In this paper we report on empirical research which investigates social capital of Small and Medium Sized Enterprises (SMEs). Bringing an international perspective to the work, we make a comparison between 30 firms located in West London and Munich in the sectors of food manufacturing/production, marketing services and garages. Here we present 6 case studies, which we use to illustrate the early findings from this pilot project. We identify differences in approach to associational membership in Germany and the U.K., (...) with a greater propensity to "belong" to an official group in Germany. We distinguish clear sectoral similarities across the countries, and indications that certain personality types will seek out engagement and find time beyond busy work life schedules, often merging work/home/leisure life and friends. Some of our cases illustrate that formal institutions, networks and mutual relationships can develop social capital for the SME, although we should take care not to assume a universal win-win situation for those who are engaged and contribute to the common good. Some of the obstacles to cooperation and civic engagement are outlined. (shrink)

This article argues for a social proviso concerning capital endowments that is analogous to Locke's original proviso on access to productive natural capital.

Nowadays, it seems easy to regard some of the values and purposes that have led us to the society we live in today as dysfunctional. However, searching for a villain that justifies all our pain and confusion in recent years is a vain undertaking. It is imperative to protect the good in our society and to discover what we need to improve and accomplish. In this sense, spirituality is our unresolved issue. The purpose of this article is to survey the (...) different deliberations about capital as a measurable value of companies and to explore whether spiritual capital can be a new one, or even more importantly, an important one. (shrink)

A large proportion of the population thinks that capital punishment is a reasonable method to reduce crime and punish those who have been convicted of a capital crime. I discuss aspects to the philosophy of capital punishment, and analyze factual elements of murder conviction processes, to significantly cast doubt on the pro-capital punishment argument. In order to measure the true value and need for capital punishment, one must analyze pro capital punishment arguments in light (...) of the alternatives. While theories of deterrence, incapacitation and retribution will be reviewed, theories of rehabilitation and restoration will not since they are not applicable to the capital punishment discussion. With increased legal protections, which are a good thing, and rising costs of incarceration, capital punishment is not the greatest good punishment option for capital crime. The remaining options are revising the capital punishment system, an enormous challenge, or suspending it indefinitely. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to (...) meet their aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

Social capital has as its key element the value of social relationships to generate positive outcomes, both for the key parties involved and for wider society. Some authors have noted that social capital nevertheless has a dark side. There is a moral element to such a conceptualisation, yet there is scarce discussion of ethics within the social capital literature. In this paper ethical theory is applied to four traditions or approaches to economic social capital: neo-capitalism; network/reputation; (...) neo-Tocquevellian; and development. Each is considered in detail and subject to ethical analysis by the application of utilitarianism, Kantianism, justice and rights, and ethic of care. Accordingly, the assumption that social capital is either value-neutral or a force for good is critiqued, and a framework for understanding social capital from an ethics perspective is presented. (shrink)

This chapter contains sections titled: Primary Goods, Self‐Respect, and Capabilities Primary Goods: The Empirical Evidence What is the Role of the State in Redistributing PrimaryGoods? Conclusion References.

Latin is currently being trialled as a subject in 40 state secondary schools in England. This paper focuses on one of the justifications of this trial: that teaching Latin in state secondary schools provides students with cultural capital which in turn counters social injustice. By taking the example of Latin as a starting point, I reach two conclusions about cultural capital. The first is that providing students with cultural capital can be good for some individuals, and so (...) justified on a case-by-case basis depending on context. However, this justification does not hold for curriculum policy making. My second conclusion is that in the long term, pursuing cultural capital as part of curriculum policy exacerbates the social injustices it purports to address. Wherever an activity is introduced for the sake of cultural capital rather than its educational value, educationally valuable activities risk being pushed off the curriculum, potentially degrading the educational value of the curriculum. In the case of teaching Latin, it may provide benefits to particular students, but as part of curriculum policy it risks exacerbating social injustices and undermining the educational value of school curricula. Going beyond the place of Latin on the curriculum, I argue that all appeals to cultural capital provide a poor basis for curriculum policy making. (shrink)

This Element presents a new framework for Austrian Capital Theory, starting from the notion that capital is value. Capital is the value attributed by the valuer at any moment in time to the combination of production-goods and labor available for production. Capital is the result obtained by calculating the current value of a business-unit or business-project that employs resources over time. It is the result of a entrepreneurial calculation process that relates the flow of consumptions (...) goods to the value of the productive resources that will produce those consumptions goods. The entrepreneur is a ubiquitous calculating presence. In a review of the development of Austrian Capital Theory, by Carl Manger, Eugen von Böhm-Bawerk, Ludwig von Mises, Friedrich Hayek, Ludwig Lachmann as well as recent contributions, the Element incorporates the seminal contributions into the new framework in order to provide a more accessible perspective on Austrian Capital Theory. (shrink)

