‘Dumping’ is a practice in international trade whereby a product is introduced into the commerce of another country at less than its ‘normal value,’ which might cause or threaten material injury to the domestic industry of the importing country. To address the practice of dumping and provide rules to deal with it, the World Trade Organization (WTO) adopted the Agreement on Implementation of Article VI of the General Agreement on Tariffs and Trade (1994), known as the Anti-Dumping Agreement (ADA). -/- (...) The ADA sets out anti-dumping investigation procedures that importing countries must follow if they wish to impose anti-dumping measures, which are determined by comparing the normal value and the export price of the goods in question. However, not all countries are treated equally under these arrangements. Countries that are non-market economies (NMEs) are accorded special treatment provided by specific rules, including the option for investigating authorities to resort to surrogate prices in a third country for the purpose of establishing normal value. This application of surrogate prices is referred to as ‘NME treatment’. In the absence of an internationally recognised definition of an NME, each WTO Member has adopted its own definition and/or a list of NMEs. Vietnam, a WTO Member whose economy is moving from being centrally planned to being market-based, is considered an NME by both the United States (US) and the European Union (EU). This research investigates whether the non-market economy status of NMEs such as Vietnam disadvantages exporters in anti-dumping investigations and proceedings. The research analyses legal, procedural and other issues relating to the non-market economy status of NMEs in general and Vietnam in particular, in anti-dumping investigations and proceedings conducted by the US and the EU. The research uses a qualitative methodology design, by which data was collected primarily using desk-based study, supplemented by interviews with anti-dumping experts, Vietnamese exporters and government officials. It involves the examination of international law pertaining to anti-dumping, the US and EU anti-dumping laws and investigation procedures, analysis of the WTO anti-dumping dispute settlement procedures and related jurisprudence, as well as the analysis of Vietnam’s transition to a market economy. -/- The research has found that both the US and EU treat Vietnam as a NME and have developed their own specific methodologies for anti-dumping investigations on exports from Vietnam. Furthermore, it highlights the wide discretion of the US and the EU under their domestic laws in many stages of anti-dumping investigations. -/- The findings also show that the WTO Dispute Settlement Body generally considers the US and the EU practices to be consistent with the ADA provisions. However, certain US and EU practices were found to be inconsistent with the ADA, including ‘zeroing’, limited examination, surrogate country selection, and the imposition of the ‘entity-wide rate.’ Further, by applying these practices, investigating authorities might establish unpredictable normal values that may inflate the estimated dumping margins and ultimately lead to the imposition of a higher than appropriate anti-dumping duty. The analysis concludes that the NME status of countries such as Vietnam disadvantages them when facing claims of dumping. Finally, this thesis provides recommendations for Vietnamese exporters that will serve to improve their competence as defendants/respondents in anti-dumping investigations and proceedings and more effectively demonstrate the degree to which their operations are based on market-based principles. Recommendations are also provided to the Vietnam Government on ways in which it can support Vietnamese exporters in anti-dumping investigations and proceedings. (shrink)

In a market economy, members of professions—or at least those for whom their profession is a vocation—are vulnerable to a distinctive kind of objectionable exploitation, namely the exploitation of their vocational commitment. That they are vulnerable in this way arises out of central features both of professions and of a market economy. And, for certain professions—the care professions—this exploitation is particularly objectionable, since, for these professions, the exploitation at issue is not only exploitation of the professional’s (...) vocational commitment but also of her even more basic commitment to morality. (shrink)

Social developments/events of three different periods (Elizabethan Period (1558-1603), Jacobean Period (1603-1625) and Caroline Period (1625-1649) might have had great impact on Ben Jonson’s writing the play Volpone. In this qualitative study (conducted with literature research on the topic), Volpone through which he best reflected his corrupted society at that time will be examined. The play will be analysed to illuminate the native features related to the market economy. The economic sight based on commodity has such a great (...) power in changing the characters of the people, losing their morals because of their greed towards the power and wealth during the mentioned period. Another point to be discussed is to reckon whether Ben Jonson as a Dramatist had contrary opinions against the developing capitalist world. In the study, it has been found that the play of Volpone (the fox) depicts one of the best evidence how the characters can be changed through materialism. As a main character, he is a wealthy Venetian nobleman and exceptionally cunning, who devises a plan (pretending to die) with the assistance of his henchman (Mosca/ fly) to exploit his relatives waiting to be an heir of him. The play shows how his relatives flatter him and give him the most expensive gifts. He deceives each of them at the end. The play draws attention to the materialistic power of the 16th century. (shrink)

Throughout its history the European integration process has not undermined but rather strengthened the autonomy of Member States vis-à-vis wider societal interests in relation to political economy, labour markets and social provisions. Both the ‘golden age nation state’ of the 1960s as well as the considerable transformations of Member State political economies over the past decades, and especially after the euro-crisis, was to a considerable degree orchestrated through transnational, most notably European, arrangements. In both cases the primary objective has (...) been to strengthened state capacities of public power and law against the encroachment of private interests into the state. In spite of this continuity considerable changes can however be observed in the substantial economic policies advanced due to the switch from a Keynesian to a monetarist economic paradigm. It is suggested that the debate on constitutional imbalances between the EU’s economic and social constitutions should be seen in this light. (shrink)

This paper is the first major and a thorough study on the Merger & Acquisition (M&A) activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than (...) even the most complete set of empirical data. Proceeds from the sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impact of M&A on Vietnam’s long-term prosperity is thus highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts may result in domestic entrepreneurship which will perhaps be the single most important indicator. (shrink)

