For courses in Business Ethics A fresh approach to the assumptions that underlie business practices Two recent events — the 2008 economic meltdown and the ongoing concentration of the nation's wealth in the hands of a very small percentage of the population — have led many people to question a number of basic assumptions about business, corporations, and the workings of contemporary free-market capitalism in a global economy. Written as a dialogue between Socrates and a hypothetical contemporary CEO,Socrates Comes to (...) Wall Street leads students to think critically about perspectives and practices that are taken as “givens” in most American business schools and corporations. Employing this original and provocative approach, author Thomas White seeks to encourage the next generation of business leaders to be more astute about the implications of their actions, and to act more prudently and more fairly than we have seen in the recent past. (shrink)

Wall Street and Main Street have become opposing icons in narratives of boom and bust that endeavor to account for the financial meltdown in fall 2008 and the Great Recession that followed. In many such narratives, Wall Street denizens are said to have brought on the economic collapse in which ordinary Main Streeters became collateral damage. Economic analysis and political advocacy are carried on in a metaphorics which implicates the fate of Main Street in (...) the rituals of Wall Street. Metaphors can enlighten and mislead, and likely these do both. The present effort aims to go behind the metaphors in order to understand the worlds of Wall Street and Main Street mobilizing the conceptual resources of Schutzian phenomenology. (shrink)

Wall Street and Main Street have become opposing icons in narratives of boom and bust that endeavor to account for the financial meltdown in fall 2008 and the Great Recession that followed. In many such narratives, Wall Street denizens are said to have brought on the economic collapse in which ordinary Main Streeters became collateral damage. Economic analysis and political advocacy are carried on in a metaphorics which implicates the fate of Main Street in (...) the rituals of Wall Street. Metaphors can enlighten and mislead, and likely these do both. The present effort aims to go behind the metaphors in order to understand the worlds of Wall Street and Main Street mobilizing the conceptual resources of Schutzian phenomenology. (shrink)

Although Occupy Wall Street may no longer appear in news headlines, the international movement provides a rich curriculum on space and protest that are worthy of contemplation in social studies classrooms and research. This paper looks historically at how location and free speech became linked and informed one another during the 20th century in the US. It then looks critically at three sites of Occupy in the US that reflect the contested public representations of occupation. The investigation of (...) these critical incidents enables a discussion of how Occupy expands prior discussion of the linkage between space and protest while indicating how political, economic, and technological shifts change this relationship in the 21st century. (shrink)

This article traces the various forms and roles of intellectuals and intellectualism in the Occupy Wall Street protest camp in Zuccotti Park in New York in 2011 while simultaneously serving as an introduction to the movement. It shows how the movement was formed by a range of intellectual ideas, both in terms of the political questions it posed and the tactics it employed. It also shows how Occupy affected the intellectual and political climate insofar as it became a (...) phenomenon that everyone with an interest in public debate had to take a stand on. The article argues that Occupy, with its experiment in alternative social and democratic structures, was an exercise in a form of organic and collective intelligence that attempted to guide American society in a more democratic and equal direction. By way of conclusion, the article discusses the aftermath of the protest camp and the effects of the movement. (shrink)

Tant que l’art fera partie du luxe, c’est-à-dire tant qu’il organisera sa rareté par l’effet de sa spéculation intellectuelle, il vivra une croissance infinie. Pour cela, il ne faut pas qu’il y ait d’inflation, c’est-à-dire qu’il faut respecter un certain numerus clausus d’artistes et d’œuvres. Le Wall Street de nos désirs et nos désillusions, c’est justement l’organisation de cette inflation, c’est – dans la continuité de Beuys – affirmer que chacun d’entre nous est capable d’être un artiste. Nous (...) allons bombarder le réel qui nous est fait de tous les réels qui vivent logés en nous pour en faire Le Wall Street de nos désirs et de nos désillusions, une bourse de nos valeurs inscrites dans une symbolique, jouée à la hausse et à la baisse dans un jeu qui va faire monter votre désir et donc armer une révolution dans le sens des saisons. (shrink)

The purpose of this study is to investigate whether the availability of financial bounties and anonymous reporting channels impact individuals’ general reporting intentions of questionable acts and whether the availability of financial bounties will prompt people to reveal their identities. The recent passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 creates a financial bounty for whistle-blowers. In addition, SOX requires companies to provide employees with an anonymous reporting channel option. It is unclear of (...) the effect of these provisions as they relate to whistle-blowing. Our results indicate that a financial bounty has the potential to increase participants’ propensity to report questionable acts and their willingness to reveal their identities when reporting, but the availability of an anonymous reporting channel does not affect participants’ propensity to report questionable acts. These findings could potentially help corporate management, government policy makers and accounting researchers to assess the effectiveness of their internal compliance programs and help determine if financial bounties in the private sector could encourage whistle-blowing. (shrink)