Christian Marazzi's first book: a post-Fordist classic on the roots to economic crises in the contemporary age. Communication as work: we have recently experienced a profound transformation in the processes of production. While the assembly line excluded any form of linguistic productivity, today, there is no production without communication. The new technologies are linguistic machines. This revolution has produced a new kind of worker who is not a specialist but is versatile and infinitely adaptable. If standardized mass production was dominant (...) in the past, today we produce an array of different goods corresponding to specific consumer niches. This is the post-Fordist model described by Christian Marazzi in Capital and Affects. Tracing the development of this new model of labor from Toyota plants in Japan to the most recent innovations, Marazzi's critique goes beyond political economy to encompass issues related to social life, political engagement, democratic institutions, interpersonal relations, and the role of language in liberal democracies. This translation at long last makes Marazzi's first book available to English readers. Capital and Affects stands not only as the foundation to Marazzi's subsequent work, but as foundational work in post-Fordist literature, with an analysis startlingly relevant to today's troubled economic times. This Semiotext edition includes the afterword Marazzi wrote for the 1999 Italian edition. (shrink)

In the aftermath of scandals such as those at Enron and WorldCom, there is a growing suspicion of the corporate world. For this reason it is more important than ever for firms to maintain a good reputation. In Building Reputational Capital, Kevin T. Jackson offers a practical guide to taking the high road--the only path that leads to lasting success. Based on extensive research and real-world experience, Building Reputational Capital reveals basic principles of integrity and fairness with which (...) firms can build an enduring reputation. More than image, a firm's reputation is a form of capital often neglected in the boardroom and overlooked in conventional analyses of financial statements. Speaking directly to the work experience of real people in practical business settings, Jackson couples each principle with straightforward actions that drive management systems, and he provides tested strategies--from downsizing techniques to e-commerce tips--that cultivate the hidden power of a good reputation. He outlines the advantages of a superior reputation, describes the vital role the firm's leader must play, offers ways to build and protect your reputation on the Internet, and shows how to rescue your reputation once disaster hits. Perhaps most important, he shows how to strike the right balance of virtues like authenticity, honesty, responsibility, and stewardship of the environment, employees, and the economy. Highlighted with real-life success stories--from giants like Hewlett-Packard to small firms like Thanksgiving Coffee Company, Building Reputational Capital offers a simple but effective guide for executives, managers, entrepreneurs, legal professionals, and corporate consultants. (shrink)

This Article argues that just as the act of forcing sex upon a rapist is itself rape, the execution of a murderer is itself murder. Part I clears the way by defeating three simple, but common, arguments that capital punishment is not murder. Part II shows that despite moral theorists' best attempts to show otherwise, executions seem to instantiate all the morally relevant properties of murder. Part III notes a lacuna in the literature on capital punishment: Even if (...) there is a good moral reason to execute murderers, the distinction between capital punishment and murder requires a plausible account of the state's right to execute citizens. We have no such account. (shrink)

This article discusses the practice and development of organ donation by capital prisoners in China. It analyzes the issue of informed consent regarding organ donation from capital prisoners in light of Confucian ethics and expounds the point that under the influence of Confucianism, China is a country that attaches great importance to the role of the family in practicing informed consent in various areas, the area of organ donation from capital prisoners included. It argues that a proper (...) form of organ donation from capital prisoners can be justified within the Confucian moral context in which the proper interests of capital prisoners and their families, the benefit of organ receptors, and a rightful order of society should all be appropriately considered. From the Confucian perspective, the act of donating organs from a capital prisoner must be decided by both the prisoner and his/her family (i.e., each side should hold a veto power), whereas such donation, in the proper circumstance protected by a rightful procedure, should be appreciated as a morally praiseworthy act of the prisoner who is willing to make the final effort to repent and correct his/her evil conduct and to leave something good to the world. (shrink)

For eradication of acute poverty, it is vital to factor in the human experience of it. Building social capital and networks that nurture, empower, and consistently reinforce a new shared economic identity can provide rich socioeconomic dividends. For states tackling extreme poverty at scale, building and strengthening social capital are essential public goods investments.

This research, couched in the resourcebased view of the firm, investigates the potential for reducing an organization's decision uncertainty within its structural equation modeling, we empirically test if organizational design can reduce the perceived uncertainty related to an IC context, which we refer to as knowledge uncertainty. We found evidence that decentralization and technology infrastruture support a resultsbased IC mangement contrl system which in turn is associated with reduced support a good overall fit for our model. Our findings suggest that (...) if managers structure their organizational control systems appropriately for developing IC capabilities, these systems can lead to reduced internal uncertainty regarding human, structural, and relational capital. (shrink)

