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)

Any plausibly just market exchange must balance two conflicting moral considerations: non-worseness (Wertheimer, 1999) and euvoluntariness (true voluntariness; Munger, 2011). We propose an analytical theory of just market exchange that partly resolves this conflict.

Poststructural criticisms of classical and neoclassical economic conceptions of human motivation and agency often include rejections of how market exchange is conceived to involve only the desires and rationality of a solitary human agent. While many of these criticisms are illuminating, they also tend not to offer a positive, constructive alternative. In this chapter, I discuss the contributions of Paul Ricoeur's understanding of mutual recognition and how it can be used--albeit perhaps despite Ricoeur's own intention and critical assessment (...) of economics--to retrieve a theory of exchange in which mutuality is possible. My analysis consists of five sections. First, I recapitulate Ricoeur’s criticism of exchange. Second, I examine how the economist Richard Ebeling attempts to read mutuality in exchange through the hermeneutics of Ricoeur and why this attempt fails. Third, I revive Ricoeur’s broader conception of value in relation to care for the other. This allows me, in the fourth section, to correlate Ricoeur’s discussion of ethical value to exchange-value. Finally, I join exchange to mutual recognition via Ricoeur’s discussion of epieikeia. (shrink)

Heintz & Scott-Phillips's hypothesis that the topic range and type diversity of human expressive communication gains support from consilience with prior accounts of market exchange as fundamental to unique human niche construction, and of mindshaping as much more important than mindreading. The productivity of the idea is illustrated by the light it might shed on why elephants seem to engage in continuous social communication for little evident purpose.

Western visitors to those parts of the world that before 1991 were politically organized as the Soviet Union have been impressed by the attitudes of persons toward behavior in ordinary exchanges, attitudes that seem to be so different from those in Western economies. The essential elements of an “exchange culture” seem to be missing, and this absence, in itself, may be central to the effective functioning of market economies. Individual participants in ordinary exchange relationships in Western economies (...) act as if they understand the simplest of all economic principles, namely, that there are mutual gains from trade, that the benefits are reciprocal, that exchange is a positive-sum game. This “as if” understanding, which remains perhaps below our level of consciousness in the West, is largely missing from the public attitudes of citizens of the former Soviet Union, who behave as if the gains from trade do not exist, or at least are one-sided rather than mutual. (shrink)

This article examines inequality from a framework of justice that attends to the socially situated nature of market activity, including exchange. I argue that accounts of unsituated exchange—accounts of market exchange that abstract from social situations, such as philosopher Robert Nozick’s influential libertarian account of justice—overlook various factors that contribute to growing economic inequality in contemporary society. Analyses of market exchange must incorporate the role of “third parties” who play a role in shaping (...) and/or who are affected by economic transactions. The involvement of these additional parties, including the government and future generations, is not interference but, instead, an integral part of the economic and moral accounting of exchange. An approach to justice and inequality which embeds exchange within multiple dimensions of economy and society is needed; the latter part of this article traces such a socially situated approach. (shrink)

Mutually beneficial exchanges in markets can be exploitative because one party takes advantage of an underlying injustice. For instance, employers of sweatshop workers are often accused of exploiting the desperate conditions of their employees, although the latter accept the terms of their employment voluntarily. A weakness of this account of exploitation is its tendency for over-inclusiveness. Certainly, given the prevalence of global and domestic socioeconomic inequalities, not all exchanges that take place against background injustices should be considered exploitative. This paper (...) offers a framework to identify exploitation in mutually beneficial exchange, focusing on the case of sweatshop labor. It argues that an employer can be viewed as taking unfair advantage of an underlying injustice if and only if the employer’s surplus from the exchange in the unjust state of affairs exceeds the surplus it could maximally obtain in a just state of affairs. The paper illustrates the applicability of this framework using three different conceptions of justice and argues that it is superior to microlevel accounts of exploitation that regard background justice as irrelevant. The paper concludes by describing some normative implications that follow from judging an exchange exploitative. (shrink)

