From the perspective of the present day, Puritan-inspired capitalism seems to have succeeded globally, including in India. Connected to this, short-term profit-orientation in management seems to constrain the scope of different management approaches in a tight ideological corset. This article discusses the possibility of replacing this Puritan doctrine with the crucial elements of Indian philosophy: Karma and samsara. In doing so, the possibility of revising the guiding principles in capitalist management becomes conceivable, namely the monetary focus of profit-orientation and its (...) short-term orientation. This perspective allows a detachment of the concept of profit from the realm of money, as the seemingly only objectifiable measure of profit. Furthermore it allows a removal of the expectation that every “investment” has to directly “pay off”. A karmic view offers management a possible facility for being more caring about the needs and fates of other stakeholders, as profit-orientation would no longer be attached as a factual constraint to merely accumulate money. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Investment, Profit, and Tenancy: The Jurists and the Roman Agrarian EconomyDaniel J. GargolaDennis P. Kehoe. Investment, Profit, and Tenancy: The Jurists and the Roman Agrarian Economy. Ann Arbor: University of Michigan Press, 1997. xiv 1 269 pp. Cloth, $42.50, £29.95 (UK, Europe).This book is more than an investigation into an aspect of Roman law and legal thought. At the very beginning, Dennis Kehoe clearly identifies his (...) goal: “My purpose in this study is to clarify the basic relationships characterizing the agrarian economy of the early Roman Empire by analyzing the economic mentality that guided upper-class Romans in managing their wealth. My conviction is that the type of agrarian planning based on upper-class conceptions of investment and profit played a fundamental role in shaping the Roman economy as a whole.... In this study, I propose to address this problem by analyzing the assumptions that the Roman jurists in the Digest of Justinian and in other classical sources made about investment and profit in agriculture as they addressed legal issues involving private property. I base my analysis on the legal sources because, as I shall demonstrate, they offer a more comprehensive picture of the economic interests of upper-class Romans than we can gain from other types of evidence, including literary evidence, documentary papyri, and inscriptions” (vii).The author’s awareness of the problems in using legal evidence to shed light on larger issues and his openness about his own assumptions and about the limitations of the methods and the sources he has chosen to employ are among the work’s great strengths. In marked contrast with some other investigations of such matters, Kehoe does not assume that laws provide a simple, straightforward, and transparent entry into the structure and organization of economy and society. The work opens with an examination of the legal sources as evidence. Their condition offers one problem. The writings of the late Republican and early Imperial jurists are preserved largely in relatively brief citations included in the great collections of the sixth-century a.d.: Justinian’s Digest and Code. As Kehoe notes, this presents a major problem for investigators: to what extent do these passages represent the original—that is, was obsolete material removed systematically, and were the passages adjusted to fit the compilers’ concerns? Following authorities such as M. Kaser and F. Wieacker, the author takes an optimistic view of the matter, suggesting that “contemporary scholarship is justified in moving away from the suspicion that the Digest is so thoroughly interpolated that the opinions of the classical jurists can only be recovered after exhaustive reconstruction of the texts” (9). While accepting the possibility of interpolation in individual cases, he has based his study on the “belief that the existing collections of legal texts do allow us to trace the thinking, in particular the economic thinking, of the classical Roman legal authorities” (10).Having declared his intention to regard the citations as reasonably accurate reflections of their originals, Kehoe then turns to a more central question: the extent to which juristic writings reflect actual conditions. One school of [End Page 323] thought, represented by scholars such as Alan Watson (The Spirit of Roman Law [Athens, Ga., 1995]), suggests that Roman jurists operated within a system of traditional representations, maintained as if fossilized long after the conditions that had given rise to them had changed, and that legal writers largely wrote about internal problems in interpretation that had arisen within this system. The jurists, then, did not address problems of their own day, nor were they interested in adapting the law to new circumstances, and their opinions need bear little resemblance to actual arrangements in their own time and place. Others, however, are more convinced of the timeliness of Roman legal writing. Scholars such as B. W. Frier (Landlords and Tenants in Imperial Rome [Princeton 1980]) and S. D. Martin (The Roman Jurists and the Organization of Private Building in the Late Republic and Early Empire [Brussels 1989]) maintain that Roman jurists consciously and directly addressed in their writings the social and economic concerns of their contemporaries in the governing elite.Once again, Kehoe takes care to situate... (shrink)

This article discusses socially responsible investing (SRI) and tobacco. SRI allows investors, both institutional and individual, to express their concerns and make their social and ethical stands known to the companies they invest in and patronize. The tobacco industry is active in every country on the globe and generates huge profits, while tobacco use is responsible for 4 million deaths every year.The authors explore past and current views on investment in tobacco, partly based on a survey conducted by the (...) Tobacco Free Initiative of the World Health Organization (WHO). There is clearly a trend toward divestment from tobacco for both ethical and financial reasons. Tobacco-free investments can be both ethically sound and financially profitable. (shrink)

Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development. In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to be prosperous, rather than virtuous. This trend partly owes (...) to how financial institutions view their legal responsibilities. The business case motivations that now predominantly drive SRI are not sufficient to make the financial sector a means to sustainable development. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference. A more ambitious strategy to promote SRI for environmental sustainability is possible, based on reforming the fiduciary duties of financial institutions. Such duties, tied to concrete performance standards, could make financiers invest in more ethically responsible ways. Other collateral reforms to financial markets, including improved corporate environmental reporting, are required to promote sustainability. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that (...) the effect of CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

