F. A. Hayek's realistic economic theory has been replaced by the formalistic use of equlibrium models that bear little resemblance to reality. These models are as serviceable to the right as to the left: they allow the economist either to condemn capitalism for failing to measure up to the model of perfect competition, or to praise capitalism as a utopia of perfect knowledge and rational expectations. Hayek, by contrast, used equilibrium to show that while capitalism is not perfect, it contains (...) error‐correcting institutions that bring it closer to perfection than is intuitively apparent. (shrink)

Do markets generate a “just” wage? The answer to this question will depend upon the particular theory of the market that the political economist employs. When comparing actual labor markets with the neoclassical theory of competitive equilibrium as its normative benchmark, Joseph Heath argues that factor pricing is orthogonal to normative issues such as distributive justice. We argue that Heath’s conclusion, though not invalid, follows from a similar normative benchmark of equilibrium, one that evaluates factor pricing without taking into account (...) the institutional conditions within which factor prices emerge. Though indeed classical political economists and early neoclassical economists failed to deliver an explicit theory of distributive justice, what Heath overlooks is that implicit to their understanding of the market process was an institutional theory of distributive justice. (shrink)

Ethics, Policy & Environment, Volume 15, Issue 1, Page 33-36, March 2012.

Often, new technology brings in its train unprecedented problems. As far as computers, e-mail and the internet are concerned, this certainly holds true in many arenas. But there is one aspect of this new technology which does not present additional difficulties: cyber-slacking. The managerial challenges posed by employees using these amenities for job search, shopping sprees, personal relationships, in a word, general goofing off, have long ago already been overcome by employers. There is 'nothing new under the sun' in at (...) least this one dimension of the computer age. (shrink)

Coleman states that social phenomena cannot be directly accounted for by their social antecedents without analyzing three intervening steps: what motives the antecedents create, how these affect individual behavior, and the transition from the acts of interdependent individuals to social phenomena. The last is most important. I agree, but Foundations has its causal link upside down. Reanalyzing some of his cases, I try to show that macrostructures are not the product of microfoundations but the existential conditions that circumscribe individuals’ choices.

Adam Smith is usually thought to argue that the result of everyone pursuing their own interests will be the maximization of the interests of society. The invisible hand of the free market will transform the individual''s pursuit of gain into the general utility of society. This is the invisible hand argument.Many people, although Smith did not, draw a moral corollary from this argument, and use it to defend the moral acceptability of pursuing one''s own self-interest.

The aim of this paper is to calculate the market valuation of non-financial characteristics, namely, the social responsibility criteria included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique is (...) used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non-abusive market practices. (shrink)

Studies of Bernard Mandeville by economists and historians ofeconomic thought have focused overwhelmingly on the problem ofsituating his work within the development of the theory of laissez-faireand evaluating his influence on major figures in the ScottishEnlightenment, especially Adam Smith. This paper explores Mandeville’seconomic thought through the lens of a very different transition:England’s rapid growth following the Glorious Revolution and itsgradual eclipse of Dutch economic hegemony. By situating Mandevillewithin an Anglo-Dutch context and carefully examining his commentson the Dutch in Remark Q (...) of The fable of the bees, the paper shows themanner in which Mandeville’s ideas both appropriated lessons fromDutch history and sought to revise ideas about the Dutch current amonghis English contemporaries. The paper thus sheds new light on coreconcepts in Mandeville’s economic thought and permits exploration ofan important moment in the development of political economy. (shrink)

Many political theorists have turned to the dramatic political events of the post-9/11 world – terrorism, war, and the erosion of civil liberties – for insight into our changing sense of the political. Yet few have examined the economic dimensions of these events or sought to learn what they might tell us about the changing nature of political community today. This article seeks to fill this gap by drawing on the work of Michel Foucault and Georgio Agamben to examine the (...) intimate and changing relationship between the political and the economic in the contemporary world. Now more than ever, there is a particular conception of politics at stake in global efforts to govern economic relations. Global economic institutions like the IMF and World Bank are policing the definition of political community and, in doing so, extending the scope of liberal governmentality. At the same time, the character of their implementation and justification is that of the sovereign exception, as state autonomy must continually be breached through extensive conditionality in order for it to be re-established in the form of a more ‘sound’ political and economic order. This is a sovereign exception with a difference: for the norm that is being established is one that necessarily limits the scope of sovereign power in the interests of market freedom. Paradoxically, while the economy is often the exception to politics as usual, is it an exception that simultaneously enables and constrains the possibility of exercising sovereignty itself? (shrink)