The concept of organizational stigma has received significant attention in recent years. The theoretical literature suggests that for a stigma to emerge over a category of organizations, a “critical mass” of actors sharing the same beliefs should be reached. Scholars have yet to empirically examine the techniques used to diffuse this negative judgment. This study is aimed at bridging this gap by investigating Goffman’s notion of “stigma-theory”: how do stigmatizing actors rationalize and emotionalize their beliefs to convince their audience? We (...) answer this question by studying the stigma over the finance industry since 2007. After the subprime crisis, a succession of events put the industry under greater scrutiny, and the behaviors and values observed within this field began to be publicly questioned. As an empirical strategy, we collected opinion articles and editorials that specifically targeted the finance industry. Building on rhetorical analysis and other mixed methods of media content analysis, we explain how the stigmatizing rhetoric targets the origins of deviant organizational behaviors in the finance industry, that is, the shareholder value maximization logic. We bridge the gap between rhetorical strategies applied to discredit organizations and ones used to delegitimize institutional logics by drawing a parallel between these two literatures. Taking an abductive approach, we argue that institutional contradiction between field and societal-level logics is sufficient, but not necessary to generate organizational stigma. (shrink)

If institutional heterogeneity tends overall to reduce survival chances, it may also persist and be harnessed to good use. This article investigates this ambivalence by looking at how institutional heterogeneity emerges, develops, and survives. An inductive study of the “Metropolitan Opera” archives suggests that what enables heterogeneity to survive and to withstand the pressure for homogenization is its inherent potential for “multivocality.” The analysis shows how institutional discrepancies were bridged over through an opportunistic, “multivocal” action pattern, whereby the organization maneuvered (...) between conflicting institutional demands, seeking to minimize dependence on any single constituency or evaluation principle. Maintaining discretionary options is essential in multi-dimensional space, where ambiguity makes optimization impractical. The trade-off in this action pattern includes remarkable adaptability and operational inefficiencies. (shrink)

A dispatch from Zuccotti Park about what being there was like, about the signs I liked (and those I didn't), and about Occupy's importance.

When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, (...) the United States resembled a headless financial giant. William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage. When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board. (shrink)

As the aftershocks of the latest economic meltdown reverberate throughout the world, and people organize to physically occupy the major financial centers of the West, few experts and even fewer governments have dared to consider a world without the powerful markets that brought on the crash. Yet, as François Morin explains in _A World Without Wall Street?_, this is the very step that needs to be taken as quickly as possible to avoid a perpetual future of dehumanizing working (...) conditions, devastated ecosystems, and the submission of public policies to private interests. In this insightful and radical take on global finance, Morin recommends nothing less than a revolutionary reconstruction of the international monetary system. More, he recommends that the laws of societies be reformed so that the power of management may be shared among all of the actors involved in production, not concentrated in the hands of the few. This shift, argues Morin, will transform the monetary system into a common good for all of humanity, rich or poor. With Wall Street at the center of the very power structure that needs to be dismantled, Morin takes broad aim at the purely speculative financial games and arcane instruments by which the global economy and its citizens are held captive. In this very timely and provocative book, Morin bravely offers a way forward—instead of simply triaging a hemorrhaging system, he persuasively asks us to consider a subversive reinvention. (shrink)

The Occupy Wall Street movement of 2011 and its corollaries, Occupy Sandy and Occupy Debt, have been largely understood as secular movements. In spite of this, religious actors not only participated, but in some cases played an integral role within the movement, lending material support, organizing expertise, and public statements of support. We rely on interviews with faith leaders in New York and Oakland, and engage in an analysis of print and online media to explore the role of (...) religious actors and groups in Occupy Wall Street. Religious participants were often long-time veterans of progressive political struggles and drew inspiration from their faith traditions. Nonetheless, religious commitments were secondary to political objectives shared by themselves and their secular counterparts. Religious leaders believed they offered symbolic authority to the movement and highlighted this in their engagement in the hope of giving it greater moral weight. Current discussions on postsecularism and public religions are considered. (shrink)

