The ARAROEM project stands for the Archives from Rhône-Alpes and Romandie gathering ephemeral objects inspired by medievalism. This is a project of research and of scientific education, which aims to collect and analyse multiples products made by craftspeople and industrial companies interested by the imaginary of Middle Ages. With a clear methodology, the project investigates three fundamental criteria to understand the Ephemeral Medievalist Objects (EMO): the symbolic value of the objects, the product lifespan and the durability. It involves various (...) disciplines such as medieval history, medievalisn, semiology, economy, sociology, anthropology and ecology. (shrink)

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

Mass-marketing frauds are on the increase. Given the amount of monies lost and the psychological impact of MMFs there is an urgent need to develop new and effective methods to prevent more of these crimes. This paper reports the early planning of automated methods our interdisciplinary team are developing to prevent and detect MMF. Importantly, the paper presents the ethical and social constraints involved in such a model and suggests concerns others might also consider when developing automated systems.

In his latest book, _Ethics for Capitalists_, Joseph Heath draws on his many years of thinking about business ethics to propose, as the book’s subtitle indicates, “a systematic approach to business ethics, competition, and market failure.” He develops his argument carefully, draws on a wealth of interdisciplinary work, uses valuable and insightful examples, contrasts his views with important alternatives, and provides responses to compelling objections. In this review article, we argue that his book revises and sharpens many of Heath’s (...) earlier ideas, addressing important criticisms raised against them. We highlight that the book also offers a broad macro-level framework for market design, an explanation of how current corporate governance structures fit such a framework, and concrete responses to micro-level questions about what businesses and individuals ought to do. By doing all of this, his book shifts the scope of the “market failures approach” (MFA) from what used to be a narrow focus on the obligations of professional managers to an encompassing “ethics for capitalists” that ought to guide any economic actor within a capitalistic system. Despite the many merits of his book, we conclude by discussing some concerns we have about its scope and methodology. (shrink)

This paper examines ethical issues involved in the mass marketing of securities to individuals. The marketing of products deemed “socially questionable” or “sinful” (like tobacco and alcohol) has long been recognized as posing special ethical challenges (Kotler, P. and S. Levy: 1971, Harvard Business Review 49, 74–80; Davidson, D. K: 1996, Selling Sin: The Marketing of Socially Unacceptable Products (Quorum Press, Westport). We contend that marketers should consider securities (i.e. common stock, options) in a similar vein, as a potentially (...) dangerous product. Given the inherent volatility of equity prices, responsible marketers need to exercise caution and restraint in promoting securities. We evaluate whether the NYSE’s current guidelines adequately encourage ethical marketing practices and deter unethical ones. Using recent examples of controversial brokerage advertisements, we expose weaknesses in the Exchange’s vague injunction that members not “mislead” reasonable people by making “exaggerated claims” in their communications. From a moral perspective, we find it troublesome that intentionality need not be present for a promotion to be considered misleading. Also problematic is the continued invocation of the reasonable person standard to judge the propriety of advertisements. We close with some thoughts on improving the quality of securities marketing. We suggest that the NYSE, in the interests of fostering higher ethical behavior among member marketers, may need to revive a marketing code of conduct prevalent on Wall Street in an earlier era. (shrink)

This paper focuses on the environmental and ethical attributes of food products and their production processes. These two aspects have been recently recognized and are becoming increasingly important in terms of signaling and of consumer perception. There are two relevant thematic domains: environmental and social. Within each domain there are two movements. Hence the paper first presents the four movements that have brought to the fore new aspects of food product quality, to wit: (1) aspects of environmental ethics (organic agriculture (...) and integrated agriculture), and (2) social ethics (fair trade and ethical trade). Next, it describes how the actors in the movements (producers, retailers, NGOs, and governments) are organized and how consumers perceive each of the movements. From the perspective of the actors in the movements themselves, the movements are grouped into two “actors’ philosophies.” The first is a “radical” philosophy (the organic production and fair trade movements that arose in radical opposition to conventional agriculture or unfair trade relations), and the second is a “reformist” philosophy (the integrated agriculture and ethical trade movements that arose as efforts to modify but not radically change conventional agriculture). From the point of view of consumers, the classification of the movements is based on perceptions of the “domain” of the movements. That is, consumers tend to perceive the organic production movement and the integrated agricultural movement as a single group because they both deal with the environment. By contrast, consumers tend to group the fair trade movement and the ethical trade movement together because they both deal essentially with social ethics. Recently, key players such as large retailers and agribusinesses have adopted as part of their overall quality assurance programs both environmental and ethical attributes. Their involvement in and adoption of the goals of the movements have, however, generated tensions and conflicts. This is particularly true within the radical movements, because of concerns of cooptation. Finally, the paper identifies challenges faced by those promoting food products with environmental and social/ethical attributes as they attempt to communicate coherent signals to consumers at this crucial moment in the emergence of a mass market for these products. (shrink)

This paper focuses on the conception and use of machine-learning algorithms for marketing. In the last years, specialized service providers as well as in-house data scientists have been increasingly using machine learning to predict consumer behavior for large companies. Predictive marketing thus revives the old dream of one-to-one, perfectly adjusted selling techniques, now at an unprecedented scale. How do predictive marketing devices change the way corporations know and model their customers? Drawing from STS and the sociology of quantification, I propose (...) to study the original ambivalence that characterizes the promise of a mass personalization, i.e. algorithmic processes in which the precise adjustment of prediction to unique individuals involves the computation of massive datasets. By studying algorithms in practice, I show how the active embedding of local preexisting consumer knowledge and punctual de-personalization mechanisms are keys to the epistemic and organizational success of predictive marketing. This paper argues for the study of algorithms in their contexts and suggests new perspectives on algorithmic objectivity. (shrink)

This book explores the narratives of today’s brand marketing and their influence on how we think about ourselves and our moral possibilities, our cultural ideas about morality, and our relations to each other.