Japanese society is often said to be one with a high premium on social capital. Two major theses have been put forward with regard to social capital in the last few years. One, advanced by Putnam (1993), is that social capital enables democracy to work. In other words, the historically acquired and accumulated social capital in terms of the propensity of individuals to engage with others in community and associational life facilitates the task of democratically working (...) out the resolution of conflicts of interest and collectively producing good public policy. The other, advanced by Fukuyama (1995), postulates that social capital allows the creation of prosperity. In other words, a high level of social capital enables business firms to take risks and stretch networks fully in the creation of wealth on a large scale for a prolonged period of time. (shrink)

Recent decades have seen a rapid increase in the rate of conversion from conventional to organic farming, as organic farming shifted from an alternative production approach practiced by a small number of idealists, to the de facto alternative to mainstream conventional production. Although there has been considerable academic debate as to the role of agri-business penetration into the production and marketing chains of organic farming (‘conventionalization’), less is known about how the economic drivers of conventionalization are negotiated into practices at (...) the farm level. Drawing on Bourdieu’s conceptualization of economic and cultural capitals, the direct connection between symbols of ‘good farming’ and the economic requirements of maintaining a viable farming business (i.e., the ‘taste of necessity’) is demonstrated. Findings indicate that conventional and organic farmers in the study sites identified a similar range of cultural symbols, but organic farmers emphasized different symbols within this range. This diversity and selectivity demonstrates the fragmentation and contestation of ideals resulting from economic challenges at the time of the study. Economic capital is important to the decision to consider conversion to organic farming, but formal conversion reflects re-weighting of forms of cultural capital. The author argues that recognition of the impact of economic pressures on conventional farming, which in the study sites often led to reduced input use rather than intensification, is missing from the conventionalization debate. The mainstreaming of organic farming production has presented conventional farmers with a set of alternative or re-weighted symbols and a crucible for reflexive consideration of their own standards and practices of farming. (shrink)

As soon as he had observed labour to be ‘first of all, a process between man and nature', Marx turned to conscious determination. ‘Man not only affects a change of form in the materials of nature, he also realises his own purpose in these materials. And this is a purpose he is conscious of. It is purpose which distinguishes labour from the activities of animals. Marx called the purposive character of labour ‘an exclusively human characteristic’ and the term indicates its (...) fundamental importance in his thought. As it is purposive activity, so labour is ‘a specific productive activity appropriate to its purpose, a productive activity that assimilate[s] particular natural materials to a particular human requirement'.3 Since ends are specific by definition, this has to be the case, and neither absence of skill nor indifference effect the issue one way or the other. Work does not cease to be particular because it demands no special capacities - tightening screws and stacking shelves do not stop being different kinds of activity by virtue of the fact that anyone can perform them; or because no store its set by its distinctive qualities. In its accounts, capital may treat different kinds of labour uniformly as a cost of production, but this does not alter the fact that the labour it employs comprises different types of labour: ‘the fact that the production of use-values or goods is carried on under the control of a capitalist and on his behalf does not alter the general character of that production'.4 In which case, we ask, what is labour which is not particular? If labour is always and necessarily a specific productive activity, what is abstract labour — ‘homogenous labour’ which, by definition, is not specific? (shrink)

The community mining space remains contested for a range of complex reasons. This inherently difficult discursive space is made most apparent in the context of international development where mining is often viewed as a potential lever in the effort to lift poorer nations out of poverty. In this article, the authors offer a critical review of community development (CD) approaches that are currently being applied by the mining sector. While the authors acknowledge recent positive developments in this domain, there remains (...) a good deal of scope for improving the internal standing of, and the external influence over, CD practice in mining. Drawing on the contemporary CD literature, the authors assert “assets” as one possible heurism for enhancing this discursive space by highlighting the ways in which community and company representatives may be able to participate more actively in dialogical processes—both between and within company and community—where development discourse is not prefigured or biased against participating parties. (shrink)

In contrast to industrial markets based on mass-production of material goods, postindustrial markets hinge on images, experiences, and emotions produced and exchanged on screens and in real life. Because postindustrial markets tend to be highly concentrated and technology-driven, they pose a threat to small businesses and low-skill workers in both advanced industrial economies and the Global South, where a large share of the population makes a living in the informal economy. Using the 2014 World Cup as a case of (...) postindustrial economic activity hinged on spectacle, emotional experience, and intellectual property, I analyze the income-making strategies used by street vendors in São Paulo, Brazil. I show that organizers’ control of fan markets was limited by local conceptions of ownership over national symbols as well as informal workers’ flexible relation to legal norms and enforcement-dodging practices. Circumventing market barriers required risky and sophisticated strategies, however, which were more readily available to the more marginal section of the street vending population. (shrink)