The financial crisis of 2008–2009 presents us with the opportunity to not only understand what has happened in the markets but also to reflect on the purpose of the marketplace. Drawing from expert economic analyses, we first assess the central lesson of the crisis—the failure of self-regulation by rational self-interest to moderate externalized risk in financial markets. Second, we ask the philosophical question occasioned by the crisis concerning the moral meaning of economic activity: Is market exchange solely for the (...) sake of self-interest? Reflecting on the poetry of Kahlil Gibran and engaging with the recent encyclical of Pope Benedict XVI, we turn our attention from political economy to moral economy: the relationships among market exchange, self-interest, and the common good—and, in particular, the prior conditions of market exchange and their moral significance for the present crisis. (shrink)

Polanyi’s concept of “embeddedness” has been the subject of debate. Various authors have argued that it reveals a contradiction. They contend that Polanyi states that all economies are always embedded, while simultaneously maintaining that the modern market economy is exceptional because it is disembedded. Others claim that there is no contradiction in Polanyi’s thought but that he is merely describing a contradiction of the market economy. In this text, I argue that both sides fail to discern (...) two different concepts: “institutedness” and “embeddedness.” “Institutedness” denotes the idea that economic behavior is always dependent on and the result of certain forms of social organization. In turn, the distinction between embeddedness and disembeddedness is inspired by the Aristotelian distinction between natural and unnatural economic behavior. This distinction refers to the finality of economic behavior: is it directed at the thriving of an ethical community or is it instead directed at wealth acquisition as an end in itself? I argue that both institutedness and (dis)embeddedness fulfill a crucial, though different, role in Polanyi’s critique of market capitalism. I conclude by giving a preliminary outline of what could be the implications for a (neo-)Polanyian political economy of my analysis. (shrink)

In the developed countries, the importance and development of sharing economy as a new economic model have been increasingly discussed in recent decades. In Serbia, sharing economy has not yet been sufficiently explored in official reports and academic literature. On the other hand, in practice, there are several collaborative platforms used by consumers. Therefore, the purpose of this study is to point out the specifics of the sharing economy in Serbia. At the outset, after a brief introduction, (...) the concept of a sharing economy is defined. Consumers’ attitudes about knowledge of the sharing economy, the expectations, and motives that drive them to market engagement are examined and presented. Examples of good practices in the field of sharing economy in Serbia are given. The factors that stimulate or restrict the development of the sharing economy are highlighted, and the legislative framework that directly and indirectly regulates this area is presented. The conclusion about the level of the development of sharing economy in Serbia is derived, and recommendation for future research is given. (shrink)

In this paper I examine Axel Honneth’s normative reconstruction of the market as a sphere of social freedom in his 2014 book, Freedom’s Right. Honneth’s position is complex: on the one hand, he acknowledges that modern capitalist societies do not realise social freedom; on the other hand, he insists that the promise of social freedom is implicit in the market sphere. In fact, the latter explains why modern subjects have seen capitalism as legitimate. I will reconstruct Honneth’s conception (...) of social freedom and investigate how it is realised in the sphere in which Honneth sees it most successfully at work, the sphere of interpersonal relations. I then move on to the sphere of the market economy and discuss two related problems of this view that stem from his interpretation of Hegel. Next, I consider Honneth’s method of “normative reconstruction” and his reconstructions of the sphere of consumption and, finally, the labour market. My conclusion will be that market institutions cannot realise social freedom, and that this insight should orient the philosophical direction of critical social theory. (shrink)

In a market economy, human work is offered and sought in the labor market. It is valued because of the level of demand for it and the rarity of the required qualifications. At the same time, because of the different contexts and conditions, there are many labor markets that are defined as the professional labor markets, local labor markets, dual labor markets, and black and gray labor markets.

The Market Failures Approach (MFA) is one of the leading theories in contemporary business ethics. It generates a list of ethical obligations for the managers of private firms that states that they should not create or exploit market failures because doing so reduces the efficiency of the economy. Recently the MFA has been criticised by Abraham Singer on the basis that it unjustifiably does not assign private managers obligations based on egalitarian values. Singer proposes an extension to (...) the MFA, the Justice Failures Approach (JFA), in which managers have duties to alleviate political, social, and distributive inequalities in addition to having obligations to not exploit market failures. In this paper I describe the MFA and JFA and situate them relative to each other. I then highlight a threefold distinction between different types of obligations that can be given to private managers in order to argue that a hybrid theory of business ethics, which I call the MFA +, can be generated by arguing that managers have obligations based on efficiency and duties based on equality to the extent that these latter obligations do not lead to efficiency losses. This argument suggests a novel theoretical option in business ethics, elucidates the issues that are at stake between the MFA and the JFA, and clarifies the costs and benefits of each theory. (shrink)

