Referring to the difference between Stakeholder Theory and Shareholder Theory, the ethical direction for companies to take is deeply discussed.

Dans cet essai, je compte me concentrer sur certains aspects épistémologiques de l’expertise car le risque engendre de nouveaux et difficiles défis dans ce domaine. Ma question sera d’identifier et de circonscrire des facteurs qui diminuent la confiance qu’un agent cognitif pourrait avoir envers un expert et ce, en contexte de risque. Ceci n’exclut bien sûr pas que d’autres aspects (par exemple sociaux et politiques) soient importants et je renvoie le lecteur à la vaste littérature sur le sujet. De manière (...) concrète, je mettrai en évidence comment la question du risque accentue le problème du rôle des valeurs contextuelles en épistémologie. Pour ce faire, dans la première section, je compte brièvement expliquer comment l’expertise scientifique implique une forme aigüe du problème de la connaissance par témoignage. Dans la deuxième section, j’exposerai comment la notion de risque introduit le problème des valeurs non-épistémiques en science et ce, de deux façons : par l’évaluation et la valorisation. La troisième section sera consacrée à exposer quelques approches pour sauvegarder l’intégrité et la crédibilité de l’expertise scientifique en contexte de risque. (shrink)

Efficient markets are alienating if they inhibit us from recognizably caring about one another in our productive activities. I argue that efficient market behaviour is both exclusionary and fetishistic. As exclusionary, the efficient marketeer cannot manifest care alongside their market behaviour. As fetishistic, the efficient marketeer cannot manifest care in their market behaviour. The conjunction entails that efficient market behavior inhibits care. It doesn’t follow that efficient market behavior is vicious: individuals might justifiably commit to efficiency because doing so serves (...) the common good. But efficient market systems nevertheless have significant opportunity costs. The discussion yields a range of desiderata for non-alienated economic organization. (shrink)

In this article, we contribute to sociological literatures on morality, professional and institutional contexts, and morally stigmatized ‘dirty work’ by emphasizing and exploring how they mutually inform one another in lawyers’ work activities. Drawing on interview data with 58 practitioners in the commercial legal industry in Singapore, we analyze how they experience professional and institutional constraints on the expressions of morality in their work. Our findings illustrate how a dominant managerial and economic focus maintains and reproduces a constrained form of (...) morality, limited to instrumental, utilitarian and commercial ends, and subordinated to lucrative client and firm interests. We discuss our findings in terms of the need to research and reform professions in ways that support more rounded and unconstrained moral reflexivity and autonomy in how work is undertaken and valued. This in turn has implications for how organizations and professions might achieve alternative moral institutional orders, and for legal work to avoid the moral and social taints of dirty work. (shrink)

The paper reconsiders the Weber Thesis of a linkage between Calvinism and capitalism. It first restates this sociological Thesis in terms of the Calvinist doctrine of predestination as its theological core and premise in virtue of being treated as the crucial religious factor of the spirit of modern capitalism. Consequently, it proposes that the Weber Thesis’ validity and consistency depends on that doctrine, succeeding or failing as a sociological theory with the latter depending on whether or not it is unique (...) in theological terms, as well as economic-social consequences. For that purpose, it reexamines and compares the Calvinist doctrine of predestination with the pre-Calvinist versions and infers that it is basically identical to or compatible with these. It then draws the implications for the Weber Thesis in respect of the degree of its validity or consistence. It concludes that the Weber Thesis likely is fail as a sociological-economic theory with the Calvinist doctrine of predestination to the extent that the latter is its theological ground and revealed not to be unique and new theologically and probably in terms of its societal effects. (shrink)

In Esa 12th Conference: Differences, Inequalities and Sociological Imagination: Abstract Book. European Sociological Association; Institute of Sociology of the Czech Academy of Sciences. pp. 59--60 (2015) .