The essay investigates the proposition that economic questions are a fit subject for science. This investigation will involve a selective examination of seventeenth-century writings before looking at again selective Enlightenment texts. The essay is deliberately wide ranging, but it aims to pick out the emergence or crystallization of political economy by noting how theorists sought to establish it as a subject matter and in the process develop ways of studying it that aimed to uncover regularities and exhibit generality, systematicity, and (...) precision. Together these supported its pretensions or claims to be a science that would in a Baconian manner be useful and free of the perceived shackles of a moralistic classical disparagement of economic activity. (shrink)

A link between biological and human sciences may be established, under the condition that we should admit the existence of reciprocal influences between them. The model for the regulation of agonistic antagonistic couples (MRAAC) is built from the study of biological systems and gives rise to specific types of control. This model can be helpful in decision processes in some human sciences such as management, economical and political strategies. The reason for such an opportunity lies in the fact that MRAAC (...) is a general and phenomenological model able to incorporate the whole of the agonistic antagonistic systems. This type of regulation might be related to the concept of the viability of a system (yet also valid for human science systems) and to a functional and structural pattern which is the basis for agonistic antagonistic networks. (shrink)

In this expansive and highly original two-volume work, Jim Behuniak reformulates John Dewey's late-period "Cultural turn" and proposes that its next logical step is an "intra-Cultural philosophy" that goes beyond what is commonly known as "comparative philosophy." Each volume models itself on this new approach, arguing that early Chinese thought is poised to join forces with Dewey in meeting an urgent cultural need: namely, helping the Western tradition to correct its outdated Greek-medieval assumptions, especially where these result in pre-Darwinian inferences (...) about the world. Relying on the latest findings in Chinese philosophy, these volumes establish "specific philosophical relationships" between Dewey's ideas and early Chinese thought for this purpose, showing how together they can assist us in getting our thinking "back in gear" with the world as it is currently known through the biological, physical, and cognitive sciences. Volume One: Dao and Nature engages Dewey with themes generally associated with "Daoism," and includes discussion of the organization of organic form, teleology, cosmology, knowledge, the body, and technology. Volume One thus works to establish "Chinese natural philosophy" as an empirical framework in which to consider the cultural-level phenomena examined in Volume Two: Dao and Culture. (shrink)

ABSTRACTCommerce changes the production of wealth in a society as well as its ethics. What is appropriate in a non-commercial society is not necessarily appropriate in a commercial one. Adam Smith criticizes Stoic self-command in commercial societies, rather than embracing it, as is often suggested. He argues that Stoicism, with its promotion of indifference to passions, is an ethic appropriate for savages. Savages live in hard conditions where expressing emotions is detrimental and reprehensible. In contrast, the ease of life brought (...) about by commerce fosters the appropriate expressions and sharing of emotions. Imposing Stoicism on a commercial society is therefore imposing an ethic for savages onto a refined society – something to abhor. Smith’s rejection of Stoicism in commercial societies can thus be seen as a defence of commerce. (shrink)

This article introduces an “ordonomic” approach to corporate citizenship. We believe that ordonomics offers a conceptual framework for analyzing both the social structure and the semantics of moral commitments. We claim that such an analysis can provide theoretical guidance for the changing role of business in society, especially in regard to the expectation and trend that businesses take a political role and act as corporate citizens. The systematicraison d'êtreof corporate citizenship is that business firms can and—judged by the criterion of (...) prudent self-interest—“should” take on an active role in rule-finding discourses and rule-setting processes with the intent of realizing a win-win outcome of the economic game. We identify—and illustrate—four ways that corporate citizens can employ moral commitments as a factor of production to enhance their processes of economic value creation. (shrink)