I argue for an egalitarian conception of market exchange that places the idea of equal power at the center of a procedural evaluation of markets. I explain the fundamental concept of equal power in markets and show that the egalitarian conception gives us a remedial basis for society shaping markets so that they allow a significant place for worker participation in firms. I use the phrase “worker participation” to mean that workers participate in the authoritative direction of the (...) firm. This can include collective bargaining and worker management to introduce the kind of flexibility that is desirable in regulating market economies. Worker participation is a remedy to the presence of rigidities in markets that strongly favor authoritarian firms and that follow from and maintain unequal power in markets. The argument differs from the traditional argument that draws a parallel between state and firm, and so does not entail a general requirement of worker participation. It allows for some degree of participation of owners of capital also in the governance of firms. (shrink)

The purpose of this research is to examine the impact of individual and firm moral philosophies on marketing exchange relationships. Personal moral philosophies range from the extreme forms of true altruists and true egoists, along with three hybrids that represent middle ground. Organizational postures are defined as Ethical Paradigm, Unethical Paradigm, and Neutral Paradigm, which result in changes to personal moral philosophies and company and industry performance. The study context is a simulation of an exchange environment using a (...) variation of the prisoners' dilemma game. A literature review is provided in the opening section, followed by details on the simulation, discussion of the results, and the implications for theory and practice. (shrink)

Though more connected today than ever before, the Far East and the West are still divided by an issue which first arose more than 400 years ago: the complaint of the West that its ideology has never been fully adopted by China. To provide a useful conceptual framework for a discussion of this intriguing situation, this essay invokes the instructive give-and-take of market exchange on the famed Silk Road in the long ancient past and takes a careful and (...) close look at the analogous enactment of the same principle in the quiet but consequential transplantation of Chinese horticultural and related philosophical ideas to England and continental Europe in the seventeenth and eighteenth centuries and in the initially skeptical but eventually appreciative reception of many Western political and technological ideas in China in the last two centuries. (shrink)

This article explores nation building as an organizational accomplishment and uses the concept of boundary object to explain how the groups that compose the nation cooperate. Specifically, the article examines the mechanisms devised to secure a flow of money from the Irish-American and Jewish-American diasporas to their respective homelands. To overcome problems associated with conventional philanthropy, Irish and Jewish nationalists issued bonds and sold them to their American compatriots as a hybrid of a gift and an investment. In the Irish (...) case, disagreements about the entitlement to the proceeds resulted in the termination of the bond project. In the Jewish case, the bond served as a boundary object allowing American and Israeli Jews to cooperate despite ongoing tensions. The Israeli bond provided Jewish-Americans with an additional way to invest themselves financially and emotionally in Israel. This bond is an example of a socio-technical mechanism used to create national attachments. (shrink)

The purpose of this research is to examine the impact of individual and firm moral philosophies on marketing exchange relationships. Personal moral philosophies range from the extreme forms of true altruists and true egoists, along with three hybrids that represent middle ground (i.e., realistic altruists, tit-for-tats, and realistic egoists). Organizational postures are defined as Ethical Paradigm, Unethical Paradigm, and Neutral Paradigm, which result in changes to personal moral philosophies and company and industry performance. The study context is a simulation (...) of an exchange environment using a variation of the prisoners' dilemma game. A literature review is provided in the opening section, followed by details on the simulation, discussion of the results, and the implications for theory and practice. (shrink)

This work contributes to recent transdisciplinary efforts to view the Haitian slave revolt (1791–1804) as the historical inspiration for Hegel’s master-slave dialectic. Reconstructions offered by contemporary postcolonial scholars argue that the Haitian revolt was chronicled in Minerva as Hegel raced to finish his Phenomenology. Benhabib recently recognized the Hegel-Haiti thesis as entailing the sort of inclusive dialogical learning process necessary to validate subaltern experiences. The thesis has also drawn its share of sceptical scrutiny as Badiou claims that it risks forcing (...) an unnecessary moral dissymmetry, neglects objectionable features of enslavement and imposes a mismatch between apolitical subject and revolutionary. In reply, we appeal to the pioneering work of Tavares to show that the asymmetrical construction of classification schemes for persons of mixed-racial statuses accords with decades of documented literary exchanges between Hegel and Gregoire. We then turn to the work of James on the role of mixed-race merchants in the testimonial accounts of late 18th century French historians to show that European literate publics were well aware of the extremely coercive forms of commodified labour found in Saint-Domingue. We then invoke the archival work of Du Bois on French, British and American parliamentary proceedings that show the provisional colonial identities ascribed to Caribbean subjects did not hinder their self-conscious exercise of political agency. Viewing Hegel in terms of the historiographic records of the racial ontologies of early modern transatlantic literary exchanges helps explain how he adapted these tropes concerning mixed-race subjects in a manner that better explains many of the anomalous features of the dialectic. However, conferring the Haitian revolution its proper world-historical warrant as inspiration for his infamous master-slave dialectic need not lead us to overlook Hegel’s complicity with many of the epistemic and ontological flaws of colonial tropes held in early modern transatlantic print. (shrink)