Artificial Intelligence (AI) has become a driving force in modern research, industry and public administration and the European Union (EU) is embracing this technology with a view to creating societal, as well as economic, value. This effort has been shared by EU Member States which were all encouraged to develop their own national AI strategies outlining policies and investment levels. This study focuses on how EU Member States are approaching the promise to develop and use AI for the (...) good of society through the lens of their national AI strategies. In particular, we aim to investigate how European countries are investing in AI and to what extent the stated plans contribute to the good of people and society as a whole. Our contribution consists of three parts: (i) a conceptualization of AI for social good highlighting the role of AI policy, in particular, the one put forward by the European Commission (EC); (ii) a qualitative analysis of 15 European national strategies mapping investment plans and suggesting their relation to the social good (iii) a reflection on the current status of investments in socially good AI and possible steps to move forward. Our study suggests that while European national strategies incorporate money allocations in the sphere of AI for social good (e.g. education), there is a broader variety of underestimated actions (e.g. multidisciplinary approach in STEM curricula and dialogue among stakeholders) that can boost the European commitment to sustainable and responsible AI innovation. (shrink)

Over fifty years ago, Albert Hirschman argued that dissatisfied consumers could either voice complaint or exit when they were dissatisfied with goods or services. Loyal consumers would voice rather than exit. Hirschman argued that making exit easier from publicly provided services, such as health or education, would reduce voice, taking the richest and most articulate away and this would lead to the deterioration of public services. This book provides the first thorough empirical study of these ideas. Using a modified version (...) of Hirschman's account, examining private and collective voice, and viewing loyalty as a form of social investment, it is grounded on a dedicated five-year panel study of British citizens. Given government policies over the past decade or more which make exit easier from public providers, this is a timely publication for all those who care about the quality of government services. (shrink)

This paper critiques Rothbard’s concept of gross investment. Rothbard introduced the concept in order to demonstrate his point that it is not consumer spending that primarily drives the economy, like the mainstream Keynesian view maintains, but the capitalists’ spending. In this paper, it is argued that, contrary to Rothbard’s opinion, the amount of gross investment as he defines it does not contain significant information concerning the question as to whether the capital structure of a society can be (...) upheld or not. Instead, it is an arbitrary figure that depends on the length of the different stages of production. This problem has not been recognized by Rothbard because his exposition rests upon the assumption of an equal time length for all stages. Apparently, he has been led astray by his intention to find arguments against the importance of consumer spending in the determination of output. (shrink)

In this paper, I examine various popular notions concerning the ethics of investing. I first consider and reject the absolutist view that it is always wrong to invest in evil companies and the view that what makes investments in evil companies morally objectionable is the fact that by making such investments, investors are taking steps to benefit from the wrongdoing of others. I then defend the view that what makes certain investments morally objectionable is the fact that (...) by making such investments, investors enable others to do wrong. According to this view, when weighing the purchase of a certain company's stock, investors should ask themselves the following question: Would this sort of investment, if made by many people, enable others to do wrong? If the answer to this question is yes, and if an investor nevertheless makes the investment in question, he can justifiably be accused of moral wrongdoing. (shrink)

Although there is substantial literature examining the flow of foreign investments into various regions of the world, there is still a lack of research about joint ventures and foreign investment activities in the Middle East and North Africa (MENA). One objective of this paper is to remedy this neglect and extend previous empirical work by focusing on foreign investments in the MENA region. The second objective is to focus on non-traditional determinants that have tended to be overlooked or underestimated (...) in previous research. The increasing globalization has led to a reconfiguration of the ways in which multinationals pursue various types of foreign investments,and changed the motives for and the determinants of FDI. This has prompted some to suggest that non traditional determinants have become more important. In view of that, the paper will focus on factors such as governance, legal environment, and economic freedom and examine their impact on foreign investment activities in the MENA region. (shrink)

Namesaking can be viewed as a mechanism to increase perceived parent-child similarity and, consequently, parental investment. Male and, to a lesser extent, firstborn children are more frequently namesakes than female and later-born children, respectively. However, a direct link between namesaking and parental investment has not been examined. In the present study, 632 participants from Central Europe indicated their first name, sex, birth order, number of siblings, sexual orientation, socioeconomic status, paternal and maternal first names, as well as relationship (...) quality with, and time and financial investment they received from, both parents during childhood. Mixed-effects models revealed associations between namesaking and parental investment. However, the effect of namesaking often appeared significant only in interaction with specific predictors, such as sex and primogeniture. It suggests instead that namesaking has an additive effect—it enhances the effect of biological factors on parental investment. In general, we found evidence for the bias in parental investment linked to name similarity among both parents, and support for the hypothesis that namesaking serves as a mechanism to increase paternity confidence and, thus, paternal investment. The effect of namesaking influences only certain types of parental investment—namely, those at the level of relationship quality. In addition, nonheterosexual orientation was the strongest negative predictor of paternal investment. Our study extends the research on parental investment by showing that cultural mechanisms, such as namesaking, can also exert some influence on parental rearing behavior. (shrink)

