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)

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)

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)

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)

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 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)

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)

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)

Market relationships built on trust and governed by commonly accepted ethical norms are generally viewed as economically positive and beneficial to both parties; however, such relationships are occasionally the situs of a variety of unexpected and ethically questionable behaviours. This study examines the narratives provided by participants who share their experience as an exchange partner in a market relationship or as a close observer of an exchange partner in a market relationship to identify the use of (...) short-term deceptions and ethics defections in managing these relationships. The data demonstrate a number of instances in which one exchange partner is willing to deceive another. Situations identified include deceiving current customers, new customers, current suppliers, governmental bodies, and employees and managers for the purposes of: protecting an existing relationship, pursuing a new relationship, ensuring product or service quality, and exerting control over a relationship. This research develops a general analytic framework for the occurrence of deception and defection from ethical norms in market relationships from elements of the study participants' narrative reports. This framework can be used by future researchers to design studies that examine the specific antecedents of these behaviours. (shrink)

Market relationships built on trust and governed by commonly accepted ethical norms are generally viewed as economically positive and beneficial to both parties; however, such relationships are occasionally the situs of a variety of unexpected and ethically questionable behaviours. This study examines the narratives provided by participants who share their experience as an exchange partner in a market relationship or as a close observer of an exchange partner in a market relationship to identify the use of (...) short‐term deceptions and ethics defections in managing these relationships. The data demonstrate a number of instances in which one exchange partner is willing to deceive another. Situations identified include deceiving current customers, new customers, current suppliers, governmental bodies, and employees and managers for the purposes of: protecting an existing relationship, pursuing a new relationship, ensuring product or service quality, and exerting control over a relationship. This research develops a general analytic framework for the occurrence of deception and defection from ethical norms in market relationships from elements of the study participants' narrative reports. This framework can be used by future researchers to design studies that examine the specific antecedents of these behaviours. (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)

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)

We investigate the cross-correlations of return-volume relationship of the Bitcoin market. In particular, we select eight exchange rates whose trading volume accounts for more than 98% market shares to synthesize Bitcoin indexes. The empirical results based on multifractal detrended cross-correlation analysis reveal that the nonlinear dependencies and power-law cross-correlations in return-volume relationship are found; all cross-correlations are multifractal, and there are antipersistent behaviors of cross-correlation for q=2; the price of small fluctuations is more persistent than that of the volume, (...) while the volume of larger fluctuations is more antipersistent; and the rolling window method shows that the cross-correlations of return-volume are antipersistent in the entire sample period. (shrink)

The main aim of this study was to empirically analyze whether Institutional Quality moderates the relationship between corporate governance and stock liquidity through the light of agency and information asymmetry theory. To the best of our knowledge, this is the first finance study. The sample consists of 230 non-financial firms listed on the Pakistan stock exchange during the period of 2009–2019. We used an instrumental variable approach and our new Institutional Quality index composed of world governance indicators and a (...) corporate governance index, developed via principal component analysis, to demonstrate a relationship between corporate governance and stock liquidity and check the moderating role of Institutional Quality by following the resources complementary phenomenon. Our results show a significant, positive relationship between the corporate governance index and stock liquidity, suggesting that well-governed firms have high liquidity. The results show that the Institutional Quality index has a positive moderating impact on the relationship between corporate governance and stock liquidity, suggesting that corporate governance in Pakistan is weak. Our results are robust to a series of endogeneity checks using alternative proxies of stock liquidity. (shrink)

The current study looked at the impact of board of director characteristics on corporate social responsibility (CSR) in the Pakistani setting. The study further added to the body of knowledge by comparing the impact of board characteristics in family versus non-family businesses in an emerging market. The study’s sample consists of 139 non-financial Pakistan Stock Exchange (PSX) listed firms from 2008 to 2019. The level of CSR among sample firms was assessed using a multidimensional financial approach. The random-effect model (...) was employed to test the study’s hypotheses. The findings support the dysfunctional view of the role of the board of directors’ in family-owned businesses. Overall, board size and CEO duality have a significant negative impact on CSR, whereas board independence has a significant positive impact. While these findings applied to both family-owned and non-family-owned businesses. It was discovered that among family-owned businesses, boards tend to look after the interests of family members, and thus are less likely to support CSR. The findings of this study will assist regulatory authorities, investors, and financial analysts in understanding CSR practices in Pakistani firms, allowing them to review the role of the board of directors in CSR among family and non-family-owned firms. (shrink)

