students' lived experiences and explores the meaning of the pedagogical practice of hermeneutical phenomenology in education. I delve into how (...) hermeneutical understanding of the phenomena of students' lived experience can catapult both students and teachers into the personal growth and development in a reciprocal way. It is my hope that such an understanding will facilitate an educational aim that focuses on the ontology of being and becoming while students' existence is brought to the center of teaching and learning. (shrink)

Plato's penchant for mythmaking sits uneasily beside his reputation as the inventor of rationalist philosophy. Hegel's solution was to ignore the myths. Popper thought them disqualifying. Tae-Yeoun Keum responds by carving out a place for myth in the context of rationalism and shows how Plato's tales inspired history's great political thinkers.

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This paper argues that the philosophical analysis of moral responsibility would benefit from focusing more on the social freedom of individuals. In a critique of Frankfurt, it is argued that an individual only is responsible for the consequences of her action if she had the opportunity not be responsible for them. The resulting theory of moral responsibility is applied to the analysis of collective decision processes, and in particular to political decision making. The main conclusion is that, though we do (...) not bear ‘absolute responsibility’ for all of the consequences of our actions, our moral and political responsibility is larger than often is assumed. (shrink)

Enlightened experience (i.e. awakened to the truth) is the most valuable one in most religions including Christianity and Buddhism. As well-known cases of such experience are Apocalypse St. Paul and many Grand Zen masters in Zen Buddhism, it is natural for us to believe that the enlighten is for very talented or speciallytrained ones. However, applying the complexity theory on the structure of enlightenment, based on the power law function, selforganized criticality, phase transition, and emergence, it is clear that the (...) full awakening can be experienced by everyone in daily life. Furthermore, such experiences are not necessary to be limited in religious one. Rediscovering the path to full awakening by complexity theory leads to the demythologization of the enlightenment in Korean Zen Buddhism, which emphasizes a hard apprenticeship in temple for long periods for the purpose. (shrink)