The state of national economies development varies and is characterized by many indicators. Economically developed countries are known as doubtless leaders that are in progress and form political stability, social and economics standards, scientific and technical progress and determine future priorities. It is worth mentioning that the progressive development of national economies in conditions of globalization can take place only in case of the increase of their intellectualization level, through saturation of people`s life, economic relations and production by brain activity, (...) knowledge, creativity, innovation, culture, ethical considering of the historical heritage. The main aim of the research is national economies intellectualization evaluating in globalization conditions. In order to gain this aim, the following tasks were defined: to identify existing indices of the national economies intellectualization level evaluation, develop the authors’ methodological approach to the national economies intellectualization level, determine the areas of measurement results application. While conducting the research, systematic approach, the methods of analysis, synthesis, grouping, abstracting, generalization, imaginary experiment and grounding were used. In the modern world, there are a large number of indicators which characterize differences in intellectual state of the national economy. When comparing the state of national economies intellectualization, the problems arise with different number of countries, duplication of indicators, disproportionate number of the components of indicators, various years of publication, etc. Therefore, to ensure comparability, we choose four general indicators – the index of human development, the global innovation index, the global competitiveness index and the knowledge economy index. Using these indices, we do the research and determine the state of national economies intellectualization in the world economy. According to the calculated results, as of 2013, we have divided 190 national economies by level of intellectualization into five groups: countries with the highest (30 countries), high (30 (countries), low (30 countries), the lowest (35 countries) and the countries with uncertain state of intellectualization (65 countries). The leaders in the state of intellectualization are Switzerland, Sweden, The Netherlands, Finland and the USA. The countries with the highest level of intellectualization serve as an example to all other countries of the world. These countries are characterized by developed market economy; a dominant position in the international economy, which allows actively engaging own and imported resources in the economic turnover; the shift of the center of gravity of economic activity into the services sector and the dominance of service economy; the greatest exhaustion of sources and factors of industrial development; advanced post-industrial development. The economic policy of the first group of countries has a decisive influence on the state and dynamics of the global economy, defining the main directions of its scientific and technological development and structural adjustment. The average index of the national economy intellectualization (AINEI), calculated by the authors, shows the place of each country in the world community as to their intellectual capital. Considering the continued deployment of R&D progress, the growing role of high-tech production and the complexity of social and economic relations, AINEI can serve as a reliable indicator of the macroeconomic environment intellectualization state. Therefore, the following organizations, bodies and individuals can use the comparative results of this study: the international organizations while developing international economic development programs; the state authorities of the countries in foreign and domestic policy forming; companies that create innovative and investment policy; migrants, tourists and persons who perform professional and transit activity for the formation of human potential and capital; scientists and teachers who develop mechanisms of intellectualization. (shrink)

The main problem of how to transform a centrally planned market into a market economy has emerged as one of the most influential and challenging issues in modern times. Nowadays, post-Soviet republics and nations of Central and Eastern Europe are in a transformation process and seek to capture claimed efficiency and advantages of market mechanisms for their economies. This is a very complex issue, because a rapid transition from socialism to a market economy is (...) an unprecedented phenomenon and requires fundamental restructuring of a nation’s economic, political, social and legal institutions as well as its physical infrastructure. (shrink)

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

Marketing of food stuff to increase sale is possible with different methods. Capillary marketing is one of the most influential techniques in the issue of more sales in organizations especially in terms of selling food stuff. Food stuff should be sold in a short time due to the short durability. People who make better use of capillary marketing to supply their products and services can sell better and faster. Dependency of Iran's economy on oil incomes and affectability of such (...) incomes from political, economic and international issues cause vulnerability and fragility of the economy. One of the ways of coping with this situation is developing new products that improves inland economic condition and causes an increase in non oil exports. Meanwhile, in addition to the role of food stuff in inland economic development, it can have a determining role in non oil export. Most of the families don't have financial ability to respond steamy needs of their children. Such children are just happy with watching colorful food and being influenced by messages they don't tend to traditional food. In fact, advertisements tell children what to wear play and eat. In this study we are going to discuss marketing of children's food stuff and its advertising methods in Iran. Mitra Zarea Nemati "Investigating marketing of children's food stuff and methods of advertising in Iran" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 2017 . (shrink)

The publication was carried out on the initiative and assistance of the Project “Green Decisions of Business - Unity for Sustainable Development”, which is implemented by the Dnipropetrovsk Regional Organization of Employers, in partnership with the Dnipropetrovsk Regional Council, the Dnipropetrovsk Investment Agency with the support of the Program for the Promotion of Green Modernization of the Ukrainian Economy, implemented by the German Society for International Cooperation (GIZ) GmbH. The monograph is devoted to the study of various aspects of (...) the development of the "green" economy both globally and locally. The theoretical foundations of the development of the "green" economy, the features of the functioning of the markets for "green" goods and services, the world experience in the development of the "green" economy, the prospects for the development of the "green" economy at the local and regional level are substantiated. The collective monograph will be interesting for the general public: students, teachers, scientists, businessmen, officials, government officials. (shrink)

One of the key challenges of social policy in Poland in the early 21st century is to adapt its management to the requirements of a service economy. Essential conditions for the mixed economy of welfare have been already created after adjustments of the subsystems of national social policy during the first years of membership in the European Union since 2004. Labour market policies already include the relationships between providers from the public sector, the commercial sector, and the (...) non-governmental sector. However, the tasks and services of individual entities and institutions still lack coordination and integration. This paper focus on the examples of possibilities for their development by combining the activation policy with concepts of the governance and welfare mix. The paper presents the results of the author’s research on the implementation of welfare mix solutions in the field of professional activation of the unemployed people in Poland. Two case studies are included the implementation of outplacement programs that are based on the cooperation between different entities; and the cooperation between the public employment services and non-governmental employment agencies in the activation of people with disabilities in the labour market. Moreover, basic concepts of ongoing reforms of active labour market policies in Poland were discussed. The summary contains the practical recommendations and possible directions for further research in the field of integration of employment services. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and (...) Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