Farmers’ markets (FMs) represent a crucial player in urban food systems, being the interconnection of local agricultural production and consumption, and serving as spaces for both economic exchange and community building. Despite their transformative potential, there is a scarcity of research that comprehensively investigates the dynamics of FMs network structure and the influence of the actors shaping FMs. The present article delves into the network of relationships within FMs in the Italian city of Bologna. This study adopts the (...) Social Network Analysis (SNA) methodology applied with the Net-Map tool. The research objectives are to visualise the underlying network structure, map the dynamics, and identify the key actors who play pivotal roles in Bologna’s FMs and their level of influence. The research carried out interviews with ten FMs stakeholders, revealing the network of relationships between 54 actors, divided into three categories—civil society, food economy and public administration. Actors were linked by a total of 428 relationships across three types of networks: support, economic, and hindering. Findings indicate a strong support network structure characterised by varying degrees of centrality among different actors. Farmers emerge as a central node due to their pivotal role in providing fresh, local produce. Additionally, local institutions contribute significantly to FMs resilience and growth. Our research demonstrates the importance of recognising the embeddedness of FMs within the local context. By understanding the network structure and influential actors in FMs, policymakers can devise more effective policies for promoting local agriculture, and enhancing the sustainability of urban–rural exchanges. In conclusion, the present study offers valuable insights into the network dynamics of FMs, highlighting their crucial role in the sustainable development of urban and local food systems. (shrink)

Markets have led a shadowy existence in economics. The ruling paradigm, neoclassical economics, for which markets are a central institution, has mainly been concerned with the determination of market prices. Until recently, sociological investigations of modern markets focused on production, as did anthropological work that ascertained how each culture made a living. The major debate among anthropologists to date has been about whether the economic rationality of the maximizing individual is to be found in all societies or whether substantive economies (...) are always embedded in a cultural matrix that determines its logics and forms of transaction. A new feature of financial markets is that they are based upon scopic systems – electronic and informational mechanisms of observing and contextualizing market reality and of back-projecting this reality onto the computer screens of globally operating traders. When such a mechanism is in place, coordination and activities respond to the reflected, represented reality rather than to pre-reflexive occurrences. This form of coordination contrasts with network forms of coordination that are pre-reflexive in character. In network markets, participants rely on their relationships to determine ‘where the market is’. In a market based on scopic systems, the market is fully visible on screen – as a set of tradable, comprehensively contextualized, quickly moving prices for various trading instruments. In this situation, a level of global inter-subjectivity emerges that derives from the character of these markets as reflexively observed by participants on their computer screens in temporal continuity, synchronicity, and immediacy. As a consequence, these markets are communities of time. As temporalized systems, financial markets project a form of coordination adapted to a global world that leaves behind the patterns of traditional producer and exchange markets. (shrink)

This project places at its center the urgency for a more responsive organ transplant policy in the United States. It studies how relationships and affinity affiliations motivate intimate exchanges, including human biological markets. Specifically, the article considers whether affinity relationships might serve as a platform in the domain of organ transplantation and if so, whether the law should tolerate discriminatory behavior in the human biologics realm. In defining affinity relationships, the article speaks primarily to race, gender, and (...) sexual orientation. Its theoretical underpinnings, however, could also apply to religion. The theoretical hunch of the article is that affinity relationships could play a role in motivating transplant procurement. (shrink)

Should blood be bought and sold is in crude terms the question asked and answered by Richard Titmuss in his recent book The Gift Relationship. Dr Raymond Plant, a lecturer in philosophy at Manchester University, analyses Titmuss' arguments in a paper which we are printing in two parts. Titmuss has taken the provision of blood as his example of the gift relationship--and by extension that of health care generally. Dr Plant considers in turn each of Titmuss' arguments that blood should (...) not be a marketable commodity, the moral objections to which seem to be the erosion of freedom and of truth telling, the separation of society through the cash nexus, and its converse that the provision of health care is a means for the integration of society. Dr Plant also examines the views of other commentators on the Titmuss' theory of the value of a 'free' blood transfusion service and other medical care as a means of integration in society, and ends with his promise that in the second part of his paper he will examine Titmuss' principles not in terms of the market but rather as related to the principle of social justice. (shrink)

The target article authors' study has highlighted the relationship between market integration and an increased willingness to enter into cooperative exchanges. Less developed, albeit implied, in their analysis are the theoretical implications of their findings for the theory of altruism first developed by Adam Smith and later expanded in the works of the American historian, Thomas Haskell.

