The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything (...) intrinsic to this form of local community currency that leads it to be more inclusive, egalitarian and fair. (shrink)

Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money's purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may contribute to building sustainable local economies, supporting local businesses and creating “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits (...) of these currencies are not sufficient to justify the restrictions they impose on money's purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money's purchasing power are, therefore, undesirable. (shrink)

Australia and India have had few reasons in the past to develop systematic and significant levels of economic engagement. This was due to very different positions they have held in the world-system since the Second World War. De-colonization, the fall of the British Empire, the weak status of the British Commonwealth, and the realpolitik of the Cold War saw India and Australia located on different parts of the geo-political and economic world map with small demographic and cultural flows, and insignificant (...) economic trade. Both countries developed similar economic policy regimes that were essentially state-led nationalist projects of economic development with concomitant policies of import-substitution, local industry-subsidization, highly-regulated financial systems, and high tariffs. The last quarter of the 20th century saw a radical revision of both nations’ economic strategies, with Australia moving first to drop many of its trade barriers in the 1970s and ’80s. It is now one of the most open economies in the world. India’s liberalization programme commenced much later in 1991 but nonetheless has had a dramatic impact on its economic fortunes and growing status in the world economy. With these changes there are increasing opportunities for bilateral trade and a greater economic enmeshment in regional engagements and alignments in the Indian Ocean and in wider Asian fora. One significant indicator of change in growing Australia-India economic engagement is to look at Foreign Direct Investment (hereafter FDI). Currently, the movement of FDI between these two countries is still not very large but has a strong potential to grow over the short to medium term. This paper looks at the future prospect of this growth and asserts that, by engaging in areas of comparative advantage, it will benefit both national economies. Moreover, economic flows are also indicators of great social and cultural traffic. The movement of FDI between the two countries will not only encourage greater flow of peoples, especially outward migration from India to Australia, but also trigger more Australian expatriates living in India (from a very low base). Greater economic trade promises more cultural exchange. (shrink)

The move from open outcry to electronic trading added another responsibility to futures exchanges—that of matching orders between buyers and sellers. Matching systems can affect the level and speed of price discovery, the distribution of revenue, as well as the level of price efficiency of a given market. Whether the matching system is procedurally fair is another important consideration. I argue that while FIFO (First In First Out) is a fair procedure in principle and is perceived as the (...) default matching system, it is not a fair procedure in practice. Likewise, while pro rata is a fair procedure in principle, it is not so in practice. Nevertheless, both FIFO and pro rata are relics of an open outcry system. Instead, I propose an alternative approach to matching systems that builds on the strengths of electronic trading—the ability to randomize in real time. I introduce random selection for service (RSS) as a matching system that is procedurally fair both in principle and in practice. (shrink)

Abstract“Scaling-up” is the next hurdle facing the local food movement. In order to effect broader systemic impacts, local food systems (LFS) will have to grow, and engage either more or larger consumers and producers. Encouraging the involvement of mid-sized farms looks to be an elegant solution, by broadening the accessibility of local food while providing alternative revenue streams for troubled family farms. Logistical, structural and regulatory barriers to increased scale in LFS are well known. Less is (...) understood about the way in which scale developments affect the perception and legitimacy of LFS. This value-added opportunity begs the question: Is the value that adheres to local food scalable? Many familiar with local food discourse might suggest that important pieces of added value within LFS are generated by the reconnection of producer and consumer, the direct exchange through which this occurs, and the shared goals and values that provide the basis for reconnection. However, these assertions are based on tenuous assumptions about how interactions within the direct exchange produce value, and how LFS are governed. Examination shows that existing assumptions do not properly acknowledge the hybridity, diversity, and flexibility inherent in LFS. A clear analysis of the potential of scale in LFS will depend on understanding both how value is determined within LFS, and the processes through which these systems are governed. Such an analysis shows that, while scaled-up LFS will be challenged to maintain legitimacy and an identity as “alternative”, the establishment of an open governance process—based on a “negotiation of accommodations”—is likely to enhance their viability. (shrink)

Prior research suggests brokers do not always act in the best interests of clients, although morally obligated to do so. We empirically investigated this issue focusing on trades executed at best execution price, before and after the introduction of electronic limit-order trading, on the London Stock Exchange. As a result of limit-order trading, the proportion of trades executed at the best execution price for the customer significantly increased. We attribute this to a sustained increase in the liquidity (...) of stocks as a result of limit-order trading, regardless of market capitalisation. We discuss the ethical implications of our findings and conclude that market structures that enhance market competitiveness may help reconcile broker and client interests. (shrink)