Under one of the last remaining single-party communist regimes, Vietnam’s in-progress transition is a hybrid between post-Soviet reforms and Chinese authoritarian compromise. This chapter provides a brief account of the historical events and cultural attributes that have shaped the current political and economic configuration of the country, a coverage of globalization and entrepreneurial endeavours in relation to trade liberalization, an analysis of growing consumerist tendencies and the solidification of a circle of economic elites, an overview of Vietnamese foreign trade, with (...) a focus on the Association of Southeast Asian Nations (ASEAN) and China as significant partners, and a macroeconomic assessment of the country. (shrink)

The law of political economy is a contentious ideological field characterised by antagonistic relations between scholarly positions which tend to be either affirmative or critical of capitalism. Going beyond this schism, two particular features appear as central to the law of political economy: the first one is the way it epistemologically seeks to handle the distinction between holism and differentiation, i.e., the extent to which it sees society as a singular whole which is larger than its parts, or, (...) rather, as a mere collection of parts. Different types of legal and political economy scholarship have given different types of answers to this question. The second feature of the law of political economy is the way in which it conceives of the relation between hierarchical and spontaneous dimensions of society, i.e., between firms and the market, or between public institutions and public opinion. The two distinctions can, however, be overcome through a third-way, emphasising the strategic role of law in mediating between holism and differentiation and hierarchy and spontaneity. This is demonstrated through a historical re-construction of the evolution of corporatist, neo-corporatist, and governance-based institutional set-ups of political economy. (shrink)

Recent popularity of the relationship of 'ethics' and 'economics' is at once revealing and misleading. It marks the withering away of a dogmatic confidence in a self-regulating and water-proof economic 'sphere'. It is also a muddled way of treating a number of interrelated but different issues: the interrelations between moralities (as historically given institutions) and markets (as partially self-regulating socially institutionalized mechanisms), the relationship between ethics and economic theory, and finally issues of distributive justice.

This article explores the Foucauldian analysis of the linkage between temporality and politics, addressing mainly two loci of Foucault’s production: the assessment of the post-WWII ordoliberal experience in The Birth of Biopoliticsand the Iran reportage for “Corriere Della Sera”. The article emphasizes the relevance of Foucault’s assessment of ordoliberal Germany for contemporary studies on neoliberalism and inscribes Foucault in a wider tradition of thought on the relevance of history and temporality for the comprehension of political dynamics. In TBoB, Foucault offered (...) a prescient analysis of neoliberal temporality and its de-politicizing effects. In his view, ordoliberal theorists and politicians sought to ground political legitimacy in the economy itself, giving birth to a political-economic “double circuit” which did away with history and made political consensus “permanent” and automatic. The connection between neoliberalism, the re-structuring of state sovereignty, and temporality will be highlighted. Furthermore, by analyzingthe almost-coeval Iranian reportages and the eulogy for Clavel, the article further investigates Fou-cault’s reflection on the link between temporality, politics,and subjectivation processes. If the anal-ysis of ordoliberal temporality in TBoB describes a linkage between de-temporalization and de-politicization, the reportages will be highlighted as a possible “pars construens” –as a way to reinstate the possibility of political action through the appeal to different ways to experience tem-porality. The article concludes that Foucault’s sparse comments on temporality can be read as an attempt, albeit not fully developed, not only to envision the de-politicizing effects of marketization but also to envisage new, re-politicizing modes of experiencing temporality and history. (shrink)

The republican tradition has long been ambivalent about markets and commercial society more generally: from the contrasting positions of Rousseau and Smith in the eighteenth century to recent neorepublican debates about capitalism, republicans have staked out diverse positions on fundamental issues of political economy. Rather than offering a systematic historical survey of these discussions, this chapter will instead focus on the leading neo-republican theory—that of Philip Pettit—and consider its implications for market society. As I will argue, Pettit’s theory (...) is even friendlier to markets than most have believed: far from condemning commercial society, his theory recognizes that competitive markets and their institutional preconditions are an alternative means to limit arbitrary power across the domestic, economic, and even political spheres. While most republican theorists have focused on political means to limit such power—including both constitutional means (e.g., separation of powers, judicial review, the rule of law, federalism) and participatory ones (democratic elections and oversight)—I will examine here an economic model of republicanism that can complement, substitute for, and at times displace the standard political model. Whether we look at spousal markets, labor markets, or residential markets within federal systems, state policies that heighten competition among their participants and resource exit from abusive relationships within them can advance freedom as non-domination as effectively or even more effectively than social-democratic approaches that have recently gained enthusiasts among republicans. These conclusions suggest that democracy, be it social or political, is just one means among others for restraining arbitrary power and is consequently less central to (certain versions of) republicanism than we may have expected. So long as they counteract domination, economic inroads into notionally democratic territory are no more worrisome than constitutional ones. (shrink)

The gig economy is a phenomenon that is rapidly expanding, redefining the nature of work and contributing to a significant change in how contemporary economies are organised. Its expansion is not unproblematic. This article provides a clear and systematic analysis of the main ethical challenges caused by the gig economy. Following a brief overview of the gig economy, its scope and scale, we map the key ethical problems that it gives rise to, as they are discussed in (...) the relevant literature. We map them onto three categories: the new organisation of work (what is done), the new nature of work (how it is done), and the new status of workers (who does it). We then evaluate a recent initiative from the EU that seeks to address the challenges of the gig economy. The 2019 report of the European High-Level Expert Group on the Impact of the Digital Transformation on EU Labour Markets is a positive step in the right direction. However, we argue that ethical concerns relating to algorithmic systems as mechanisms of control, and the discrimination, exclusion and disconnectedness faced by gig workers require further deliberation and policy response. A brief conclusion completes the analysis. The appendix presents the methodology underpinning our literature review. (shrink)