AbstractIn marketing channels, distributor whistleblowing can deter unethical behaviors, though little academic research investigates this tactic. Drawing on whistleblowing literature in business ethics and organizational theory, as well as field interviews with channel managers, this article identifies and elucidates the notion of distributor whistleblowing in marketing channels. Specifically, this study investigates how a manufacturer’s control modes (monitoring and incentives) encourage or discourage distributor whistleblowing. This study also considers the impact of distributor whistleblowing on relationship quality and the moderating (...) effects of exchange hazards (i.e., transaction-specific investments and market uncertainty). The empirical results from a sample of 211 Chinese distributors indicate that manufacturers’ monitoring inhibits, whereas incentives boost distributor whistleblowing. Further, a positive link arises between distributor whistleblowing and relationship quality, which is weakened by distributor transaction-specific investments and strengthened by market uncertainty. (shrink)

At a time when the formerly strictly separated roles of citizen and consumer are arguably blurry, and when once powerful social institutions increasingly must yield to new social forces based on heightened knowledgeability and historically unprecedented wealth, it is likely that the economy of modern society is also subject to implicit changes. In this article, we argue that traditional theories of the market are increasingly losing their basis for analysing economic relationships as purely rational acts of exchange and (...) utility maximization. Instead, what can be witnessed is an increase in the influence of values and norms on markets, guiding our attention to how deeply embedded economic action is in modern culture. We put forward the idea of a moralization of markets, which has begun to change our conceptions and theories regarding what is at stake in a modern economy fundamentally. We conclude that in the future, production processes and standards, codes of conduct and consumer reasoning will become all the more important for doing business in Western knowledge societies. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Women on the Global Market: Irigaray and the Democratic StateNicole Fermon (bio)Best known for her subtle interrogation of philosophy and psychoanalysis, Luce Irigaray clearly also conducts a dialogue with the political, proposing that women’s erasure from culture and society invalidates all economies, sexual or political. Because woman has disappeared both figuratively and literally from society [see Sen, “More Than 100 Million Women Are Missing”], Irigaray conceives the contemporary ethical (...) project as a recall to difference rather than equality, to difference between women and men—that is, sexual difference. She characterizes relations between men and women as market relations in which women are commodities, objects, but never subjects of exchange, objects to men but not to themselves: women do not belong to themselves but exist “to keep relationships among men running smoothly” [TS 192]. Women under these conditions require imaginative ways to reconfigure the self, to subvert the melancholy and regression of masculinist economies and envisage a future in which women would not be ashamed of the feminine, would experience it as a positivity worth emulating.Irigaray contends that after the gains of egalitarian politics are carefully examined, the inclusion of women in the political arena has failed to take into account women’s distinct and different position from men, and from each other, as well as perpetuating the fiction of the “neutral” citizen, the ahistorical individual citizen of the nation-state. It is that fiction Irigaray dispels in her critique of liberal democratic politics and its creation, “citizens who are neuter in regard to familial singularity, its laws, and necessary sexual difference” [SG 112] in order to benefit the State and its laws. The subject is male; the citizen is neuter. Who is the female citizen in contemporary society? What is the ethical elaboration of the contractual relations between women and men, and between sexed individuals and the community? How do women imagine a distinct set of rights and responsibilities based on self-definition and autonomy, given the particular strictures of contemporary politics—that is, the market-driven, antidemocratic nature of the current economic national and global forces? Irigaray suggests that “the return of women to collective work, to public places, to social relations, demands linguistic mutations” and profound transformations, an embodied imagination with force and agency in civil life [TD 65].Irigaray warns that if civil and political participation is construed in overly narrow terms, if focus is on economic or judicial “circuits” alone, we overlook the symbolic organization of power—women risk losing “everything without even being acknowledged” [TD 56]. Instead an interval of recognition can expand the political to include the concerns and activities of real women, lest silence imply consent to sexual neutrality, or more likely, to women’s obliteration under men’s interests and concerns. Women’s insistence on self-definition and wage labor, on love and justly remunerated work, [End Page 120] testifies to the obduracy of women’s difference, one that is not likely to disappear. The patriarchal family is still the legal norm, even when certain exceptions are made, while enduring questions regarding women’s health and children’s physical welfare as priorities beyond market considerations are consigned to legislative obfuscation, still a political afterthought. Instead, in the US the liberal state removes the slender welfare net specific to women and children, Aid to Families with Dependent Children, and fails to provide medical coverage to those who are among the most vulnerable of its citizens. Women without access to the legal protection of sex-neutral citizenship, poor working women without language (the money for an effective “mouthpiece” to represent their distress in a court of law), are further disempowered by liberal politics’ insistence on sexual neutrality—that is, on repression or amnesia regarding the lived experiences of women.Sexual difference is key to any project of self-definition by women. Irigaray insists on the sexual nature of this self-definition, not solely for its obvious procreative necessity, but because the natural world is a source of renewal and fecundity which requires attentive interrogation and respect [SG 15]. This rebirth seems alien to the structure of male politics, which instead seem to provoke disasters (Bhopal, Chernobyl, or the current runaway... (shrink)