Theorists seeking evidence of moral cognition – whether in human infants, nonhuman animals, or any other population – would benefit from a minimalistic description of what moral cognition is. However, such a definition has proven elusive. Some argue that debates over the existence (or not) of moral cognition in various populations turn on unresolvable semantic disagreement over how to characterize the moral domain. I acknowledge a semantic dimension to some disputes and identify another problem: Often, while sidestepping semantics, researchers rely (...) on logically circular operationalizations, defining moral cognition in terms of elements that are already implicitly understood to be features of moral cognition, while failing to answer the question of what makes these features, or their combination, uniquely moral. The present article proposes a single solution to both problems. The issue of semantics is addressed by the identification of a naturally emerging and distinctive cognitive modality that is necessary to all definitions of moral cognition. The problem of circularity is overcome by a reduction of moral cognition to elements that are, in themselves, nonmoral. I call this distinctive combination of nonmoral elements the “molecular” structure of moral cognition. (shrink)

To provide effective guidance for business decisions, a set of ethical principles must be stable over time, rather than responding to changes in the business environment for expediency sake. This article examines the ability of religious principles to maintain such stability by reviewing the historical relationship between commerce and Christianity, beginning with early Christianity and concluding with the Enlightenment.The changes in five constructs are examined: ownership of land, acquisition of wealth, attitude toward work, charging of interest and acceptability of trade. (...) For each construct, the attitude evidenced in early Christianity was, at least to some degree, inimical to business as we view it today. That perspective changed over time, with the practice becoming at first acceptable and later even admired. The authors conclude that ethical principles based on referents from outside business are ineffective as a check on the undesirable effects of business on society. (shrink)

ABSTRACT:Giving without the expectation of reward is difficult to understand in organizational contexts. In opposition to a logic based on self-interest or a sense of duty, a “logic of gift” has been proposed as a way to understand the phenomenon of free, unconditional giving. However, the rationale behind, and effects of, this logic have been under-explored. This paper responds by first clarifying the three logics of action—the logic of exchange, the logic of duty, and the logic of gift—and then explains (...) how their balanced integration promises to enhance organizational life and outcomes. Having explicated the unique character and contributions of the logic of gift, the paper further suggests practical implications for management. Encouraging the logic of gift fosters more humane relationships within organizations and to enable individuals to be generous in ways that inspire trust and promote creativity. (shrink)

En su fascinante libro The European Miracle, Eric Lionel Jones, al igual que otros importantes estudiosos antes y después que él, plantea la cuestión de por qué sólo Europa logró la hazaña de llevar a cabo un curso de desarrollo que finalmente condujo a un pujante capitalismo, al Estado de derecho y a la democracia.

Moral hypocrisy is motivation to appear moral yet, if possible, avoid the cost of actually being moral. In business, moral hypocrisy allows one to engender trust, solve the commitment problem, and still relentlessly pursue personal gain. Indicating the power of this motive, research has provided clear and consistent evidence that, given the opportunity, many people act to appear fair (e.g., they flip a coin to distribute resources between themselves and another person) without actually being fair (they accept the flip only (...) if it favors themselves). New evidence also indicates the power of moral hypocrisy in a situation more obviously relevant to business, resource allocation when one party has information about relative resource value that the other does not. Characteristics of modern business situations likely to encourage moral hypocrisy are outlined. We conclude that moral hypocrisy is not only a pragmatic virtue in modern business but is also fast becoming a prescriptive one. (shrink)

Much of economics is built on the assumption that individuals are driven by self-interest and economic development is an outcome of the free play of such individuals. On the few occasions that the existence of altruism is recognized in economics, the tendency is to build this from the axiom of individual selfishness. The aim of this paper is to break from this tradition and to treat as a primitive that individuals are endowed with the ‘cooperative spirit’, which allows them to (...) work in their collective interest, even when that may not be in their self-interest. The paper tracks the interface between altruism and group identity. By using the basic structure of a Prisoner's Dilemma game among randomly picked individuals and building into it assumptions of general or in-group altruism, the paper demonstrates how our selfish rationality interacts with our innate sense of cooperation. The model is used to outline circumstances under which cooperation will occur and circumstances where it will break down. The paper also studies how sub-groups of a society can form cooperative blocks, whether to simply do better for themselves or exploit others. (shrink)

Conventions and leaders are believed to be the two pillars of justice and order in society. This paper evaluates this proposition and draws attention to two intriguing ways in which these pillars can malfunction. The argument is constructed by creating two new games, Greta’s Dilemma and the Incarceration Game. An awareness of these problems can help us use our ‘moral intention’ to reexamine our own collective behavior and to design prior conventions, which limit the power of the leader.