Fair trade banana farming in the Windward Islands of the Caribbean has emerged since the late 1990s in response to a crisis. Rulings by the World Trade Organization ended a longstanding trade dispute between the US and the EU by eliminating a system of preferential access of Windward Island bananas to the UK market. What followed was a period of rapid decline in banana exports from these small islands and a widespread abandonment of banana cultivation. Those banana farmers who remain (...) are now primarily fair trade producers. Fair trade banana production in the Windward Islands can thus be conceived as a survival strategy that farmers have developed in response to a particular instance of neoliberal globalization. The paper considers this response especially in the context of recent fieldwork on the island of St. Vincent. In light of contributions by several scholars who have drawn upon the work of Polanyi to understand both fair trade and resistance to neoliberalism, fair trade banana production in the Windward Islands appears significant not only as a local survival strategy, but also as part of a larger countermovement that resists neoliberal globalization. (shrink)

Cet article analyse les liens entre les SEL et l'économie solidaire. Les SEL sont définis comme des associations au sein desquelles des personnes échangent services et biens au moyen d'une comptabilité interne tenue en une monnaie propre ; elles émergent en 1983. SEL et économie solidaire partagent certains objectifs communs. Les SEL revendiquent en effet par leurs actions l'institution de nouveaux rapports économiques procédant d'une solidarité sous la forme d'une proximité relationnelle et spatiale, à laquelle ne répondent pas l'échange marchand (...) et la redistribution étatique. Cependant les SEL peuvent voir leur projet solidaire remis en cause, en particulier pour deux raisons : le risque d'instrumentalisation politique d'une part, la contrainte juridique et sociale d'autre part.This article analyzes links between LETS and a civil and solidarity-based economy. LETS are defined as associations in which individuals exchange services and goods by means of an internal accounting system based on its own currency. The first LETS appeared in 1983. These LETS and the new social economy share some common purposes. By their actions, LETS aim to set up a new system of economic relations based on solidarity proceeding from relational and spatial proximity. Market exchanges and State redistribution do not provide an efficient response to these needs. However, there are certain threats to the solidarity aimed at by LETS such as firstly the risk that politicians may instrumentalize these initatives and secondly legal and social constraints. (shrink)

As local food activities expand and grow, an important question to answer is how various participants contribute to a local food system’s overall vitality and strength. This paper does so by focusing on the relationships between locally-oriented farm and retail actors and assessing what the configuration of these relationships tells us about the workings of the broader local food system. Such an analysis reveals two things. Empirically, it shows the important role food retailers play in the overall (...) vibrancy of local food exchanges: food retailers form crucial links holding the broader system together and significantly expanding consumer access to local foods. Further, different retailer types have distinct impacts on network configurations, each serving particular roles in the development and maintenance of local food systems. Methodologically, this paper shows the value of applying social network analysis techniques to the study of local food systems: such an approach yields insights that may not be as readily assessable from other strategies. In this paper, I overview common network analysis techniques and apply them to a case study of local food activities in New England, suggesting how such an approach might be applied to local food systems in other places. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22 (2002) 31-46 [Access article in PDF] Remedying Globalization and Consumerism: Joining the Inner and Outer Journeys in "Perfect Balance" Judith Simmer-Brown Naropa University One hundred forty years ago, Abraham Lincoln wrote in a prophetic voice: I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country.... Corporations have been enthroned and an era of (...) corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed. 1As the global economy has grown and the economic gap between the poor nations and the rich nations has become enormous, we are realizing Lincoln's nightmare.Globalization has effects more devastating than Lincoln could have imagined. What do we mean by globalization? The president of Nabisco once defined it as "a world of homogeneous consumption." 2 It is a world in which everyone, no matter what latitude or longitude, eats the same food, wears the same clothing, and derives pleasure from the same entertainment. It is the world of McDonald's, Holiday Inn, James Bond movies, Nike shoes, and Coca-Cola. Noam Chomsky, in a lecture at Boston College, described globalization as the "new face of capitalism." 3 It is a network of power centered in corporate interests and financial institutions that controls the flow of capital in order to promote the financial interests of those in power to the detriment of all others. The strategies of globalization have to do with centralizing all power in financial interest, reducing all value to money, and subsuming governments to the interests of the corporations. According to Chomsky, the strategies employed by the transnational network are designed to consolidate this control:Buy the executive branch of the states involved;Own the legislative branch through lobbyists, campaign contributions, and term extensions, or whatever else may work; [End Page 31]Set the conditions in which policy is determined, asserting the power of global capital;Control the doctrine and information systems, especially to invent new needs in order to bolster a culture of fashionable consumption. 4The players in this transnational network reside in the wealthy countries of the world, especially the governments of the G8, and most especially the United States. The global dominance of the International Monetary Fund and the World Trade Organization is funded by U.S. dollars funneled to them by the network. Yet this capital is not really exchange of cash; instead, it is speculation. Chomsky commented: In the last twenty-five years, there has been a huge explosion of financial institutions and financial capital, most of it speculative, with little actual capital in the economy. The flow of capital is $1.5 trillion per day, very little of it productive. Ninety-five percent of it is destructive and speculative. The return time on investments is very rapid; eighty percent has a return time of a week, and often it is less than a day. This daily flow of capital in international markets is twice the total foreign exchange of all states together. This concentrated power is interlinked, determining states' decisions. 5States are no longer autonomous agents; transnational economic interests have taken precedence over national sovereignty, regional power, and military concerns.The impact on developing countries and rural economies is devastating. The global monoculture is eradicating cultural diversity, replacing locally adapted forms of production with industrial systems divorced from natural cycles. Agriculture has become centrally managed and chemically dependent, delivering a narrower range of transportable foods to the international market. This, of course, robs the vitality of local communities and moves a greater proportion of villagers into urban life, creating megalopolises. Because everyone becomes dependent upon the same resources, "globalization creates efficiency for corporations, but it also creates artificial scarcity for consumers, thus heightening competitive pressures.... Globalization means the undermining of the livelihoods and cultural identities of the majority of the world's peoples." 6... (shrink)