This study provides novel evidence of the impact of corporate social responsibility (CSR) on investment sensitivity to cash flows. We posit that CSR affects investment–cash flow sensitivity (ICFS) through information asymmetry and agency costs, commonly viewed as the two channels through which investment responds to the availability of internal cash flows. We find that CSR performance leads to a decrease in ICFS. We further find that ICFS decreases (increases) when CSR strengths (concerns) increase. Finally, we find that (...) the effect of CSR on ICFS is driven by the areas Community, Diversity, and Human Rights. In sum, the findings of this study stress the relevance of CSR—in particular, of CSR activities that extend beyond compliance behavior and reflect what is desired by society—in reducing market frictions and improving firms’ access to financial capital. (shrink)

In her keynote address to the Kristeva Circle 2014, Julia Kristeva argued that European Humanism dating from the French Revolution paradoxically paved the way for “those who use God for political ends” by promoting a completely and solely secular path to the political. As an unintended result of this movement this path has led, in the late 20 th and early 21 st centuries, to the development of a new form of nihilism that masks itself as revolutionary but in fact (...) is the opposite, in Kristeva’s view. Kristeva analyzed the culture of religious fundamentalism as “adolescent” in the sense that the adolescent, in contrast to the child, is a believer rather than a questioner. Although the psychoanalytic consideration of religious fundamentalism added a new dimension to attempts to explain the increase of this phenomenon in the late 20 th and 21 st centuries, Kristeva’s subsequent linkage of fundamentalism to the revolts in French suburbs in 2005 and beyond fell short of an insightful critique by neglecting the historical context of France’s colonial history. (shrink)

This article proposes potential strategies to address gun violence in communities of color while identifying the harms associated with a policing-centered, criminal legal approach. In addition to highlighting the dangers associated with the United States' current criminal legal tactics to reduce gun violence in these communities, the authors advocate for community-endorsed strategies that give those impacted by this issue the resources to take on gun violence in their own communities. Specifically, they identify, describe, and endorse a series of violence prevention (...) programs that rely on community relations to detect and prevent incidents of gun violence and that view gun violence as a public health rather than criminal legal issue. (shrink)

Given the growing importance of Socially Responsible Investing (SRI), it is surprising that there is no consensus of what the term SRI means to an investor. Further, most studies of this question rely solely on the views of investors who already invest in SRI funds. Our study surveys a unique pool of approximately 5,000 investors that contains both investors who have used SRI criteria in investment decisions and those who have not, and involves a broad array of criteria associated (...) with SR investing. Our findings offer new insight into the SRI debate. For both sets of investors, environmental and sustainability issues dominate as the major category associated with SR investing. We find strong agreement in the ranking of the relative importance of various SRI factors despite differences between these two groups in their opinion of their overall importance. We also find that investors prefer to consider the SRI question in more holistic terms rather than using the exclusionary format favored by most SRI funds. Investors seem to prefer to reward firms who display overall positive social behavior rather than to exclude firms on the basis of certain products or practices. These findings can help providers of SR investment vehicles to improve the SRI products that they offer to the general investor, thus both encouraging the initial adoption of SR criteria by investors and increasing overall investment in SR choices. (shrink)

The financial crisis and accounting scandals in large companies have stimulated a thorough assessment of the contribution of enterprises and financial institutions to the greater public good and economic prosperity. This assessment has led to a revaluation of the ideas of social entrepreneurship and impact investing. In this article we explore the nature and character of these ideas by a philosophical analysis and by comparison with profit-driven organizations and corporate social responsibility. We show that social entrepreneurs and impact investors distinguish (...) themselves by their social and environmental objectives, their focus on the justified interests of all stakeholders, and their values and world view. We also make a reasonable case that in the coming decade social entrepreneurs and impact investors will play an important role in the development of the global world. (shrink)

We investigate how conventional asset managers account for environmental, social, and governance factors in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment process. Furthermore, we find that ESG information in particular is being used for red flagging and to manage risk. We find that many conventional fund managers have already adopted features of responsible investing in the investment (...) process. Furthermore, we argue and show that ESG investing is highly similar to fundamental investing. We also reveal that there is a substantial difference in the ways in which U.S. and European asset managers view ESG. (shrink)

We investigate how conventional asset managers account for environmental, social, and governance factors in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment process. Furthermore, we find that ESG information in particular is being used for red flagging and to manage risk. We find that many conventional fund managers have already adopted features of responsible investing in the investment (...) process. Furthermore, we argue and show that ESG investing is highly similar to fundamental investing. We also reveal that there is a substantial difference in the ways in which U.S. and European asset managers view ESG. (shrink)

This paper examines ethics in finance, specifically related to responsible investment. In recent years, socially responsible principles are becoming the de facto standard not only for socially responsible but also for profitable investing. For instance, the United Nations developed the Principles for Responsible Investment (PRI) in 2006, which require institutional investors to incorporate ESG (Environmental, Social and Governance) issues into investment analysis and decision-making processes. This raises the following question: can responsible investments be justified from an ethical (...) point of view? In this paper I first explain responsible investments. Then, I turn to the ethical foundation of responsible investments. There are two arguments for responsible investments. I argue that both fail. Therefore, my conclusion is that the ethical foundation of responsible investments is not firm. (shrink)

This paper discusses the idea that investors have moral reasons to avoid investing in certain business areas based on their own moral views towards these areas. Some have referred to this as ‘conscience investing’, and it is a central part of the conception of ethical investing within the socially responsible investment (SRI) movement. The paper presents what is taken to be the main arguments for this kind of investing as they are given by those who have defended it, and (...) discusses the plausibility of these arguments from the point of view of moral philosophy. The paper argues that focusing on the moral views of individual investors is not very fruitful – there are strong reasons to think that investors do not have moral reasons to invest ‘with their consciences’, or, to the extent that such reasons are allowed, that they are very weak compared with other sorts of moral reasons pertaining to ethical investing. (shrink)

How do ethical investment funds choose their ethical criteria? How intelligent is this process from an ethical point of view? This paper reports on his field work carried out as part of the Bath University ‘Morals and Money’ Project. After completing this research, Dr. Craig Mackenzie left academia to become ethics development officer at Friends Provident. He can be contacted at 15 Old Bailey, London, EC4M 7AP; c.mackenzie@stewardship.co.uk.