This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system eroded. Contemporary capitalism, dominated (...) as it is by large corporations, entrenched political interests and persistent social pathologies, bears little resemblance to the system which Smith envisioned would serve the common man. Most critiques of capitalism are launched from a Marxian-based perspective. We find, however, that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by Smith, the father of capitalism proves to be the most trenchant critic of the current order. (shrink)

Economic markets are not morally free zones. Contrary to popular misconceptions, market functioning rests on the ethical principles of fairness and voluntariness. This ethical foundation can be traced back at least to moral philosopher Adam Smith, one of the founders of modern economics. In the inconspicuous form of microeconomic axioms, these moral foundations are preserved. Thus, virtually all “neo-classic” economic concepts presuppose a market ethics of fairness and voluntariness. In a world of pervasive uncertainty on the long-term development of the (...) human-environment interaction, the protection of the global life-support systems is an important test case for the scope of the ethical content of market ethics. We review risk protection strategies in the face of this uncertainty that are (i) based on the insurance effect of biological diversity, and (ii) that employ a safe minimum standard (SMS). Because the fairness principle of market ethics requires that economic agents who cause “external” costs must, at least, compensate those who are burdened with these costs, the interests of future generations have to be included in responsible economic decision-making. The market and market ethics approach is applied to the analysis of a SMS for biological diversity, and to the inherent problems of such an approach. At the microeconomic level of individual decision-making, an unconditional protection is supported by market ethics neither for the putative interests of future generations nor for biological diversity: Poor people who struggle to cover their basic needs cannot not be required to care for biological diversity. In all other cases, the protection of biological diversity in favour of future generations is supported—if costs are not “unacceptably high”. At which cost level this point is approached, market ethics is not designed to decide. (shrink)

Good nutrition plays an important role in the optimal growth, development, health and well-being of individuals in all stages of life. Healthy eating can reduce the risk of chronic diseases, such as heart disease, stroke, diabetes and some types of cancer. However, the capitalist mindset that shapes the food environment has led to the commoditization of food. Food is not just a marketable commodity like any other commodity. Food is different from other commodities on the market in that it is (...) explicitly and intrinsically linked to our human existence. While possessing another commodity allows for social benefits, food ensures survival. Millions of people in United States of America are either malnourished or food insecure. The purpose of this paper is to present a critique of the current food system using four meanings of the common good--as a framework, rhetorical device, ethical concept and practical tool for social justice. The first section of this paper provides a general overview of the notion of the common good. The second section outlines how each of the four meanings of the common good helps us understand public practices, social policies and market values that shape the distal causal factors of nutritious food inaccessibility. We then outline policy and empowerment initiatives for nutritious food access. (shrink)

En el presente artículo se realiza un análisis de ciertas instituciones fundamentales para la mediación entre el Estado y la sociedad civil, según los Principios de la Filosofía del Derecho de Hegel. Dicho análisis se limita a la esfera privada de la sociedad civil, y por ello se explica especialmente el carácter mediador del sistema de las necesidades, de los estamentos sociales y de la corporación. Se aborda la sociedad civil hegeliana desde el punto de vista del interés privado y, (...) consecuentemente, se analiza, en primer lugar, el sistema de las necesidades y, en segundo lugar, la corporación. El análisis del sistema de las necesidades conduce a desarrollar la mediación del trabajo, de los estamentos sociales y del papel que cumplen en la sociedad civil la administración de justicia y la “policía”, de acuerdo con la Rechtsphilosophie hegeliana. Por su parte, la presentación de la corporación como mediación ética en la esfera privada, lleva a explicar el tipo de reconocimiento intersubjetivo que se produce en este ámbito, así como también la dimensión política intrínseca a la práctica corporativa. (shrink)