In the modern scientific literature, there are many reports about the successful application of neural network technologies for solving complex applied problems, in particular, for modeling the urban real estate market. There are neural network models that can perform mass assessment of real estate objects taking into account their construction and operational characteristics. However, these models are static because they do not take into account the changing economic situation over time. Therefore, they quickly become outdated and need frequent (...) updates. In addition, if they are designed for a specific city, they are not suitable for other cities. On the other hand, there are several dynamic models taking into account the overall state of the economy and designed to predict and study the overall price situation in real estate markets. Such dynamic models are not intended for mass real estate appraisals. The aim of this article is to develop a methodology and create a complex model that has the properties of both static and dynamic models. Moreover, our comprehensive model should be suitable for evaluating real estate in many cities at once. This aim is achieved since our model is based on a neural network trained on examples considering both construction and operational characteristics, as well as geographical and environmental characteristics, along with time-changing macroeconomic parameters that describe the economic state of a specific region, country, and the world. A set of examples for training and testing the neural network were formed on the basis of statistical data of real estate markets in a number of Russian cities for the period from 2006 to 2020. Thus, many examples included the data relating to the periods of the economic calm for Russia, along with the periods of crisis, recovery, and growth of the Russian and global economy. Due to this, the model remains relevant with the changes of the international economic situation and it takes into account the specifics of regions. The model proved to be suitable for solving the following tasks: industrial economic analysis, company strategic and operational management, analytical and consulting support of investment, and construction activities of professional market participants. The model can also be used by government agencies authorized to conduct public cadastral assessment for calculating property taxes. (shrink)

Firm–employee relationships are dependent on the wider societal context and on the role business plays in society. Changes in institutional arrangements in society affect the perceived responsibilities of firms to their personnel. In this study, we examine mass media discussions about firm–employee relationships from a social responsibility perspective via a longitudinal study in Romanian society. Our analysis indicates how the expected responsibilities of firms towards employees have altered with the changing role of firms in society since the early 1990s. (...) These transformations correspond to the ideological developments, from communist to market-based thinking, which have taken place in post-communist Eastern Europe. More specifically, our study shows how the diminishing expectations of corporate social responsibility (CSR) are linked in mass media to increasingly important talk of human resource management (HRM). HRM is a modern business approach believed to address personnel needs and organisational objectives simultaneously. The congruency of goals in HRM may mistakenly lead to the conclusion that organisations are inherently responsible toward their personnel. We argue that this may not necessarily be the case. HRM, matching well the new free-market ideology in post-communist Eastern Europe, was eagerly embraced in that it defined firm–personnel relationships. In this study, we question whether this was an adequate theoretical perspective for Romanian firms to adopt as it lacks sufficient ethical grounding. We also call for a higher awareness concerning the role of mass media in the management literature, since its current role in constructing the ‘rightness’ and ‘wrongness’ in firm–personnel relationships is hardly considered. (shrink)

The mass childhood immunization programme has traditionally been viewed as a safe and effective preventative measure by health promoters, primary health care professionals and governments. This consensus has meant that immunization has rarely been viewed as ethically problematic. A number of recent changes in the context of the delivery of health care, particularly the emphasis on consumerism and the effect of the marketization of services, makes timely an examination of ethical, social and political issues. This article examines four main (...) grounds for problematizing the mass childhood immunization programme. These are: clinical research evidence about the safety and efficacy of vaccines; the masking of wider social and political determinants of ill health; the contradictory strictures about collective and individual rights in relation to immunization; and the uniqueness of childhood immunization as a physical intrusion into a healthy body. The implications of these ethical issues are discussed in relation to informed consent and the need for a 'greenfield' review that includes the views of dissenting parents, lawyers and moral philosophers, as well as health professionals. Les promoteurs de santé, les soignants et les gouvernements ont tous traditionellement vu le programme d'immunisation globale des enfants comme sain et efficace. Cela voulait dire que l'immunisation a rarement posé un problème éthique. Pourtant, actuellement des changements dans les contextes de la distribution des soins, le consumérisme et de l'effet de la commercialisation des services de santé, exigent une revue des problèmes éthiques, sociaux et politiques. Cet article discute quatre éléments problématiques du programme d'immunisation globale: les données des recherches médicales sur la sûreté et l'efficacité des vaccins; la dissimulation des déterminatifs sociaux et politiques des maladies; les critiques contradictoires des droits individuels et collectifs concernant l'immunisation; et le caractère unique de l'immunisation des enfants comme une intrusion physique dans un corps sain. Les effets de ces questions éthiques sont repris en rapport du consentement informé et de la nécessité d'une revue 'verte' qui comprend les vues des parents dissidents, des juristes, des philsophes et des membres des professions soignantes. Das Massenimpfungsprogramm von Kindern wurde allgemein von Gesundheits behörden, medizinischem Fachpersonal und Regierungen als sichere und wirksame Vorbeugungsmassnahme betrachtet. Diese Uebereinstimmung bedeutete, dass Imp fungen selten ein ethisches Problem darstellten. Eine Anzahl von Aenderungen im Gesundheitswesen - besonders im Hinblickin auf Konsum und Marktwirtschaft im Dienstleistungsbereich - berechtigen jedoch zu einer Untersuchung der ethischen, sozialen und politischen Fragen. Dieser Artikel untersucht vier Hauptgründe, die das Massenimpfungsprogramm für Kinder in Frage stellen: Forschungsergebnisse über die Sicherheit und Wirksamkeit der Impfstoffe; die Verschleierung von andern sozialen und politischen Krankheitsursachen; die widersprüchlichen Anordnungen über kollektive und individuelle Rechte mit Bezug auf die Impfungen; und die aussergewöhnliche Art der Impfung als physische Verletzung eines gesunden Körpers. Die Bedeutung dieser ethischen Fragen werden hier diskutiert im Zusammenhang mit der informierten Vereinstimmung und der Notwendigkeit eines 'grünen' Ueberblickes, der die Ansichten andersdenkender Eltern, Rechtsanwalte, Philosophen und Gesund heitsexperten einschliesst. (shrink)

Scholars across a variety of disciplines—from communication, media, cultural studies, to marketing and consumer culture—have conceptualized mass media as “teaching machines to commodify and homogen...