For many years, the relationship between the financial system and economic growth has attracted the attention of scholars intending to uncover the direction of the relationship. The stock market is a part of the financial system and plays an essential role in channelling equity funds into the economy and creating liquidity for the equity instruments. A substantial empirical study postulates that the stock market can boost the economic growth of an economy. However, other studies assert that, (...) at best, the stock market is an unimportant economic driver. (shrink)

With the development of sharing economy, a consensus to study this area from the perspective of morality and ethics has been recently reached. The key point of this study is the ethical basis of sharing economy. It should be noticed that the conceptual framework of sharing economy must be grounded within the market economy, technological innovation, and the spirit of "rational cooperation". It is, therefore, necessary to realize that the sharing economy is based on (...) the Contractual Ethics internally rooted in the market economy, the Technical Ethics which is coordinated with technological innovation, and the Universal Ethics produced by the cooperative reason. The three concept of ethics lay the ethical foundation of sharing economy together. (shrink)

This paper investigates the fundamental idea at stake in current bioeconomies such as Europe's Bio-Based Economy (BBE). We argue that basing an economy upon ecology is an ambivalent effort, causing confusion and inconsistencies, and that the dominant framing of the damaged biosphere as a market-failure in bioeconomies such as the BBE is problematic. To counter this dominant narrative, we present alternative conceptualisations of bio-economies and indicate which concepts are overlooked. We highlight the specific contradictions and discrepancies in (...) the relation between economy and ecology, and then work towards outlining a genuine and consistent conceptualisation of the BBE. The philosophical perspective of Emmanuel Levinas is employed to develop a more profound understanding of the tensions at stake; Levinas' work is compared with that of Nicholas Georgescu-Roegen's work on bioeconomics, and found to be of complementary value. Our hypothesis is that, rather than the impossible, absolute amalgamation of economy and ecology striven for today, a principal heterogeneity between humankind and nature must be acknowledged if a bioeconomy that truly operates within the carrying capacity of planet Earth is to be achieved. (shrink)

While the challenges workers face in the gig economy are now well-known, reflections on emancipatory solutions in political philosophy are still underdeveloped. Some have pleaded for enhancing workers' bargaining power through unionisation; others for enhancing exit options in the labour market. Both strategies, however, come with unin-tended side-effects and do not exhaust the full potential for worker self-government present in the digital gig economy. Using the republican theory of freedom as non-domination , I argue that G.D.H. Cole's (...) 20th-century defence of guild socialism offers a promising avenue for enhancing worker autonomy in the gig economy. Platform companies rely on relational and structural domination to undermine worker autonomy, but Cole's guild socialism was specifically designed to enhance autonomy in the workplace. Following Cole's advice today would amount to a defence of worker-owned cooperative platforms. By putting workers in control of platform design and governance, cooperative platforms create new opportunities for worker autonomy. However, platform coopera-tivism faces serious challenges if it plans on becoming a realistic alternative to the traditional gig economy. (shrink)

Human life in contemporary society is extremely complex and there are various external factors that directly affect the realization in the individual ends. In this work I analyze the effects of the global market economy, manifested by a mode of production and distribution of goods and services in the form of a global network of economic relations, which involve people, transnational corporations and political and social institutions in moral sphere of people, affecting their choices and the realization of (...) these choices. Individual freedom can be understand as a freedom to realize our choices in the environment of a global economic market, but it is still problematic in the sense that the choices of goods and services available in this market do not reflect individual choices, but a set of preferences standardized according to the market itself. In this paper I will reflect about the individual freedom in economic globalization pointing from the debate between Pettit and Berlin that social freedom advocated by Republican Petit can be satisfactory for a start. (shrink)

Karl Polanyi in The Great Transformation diagnosed what had happened in the Nineteenth Century that led to poverty, increasingly wild economic fluctuations, increasingly severe depressions, and social dislocation and oppression on a massive scale – the market had been disembedded from communities which were then subjected to the imperatives of a supposedly autonomous market. In fact, such disembedding and imposition of these imperatives was a deliberate strategy developed as a means to impose exploitative relations on people, in opposition (...) to ideas of republican democracy. Recognizing this, after such disembedding had engendered a major global depression in the 1890s and an even more severe depression in the 1930s, along with two world wars, reformers largely succeeded in re-embedding markets. This achievement was fought by neoliberals, and their triumph in the 1970s was a really a project of reversion to the Nineteenth Century economic and political order, now upheld by much more powerful forces, including immensely powerful transnational corporations and financial institutions, corrupt politicians, and much more effective mind control industries. As in the Nineteenth Century, it has concentrated wealth and income, destabilized economies, and threatens a new Great Depression and, as a by-product of the tensions generated by global ecological destruction, possibly a new world war. As opposed to Marxist analyses, Polanyi’s analysis provided a much clearer goal to aim at that has not been discredited by the failures of supposedly communist countries. However, there are still huge problems to be overcome if we are to re-embed the market in communities, including the problem of grappling with the immense power of transnational corporations and financial institutions and those who serve them and the success they have had in corrupting the institutions and culture of democracy. This includes not only undermining the power of nations to control their economies and their subversion of democratic processes, but also in promoting passivity in the population to render them inert and powerless. In this paper I will examine proposals, such as those promoted by Arild Vatn in his book Institutions and the Environment, to develop institutions able to achieve this re-embedding. (shrink)