Investment Management makes heavy ethical demands which are not an optional add‐on, but part of the job of being a financial agent and fiduciary. The author is founder and President of Skandia Fonds, the Norwegian mutual funds management company affiliated with Skandia Group which pioneered the concept of green mutual funds in Norway. This paper was delivered at the Sixth Annual Conference of the European Business Ethics Network, held in Oslo last month. Its views are those of the author, (...) and do not necessarily represent his company's policy. (shrink)

The available resources for global health assistance are far outstripped by need. In the face of such scarcity, many people endorse a principle according to which highest priority should be given to the worst off. However, in order for this prioritarian principle to be useful for allocation decisions, policy-makers need to know what it means to be badly off. In this article, we outline a conception of disadvantage suitable for identifying the worst off for the purpose of making health resource (...) allocation decisions. According to our total advantage view: the worst off are those who have the greatest total lifetime disadvantage; advantage foregone due to premature death should be treated in the same way as other ways of being disadvantaged at a time; how badly off someone is depends on the actual outcomes that will befall her without intervention, not her prospects at a time; and all significant forms of disadvantage count for determining who is worst off, not just disadvantage relating to health. We conclude by noting two important implications of the total advantage view: first, that those who die young are among the globally worst off, and second, that the epidemiological shift in the global burden of disease from communicable to non-communicable diseases should not lead to a corresponding shift in global health spending priorities. (shrink)

While the existing literature focuses on the disclosure of social information mainly by large companies, this paper concentrates on the disclosure of social information by small- and medium-sized companies (SME) listed on the Alternative Investment Market (AIM) in the U.K. The paper investigates the prevalent view that SMEs are unlikely to report social information due to their financial constraints and the perception that they have very little social conduct on which to report. Our overall evidence illustrates that, contrary (...) to this view, SMEs report social information regardless of their financial constraints, most likely in the same manner as large companies do, because they realise the significance of social reporting in establishing and retaining their corporate reputation. (shrink)

In the area of investment, responsibility may be expressed via four types of ethical concern: value-based ethics resulting in the exclusion of so-called "vicious" companies from the investment portfolio; fructification-oriented ethics with a view to long-term investment; consequence-based ethics aimed at initiating a behavioural change in the investment target; and ethics envisaged as a discriminating criterion in the search of the best financial performance. No single formula of responsible investment is available, and the "responsible" (...) approach necessarily implies the active involvement of a free acting subject striving to tackle fundamental ethical issues. The practice of responsible investment cannot be reduced to simply applying a particular legal rule or mathematical formula. (shrink)

The contemporary physical description of the universe reflects the inanimate world only. Broadening this description by including life may limit the application of well?established physical laws and may find new forces of the universe governing living organizations. This may also require adoption of some new assumptions and methodological principles, such as a broader principle of uncertainty, and recognition of the fact that humans? ability to manifest biofield communication is distributed very unevenly in the population. Based on available body of scientific (...) literature it is suggested that at this time, before the theoretical basis of the biofield is developed, it is important to conduct a broad experimental study of highly psi?gifted individuals in order to accumulate scientific knowledge of humans? ability to interact with matter, i.e., known physical fields and living organisms by intent. One can expect that current studies of organisms? genomes and attempts to utilize stem cells in medicine will call for the recognition of the biofield and its operative control function in organisms. However, developing a from?the?top?down view on the organism by the suggested approach will shorten this process and it deserves appropriate investment of social resources. (shrink)

Economies making a transition from centrally planned socialism to market capitalism can experience chaotic hysteresis. This can arise from elements of the previous system persisting even as institutions are transformed with the system possibly experiencing chaos during this conflict. A model of investment cycles accompanied by technological stagnation shows this phenomenon which can be viewed from a cusp catastrophe perspective. Empirical tests of Soviet investment and construction data provide incomplete support for the cusp structure with chaos. Nonlinear structures (...) are found with bifurcation effects for all cases and possibly chaotic dynamics for five-year lagged construction data. (shrink)