Communication as work: we have recently experienced a profound transformation in the processes of production. While the assembly line excluded any form of linguistic productivity, today, there is no production without communication. The new technologies are linguistic machines. This revolution has produced a new kind of worker who is not a specialist but is versatile and infinitely adaptable. If standardized mass production was dominant in the past, today we produce an array of different goods corresponding to specific consumer niches. (...) This is the post-Fordist model described by Christian Marazzi in Capital and Affects. Tracing the development of this new model of labor from Toyota plants in Japan to the most recent innovations, Marazzi's critique goes beyond political economy to encompass issues related to social life, political engagement, democratic institutions, interpersonal relations, and the role of language in liberal democracies.This translation at long last makes Marazzi's first book available to English readers. Capital and Affects stands not only as the foundation to Marazzi's subsequent work, but as foundational work in post-Fordist literature, with an analysis startlingly relevant to today's troubled economic times.This Semiotext edition includes the afterword Marazzi wrote for the 1999 Italian edition. (shrink)

In Between Facts and Norms Habermas both accepts the place of distinctively ethical considerations about ‘the good’ in political deliberation, and advances a particular view of the nature and justification of ethical judgments. Whilst welcoming the former, this paper criticises the latter, with its focus on issues of identity and self-understanding, and suggests instead a broadly Aristotelian alternative. The argument proceeds, first, through a detailed engagement with Habermas’s theoretical claims about ethical reasoning in politics, in which it is argued that (...) he fails to show how different ethical possibilities can be critically evaluated, and second, through the analysis of a practical example, that of a political choice being made between different kinds of capitalism. Here the paper draws on recent work in comparative political economy on the institutional differences between varieties of capitalism, and uses this to contrast the implications of Habermas’s conception of ethics, according to which what would matter is the congruence between economic institutions and a political community’s historically shaped identity, with those of its preferred alternative, which requires a comparison between the different conceptions of the good that each kind of capitalism institutionally favours, and collective judgments about their respective contributions to human well-being. (shrink)

There is a lot of talk around about Globalisation and its mana-like benefits; indeed, there are many, in areas such as the spread of communication capabilities, social media, and wider distribution of goods in the free trade marketplace that in previous decades were ‘protected’ by exorbitant excise tariffs, licensing restrictions, and low turn-overs. Since Weber, Robertson, Wallerstein, Appadurai, Tambiah et al, there has been much theorizing on the inevitability of Globalisation and its neat corollaries, Free Trade, Liberalisation, Parallel Modernities, (...) and Economic Rationalism. Yet, Globalisation has both its protagonists and antagonists alike. The paper focuses on case studies from the Indian-end, impelled by the question: in what ways has Globalisation benefited and hurt India’s economy, the slow growth and periodic stagnation of its capabilities, the stability of the nation and its people? As part of the reciprocal deal on Liberalisation, Free Trade agreement has enabled myriads of TNCs with to reign in large Western capital-investment and start-up industrial bases, which have undoubtedly helped push India to becoming the third largest world economy. However, the encroachments of TNCs and their impact on agro-economics, biodiversity, the plight of farmers, the further disenfranchisement of numerically small from a share in the national weal, the uneven regional deliverance from poverty, malnutrition, the disproportionate gender-ratio, rural illiteracy among the neglected, and other fall-outs, have worried critics of India’s ‘easy ride’ on the highway of Globalisation. The arguments will be developed extensively with illustrations. (shrink)

Within the social sciences the widespread impact of the social capital concept has prompted strong critique on the part of feminists, for it is a concept which appears to reinstate a version of social worlds which for the past thirty years or more feminist social scientists have sought to problematize and move beyond. Yet do these critiques go beyond the social capital paradigm? It is the contention of this article that they do not and in particular that such (...) critiques fail to problematize the association of women with collective social goods found in the social capital literature. It will be suggested further that this association relates to the use of a dualism of instrumentality versus freedom, whereby women are overwhelmingly associated with the latter. This article therefore delineates a gendered subtext operative within the social capital debates. Recognition of this subtext should lead feminists to disengage with the social capital concept, for this is a concept whose use will always trap women in the social-historical time of industrial society. (shrink)

What's Good on TV? Understanding Ethics Through Television presents an introduction to the basic theories and concepts of moral philosophy using concrete examples from classic and contemporary television shows. Utilizes clear examples from popular contemporary and classic television shows, such as The Office, Law and Order, Star Trek and Family Guy, to illustrate complex philosophical concepts Designed to be used as a stand-alone or supplementary introductory ethics text Features case studies, study questions, and suggested readings Episodes mentioned are from a (...) wide variety of television shows, and are easily accessible Offers a balanced treatment of a number of controversial ethical issues including environmental ethics, animal welfare, abortion, homosexuality, capital punishment, assisted suicide, censorship and the erosion of values Includes a companion website at http://whatsgoodontv.webs.com. (shrink)