Corruption devours profits, people, and the planet. Ethical leaders promote ethical behaviors. We develop a first-stage moderated mediation theoretical model, explore the intricate relationships between ethical leadership and employee ethical behaviors, and treat ethical climate and organizational justice as dual mediators and leaders’ moral attentiveness as a moderator. We investigate leadership from two perspectives—leaders’ self-evaluation of moral attentiveness and members’ perceptions of ethical leadership. We theorize: These dual mediation mechanisms are more robust for high moral leaders than low moral (...) leaders. Our three-wave data collected from multiple sources, 236 members and 98 immediate supervisors in the Republic of Iraq, support our theory. Specifically, ethical leadership robustly impacts organizational justice’s intensity and magnitude, leading to high employee ethical behaviors when leaders’ moral attentiveness is high than low. However, ethical leadership only influences the ethical climate’s intensity but has no impact on the magnitude when leaders’ moral attentiveness is high than low. Therefore, organizational justice is a more robust mediator than the ethical climate in the omnibus context of leader moral attentiveness. Our findings support Western theory and constructs, demonstrating a new theory for Muslims in Arabic’s emerging markets. Individual decision-makers apply their values as a lens to frame their concerns in the immediate and omnibus contexts to maximize their expected utility and ultimate serenity-happiness. Ethical leadership trickles down to employee ethical behaviors, providing practical implications for improving the ethical environment, corporate social responsibility, leader-member exchange, business ethics, and economic potentials in the global competitive markets. (shrink)

Examining how new forms of currencies diffuse is important to uncover their impact on the organization of communities, and thus motivates our study of community currencies. Community currencies provide a medium of exchange by using alternative banknotes or electronic money, which circulates only within particular communities, allowing members to trade goods, increase social cohesion, and achieve collective goals. In this study, we examine how community currencies help facilitate social commons by serving as a setting for building community relationships (...) and a catalyst for other social activities beyond market relations. We analyze cases of community banks that provide microfinance and issue community currencies in Brazil. We find that microfinance entrepreneurs who involve a greater diversity of stakeholders from public, private, and nonprofit sectors in decision making even prior to startup, while also facilitating the formation of supportive social capital from diverse cross-sector stakeholders, increase opportunities for developing new community currencies. By exploring the implications of entrepreneurial actions that promote inclusive participation of diverse stakeholders for accomplishing collective goals, our findings are relevant for other activities that create a common pool of resources while also developing the vitality of the community, including initiatives that use cryptocurrencies and other emerging forms of currencies for building social commons. (shrink)