From a simple idea to unite asset owners in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment have grown in just one decade into an initiative with more than 1500 fee-paying signatories. Jointly, the PRI’s signatories hold assets worth more than $80 trillion, making it one of the more prevalent not-for-profit organizations worldwide. Furthermore, the PRI’s ambitious mission to transform the financial system at large into a more (...) sustainable one makes it a worthwhile subject of inquiry from an institutional perspective. We undertake an empirical investigation of the adoption of the PRI by asset owners during five crucial years of the association’s emergence: 2007–2011. Following a tripartite view of institutional theory proposed by Scott, we explore if regulative, normative, and cultural–cognitive factors influence an asset owner’s decision to subscribe to the PRI. Applying both parametric and non-parametric survival analysis, we find that asset owners are indeed significantly affected by normative, cultural–cognitive, and regulative aspects. In particular, public service employee and labor union pension funds from social backgrounds more culturally aligned with values represented by the RI movement with historically more voluntary legislation on environmental, social, and governance issues are most likely to sign the PRI. In contrast, institutional environments with a higher number of pre-existing mandatory ESG regulation decrease the likelihood of signing the PRI. Our results indicate that normative and cultural–cognitive factors were crucial contributors to the PRI’s growth. With respect to the regulative environments, our results imply that some asset owners may use the PRI as a collective industry initiative to substitute for mandatory legislation. Conversely, a high level of historical mandatory legislation may constrain organizational resources that could otherwise be dedicated to voluntary initiatives such as PRI. Our findings are robust to relevant controls and econometric concerns. (shrink)

IntroductionInternational sharing of health data opens the door to the study of the so-called ‘Big Data’, which holds great promise for improving patient-centred care. Failure of recent data sharing initiatives indicates an urgent need to invest in societal trust in researchers and institutions. Key to an informed understanding of such a ‘social license’ is identifying the views patients and the public may hold with regard to data sharing for health research.MethodsWe performed a narrative review of the empirical evidence addressing patients’ (...) and public views and attitudes towards the use of health data for research purposes. The literature databases PubMed, Embase, Scopus and Google Scholar were searched in April 2019 to identify relevant publications. Patients’ and public attitudes were extracted from selected references and thematically categorised.ResultsTwenty-seven papers were included for review, including both qualitative and quantitative studies and systematic reviews. Results suggest widespread—though conditional—support among patients and the public for data sharing for health research. Despite the fact that participants recognise actual or potential benefits of data research, they expressed concerns about breaches of confidentiality and potential abuses of the data. Studies showed agreement on the following conditions: value, privacy, risk minimisation, data security, transparency, control, information, trust, responsibility and accountability.ConclusionsOur results indicate that a social license for data-intensive health research cannot simply be presumed. To strengthen the social license, identified conditions ought to be operationalised in a governance framework that incorporates the diverse patient and public values, needs and interests. (shrink)

"This book contains ideas to develop interdisciplinary and transdisciplinary views on economy and society. It aims to disseminate heterodox ideas on various subjects related to economics and global society. The book is organised in six parts. Part 1 contains the key lectures of Backhaus on the concept of state sciences and of Klamer on the importance of culture for economics. Parts 2- 6 contain successively contributions in the areas of economic paradigms and theories, population and society, corporate issues, environment, and (...) international relations. Examples of the content are: - the changes of family life cycles due to the rise of non-traditional households; - subjective and objective inflation rates after the introduction of the Euro; - the economics of genetic engineering; - the contribution of foreign direct investment to the economic development of host countries; - the inaccuracy of economic models applied in places characterized by extreme income disparities; - the improvement of political and corporate governance; - evolutionary thinking and emission trading; - freedom and order in the European Union; - the reform of social policy in Europe. The book provides interesting creative multi-disciplinary ideas with respect to various topical issues concerning the contemporary global society. It is highly recommended for economists and social scientists in search of broad views on social science and society.". (shrink)

In this article we discuss whether it pays to invest ethically. Our aim is to examine corporate social responsibility from philosophical, moral and practical points of views. We focus on two main issues related to ethical investments. Firstly we discuss the moral dilemma of how capitalism has changed its shape in today’s world and from ‘blaming the business’ there is a general attempt to use the markets to promote ethics values and corporate social responsibility. Secondly, we analyze the growth of (...) ethical investment funds in the UK today, and their performance, and highlight some of the institutional investors involved in the management of ethical funds. We discuss whether ethical investments really succeed in reducing the conflict between profit-making and social responsibility as they promise or whether they use commercial rhetoric and market mechanism to merely sell us our own perceived values back. We conclude that the paper has a key contribution in setting the scene for future research in an area that is evolving and of fundamental importance to companies, investors and various stakeholder groups. (shrink)

Faculty of Law and Department of Philosophy, University of Toronto 1. INTRODUCTION The economic analysis of law has gone through a remarkable change in the past decade and a half. The founding articles of the discipline – such classic pieces as Ronald Coase’s “The problem of social cost” (1960), Richard Posner’s “A theory of negligence” (1972) and Guido Calabresi and Douglas Malamed’s “Property rules, liability rules, and inalienability: One view of the cathedral” (1972) – offered economic analyses of familiar (...) aspects of the common law, seeking to explain, in particular, fundamental features of the law of tort in terms of such economic ideas as transaction costs (Coase), Kaldor-Hicks efficiency (Posner), or minimizing the sum of the accident costs and avoidance costs (Calabresi and Malamed). In each case, they argued that the law of torts should be understood as a set of liability rules selected for their incentive effects, rather than as a set of substantive rights and remedies for their violation. These authors claimed to be able to explain most of the features of tort law and, where features were found that did not fit with their preferred explanations, recommended modification. Although they disagreed on important questions,1 each of the pieces seems to work a manageable structure into what strikes first-year law students as an otherwise random morass of common-law judgments. Generations of legal academics were introduced to these works, and drawn into their way of looking at things. As a student studying first-year torts with Calabresi at Yale, I had the sense that I was in the presence of greatness. (shrink)

