In this paper we critically examine mobile markets as an emerging approach to serving communities with limited healthy food options. Mobile markets are essentially farm stands on wheels, bringing fresh fruits, vegetables and other food staples into neighborhoods, especially those lacking traditional, full service grocery stores, or where a significant proportion of the population lacks transportation to grocery stores. We first trace the emergence of contemporary mobile markets, including a brief summary about how and where they operate, what they aim (...) to achieve, who they serve, and the general constraints on their operations. We then report case study findings that examine the operational benefits and challenges of two mobile markets operating in Syracuse, New York. Our research suggests that although Syracuse’s mobile markets play a positive role in alleviating geographic, economic and social barriers to fresh food access experienced by elderly, immobile and low income residents living in Syracuse’s urban neighborhoods, the impacts of the mobile markets are dampened by both operational constraints and larger political and economic forces. (shrink)

The current study sought to assess the mediating role of green market orientation dimensions in the relationship between social risk and new product performance among European Multinational Enterprises (EMNEs). We also assessed the moderating role of entrepreneurial orientation in the relationship between green market orientation and new product performance. The study was based on primary data gathered from 317 EMNEs in Ghana. After various validity and reliability checks, ordinary least squares (OLS) analysis was performed to estimate the various (...) relationships hypothesized in the study. The study finds that social risk has a negative effect on the success of EMNEs' new products. This negative effect is however nullified by the positive mediating effects of strategic green market orientation, tactical green market orientation and internal green market orientation. Entrepreneurial orientation also played a significant moderating effect in the relationship between green market orientation dimensions and EMNEs' new product performance. Based on this, theoretical and managerial contributions were made. (shrink)

Markets are not given, transcendent and commanding. Markets are socially constructed, a function of interaction among both institutions normally seen as within the market and institutions of social control. The conventional theories of the firm, by Gardiner C. Means, Ronald Coase and others, do not go far enough when they are used as theories of the market. Markets are a function of the activities of firms to establish market structures of their own liking and of the impact (...) of a wide variety of government regulatory activities. Even law not deemed regulatory has impact on the existence, domain, character and structure of markets; moreover law is profoundly influenced by nominally private-sector activities brought to bear on and through government in the legal-economic nexus.Les marchés ne sont pas donnés, transcendents, ni dominants. Ils sont socialement construits. Ils sont le résultat d’interactions à la fois entre les institutions généralement perçues comme étant à l’intérieur du marché et les institutions de réglementation. Les théories conventionnelles de l’entreprise de Gardner C. Means, Ronald Coase, et des autres, ne sont pas assez abouties pour être utilisées en tant que théories du marché. Les marchés sont fonction des activités des entreprises qui établissent des structures de marché selon leurs propres préférences mais ils sont aussi fonction d’une grande variété d’activités de réglementation. Même le droit qui n’est pas réglementaire a une influence sur l’existence, le domaine, la nature, et la structure des marchés; de plus le droit dépend des activités du secteur privé qui exercent une influence sur, et à travers le gouvernement dans la sphère économico-juridique. (shrink)

The debate on the influence of markets on virtues has focused on two opposite hypotheses: the doux commerce thesis and the self-destruction thesis. Whereas the doux commerce hypothesis assumes that capitalism polishes human manners, the self-destruction hypothesis holds that capitalism erodes the moral foundation of society. This paper will develop a more balanced position by using the virtue ethics developed by Aristotle, which distinguishes several virtues. The research will focus on the question for which virtues the doux commerce or self-destruction (...) thesis is likely to hold. An extensive literature survey shows that market competition tends to stimulate diligence, crowd out temperance, generosity, and sociability, and stimulate envy. The effect on other virtues – i.e. courage, high-spiritedness, justice, and prudence – is ambiguous. (shrink)

Managers seeking to respect local norms when operating in cross-cultural settings may encounter ethical dilemmas when faced with values that potentially conflict with their own. The question of whose ethics or values should be applied or whether a set of universal ethical norms should be developed often confronts managers in their international business dealings. This article explores the findings from a qualitative research study that examines critical ethical dilemmas confronting Australian managers in their international business operations and their responses to (...) those dilemmas. For Australians managers in this study, bribery emerged as the major ethical dilemma confronting them in their international operations. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

Using key writings in the sociology of consumption and consumerism and analyses of the nature of postmodern society, this paper considers how parents decide upon a secondary school and the nature of their engagement with the education market.

Using key writings in the sociology of consumption and consumerism and analyses of the nature of postmodern society, this paper considers how parents decide upon a secondary school and the nature of their engagement with the education market.