In pre-modern Korea, paper was renowned for its white glossy surface and cloth-like strength, becoming an important item in both tributary exchanges and private trade. The unique material of the tak tree and related technical innovations, including toch’im, the repeated beating of just-produced paper that provides sizing and fulling effects, were crucial to this fame. However, the scholar-officials who integrated papermaking into the state production system in order to meet administrative and tributary needs initially made toch’im corvée and then penal (...) labor, thereby dismissing it as simple toil. They were not alone, though, in denigrating a form of manual labor. Historiographies of modern science and technology are generally silent about such work, focusing instead on how we invented the human out of drudgery. However, papermakers in late Chosŏn Korea (the eighteenth and nineteenth centuries) chose to identify their artisanship with toch’im and eventually succeeded in securing recognition for that technique as a highly paid specialty. By examining this skilling of toch’im, this paper seeks to change the historiographical silence about toil. It overcomes the archival silence that accompanies manual skills by tracing toch’im’s contours through its changing locations and associations in society’s changing social and material networks, revealing paper artisans’ social techniques, or everyday politics that eventually dignified their laborious technique. Paper artisans’ changing relationships with tak barks, tools and facilities, central and local authorities, farmers, merchants, and scholar-officials reveal how such social skilling was made in late Chosŏn Korea, where papermaking became a most successful industry. This tracing of toch’im re-situates creative toil and everyday politics of artisanal hands in the interconnected transformation of social relations, craft, and knowledge practices. (shrink)

The UNESCO research projects focusing on The Silk Routes and The Slave Routes were launched at just the right time to remind us that globalization is not a novel dimension of the history of humanity. Not only am I among those who analyze capitalism as a worldwide system from its very inception, but I have also found it pertinent to recall that prior to the sixteenth century, societies were not at all isolated from one another but rather competing within regional (...) systems (and perhaps within one global system). To underestimate this fact is to condemn ourselves to a misunderstanding of the very dynamics of change within societies. At the same time, I maintain that in the history of the world, capitalism represents a qualitative rupture that had its beginnings around 1500. Accordingly I emphasize the distinction that must be made between the integrated structure of the worldwide capitalist system and the protocapitalist elements that are to be found in earlier societies; I also underline the specificity of the contrast between centers and peripheries, which is unique to global capitalism and which differs from previous forms of polarization. (shrink)