Which goods should we be able to buy and sell on the market and, alternatively, which goods should remain sheltered from the market? For many goods in modern societies, this has proven to be a thorny question. Moreover, it is a question that cannot be answered by way of a theoretical shortcut, that is, by attributing certain general values (or disvalues) to the market and inferring from these general attributes that the market is (or isn’t) the (...) best institution to govern the provision of a specific good. Therefore, in the first part of this work, three theoretical building blocks are proposed to frame the way we should handle the market question. First, a social theory is formulated which treats the market as one out of five main socio-economic modes of provision, the others being public provision, professional provision, informal provision and self-provision. Second, in choosing the best institutional framework for a specific good, it is argued that we should not restrict ourselves to the option of implementing one of these modes of provision only. Special attention should be paid to the option of ‘institutional pluralism’, i.e. instituting a market and a non-market alternative simultaneously for the same good. Both the attractions and the limits of such an institutional pluralism are discussed. Third, in making institutional choices about these modes of provision, we need a normative theory providing the moral criteria to guide our choices. Here a capability theory is proposed, which consists of three central principles, parallel to a distinction between three types of capabilities: those that are ‘immoral’, those that are ‘morally required’ and those that are merely ‘morally permissible’. The principles prescribe avoiding the realization of the immoral capabilities and promoting the realization of morally required and permissible capabilities. In the second part, this threefold framework is applied to three specific goods. These are security (protection against criminal threats), media (mass communication by media such as television, radio and the press) and care (caring activities provided on a structural basis to dependents such as care for children, chronically ill and elderly people). For each of these goods a capability analysis shows that the most appropriate institutional framework is institutional pluralism. In the case of security this is a pluralism of market and public provision, in the case of media a pluralism of market and professional provision and in the case of care a pluralism of market and informal provision. In the final chapter I investigate the conditions that have to be fulfilled for these institutionally pluralist arrangements to be stable, that is, to have a robust chance of survival. The main challenge to stability comes from the dynamic toward capital accumulation that is inherent in contemporary capitalism, and if left unchecked requires an ongoing conversion of non-market practices into markets. Two solutions are proposed to counter this threat: a general working time reduction which reduces capital accumulation and a strategy of publicly funded investment of accumulated capital in non-market parts of institutionally pluralist practices. (shrink)

Transition to the market economy in post-socialist Ukraine, followed by the destruction of the ‘working mother’ gender contract, has led to the emergence of new forms of women’s identities. But the formation of new identities in the transformational period appeared to be mediated by free market ideology, linked to the development of consumer capitalism and dissemination of western consumer standards and lifestyles. The seeming diversity of the new identities promised by the ‘free market’ turned out to be (...) reduced to two models: housewife and businesswoman. Imported along with western mass culture, they can easily be inscribed onto the Ukrainian cultural context. At the same time, the everyday practice of economic survival through informal business and the difficulties of adaptation to the market economy have a profound impact on women’s identity formation. (shrink)

The aim of this article is to examine the potential influence of mass-media on public’s opinions and attitudes towards economic liberalism. It shows that, without relying to the assumption that journalists pursue such a purpose, the nature of the media system leads them to give a rather negative image of how the market economy works and doesn’t give the same place to liberal thesis with respect to others. Our argument is founded on a critique of the economic model (...) of spatial competition currently used in this field, on the crucial role that norms inherent to the profession of journalist play and the characteristics of the demand which media face. L’objet de cet article est d’examiner la question de l’influence éventuelle des médias de masse sur les opinions et attitudes du public à l’égard du libéralisme économique. On y montre que, sans recourir à l’hypothèse que les journalistes poursuivent consciemment un tel objectif, la nature du système médiatique les conduit à donner une image plutôt négative du fonctionnement de l’économie de marché et à ne pas donner une place équilibrée à l’exposé des thèses libérales par rapport aux autres. L’argumentation suivie repose sur la critique du modèle économique de la concurrence spatiale habituellement utilisé à ce sujet, sur le rôle déterminant que jouent les normes propres à la profession de journaliste et les caractéristiques de la demande s’adressant aux médias. (shrink)

Great individuals are assumed to cause the success of radical innovations--thus Henry Ford is depicted as the one who established the automobile industry in America. Hayagreeva Rao tells a different story, one that will change the way you think about markets forever. He explains how "market rebels"--activists who defy authority and convention--are the real force behind the success or failure of radical innovations. Rao shows how automobile enthusiasts were the ones who established the new automobile industry by staging highly (...) publicized reliability races and lobbying governments to enact licensing laws. Ford exploited the popularity of the car by using new mass-production technologies. Rao argues that market rebels also establish new niches and new cultural styles. If it were not for craft brewers who crusaded against "industrial beer" and proliferated brewpubs, there would be no specialty beers in America. But for nouvelle cuisine activists who broke the stranglehold of Escoffier's classical cuisine in France, there would have been little hybridization and experimentation in modern cooking. Market rebels also thwart radical innovation. Rao demonstrates how consumer activists have faced down chain stores and big box retailers, and how anti-biotechnology activists in Germany penetrated pharmaceutical firms and delayed the commercialization of patents. Read Market Rebels to learn how activists succeed when they construct "hot causes" that arouse intense emotions, and exploit "cool mobilization"--unconventional techniques that engage audiences in collective action. You will realize how the hands that move markets are the joined hands of market rebels. (shrink)

The growth of penal population through the last decades of the twentieth century reshaped the institutional landscape of American poverty and inequality. The effects of rising incarceration rates have been especially large for young minority men with little schooling. This paper charts the extent of incarceration among young disadvantaged men and describes the effects of the prison boom on American economic inequality.In this paper I will argue that we are currently living in an era of "mass imprisonment." Under (...) class='Hi'>mass imprisonment, the experience of incarceration is so pervasive among some social groups as to be a defining feature of their collective experience_incarceration characterizes the group and influences their life chances. I provide evidence for this claim with estimates of incarceration rates and lifetime risks of imprisonment for recent birth cohorts of white and black men at different levels of schooling. These statistics show that young black men with little schooling became pervasively involved with the criminal justice system by the late 1990s.This historically novel and highly concentrated rate of incarceration has two profound effects on American economic inequality. First, mass imprisonment generates invisible inequality. Our official statistics and data sources that measure the economic well_being of the population do not count those who are institutionalized. The large labor force surveys that measure the unemployment rate, for example, are drawn from samples of households. Be cause prison inmates are not included in these surveys, employment rates are significantly over_stated among people most likely to go to prison. Once we factor in the effects of invisible inequality through the late 1990s, we see that the economic expansion did very little to improve the economic status of young black men with no college education.In addition to invisible inequality, incarceration reduces the life chances of ex_inmates after they are released. Through the stigma of a criminal conviction, the diminished human capital from time out of the labor force, and the weakened social connections to legitimate employment opportunities, incarceration reduces the wages and employment of those serving time in prison. Not only does incarceration reduce pay and employment, it also limits the kinds of jobs that are available to formerly_incarcerated workers. Career jobs requiring a high level of trust, skill, credentials, or well_placed social connections are largely out of reach for those with prison records. As a result, incarceration channels ex_inmates into the secondary labor market in which employment is precarious and there are few prospects for mobility. In this way, the growth of the American penal system has hardened the lines of social disadvantage. We usually study prisons and jails in the context of their effects on crime. By calculating the scope of mass imprisonment, the penal system becomes important not chiefly for its effects on crime, but for its effects on social inequality. (shrink)