This study examines the moderating effects of corporate social responsibility (CSR) on the association between market orientation and firm performance in the context of an emerging economy. The results from a sample of firms that operate in Dubai indicate that CSR has a synergistic effect on the impact of market orientation on business performance. The results of our research on the moderating effects of CSR on market orientation subsets reveal that although CSR moderates the association between customer (...) orientation and business performance, it does not moderate the association between competitive orientation and interfunctional coordination and performance. The results of this study are discussed, and implications for practitioners and researchers are presented. (shrink)

The Market as God captures how our world has fallen in thrall to the business theology of supply and demand. According to its acolytes, the Market is omniscient, omnipotent, and omnipresent. It knows the value of everything, and determines the outcome of every transaction; it can raise nations and ruin households, and nothing escapes its reductionist commodification. The Market comes complete with its own doctrines, prophets, and evangelical zeal to convert the world to its way of life. (...) Cox brings that theology out of the shadows, demonstrating that the way the world economy operates is neither natural nor inevitable but shaped by a global system of values and symbols that can be best understood as a religion. -/- Drawing on biblical sources, economists and financial experts, prehistoric religions, Greek mythology, historical patterns, and the work of natural and social scientists, Cox points to many parallels between the development of Christianity and the Market economy. At various times in history, both have garnered enormous wealth and displayed pompous behavior. Both have experienced the corruption of power. However, what the religious have learned over the millennia, sometimes at great cost, still eludes the Market faithful: humility. (shrink)

The product market competition has become a global challenge for business organizations in the challenging and competitive market environment in the influx of the COVID-19 outbreak. The influence of products competition on organizational performance in developed economies has gained scholars’ attention, and numerous studies explored its impacts on business profitability. The existing studies designate mixed findings between the linkage of CSR practices and Chinese business firms’ healthier performance in emerging economies; however, the current global crisis due to the (...) coronavirus has made product market completion fierce, which ultimately affects business firms’ performance. This study focuses on this logical global challenge, investigates the rationale, and examines product-market completion impact on firms’ performance operating in the Chinese markets. The study collected data from the annual reports of Chinese business organizations with A-share listing and registered with the database of China Stock Markets and Accounting Research. The study employed a Generalized Method of Moment technique and investigated the connection between product market competition and Chinese firm performance. The empirical analysis of this study highlights the conclusion that market competition positively and significantly affected business firms’ performance. This study specified that product market competition play a dynamic and indispensable role in achieving healthier firm performance in the Chinese markets. This study provides valuable insights on practical implications and future research directions for the scholars to draw interesting results with new study models. (shrink)

Hayek’s social theory of evolution suggests that market liberal morality is adaptive for social groups. He justified the evolutionary superiority of market liberalism by asserting that groups operating under a market liberal morality would have a higher capacity to expand and reproduce than groups with alternative tribal moralities. Thus, market liberal groups would be favoured through cultural and genetic group selection. But in fact, market liberal morality reveals maladaptive tendencies and remains insufficiently powerful to create (...) adaptive social groups. Hayek’s dismissal of moral tribalism in favour of market liberal morality is found to underestimate the importance of tribal goals in the evolutionary system. (shrink)

The purpose of this paper is to consider, in principle and at the most general level, a particular possible approach to educational policy‐making. This approach involves an education‐specific application of the notion of hypothetical markets first developed in Ronald Dworkin's book Sovereign Virtue: The theory and practice of equality . The paper distinguishes the concept of the market from the operation of any actual market, and from the operation of ‘market forces’ in any generalised sense. (...) It continues by arguing that hypothetical markets of the kind identified by Dworkin are not only distinct, in both their nature and purpose, from actual markets operating in education, but also—in the face of continuing widespread debate about the value, at particular times and places, of such actual markets—a potentially valuable theoretical tool for educational policy‐making. The paper then briefly considers a particular instance of such debate about actual markets in education. (shrink)

Managers seeking to respect local norms when operating in cross-cultural settings may encounter ethical dilemmas when faced with values that potentially conflict with their own. The question of whose ethics or values should be applied or whether a set of universal eth- ical norms should be developed often confronts managers in their international business dealings. This article explores the findings from a qualitative research study that examines critical ethical dilemmas confronting Australian managers in their international business operations and their responses (...) to those dilemmas. For Australians managers in this study, bribery emerged as the major ethical dilemma confronting them in their international operations. (shrink)

Commercial genetic testing offered over the internet, known as direct-to-consumer genetic testing (DTC GT), currently is under ethical attack. A common critique aims at the limited validation of the tests as well as the risk of psycho-social stress or adaption of incorrect behavior by users triggered by misleading health information. Here, we examine in detail the specific role of advertising communication of DTC GT companies from a medical ethical perspective. Our argumentative analysis departs from the starting point that DTC GT (...) operates at the intersection of two different contexts: medicine on the one hand and the market on the other. Both fields differ strongly with regard to their standards of communication practices and the underlying normative assumptions regarding autonomy and responsibility. Following a short review of the ethical contexts of medical and commercial communication, we provide case examples for persuasive messages of DTC GT websites and briefly analyze their design with a multi-modal approach to illustrate some of their problematic implications. We observe three main aspects in DTC GT advertising communication: (1) the use of material suggesting medical professional legitimacy as a trust-establishing tool, (2) the suggestion of empowerment as a benefit of using DTC GT services and (3) the narrative of responsibility as a persuasive appeal to a moral self-conception. While strengthening and respecting the autonomy of a patient is the focus in medical communication, specifically genetic counselling, persuasive communication is the normal mode in marketing of consumer goods, presuming an autonomous, rational, independent consumer. This creates tension in the context of DTC GT regarding the expectation and normative assessment of communication strategies. Our analysis can even the ground for a better understanding of ethical problems associated with intersections of medical and commercial communication and point to perspectives of analysis of DTC GT advertising. (shrink)