The concept of natural capital denotes a rich variety of natural processes, such as ecosystems, that produce economically valuable goods and services. The Anthropocene signals a diminished state of nature, however, with some scholars claiming that no part of the Earth’s surface remains untouched. What are ecological economists to make of natural capital during the Anthropocene? Is natural capital still a coherent concept? What is the conceptual relationship between nature and natural capital? This article wrestles (...) with John Stuart Mill’s two concepts of nature and argues that during the Anthropocene, natural capital should be understood as denoting economically valuable processes that are not absolutely—but relatively—detached from intentional human agency. (shrink)

I argue in this article that responsible leadership (Maak and Pless, 2006) contributes to building social capital and ultimately to both a sustainable business and the common good. I show, first, that responsible leadership in a global stakeholder society is a relational and inherently moral phenomenon that cannot be captured in traditional dyadic leader–follower relationships (e.g., to subordinates) or by simply focusing on questions of leadership effectiveness. Business leaders have to deal with moral complexity resulting from a multitude of (...) stakeholder claims and have to build enduring and mutually beneficial relationships with all relevant stakeholders. I contend, second, that in doing so leaders bundle the energy of␣different constituencies and enable social capital building. Social capital can be understood as actual or potential resources inherent to more or less institutionalized relationships of mutual recognition (Bourdieu 1980). By drawing on network analysis I suggest, third, that responsible leaders weave durable relational structures and ultimately networks of relationships which are rich in ties to otherwise unconnected individuals or groups. Against this background I argue, fourth, that responsible leadership may result in the creation of value networks (Lord and Brown, 2001) of multiple stakeholders, which enhance social capital and thereby contribute to both a sustainable business and the common good. (shrink)

The “good farmer” literature, grounded in Bourdieu’s concepts of field, habitus, and capital, has provided researchers with a socio-cultural approach to understanding conservation adoption behavior. The good farmer literature suggests that conservation practices may not be widely accepted because they do not allow farmers to demonstrate symbols of good farming. This lens has not been applied to the adoption of conservation tillage, a practice increasingly used to improve conservation outcomes, farming efficiency and crop productivity. Drawing from in-depth interviews with (...) dryland wheat farmers in the US inland Pacific Northwest, this research seeks to understand how farmers’ engagement with CT is shaped by identity as a good farmer. Some farmers also sought to bolster social capital through CT by maintaining and strengthening relationships with peers, landowners, and future generations. We further found that engagement with CT provided a link for some participants between productivist values and stewardship values within the good farming identity. The findings from this research may help contextualize the barriers and opportunities to the adoption of agricultural conservation practices within farmer-specific social, cultural, and economic forms of capital. (shrink)

In this paper it is shown that in his conception of value, published in the first volume of Capital, Marx relies on Hegel’s concept of pure recognition to organise the relations between use- and exchange-value on the one hand and the relation between the social relations between things (goods) and actors (sellers) on the other hand. Establishing this thesis is important in three respects: Firstly it demonstrates that there is a strong continuity in the philosophical thought of Karl (...) Marx, making visible an essential relation between his Economic-philosophical Manuscripts and his later writings. Secondly it helps to better understand Marx’s conception of value; and thirdly it shows that “recognition” is an important conception in his critique of political economy. (shrink)

Sociologists of education often emphasize goods that result from a practice (external goods) rather than goods intrinsic to a practice (internal goods). The authors draw from John Dewey and Alasdair MacIntyre to describe how the same practice can be understood as producing “skills” that center external goods or as producing habits (Dewey) or virtues (MacIntyre), both of which center internal goods. The authors situate these concepts within sociology of education’s stratification paradigm and a renewed (...) interest in the concept of alienation, contrasting the concepts of skills, habits, and virtues to capital, credentials, and habitus. They close by connecting the argument to broader critiques of procedural liberalism and the ideology of meritocracy, then giving suggestions for an expanded sociology of education beyond the stratification paradigm. (shrink)

Americans have reason to be concerned about the condition of American democracy at the start of the twenty-first century. Surveys show that civic participation has declined, cynicism about government has increased, and young people have a weak grasp of the principles that underlie our constitutional system. Crucial questions must be answered: How serious is the situation? What role do schools play in shaping civic behavior? Are current education reform initiatives—such as multiculturalism and school choice—counterproductive? How can schools contribute toward reversing (...) the trend? This volume brings together leading thinkers from a variety of disciplines to probe the relation between a healthy democracy and education. Their original and provocative discussions cut across a range of important topics: the cultivation of democratic values, the formation of social capital in schools and communities, political conflict in a pluralist society, the place of religion in public life, the enduring problems of racial inequality. Gathering together the most current research and thinking on education and civil society, this is a book that deserves the attention of everyone who cares about the quality and future of American democracy. (shrink)

