Between 1980 and 1985 representatives of academic science changed their policy positions, moving from veneration of basic or fundamental research to promotion of entrepreneurial science. This change is examined through research university presidents' testimony before the U.S. Congress. The presidents' move from "fruits of research" narratives that emphasize the benefits of basic science to narratives that celebrate technology based on fundamental research in "orders of magnitude more production from the efforts of orders of magnitude less workers. " This change reflects (...) presidents' endorsement of conservative policy initiatives that depend on privatization, deregulation, and commercialization of science. These policies will probably result in major realignments within research universities, with institutional managers, scientists, and graduate students in the physical sciences involved in entrepreneurial activity receiving privileges and rewards that other faculty and students do not. (shrink)

In the work of Karl Polanyi, the negative effects of a self-regulating market economy are described as being limited by societal forces such as the policies of the welfare state. With the decline of the modern welfare state since the late 1970s, social activities of business firms are increasingly regarded as an important complement to or even as a substitute for welfare state policies by a part of the literature. However, and controversially, another stream of argumentation regards these activities as (...) being aimed at advancing the reach of market forces. To fully grasp the ambiguous nature of the social activities of business, in this paper I provide an account of affirmative as well as of critical interpretations of these activities throughout the history of modern capitalism. On this basis, the power of critique to disentangle the diverse motivations that underlie the social engagement of business is highlighted as a condition for facilitating a role of business in society that balances economic and social considerations. (shrink)