In the period since the 2008 Wall Street crash, little consensus has emerged on its causes or actions to prevent a recurrence. Our capability for rational decision making was overwhelmed. Viewing the entire financial system as a huge, richly interconnected organization suggests that its structure and associated management practices are suited for a far simpler environment. An organization that is large relative to its environment and sufficiently complex to require the coordination of specialized expertise cannot function by enabling (...) decision makers to respond only to local demands. The resulting inability to recognize critical interdependencies and the nature of their risk makes periodic catastrophic failure likely. Specifically, compartmentalization of information, influence, and reward creates a myopic decision environment in which individual decision makers are unlikely to make effective or ethical decisions. Useful criteria for evaluating solutions can be suggested by considering the interaction of two factors: limited human information processing capability and the effect of motivation on information processing. Taken together, they suggest that human information processing is both limited and opportunistic. We cannot process all information available and the information selected for processing narrows to that needed to achieve salient rewards. Because of this, the organization's reward practices and their effect on motivation are a critical variable. Large financial rewards contingent upon short term, local, simplistic measures inevitably narrow the focus of decision maker's attention to a small part of the system. In contrast, dominant intrinsic motivation is rooted in awareness of, and responsibility for, broader outcomes. Each type of motivation differs in its requirements for sharing of information, influence, and reward. These, in turn, determine the adaptability of the organization to complexity and change. While this has significant ethical implications, its logic rests on the limitations of human information processing and motivation. Aligning human motivation and information flow to the demands of a complex, turbulent financial environment is the challenge we must meet to prevent further cataclysms. (shrink)

As the aftershocks of the latest economic meltdown reverberate throughout the world, and people organize to physically occupy the major financial centers of the West, few experts and even fewer governments have dared to consider a world without the powerful markets that brought on the crash. Yet, as François Morin explains in A World Without Wall Street?, this is the very step that needs to be taken as quickly as possible to avoid a perpetual future of dehumanizing working (...) conditions, devastated ecosystems, and the submission of public policies to private interests. In this insightful and radical take on global finance, Morin recommends nothing less than a revolutionary reconstruction of the international monetary system. More, he recommends that the laws of societies be reformed so that the power of management may be shared among all of the actors involved in production, not concentrated in the hands of the few. This shift, argues Morin, will transform the monetary system into a common good for all of humanity, rich or poor. With Wall Street at the center of the very power structure that needs to be dismantled, Morin takes broad aim at the purely speculative financial games and arcane instruments by which the global economy and its citizens are held captive. In this very timely and provocative book, Morin bravely offers a way forward—instead of simply triaging a hemorrhaging system, he persuasively asks us to consider a subversive reinvention. (shrink)

The Film Theory in Practice series fills a gaping hole in the world of film theory. By marrying the explanation of a film theory with the interpretation of a film, the volumes provide discrete examples of how film theory can serve as the basis for textual analysis. Fredric Jameson and The Wolf of Wall Street offers a concise introduction to Jameson in jargon-free language and shows how his Marxist theories can be deployed to interpret Martin Scorsese's critically acclaimed (...) 2013 film The Wolf of Wall Street. Beginning with a detailed account of Jameson's extensive writings on Marxist theory and how they have been deployed in the analysis of film writings, Clint Burnham then illustrates how Jameson's theory can help to make sense of The Wolf of Wall Street, a film that shows in all its glory the excesses, lunacies, and inner workings of 1990s finance capitalism. As Jameson has influentially argued, films like The Wolf of Wall Street are both complicit in and critical of their historical subject: Scorsese's film is not about the richest stockbrokers, but the Long Island penny traders who made it big. As a narrative of American success, it is also a film about failure. Clint Burnham's reading of Jameson and The Wolf of Wall Street is a book about a contemporary film, and contemporary events, and contemporary theory. (shrink)

The way things are supposed to be : reputational theory and its demise -- Thriving the new way : with little or no reputation : the Goldman Sachs story -- The way things used to be : when reputation was critical to survival -- Individual reputation unhinged from the firm : hardly anybody goes down with the ship -- Proof in the pudding : Michael Milken, Junk Bonds, and the decline of Drexel and -- Nobody else -- The new, post-reputation (...) Wall Street : accounting firms -- The new, post-reputation Wall Street : law firms -- The new, post-reputation Wall Street : credit rating agencies -- The new, post-reputation Wall Street : stock exchanges -- The SEC and reputation -- The SEC : captured and quite happy about it -- Where we are and where we are headed : a conclusion of sorts -- Index. (shrink)

Extract: Having spent sixteen years teaching philosophy in Singapore, half a year in Hong Kong, and a few months near Shanghai, the three major financial centres in Cultural China, I have been unwittingly exposed to the brutality and intricacies of the business and financial world. I am particularly interested in the psychology of stock trading which could benefit greatly from Zen and Taoistic cultural resources.