This paper documents that business ethics has positive impacts upon the development of intellectual capital. Knowledge has become the most important asset of modern businesses, and this study argues that business ethics is associated with the development of intangible knowledge resources—intellectual capital. Businesses with ethical values at the core reinforce ethical conducts and successfully build trust with their various stakeholders, leading to the formation of an ethical and trustworthy corporate culture and a positive corporate environment. Thus, in this (...) reasoning, an ethical approach to business can encourage open communication, problems solving, knowledge sharing and creativity among employees to increase organisational capital; enhance interactions and relationships with suppliers, customers and other stakeholders to increase social capital; attract and retain good talent to increase human capital. Questionnaire survey is adopted as the research method with businesses in the electronic and information technology industries in Taiwan as sample. The results suggest that business ethics is associated with increased intellectual capital. Thus, this study demonstrates that the development of intellectual capital is in line with strengthened ethics. It contributes to the literature through combining research on business ethics with intellectual capital theories and extends the extant intellectual capital literature. (shrink)

à Mauritz Friisen souvenir des soiréesde Görväln et de PampachicaFrancisco was born in 1573 in the old capital of the Incas, a pretty town stretching along a high valley of the Andes 11,000 feet above sea level but close enough to the earth's breast to enjoy a gentle springtime throughout the year, even in winter. 1573: forty-two years since the first Spaniards, three of them, reached the city as emissaries of the conqueror, who was then especially occupied with the (...) last Inca whom he held prisoner in a northern village and of whom he demanded an enormous ransom. Guided and protected by officers of the empire, they came to hasten the despoiling of temples and palaces and to collect vases and plaques of gold ordered by Atahualpa, who vainly hoped to gain his freedom. Three years later, on March 23,1534, before an astonished crowd of Indians, opening a new era in the name of the king and the pope, the founding of the new Spanish and Christian order in Cuzco solemnly took place. Then, one after another, material catastrophes occurred: in 1536 the conqueror's brother, the first governor, endured the siege of an army of twenty thousand Indians commanded by a phantom Inca, the second Manco, and the city, its thatched roofs ravaged by fire, was blown up by mines and countermines; in 1538 the newly rebuilt houses were destroyed by the rivalry of Pizarro and Almagro; in 1541, after the assassination of the former, new troubles caused new ruins. (shrink)

Corporate governance guidelines are a mechanism that a firm can enact which should reduce agency costs and better align the interests of boards and the suppliers of capital. This study examines stock price reactions primarily attributable to institutional investors occurring when corporations announce the enactment of corporate governance guidelines. A final sample of 77 firms was derived from the first announcement of corporate governance guidelines exclusive to the SEC-EDGAR database. The results indicate that good governance does matter. Firms that (...) announced the enactment of corporate governance guidelines experienced increased stock prices following the announcements. There was an immediate (days 1–4) reaction for firms that provided all or part of the guidelines’ substance; a delayed (days 8–10) reaction occurred for those firms that only referenced the guidelines’ enactment. Additionally, firms with either a potentially greater following or that had a previous history of acrimonious relations with stakeholders were rewarded by the announcement of the enactment of guidelines. (shrink)

One of the distinctive features of the Austrian School of Economics has been its emphasis on the entrepreneur as central to the market process. One 20th century Austrian whose work is normally not thought of as making a major contribution to the Austrian theory of entrepreneurship is Ludwig Lachmann. However, a careful reading of his 1956 book Capital and its Structure can tease out a theory of the function of the entrepreneur that is distinctly different from that of Israel (...) Kirzner, yet still clearly situated in an Austrian conception of the market process. In this contribution, I want to emphasize two points that have been raised by previous work on Lachmann, but not explored in any detail. The first is that Lachmann’s conception of entrepreneurship is deeply bound up with the need to engage in monetary calculation thanks to the heterogeneity of capital and uncertainty of the future. For Lachmann, the key function of the entrepreneur is to “specify” the uses of capital goods. Such specification requires the use of money prices and what Mises called monetary calculation. The second contribution is to offer more detail on the way in which entrepreneurs both creatively specify and re-specify the uses of their capital goods in response to profit and loss signals. The constant shuffling and reshuffling of capital goods, of which coming up with new products or new twists to old ones are a part, is the essence of Lachmann’s implicit vision of entrepreneurship. For Lachmann, entrepreneurship is bound up with resource ownership and deployment through the creation and revision of plans in ways that are much more active than Kirzner’s conception of the entrepreneur. (shrink)

According to Thomas Aquinas, a sovereign government may legitimately execute sinners in pursuance of the common good. Aquinas outlines his defence of Capital Punishment in the Summa Theologica 2–2, q.64, a.2 and the Summa Contra Gentiles, Book 3, Chapter 146. Aquinas's stance on this issue is well known and his argument in favour of CP has been extensively discussed. This article will focus instead on the objections Aquinas raises to the institution of CP in the ST and SCG, along (...) with his responses to these objections. After providing a brief sketch of Aquinas's account of legal punishment, Aquinas's argument for the legitimacy of CP will then be outlined. The objections which Aquinas raises to CP will then be individually examined, along with his reply to each. After examining the underpinnings of Aquinas's objections and responses, the outline of a critique will be offered which draws upon the thought of Augustine and Karl Barth. (shrink)