This article examines how distrust drives exchange. We propose a theoretical framework integrating the literature of trust into cultural sociology and use a case of patients giving hongbao (red envelopes containing money) to doctors in China to examine how distrust drives different forms of unofficial exchange. Based on more than two years’ ethnography, we found that hongbao exchanges between Chinese patients and doctors were, ironically, bred by the public’s generalized distrust in doctors’ moral ethics. In the absence of (...) institutional assurance, Chinese patients drew on the cultural logic of particularism and its associated cultural repertoire to induce fidelity from their physicians. They mobilized interpersonal networks to function as assurance and presented hongbao as a return of favor to the doctors. This form of exchange is gifting-oriented. Alternatively, if there were no interpersonal networks to rely on, they proactively offered hongbao to doctors at arm’s length in an attempt to personalize the relationship to seek assurance and abate their anxieties. This form of exchange is bribery-oriented. Both forms of exchange co-existed when there was one-way generalized distrust manifested from patients to doctors. When doctors also developed generalized distrust in patients, arm’s length exchanges declined, leaving embedded exchanges as the dominant form. Our study asserts the central role of culture in constituting exchange behaviors and the importance of institutions in shaping the form of exchange. It contributes to the midrange theory of trust, generating a number of hypotheses for future research on the relationships among culture, institutions, distrust, assurance, and illicit exchange. (shrink)

This article centres on the social activity of haggling during service encounters in a typical Nigerian urban market place. The data corpus is derived from transactions between meat vendors and customers at meat stalls in some markets in Lagos, Nigeria. Haggling exchanges between meat vendors and their customers were secretly recorded and subsequently analysed to elicit the significant elements of haggling; identify the stages in a haggling exchange; and describe the discourse strategies employed by both classifications of interactant (...) involved in the socio-linguistic activity. The findings revealed that English, Pidgin and Yoruba were generally used in the transactions. The findings also revealed that both categories of interactant employed discourse strategies which include humour, dysphemism and euphemism, cajoling, flattery and flirting to achieve their ultimate goal of maximizing profit/bargain during the buying and selling encounters. (shrink)

The global corporate scandals such as Enron, Worldcom and Global Crossing have raised fundamental issues of business ethics as well as economic, social and anthropological questions concerning the nature of business competition and global capitalism. The purpose of this conceptual paper is to introduce the concept of "welfare exchange" to the existing notions of economic, social and anthropological notions of business and exchange in markets and society in the 21st century. Global competition and business success in the 21st (...) century continue to raise the nature of economic value and the interaction among diverse actors in international markets, institutions and society. We believe that the nature of such exchange between consumers and organizations, which can also be termed social marketing, need to increasingly take into account a welfare and ethical component. In this paper, we introduce our concept of welfare exchange to emphasize the importance of such welfare and ethical issues in the global business environment of the 21st century. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively (...) related to the incidence of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

In light of the structural role of computational technology in the expansion of modern global finance, this essay investigates the ontology of contemporary markets starting from a reformulation of liquidity—one of the tenets of financial trading. Focusing on the nexus between financial and algorithmic flows, the paper complements contemporary philosophies of the market with insights into recent theories of computation, emphasizing the functional role of contingency, both for market trading and algorithmic processes. Considering the increasing adoption of advanced (...) computational methods in automated trading strategies, this article argues that the event of price is the direct manifestation of the incomputability at the heart of market exchange. In doing so, it questions the ontological assumptions of “flow” and “fluidity” underpinning traditional conceptions of liquidity and challenges the notion of rationality in market behavior. Ultimately, the paper gestures toward some of the social and political consequences of this reformulation. (shrink)