Throughout the 20th century, market capitalism was defended on parallel grounds. First, it promotes freedom by enabling individuals to exploit their own property and labor-power; second, it facilitates an efficient allocation and use of resources. Recently, however, both defenses have begun to unravel—as capitalism has moved into its “platform” phase. Today, the pursuit of allocative efficiency, bolstered by pervasive data surveillance, often undermines individual freedom rather than promoting it. And more fundamentally, the very idea that markets are necessary to (...) achieve allocative efficiency has come under strain. Even supposing, for argument’s sake, that the claim was true in the early 20th century when von Mises and Hayek pioneered it, advances in computing have rekindled the old “socialist calculation” debate. And this time around, markets—as information technology—are unlikely to have the upper hand. -/- All of this, we argue, raises an important set of governance questions regarding the political economy of the future. We focus on two: How much should our economic system prioritize freedom, and to what extent should it rely on markets? The arc of platform capitalism bends, increasingly, toward a system that neither prioritizes freedom nor relies on markets. And the dominant critical response, exemplified by Shoshana Zuboff’s work, has been to call for a restoration of market capitalism. Longer term, however, we believe it would be more productive to think about how “postmarket” economic arrangements might promote freedom—or better yet, autonomy—even more effectively than markets, and to determine the practical steps necessary to realize that possibility. (shrink)

This paper proposes that goods (the things exchanged in financial transactions and an object of study in economics) should be individuated according to a two-place relation constituted by an object and a description. Several of the problems in contemporary philosophy of economics involve shifting focus from objects to descriptions, while certain phenomena central to micro-economics, market regulation, and political economy require consideration of one of the two places. The paper argues thatby considering both constituents in a relation, many (...) of those issues can be more effectively addressed, communicated, and even resolved. The issues that may be so resolved include the seminal discussions of transformable goods, or goods whose existenceor relevant properties are impacted by their means of acquisition (e.g., buying, giving, awarding, etc.). The two-place approachto individuation shows how the cases of transformable goods can be more effectively addressed without incurring problematicmetaphysical commitments which may spiral out into confusion in the ethical and social scientific literature. The paper thenargues that the two-place approach can be leveraged into more fruitful discussion in microeconomics and the ongoing literature inthe metaphysics and ethics of markets. -/- . (shrink)

The current economic/political system, neoliberalism, has touched every aspect of life globally. The doctrine of neoliberalism consists of three central propositions, that the market is real and part of the natural universal law; that unlimited economic growth is both possible and even desirable; and that human nature is coincident with market values and based solely on self-interest. All three of these propositions are seriously flawed and have caused immense human suffering and staggering environmental destruction. This paper is a (...) reminder of the failures of neoliberal policy and an appeal for change to a new institutional arrangement in which development trumps economic growth. This position is in contrast to Francis Fukuyama’s end-of-history thesis. He alleges there are no economic/political ideologies to compete with neoliberalism, the “TINA principle: There Is No Alternative”: the West has won. It is time to reintroduce Henry David Thoreau’s, and to a lesser extent, Adam Smith’s moral economies. Both have encourgaging insights, often overlooked by current academic economists, which could figure prominently in the conception of a new economy. (shrink)

The study of the essence of the sustainable tourism, transformation of the modern functions of global tourism, rethinking of its basic principles made it possible to form the conceptual framework of the sustainable tourism. The conditions for promotion of the sustainable tourism to the world market and the factors of impact on its development in the global economy have been determined. The technique for calculation of the tourism sustainability index, taking into account the anthropogenic factor, was improved.

As one of the most contagious diseases in history, Corona Virus (COVID-19) spread rapidly around the world infecting millions of people in the year 2020. Besides killing huge number of persons, the calamity not only ignited severe panic and chaos among them, it even affected vast businesses and stock markets around the globe. This study was undertaken to investigate those determinants, which affected the extent of stock market investors’ behavior in Pakistan during spread of COVID-19. Data was collected from (...) various individual investors, representing a high response rate of about 86.5% from 167 respondents. From the analysis it was indicated that most important and significantly influencing determinants on investment decisions in Pakistan Stock Markets are pertinent to: ‘getting rich quickly, loss aversion, fear of losses, expected corporate earnings and dividends, gut feelings on the economy, previous performances of firm’s stock and opinions of its majority shareholders, and eventually, the recommendations of brokers and family/friends. Our findings would first, assist in understanding the most common behavioral patterns of investors and secondly, determine to show the adequate paths, which lead towards the growth of Pakistan Stock Market. (shrink)

Along with the promulgation of 2008 Law on Anti-Corruption, thanking to the comprehensive solutions and determinations of the whole governmental apparatus, there are signals of a positive change in the fight against corruption in Vietnam’s market economy. However, compared to other countries around the world, the corruption in Vietnam is still a national problem. The number of corruption cases may decline, but the scale and severity has been increasing. Many cases has involved high-ranking officials in the government with (...) more than 20 general officers in the armed forces to be sentenced. On the basis of analysing the current situation of corruption in recent years, the author hereby recommends some synchronous solutions to improve the effectiveness of anti-corruption. (shrink)