Examining the effect of hedge fund activism on gender diversity, we find that the number of female directors decreases after a firm is targeted by hedge fund activism. Using the employment history data from BoardEx, we find that activist hedge funds are more likely to appoint people with finance backgrounds to the boards of target firms. And the newly appointed finance background directors are almost all male because of the lack of diversity in the finance industry. The lack of gender (...) diversity of the hedge funds’ networks and the lack of qualified female directors in the local area also help explain the impact of hedge fund activism on gender diversity on the board. (shrink)

Gurunanda (aka Puneet Nanda) is a successful entrepreneur-turned-yogi. His business accomplishments earned him 2011's Ernst & Young Entrepreneur of the Year Award and an active position with the Young Presidents Organization. However, 18-hour workdays filled with stress, poor eating habits and lack of exercise took a dire toll on his life and his health until he discovered yoga. His transformation (including a 40-pound weight loss) and his self-realization have been so profound that he is now committed to sharing the power (...) of yoga and yogic breathing across the globe, especially with people facing challenging, chaotic lifestyles. By focusing on positivity, simplicity and a judgment-free attitude, GURUNANDA'S HAPPY BREATH YOGA invites everyone to experience the energy, well-being and joy that comes from truly breathing."--Page 4 of cover. (shrink)

A review of the stakeholder literature reveals that the concept of "normative core" can be applied in three main ways: philosophical justification of stakeholder theory, theoretical governing principles of a firm, and managerial beliefs/values influencing the underlying narrative of business. When considering the case of Wall Street, we argue that the managerial application of normative core reveals the imbedded nature of the fact/value dichotomy. Problems arise when the work of the fact/value dichotomy contributes to a closed-core institution. We (...) make the distinction between open- and closed-core institutions to show how in the case of the closed-core, ethical decision-making is viewed by the institution as a separate domain from the core business of the institution. The resulting blind spot stifles meaningful exchanges with stakeholders attempting to address the need for reform. We suggest in conclusion that ethical considerations are less about casting a value judgment and more about creating a process for meaningful conversation throughout an institution and its stakeholders. (shrink)

Starting with Marx and Freud, scholars have attempted to identify the primary ethical challenge of capitalism. They have named injustice, inequality, repression, exploitative empires, and capitalism psychic hold over all of us, among other else. Nimi Wariboko instead argues that the core ethical problem of capitalism lies in the split nature of the modern economy, an economy divided against itself. Production is set against finance, consumption against saving, and the future against the present. As the rich enjoy their lifestyle, their (...) fellow citizens live in servitude. The economy mimics the structure of our human subjectivity as Saint Paul theorizes in Romans 7: the law constitutes the subject as split, traversed by negativity. The economy is split, shot through with a fundamental antagonism. This fundamental negativity at the core of the economy disturbs its stability and identity, generating its destructive drive. The Split Economy develops a robust theoretical framework at the intersection of continental philosophy, psychoanalytic theory, theology, and political economy to reveal a fundamental dynamic at the heart of capitalism. (shrink)

This study examines the 3.5 m+ English-language original tweets that occurred during the 2011 Occupy Wall Street protests. Starting from previous research, we analyze how character terms such as “the banker,” “politician,” “the teaparty,” “GOP,” and “the corporation,” as well as concept terms such as “ethics,” “fairness,” “morals,” “justice,” and “democracy” were used by individual participants to respond to the Occupy Wall Street events. These character and concept terms not only allowed individuals to take an ethical (...) stance but also accumulated into a citizen’s narrative about social accountability. The analysis illustrates how the centrality of the different concepts and characters in the conversation changed over time as well as how the concepts ethics, morals, fairness, justice, and democracy participated within the conversation, helping to amplify the ethical attributes of different characters. These findings contribute to our understanding of how demands for social accountability are articulated and change over time. (shrink)