A highly transmittable and pathogenic viral infection, COVID-19, has dramatically changed the world with a tragically large number of human lives being lost. The epidemic has created psychological resilience and unbearable psychological pressure among patients and health professionals. The objective of this study is to analyze investor psychology and stock market behavior during COVID-19. The psychological behavior of investors, whether positive or negative, toward the stock market can change the picture of the economy. This research explores Shanghai, Nikkei (...) 225, and Dow Jones stock markets from January 20, 2020, to April 27, 2020, by employing principal component analysis. The results showed that investor psychology was negatively related to three selected stock markets under psychological resilience and pandemic pressure. The negative emotions and pessimism urge investors to cease financial investment in the stock market, and consequently, the stock market returns decreased. In a deadly pandemic, the masses were more concerned about their lives and livelihood and less about wealth and leisure. This research contributes to the literature gap of investors’ psychological behavior during a pandemic outbreak. The study suggests that policy-makers should design a plan to fight against COVID-19. The government should manage the health sector’s budget to overcome future crises. (shrink)

The article deals with a role of mass culture in term of the theory of the culture industry by M. Horkheimer and T. Adorno and the theory of communicative action by J. Habermas, who continues research of the Frankfurt school. It is known that Habermas says about two types of rationality — communicative and structural. The lifeworld and the system correspond them. Usually, culture correspond to lifeworld because it helps people`s socialization. Also it is a place for communication and (...) finding new meanings. However, a place of mass culture is very controver- sial. In particular, it is necessary to distinguish between popular and mass culture, because these definitions have been used as interchangeable for a long time. Popular culture is still an area of meanings. Moreover, it has the potential for protest. From this point of view, it is clearly part of the life world. But mass culture as a «cultural industry» is not so unambiguous. It is worth considering its characteristics and role in people’s life more detail. Above all, one cannot help paying attention to masses. Already in the last century, H. Arendt characterized them as an atomized and isolated group of people, and they are not united by any common ideas. After all, even in the modern world it is possible to see that they do not have and do not want to search for any ideas or meanings. Masses are a direct consumers of mass culture. It is consumerism that the characteristic feature of modernity. Therefore, mass culture is inseparably connected with the market. On the one hand, it sells entertainments, and on the other hand, it generates new consumers, because it is related to advertising. In the same way, mass culture is connected with agitation and propaganda. Thus, it is possible to speak about its connection with politics. The market and politics correspond to the system and are guided by strategic rationality. This fact gives reason to talk about mass culture as a strategic tool. Such culture with no meanings leads to a crisis in society. (shrink)

The quest to foretell the future is omnipresent in human affairs. A potential solution to this epistemological conundrum has emerged through mass collaboration. Motored by the Internet, prediction markets allow a multitude of individuals to assume a stake in a security whose value is tied to a future event. The resulting prices offer a continuously updated probability estimate of the event actually taking place. This paper gives a survey of prediction markets, their history, mechanics, uses, and theoretical foundation. We (...) also review the literature surrounding their efficacy. Though there are shortcomings with prediction markets, as well as practical constraints, they hold out the prospect of improving the quality of organizational decisions and increasing the level of participation in the deliberative process. We also note that lessons can be drawn from these markets to guide the epistemological practices of disciplines and inquiries in which empirical methods are difficult to apply. (shrink)

The Catholic Church – though in popular opinion it is sometimes treated as a stronghold of conservatism, traditionalism, suspicion of progress and novelty, it changed significantly in the second half of the 20th century and continues to change its attitudes, especially in terms of the use of social communication and attitude to the media mass. The Church’s growing openness to media relations and the use of a rich instrumentation of social communication has become one of the reasons for the (...) growing popularity of market orientation among the clergy and active believers, which opens opportunities for the development of the concept of a specific sectoral marketing formula of church marketing. In this article the authors search for the causes of the progressive phenomenon of the marketization of religion, present examples of the activities of the Polish Catholic church, inscribed in the church marketing trend, as well as define the negative consequences resulting from its dissemination. The applied research method is based on the literature analysis and case studies analysis. (shrink)

The post-Westphalian Nation State developed by becoming more and more an Information Society. However, in so doing, it progressively made itself less and less the main information agent, because what made the Nation State possible and then predominant, as a historical driving force in human politics, namely ICTs, is also what is now making it less central, in the social, political and economic life of humanity across the world. ICTs fluidify the topology of politics. They do not merely enable but (...) actually promote (through management and empowerment) the agile, temporary and timely aggregation, disaggregation and re-aggregation of distributed groups around shared interests across old, rigid boundaries represented by social classes, political parties, ethnicity, language barriers, physical barriers, and so forth. This is generating a new tension between the Nation State, still understood as a major organisational institution, yet no longer monolithic but increasingly morphing into a multiagent system itself, and a variety of equally powerful, indeed sometimes even more politically influential and powerful, non-Statal organisations. Geo-politics is now global and increasingly non-territorial, but the Nation State still defines its identity and political legitimacy in terms of a sovereign territorial unit, as a Country. Such tension calls for a serious exercise in conceptual re-engineering: how should the new informational multiagent systems (MASs) be designed in such a way as to take full advantage of the socio-political progress made so far, while being able to deal successfully with the new global challenges (from the environment to the financial markets) that are undermining the legacy of that very progress? In the lecture, I shall defend an answer to this question in terms of a design of political MAS based on principles borrowed from information ethics. (shrink)