The purpose of this theoretical article is to contribute to the analysis of knowledge and valuation in markets. In every market actors must know how to value its products. The analytical point of departure is the distinction between two ideal types of markets that are mutually exclusive, status and standard. In a status market, valuation is a function of the status rank orders or identities of the actors on both sides of the market, which is more entrenched than the value (...) of what is traded in the market. In a market characterized by a standard, the situation is reversed; the scale of value is more entrenched than the rankings of actors in the market. In a status market actors need to know about the other actors involved as there is no scale of value for evaluating the items traded in the market independently of its buyers and sellers. In a standard market it is more important to know how to meet the standard in relation to which all items traded are valued. The article includes empirical examples and four testable hypotheses. (shrink)

A major feature of post-colonial theory has been its ability to analyse historical developments of culture: expressions of anti-colonial nationalism; the paradoxical dissolution of the idea of nation along with the continuous persistence of national concerns; the question of language and appropriation; of the transformation of literary genres; the question of ethnicity and its relation to the state. But the broader question for this century concerns the way in which postcolonial theory is positioned to approach the continuing issues of global (...) power, global interaction and cultural difference in the coming century. One answer to this has been a growing, and now well-established, interest in cultural and ethnic mobility, of diaspora, of transnational and cosmopolitan interactions. This article goes beyond this to analyse modernity using the tools of postcolonial theory to argue for the multiplicity of modernities. Modernities proceed in various ways, but the process of transformation demonstrated by the literary model can be adapted to examine the proliferation of alternative and multiple modernities. Special attention shall be given to India and China as alternative modernities to help to re-think the nature of modernity itself. (shrink)

The publication in 1975 of Edward O. Wilson's Sociobiology provoked a great controversy, for in that work Wilson claimed that ethics was rooted in human biology. On the first page of the book, he asserted that our deepest intuitions of right and wrong are guided by the emotional control centers of the brain, which evolved via natural selection to help the human animal exploit opportunities and avoid threats in the natural environment. In 1998, the publication of Wilson's Consilience renewed the (...) controversy, as he continued to argue for explaining ethics through the biology of the moral sentiments.Footnotes* I am grateful to the Earhart Foundation for a research grant that supported the writing of this essay. (shrink)

The traditional theories of the firm leave no room for love in business organizations, perhaps because it is thought that love is only an emotion or feeling, not a virtue, or because economic efficiency and profit making are considered to be incompatible with the practice of charity or love. In this article, we show based on an approach to the human action within the organization, that love can and must be lived in firms for firms to operate efficiently, be attractive (...) to those who take part in them, and act consistently in the long run. (shrink)

It is widely agreed that one of the core functions of government is to supply public goods that markets either fail to provide or cannot provide efficiently. I will suggest that arguments for government provision of public goods require fundamental moral judgments in addition to the usual economic considerations about the relative efficacy of markets and governments in supplying them. While philosophers and policymakers owe a debt of gratitude to economists for developing the theory of public goods, the link between (...) public goods and public policy cannot be forged without moral reflection on the proper function and scope of government power. (shrink)

On most accounts, beliefs are supposed to fit the world rather than change it. But believing can have social consequences, since the beliefs we form underwrite our actions and impact our character. Because our beliefs affect how we live our lives and how we treat other people, it is surprising how little attention is usually given to the moral status of believing apart from its epistemic justification. In what follows, I develop a version of the harm principle that applies to (...) beliefs as well as actions. In doing so, I challenge the often exaggerated distinction between forming beliefs and acting on them.1 After developing this view, I consider what it might imply about controversial research the goal of which is to yield true beliefs but the outcome of which might include negative social consequences. In particular, I focus on the implications of research into biological differences between racial groups. (shrink)