The view from inside improves our understanding on market failure and regulation failure in financial market. The EMH fails to understand the causes of financial bubbles and crashes. Behavioral finance introduces insight from psychology. The heuristic and biases approach studied behavioral asymmetry in static environment that leads to market irrationality and information distortion. The fast and frugal thinking in decision-making further explore more complex situation under changing environment. They argue that soft-paternalistic regulation is needed under information overload. The most (...) critical issue is information uncertainty and complexity. Lacking information in frequency domain is the main barrier in managing business cycles. Data form inside reveals current limitations of financial data mainly in the short-term price changes. Microstructure studies show that pricing process is shaped by trading rules. Quantitative analysis reveals severe instability in high frequency trading and derivative market. Feasible regulation should aim to encourage new technology and sustainable growth, rather than protect obsolete technology and short-term speculation. The most fundamental challenge to sustainable economic order is the excessive size of the derivative markets that crowding out investment in real economy. This is a more severe issue than the climate change. (shrink)

With the development of economic globalization and the policy guidance of International Financial Reporting Standards, the overseas investment of Chinese enterprises has been greatly affected. To study the overseas investment risks of Chinese enterprises, this paper applies a risk analysis model to summarize and analyze the results of overseas investment of Haier from 2008 to 2020. This paper defines the risk analysis model as risk identification, risk assessment, and risk response, and studies overseas investment risks including (...) political, economic, cultural, legal, cost, epidemic, and business risks. The existence of various risks is identified in the company’s overseas investment projects;. The overseas investment risks of Haier are evaluated, through a comprehensive evaluation method combining qualitative and quantitative, financial data, and market response;. In view of the deficiencies of the existing risk prevention measures in the overseas investment of enterprises, some reasonable suggestions are purposed. The innovation of this paper are: This paper combines IFRS 9, IFRS 15, and IFRS 16, selects theories, and combines cases to evaluate the risks of overseas investment that are difficult to quantify, and analyzes the risks of overseas investment by Z-value models and market effects. This research method has pertinence and applicability to enterprises investing overseas. (shrink)

Written from the point of view of a campaigner against economic globalisation, this paper looks at the recent Multilateral Agreement on Investment (MAI) and the campaign against it which eventually led to its demise. It looks at the nature of the diverse coalition of interests opposed to the MAI, and in particular their use of e‐mail and the Internet, and argues that the success of this campaign has lessons beyond the immediate victory over the forces promoting the MAI. (...) It is argued that the emergence of anti‐globalisation action also contains the seeds of new grassroots forms of ethical social organisation, based in specific but interconnected localities, a cosmopolitan interlocalism, and that this in itself remains a key feature in the short‐ and long‐term success of such action. (shrink)

This study aims to determine whether political connections and foreign investments influence the level of Environmental, Social, and Governance (ESG) disclosure among listed firms. To empirically explore these relationships, we utilized a novel dataset of 111 listed manufacturing firms on the HOSE stock exchange in Vietnam, covering the period from 2015 to 2022. Content analysis was conducted to assess the levels of ESG disclosure, while ordered logit and random effect estimators, along with several robustness checks, were applied to quantify the (...) impacts of political connections and foreign investments. Our findings reveal that foreign connections are positively correlated with higher levels of ESG disclosure, whereas politically connected firms are associated with negative impacts and lower levels of ESG disclosure compared to those with foreign connections. These results address the research questions effectively and contribute to the literature by offering an updated view of current ESG practices in Vietnam, an emerging economy with evolving ESG norms. The findings provide both theoretical and practical contributions to the understanding of ESG disclosure, with important implications for policy-makers and business leaders. (shrink)

Effective public policy to mitigate climate change footprints should build on data-driven analysis of firm-level strategies. This article’s conceptual approach augments the resource-based view of the firm and identifies investments in four firm-level resource domains to develop capabilities in climate change impact mitigation. The authors denote the resulting framework as the GISTe model, which frames their analysis and public policy recommendations. This research uses the 2008 Carbon Disclosure Project database, with high-quality information on firm-level climate change strategies for 552 (...) companies from North America and Europe. In contrast to the widely accepted myth that European firms are performing better than North American ones, the authors find a different result. Many firms, whether European or North American, do not just “talk” about climate change impact mitigation, but actually do “walk the talk.” European firms appear to be better than their North American counterparts in “walk I,” denoting attention to governance, information management, and systems. But when it comes down to “walk II,” meaning actual Technology-related investments, North American firms’ performance is equal or superior to that of the European companies. The authors formulate public policy recommendations to accelerate firm-level, sector-level, and cluster-level implementation of climate change strategies. (shrink)

Gender differences have been observed regarding many political and social issues, yet we lack comprehensive evidence on differences in perceptions on a wide range of security issues increasingly important to voters: military threats, criminality, and terrorism. Previous research suggests that when women are highly politically mobilized, as they are in Sweden, gender differences in political opinion are large. On the other hand, Swedish politicians have worked hard to reduce gender stereotypical thinking. This prompts the question: Are there gender differences in (...) attitudes on security issues in Sweden, and if so, in what ways do the attitudes differ? This study is based on comprehensive data from focus groups and a large-scale survey. The results show that women were more prone to respond with an “ethic of care,” across security issues. Women were more inclined to understand security problems as structural, explained by macho culture, segregation, and injustice. Women tend to support preventive measures that provide individuals with opportunities to choose “the right path,” such as education and economic investment in deprived areas. When asked about national security, women believe more in diplomacy and dialogue. In general, women are less inclined to support various repressive solutions. (shrink)