This paper investigated the part played by collaborative practices in chaneling the work of prominent biochemists into the development of molecular biology. The RNA collaborative network that emerged in the 1960s in France encompassed a continuum of activities that linked laboratories to policy-making centers. New institutional frameworks such as the DGRST committees were instrumental in establishing new patterns of funding, and in offering arenas for multidisciplinary debates and boundary assessment. It should be stressed however, that although this collaborative network was (...) based on centralized initiatives aimed at developing molecular biology as a new biological specialty, it operated above all as a nexus of practices. The main argument of this paper is that the central allocation of funds and resources, exemplified by the DGRST operation, actually enhanced the creation of a self-conscious community of biochemists turned molecular biologists by virtue of an increased circulation of tools, skills, and results that took place within the RNA network and a few analogous systems of exchange.Having hands on “things” viewed as identical for all practical purposes was a potent factor in changing the experimental systems and their meanings. Limited but shared means of doing helped to reduce uncertainties, change representations, and turn contingent decisions into meaningful choices. The collaborative enterprises then resulted in personal contacts and the transfer of skills and materials, which gradually incorporated the biochemical tools into systems producing facts relevant to molecular biology as defined by its early practitioners. In that sense, networking was a regulatory process that stabilized new research objects and acculturated French biochemists.The mere existence of such a collaborative network also changed the scale of the disciplining process. Collaborations may have been started for contingent motives, but multiple exchanges resulted in the emergence of a new collective, and amplified small displacements. Collaborations, however, worked both ways, and the RNA network may be viewed as an efficient “trading-post.” An unexpected outcome of the development of a conversion zone is the fact that, by the late 1960s, the former biochemists dominated the “new” world of molecular biology — both in terms of research habits, since interests in structural studies dominated the field, and in terms of institutional initiatives such as the creation of laboratories and institutes for molecular biology.As an example of the cognitive displacements achieved by the network, I have focused here on the stabilization of “messenger RNA” as a new biological entity. This process illustrates the role of “boundary objects” and other mediating innovations in the development of disciplinary structures. Students of science trained in the symbolic interactionism tradition have proposed that “boundary objects” enhance the multiple interactions between heterogeneous social worlds: they are robust enough to enhance unity, but plastic enough to be manipulated in different social and cultural contexts.81 Within the emerging network, messenger RNA was a weakly structured “genetic information carrier” in common use, but it could, at the same time, be a strongly structured “macromolecular structure” adapted to practical and local uses. Consequently, messenger RNA favored the association of groups of heterogeneous scientists with backgrounds and interests in medical biochemistry, genetics, physical chemistry, organic chemistry, and so forth. This contrast between general and local uses was also instrumental in integrating the manipulation of things and the negotiation of aims. In contrast to transfer RNAs, which in the French context remained objects for chemical (and mainly structural) studies, messenger RNA became a key component of the new culture of “genetic information”. Messenger RNA was a loose theoretical entity described as a “genetic information carrier” in the policy-making documents, while operational but tacit and more conflicting definitions prevailed at the bench. In other words, messenger RNA was not only a classical “boundary object” but also a “flag object,” which tightened the collaborative network by mediating between the DGRST offices and the laboratories. (shrink)

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

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

Based on seventeenth- and eighteenth-century accounts written by and for slavers, this article investigates the provisioning of the French Middle Passage. As the transatlantic trade in African captives developed, foodstuffs for the feeding of both Europeans and Africans figured prominently in a specifically Atlantic system of commodity exchanges. The trade in foodstuffs depended most heavily on African subsistence systems encountered along the coasts of West Africa, but a surprising quantity of French and other European foodstuffs were embarked specifically for (...) the Middle Passage, revealing, I argue, the precariousness of conditions of trade and of European slaving factories. As a key element of Atlantic political economy, the study of food and its transatlantic provisioning networks sheds light not only on the governance and regulation of the networks themselves, but also on the ability of early modern states to establish and maintain metropolitan control, on the growth of local, colonial forms of autonomy and authority, and on the complex systems of ‘national’ and colonial interdependence that lay behind the expansion of every Atlantic colony. I conclude that this study of provisioning demonstrates that however fractured and differentiated, imperial power was an irrefutable aspect of colonial continuity. (shrink)

One of the many claims about the value of local food is that local food exchanges generate trust between producers and consumers. To what degree is this actually the case and how does such trust develop? Drawing on interview and fieldwork data in one local food system in the Northeastern U.S., I show how local food participants build trust and reciprocity with one another in order to mitigate the challenges imposed by the conventional system. This trust (...) and reciprocity builds primarily through three mechanisms: reliable, positive relationships; demonstrations of good will toward one another; and a shared understanding of the value of locally-oriented food. Through these mechanisms, local food operators are able to build a healthy, stable local food system, able to better resist the pressures of the conventional system in which it must continually operate. (shrink)