This paper examines issues of ontology and methodology in behavioral economics: the attempt to increase the explanatory and predictive power of economic theory by providing it with more psychologically plausible foundations. Of special interest is the epistemological status of neoclassical economic theory within behavioral economics, the runaway success story of contemporary economics. Behavioral economists aspire to replace the fundamental assumptions of orthodox, neoclassical economic theory. Yet, behavioral economists have gone out of their way to praise those very assumptions. Matthew Rabin, (...) for example, writes that behavioral economics “is not only built on the premise that [orthodox] economic methods are great, but also that most mainstream economic assumptions are great.” These apparently contradictory attitudes toward neoclassical theory raises the question of what, exactly, its epistemological status within behavioral economics is. This paper argues that the paradox can be resolved, and the question answered, by thinking of the epistemological status of neoclassical theory within behavioral economics in terms of Max Weber’s ideal types: analytical constructs that are not intended to be descriptively true of anything but which nevertheless can be used for a variety of theoretical purposes. The analysis is consistent with many of the insights from the philosophical literature on models in science and has important implications for the practice of economics—behavioral and neoclassical—as well as for the very nature of rationality. (shrink)

Much recent philosophical literature on happiness and satisfaction is based on the belief that empirical research is relevant to philosophical conclusions. In his2010 book What is This Thing Called Happiness? Fred Feldman begs to differ. He suggests that there is no evidence that empirical research is relevant to long-standing philosophical questions; consequently, that philosophers have little reason to pay attention to the work of psychologists or economists; and that philosophers need not fear embarrassing themselves by being ignorant of important scientific (...) findings that bear directly on their work. Relying on an example invoked by Feldman himself, this paper makes the case that all three theses are false. The argument suggests a picture according to which science and philosophy stand in a symbiotic relationship, with scientists and philosophers engaging in a mutually beneficial exchange of ideas for the advancement of thegeneral knowledge. (shrink)

In spite of the numerous occasions on which Adam Smith expresses his reservations regarding the morality of commercial societies, there seems to be an agreement that he believed such systems to be fundamentally just. To some, this is so because they attribute to Smith a concept of justice which is narrowly confined to the ‘right to have [one's] body free from injury, and [one's] liberty free from infringement’ . In a world where people have an interest in the fortune of (...) others regardless of how selfish their motives for action might be, injuring someone else's body or restricting someone else's liberty is unlikely to be the behavioural norm. To others, natural liberty in the sphere of economic activity is just not only because individuals behind the system naturally comply with justice in its commutative sense, but also because the system itself generates justice in the distributive sense. Such arguments are based on either the working of the invisible hand — which produces the ‘same distribution of the necessities of life, which would have been made, had the earth been divided into equal portions among all its inhabitants …’ — or on the approval of the ‘impartial spectator’ of the distribution which is associated with the natural price. (shrink)

This article is about the relationship between business and ethics in academic research. The purpose of this investigation is to examine the status of the separation and the integration theses. In the course of this article, I defend the claim that neither separation nor integration is entirely accurate; indeed they are both potentially confusing to our audience. A strategy of reconciliation of normative and descriptive approaches is proposed. The reconciliation project does not entail synthesizing or dividing prescriptive and empirical approaches, (...) but rather respecting the identity of both inquiries, while recognizing the limitations they place on each other. The research agenda of the reconciliation project is discussed. (shrink)

During the post-Second World War period, Adam Smith’s moral theory was down-played and he acquired the undeserved reputation of an amoral, radical individualist. The trend in recent scholarship has been to rehabilitate him as a moral theorist and this article continues that trend. After a sketch of Smith’s moral theory, the article addresses his little-studied views on moral education. This education is important in the creation of human excellence and social stability. Smith offers a series of recommendations about the moral (...) education of the young. For him, liberal society needs moral education: some of it is to be provided privately and some is to be provided by the public. (shrink)

The conventional interpretation of Adam Smith is that he is a prophet of commercialism. The liberal capitalist reading of Smith is consistent with the view that history culminates in commercial society. The first part of the article develops this optimistic interpretation of Smith's view of history. Smith implies that commercial society is the end of history because (1) it supplies the ends of nature that he identifies; (2) it is inevitable; and (3) it is permanent. The second part of the (...) article shows that Smith has some dark moments in his writings where he seems to reject completely such teleological notions. In this more civic humanist mood he confesses that commercial society does not supply the ends of nature, nor is it inevitable, nor is it permanent. Both views exist in Smith and the commentator is forced to choose between passages in Smith's work in order to support a particular interpretation of the former's view of history. (shrink)