The rapid uptake of digital technologies is constantly transforming the modern culture of sports spectating; however, relatively little is known about the impact of digitalization on the changing face of global sports-consuming audiences, particularly from a qualitative perspective. In this article, the relationship between modern mass digital technologies and audiences of sports spectators is described and explained by taking a customer-centric approach to grounded theory using a literature review and in-depth qualitative semi-structured interviews with sports marketing, management, and technology (...) professionals. The qualitative approach permits the gathering of in-depth insights into a problem, generates new concepts through data synthesis and analysis, and captures changing attitudes within the sports industry. Moreover, the qualitative approach to research is not bound by the limitations of quantitative methods and focuses on the primary questions of “how” and “why” digital technology’s mass deployment and diffusion have transformed content consumption in the sports industry. The analysis first systematizes and codes the collected data. Second, all the materials are iteratively read and the key points are outlined. Using the iterative analysis, the theoretical and empirical insights and findings are synthesized in order to achieve the results. Finally, dimensions of the transformation of sports spectators’ consumption are identified and explained. The research implications highlight “how” and “why” modern digital technologies have changed the sports-consuming audience by making it more inclusive in terms of age, gender, demographics, social and health status. These findings are useful for sport managers to better understand their audiences and processes in an ever-changing global society. (shrink)

Coinciding with the rising development of emerging markets, sustainable consumption practices in these markets are increasingly under scrutiny. In this context, we compare empirical results from consumers in four countries (three emerging markets and one developed market) in an experimental study to uncover patterns of preferences for sustainable luxury products (i.e., products that combine sustainability and luxury characteristics). Our findings illustrate that consumers’ quality, emotional, price, and social value perceptions, as well as purchase and electronic word-of-mouth intentions, are consistently (...) higher in all three emerging markets compared to the developed market. We find that sustainability (vs. conventional) product features increase consumers’ product value perceptions and behavioral intentions, although this effect is partially stronger for the developed compared to the emerging market(s). We further show a positive sustainability effect for luxury products, this effect is stronger for mass-market products. Combining sustainability and luxury signals leads to similar effects in emerging and developed markets. Thus, emerging markets have promise in terms of scope for incorporating sustainability characteristics into luxury products. Sustainable luxury consumption can therefore be understood as a manifestation of global consumer culture. (shrink)

THE VISIBLE HAND: THE MANAGERIAL REVOLUTION IN AMERICAN BUSINESS by Alfred D. Chandler, Jr. Cambridge, Mass.: Harvard University Press, 1977. 608 pp., $9.95 paper STRATEGY AND STRUCTURE: CHAPTERS IN THE HISTORY OF THE AMERICAN INDUSTRIAL ENTERPRISE by Alfred D. Chandler, Jr. Cambridge, Mass.: M.I.T. Press, 1962. 463 pp., $9.95 paper.

This book deals with the basic question of what money can and cannot buy and offers an analysis of the limitations of the market mechanism. Few concepts are as controversial as religion and the market mechanism. Some consider religion to be in conflict with a modern rational scientific view of life, and thus as a contributory cause of harsh conflicts and a barrier to human happiness. Others consider religious beliefs as the foundation for ethics and decent behaviour. Similar, (...) a number of neoliberal writers acclaimed the market mechanism as one of the greatest triumphs of the human mind, and saw it as the main reason why rich countries became rich. Others are extremely skeptical and stress how this mechanism has result in big multinational firms with powerfully rich owners and masses of poor low-paid workers. Researchers from various fields - economists, social scientists, theologians and philosophers - handle these questions very differently, applying different methods and different ideals. This book offers a synthesis of the different viewpoints. It deals with economists’, theologians’ and philosophers’ differing thoughts about the market and its limitations. (shrink)

The Methodological seminar was conducted by the scientific journal “Philosophy of Education” (Institute of Higher Education, National Academy of Educational Sciences of Ukraine). The participants of the seminar were Prof. Panos Eliopoulos (University of Peloponnese, Greece), Lyudmyla Gorbunova, Mykhailo Boychenko, Olga Gomilko, Mariia Kultaieva, Volodymyr Kovtunets, Sergiy Kurbatov, Anna Laktionova, Tetiana Matusevych, Natalia Radionova, Iryna Stepanenko, Maya Trynyak and Viktor Zinchenko. On March 30, 2016, a methodological seminar was conducted at the Institute of Higher Education NAES of Ukraine. This seminar (...) was devoted to the discussion of educational problems in the area of mass culture, and relative opportunities for the development of individuality. The report «Mass culture, education and the perspective of individuality» was made by Panos Eliopulos, professor of Peloponnese University, a member of journal’s «Філософія освіти. Philosophy of Education” editorial board. The scientists from the Institute of Higher Education, Institute of Philosophy of the National Academy of Sciences of Ukraine, Taras Shevchenko National University of Kyiv, Skovoroda National Pedagogical University of Kharkiv participated in thisevent. Designated issues were observed primarily from the point of view of the Frankfurt School representatives, as well as representatives of modern critical philosophy of education and critical pedagogy. It was emphasized that T.Adorno’s ideas and ideas of other Frankfurt School members, which were developed in the middle of the last century, continue to be relevant in current socio-cultural contexts. The technical rationalism which became the rationalism of dominance in the context of technological civilization, could not provide the way toward the liberation of man and the development of his or her individuality. Market society with its instrumental rationality leads to homogenization and standardization of mass culture and as a result, we have a semi-education, leading to destruction of personality and social pathologies. The panelists agreed that semi-education reflects the crisis of ideals of education and training as far as a suspension of human emancipation process. Due to suspension of the creative process of a person formation, replacing it by the processes of stereotyping based on mimetic rationality, culture itself loses creative potential. The process of degradation of education and culture in the semi-education eventually leads to its destruction at theoretical level and the elaboration of the practice of anti-education. Only through returning of the individual and maintaining his or her social importance due to the tools of holistic education it is possible to overcome such stereotyping. For Frankfurt School members, and those who share their ideals, true education in its meta-theoretical sense becomes the important factor, contributing to the emancipation of society and individual. This idea is particularly important in the context of contemporary challenges and threats from instrumentalization of approaches to the process of transformation of the Ukrainian culture and education. (shrink)

This special issue of Politics & Society explores the relationship between social policy and financial markets, which was thrown into sharp relief by the financial crisis of 2007-09. The research asks how particular social policies underpin and even create financial markets, specifically mass markets for consumer finance, mortgages, and pensions.