This 2000 text applies modern advances in game theory to the analysis of competition policy and develops some of the theoretical and policy concerns associated with the pioneering work of Louis Phlips. Containing contributions by leading scholars from Europe and North America, this book observes a common theme in the relationship between the regulatory regime and market structure. Since the inception of the new industrial organization, economists have developed a better understanding of how real-world markets operate. These results have (...) particular relevance to the design and application of anti-trust policy. Analyses indicate that picking the most competitive framework in the short run may be detrimental to competition and welfare in the long run, concentrating the attention of policy makers on the impact on the long-run market structure. This book provides essential reading for graduate students of industrial and managerial economics as well as researchers and policy makers. (shrink)

Markets, it is sometimes said, are hard on discrimination. An employer who finds himself refusing to hire qualified blacks and women will, in the long run, lose out to those who are willing to draw from a broader labor pool. Employer discrimination amounts to a self-destructive “taste” – self-destructive because employers who indulge that taste add to the costs of doing business. Added costs can only hurt. To put it simply, bigots are weak competitors. The market will drive them (...) out.On this account, the persistence of employment discrimination on the basis of race and sex presents something of a puzzle. And if markets are an ally of equality and a foe of employment discrimination, perhaps discrimination persists because of something other than markets. Perhaps labor unions are to blame; perhaps the real culprit is the extensive federal regulation of the employment market, including minimum-wage and maximum-hour laws and unemployment compensation. If competitive markets drive out discrimination, the problem for current federal policy lies not in the absence of aggressive anti-discrimination law, but instead in the absence of truly competitive markets.If this account is correct, the prescription for the future of anti-discrimination law is to seek ways to free up employers from the wide range of governmental disabilities – including, in fact, anti-discrimination law itself. The argument seems to be bolstered by the fact that some groups subject to past and present prejudice – most notably, Jews and Asian-Americans – have made substantial progress in employment at least in part because of the operation of competitive markets. (shrink)

This study explores cultural influence on corporate behavior employing the case of merchant guild culture in China and further the moderating role of Marketization. Using hand-collected data on merchant guild culture, we find that merchant guild culture is significantly negatively associated with owner-manager agency costs, suggesting that merchant guild culture in ancient China still has its continuous and remarkable effects on managerial behavior in contemporary corporations. This finding also implies that merchant guild culture motivates managers to upgrade the efficiency of (...) controlling operating costs, reduces agency conflicts between management and shareholders, and eventually mitigates owner-manager agency costs. Moreover, provincial Marketization level attenuates the negative association between merchant guild culture and owner-manager agency costs. Above results are robust to a variety of alternative measures of merchant guild culture and owner-manager agency costs. Furthermore, our findings are still valid after controlling for the potential endogeneity between merchant guild culture and owner-manager agency costs. (shrink)

This paper examines the impact of corporate crime on the stock market in South Korea. Specifically, we examine the effect of crime type, industry type, business group affiliation, and corporate governance on the relationship between corporate crime announcement and stock market reaction. We find negative reactions to stock prices around the announcements of corporate crimes but no significant difference in reactions between announcements of individual and organizational crimes. Individual white-collar crimes have a stronger negative impact on stock prices (...) than do individual street crimes on average, while financial crimes have a significantly greater negative impact than do operational crimes in organizations. Moreover, financial sector firms are impacted more significantly by the announcement of corporate crimes than are non-financial firms. In addition, the stock prices of chaebol-affiliated firms decrease less than do those of non-chaebol-affiliated firms, and those with a higher board committee subindex seem to be influenced less by news of corporate crimes if the size control variable is excluded. Multivariate cross-sectional analyses show consistent findings after controlling for firm-specific factors, crime-type effect, and industry and year effects. The results of this study provide valuable insights because it covers several types of corporate crime, including those committed by individuals and those perpetrated by firms. (shrink)

Assisted reproductive technology is a global market engaging a variety of local moral economies where the construction of the demand–supply relationship takes different forms through the operation of the politics of value. This paper analyzes how the market–culture relationship works in different settings, showing how power and resources determine what value will, or will not, accrue from that relationship. A commodity’s potential economic value can only be realized through the operation of the market if its (...) cultural status is seen to be legitimate. At the same time, local moral economies and their associated social orders are potentially susceptible to the destabilizing implications of new commodities. The formal or informal organization of power relationships in the market–culture interaction can enable potential value to become manifest and tangible over time or block its path. The interaction is steered through national institutional sources of cultural authority embedded in state and religion, where the visible contest in the politics of value is conducted. Increasingly, that interaction finds its expression in transnational institutions of governance where the struggle for control of the cultural agenda reflects the global nature of the ART market. (shrink)

The primary aim of the text is to introduce the reader to the relationship between economics and ethics and to the application of economic ethics in the evaluation of the market. The reader will gain insight into: * The ethical and methodological strategy of economics and criticism of the core assumptions that underpin the economic defense of free market operation. * The characteristics of different ethical theories (utilitarianism, duty and rights ethics, justice and virtue ethics) that can (...) be used to evaluate the free market. * How to apply economics in conjunction with ethical theories to evaluate economic trends and policies that promote the free operation of the market and are subject to public debate. These insights will help to develop the reasoning and analytical skills needed to criticize economic analysis as well as to apply ethical concepts to moral issues in economic policy. (shrink)

Can market socialism realize the socialist vision of the good society by ending exploitation and alienation, substantially reducing inequalities of wealth and income, ensuring full employment, and correcting other market irrationalities? A comparative analysis of the organizational forms of capitalism (notably the small owner?operated firm and the large corporation) and market socialism (the self?managed cooperative that rents its capital from the state) reveals the relative efficiencies of capitalism in reducing transaction costs, in turn reducing the opportunities for (...) exploitation. By contrast, the transaction cost inefficiencies of the organizations of market socialism permit and encourage forms of exploitation that are precluded or discouraged under capitalism. (shrink)