This article examines regulation’s understanding of technology in American financial markets as means for rethinking the contours and institutional limits of governance in the age of financialization. The article identifies how the Securities and Exchange Commission perceived markets and their conceptual relation to technology throughout much of the long twentieth century by distilling the “ontologies” expressed by the agency’s leadership. Despite the fact that SEC’s commissioners recognized technologies as playing a central role in the market’s current and future (...) operations, these were never effectively brought under regulatory scrutiny even when such action fell under the commission's jurisdictional remit. Rather than regulating technologies as constitutive of markets, the governance of the material devices of finance was discursively kept at arm's-length by presenting them as intractable objects that were external to financial innovation. Triangulating across several techniques of computational text analysis, this article shows how this interpretation of technology mirrored distinct shifts in how regulators understood markets, from being physical trading sites populated by agents that required vetting and certification to a distributed, multi-sited system surveilled through transparency and disclosure. Throughout these ontological transitions, technology’s inscrutability remained, limiting the capacity of the state and its regulatory agencies to shape the evolution of finance and its underlying infrastructures. (shrink)

Marketing Ethics addresses head-on the ethical questions, misunderstandings and challenges that marketing raises while defining marketing as a moral activity. A substantial introduction to the ethics of marketing, exploring the integral relations of marketing and morality Identifies and discusses a series of ethical tools and the marketing framework they constitute that are required for moral marketing Considers broader meanings and background assumptions of marketing infrequently included in other marketing literature Adds direction and meaning to problems in marketing ethics through reflection (...) on concepts such as individual choice, freedom and responsibility, desire satisfaction, noncoercive exchanges, and instrumental efficiency. (shrink)

Bioethics Common Market is an international bulletin board to post notices regarding such things as networking contacts among people interested in a specific area of concern, hospitality, research underway for which collaboration is desired or possible, sources of scarce or hard-to-find materials, reports or papers available in sufficient numbers to share, textbooks or study materials desired, and, for travelers to any state or country, names of local people with possible common interests.

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

Source: Author: Mohsen Mehrara, Yazdan Gudarzi Farahani, Farzan Faninam, Abbas Rezazadeh Karsalari This paper examines the relationship between stock market index and macroeconomic policies on Iran's economy using quarterly data in the period 1999-2013. This study employed cointegration test and vector autoregressive models to examine relationships between the stock market index and the macroeconomic variables. The empirical results reveal that a positive money shock can increase stocks return. According to impulse responses, the government expenditure had a slight impact (...) on stocks return in the short term. But the government expenditure has a positive effect on exchange index in long run. Also the effect of taxes on the stock's price index is negative, so that it reaches its maximum level after the third lag and then alleviates. The GDP shock has positive effect on the stock's price index. Increase in production level leads to increase in earnings and profitability, leading to a positive response from stocks index. Therefore the results showed that the macroeconomic variables such as inflation, exchange rate and GDP have significant effects on Tehran exchange price index. So the hypothesis that the improving economic factors can have a useful role in the booming capital market is confirmed. Also the effect of fiscal policy factors such as tax revenues and government expenditures is more than monetary policy factors on stock returns. ]]>. (shrink)