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results (...) from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice. (shrink)

Over the last decade, scholars across the wide spectrum of the discipline of sociology have started to reengage with questions on morality and moral phenomena. The continued wave of research in this field, which has come to be known as the new sociology of morality, is a lively research program that has several common grounds with scholarship in the field of business ethics. The aim of this thematic symposium is to open constructive dialogues between these two areas of study. In (...) this introductory essay, we briefly present the project of the new sociology of morality and discuss its relevance for business ethics. We also review the contributions to this thematic symposium and identify four specific domains where future research can contribute to fruitful dialogues between the two fields. (shrink)

Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews with investment professionals in 54 charitable foundations, intermediary and field building organizations in the impact investing market, to compare market objectives with practice, and to determine whether social and financial values are incorporated, thus producing ‘returns’ of both types through market exchange. We find unincorporated valuation is apparent at both the market level and for several (...) types of investors in contrast with the incorporated or even integrated valuations of other investors. This demonstrates that rather than incorporating logics in a binary or hybrid way, valuation in the moral market of impact investing occurs in a multiplicity of ways and on different levels of the market, depending on a variety of factors including adherence to traditional financial market standards and market design and maintenance. (shrink)

Is there such a sub-discipline as “sociology of valuation and evaluation”? Identifying the main focus, the topics, and the analytical designs, i.e., reflecting on a theoretical profile of such an investigation, is far from complete. The main question is indeed—where to start when addressing the sociology of valuation and evaluation? Is it a specific area of research, analysis, and inquiry, with specific objects? Should we confine it to the many important qualitative and quantitative studies dedicated to the measure of market (...) performance, the efficiency of public policy, profitability of private investment, or identification of best practices in various areas ? Beyond business and administration processes, a huge body of research in economic sociology has developed in recent years that has renewed the investigations on economic experience through a moral lens (Lamont 2000; Vatin 2008; Karpik 2010; Beckert and Aspe .. (shrink)

In keeping with the radical openness of his theory of democracy, Habermas avoided pre-determining the ideal mode of economic organization for his favoured model of deliberative democracy. Instead of attempting a full-blown derivation, in this article, I propose adapting the Rawlsian method of comparing different political–economic regimes as candidate applications of his theory of justice to Habermas’s theory of deliberative democracy. Although both theorists are seen as endorsing liberal democratic world views, from the perspective of political economy, the corollary of (...) their conceptions of democracy would arguably veer elsewhere: in Rawls’s case, into the territory of property-owning democracy or democratic socialism, and in Habermas’s, into any political–economic regime which guarantees the real exercise of full political and discursive liberties against the background of legitimate lawmaking. The ultimate aim of this article is to discuss whether a concrete conception of democratic socialism, if any, is compatible with Habermas’s theory of deliberative democracy. (shrink)

Digital technologies have made access to and profit from scientific publications hotly contested issues. Debates over open access (OA), however, rarely extend from questions of distribution to questions of how OA is transforming the politics of academic knowledge production. This article argues that the movement towards OA rests on a relatively stable moral episteme that positions different actors involved in the economy of OA (authors, publishers, the general public), and most importantly, knowledge itself. The analysis disentangles the ontological and moral (...) side of these claims, showing how OA changes the meaning of knowledge from a good in the economic, to good in the moral sense. This means OA can be theorized as the moral economy of digital knowledge production. Ultimately, using Boltanski and Thévenot’s work on justification, the article reflects on how this moral economy frames the political subjectivity of actors and institutions involved in academic knowledge production. (shrink)

Reputation is often seen as central to the coordination of transactions in sharing economy platforms. Participants perform a double role regarding reputation management: while engaging in exchanges with other peers, they build their individual ‘reputation capital’ and simultaneously execute community oversight. In Couchsurfing (CS), a network often cited as paradigmatic of the sharing economy, there is, however, a clear bias for positive references. In the digital economy literature, participants’ friendly behaviour is understood as motivated by self-interest and an incentive to (...) maintain a positive reputation. Social research on reputation in CS attributes the bias to fear of retaliation, but also hints at norms of reciprocity leading travellers to require positive feedback for hospitality. This article analyses the lived experience of reputation management in CS and argues that participants seek to reconcile direct and general reciprocity. It proposes breaking these practices down into boundary-work and creative avoidance and argues these result in insufficient protection of inexperienced participants against problematic members. (shrink)