This article investigates whether sustainability labels for mutual funds in Europe provide consistent signals regarding funds’ sustainable characteristics. Specifically, we assess the alignment of signals conveyed by third-party and self-declared labels. Among the first typology, we consider labels sponsored by government and nonprofit organizations (GNPOs) alongside Environmental, Social, and Governance (ESG) ratings from commercial data vendors. The latter category includes the Sustainable Finance Disclosure Regulation (SFDR) classification and an ESG-related name. Our findings indicate that equity funds with GNPO labels are (...) more likely to exhibit top-tier ESG ratings and alignment with self-declared sustainability signals, namely Article 9 of SFDR and fund names. Furthermore, holding government and multiple GNPO labels is linked to other signals indicating higher sustainability standards. In addition, funds tend to experience an improvement in Morningstar globes after receiving a GNPO label, consistent with GNPO labels signaling funds of the high-quality type. The results regarding label alignment in fixed-income funds are less conclusive. Our findings underscore the need for credible signals in view of the growing number of sustainability labels available to investors. (shrink)

Existing scholarship grapples with how impact investors measure positive impacts, but little attention has been paid to negative impact or limitations to positive impact, indicating a need to study “impact risk.” Impact risk refers to the likelihood that impact will be different than expected. In this paper, we study how impact risk is considered in practice. First, through a yearlong data collection effort including interviews with 124 impact investors, we are the first, to our knowledge, to document the consideration of (...) impact risk by practitioners. From this qualitative study, we develop two hypotheses about cognitive mechanisms related to impact risk. Second, we test these hypotheses through a vignette-based experiment with an online sample (N = 435). We find that win–win views of business, exemplified by the impact investing industry, can lead to inadequate consideration of impact risk. Inadequate consideration of impact risk matters for ethical reasons: with beneficiaries—people and planet—in urgent need of real solutions, investors and academics should take impact risk seriously. (shrink)

Scholarly debate over faux-snuff’s content has predominantly focused on realism and affect. This paper seeks to offer an alternative interpretation, examining what faux-snuff’s form reveals about self. Faux-snuff is typically presented from a first-person perspective (killer-cam), and as such is foundationally invested in the killer’s experiences as they record their murder spree. First then, I propose that the simulated-snuff form reifies self-experience in numerous ways. Faux-snuff’s characteristic formal attributes capture the self’s limited, fractured qualities, for example. Second, I contend that (...) the faux-snuff film’s singular focus lays bare the killer-self. The killer’s identity is principally constituted by the murders they commit. Resultantly, faux-snuff’s victims necessarily affirm the killer qua killer in the moment of murder. However, homicide eradicates the victim. Victims thus vanish in the moment they become the killer’s counter-identity. Consequently, the mock-snuff film centralises not only killing, but also the killer’s self-abnegation. Simulated-snuff’s repeated murders are a compulsive process of becoming in which the killer-self is both reified and erased. Despite presenting events through the killer’s eyes then, the simulated-snuff film can never provide access to the killer. The killer is an absent-presence that also acts as a constant reminder that the viewer is profoundly distanced from the action depicted, despite its apparent immediacy. In sum, faux-snuff commonly combines first-person form with relentless violent content. That melding leads me to scrutinize the apparently absolute binary oppositions at the heart of self-conception. By nature of their approach, these films routinely expose the tipping points between victim/killer, self/other, and life/death. In doing so, simulated-snuff catalyses questions about the self in general, and about our own selves in particular,. (shrink)

Scholarly debate over faux-snuff’s content has predominantly focused on realism and affect. This paper seeks to offer an alternative interpretation, examining what faux-snuff’s form reveals about self. Faux-snuff is typically presented from a first-person perspective (killer-cam), and as such is foundationally invested in the killer’s experiences as they record their murder spree. First then, I propose that the simulated-snuff form reifies self-experience in numerous ways. Faux-snuff’s characteristic formal attributes capture the self’s limited, fractured qualities, for example. Second, I contend that (...) the faux-snuff film’s singular focus lays bare the killer-self. The killer’s identity is principally constituted by the murders they commit. Resultantly, faux-snuff’s victims necessarily affirm the killer qua killer in the moment of murder. However, homicide eradicates the victim. Victims thus vanish in the moment they become the killer’s counter-identity. Consequently, the mock-snuff film centralises not only killing, but also the killer’s self-abnegation. Simulated-snuff’s repeated murders are a compulsive process of becoming in which the killer-self is both reified and erased. Despite presenting events through the killer’s eyes then, the simulated-snuff film can never provide access to the killer. The killer is an absent-presence that also acts as a constant reminder that the viewer is profoundly distanced from the action depicted, despite its apparent immediacy. In sum, faux-snuff commonly combines first-person form with relentless violent content. That melding leads me to scrutinize the apparently absolute binary oppositions at the heart of self-conception. By nature of their approach, these films routinely expose the tipping points between victim/killer, self/other, and life/death. In doing so, simulated-snuff catalyses questions about the self in general, and about our own selves in particular,. (shrink)