O artigo apresenta apontamentos sobre “marketing de guerra santa ” , o planejamento estratégico de gerenciamento de mercado religioso aplicado por algumas das igrejas cristãs da contemporaneidade. Vale-se de reflexões a partir de observação participante e de consulta a bibliografia especializada. Apontam-se algumas das formas com as quais essas igrejas se midiatizam e se inserem num contexto de espetacularização e mercadorização próprios da sociedade do tempo presente e imediato. O mercado religioso no qual se inserem as agências que praticam este (...) tipo de marketing passa por contextos de adequação ao capital simbólico e ao arcabouço cultural dos fiéis, sendo possível identificar o investimento ideológico e econômico na fabricação e veiculação de suas estratégias, discursos e mercadorias. O objetivo é o de perceber algumas das maneiras com as quais firmas religiosas (tomando como maior exemplo as igrejas neopentecostais) veiculam as mercadorias que produzem ou se apropriam, e os discursos que reverberam, relacionando-os a uma cultura de massa e a uma sociedade espetacular; fomentando a discussão sobre como tais igrejas e outros segmentos religiosos aplicam o marketing de guerra santa para melhor posicionarem sua marca no mercado e conquistarem mais fiéis. Palavras-chave : Marketing de guerra santa. Neopentecostalismo. Mídia. Mercado. Espetáculo da fé.This article presents some notes on Jesus´ marketing, strategic planning of management of religious market applied by some of contemporary Christian churches. For this purpose, the reflections from participant observation and literature on the subject are validated. Some of the ways these churches mediate themselves and are part of a context of spectacle and commoditization are also pointed out. The religious market has adequate to the symbolic capital and to the cultural framework of the participants of the churches. Because of that it is possible to identify the ideological and economic investment in the manufacturing and delivery of their strategies, discourses and products. This article aims to highlight some of the ways in which neo-Pentecostal churches convey the goods they produce and the speeches that reflect them, relating them to a mass culture and a society of the spectacle. Finally, the article wants to encourage the debate on the ways these churches apply the marketing of Jesus in order to co-opt their members and flatten their units Keywords : Holy War’s marketing. Neopentecostalism. Media. Market. Show of faith. (shrink)

In light of the importance of culture for the autonomy, sense of identity, and self-respect of individuals, cultural minorities have a right that their cultures flourish. Since cultural minorities are frequently in a disadvantaged position in the cultural market-place, a commitment to equality implies that the state ought to take steps to assist these minorities in preserving their cultures. This Article examines the ways the mass media can assist cultural minorities in preserving their cultures. For instance, when the (...) media present contents that relate to the cultures of minorities, individual members of the minority group are exposed to their culture; media designated for cultural groups facilitate dialogue between group members, thus enabling the cultural group to determine which parts of its culture to retain and which parts to change. With that said, contemporary media frequently provide insufficient cultural contents due to the influence of commercial operational logic. This Article examines why the motivation for profit leads to under-production of cultural materials for minorities and to insufficient inclusion of cultural minorities in the public discourse. It is argued that the inequality caused by the media—which provide minorities with too little of the cultural contents so pertinent to the realization of their right to culture—merits corrective intervention. The Article examines possible forms of State intervention with the media on behalf of cultural minorities, taking into consideration that such intervention is a sensitive issue, since it has ramifications concerning the scope of the freedom of the press. Accordingly, it is argued that the State ought to be permitted to create legislation which intervenes, mainly by means of subsidies and structural regulation, to improve the manner in which the media fulfill their roles in a multicultural democracy. In contrast, there should be sparse use of conditionality in the issue of licenses for media operators. (shrink)

Mass shootings constitute a recurrent and most violent phenomenon in the U.S. and elsewhere. This paper challenges the ready-made, solipsistically contained metanarratives on offer by mainstream media and formal institutions with regard to the psychological antecedents of the perpetrating social actors, while theorizing mass shootings as acts of violence that are systemically inscribed in the foundations of communities. These foundations abide by the logic of sacrifice which is propagated in instances of collective traumatism. It is argued that the (...) cultural trauma that emanates from events of mass shootings, inasmuch as the commemorative events that are performed on regular occasions, constitute re-enactments of the death drive that sustains communities. The cultural analytic deploys against a CDA reading of longitudinal studies on mass shootings, coupled with psychoanalytic discourse analysis, prior to submitting mass shootings to a deconstructive line of reasoning as systemically necessary transcendental violence. Ultimately, it is shown that the intertextual institutional chain that informs the mediatized representation of this social phenomenon merely attains to obliterate and, hence, to propagate cultural traumatism and the sacrificial logic that underpins it. The terms micrometanarrative, parafunction and expropriating ipseity are introduced and operationalized in this context. (shrink)

The Methodological seminar was conducted by the scientific journal “Philosophy of Education”. The participants of the seminar were Prof. Panos Eliopoulos, Lyudmyla Gorbunova, Mykhailo Boychenko, Olga Gomilko, Mariia Kultaieva, Volodymyr Kovtunets, Sergiy Kurbatov, Anna Laktionova, Tetiana Matusevych, Natalia Radionova, Iryna Stepanenko, Maya Trynyak and Viktor Zinchenko. On March 30, 2016, a methodological seminar was conducted at the Institute of Higher Education NAES of Ukraine. This seminar was devoted to the discussion of educational problems in the area of mass culture, (...) and relative opportunities for the development of individuality. The report «Mass culture, education and the perspective of individuality» was made by Panos Eliopulos, professor of Peloponnese University, a member of journal’s «Філософія освіти. Philosophy of Education” editorial board. The scientists from the Institute of Higher Education, Institute of Philosophy of the National Academy of Sciences of Ukraine, Taras Shevchenko National University of Kyiv, Skovoroda National Pedagogical University of Kharkiv participated in this event. Designated issues were observed primarily from the point of view of the Frankfurt School representatives, as well as representatives of modern critical philosophy of education and critical pedagogy. It was emphasized that T.Adorno’s ideas and ideas of other Frankfurt School members, which were developed in the middle of the last century, continue to be relevant in current socio-cultural contexts. The technical rationalism which became the rationalism of dominance in the context of technological civilization, could not provide the way toward the liberation of man and the development of his or her individuality. Market society with its instrumental rationality leads to homogenization and standardization of mass culture and as a result, we have a semi-education, leading to destruction of personality and social pathologies. The panelists agreed that semi-education reflects the crisis of ideals of education and training as far as a suspension of human emancipation process. Due to suspension of the creative process of a person formation, replacing it by the processes of stereotyping based on mimetic rationality, culture itself loses creative potential. The process of degradation of education and culture in the semi-education eventually leads to its destruction at theoretical level and the elaboration of the practice of anti-education. Only through returning of the individual and maintaining his or her social importance due to the tools of holistic education it is possible to overcome such stereotyping. For Frankfurt School members, and those who share their ideals, true education in its meta-theoretical sense becomes the important factor, contributing to the emancipation of society and individual. This idea is particularly important in the context of contemporary challenges and threats from instrumentalization of approaches to the process of transformation of the Ukrainian culture and education. (shrink)