Is the market civilizing or destructive? The increased salience of science commercialization is forcing scientists to address this question. Benefiting from the sociology of morality literature’s increased attention to specific kinds of morality and engaging with economic sociology’s moral markets literature, we generate competing hypotheses about scientists’ value-driven attitudes toward patenting. The Civilizing Market thesis suggests scientists who prioritize universalism will tend to support patenting. The Destructive Market thesis, by contrast, suggests universalism will be correlated with opposition to patenting. We (...) analyze survey data from biologists and physicists nested within academic organizations, which are nested within the following regions: France, Hong Kong, India, Italy, Taiwan, Turkey, UK, and the USA. Employing multilevel analysis, we find correlational evidence to support the Destructive Market thesis. Universalism is associated with anti-patenting attitudes, suggesting scientists expect patenting to have deleterious effects on science and society. We end with a discussion of this article’s implications for the moral markets literature, sociology of morality and business ethics. (shrink)

The purpose of this paper is to discuss the role of financial practice in the development of mathematics as applied in human judgement. The basis of the paper is in historical research from the 1990s that argues that the monetisation of western commerce, which abstracted value into quantified price, was synthesised with scholastic analysis resulting in a “mathematical mechanistic world picture” that led to the widespread use of mathematics in science from the seventeenth century. An aspect of this process was (...) the quantification of chance that led to the development of mathematical probability, the branch of mathematics most relevant to judgement and the focus of this paper. Ideas from this historical research are related to the fundamental theorem of asset pricing, the foundational theory of contemporary financial mathematics. The paper observes that vestiges of medieval scholastic attitudes to financial ethics can be discerned in the FTAP, offering a novel interpretation of the mathematical theorem. The paper then considers the Dutch book argument, the most popular justification for subjective probability. The paper’s main contribution is in describing the significance of financial practice in validating the DBA and the paper explains how the FTAP addresses some criticisms of how the DBA represents beliefs. The conclusions emphasise the distinction between pure and practical reasoning and that this should be mirrored in a distinction between the mathematics of physica and practica. This point is important as mathematics is becoming more widespread in modelling, and directing, social systems. (shrink)

Unlike recent tendencies to specify the variety of postsocialist trajectories, this article attempts to characterize the common features of postsocialist capitalism, as it has developed since the 1990s in Eastern Europe. Using conceptual tools of economic sociology, the postsocialist socio-economic organization is analyzed as embedded economy, the institutionalization of capitalism as a moral project, and the pervasiveness of informality from the networks and culture perspectives. Economic development is viewed as dependent, simultaneously, on the system’s structural, political and cultural features. For (...) postsocialist capitalism, these features include lack of state autonomy due to close coupling of political and economic roles; the embrace of greed and self-interest as legitimate motives for action; and persistence and bolstering of informality as modus operandi. Stipulations about developmental consequences are provided in the conclusion. (shrink)

Identity crafts for migration and citizenship purposes require the assistance of brokerage actors that help secure documents, advise on self-presentations, and vouch for relevant credentials. While recognizing the contradictory roles these intermediaries play in both facilitating and controlling migration and the porous boundary between for-profit and non-profit actors, scholars have yet to explore what challenges these characteristics pose to the organization of a particular brokerage transaction. How do these intermediaries reconcile their roles as migration facilitators and surrogate gatekeepers? Does it (...) matter to present the transaction as driven by financial rewards or other loftier goals? How are the boundaries between different types of intermediaries enacted and contested? I explore these questions through the case of a religious organization that helps migrants establish their religious identities for asylum claims-making on religious grounds. Combining insights from the “relational work” approach with ethnographic research in Korean evangelical congregations in the U.S., I show how the template of gift giving allows the church to focus on making the faithful as God’s intermediary, instead of screening them as the state’s private deputy, and avoid an accusation that its trade with asylum-seekers turns the Christian persona into a quasi-commodity. The boundary between the church and commercial brokers, between gift giving and market exchange, however, is constantly contested and renegotiated through the interaction between the transaction parties. In conclusion, I discuss how the relational work approach can advance our comparative inquiry into the brokerage transactions facilitating the “profane” exchange of “sacred” identities for migration and citizenship purposes. (shrink)

