Nitzan and Bichler’s Capital as Power suggests that conventional theories of capitalism, Marxist and liberal alike, are unable to answer the question: what is capital? They argue that the basic units of Marxist economics, abstract labour and value, are unobservable and immeasurable, and hence ‘non-existent’ and ‘fictitious’. Against Marxists, they argue that capital is not an ‘economic’ entity, but a symbolic quantification of power.This review contends that what Nitzan and Bichler present as a critique of Marxism (...) as such pivots on an incomprehension of dialectical thinking, and thus misses the mark. Furthermore, this absence in their readings of Marx is strictly correlative to the limits of their own theory-building. Capital as Power simply inverts the vulgar economism it finds in Marxist theories, presenting us with a theory in which capital is financial rather than productive, and symbolic rather than material. In doing so, it reproduces the one-sidedness it criticises, while discarding the possibility of analysing capitalism dialectically as a totality consisting of contradictory, but mutually presupposing, moments. (shrink)

This article analyzes articulations among urban enclaves, finance capital, and glass architecture by exploring MGM’s corporate investments in the Las Vegas CityCenter development and the Chinese enclave of Macau. CityCenter is an unsuccessful $9 billion master-planned urban community financed by MGM and Dubai World. Macau is a former Portuguese colony and Special Administrative Region of the People’s Republic of China which has, since its return to the PRC in 1999, replaced Las Vegas as the world’s most lucrative site of (...) casino gaming revenue. Taken together, CityCenter and Macau are illustrative of the political economy and cultural logics of financialization. Foreign investment from Las Vegas entrepreneurs has vitrified Macau, transforming it into a phantasmagoria of glass resorts. Macau in turn plays a crucial functional role in capitalism’s recomposition in East Asia, similar to the autochthonous role of the Italian city-states of Venice and Genoa in the historical origins of capitalism. In order to ‘read’ the cities of Las Vegas and Macau, I explore intertextual legibilities among fictitious capital that relies on glass fiber-optic technology to enable grand architectural projects; expressionist fictional representations of glass architecture and its utopian transformative potential; and glass buildings that themselves dissimulate in a manner not unlike fiction. (shrink)

The global financial crisis, triggered by the subprime mortgage crisis in the USA, raises an important issue—namely, private production without the control of private property. The credit system has concentrated increasingly large social assets into the hands of financial institutions governed by a few people. This paper argues that the use of social capital for private production has played a key role in causing the subprime mortgage crisis. The credit and banking systems have abolished the private nature of (...) class='Hi'>capital and have instead provided a basis for organizing and implementing social production. However, these systems have not “overcome the antithesis between the character of wealth as social and as private.” Therefore, it behooves us to explore what we can learn from the US financial crisis concerning how best to protect social interests, i.e., how to make the social capital produce for society. (shrink)

The relevance of Marx’s theory of value and his ‘law of the tendency of the rate of profit to fall’ to the analysis of the financial crisis of 2007–8 and the ensuing global slump is affirmed. The hypertrophic growth of unproductive constant capital, including the wages of ‘socially necessary’ unproductive labour and tax revenues, is identified as an important manifestation of an historical-structural crisis of capitalism, alongside the increasing weight of fictitious capital and the proliferation of (...) class='Hi'>fictitious profits in the lead-up to the financial crisis. These phenomena have obscured the deepest roots of the global slump in the long-term profitability problems of productive capital – that is, in a crisis of surplus-value production. With these considerations taken into account, a better empirical assessment of trends in the composition of capital becomes possible, and with it a more accurate understanding of the impact of the ongoing displacement of living labour from production on the average rate of profit and the future of US and global capitalism. (shrink)

To grasp current trends within capitalism without abandoning the framework of Marx’sCapitalwe need to return to the category of ‘fictitious capital’ and make it central to our explanations. Based on the 2012 Isaac and Tamara Deutscher Memorial Lecture, this essay combines reflections on Marx’s account of ‘fictitious capital’; an investigation of the role of bills of exchange; and an analysis of the recent turmoil in British and US banking. It looks at the way the opium trade, (...) financed through the London bill market, integrated a constellation of interests in the City with the labour of peasant households in India as parts of a unified accumulation process. Opium was vital to the fortunes of British capitalism for most of the nineteenth century. The merchant banks that were the mainstay of Britain’s form of capitalism were also the key element in the re-emergence of global finance in the postwar period. The concluding part of the paper deals with the current banking crisis and follows Hilferding in arguing that by providing liquidity to the markets for fictitious capital, speculation plays a crucial role in sustaining profitability for the bigger capitals. (shrink)