This paper begins by consider a straightforward question in the metaphysics and morality of markets: Are there cases in which it is morally permissible to freely give x (i.e. without exchange for valuable consideration), but impermissible to give x in exchange for valuable consideration? To address this question, this paper raises the issue of the difference between giving freely and giving in exchange for valuable consideration. It argues that the distinction lies in whether the receipt of valuable (...) consideration acts as a reason for the giver. If S receiving some valuable consideration for x is not a reason for S to give x, then x is not engaging in an exchange. This illuminates the discussion around the morality of markets. Instead of supposing that x transforms when it is exchanged (rather than given), the difference can be assessed in terms of the giver’s reasons. As such, S freely giving x may be morally permissible and S exchanging x impermissible if S taking a valuable consideration as a reason makes the act wrong. The paper illustrates this with cases where individuals may give x only for certain reasons, and therefore are not permitted to exchange x. Finally, the paper concludes with an analysis of how this approach to analyzing exchange can contribute to the discussion of the metaphysics of markets, and create a fine-grained analysis of the different varieties of impermissible exchanges in terms of the moral analyses we do for other acts; it connects the discussion of the morality of giving and exchanging some x to the morality of other actions, and giving their permissibility in terms of justificatory reasons, consequences, etc. In doing so, the paper represents a contribution to the broader discussion of the morality of markets by illustrating a way to develop an analysis of the morality of exchanges (an important constituent of markets). This analysis circumvents approaches in the metaphysics of markets that have raised skepticism, e.g. certain goods transform when placed on a market. While compatible with claims about transformative goods, this theory allows for an explanation of moral prohibitions against certain kinds of exchange only on the basis of the justificatory reasons of the agents involved in the exchange; this is a much more stable metaphysical base from which to evaluate the morality of markets and exchanges. (shrink)

Semiotic objections to commodification hold that buying and selling certain goods and services is wrong because of what market exchange communicates or because it violates the meaning of certain goods, services, and relationships. We argue that such objections fail. The meaning of markets and of money is a contingent, socially constructed fact. Cultures often impute meaning to markets in harmful, socially destructive, or costly ways. Rather than semiotic objections giving us reason to judge certain markets as immoral, the (...) usefulness of certain markets gives us reason to judge certain semiotic codes as immoral. (shrink)

May you sell your vote? May you sell your kidney? May gay men pay surrogates to bear them children? May spouses pay each other to watch the kids, do the dishes, or have sex? Should we allow the rich to genetically engineer gifted, beautiful children? Should we allow betting markets on terrorist attacks and natural disasters? Most people shudder at the thought. To put some goods and services for sale offends human dignity. If everything is commodified , then nothing is (...) sacred. The market corrodes our character. Or so most people say. In Markets without Limits , Jason Brennan and Peter Jaworski give markets a fair hearing. The market does not introduce wrongness where there was not any previously. Thus, the authors claim, the question of what rightfully may be bought and sold has a simple answer: if you may do it for free, you may do it for money. Contrary to the conservative consensus, they claim there are no inherent limits to what can be bought and sold, but only restrictions on how we buy and sell. (shrink)

Semiotic objections to market exchange of a good or service maintain that such exchanges signal an inappropriate attitude to the good or to associated individuals, and that this provides a weighty reason against having or participating in such markets. This style of argument has recently come under withering attack from Jason Brennan and Peter Jaworski (2015a, 2015b). They point out that the significance of any market exchange is explained by a contingent semiotic norm. Given the tremendous (...) value that could be realised by markets in, for instance, bone marrow, or kidneys, deferring to such norms across the board would have very significant opportunity costs. In the absence of any rationale for these norms, they should be ignored completely. We provide one important rationale. Unlike many semiotic objections to markets, we provide a broadly consequentialist semiotic argument. We argue that a range of behaviours play important signalling roles in interpersonal social practices; in particular, in practices involving caring, esteem, and testimony. Markets in these behaviours would distort these signals. Moreover, many of the productive advantages yielded by markets rely in turn on positive market norms that also inhibit the signalling behaviours associated with these nonmarket behaviours. We conclude that there will inevitably be trade-offs between the distributive advantages of new markets and these interpersonal social practices. (shrink)

Introducing the concept of Crisis Solution Marketing, this research explores how metaphor pre-packages information, proposing “solutions” to “problems” they discursively construct in the media. These conceptual frameworks are capable of influencing how readers perceive and interpret news events, ultimately influencing their behavior as consumers and the financial decisions they make. This article explores the relationship between editorial positioning and ideology in financial news and the types or ontologies of metaphors used to describe the nature of the stock market via (...) reporting on the stock market crash of 2008 in online news media. Results indicate a statistically significant preference for The New York Times and The Wall Street Journal, liberally positioned newspapers, for animate-biological metaphors which promote understanding of the stock market in terms of a living being that must be ‘nurtured’ through intervention as opposed to being ‘left alone’, which is more consistent with laissez-faire approaches to economic crisis scenarios. (shrink)