Globalization is multifaceted and involves the interaction among businesses, services, governments, and societies beyond national borders. As a result, the flow of foreign direct investment, international trade in goods and services, and the economic interdependence of the nations of the world have been increasing. At the same time, much attention has been paid to the effect of corruption prevalent within many cultures and societies, and its impact on the economies, especially developing economies. This paper examines the relationship between human (...) capital investment, the level of national corruption, and the global economic integration of a nation in developing countries. Based on the data collected from over 60 countries, and building on the FDI and human capital theories, it was found that human capital investment and corruption are related to GEI. It was also found that the level of corruption moderates the relationship between human capital investment and GEI of developing economies. The findings of the study can help to deepen our understanding of GEI and have practical implications for developing countries in terms developing human capital, which plays a critical role in today’s knowledge-based economy. (shrink)

This article presents an in-depth study of a constellation of interrelated texts trans- mitted in three Chinese rishu 日書 manuscripts dating from the third to first centuries BCE. All of the manuscripts have an archaeologically verified provenance in the central Yangtze River Valley region of the former Warring States kingdom of Chu, and taken together they reveal in unusual detail the effects, both intentional and possibly unintentional, of Qin assimilation policies after the transfer of authority beginning with the conquest of (...) the Chu capital in 278 BCE. These effects are shown to reverberate for millennia in China’s rich tradition of hemerology and related technical arts, and by doing so, they weave a surprising human tapestry connecting nameless diviners, minor officials of the early empire, the First August Thearch of Qin, Mongols, Manchus, and others. Methodologically, it is suggested that despite the idiosyncratic nature of these manuscripts, productive analysis of structural elements remains possible and worthwhile. (shrink)

Artificial Intelligence (AI) is predicted to have a deep impact on the future of work and employment. The paper outlines a normative framework to understand and protect human freedom and justice in this transition. The proposed framework is based on four main ideas: going beyond the idea of a Basic Income to compensate the losers in the transition towards AI-driven work, towards a Responsible Innovation approach, in which the development of AI technologies is governed by an inclusive and deliberate societal (...) judgment; going beyond a philosophical conceptualisation of social justice only focused on the distribution of ‘primary goods’, towards one focused on the different goals, values, and virtues of various social practices (Walzer’s ‘spheres of justice’) and the different individual capabilities of persons (Sen’s ‘capabilities’); going beyond a classical understanding of capital, towards one explicitly including mental capacities as a source of value for AI-driven activities. In an effort to promote an interdisciplinary approach, the paper combines political and economic theories of freedom, justice and capital with recent approaches in applied ethics of technology, and starts applying its normative framework to some concrete example of AI-based systems: healthcare robotics, ‘citizen science’, social media and platform economy. (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 chapter sets out the traditional natural law defense of the claim that the death penalty can in principle be a just punishment for certain offenses. It begins by explaining the relevant principles of traditional natural law theory and how they are grounded in a broadly Aristotelian-Thomistic metaphysics. It then shows how the goodness of retribution follows from these principles, and thus is intelligible given that metaphysical picture. This is followed by an application of these results to the justification of (...) capital punishment specifically, as an instance of retributive justice. Finally, Feser responds to some objections. (shrink)

Chapter 5 is an essay on the methodology of equilibrium theory. In the course of examining recent controversies concerning lawlike claims and "assumptions" in economic theory, I reach a position similar to J. S. Mill's. Neo-classical economics is what Mill would call "a separate science." It follows a deductive method, since its basic laws supported by everyday experience. In its general equilibrium formulation, equilibrium theory possesses, however, no explanatory worth and very little explanatory importance, since its idealizations are not legitimate. (...) General equilibrium theory ought fundamentally to be regarded as an explanation of how economic equilibrium is possible. ;In conclusion I argue that Sraffa's contribution is a legitimate form of economic theorizing. Those methodological views, like Lionel Robbins', which would proscribe the sort of piecemeal theorizing Sraffa exemplifies, are, as methodological strictures, unjustified. In fact they involve an ideological distortion. Given the weaknesses in general equilibrium theory identified in Chapters 3 and 5, one has good reason to be eclectic. The Austrian theory, despite the Cambridge criticisms, may be useful in some investigations. A much more segmented economics built around Sraffa's work may have a great deal to teach us. Theories of capital, interest and exchange value currently are underdeveloped, unsupported, and subject to ideological influence. ;In Chapter 3 one special formulation of intertemporal general equilibrium theory is examined. I argue that general equilibrium theory may be taken as a theory of the rate of interest to which the Cambridge criticisms do not apply. Puzzles remain, however, concerning both the apparently lawlike claims and the unrealistic stipulations concerning background conditions that general equilibrium theory makes. ;In Chapter 4 Sraffa's system in The Production of Commodities by Means of Commodities is presented and tentatively assessed. I argue that it is consistent with equilibrium theory, but may be combined with other claims that are not consistent with equilibrium theory. What is puzzling but, I argue, methodologically legitimate in Sraffa's work is that he takes as givens factors like the composition of output, that are themselves subject to further economic analysis. Sraffa's work, when properly understood, can prove valuable to Marxian economists. ;Chapter 1 establishes a contrast between physical cost and marginal utility theories of exchange value and examines why issues concerning capital and interest are theoretically central to both theories. I point out that physical cost theories of value are not tenable. ;Chapter 2 is concerned with simplified aggregate capital theories, especially Wicksell's Austrian theory of capital, and with the Cambridge criticisms of such theories. The Cambridge criticisms show, I conclude, that aggregative capital theories make unwarranted economic claims. ;This dissertation examines from both an economic and a philosophical perspective controversies concerning the theory of capital and interest and the relationship of capital and interest to exchange value. The fundamentals of the neo-classical and neo-Ricardian approaches to economic theory are made explicit and compared. The neo-Ricardian approach is partially defended. (shrink)