This article considers the status and meaning of the category of value in the wake of the financial crisis that began in 2007. I argue that value is best understood as a form of social wealth constituted by a spatially and temporally generalising social relation of equivalence and substitutability under, and specific to, capitalism ‐ and that a categorial focus shows that despite massive ‘devaluations’, the value-relation is not itself in crisis. On the contrary, it is running at near full (...) capacity, erasing the difference between ‘financial’ and ‘real’ capitals, values, and assets. Consequently, attempts to understand the crisis that rely on material distinctions between ‘real’ and ‘fictitious’ values and capitals overstate the extent and depth of the crisis for capital, and underestimate the virtually uninterrupted consolidation of the rule of the value, i.e. the territorial and historical imperative of equivalence and substitutability. (shrink)

The article develops a dialogue between the works of Marx, Husserl and Heidegger, about the problem of mathematization in its double perspective: scientific and economic. At first, we show the way in which ideation as well as real abstraction involve a forgetting of the world of life will be exposed. In a second moment, we will focus on the dissolution of the gold standard and on fictitious capital, to show the contemporary expression-in an economy obsessed with the reproduction (...) of abstract wealth-of the aforementioned oblivion. (shrink)

This paper assesses the current world economic crisis in terms of crucial transformations in global capitalism throughout the neoliberal period. It argues that intense social and spatial restructuring after the crises of 1973–82 produced a new wave of capitalist expansion that began to exhaust itself in the late-1990s. Since that time, new problems of overaccumulation and declining profitability have plagued global capitalism. Interconnected with these problems are contradictions related to a mutation in the form of world-money, as a result of (...) its complete de-linking from gold after 1971, which stimulated a fantastic growth in financial instruments and transactions, and generated a proliferation of esoteric 'fictitious capitals' whose collapse is wreaking havoc across world financial markets. The intersection between general conditions of overaccumulation and a crisis in financial structures specific to neoliberalism has now produced a deep world-slump. Inherent in this crisis is a breakdown in forms of value-measurement that is throwing up intense struggles between the capitalist value-form and popular life-values, the latter of which comprise the grounds for any real renewal of the socialist Left. (shrink)

Critical analysis of the biotechnological reproduction of biological life increasingly emphasises the role of value-producing labour in biotechnologically reproductive processes, while also arguing that Marx’s use of the terms ‘labour’ and ‘value’ is inadequate to the critical scrutiny of these processes. Focusing especially on the reformulation of the value-labour relation in recent work in this area by Melinda Cooper and Catherine Waldby, this paper both critiques this reformulation and questions the explanatory efficacy of the category ‘labour’ in this context. Emphasising (...) the contemporary global expansion of capital relative to value-producing labour – specifically, the expansion of fictitious capital and debt on the one hand, and of global surplus populations on the other – it argues that this reformulation misrepresents the mediated capacities of capital as the immediate capacities of labour. This reformulation, moreover, is indicative of broader tendencies in the contemporary theorisation of labour, tendencies exemplified by autonomist Marxism. (shrink)

Global capitalism’s specific contradictions and antagonisms and their threats for mankind Around 1990-1992, world capitalism opened for itself a new period of expansion, marked in particular by the incorporation of China. But the movement whereby “capitalist production overcomes its immanent barriers, but does so only by means which again place these barriers in its way on a more formidable scale” is under way. New contradictions and antagonisms are discernable, alongside earlier ones. The consequences of the relationship between “man and nature” (...) developed under capitalism, will now impinge on the accumulation process directly and indirectly. Given the external economic foundations of US hegemony, the scale on which it has accumulated fictitious capital and its dependency on energy, the situation is ripe with financial crises and with military conflict. (shrink)

El individuo tirano refiere al sujeto empoderado por la tecnología digital que, obsesionado con la autoafirmación y el control a través de las redes sociales, impone sus preferencias y opiniones sin considerar las consecuencias sociales, éticas y políticas. Esta conducta, sumada a un régimen de posverdad, fomenta el descreimiento en las instituciones, el aislamiento y la no aceptación de lo distinto, propiciando que los individuos descarguen entre sí de opiniones infundadas e instaurando una lógica amigo-enemigo que hace emerger la actitud (...) antipolítica y daña el tejido democrático. En paralelo, el capitalismo actual se caracteriza por el volumen masivo de capitales especulativos, generando crisis e inestabilidad. En este "capitalismo especulativo", el neoliberalismo desde abajo emerge como estrategia de adaptación de grupos sociales, evidenciando cómo el emprendedorismo ha cooptado a la clase trabajadora. Este artículo propone analizar cómo la convergencia del individuo tirano, el emprendedorismo y el capitalismo especulativo genera una torsión en las subjetividades contemporáneas. Esta se manifiesta en la precariedad de sus condiciones de vida, la aceptación pasiva frente a la incertidumbre, la autoresponsabilización ante el fracaso, el individualismo extremo y la credulidad en narrativas que exigen apostar al riesgo en busca de un futuro mejor. (shrink)