This article explores the possibilities offered by Collins’ model of interaction rituals to an understanding of the emotional dynamics of art auctions. It argues that whilst it explains how the art object becomes the focus of attention, and thus the repository of solidarity and emotional energy, it also obliterates some of the institutional aspects of the auction market that can influence such outcomes. It discusses the need to include an examination of the specific practices of auction houses operating in (...) an international market in their capacity to target specific audiences for their sales. (shrink)

Many Western countries have introduced market principles in healthcare. The newly introduced financial instrument of “care-intensity packages” in the Dutch long-term care sector fit this development since they have some characteristics of a market device. However, policy makers and care providers positioned these instruments as explicitly not belonging to the general trend of marketisation in healthcare. Using a qualitative case study approach, we study the work that the two providers have done to fit these instruments to their organisations (...) and how that enables and legitimatises market development. Both providers have done various types of work that could be classified as market development, including creating accounting systems suitable for markets, redefining public values in the context of markets, and starting commercial initiatives. Paradoxically, denying the existence of markets for long-term care and thus avoiding ideological debates on the marketisation of healthcare has made the use of market devices all the more likely. Making the market invisible seems to be an operative element in making the market work. Our findings suggest that Dutch long-term care reform points to the need to study the ‘making’ rather than the ‘liberalising’ of markets and that the study of healthcare markets should not be confined to those practices that explicitly label themselves as such. (shrink)

Markets have led a shadowy existence in economics. The ruling paradigm, neoclassical economics, for which markets are a central institution, has mainly been concerned with the determination of market prices. Until recently, sociological investigations of modern markets focused on production, as did anthropological work that ascertained how each culture made a living. The major debate among anthropologists to date has been about whether the economic rationality of the maximizing individual is to be found in all societies or whether substantive (...) economies are always embedded in a cultural matrix that determines its logics and forms of transaction. A new feature of financial markets is that they are based upon scopic systems – electronic and informational mechanisms of observing and contextualizing market reality and of back-projecting this reality onto the computer screens of globally operating traders. When such a mechanism is in place, coordination and activities respond to the reflected, represented reality rather than to pre-reflexive occurrences. This form of coordination contrasts with network forms of coordination that are pre-reflexive in character. In network markets, participants rely on their relationships to determine ‘where the market is’. In a market based on scopic systems, the market is fully visible on screen – as a set of tradable, comprehensively contextualized, quickly moving prices for various trading instruments. In this situation, a level of global inter-subjectivity emerges that derives from the character of these markets as reflexively observed by participants on their computer screens in temporal continuity, synchronicity, and immediacy. As a consequence, these markets are communities of time. As temporalized systems, financial markets project a form of coordination adapted to a global world that leaves behind the patterns of traditional producer and exchange markets. (shrink)

A market may be defined as a set of competitive relationships in which agents strive, within limits set by ground rules, to better their own economic positions, not necessarily at the expense of other people, but not necessarily not at their expense either. A degree of indifference to the market fates of others is, manifestly, an inevitable feature of the market practice, so defined. But though indifference is clearly logically endemic to markets, it has been denied that (...) selfishness is necessarily involved in the raw competition of market activity. Thus, Hayek maintains that market behaviour is not selfish on the grounds that the market is a competitive non zero-sum ‘wealth-creating game’ in which individuals ‘use their own knowledge for their own ends’ in a system whose operations,viathe ‘Invisible Hand’, also produce unintended benefits for others. But for behaviour to be selfish it clearly need not necessarily disbenefit other people; it is enough that it is pursued, or persisted in, regardless of its effects upon others. And this is precisely what the institutional ‘indifference’ of market activity amounts to. Admittedly individuals who understand the Hayekian logic of the market know that the long-run chances of everyone's benefiting are maximized by acting in a rigorously competitive manner, and so they at least in one sense act with a ‘regard for others’. Butipso factothis category of market agents has an even stronger reason than the ignorantly selfish for disregarding thespecificinterests of all theparticularindividuals with whom they have economically to do. ‘Market selfishness’, the disregard for others' market interests, is thus a logically inevitable feature of market activity. (shrink)

It is generally agreed that the current methods of providing health care in the West need to be reformed. Such reforms must operate within the practical limitations to which any future system of health care will be subject. These limitations include an increase in the demand for costly end-of-life health care coupled with a reduction in the proportion of the population who are working taxpayers (and hence a reduction in the proportionate amount of health care funding that can be secured (...) through taxation) and the fact that the imposition of bureaucratic regulations on health care systems is costly. Recognizing these limitations should naturally lead one to consider market-based reforms. Yet despite the practical impetus for such reforms, there is still widespread concern that market-based health care is unethical. The purpose of this paper is to address this concern and, in so doing, to pave the way for the market-based reform of health care to proceed. (shrink)

Free market environmentalists believe that the extension of private property rights and market transactions is sufficient to address environmental difficulties. But there is no invisible hand operating in markets that ensures that environmentally sound practices will be employed just because property rights are in private hands. Also, liability laws and the court systems cannot be relied upon to force polluters to internalize the social costs of pollution. Third, market prices do not provide an objective measure of environmental (...) matters. Finally, there is a right to a livable environment that justifies regulations protecting the public from unreasonable environmental risks. (shrink)