State-directed but market-oriented forms of regulation, especially environmental examples like cap-and-trade and ecological offsetting, have proliferated in the past two decades, but sociologists have been slow to theorize these broad institutional shifts. This article offers a framework for explaining these processes of regulatory marketization. First, I argue that institutions of this sort are examples of what I call command-and-commodify regulation, a mode of regulation that distinctively hybridizes economic and authoritative dimensions of power. Second, I explain how and why one example (...) of command-and-commodify regulation, species conservation banking, emerged and remained concentrated in California, but did not so easily develop in other American states. Finally, abstracting from the case, I argue that the concept of market reconstruction is useful for developing a more general theory of the ways that social conflicts and mobilization reconfigure regulatory power and thus give rise to new modes of regulation. Together, a theory of command-and-commodify regulation and market reconstruction may be useful for explaining the development of a wide variety of environmentally focused and other regulatory institutions. (shrink)

The lack of consensus in stating what Corporate Social Responsibility (CSR) exactly means has led some people to argue that the concept is too vague to offer guidance, while others suggest forgetting about theorising and instead focusing entirely on the development of practical applications such as codes of conduct, standards and reporting initiatives. This article argues that the discussion on CSR as a whole has reached this impasse because it ignores two major underlying problems. First, the fact that CSR is (...) an ideological notion: the definition and use of ‘CSR’ depends on the moral and practical views of the people and organisations involved. Secondly, the debate on CSR lacks a thorough discussion about the nature and role of the firm, the main actor when it comes to accepting and implementing CSR. After explaining our standpoint, this article winds up with the implications of this reframing for the CSR debate, for the efforts to define it and for the efforts to apply it. (shrink)

Zelizer’s work may be read as an attack on the central Polanyian thesis: that the market system threatens social life by the undue prominence it lends the economy in the organization of modern society. The recent publication of Viviana Zelizer’s The Purchase of Intimacy (2005a) is therefore an excellent opportunity to review the general trend of her work Zelizer 1979, 1985, 1994, and contrast her leading ideas to the central thesis that gives Polanyi’s work its particular flavor: the danger encapsulated (...) in the use of modern money and the functioning of the market system. (shrink)

This paper investigates what “free-range” eggs are available for sale in supermarkets in Australia, what “free-range” means on product labelling, and what alternative “free-range” offers to cage production. The paper concludes that most of the “free-range” eggs currently available in supermarkets do not address animal welfare, environmental sustainability, and public health concerns but, rather, seek to drive down consumer expectations of what these issues mean by balancing them against commercial interests. This suits both supermarkets and egg producers because it does (...) not challenge dominant industrial-scale egg production and the profits associated with it. A serious approach to free-range would confront these arrangements, and this means it may be impossible to truthfully label many of the “free-range” eggs currently available in the dominant supermarkets as free-range. (shrink)

This article develops an analytical framework to study the role of narratives in markets and argues that there is a relationship between the structure and composition of narratives produced by market actors and market dynamics. With respect to theory, the article bridges the perspectives that study markets as cultures and as fields and draws from the organizational studies approach to the analysis of narratives. Two empirical cases of the crises narratives in the emerging contemporary art markets of Russia and India (...) illustrate the use of the framework. The analysis is based on in-depth interviews with artists and art dealers as well as observations in Moscow, Saint Petersburg, New Delhi, and Mumbai conducted between April 2012 and June 2013. The article shows that there is a widely shared crisis narrative with a coherent structure in the Indian art market. In contrast, fragmented and contested stories that lack narrative structure dominate in the Russian art market. The analysis of the first case highlights the narrative structure and shows the productive work it does in the Indian market—it provides a moral justification of existing market norms and produces a perspective for the future. The analysis of the second case focuses on the context of narrative production and connects the conflicting interpretations of the crisis in the Russian art market to contested hierarchies and persistent uncertainty. (shrink)