It was in the days when European society was in the throes of expanding industrial capitalism that Abraham Kuyper formulated his basic ideas about the pitfalls of the free enterprise system and the need for a structural make-over of society. Already two decades before his mature address of 1891 on the social question, he urged the church to concern herself seriously with the plight of the working classes. In 1874 he railed against “fictitious trade” and mere “paper assets.” In (...) an extensive commentary on his political party’s program he repeated his fundamental objection to the “fictitious expansion of capital”, calling for legislation to curb such excesses and to create a better balance in incomes between the different classes making up society. He argued for equity and justice rather than charity and philanthropy, and for wages and salaries proportional to effort, skill and education. Yet while the gap between rich and poor cried out to heaven, the first step toward solving the social question, according to the youthful Kuyper, was not to focus on the poor but to provide employment opportunities so that the able and willing working man could earn a living wage. He proposed raising import duties and protective tariffs, replacing taxes on necessaries with taxes on luxuries, abolishing government-run lotteries, and lifting the ban on organizing trade-unions. To achieve these reforms, it was essential that the lower classes be given greater representation in parliament and that selfish greed make way for neighbourly love and mutual solidarity. (shrink)

The financial crash of 2008 following the selling of fictitious derivatives was a crisis of both rationality and values whose aftermath has thrown the legitimation of deregulated markets, and governments, into question. This paper critiques the Becker metaphor of human capital and submits that human value is central to and the fulcrum of both economic and social values. It illustrates that Hume and Adam Smith directly countered the Hobbesian hypothesis that human nature is based only on self-interest, distinguishes (...) market values from social values, explicit from implicit values and parallels Sen in adopting an ordinal ranking of what people value rather than a search for cardinality. It draws on cognitive psychology, neural research, revealed preference theory and a principle of implicit verification. It also outlines implications for what Adam Smith centrally valued as concern for the welfare of the whole of society. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between monetary (...) and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

Corporate executives, at the behest of Wall Street, have embraced the heresy of upsizing short-term shareholder profits by downsizing the long-term work force. This restructuring of corporate America, which views the corporation as an investment organization rather than a social organization, has created an ethical quandary by removing from the equation a sense of larger-purpose. This paper proposes a new paradigm, LIFESIZING, to address the issues raised by this ethical quandary. The paper will explore the effect the creation of (...) class='Hi'>fictitious personhood (Corporations, Government, Wall Street, Unions, etc.) has had on the concept of personal responsibility and common good when responsible individuals are but transient members of such a legal entity. It will briefly recap the history of downsizing, the practice of treating workers as an expense rather than a capital asset, stakeholder theory, and the rise of a "me-first" culture. It will then define and apply LIFESIZING to both the individual and the corporation in an attempt to provide a sense of balance missing from current discourse. (shrink)

I argue that Marx’s critique of political economy in volume 1 of Capital relies on a kind of genealogical argument that takes capitalism as its object. In the first section of the article, I sketch out an interpretation of the argumentative structure of Capital 1, highlighting what I take to be the two crucial turning points in Marx’s critique of political economy. Marx’s specifically genealogical argument comes to the foreground with the second of these turning points, which can (...) be found at the start of his account of primitive accumulation in Part 8 of Capital 1. The first part of the paper defends the thought that the genealogy of capitalism’s prehistory is no mere digression from or complement to the main theoretical argument, but rather the crucial completion of Marx’s critique of political economy in Capital 1. In the second part of the paper, I turn to the somewhat thornier question of what sort of genealogy Marx offers. Drawing on and extending Bernard Williams’s distinction between vindicatory and subversive genealogies, I contend that Marx’s genealogy of capitalism, despite containing both subversive and vindicatory strands, is embedded in a longer vindicatory historical arc that, while avoiding crude teleologies and strong claims to unilinearity, nonetheless maintains a kind of necessity claim for its genealogical object. (shrink)