This article investigates the early modern history of dog labor in small-scale industrial production in Europe and the Americas as a paradigmatic example of the history of animal labor. The turnspit dog was the “product” of material conditions of production as they were forced to labor in butter-churning, knife-grinding, water-raising, sewing, and food industries. Furthermore, their bodies and labor tried to be “perfected” by selective breeding and violent methods of training, mechanical dressage, and labor discipline. The incorporation of dog labor (...) into mechanized industrial production developed hand-in-hand with certain ideas, ideologies, and mentalities, such as the mechanistic interpretation of bodies deprived of soul, mind, and sentience. (shrink)

This article analyses the use of the term “‘political oeconomy” in the Wealth of Nations, considered by many the founding text of the discipline of Political Economy. It shows that Adam Smith could not accept the use of the term “political oeconomy” that had been made by other authors to indicate the subject matter of his scientific inquiry, devoted to the nature and causes of the wealth of nations; he used the term “political oeconomy” as a synonym for economic policy, (...) especially in the fourth book of the Wealth of Nations. In order to understand this statement, it is necessary to keep in mind the methodological and epistemological perspective developed by Smith; in his view, the inquiry into the nature and causes of the wealth of nations would have to discover the almost unchangeable rules that presided over the choices of the legislators in the field of public economy and in the management of public resources. By contrast, the term “political oeconomy” was used by Smith exactly to indicate the policies really adopted in these fields, policies which frequently altered the system of natural liberty. (shrink)

Over the past two decades, work relations have changed dramatically. New phenomena like “gig-economy” or “crowd work” not only constitute precarious working conditions but also contradict with our social esteem of work resulting from the social theories of the classical economy of the eighteenth and nineteenth centuries. The central focus of classical economists on building an educated and disciplined workforce provided not only the base for the upcoming industrial society but also resulted in a work-based society where “being employed” became (...) the precondition for social security and social participation. It is the aim of this contribution to show how our positive attitudes towards work, established by the political economic theories of the eighteenth and nineteenth centuries, are jeopardized by the social changes in post-industrialized societies, due to the effects of globalized economies, digitalization and changed industrial relations. This has also far-reaching consequences for managerial theories based on conceptions like meaningful work or discussions about social responsibilities vis-à-vis employees as primary stakeholder groups. (shrink)

Mutual feedback between human-made environments and facets of thought throughout history has yielded two myths: the Garden and the Citadel. Both myths correspond to Jung’s feminine and masculine collective subconscious, as well as to Nietzsche’s premise of Apollonian and Dionysian impulses in art. Nietzsche’s premise suggests, furthermore, that the feminine myth of the Garden is time-bound whereas the masculine myth of the Citadel, or the Ideal City, constitutes a spatial deportment. Throughout history the two myths have continually molded the built (...) environment and thought, but the myth of the Ideal City – from Plato to Descartes to modernity – came to dominate city-form and ensuing aspects of contemplation. This relationship seems to have shifted during the twentieth century. Intellectual dispositions have begun to be largely nurtured by an incongruous city-form emerging from the gap between the incessant promise for an automated, well-functioning city, on the one hand, and looming alienation, coupled with the factual, malfunctioning city, on the other hand. Urban decay, a persisting and time-bound urban event that is a byproduct of this configuration, suggests the ascent of the Garden myth in post-modern city-form. (shrink)

A quick look at what is happening in the corporate world makes it clear that the stakeholder idea is alive, well, and flourishing; and the question now is not “if ” but “how” stakeholder theory will meet the challenges of its success. Does stakeholder theory’s “arrival” mean continued dynamism, refinement, and relevance, or stasis? How will superior stakeholder theory continue to develop? In light of these and related questions, the authors of these essays conducted an ongoing dialogue on the current (...) state and future of stakeholder thinking. Beginning with a review of research and theory that has developed since the major stakeholder theorizing efforts of the 1990s, the authors individually offer their perspectives on the key issues relevant today to stakeholder thinking, and to suggest possible approaches that might lead toward and enable the continuing development of superior stakeholder theory. (shrink)

The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern money, which uses (...) the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions. (shrink)