Like nature itself, modern economic life is driven by relentless competition and unbridled selfishness. Or is it? Drawing on converging evidence from neuroscience, social science, biology, law, and philosophy, Moral Markets makes the case that modern market exchange works only because most people, most of the time, act virtuously. Competition and greed are certainly part of economics, but Moral Markets shows how the rules of market exchange have evolved to promote moral behavior and how exchange (...) itself may make us more virtuous. Examining the biological basis of economic morality, tracing the connections between morality and markets, and exploring the profound implications of both, Moral Markets provides a surprising and fundamentally new view of economics--one that also reconnects the field to Adam Smith's position that morality has a biological basis. Moral Markets, the result of an extensive collaboration between leading social and natural scientists, includes contributions by neuroeconomist Paul Zak; economists Robert H. Frank, Herbert Gintis, Vernon Smith, and Bart Wilson; law professors Oliver Goodenough, Erin O'Hara, and Lynn Stout; philosophers William Casebeer and Robert Solomon; primatologists Sarah Brosnan and Frans de Waal; biologists Carl Bergstrom, Ben Kerr, and Peter Richerson; anthropologists Robert Boyd and Michael Lachmann; political scientists Elinor Ostrom and David Schwab; management professor Rakesh Khurana; computational science and informatics doctoral candidate Erik Kimbrough; and business writer Charles Handy. (shrink)

Based on ethnographic fieldwork with panhandlers who provide services while asking for money, informal interviews with pedestrians who have interacted with them, and formal interviews with twenty people who regularly interact with panhandlers, this article unpacks the relationship between temporality and ambiguity of meaning in exchange. In line with previous research, I find that providing a service while asking for money allows panhandlers to manage stigma by recasting their relationship with pedestrians who give as a market exchange. (...) More surprisingly, I find that this kind of recasting makes giving less compelling for the pedestrians in fleeting encounters with panhandlers: they resist service provision in fleeting encounters with panhandlers on the grounds that the exchange is experienced as a coldly rational quid pro quo. In contrast, pedestrians who have long-term relationships with panhandlers experience the interaction as a gift exchange and the service as an expression of gratitude and subservience. The development of an open-ended temporal horizon and of a cycle of exchange, I argue, allows the service and the money given to operate as boundary objects, enabling panhandlers and pedestrians to attach different meanings to the exchange of money for services. This emergent ambiguity allows them to carry out interaction and exchange successfully. Contrary to models of interaction and everyday economic transactions that frame shared definitions of the situation as necessary for successful and repeated interactions, I find that ambiguity and polysemy may be productive and sustaining in interactions between participants from distinct social worlds. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

The principle of exchange seems to be limited in its application, and it cannot serve as a link between utilitarianism and the idea of a market for interpersonal relations. Our preferences concern the inner states of other people as well as their overt behavior. The neglect of this aspect of our preferences is a result of the coupling of utilitarianism with behaviorism. The problem is thus behaviorism, not consequentialism. It might be argued that commensurability is wrong because it (...) sanctions impure practices - aside from any principle of exchange. In reply, it may be argued that the principle of purity is an intuitive one, which must be justified at a higher level. At the intuitive level, the purity principle competes with the view that practices are in some cases too pure already, and that blind purity cannot be maintained without educational deception. The apparent difficulty of making tradeoffs among different kinds of consequences is a problem in practice, not a problem in principle. The difficulty may indeed justify certain prescriptive rules, but a blanket prohibition against impure practices would seem to require considerable defense. (shrink)

Private-property anarchy is better than the state in the enhancement of liberty and welfare. Strictly speaking, market exchange is one aspect of private-property anarchy. But I here focus on market-anarchy as that is a main source of confusion and debate. Similarly, pluralism is another aspect of private-property anarchy. I focus on pluralism as an example of a currently popular topic where private-property anarchy is misunderstood. ‘Pluralism’ here means ‘(tolerating) different ways of life’. ‘The market’ means ‘voluntary (...) exchange’. ‘Anarchy’ means ‘no rule’. Both interpersonal liberty and private property are inherently anarchic: no one is ruled to the extent that these exist. They are also naturally pluralist. The state, by contrast, coercively imposes ultimate control and is thus inherently illiberal and naturally Procrustean. Democratic prejudice obscures these facts. (shrink)