This project explores the "contradiction" that critics contend lies at the heart of the Supreme Court's capital sentencing jurisprudence. The doctrine of "guided discretion," represents the Court's attempt to achieve both consistency and individuation in capital sentencing. Guided discretion rejects the unbridled sentencing discretion of an earlier era that resulted in sentencing decisions that were "arbitrary and capricious." At the same time, guided discretion requires juries to give individualized consideration to the facts and circumstances of individual defendants. Critics (...) contend that consistency and individuation are mutually exclusive, and that "guided discretion" is a contradiction in terms. ;The analysis first attempts to isolate the moral dimension of the capital punishment debate, arguing that such analytical clarity is essential to any defensible view of capital punishment. Second, it sets forth and defends the coherence approach to moral and legal justification, according to which the specific moral and legal principles relevant to capital sentencing are evaluated for their compatibility with the principles of the legal system more generally. Third, the analysis canvasses the traditional justifications for punishment, as well as the development of the Court's capital sentencing jurisprudence, and identifies retribution and deterrence as the most promising rationales for the death penalty. Fourth, the claim of contradiction is considered in the context of legal liberalism, which, contrary to critics, has ample resources to accommodate the doctrinal balancing act that guided discretion entails. Moreover, examination of a typical capital sentencing statute establishes that the doctrine of guided discretion is compatible with at least some forms of retributivism and with traditional principles of deterrence. Finally, the analysis recognizes the limits of philosophical consistency. The capital sentencing process presents daunting practical challenges that a theoretical defense of guided discretion cannot fully address. Substantial reforms are needed before the theoretical coherence of guided discretion can be translated into a constitutionally defensible capital sentencing process. (shrink)

This article has two general aims. It first of all critically reconsiders the empirical turn’s dismissal of transcendentalism in the philosophy of technology, in particular through the work of Ihde and Verbeek, and defends the continuing relevance of the notion of the transcencental in thinking about technology today, illustrating this mainly through a reading of Stiegler’s understanding of the human condition as a technical condition and his view of human (noetic) evolution as proceeding from a process of technical exteriorization. The (...) crucial issue that is missed by postphenomenology and the empirical turn is that technology itself in its empiricity occupies the (periodically changing) place of the transcendental. It thus fails to consider the transcendental operativity of technical artifacts within its own empiricist stance. Secondly, it argues for the continuing importance and usefulness of the idea of Technology with a capital T, equally discarded by the representatives of the empirical turn, in particular against the emerging backdrop of the Anthropocene as the age of decisive anthropogenic forcing of the planet and the growing dominance of what has recently been called the technosphere in Earth system science. With Stiegler I show that a proper, inherent dynamic of technology must be acknowledged historically, anthropologically, techno-evolutionarily as well as (techno)phenomenologically. I conclude by demonstrating that our time of planetary crisis summons us to redirect our attention to technology from the empirical to the transcendental, and from the micro-level to the macro-level again. (shrink)

Family financing has become a powerful channel for entrepreneurs to obtain entrepreneurial funding. How do family members use intent and quality signals to select new ventures to provide lending support? Building on the signaling theory, this study provides the first quantitative evidence using a sample of 166 samples of family lenders in China. Our findings reveal that psychological capital can support entrepreneurs to obtain family lending. As an intent signal, psychological capital becomes more influential when quality signals, corporate (...) competitive advantage, and firm performance perform more positively. This study emphasizes that family financing support is not only out of love or altruism and extends the literature concerning the influence of positive psychological capital in financial investment decisions. (shrink)

Using deconstruction, this book approaches contemporary problems raised by technologies of life and death from cloning to capital punishment; and thereby, provides new insights into current debates from a perspective outside of mainstream philosophy with its assumptions of individual and political sovereignty.

Entrepreneurship success is the ultimate goal pursued by entrepreneurs, and entrepreneurial passion is also considered an indispensable and important element on the road to entrepreneurial success. However, the internal influence mechanism of entrepreneurial passion on entrepreneurial success is still insufficient in academic circles. In view of this, based on the theory of social information processing, this research analyses the internal mechanism of entrepreneurial passion through individual psychological capital on entrepreneurial success and the promotion of external entrepreneurial policy support. Through (...) a multi-time and multi-source questionnaire survey of 455 entrepreneurs in entrepreneurship parks and entrepreneurship centers in Wuhan, Guangdong, Shanghai, and other places, the research results show that entrepreneurial passion can increase individual psychological capital and positively affect entrepreneurial success; psychological capital mediates the relationship between individual entrepreneurial passion and entrepreneurial success. Entrepreneurship policy support at the environmental level can promote the effect of entrepreneurial passion on the accumulation of psychological capital, and promote the transformation of entrepreneurial passion into entrepreneurial success through psychological capital. The above research results are helpful to the accumulation of entrepreneurs’ psychological capital and provide a useful reference for entrepreneurial success. (shrink)