Discussion of marketing deception has mostly focused on two main areas: first are cases that involve the intentional deception of people who tend to have compromised intelligence, such as children or the elderly, and second are cases that involve intentional falsehoods or the withholding of vital information, such as Madoff’s exploits. This article will differ from most in the field by examining marketing practices that are generally truthful, but deceive almost everyone. These practices do not fool just small select groups, (...) but are fooling those usually assumed to be rational. For example, we love “free” merchandise so much that we are willing to irrationally settle for less to get the free product. Behavioral economists and psychologists are proving that, as Dan Ariely puts it, most all of us are “Predictably Irrational.” Is it wrong for marketers to take advantage of the mass’s foibles as it is wrong to take advantage of children? The article will look at some of the behavioral economists’ data, how that data affects the rational and ignorant person standards of marketing, and suggest the reflective rational person standard as a way to morally evaluate marketing techniques given this new data. (shrink)

Vivemos, hoje, sob a hegemonia do paradigma tecnocêntrico, mercadológico e midiático. A Tecnociência, o Mercado e a Mídia se constituem em autênticos horizontes no interior dos quais se desvelam todos os âmbitos da experiência humana. Isso posto, o que o ser humano e a religião se tornam nessa nova situação epocal? A Tecnociência tornou-se horizonte de compreensão do ser humano em relação ao mundo e si próprio. Não apenas nossos estilos de vida, nosso modo de trabalhar e viver, são condicionados (...) pela técnica, mas também nossa identidade mais profunda é dada pela diferença técnica. Somos ainda vítimas da “absolutização do Mercado”: uma autêntica mercantilização da vida e, portanto, também da cultura e da religião. O mercado vai se impondo como único cenário de nossa trama civilizacional atual. Nossos fluxos vitais e também os valores e símbolos culturais e religiosos se tornam mercadoria de consumo e de descarte. Em tal contexto, a religião corre o risco de ser acometida por um duplo reducionismo. Esse tem sido o preço que a religião decidiu pagar em troca do direito de cidadania em um mundo dominado pela Tecnociência, pelo Mercado e pela Mídia. Palavras-Chave : Tecnociência. Mercado. Mídia. Religião. Mercantilização da vida. Absolutização do Mercado.We live, today, under the hegemony of a techno-centric, market-based and mediatic paradigm. Techno-science, the Market and the Mass Media are authentic horizons, in the interior of which are uncovered all of the scopes of the human experience. Having said that, what does human kind and religion become in this new era? Techno-science has become a horizon of comprehension of man regarding the world and of himself. Not only our lifestyles and our way of life and work are conditioned by technology, but also our deeper identity is lost by the technical difference. We are still victims of the “absolutization of the market”: an authentic mercantilization of life and, therefore, culture and religion. The market presents itself as the only setting of our present civilization’s story line. Our vital fluctuations, as well as the values and religious and cultural symbols become merchandise to consume and discard. In such a context, religion runs the risk of being attacked by a double reductionism. This has been the price that religion decided to pay in exchange for the right of citizenship in a world dominated by techno-science, by the market and by the Mass Media. Keywords : Techno-science. Market. Mass Media. Religion. Mercantilization of life. Absolutization of the market. (shrink)

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of (...) postindustrial economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

This article treats the intellectual problem of revolution, agency, and the advent of liberal democracy from the standpoint of mid-nineteenth century France in the aftermath of the 1848 revolutions. After a discussion of the theoretical and historiographical problem—in particular the relevance for this period in history of science studies—the article discusses the views of former Saint-Simonian and political economist, Michel Chevalier, eventually turning to the debate over the free market of goods and labor between the early French socialist Louis (...) Blanc and Chevalier in Chevalier’s new role of liberal free trade activist who trumpeted the ideology of the mass marketplace. Chevalier’s engagement of the social question turned on a distinctively moral, ideological, and, ultimately, technocratic defense of the free market—this free market utopianism became both starker and more ideologically refined as a result of Chevalier’s engagement with Blanc, especially in regard to worker-education. Both referred to the new mass marketplace of cheap, retail goods created by the rapid advance of mass transport, modern logistics, as le bon marché. French political economists went so far as to invoke a new way of life: la vie a bon marché (literally, “life on the cheap”). This notion of work and life was opposed by Blanc on the grounds of fraternal social solidarity. Finally, and potently, the moral virtues of the free market were conceived by Chevalier as a direct answer to social revolution, a means for affording social stability. (shrink)

Although the prison was originally conceived for the noble purpose of rehabilitating criminal offenders, critics from its very inception worried that the prison was an inherently criminogenic institution, reinforcing the criminal behaviors of its occupants. In this article I focus on an indirect mechanism, elaborating and empirically testing the impact of a prison record/experience on ex-inmates' labor market outcomes, by which ex-inmates will face significantly higher risks of recidivism and hence future prison spells, especially when they are released into (...) weaker labor markets. Specifically, I specify and test a version of the "secondary labor market hypothesis." Because most ex-inmates were mired in secondary jobs prior to their incarceration, I consider the impact of a prison record/experience on their chances of "moving up" to good jobs with higher pay, steadier hours, and greater mobility. In the conclusion I draw out the somber implications of my labor market analyses by examining trends in recidivism rates and their social costs. The evidence suggests that the War on Drugs policies have trapped an increasing number of more marginal drug offenders in the revolving door of recidivism, conventionally defined. It also highlights a new and quantitatively important recidivism risk for released prisoners, the revocation of parole on technical violations. To break out of this vicious cycle, my analysis shows, would demand vast direct government interventions in the labor market. As a more modest first step, I consider policy innovations like drug courts that place marginal drug offenders in treatment programs rather than prison. In illustrating and elaborating my arguments, I focus on the War on Drug policies and on marginal drug offenders. My reasons are several. First, the War on Drugs constituted a true social experiment, an exogenous shift in criminal justice policy that is best understood as a "moral" panic, precipitated in part by the tragic but transitory episode of lethal gun violence in the social regulation of the crack trade. Second, the War on Drugs policies were quantitatively important in instituting the regime of mass incarceration. And finally, these policies indiscriminately incarcerated marginal, not just more serious, offenders. (shrink)