Is it possible to really give a gift? This may, at first glance, seem like a peripheral question for philosophy, which normally directs its attention to seemingly bigger questions. The dynamics of the gift move into philosophy from anthropology and sociology, but Jacques Derrida insists that this question belongs at the heart of philosophy. This volume takes up Derrida's challenge to invest in the question of a gift, and the relationship between gift and economy. The powerful and corruptive forces of (...) economy can wreak havoc on every effort to give or receive a pure gift. Each of the essays investigates some aspect of the gift, and the way economics relate to the sheer hospitality and generosity implied in the idea of giving. Is there a blessed economy? Must economics always operate in a sinister and exploitive fashion? What can be learned by the philosophical investigations related to this concept? There is something about the event or idea of the gift that cannot be entirely explained by the machinations of economy. In the giving of a gift something happens, if only unpredictably and rarely, that cannot be explained by the calculus that tracks the exchange of money, property, goods, debt and power. This excess that confounds the reduction of the gift to the dynamics of power and exchange is a source of creative fascination for a wide range of philosophers, including the collection of scholars who have contributed to this book. (shrink)

Building upon Gasiorowska and Zaleskiewicz's (2021, 2023), we explored how a control threat and attachment style influence social relationship preferences. This experiment aimed to investigate how experiencing a control threat affects individuals with secure, anxious, and avoidant attachment patterns when they can choose between seeking assistance from the market, asking a close person for help, or coping with the situation alone. Participants with different attachment styles were randomly assigned to either the lack of control condition ( n = 290) or (...) the having control condition ( n = 277). Individuals with an anxious attachment were more inclined to choose the market-exchange option and less likely to select the agentic and communal options when faced with a control threat. Meanwhile, those with an avoidant attachment exhibited a higher tendency to choose the agentic option, while their preference for noncontingent help decreased after exposure to the control threat. Surprisingly, secure attachment individuals showed an increased preference for noncontingent help and decreased preferences for market exchange and self-reliance when exposed to the control threat compared to when they had control. These findings suggest that participation in market relationships may meet vital psychological needs and serve as a safeguard against attachment insecurities. (shrink)

Research illustrates that social movements can fuel new markets and that these markets can create social change, but the role of leaders in this process is less understood. This exploratory interview-based study of the localism movement contributes to such understanding. It articulates the relationship of social movement leaders and the legitimacy of their organizations to new market creation. Specifically, leaders in this study engaged in a dual role to legitimize their organizations and to legitimize the movement. At an organizational level, (...) leaders chose strategies that conformed to a conventional organizational model of the social movement organization as a business network, much like a local chamber of commerce. At a movement level, the SMO’s level of legitimacy influenced the leader’s choice of strategies to grow a “local” market. These strategies aimed, primarily, to shape consumer purchase behavior and, secondarily, to foster the development of producers’ skills, and only in a tertiary way, to alter the nature of exchange. Finally, this study’s findings suggest a tension between the dual roles that may ultimately challenge the efficacy of the movement. (shrink)

Many corporations actively engage in political activities to enhance their relationships with politicians, facilitating access to scarce resources and creating competitive advantages. We investigate corporate donations to explore how they initiate interactions between firms and new local leaders in China. Specifically, we propose that political turnover creates unique opportunities for firms to win over new officials via corporate donations, especially in competitive markets. Moreover, we find that firms that make generous donations at the beginning of a new city secretary’s (...) tenure receive more attention from representatives of new local leaders, especially firms that were politically disadvantaged under a predecessor’s governance. Empirical studies on the turnover of city secretaries between 2001 and 2012 in China strongly support our hypotheses. Consequently, this study improves our understanding of how corporate donations initiate social exchanges between firms and politicians. (shrink)

Debating Education puts two leading scholars in conversation with each other on the subject of education-specifically, what role, if any, markets should play in policy reform. The authors focus on the nature, function, and legitimate scope of voluntary exchange as a form of social relation, and how education raises concerns that are not at issue when it comes to trading relationships between consenting adults.