Ever since the first elite business schools were founded in Europe and the United States during the late 1800s and early 1900s, they have enjoyed an intimate relationship with economics. Despite some notable analyses of economics’ importance for the successful institutionalization of business schools, an understanding of the relation between economics and elite business schools requires further development. As such, this paper focuses on ‘economics as symbolic capital’ for the consecration of business schools as elite settings, with particular emphasis on (...) the symbolic aspects of economics’ cultural and social capital. Consecration can be seen as critical to the institutionalization of elite business schools; in contrast to the primary focus of previous studies on the material significance of economics in business schools, my chief concern is the discipline’s symbolic power and importance for business schools’ status as elite institutions in many countries today. Data from a study on Sweden’s elite business school, The Stockholm School of Economics, were based on both historical and contemporary sources, including archival material, biographies, statistics, participant observations, and interviews with faculty and students. The SSE is one of the world’s oldest elite business schools where economics has played a critical role ever since its establishment; the SSE’s economics faculty has a unique relation to the ultimate source of capital for contemporary global economics, namely, The Nobel Prize in Economics, which exerts a significant influence on the discipline’s general standing and status today. (shrink)

This article examines valuation and payment practices of psychoanalysts in Buenos Aires, Argentina. Psychoanalysts do not use explicit sliding scales but rather reach an agreement about fees in conversation with the patient. This negotiation is conducted with some principles of gift-giving, where parties try to give more, rather than through competitive bargaining (an inverted bazaar). Drawing on the sociology of money, morals and markets, and valuation studies literatures, I distinguish four factors to explain this: 1) Some formally produced prices as (...) well as market mechanisms shape benchmarks for fees, but the peculiar service psychologists offer (which makes quality judgments hard), the way patients and therapists are matched, and the lack of public information about prices allow for high flexibility in price-setting; these are structural factors that remain unsaid in the conversation on fees. 2) A professional narrative that highlights a responsibility towards patients that should not be contaminated by economic interest. 3) Psychoanalysts’ elaborations on the meanings of the payment, which should reflect the uniqueness of each patient and the bond analyst-patient and symbolize the patient’s commitment to treatment, involving a cost and a loss beyond the economic. 4) The prevalence of cash, face-to-face payment without intermediaries, which helps desacralize the analyst and disentangle the session from the rest of the economic life of the analyst, but impedes evading moralization of the transaction. Payments in psychoanalysis are delicate arrangements, and analysts often stress about valuation and payments. They have to be careful to ensure this flexibility results in morally acceptable transactions. (shrink)

Uncertainty is an intriguing aspect of social life. Uncertainty is epistemic, future-oriented, and implies that we can neither predict nor foresee what will happen when acting. In cases in which no institutionalized certainty about future states exists, or can be generated, judgment is needed. This article presents the forms by which uncertainty is reduced as a result of judgments made about different alternatives in a process involving several actors. This type of uncertainty may exist, for example, about which artist is (...) the best, which offer in the market is more valuable, which football team is better than all the rest, or which research proposal will get a grant. The result of different forms of uncertainty reduction is increased certainty concerning alternatives in relation to one another, such as good and bad, rank lists, scores, quality assessment, and “winner and losers.” Based on the result, uncertainty is reduced and action is facilitated. The forms are structural and comprise roles; may be legitimate in a smaller or larger domain; and may exist in all spheres of life, as exemplified in sports competitions, in labor markets, and in the ranking of universities. Three forms of uncertainty reduction based on judgment are identified in this article: (1) decision, made by an authority; (2) valuation, by means of which order arises as a result of actors ascribing values; and (3) contest, by which an order is the result of direct struggle. (shrink)