Spinosa, Flores, and Dreyfus have made some valuable suggestions about the important but (in philosophy) much neglected concept of entrepreneurship. An entrepreneur, in the classical economists? lexicon, is a person who founds, organizes, and manages a business. In more modern conversation, he or she is a business hero or heroine. Nowhere is the new emphasis on entrepreneurship more evident than in our largest corporations. The authors analyse the entrepreneur not as an eccentric or a maverick but in terms a specific (...) way of operating within existing social practices. They reject the still prevalent caricature of the avaricious entrepreneur in the grip of greed as well as the too ?genius'?oriented conception of the inventor who cannot manage his own affairs, much less a corporation. An entrepreneur, on their account, is someone who knows how to notice and ?hold on to? an anomaly and creates a market, sometimes where there was no market at all. They argue that entrepreneurship essentially involves conversation. It is not mere inventiveness. This ?reconfiguration? of entrepreneurship explains a great deal about what many corporations ? at considerable expense ? are learning about their own activities and operations, and many established and successful companies are struggling to transform themselves in just the direction that Spinosa, Flores, and Dreyfus have outlined. (shrink)

This paper examines the marketization of higher education. It takes the curriculum development for a degree sponsored by industry as a focus for exploring the involvement of industry and, more specifically, prospective employers, in shaping higher education provision. Empirical material gathered from a three and a half-year ethnographic study is used to illustrate how mundane promotional work associated with sponsored curricula operates to reconstitute higher education. It is shown how, in the process of introducing sponsored curricula into the university, a (...) market relevance discourse is merged with traditional discourse to promote a new discursive order and thereby contribute to the reformation of university education. This hybrid discourse (of tradition and relevance) makes traditional resistance to the encroachment of "relevance" into university education more difficult to justify, and perhaps impossible to sustain. Nonetheless, it produces new antagonisms that provide future sites of resistance. (shrink)

Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek's political and social contributions to libertarianism and free market capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for free market capitalism, he argued consistently (...) that free markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the free market to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek's view of the successful organization and operation of a free market? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating free market. This article will argue that one possible ethical foundation underlying Hayek's libertarian justification for free market capitalism are Friedrich Nietzsche's "will to power" and noble/slave ethics. This article will rely primarily on Nietzsche's On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power. (shrink)

Medical practitioners owe much of the significant progress made in the diagnosis and treatment of disease to industrial research. Hence, co-operation between providers of medical services, most notably medical practitioners, and the pharmaceutical industry is in the best interest of patients. Yet, empirical evidence shows how well-directed influence exerted by the pharmaceutical industry impacts physicians’ decision-making. Profit-motivated inducement by the pharmaceutical industry may expose patients to considerable risks. Against what many think to be based on overwhelming evidence, Joao Calinas-Correia (...) takes the view that the criticism levelled at the pharmaceutical industry as well as the call for transparency in the relationships between physicians and the industry are exaggerated. In his polemic he praises “Big Pharma” as a success and espouses the view that the undesired consequences of its activities are allegedly inherent in the underlying market environment shaped by politics. Moreover, he believes that the proposals made to control and eliminate such undesired effects will lead to mediocrity. Astonishingly, his polemic reaches out to contest the appropriateness of setting rules at all—even if being set by a democratic process. Calinas-Correia’s assertions are based on the wrong premises. They fail to recognize that today individual civil rights and liberties often enough do not have to be defended against encroachments by governmental authorities. Rather, it is incumbent on the state to create rules designed to defend the individual against infringements by overly powerful non-governmental institutions, in our case the medical-industrial complex. Given the power exercised by physicians and the special nature of their role in public health, clear-cut rules have to be enacted and implemented with respect to their relationship to Big Pharma. (shrink)

The Health Impact Fund (HIF) is a project aimed at expanding access to life-saving drugs worldwide and incentivizing pharmaceutical companies to invest in research and development for neglected diseases. The HIF would invert the existing patent framework by rewarding ideas through their diffusion rather than protecting against this diffusion, by encouraging a collective rather than privatized wealth scheme. The basic idea behind the HIF is the creation of a new competitive market that centers on individuals who, under normal circumstances, (...) exert very little force on the tide of market demand. The HIF does not operate on standard market measures of demand, but instead measures demand as a product of needs, while in conventional market scenarios, private citizens and national welfare states pay for needs. The idea is that the HIF would create a functional, competitive market in which pharmaceutical profit is determined by the actual health impact of each new drug, a measure born from pharmacological and distributive efficacy. In this article, the basic features of and main challenges to the HIF are addressed. (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)