In the past two decades, especially after the financial crisis of 2007–09, the literature for examining the availability of integration between the stock exchanges in developed and developing markets has grown. The importance of this topic stems from the significant implications of the linkage between exchange markets on various decisions taken by interested parties, such as policymakers and investors, in the decisions for portfolio diversification. This study examines the relationship between a developing stock exchange index, Amman Stock (...) class='Hi'>Exchange Index, and the number of international indices, including S&P 500, NASDAQ, Nikkei, DAX, CAC, and HSI for 2008-2019. To validate the availability of the linkage between the indices, the author includes various tests of a correlation coefficient, stepwise regression analysis, and artificial neural network. Despite the results indicating that the ANN is more efficient than linear regression in investigating the availability of the relationship between ASEI and international indices, stepwise regression and neural network support this relationship. Furthermore, ANN results revealed that the S&P 500 index and year have the most substantial relationship with ASEI. Our research is theoretically and practically important; policymakers and investors can benefit from our findings. Future studies may explore the effect of different international stock market indices on ASEI or other developing markets. Further studies can use macroeconomic factors to build prediction models for stock market indices. (shrink)

The U.S. stock market is one of the largest and most complex marketplaces in the global financial system. Over the past several decades, this market has evolved at multiple structural and temporal scales. New exchanges became active, and others stopped trading, regulations have been introduced and adapted, and technological innovations have pushed the pace of trading activity to blistering speeds. These developments have supported the growth of a rich machine-trading ecology that leads to qualitative differences in trading behavior at human (...) and machine time scales. We conduct a longitudinal analysis of comprehensive market data to quantify nonstationary dynamics throughout this system. We quantify the relationship between fluctuations in the number of active trading venues and realized opportunity costs experienced by market participants. We find that information asymmetries, in the form of quote dislocations, predict market-wide volatility indicators. Lastly, we uncover multiple micro-to-macro level pathways, including those exhibiting evidence of self-organized criticality. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:A Hypothesis on the Origin of TradeThe Exchange of Lives for Sacrifice and SexPablo Díaz-Morlán (bio)introductionThe primary objective of this study is to propose a hypothesis regarding the origin of trade that will help to solve the enigma of why human groups, normally each other's enemies, stopped exchanging blows in order to exchange things. The complexity of this crucial step forward in the relationships between hostile (...) primitive groups can be summarized as follows. In order for an exchange to take place, both parties must take part in it voluntarily because they see a mutual benefit in doing so. In turn, both parties should be aware that in order to obtain what interests them, which is closely guarded by the other party, in return, they must hand over what the other party is interested in. The perception of the interest of the other plays a crucial role in trade, both today and in its origins. The next step to be taken after a successful initial exchange was its consolidation, after it had been proved that it mutually benefited groups who had, until then, been enemies. Once established, this pacific exchange would have diversified considerably and its complexity would have increased significantly. An added [End Page 165] advantage, which was unexpected but real, was that its subsequent usefulness in curbing violence contributed to its growing expansion. The emergence of a comparative advantage in the groups that adopted trade would have guaranteed their future progress with respect to those that continued to systematically adopt violent conduct toward their neighbors.1Throughout this study, we will come across the old idea that the market prevents war. Without a doubt, trade and war between individuals and groups are closely connected, but the boundaries between them are fuzzy and their demarcation has proven elusive to researchers. Albert Hirschman studied the intellectual climate in the seventeenth and eighteenth centuries in favor of trade and the express declaration of Montesquieu that "peace is the natural effect of trade."2 Since then, this idea has gained ground among researchers of economics and other fields of knowledge. In L'enfer des choses and subsequent works, Jean-Pierre Dupuy and Paul Dumouchel defend that the economy (the market) is a substitute for the sacred, containing violence through violent means. The market contains violence in the two senses of the term contain: It holds it and curbs it; it is both the poison and the remedy. The consumer society makes all objects available to everyone and in this way deactivates mimetic rivalry, deferring violent conflicts. But it is only a temporary remedy. In the words of Girard, "It is always necessary to find new toys."3Following the path initiated by Dumouchel and Dupuy, with their criticism of the free market economy and their proposal for a new notion of scarcity, in his text The Empire of Value, André Orléan claims that money is at the origin of the market. My analysis alludes to a moment prior to that established by Orléan. He maintains that he does not contemplate the historical origin of money but instead uses the expression "the conceptual origin of money." In fact, when he defends the essential monetary base of the market, he refers to an already developed market system, that is, an economic system for which the operation is structured around the institution of the market.4 Mark R. Anspach also criticized the market system in his book À Charge de Revanche. This author proposes the transcending of the perverse logic of vengeance that defines both war and the market that transforms it into a positive reciprocity based on the gift. This constitutes a type of shift away from looking at the past (settling old accounts) to looking toward the future, embracing gratitude, which gives rise to the initial gesture of giving.5 This study analyzes a time prior to that examined by Orléan and Anspach. It was the moment of hominization, that is, mimicry, the subsequent violence that threatened the survival of human groups and, as we will seek to explain, the market as an institution that has accompanied humankind since its conformation as a species... (shrink)