Herbert Marcuse was concerned with many of the same issues that confront the Occupy Wall Street movement today. Change the militant “students” in the 1960s to the militant “occupiers” today, and his views on their philosophical bases and strategies for change remain similar. Militant protest is reacting to an aggressive, profit-driven system, reducing its subservient population to consumption-fixated one-dimensionality. The ideology-motivated militants cannot by themselves change things all at once, yet the ideological/psychological elements can lead the material bases (...) of the struggle to produce radical change in one area at a time, suggesting an agenda akin to the “long march through the institutions” of the 1960s. (shrink)

How does a country achieve a public capital market in which firms can raise capital from investors? In seeking clues and hypotheses, this article looks back to the dawn of the public corporation in the United States. The battles for control of the Erie Railroad, known as the "Scarlet Woman of Wall Street," a reference to its ill repute, stand at the symbolic center of these developments. The battles for control, which waxed and waned between 1868 and 1872, (...) involved: the titan of the transportation age, Cornelius Vanderbilt; the brilliant and notorious stock market manipulator and takeover entrepreneur, Jay Gould; the largest and most powerful railroad of the era, the Pennsylvania; control over rail transportation to New York City; and the politics and courts of New York, Pennsylvania, and Ohio. It was played out in the securities markets, the courts, the legislatures, and the newspapers and attracted the attention, and condemnation, of some of the leading commentators of the day. Rereading this history from the vantage point of the end of the twentieth century, several features are striking. First, the battles are remarkably familiar: they are recognizably modern battles for control over a widely-held corporation. Second, many of the tactics utilized are now illegal. Finally, surprising connections emerge between antitrust, federalism, and the emergence of public capital markets. (shrink)

This paper will explore how John Dewey’s and Gilles Deleuze’s mutual emphasis upon affect and rhythm can illuminate under-appreciated political consequences of Occupy Wall Street. It suggests what I call the sensed “rhythms of resistance” that are produced when activists move through the micro-geography of the encampment and play an important role in the collective becoming and critical dereification many highlight as resulting from their participation in the movement. My argument not only complexifies contemporary interpretations of these two (...) figures, but also raises provocative questions concerning new approaches to critical-democratic practice in the neoliberal era. (shrink)

Résumé Le 3 octobre 2011, les zombies ont marché sur Wall Street. Cette parade carnavalesque, inspirée par les films de George A. Romero, agite les fantômes des laissés pour compte du capitalisme global. Mais le mythe du zombie est aussi le symbole d’une force politique informe, qui résiste à toute organisation, et sur laquelle se réfléchissent les désirs morts-vivants d’une société.

The malfeasance and misfeasance crises within corporate America have prompted a tripartite response from policymakers. Stringent legislation targeting somnambulant boards has been introduced; enforcement departments have been strengthened at the federal, state and self-regulatory bodies charged with overseeing the markets; the Department of Justice and the New York District Attorney's Office have taken notably aggressive stances in the criminal prosecution of individual malefaction. This paper critically assesses the implications of the changes to the legislative, regulatory and criminal justice frameworks on (...) the governance of Wall Street. Specifically, I deconstruct the rationale governing a plea-agreement entered into by Merrill Lynch in return for the temporary abeyance of criminal charges. The paper argues that this intervention, if implemented, has far-reaching consequences, effectively criminalising standard Wall Street practice. (shrink)

Argues that economics is a cultural phenomenon, rather than a strictly mathematical entity, that is found in mythology, religion, philosophy, psychology, ...

In The Economics of Good and Evil, Sedlacek challenges widely-held beliefs about economics and culture by tracing the study and themes of economics throughout history.

1. Introduction: Kairopolitics: The Politics of Realtime -- 2. Thought-Time: Immediacy and Live Theory -- 3. Control-Time: Immediacy and Constant Capitalism -- 4. Conclusion: Defense-Time: Immediacy and Realtime Resistance.

If Dinesh D'Souza knew just a little bit more philosophy, he would realize how silly he appears when he accuses me of committing what he calls "the Fallacy of the Enlightenment." and challenges me to refute Kant's doctrine of the thing-in-itself. I don't need to refute this; it has been lambasted so often and so well by other philosophers that even self-styled Kantians typically find one way or another of excusing themselves from defending it. And speaking of fallacies, D'Souza contradicts (...) himself within the space of a few paragraphs. If, as he says, Kant showed that we humans "will never know" the universe in itself, then theists couldn't "know that there is a reality greater than, and beyond, that which our senses and our minds can ever comprehend." They may take this on faith, if they wish, but they mustn't claim to know it, on pain of contradiction. We brights see no good reason to join them in their conviction, and they must admit that they see no good reason either. If they did, it wouldn't be purely a matter of faith. (shrink)