The implementation of socially sustainable supply chain management (SSCM) practices (i.e. assessment and collaboration) to tackle suppliers’ social deficiencies (e.g. the use of child labour) often requires a level of cooperation that can be difficult to establish. Despite this daunting challenge, scant scholarly attention has been paid to explore how the implementation of socially SSCM practices can be effectively facilitated and enhanced. Drawing on social capital theory, this study examines the individual impact of assessment and collaboration practices on suppliers’ (...) social performance and explores whether and how these effects can be moderated (strengthened) by the level of social capital (i.e. relational, cognitive, and structural) embedded in the buyer–supplier relationship. Based on a survey of 119 manufacturing companies in the UK, we found that assessment practices are less likely to influence suppliers to improve social performance compared to collaboration practices. However, when relational and structural capital are manifested in the relationship, assessment practices become significant in driving suppliers’ social performance. We also found that the positive impact of collaboration practices is more pronounced when relational and cognitive capital are established in the relationship. This paper contributes to the growing socially SSCM literature by disentangling the vital and relative importance of social capital dimensions on the implementation of socially SSCM practices. (shrink)

The purpose of this research paper is to identify which types of corporate philanthropy (CP): cause-related marketing (CRM) or sponsorship, create higher moralcapital under two conditions: proactive or reactive (following a scandal). Results showed that CP created higher moral capital for a proactive company than for a reactive company. Both CRM and sponsorship were perceived as more sincere in the proactive company than the reactive company. However, CRM was seen as self-serving in the reactive company, but not the proactive (...) company. The study demonstrated that companies need to take into account the different types of CP, as it has an effect on their moral capital. Socially proactive firms should engage in both CRM and sponsorship philanthropy, as both types can generate high moral capital, which creates better company reputation. However, CP may not be the most effective or appropriate strategy for creating moral capital following negative publicity. (shrink)

In order to improve our understanding of whether and how spiritual leadership promotes positive work-family outcomes from a resource perspective, this study proposed and tested for the first time a conceptual model incorporating job resources and psychological capital as the mediating factors between spiritual leadership and facilitation. We tested a theoretical model with date obtained from 529 Chinese workers who completed questionnaires in a four-wave survey. The results showed that the relationship between spiritual leadership and work-to-family facilitation was mediated (...) by job resources alone, as well as job resources and psychological capital in sequence. Thus, this research may also pave the way for future spiritual leadership research on follower outcomes in other domains by shifting the present spiritual leadership research focus from work outcomes to personal life. Implications for theory, managerial practices, limitation, and future research were discussed. (shrink)

Global environmental problems, such as global warming, pollution, or deforestation, are critical issues that require a rapid and common response. In this context, companies play a decisive role in achieving environmental objectives through the ecological knowledge they can store and manage. In this context, the present research focuses its interest on analyzing how the set of green intangibles possessed by organizations, i.e., Green Intellectual Capital, affects their Green Performance. Specifically, the study shows how GP is influenced by GIC through (...) the mediating role of the Green Innovation variable. Therefore, the research questions to be answered by this study are as follows: Does GIC influence environmental performance? Does GI mediate the GIC-GP relationship? What actions can companies take to improve their GP? There are several reasons that have led us to carry out this research. First, there is little empirical evidence of the relationships proposed in this study. Second, to the best of our knowledge, there is no previous research that has contextualized the relationships raised in the wine industry, thus representing an advance in the comprehension of the constructs studied. Third, GIC represents an incipient field of study that needs to be developed and established within the literature linked to Intellectual Capital. In order to achieve the proposed objectives, data from a survey of 202 wineries in Spain were used and a quantitative approach was followed using Structural Equation Modeling. The results of the research indicate that there is a positive and significant relationship between GIC and GP. In addition, GI partially mediates the relationship between these two variables, playing a key role in the environmental management of wineries. The theoretical and practical contributions of the study improve the understanding of the relationships raised, being a pioneering study due to its contextualization in the wine industry, as well as providing a series of guidelines for both environmental managers and winemakers to improve their GP. (shrink)