Fairtrade-certified products are sold through retailers to consumers who are willing to pay a premium in exchange for assurances that products were produced under acceptable working and environmental conditions, and that farmers were paid a fair market price. While touted as a positive social innovation, the Fairtrade movement has invited critical scrutiny and in its wake, suggestions for improvements in terms of sustainability, transparency, and tangible benefits for producers subsisting in Base of Pyramid markets. In this paper, we uncover (...) the debate swirling around Fairtrade and stipulate as to the theoretical reasoning for why the system should work and why it can fail. Focusing on the coffee industry, a case study of a socially responsible coffee roaster in Kansas City illustrates one of the alternative business models we discuss that seeks to solve the same problems addressed through Fairtrade, albeit through different producer-buyer relationships. (shrink)

Philosophy & Social Criticism, Volume 48, Issue 3, Page 386-415, March 2022. In light of a growing body of scholarship that has cast doubt on the analytic import of spontaneous order, the purpose of my article is to rethink the intellectual relationship between Edmund Burke and Friedrich Hayek by suggesting that reading spontaneous order into Burke’s thought introduces greater tensions between the two thinkers than prior scholars have suggested. One crucial tension, I suggest, is that Hayek believed that contractual arrangements, (...) competitive markets and the rule of law could sustain the growth of social order, while Burke maintained that particular social institutions and practices should remain protected from the full power of voluntary contracts and exchange relations. I conclude by suggesting that the tensions between Hayek and Burke could serve as complementary instruments, rather than as foes, in strengthening the liberal project in modernity. (shrink)

In light of a growing body of scholarship that has cast doubt on the analytic import of spontaneous order, the purpose of my article is to rethink the intellectual relationship between Edmund Burke and Friedrich Hayek by suggesting that reading spontaneous order into Burke’s thought introduces greater tensions between the two thinkers than prior scholars have suggested. One crucial tension, I suggest, is that Hayek believed that contractual arrangements, competitive markets and the rule of law could sustain the growth of (...) social order, while Burke maintained that particular social institutions and practices should remain protected from the full power of voluntary contracts and exchange relations. I conclude by suggesting that the tensions between Hayek and Burke could serve as complementary instruments, rather than as foes, in strengthening the liberal project in modernity. (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.

Starting from sociological perspectives on complexity, we show how the social capital of boards and owners networks affects the implied cost of capital of companies listed on Brazilian stock exchange. We specifically show arguments and evidence that the effect of the relational resources found in the direct, indirect, and heterogeneous board’s ties reduces the cost of capital while relational resources embedded in shareholder networks increase the cost of capital. Our results show that while the increase in the relational resources (...) of the board reduces the implied cost of capital, an increase in these shared resources in the ownership relationships of the firm increases the cost of financial capital. (shrink)

Very few studies have investigated the movement in stock returns that result due to changes in oil prices. In recent years due to cooling down of China, unveiled oil reserves of Iran, decreasing demand worldwide and discovery of shale gases the world has experienced a large fall in the oil prices. These changes are also affecting performance of manufacturing and other associated companies in countries all over the world. Pakistan has also been affected by these changes in many ways. Especially, (...) the returns on stock markets have been affected a lot by the variations in the oil prices. This paper using monthly data set from years 2014 to 2016 of the non-financial firms operated in Pakistan Stock Exchange, investigates the effect of variation in oil prices on returns on stock. Results from the panel data analysis indicate a negative relationship between the variables. Since, Pakistan is an oil importing, movement in the prices contribute towards affecting the production cost in a positive manner which in turn affects the execution of the enterprises as well as returns of the stocks negatively. (shrink)