More than perhaps any other major social theorist, Niklas Luhmann adopted a perspective on society at the opposite end of the atomistic-holistic spectrum to that of mainstream economics. While the position of mainstream economics is that society is nothing more than a collection of individuals, so that it can be understood simply in terms of those individuals and their interactions, Luhmann abstracts from individuals entirely, understanding social phenomena as being produced by society itself, with individuals playing a merely peripheral or (...) “enabling” role. This radical reconceptualization of society and the relation of the individual to society allowed Luhmann to build from the ground up a highly systematic theory of society which allows one to formulate economic and social questions in new ways, freed from preconceptions that are poorly grounded or simply wrong. After providing a brief overview of Luhmann’s general social theory, this article considers two questions for which Luhmann’s theory can produce a fresh point of view. The first concerns what is the nature of markets. According to Luhmann, markets are not a kind of system, but collections of observations--the observations of market participants of other market participants. The second concerns the old question of what is the appropriate degree of intervention in the economy. Mainstream economics approaches this problem through the distinction between markets and planning. According to Luhmann, this is a false dichotomy, since all economies have markets and planning. The real question is who should do the planning: private organizations or the state. The former operate on the basis of competition, that is, rivalry; the latter operates on the basis of cooperation. The problem with “socialist” or “centrally planned” economies was not that they were planned or centrally organized, since “free market” economies have planning and centralization too; it was that they relied solely on cooperation, with there being no space for competition. The paper concludes with some reflections on whether freemarket economies with minimal intervention by the state are any more sustainable than are “socialist” economies.Niklas Luhmann, peut-être plus que les autres auteurs en théorie sociale, a adopté une approche de la société qui est à l’opposé du spectre individualismeholisme des économistes orthodoxes. Alors que l’économie orthodoxe considère que la société n’est rien d’autre que la somme des individus et qu’elle ne peut être appréhendée qu’en termes d’individus et de leurs interactions, Luhmann fait totalement abstraction des individus et comprend les phénomènes sociaux comme étant produits par la société elle-même dans laquelle les individus jouent un rôle périphérique ou un rôle “d’habilitation”. Cette radicale reconceptualization de la société ainsi que la relation des individus à la société a permis à Luhmann de construire une théorie très méthodique de la société qui permet d’appréhender de façon différente les questions économiques et sociales, sans préreprésentations fragiles ou erronées. Après avoir donné un aperçu général de la théorie sociale de Luhmann, l’article considère deux questions pour lesquelles la théorie de Luhmann peut apporter un nouveau point de vue. La première traite de la nature des marchés. D’après Luhmann, les marchés ne sont pas une sorte de système mais des sommes d’observations faites par les participants au marché sur les autres participants. La seconde question concerne l’éternel problème du degré d’interventionnisme dans l’économie. Les économistes orthodoxes abordent cette question à travers la distinction entre les marchés et la planification. D’après Luhmann cette dichotomie est erronée dans la mesure où toutes les économies connaissent à la fois le marché et la planification. La véritable question est: Qui devrait planifier: les organisations privées ou l’Etat?. Les premières agissent sur la base de la concurrence, i.e de la rivalité; l’Etat agit sur la base de la coopération. Le problème avec les économies “socialistes” ou “centralement planifiées” n’est pas qu’elles sont planifiées ou qu’elles relèvent d’une organisation centralisée puisque les économies de “marché libre” connaissent aussi la planification et la centralisation. Le problème vient du fait qu’elles reposent uniquement sur la coopération et n’accordent pas de place à la concurrence. Le papier conclut en s’interrogeant sur l’idée selon laquelle les économies de libre marché avec une intervention étatique minimale sont plus viables que les économies “socialistes”. (shrink)

This article analyses the current state of empirical legal research in the law and the regulation of financial markets. It aims to provide a brief survey of the main work done either by lawyers or by others but which is pertinent to the operation of law and regulation. It focuses on six main areas of research and debates. These are the debates on the efficient markets hypothesis and mandatory disclosure rules in securities regulation; studies on behavioralism and their impact (...) on disclosure as a tool for protecting investors; studies on the impact of rules relating to market misconduct on market development; research into the relationship between legal rules and securities market development; evidence of the unintended impacts of regulation; and research into the dynamics of financial market regulatory regimes. Finally, this article mentions that understanding the general context in which law and regulation operates deepens our understanding of the nature, potential, and limits of law and regulation themselves. (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)

Four hundred seventy-six nuclear power plants are in operation or under construction around the world. Are concepts for designing and operating plants safely sufficient? Conventional approaches are premised on expectations of predictability and control of radiation release and on assumptions that plant operations are closed systems. Field observations in the industry find, however, that the periodic necessity to refuel, test safety equipment, and continuously upgrade plant designs introduces challenges to control not originally calculated. The social and cultural contexts of (...) markets, regulation, and work systems create additional contingencies. In this dynamic environment, reactor operations produce invaluable data about the states of the entire technology and organizational system. Rereading these dynamics as "experiments" suggests an alternative epistemol ogy that synthesizes science's values of doubt, discovery, and documentation with engineering's values of efficiency, optimization, and problem solving. This redefines plant-based risk handlers as ethologists, geologists, and anthropologists of an ecology of visible and invisible hazards. (shrink)

If free markets consist in nothing more than “capitalist acts between consenting adults,” and if in the old legal maxim “volenti non fit injuria,” then it seems to follow that free markets do no wrongs. But that defense of free markets wrenches the “volenti” maxim out of context. In common law adjudication of disputes between two parties, it is perfectly appropriate to cast standards of “volenti” narrowly, and largely ignore “duress via third parties” (wrongs done to or by others who (...) are not themselves party to the action). In economic markets, of course, those third-party effects are rife. But we want them to be rectified systematically, not piecemeal through particular cases between particular parties that happen to come to court. That is the proper province of political philosophers and system-designers, in critiquing and constraining the operation of the market. (shrink)