Climate change has caused serious threats to global economic development and human well-being, and green finance is a new way to achieve ecological, economic, and social sustainable development, and it also has important theoretical significance and policy value. This study firstly aims to study the impact of green finance on regional carbon intensity. Then, it aims to determine the moderating effect of capital stock per capita on the relationship between green finance and carbon intensity based on moderating effect model (...) as well as to investigate the threshold effect of capital stock per capita on the relationship between green finance and carbon intensity based on threshold effect model. The main conclusions are as follows: Every 1% increase in green finance will lead to a 2% decrease in carbon intensity, and the inhibition of green finance on carbon intensity is most obvious in northeast and east China. The capital stock per capita has a significant moderating effect, which could enhance the restraining effect of green financial development on carbon intensity, and this moderating effect is most obvious in northeast China. The capital stock per capita has a threshold effect in the process of green finance development to suppress carbon intensity. The higher the capital stock per capita, the stronger the inhibition effect of green finance development on carbon intensity. Therefore, in the process of capital accumulation, attention should be paid to improve the relevant legal system and policy guarantee, optimization of financial structure, and stimulation of the capital allocation effect of green finance. Simultaneously, in order to strengthen the inhibitory effect of green finance on carbon intensity, differentiated green finance development policies should be formulated based on factor endowment structure and comparative advantages of different regions. (shrink)

Much current work in the social sciences seeks to understand the effects of trust and social capital on economic and political outcomes. However, the sources of trust remain unclear. In this article, the authors articulate a basic theory of the relationship between institutions and trust. The authors apply this theory to industrial districts, geographically concentrated areas of small firm production, which involve extensive cooperation in the production process. Changes in power relations affect patterns of production;the authors suggest that they (...) also have knock-on consequences for trust and cooperation among actors. (shrink)

This study aimed to investigate the serial-multiple mediation effect of professional identity, psychological capital, work-related stress, and work-related wellbeing among intensive care unit nurses in China. The cross-sectional survey was conducted from January 2017 to May 2017 in two Grade III A general hospitals in Jining, Shandong Province, China. Cluster sampling was used to recruit participants from the two hospitals. A total of 330 ICU nurses participated in the study. The nurses’ work stress scale, Chinese nurse’s professional identity scale, (...) the PsyCap questionnaire, and Chinese work-related wellbeing scale were used to collect the data. Descriptive analysis, independent-samples t-test, one-way analysis of variance, Pearson correlation analysis, linear regression analysis, and structural equation modeling were used to analyze the data. The average score for the work-related wellbeing of ICU nurses was 85.91 ± 13.94. Work-related stress, professional identity, and PsyCap correlated significantly with work-related wellbeing. The major predictors of work-related wellbeing were PsyCap, work-related stress, professional identity, and monthly salary. The serial-multiple mediation effects of professional identity and PsyCap in the relationship between work-related stress and work-related wellbeing were statistically significant. Positive professional identity and PsyCap were sequentially associated with decreased work-related stress, which in turn was related to increased work-related wellbeing among ICU nurses. Therefore, this study aims to explore the impact of ICU nurses’ work-related stress on work-related wellbeing, as well as the mediating effect of professional identity and PsyCap. It is hoped that hospital care managers will pay attention to the mental health of ICU nurses, increase their professional identity, and reduce work-related stress to improve the quality of the ICU nursing service and stabilize nursing work. (shrink)

The motivation of the study is to explore the nexus tourism-led sustainable human capital development in Brazil, Russia, India, China, and South Africa for the period 1984–2019. The study applied several econometrical techniques for exposing the empirical association between tourism and HCD, such as the conventional and structural break unit root test, the combined cointegration test, long-run and short-run coefficients detected through implementing the Augmented Autoregressive Distributed Lagged, and directional causality by following Toda-Yamamoto with Fourier function. The unit-roots test (...) established variables are integrated in mixed order, wherein variables are stationary at a level or after the first difference. The estimated test statistics from the combined cointegration test and AARDL confirmed the long-run association between tourism, gross capital formation, financial development, and HCD. Tourism revealed a positive and statistically significant tie with HCD in the long run. Moreover, the joint effects of interactive terms TOR*GCF and TOR*FD established a positive and statistically significant relationship with HCD. In addition, the causality test revealed the feedback hypothesis available between tourism and HCD in all sample countries except India. In conclusion, the role of tourism development is critically important for sustainable HCD in BRICS. Therefore, in case of a policymaking concern, it is inevitable to address the tourism issues with care for capitalizing on the benefits for tourism development. (shrink)

This study focused on the frequency of social media use. Through investigating and verifying the correlations between social media use frequency, online political participation, and social capital, we derived two models of socialization that affect citizen well-being and, accordingly, proposed strategic suggestions for democratic society construction and network management. This study drew upon the 2019 Taiwan Communication Survey database and used structural equation modeling as a statistical method to explore the causal relationship between these four variables. The data analysis (...) yielded an overall good fit with the overall fit indicators: χ2 = 214.417, df = 84, p = 2.293, RMSEA = 0.028, GFI = 0.998, CFI = 0.986, SRMR = 0.066, and CN = 993.411. Future communication scholars who wish to explore issues related to new media users can draw on this model for subsequent research. (shrink)