In the four papers available on our web site (of which this is the first), we propose to develop an inductive logic. By “inductive logic” we mean a set of principles that distinguish between successful and unsuccessful strategies for scientific inquiry. Our logic will have a technical character, since it is built from the concepts and terminology of (elementary) model theory. The reader may therefore wish to know something about the kind of results on offer before investing time in definitions (...) and notation. Providing such an informal overview is the purpose of the present essay. We begin with discussion of the central concept under investigation, namely, theory acceptance. (shrink)

Routinization is a term invented by Max Weber to describe events after the death of a charismatic religious leader. It has become widely used in the humanities in a variety of contexts. The death of the historical Buddha produced the first known instance of extreme routinization, in which the charisma of the founder is transmuted into a system of teachings that are themselves invested with authority, quite separate from the charisma of any individual within that tradition. This article examines the (...) Sāmagāmasutta and the Gopaka-Mogallānasutta, two texts from the Majjhima Nikāya. These texts, when read together, show us just how the Buddha prepared the way for the extreme routinization that would take place in the community, and how the early Buddhist monks reacted to this. In the Sāmagāmasutta, the Buddha prepares for the power vacuum after his own death by setting up procedures by which the monks will be able to govern themselves without relying on a single charismatic leader. The Gopaka-Mogallānasutta describes events after the Buddha’s death and indicates that the Buddha’s instructions had been followed faithfully. Taken together, these two obscure texts frame the far more famous Mahāparinibbānasutta and provide it with valuable context. This discussion is followed by a consideration of how Buddhism ended up reverting to more conventional patterns of routinization as it expanded. (shrink)

Diversity, equity, and inclusion (DEI) policies and programs are crucial tools for reducing social inequality within organizations. However, the recent decline in DEI practices and the inconsistencies found in existing research underscore the need for new theoretical approaches. This essay seeks to offer a fresh perspective on the strengths and limitations of DEI initiatives through the lens of granular interactions thinking theory. It posits that while DEI policies and programs generally create conditions conducive to greater value creation and improved adaptability (...) to changing environments and challenges, maintaining direction and operational certainty within an organization with high DEI demands significant energy investment. To sustain DEI and enhance its effectiveness, these policies need to go beyond simply increasing diversity and ensuring equal access to opportunities. They must also focus on empowering a diverse workforce to contribute to the organization’s success actively. Additionally, fostering a workplace culture that enhances members’ adaptive cognitive processing and skills can reduce the energy required to sustain DEI efforts, making these practices more sustainable in the long term. (shrink)

This article reviews the practices and differing sets of attitudes North Americans have taken with respect to fairness in international trade and proposes a set of common considerations for ongoing debates about these matters. After reviewing the asymmetrical relations between Canada, the United States, and Mexico and the impact of multilateral trade agreements on bilateral trade between these countries, the article looks at four typical normative views with respect to trade held by North Americans. These views variously emphasize concerns for (...) protectionism, liberal fair play, distributive justice, and dissent in the name of the environment or the working classes. Acknowledging that the debates over what is fair are not likely to be easily resolved, we call for open political processes that allow these debates to proceed, and we identify five common points of reference that might usefully inform these debates. These comprise (1) respect for flexibility, (2) the importance of institutions, (3) greater attention to the commutative justice principles for fair exchanges and corresponding guarantees so that all countries possess basic power to bargain on their own behalf, (4) the need to find fitting balance between local, national, regional, and international trade, and (5) more concern for the ways false pricing and abusive transfer pricing distort international trading relations. (shrink)

I’m sick of being treated like a dumb Mum who doesn’t understand the science. As far as I’m concerned, my family’s health is just too important. … If the government can’t protect the safety of my family, then I will.Recent Greenpeace activism in Australia resulted in the destruction of a field trial of a line of wheat “designed” to improve human nutrition. This incident demonstrates that, while there is significant ongoing public and private investment in genetically modified crop research (...) and development in Australia, many people continue to oppose GM foods strongly. We noted with interest that Greenpeace described this activism with language that explicitly connected the actions to the gender.. (shrink)

We report results from two original surveys of 500 firms conducted in 2000 and 2007 in eight regions in Russia that explore the business environment for manufacturing and service sector firms. We find that the formal and informal rules of the game for everyday firms in Russia have changed dramatically in the Putin years. Most importantly, while the informal and formal rules of the game in 2000 were quite similar for firms that were investing and those that were not, in (...) 2007 regional governments had come to favor the former through a variety of informal and formal means. This shift in the rules of the game in favor of firms that invest suggests that a core group of firms in the regions under study have managed to cooperate with the regional government to temper the weak institutional environment in Russia, but also that the playing field for businesses in Russia is not level. (shrink)

How can finance be durably democratized? In the centers of financial power in both the United States and the United Kingdom, proposals now circulate to give workers and the public more say over how flows of credit are allocated. This article examines five democratization proposals: credit union franchises, public investment banks, sovereign wealth funds, inclusive ownership funds, and bank nationalization. It considers how these plans might activate worker and public engagement in decision making about finance by focusing on three (...) modes of public participation: representative democracy, direct democracy, and deliberative minipublics. It then considers the degree to which democratization plans might be resilient to de-democratization threats from business. It argues that of the five, bank nationalization goes furthest in guarding against de-democratization threats but is still pocked with pitfalls if it relies solely on representative democracy. It argues that two criteria appear necessary for democratically durable alternatives: the active direct participation of workers and citizens and the weakening of businesses’ capacity for democratic retrenchment. (shrink)