Many theorists have charted for some time how capital extends its lines of flight into new spaces, creating new markets by harnessing affect and intervening in intimate, emotional and domestic relationships, and into bio-politics more generally. Feminists have known for a long time that women’s ‘domestic’ labour has been central to the reproduction of capital but that it has been made invisible, surplus and naturalised and is rarely taken into account in theories of value. Yet we are now in (...) a bizarre historical moment wherein a format has emerged (reality television) in a major capitalist industry (the media) that is premised upon spectacularly visualising women’s labour in all its forms, especially through its focus on relationships, dispositions and emotional performance. Drawing on an ESRC research project, ‘Making Class and the Self through Mediated Ethical Scenarios’, this paper demonstrates how very different spheres of exchange—economy and affect—have come together, offering possibilities for fusing calculation and care. This process bears remarkable similarity to the legal adjudication of property and propriety in intimate relationships. Yet the paper shows how, as attempts are made to commodify affect, it is precisely affect that exposes and disrupts exchange and enables reality television as a technology of affect to visualise the different types of person-value that are constituted through class and gender relations. (shrink)

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.

This article explores managers’ ethical reasoning for behaviors in price negotiations using evidence from 15 in-depth interviews conducted with sales and purchasing representatives in the chemical industry in Germany. Applying transaction cost economics, we find that negotiators in commoditized market-like exchanges either refer to deontological norms such as not to lie, or they neglect a role for ethics, arguing that distributive negotiation is per se opportunistic. In contrast, exchanges of products with higher asset specificity lead to stronger informational integration which (...) is supported with teleological justifications. Some negotiators use teleological justification to build business on trust rather than on economic safeguards as their firm norms would require. For negotiators, our results suggest considering institutional context and adjusting ethical reasoning to the negotiation situation. Firms need to recognize and find ways to address the potential conflicts of their internal norms with their frontline managers’ attempts to act in the firms’ best economic and ethical interests. (shrink)

Abstract What do we mean to say when we call some person a good business manager? And where do the criteria flow from by which we judge people good business managers? I answer these questions by drawing on von Wright's distinction between several varieties of goodness. We can then discriminate between instrumental, technical and moral senses of the expression ?to be a good business manager?. The first two senses presume that business managers have a characteristic task or that they engage (...) in typical activities. It is natural to specify this task and these activities by appealing to goods and to the good of a business. These goods may then be identified as goods for people. Insofar as the welfare of people is of moral value, we obtain a morally loaded account of business management. I argue against this account and plead for a more sober understanding of economic goods and of the good of a business. The latter can be understood in analogy to the good of an individual person, but is largely determined by the goals of the founders and owners. Economic goods are things that are wanted by some people and thus exchanged on markets. If this is so, then there is no direct conceptual path from instrumentally or technically good business managers to morality even though there are certain affinities. To conclude, I trace the consequences for our understanding of business ethics. (shrink)

The chosen currency regime places a state within the international economic order. Therefore, the exchange rate is a key to creating an internal financial system and opening it up to foreign participants. In this paper we would like to show the differences between China and the USA and examine their impact on potential changes on the distribution of power in the international system. We will also try to prove that this field is a missing link in preventing the final (...) launching of a symmetrical bipolar system which will finally force China to accept the rules of a Washington Consensus instead of following its own patterns. The case study method will be used in order to compare market data and assess the role of currencies for the given model. (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)

In the last decade, scholars have rediscovered the Italian tradition of Civil Economy and the different vision of the market it offers, one that is anchored on reciprocal assistance in market exchange relationships. So far, scholars are discussing Civil Economy especially in the fields of the history of economic though and in economics and philosophy. Nevertheless, this article proposes looking also at business ethics and organizational studies through the lens of Civil Economy, especially considering the notion of virtue (...) provided by civil economists. In particular, it sets forth an organizational model that derives from Civil Economy, i.e. the agape-based organization. (shrink)

This research takes a retrospective look at modern consumption opportunities of the U.S. poor from both sides of the marketing exchange relationship. The paper opens with a critical assessment of the consumer-behavior literature and its primary focus on middle-class Americans. The next section profiles the impoverished and their purchasing habits and closes with a summary of how both have changed over the last forty years. Then a theoretical account is presented using consumer literature from the same timeframe. The (...) paper ends with a discussion of common business practices and moral dilemmas that have continued over these decades, along with an ethical paradigm involving distributive justice to guide future management tactics. (shrink)