Innovatively combining existentialist philosophy with cutting edge post-structuralist and psychoanalytic perspectives, this book boldly reconsiders market freedom. Bloom argues that present day capitalism has robbed us of our individual and collective ability to imagine and implement alternative and more progressive economic and social systems; it has deprived us of our radical freedom to choose how we live and what we can become. Since the Great Recession, capitalism has been increasingly blamed for rising inequality and feelings of mass social (...) and political alienation. In place of a deeper liberty, the free market offers subjects the opportunity to continually reinvest their personal and shared hopes within its dogmatic ideology and policies. This embrace helps to temporarily alleviate growing feelings of anxiety and insecurity at the expense of our fundamental human agency. What has become abundantly clear is that the free market is anything but free. Here, Bloom exposes our present day bad faith in the free market and how we can break free from it. (shrink)

This article points out the challenges to current models for media ethics that arise from the private ownership of public media, and it proposes a new model that integrates Adam Smith's free-market theory and his system of moral reasoning. The model creates moral obligations to maintain the integrity of a system for anyone who profits from it. This model renews an appeal for the contemporary notion of transparency and is built on an analogy between the system of the free (...) market for creating wealth and the system of the free press for producing reliable market information. (shrink)

This paper aims to evoke an alternative viewpoint on surrogacy, moving beyond popular Western feminist beliefs on the practice, by introducing the history and current context of East Asian surrogacy. To elaborate a different cultural perspective on surrogacy, this paper first introduces the East Asian history of contract pregnancy systems, prior to the emergence of the American invention of ‘modern’ surrogacy practice. Then, it examines Japanese mass media portrayals of cross‐border surrogacy in which white women have become ‘convenient’ entities. (...) The results of the analysis show how Japanese culture has adopted a rhetoric about the use of white women as convenient surrogate mothers in the global commercial surrogacy market. An essential aspect of surrogacy is the premise that a woman’s reproductive function should be accessible to others. Past discussions among feminists have neglected this important point. Moreover, they share the assumption that white surrogacy clients are exploiters, who take advantage of women of colour as surrogate mothers. The current situation in Asia flips this perspective—with white women regarded as easier targets for exploitation by wealthy people of colour. For Asian clients, Westerners can be easily regarded as ‘others’ whom they can use for their reproductive needs. In today's globalized era, the surrogacy industry is no longer for affluent Westerners only. Considering this change, it is crucial to discuss surrogacy issues by reconstructing feminist perspectives with a globalized view, to help protect women’s bodies, regardless of nationality, ethnicity, skin colour, or religion. (shrink)

In recent years, the growing academic field called “Data Science” has made many promises. On closer inspection, relatively few of these promises have come to fruition. A critique of Data Science from the phenomenological tradition can take many forms. This paper addresses the promise of “participation” in Data Science, taking inspiration from Paul Majkut’s 2000 work in Glimpse, “Empathy’s Impostor: Interactivity and Intersubjectivity,” and some insights from Heidegger’s "The Question Concerning Technology." The description of Data Science provided in the scholarly (...) literature includes “the study of the generalizable extraction of knowledge from data” (Dhar 2013, 64), “data stewardship and data sharing…access to data at higher volumes and more quickly, and the potential for replication and augmentation of existing research” (Hartter et al., 2013, 1), and “personal information, health status, daily activities and shopping preferences that are recorded and used to give us instant feedback and recommendations based on previous online behavior.” (Shin 2013) United States universities have begun to offer graduate programs in “data science”, anticipating the growth of this field for marketing, national security, and health industries. These universities include New York University, Columbia University, Stanford, Northwestern, and Syracuse. (shrink)

Over the past 50 years, we have witnessed a revolution in the organisation and social understanding of elite sport. Elite sport has been commercialised. Top-level athletes have become professionals who often receive remarkable levels of income and sporting events, such as the World Cup, are multi-billion dollar exercises that attract enormous levels of sponsorship. Many sports, such as cricket, have been substantially revamped in order to make them more appealing to mass audiences and, accordingly, more beneficial to sponsors and (...) many clubs, such as Manchester United, have become corporations in their own right. (shrink)

Minsky proposed classifying firms in three categories: hedge finance units which borrow no more than they are able to service in interest and principal out of operating cash flows, speculative finance units which are overleveraged to the point where they can service interest on their debt out of operating cash flows, but cannot repay the principal, and thus must continually roll over their existing debt, and Ponzi finance units, whose operating cash flows are inadequate even to service interest on their (...) debt. In Minsky’s financial instability hypothesis protracted prosperity leads endogenously to firms overleveraging themselves and transforming a market dominated by hedge finance into one dominated by speculative and Ponzi finance. Since Ponzi finance units are forced to sell off assets to service their existing interest payments, once the market is sufficiently dominated by Ponzi finance units, this creates an oversupply of assets offered for sale, and the resulting debt deflation causes a financial crisis and drastic shortage of liquidity. It appears this crisis state can be brought about by a deceptively low critical mass of Ponzi and speculative finance units. This paper uses a large 2002–2009 quarterly data set of all publicly traded North American firms and foreign firms traded on North American exchanges, a total of 8,905 stocks. Financial ratios are used to classify these firms in each quarter according to Minsky’s FIH categories. Market value is used to weight the categories, and average betas are computed as measures of volatility. Results provide dramatic support for the FIH. The FIH is then reinterpreted in terms of Austrian business cycle theory, which depends on inflationary credit expansion to drive the unsustainable prosperity. According to Minsky’s FIH, unsustainable prosperity emerges endogenously as long periods of economic expansion make borrowers and lenders alike more willing to engage in investment activities for which they fail to see the inherent risk. It becomes clear that this process is amplified and exacerbated by credit expansion. Minsky’s FIH helps flesh out some of the missing dynamics of the malinvestment liquidation phase of ABC theory, and the two views turn out to be surprisingly complementary. (shrink)