This research investigates gender differences in employer-sponsored medical insurance coverage among full-time male and female workers in the United States and assesses the relevance of human capital theory and its compensating differentials corollary in predicting coverage. Data are analyzed from a subsample of the Quality of Employment Survey, a national probability sample of workers in the United States. Results indicate that men were more likely to have medical insurance coverage from their employers than were women; however, gender differences were (...) minimized in a multivariate context when human capital and structural variables were controlled. Furthermore, human capital variables are, overall, weak predictors of whether both women and men received coverage. More generally, the data suggest that structural conditions of the occupation, rather than individual human capital, may be most relevant for future research. (shrink)

Over recent years, the ‘social’ has been reclaimed in different strands of academic debate. In this paper, we facilitate a conversation between three of these strands - feminist theory, late modern sociology and social capital theory - to draw attention to the problematic nature of the claims that social capital theories make for feminist theory and politics. We introduce two papers, by Lisa Adkins and Barbara Misztal, which provide distinct but related responses to the challenge of reclaiming the (...) social. We point to three themes that they have in common, but which they define and respond to differently: the ‘social’ and the public/private divide; politics and the relationship to the world; and the temporality of social theory. We end with our reflections on the importance of this conversation, exploring how realignments in the relationships between theoretical and empirical concerns have the potential to reinvigorate the relationship between feminist theory and politics. (shrink)

Recently, various studies have suggested that ethical leadership offers an important antecedent of fluid internal workplace relationships, which are conducive of internal social capital. Yet existing research has neither inquired into potential mediators of this relationship nor addressed the role of other distinct leadership strategies in encouraging such a valuable capital. This study advances previous research by examining if servant leadership, which seeks to put followers’ interests and needs first, can account for social capital variance within the (...) work group, which is the building block of organizations. New to the literature, we also investigate whether group citizenship behavior mediates this relationship. A sample of 352 work groups, spanning 187 hotels located in Spain, reveal that group citizenship behavior partially mediates the positive influence of servant leadership on group social capital. Managers can use these findings to lead their businesses in a more socially friendly direction while also building group social capital, which can improve the competitiveness of their work groups, and the entire business. (shrink)

As the aging population problem intensifies, many emerging economies are caught in labor shortage and rising labor costs, thus improving the corporate labor investment efficiency is crucial for these countries. In this context, we take China as an example to explore the influence of the current booming digital finance on corporate LIE. This paper, which enriches the existing literature, is one of the few studies that explores the link between macroeconomic policies and firms’ LIE. Our research adopts the baseline methodology (...) of ordinary least squares regression, and the data comprise 23,503 observations for Chinese A-share listed businesses from 2011 to 2020. In addition, we use fixed effects regression, instrumental variables method and substitution of independent variables to deal with endogeneity and test the robustness. The outcomes suggest that DF may significantly increase corporate LIE. Further results from the path mechanism study suggest that DF could alleviate financing constraints and optimize human capital structure, both of which have a favorable effect on the LIE. Last but not least, the heterogeneity results imply that DF can more effectively encourage LIE of firms in economically underdeveloped regions and of private nature. The study recommends that emerging economies should pay attention to strengthening regulation to avoid financial risks while vigorously promoting DF. In addition, enhancing the level of human capital and optimizing human capital allocation are also essential. (shrink)

After a crisis, broad and sweeping reforms are enacted to restore trust. Following the 2007-2008 Great Financial Crisis, the European Union has engaged in an ambitious overhaul of banking regulation. One of its centerpieces, the 2013 Fourth Capital Requirements Directive, tackles, amongst other things, the perceived pre-crisis failings in the governance of banks. We focus on the provisions that are aimed at reshaping bank boards’ composition, functioning, and their members’ liabilities, and argue that they are unlikely to improve bank (...) boards’ effectiveness or prevent excessive risk-taking. We criticize some of them for mandating solutions, like board diversity and the separation of chairman and CEO, that may be good for some banks but are bad for others, in the absence of any convincing argument that their overall effect is positive. We also criticize enhanced board liability by showing that it may increase the risk of herd behavior and lead to more serious harm in the event of managerial mistakes. We also highlight that the push towards unfriendly boards will negatively affect board dynamics and make boards as dysfunctional as when the CEO dominates them. We further argue that limits on directorships and diversity requirements will worsen the shortage of bank directors, while requirements for induction and training and board evaluation exercises will more likely lead to tick-the-box exercises than under the current situation in which they are just best practices. We conclude that European policymakers and supervisors should avoid using a heavy hand, respectively, when issuing rules implementing CRD IV provisions with regard to bank boards and when enforcing them. (shrink)