The purpose of this chapter is to analyse approaches to the sharing economy from the perspective of public policy science. In the first part of the text, attention is paid to perceiving the development of the emerging sharing economy not only as phenomenon with positive economic effects but also as a set of public problems (e.g., on the labour market and for existing economic structures) that require intervention at the level of national governments as well as at (...) international level. Subsequent sections identify possible actions for regulating the development of the sharing economy. The role of soft law, stakeholders’ networks, self-regulation and standardisation are discussed in the chapter. The summary includes potential directions for further research. (shrink)

A work of Vietnamese art crossed a million-dollar mark in the international art market in early 2017. The event was reluctantly seen as a sign of maturity from the Vietnamese art amidst the many existing problems. Even though the Vietnamese media has discussed the issues enthusiastically, there is a lack of literature from the Vietnamese academics examining the subject, and even rarer in from the market perspective. This paper aims to contribute an insightful perspective on the Vietnamese art (...) market, and hesitantly the Vietnamese art as well, through the lens of fake, forgery and copy artworks. 35 cases of fake, forgery and copy paintings were found on the news and from the experts' wisdom. Through the examples, we argue that the Vietnamese art market is a temporary reaction to the immaturely rising of the Vietnamese art and the economy. Therefore, the art market is unable to function healthily unless the Vietnamese art and the economy developed. (shrink)

In the chapter, there is an analysis of sharing economy development in Poland. It concerns both the big players on the market like the most known Airbnb and Uber, as well as smaller, local initiatives, flourishing especially in the food sector. Sharing economy is not a normative concept and is defined differently depending on the subject to which it refers. However, the significance of the phenomenon is rising rapidly from year to year. Moreover, sharing economy brings (...) many opportunities but also creates a lot of unsolved issues, such as regulations, tax regulations, labour law, competition, which often can lead to conflicts between diverse groups of actors. The new, unregulated, by law, model of the economy in some sectors has caused a lot of confusion, leading to conflicts, as well as a feeling of inequality. (shrink)

Mark Pennington’s Robust Political Economy is a systematic exposition of a framework for analyzing institutional performance. The Robust Political Economy framework evaluates institutions according to their ability to solve knowledge and incentive problems. On grounds of robustness, Pennington combines insights from Austrian market-process theory and public-choice theory to defend classical liberalism from several compelling critiques. These include theories of market failure in economics; communitarian, deliberative-democratic, and liberal-egalitarian theories of justice; and concerns with social capital, domestic and (...) international poverty, and ecology. (shrink)

In this chapter, we will first argue that current practices in CBE are framed within the market or economic logic and miss the normative dimension of the call for circularity. The transition to the CBE requires a fundamental reflection on the role of economic actors in the social and ecological environment with significant consequences for their business practices. Second, we will argue that the transition to the CBE requires the acknowledgement of the normative and social dimensions of this transition (...) at the meso and macro levels, and the establishment of an environmental and social logic on the micro level of business practices. Third, we will argue that the concept of responsible innovation (RI) can help to articulate the normative and social dimensions of the transition to the CBE, and enables the operationalisation of the environmental and social logic at the micro level. In this respect, RI can be understood as a driver for the transition to the CBE. (shrink)

This discussion revises and extends Jonny Anomaly's ‘public goods’ account of public health ethics in light of recent criticism from Richard Dees. Public goods are goods that are both non-rival and non-excludable. What is significant about such goods is that they are not always provided efficiently by the market. Indeed, the state can sometimes realize efficiency gains either by supplying such goods directly or by compelling private purchase. But public goods are not the only goods that the market (...) may fail to provide efficiently. This point to a way of broadening the public goods account of public health to accommodate Dees' counterexamples, without abandoning its distinctive appeal. On the market failures approach to public health ethics, the role of public health is to correct public health-related market failures of all kinds, so far as possible. The underlying moral commitment is to economic efficiency in the sense of Pareto: if we can re-allocate resources in the economy so as to raise the welfare of some without lowering the welfare of any other, we ought to do so. (shrink)

Purpose is to substantiate the ways of promotion sustainable tourism in the global economy. Methodology - To determine the importance of the sustainable tourism factors, the hierarchy analysis method of T. Saati was used. The method of expert estimations has been used for determining the significance level of the tourism sustainability factors. Findings - The conditions for promotion of the sustainable tourism to the world market and the factors of impact on its development in the global economy (...) have been determined. All impact factors were divided into 7 groups: political and regulatory environment, environmental sustainability, social and cultural strategy, economic sustainability, tourism service, safety, basic sustainability state. To assess the potential of the sustainable tourism by international destinations, it was offered to rank the factors of index of sustainable tourism development in the countries from the point of view of a tourist. Contribution - The structure of the factors of tourism sustainability index with the emphasis on the role of an immediate tourist was improved. The most importante factors of influence on the choose tourist destination have been identified: the factors of safety, tourist service and the factor of basic sustainability state of a country. (shrink)