The arguments for redistribution of wealth, and for prohibiting certain transactions such as price-gouging, both are based in mistaken conceptions of exchange. This paper proposes a neologism, “euvoluntary” exchange, meaning both that the exchange is truly voluntary and that it benefits both parties to the transaction. The argument has two parts: First, all euvoluntary exchanges should be permitted, and there is no justification for redistribution of wealth if disparities result only from euvoluntary exchanges. Second, even exchanges that (...) are not euvoluntary should generally be permitted, because access to market exchange may be the only means by which people in desperate circumstances can improve their position. (shrink)

Historically, republicans were of different minds about markets: some, such as Rousseau, reviled them, while others, like Adam Smith, praised them. The recent republican resurgence has revived this issue. Classical liberals such as Gerald Gaus contend that neo-republicanism is inherently hostile to markets, while neo-republicans like Richard Dagger and Philip Pettit reject this characterization—though with less enthusiasm than one might expect. I argue here that the right republican attitude toward competitive markets is celebratory rather than acquiescent and that republicanism demands (...) such markets for the same reason it requires the rule of law: because both are essential institutions for protecting individuals from arbitrary interference. I reveal how competition restrains—and in the limit, even eradicates—market power and thereby helps us realize “market freedom,” i.e., freedom as non-domination in the context of economic exchange. Finally, I show that such freedom necessitates “Anglo-Nordic” economic policies. (shrink)

Within siting literature there is strong agreement that compensation for environmental risks is a necessary condition for local acceptance of waste treatment facilities. In-kind compensation is commonly pushed forward as being more effective than financial benefits in reducing local opposition. By forcusing on the siting of a sanitary landfill in Santiago, Chile, this paper explores the performance of both types of compensation and relates the analysis to the notion of social norms of exchange. These are understood as being based (...) on three main types of social relations: care, justice and freedom. Whereas monetary compensation is associated with market relations based on freedom and the offer of in-kind compensation to egalitarian relations based on justice, the absence of compensation is linked to fraternal relations based on care. It is argued that in-kind compensation is more acceptable than monetary payments or not compensation because people tend to understand siting conflicts more as matters of justice rather than as matters of freedom or care. (shrink)

There is a libertarian argument for live donor organ markets, according to which live donor organ markets would be permitted if we simply refrained from imposing any substantive and controversial moral assumptions on people who reasonably disagree about morality and justice. I argue that, to the contrary, this endorsement of live donor organ markets depends upon the libertarians’ adoption of a substantive and deeply controversial conception of strong, extensive property rights. This is shown by the fact that these rights would (...) prevent states intervening in cases of preventable and intuitively impermissible wronging of others that can arise when free individuals engage in voluntary offers and exchanges. I outline two forms of such wronging: discrimination and disrespectful demands. I argue that although these types of acts are morally impermissible, the policy question of whether and how they should be regulated by states is non-trivial. I then argue that there is good reason to think that organ markets would rely on disrespectful demands. This may help explain the widespread moral repugnance people feel toward organ trading. It also provides a prima facie, though not decisive, case for states to prohibit such markets. (shrink)

In several works, Jason Brennan and Peter Martin Jaworski defend the following thesis: If it is permissible to have, use, or exchange something for free, then it is permissible to have, use, or exchange that thing for money. In this paper, I argue that No Limits is false. Moreover, the reasons why it is false reflect many of the complaints made against markets. The paper will proceed as follows: In §1, I summarize Brennan and Jaworski’s position to clarify (...) exactly what a challenge to No Limits requires. In §2, I raise just such a challenge, one which also captures the concern behind some “semiotic objections.” In §3, I offer a modification to No Limits that avoids my objection but, as a result, re-opens the question of whether markets in some of the goods Brennan and Jaworski discuss are permissible. I conclude in §4 by considering a possible response and some thoughts on the dialectic as it stands. (shrink)