This research aims to identify the investor’s decision-making styles and their impact on entrepreneurial opportunities through the mediation role of entrepreneurial intention and moderation effect of social capital in the healthcare sector of Pakistan. This study applied a structural equation modeling to test the hypotheses on a sample of 400 healthcare investors. Our findings reveal that the conditional indirect relationship of entrepreneurial intention through social capital was significant on opportunity creation and an insignificant influence on opportunity discovery from (...) decision-making styles. This study provides implications for policymakers to enhance entrepreneurial opportunity creation by providing robust social environment investors and encouraging them to create business ventures in the healthcare sector. (shrink)

The article deals with theoretical aspects of human capital, features of human capital, problems and prospects of human capital in modern conditions. Problems and challenges of ontology and functioning of human capital in postmodern society are outlined. The current state of investment in the reproduction of human capital and its development was assessed. One of the ways to increase human capital is to invest in people, their health and education. The article substantiates the role (...) and importance of investments in human capital at the family level. The sharp increase in interest in the creative abilities of a person and in the ways of their formation and development confirm the obtained results. The international significance of the article lies in the objectification of the problems of human capital in developing countries, taking into account the global industrial, cultural and social context. In order to optimize human capital management on the verge of the postmodern and post-post era, these research results can help in the development of scientific, public and government programs and activities. (shrink)

Land dispossession is a major source of protest in many countries. This article asks, How common are cases of mobilization against land dispossession relative to cases of nonmobilization? Why do we see protests against land dispossession for some projects and not others? These questions are taken up in the context of India, a major global hotspot for land dispossession protest. Using a database of all major capital projects in the country, the article looks at the effects of project characteristics (...) and context on incidence of delays or cancellations due to land acquisition problems. The findings demonstrate that a project’s sector and subnational location affect the emergence of opposition to land dispossession. Further, differences in political competitiveness and agrarian social structure are significant factors driving subnational variation. By identifying important factors shaping opposition to land dispossession, the article aims to stimulate comparative research that can advance a political sociology of dispossession. (shrink)

The research aims to explore the influence mechanism of proactive personality on the entrepreneurial intentions of college students. Adopting proactive personality scale, social capital scale, human capital scale, and entrepreneurial intention scale, this research tested valid samples of 300 Chinese college students. The results revealed that proactive personality exerted a significant and positive impact on the entrepreneurial intentions. Social capital played a partial mediating role between the proactive personality and the entrepreneurial intentions. Human capital also played (...) a partial mediating role between proactive personality and entrepreneurial intentions. Social capital and human capital exerted a chain mediation effect between proactive personality and entrepreneurial intentions. The result of this research offers valuable insights to the study of the influence of college students’ proactive personality on entrepreneurial intentions and provides entrepreneurship education management in colleges with specific practical suggestions so as to improve entrepreneurial intentions among college students. (shrink)

Issues of life and death such as abortion, assisted suicide, capital punishment, and others are among the most contentious in many societies. Whose rights are protected? How do these rights and protections change over time and who makes those decisions? Based on the author's award-winning and hugely popular undergraduate course at The University of Texas, this book explores these questions and the fundamentally sociological processes that underlie the quest for morality and justice in human societies. The author's goal is (...) not to advocate any particular moral "high ground," but to shed light on the social movements and social processes that are at the root of these seemingly personal moral questions"--Provided by publisher. (shrink)

The worsening environmental crisis has become a serious threat to mankind. The search for a solution to this crisis must begin by understanding its causes. Taking an eco-socialist perspective, The Ecological Crisis and the Logic of Capitalexplores the logic of capitalism as a fundamental cause of today's environmental crisis, in particular the thirst for profit and the capitalist mode of production. By demonstrating the inherent antagonism between capital and ecology, this book argues that proposals to resolve the crisis within (...) the capitalist system are utopian, that proposed remedies relying on scientific progress, alternative energies, low-carbon technologies or the introduction of ecological ethics and new attitudes toward Nature into market mechanisms are doomed to failure without a radical overhaul of the principles that govern capitalism. (shrink)

Making use of capital to develop China’s socialist market economy requires China not only to fully recognize the tendency of capital civilization but also to realize its intrinsic limitations and to seek conditions and a path for overcoming contradictions in the mode of capitalist production. Karl Marx’s theory of capital provides us with a key to understanding and dealing properly with problems of capital. At the same time we should also pay heed to Western research on, (...) experience with, and lessons from capitalist economies developed over the past four centuries summarized in the field of “business ethics”. (shrink)