One of the hot research topics today is relationship marketing. However, little research has been carried out in understanding the complex concepts of Guanxi (relationship) in a Chinese society. This research describes a study to operate the constructs of guanxi and explores the importance of guanxi in relationship development in order to present a new Guanxi framework. A study of both Western and Chinese literature provides foundations of the Guanxi perspectives. The constructs of adaptation, trust, opportunism and favour are identified. (...) Adaptation and trust are found to be positively correlated with sales stability and quality. Whilst, adaptation is negatively correlated with relationship termination costs. Both theoretical framework (a new perceptual map) and managerial implications are given. In addition, recommendations for future research are made. (shrink)

The market failures approach to business ethics has recently garnered substantial critical attention (see, e.g., Cohen and Peterson 2019; Moriarty 2020; Steinberg 2017; Hsieh 2017; von Kriegstein 2016; Smith 2018; Endorfer and Larue 2022; Singer 2018). Though precursors of this view can be found in the literature (e.g., McMahon 1981; Friedman 1970), it was Joseph Heath (2004, 2006, 2014, 2023) who developed the approach and gave it its name. The market failures approach (henceforth: MFA) is concerned with the (...) ethical obligations of managers of firms (Heath 2014, 69). Roughly, it holds that managers ought not to conduct their businesses in a way that exploits market failures. “Market failure” is a technical term, meaning any failure of the conditions of the first fundamental welfare theorem, sometimes called the “Pareto conditions” (see Arrow 1951). The theorem states that if the Pareto conditions hold, then the market equilibrium will use society’s scarce resources efficiently, meaning that no one could be made better-off without making anyone else worse off. Efficiency, according to Heath (2014, chapter 7), is the implicit morality of the market. We coordinate much of our shared activity using markets, Heath claims, because of their ability to produce efficient results. Markets are good forms of social organization, according to Heath, because they are the best way to promote our values given empirical facts about the frailties of human psychology and the informational constraints that we face. As such, managers ought not compromise the very conditions that justify a market economy by profiting from breakdowns in the market’s efficiency. Managers are permitted to maximize profits, so long as they do not violate the market’s norm of efficiency in so doing. This is because the fundamental justification for the profit motive is that it is necessary for the operation of the price system which is essential to the efficiency properties of markets. In this paper, I will argue that the MFA is more general than even Heath himself claims. The MFA describes the professional obligations of managers, but the view I develop, the generalized market failures approach, describes the obligations of all market participants. Since efficiency is the implicit morality of the market, it binds not just managers, but all market participants, including consumers, investors and workers. Market participants are permitted to maximize the benefit they gain from market interactions, as long as they do so in a way that does not take advantage of any market failures. Generalizing the MFA in this way has three benefits: first, we gain a unified understanding of the ethics of non-managerial market roles; second, we will develop an even better understanding of the duties of managers; finally, it gives us the resources to respond to some familiar objections to the MFA found in the literature. In the next section, I will further motivate the MFA and explain how this motivation can be easily generalized to other market roles. Importantly, one can avoid benefiting from a market failure in two distinct ways: by avoiding transactions that exploit market failures or by transacting in such markets and then remediating the harm done, by compensating those negatively affected by the market failure. This section concludes by discussing how the remediation duties are to be split between the transacting parties and how to identify the parties to whom compensation is owed. In section 3, I use the tools of the generalized MFA to develop a unified ethics of consumption, investment and labor, respectively. This is the basis of a grand abductive argument for the generalized MFA. The view is strongly supported by the fact that it provides attractive and unifying explanations of our obligations in domains as variegated as carbon offsetting, CEO compensation, the reparations white Americans owe to black Americans and occupational licensure. Section 4 briefly concludes. (shrink)

Since it implies a reduction in the quality and the quantity of the natural resources, environmental degradation is a present day problem that requires immediate solutions. This situation is driving firms to undertake an environmental transformation process with the purpose of reducing the negative externalities that come from their economic activities. Within this context, environmental marketing is an emerging business philosophy by which organizations can address sustainability issues. Moreover, environmental marketing and orientation are seen as valuable strategies to improve a (...) firm's competitiveness. However, the literature that has analyzed the link between environmental strategies and firms' results has been inconclusive and contradictory. In this study, we propose and test a model that analyses how the implementation of ecological issues within a firm's marketing strategy and orientation influences organizational results. Data were obtained through a survey sent to Spanish manufacturing firms. The results show that environmental marketing positively affects firms' operational and commercial performance and this improvement will influence their economic results. Moreover, environmental marketing is revealed as an excellent strategy to obtain competitive advantages in costs and in product differentiation. Thus, this study agrees with the researchers who affirm that environmental strategies positively affect firm's competitiveness while reducing environmental impact. (shrink)

Friedrich A. von Hayek influenced many areas of inquiry including economics, psychology and political theory. This article will offer one possible interpretation of the ethical foundation of Hayek’s political and social contributions to libertarianism and free market capitalism by analyzing several of his important non-economic publications, primarily The Road to Serfdom, The Fatal Conceit, The Constitution of Liberty and Law, Legislation and Liberty. While Hayek did not offer a particular ethical foundation for free market capitalism, he argued consistently (...) that free markets are liberating and, for the markets to be truly free and for individuals to participate freely in markets, they should be subject to little control. Beyond some very basic principles, such as the protection of private property, that enable the free market to function properly, individuals are both free to and required to determine their own ethical compass. The central question, then, is what are the ethical principles that underlie Hayek’s view of the successful organization and operation of a free market? If formal rules and regulations must be kept to a minimum, then ethical behavior is an individual choice as well as an important foundation for the self-regulating free market. This article will argue that one possible ethical foundation underlying Hayek’s libertarian justification for free market capitalism are Friedrich Nietzsche’s “will to power” and noble/slave ethics. This article will rely primarily on Nietzsche’s On The Genealogy of Morals, Beyond Good and Evil, Zarathustra, and the Will to Power. (shrink)