This paper focuses on flows to emerging capital markets (ECMs) and examines the importance of corporate transparency and public governance in attracting portfolio flows to ECMs. This paper's empirical investigation centers on the hypothesis that ceteris paribus, ECMs with better quality accounting standards and good governance attract higher levels of portfolio equity and bond flows. To assess the incremental impact of each of these factors, a pooled time series, cross‐sectional model was econometrically tested for 17 ECMS over the 1998–2002 (...) time period. Our empirical analysis demonstrates a positive association between public governance, corporate transparency, and portfolio flows after controlling for other macroeconomic factors. The results suggest that good public governance and high accounting quality are important determinants of portfolio flows to ECMs. Finally, the paper establishes that while portfolio equity flows are significantly attracted to ECMs with strong democratic institutions, there is no significant association between portfolio bond flows and the presence of democratic institutions. (shrink)

Among the many approaches to leadership, servant leaders stand out for the emphasis they place on the importance of service to their followers, the organization, and the broader community. We develop and test a multilevel mediation model, in which the relationship between servant leadership and team performance is sequentially transmitted through individual-level organizational citizenship behavior (OCB) and team-based internal social capital. Multilevel structural equation modeling was applied to a sample of 343 teams, reflecting 835 respondents from various departments at (...) 171 hotels in Spain; both top-down (between team leaders and individual employees) and bottom-up relationships (individual employee behavior and team outcomes) were assessed. As anticipated, individual-level OCB and group-level internal social capital fully mediated the positive effect of servant leadership on team performance. Our findings illustrate that servant leadership in the team-based business enterprise context can foster virtuous individual-level OCB to help build task-focused community, in which leaders, followers, and teams can flourish for the common good. Thus, managers should know that serving their team members first and foremost is a positive for the flourishing of all involved. As such, policymakers should pursue communication and training initiatives to encourage the practice of servant leadership. (shrink)

An organizational culture can be defined as "Organizational Humanizing Culture" if it presents the following features: (1) recognition of the person in his or her dignity, rights, uniqueness, sociability and capacity for personal growth, (2) respect for persons and their human rights, (3) care and service for persons around one, and (4) management towards the common good versus particular interests. Current findings and generalized experience suggest that an organizational culture with these features tends to bring about trust and associability, which (...) are basic elements for social capital (a sort of asset embedded in the relationships of individuals, communities, networks or societies). (shrink)

EurepGAP is a pioneering field level food safety protocol called ‘good agricultural practices’ currently exercising influence over the global food quality assurance system. Developed by a consortium of major European retailers, this private standard enforces codes of conduct that address issues of health and safety for producers and consumers, as well as working conditions and environmental management on the farmland. Despite various merits and benefits that the standard is premised to offer, the institutional design gives a financial edge to powerful (...) large farms and exporters while diminishing opportunities for smaller growers and exporters to remain in the profitable agricultural export sector of the Global South. This paper explores the institutional origin and evolution of EurepGAP, discusses entry barriers and risks that EurepGAP imposes on the global value chain stakeholders, as well as the ethical implications from broader theoretical perspectives. Subsequently, it examines the evolving nature of a new trend in the fresh fruit and vegetable sector, i.e., the rise of public GAP standards. Promoted by some governments in the Global South, these GAP standards emphasize support for horizontal partnerships among value chain stakeholders, farmer participation, and less capital-intensive agricultural innovations. The paper argues that, within certain limitations, these GAP standards have the potential to be the major alternative GAP approach by encouraging a much broader inclusion of small-scale producers towards the attainment of various social, economic, and environmental benefits. (shrink)