The paper deals with the topical issue of studying cyclic patterns in the economy and their practical application for the forecasts on the development of financial markets. The work aims to establish the features of the seasonal-cyclic patterns "The January barometer" and "The first five days of January" in the international financial markets in current conditions and to develop recommendations for the practical application of these patterns in the investment activities. The US stock market as an integral part (...) of the World financial market was chosen as a basis for research. The research was conducted by statistical processing of data on the values of the broad market index Standard & Poor's-500 for the period from 1950 to 2019. The study showed that the formation of forecasts about the annual growth or decline of the stock market index using the seasonal-cyclic patterns "The January barometer" and "The first five days of January" can show a high result in cases where the growth of the Standard & Poor's-500 index by the results of both the first five days of January and the results of the entire month of January of this year is a positive value. Otherwise, forecasting based on these instruments is not advisable. The best results (the forecast efficiency was 93.3%) were achieved with the joint application of both cyclic patterns. The practical application of the research results makes it possible to improve the efficiency of investment activities in international financial markets. (shrink)

Cambodia’s GDP contributed 0.03 percent of the world economy. Cambodia economy has grown around seven percent. Cambodia’s economy was led by growth in garment exports. Cambodia’s economy was related with other countries through exports and imports. The Trump administration has imposed visa sanctions against Cambodia and likely to make economic sanction on Cambodia. To understand the potential impact of the sanction, a research into “Potential Impact of Foreign Sanction on Cambodia’s Economy” has been proposed. Two (...) research objectives were (1) to analyze potential impacts of foreign investment in Cambodia and (2) to analyze potential impacts on employment of Cambodians. This research focuses only trade sanction that limits or potential restriction of textile, clothing and footwear export from Cambodia to EU and US as independent that would potentially impact on seven independent variables including garment and footwear valued added to GDP, Cambodia’s exports, products exported to US and EU, worth of textile, clothing and footwear exports, garment and footwear investment factories, employments in garment and footwear, workers’ wages in garment factories and footwear factories. The secondary data was collected. The data was collected from varied sources. After the data and information collected, data entry was done into MS excel. The descriptive statistics like table and bar-charts were used for this research. The research found out that Cambodia’s economy was likely to be negatively impact from EU’s and US’s sanctions on Cambodia. The impacts included reduction of GDP value, potential loss of Cambodia export of textile, closure of garments and footwear factories, unemployment and loss of workers’ incomes in textile, clothing factories and footwear factories. There are some recommends: maintaining good relation with EU and US, exploring new markets of garments and footwear products, exploring impact of the close of visa of some top government officials to US on Cambodia’s economy, the impacts of products imported from EU on Cambodia. The more studies on other scenario of sanction on Cambodia and indirect impact and impacts of foreign aid reduction or withdrawal on Cambodia’s economy should be done. (shrink)

The aim of this paper is to show that a business ethic based on the ethics of care is superior to traditional business ethics. It shall be argued that neo-liberalism is inconsistent with the ethics of care since it either excludes caring institutions or treats them as preferences to be satisfied as the ‘free’ market sees fit. Unlike traditional business ethics, a business ethic based on the ethics of care can play an important role in challenging the neo-liberal paradigm. (...) Many business issues that are treated as peripheral by traditional business ethics can thus take central stage in a business ethic based on the ethics of care. (shrink)

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in developing (...) nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

Since the sharing economy is a rather new phenomenon, there is still no official definition of it in the legal framework of Croatia. The continuous development of sharing economy started a few years after the 1998 global and domestic economic crisis stroked Croatia. Namely, a total of eight platforms in the sectors of transportation, accommodation, finance, and online skills could be identified. The total market share of these platforms amounts to estimated market revenue of roughly 106 (...) million EUR. When compared to the other EU Member States, it could be noticed that Croatia falls within the group of countries with a below-average performance by a number of platforms per 1 million population, as well as in the level of revenues compared to national GDP. Figures that are more promising can be detected regarding the collaborative economy’s contribution to national employment, which positions Croatia within the EU average. Future studies should explain in greater depth how the sharing economy poses several new challenges for regulators in Croatia and countries across the EU. In particular, policymakers must comprehend the big picture and provide regulatory guidelines to manage the long-term changes in job markets, public safety, competition, and digital trust. (shrink)

The financial turmoil of the past several years has caused many to question the integrity, stability, and very purpose of financial systems which, in today’s world, represent a unique blend of primarily capitalism but also aspects of socialism and collectivism as well. A key factor contributing to this sustained period of economic upheaval has been the uncertainty surrounding capital markets – the fuel that powers all modern economies. Capital markets have, in the minds of many, come to represent the embodiment (...) of greed, unrestrained egoism, and exploitation of the vulnerable – conceptions at complete odds with the central values of social justice as set forth in both Christian and Jewish primary sources: caring for the poor, protecting the weak, and the promotion of justice. -/- In this paper I argue that capital markets, rather than being a means for the powerful to exploit the weak, have in fact become a force for social good in the aggregate. Indeed capital markets are, in fact, a social contract and as such must be governed by a set of normative ethical principles – both self imposed, and imposed by government regulation. I explore the ethical difficulties that have led to the systemic problems and market failures that lead to not only this current financial crisis, but literally all financial crises over the past eight hundred years. Capital markets, left to their own devices and without both self and governmental oversight, quickly become hotbeds of manipulation and exploitation. In order for markets to function properly, principles of basic fairness must become normative. It is when capital markets become unfair and unjust, that they fail. Thus, these markets must be structured in such a way as to 1) promote Rawl’s “Justice as Fairness” principle and 2) align the interests of market participants to produce universally beneficial market efficiency and stability. -/- Finally, I propose concrete ways in which the power of capital markets may be harnessed to promote the central moral values of Christian tradition and be used by people of faith to promote the ideals of social justice. (shrink)