The Anglican Church of Kenya (ACK) is the oldest church in Kenya and the largest protestant denomination in the country. Since religions were liberalized after the attainment of political independence in AD 1964, the church has experienced declining congregations due to the registration of new denominations, especially the Pentecostal ones. The decline has been noticeable from the beginning of the 21st Century but there are no reports of strategies to resolve the phenomenon. Since congregation members are the customers for a (...) church, the declining phenomenon indicates a marketing problem that requires a marketing strategy. This research investigated how the ACK is operationalizing a marketing strategy and its influence on its sustainability. The ACK operates on standardized structures and a diocese is the highest independent unit. This research was conducted in the diocese of Kirinyaga as the unit of analysis with Wanguru Archdeaconry as the unit of observation. The independent variables were the elements of the marketing mix, namely Product, Promotion, Position and Price strategies while the dependent variable was the church sustainability. Data collection involved 308 participants drawn from the 19 parishes in the Wanguru archdeaconry and included the church leadership and the congregation members. The research instruments were a semi-structured questionnaire and interviews. For the Product variable, the research applied the Maslow Hierarchy of needs theory while for the promotion variable, it was the AIDA Model (Attention, Interest, Desire and Action). For the positioning strategy, the Segmentation, Targeting and Positioning (STP) Model was applied while the Value-Based Pricing theory was used for the price strategy. For church sustainability, the research applied the Triple Bottom Line model. Data analysis was conducted using Structural Package for Social Sciences (SPSS). The results indicated that the ACK has not operationalized an effective marketing strategy for while the Gospel as the marketing product of the church was highly rated, there were low scores for Promotion, Position and Price strategies. (shrink)

This paper provides an analysis of the fair trade network in the North through a comparative assessment of two distinctly different fair trade certified roasters: Planet Bean, a worker-owned co-operative in Guelph, Ontario; and Starbucks Coffee Company, the world's largest specialty roaster. The two organizations are assessed on the basis of their distinct visions of the fair trade mission and their understandings of "consumer sovereignty". It is concluded that the objectives of Planet Bean are more compatible with the moral mission (...) of fair trade, even while the network has become increasingly dependent on the market-reach of corporations like Starbucks, raising difficult prospects for the future of fair trade. (shrink)

What is the nature and role of competition in markets and politics? This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies. Particular attention is paid to the the role of the state, specifically the role of governments in shaping and maintaining the economic constitution of their societies.

Farmers markets have traditionally served as a space for farmers to sell directly to consumers. Recently, many FMs in the US and other regions have experienced a renaissance. This article compares the different value sets embedded in the rules and norms of two metropolitan FM regions—Minneapolis, Minnesota and in Vienna, Austria. It uses a values-based framework that reflects the relationships among FM operating structures and their values reflected by the key FM participants—i.e., farmer/vendors, consumers and market managers. The framework (...) allows us to focus on two very contrasting value sets of metropolitan FM regions in presenting and discussing the values found and embedded in the two metropolitan market regions; illustrating how the values found are embodied as rules and norms in each FM region; considering the alignment or not of FM participant values with their corresponding FM values; and the differences and commonalities as well as the benefits and challenges of the two market regions. In contrasting metropolitan FMs we explain that FM value sets are complex and differ among and within FM participant groups and are dependent on their respective OS. We show that contrasting two metropolitan FM regions can be useful in understanding beneficial and disadvantageous relationships between the values and structures of, and in FMs, and specifically in examining institutional impediments such as governance. Thus we illustrate the possibilities and limitations of values for and within metropolitan FMs. (shrink)

We attempt to identify and evaluate the association between key characteristics of not-for-profit hospitals and market concentration, as measured by the Herfindahl–Hirschman Index, using data available from the American Hospital Association, the Centers for Medicare and Medicaid Services, and the Internal Revenue Service Form 990. Our goal is to provide decision support to policy makers on factors that contribute to market competitiveness, which has been linked to improvements in efficiency, costs, and access to health care. We find that (...) contributions are positively associated with market concentration. This could indicate that well-run NP hospitals are rewarded both financially as well as with increased market share. We also find that a higher percentage of Medicare patients is positively correlated with market concentration. This could be explained by the fact that Medicare reimbursement rates are generally lower than those paid by private insurers ; thus, hospitals might not necessarily choose to operate in areas with high Medicare populations. Further, median income is negatively associated with market concentration. One explanation for this effect could be the fact that a population with a higher median income is in a better position to pay for services, making them attractive to hospitals as a potential market. Finally, we find that the presence of managers with voting rights on the boards of directors has no significant impact. (shrink)

What is the nature and role of competition in markets and politics? This book examines the institutional dimension of markets and the rules and institutions that condition the operation of market economies. Particular attention is paid to the the role of the state, specifically the role of governments in shaping and maintaining the economic constitution of their societies.