Community initiatives to create more localized food systems ofteninclude the strategy of import substitution, i.e., increasing local foodproduction for local consumption. The purpose of this policy iseffectively to supplant some level of imported food into the region. Weargue that such action can carry social and environmental risks as wellas benefits and we have developed research parameters to measure theimpact of such strategies. Harriet Friedmann's seminal work (1991) onthe employment of import substitution by transnational corporationsprovides a framework to (...) identify possible advantages and disadvantagesof the same approach locally. We propose local autonomy and sustainabledevelopment as positive indicators of a more localized food system.Three units of analysis are proposed to measure changes in localautonomy and sustainable development as a result of import substitutionschemes: fair labor trade, equity and democracy, and environmentalstewardship. We propose that this flexible framework of analysisincreases our ability to describe the shifting and integrated balancebetween more local and more global food systems. (shrink)

Some models anticipate that liberalized agricultural trade will lead to increased crop diversity, while other models make the opposite claim. These positions were explored in southwestern British Columbia, Canada where, between 1992 and 1998, government subsidies and other measures designed to protect horticultural farmers were lifted, exposing these farmers to foreign competition. Public hearings on the future of agriculture provided an opportunity to tap the knowledge and experience of people affected by this transition. Analysis of transcripts from these hearings, which (...) was confirmed by industry data, shows that trade liberalization has led to the loss of the local fruit and vegetable processing industry. Stakeholders saw the loss as a major factor affecting the choice of crops grown locally. To test this assertion, crop diversity data were analyzed, differentiating crops grown for the processing industry from those grown for the fresh market. Results show that crop diversity increased for processing crops but not for fresh crops. Farmers who used to produce commodities for the fruit and vegetable processing industry seem to have been forced to find new crops to cope with the decline in the processing industry. Here then is a case where the effects of trade were indirect (they were mediated by another variable: the loss of the processing industry) and variable (they differed for the two groups of crops). This may have significant environmental implications as scientific research shows that diverse agro-ecosystems are better able to withstand pest outbreaks and require less agri-chemicals than simple systems. (shrink)

A major strategy in the creation of sustainable economies is the establishment of alternative market institutions, such as fair trade and local market systems. However, the dynamics of these alternative markets are poorly understood. What are the rules of behavior by which these markets function? How do these markets maintain their separate identity as “alternative”: apart from the conventional (“free”) market system? Building on Lyson’s notion of civic agriculture, we argue that alternative markets maintain themselves through civic engagement. (...) However, we argue that the civically-engaged practices of alternative markets are poorly understood. We seek, therefore, to begin a conversation about the everyday forms of civic engagement in alternative practice and to do this we introduce a few useful conceptual tools. Building upon ideas in science studies about the collaboration of scientists (Hess, Alternative pathways in science and industry, 2007) we argue that civic markets have their own “market fields” and “modes of governance” (Bulkeley et al., Environment and Planning A 39:2733–2753, 2007), their own fields of social interaction in which rules of behavior become stabilized and determine how the market works. The creation of a social field also requires the demarcation of boundaries, referred to in the science studies literature as “boundary work” (Gieryn, Cultural boundaries of science: Credibility on the line, 1999). We apply the idea of boundary work to understand how alternative market actors maintain boundaries between alternative and conventional markets. Finally, studies of collaboration in science have often centered on the object created through these interactions, an object that is partially material and partially a product of knowledge, what (Rheinberger, Toward a history of epistemic things: Synthesizing proteins in the test tube, 1997) calls an “epistemic object.” We use this idea to understand that the creation of alternative objects of exchange, such as organic food, are epistemic objects in that they combine both particular materialities and particular ways of knowing. Using these concepts, we will carry out a close analysis of the mode of governance in the national organic market, looking specifically a recent governance crisis in organic agriculture known as the Harvey lawsuit. (shrink)

Arab countries have adopted market economy principles and pursued policies designed to strengthen their economies. The cornerstone of Arab countries' long-term economic objectives has been to increase trade and support economic growth via regional and global integration. To this end, Arab countries are attempting to broaden their engagement in the multilateral trading system by joining the World Trade Organization (WTO). In addition, some Arab countries entered into trade arrangements with the United States (U.S.) to foster economic development, attract investment, (...) and develop peaceful relationship. These trade agreements carry several implications for local economies. (shrink)

Before the last century, societies around the globe, including Indigenous Peoples and early settlers to Canada’s west coast, relied on local procurement and preservation of seasonal food to support their food security and food sovereignty. In some instances, Indigenous Peoples and settlers shared and adopted each other’s food provisioning and preservation practices and associated values. Such cross-cultural knowledge exchanges provided wide-ranging food provisioning options for those living in the region. In this paper, we conceptualize such exchanges and varieties of (...) provisioning options as part of Indigenous and local food systems that have been co-created through mutual interdependence, support, and food-related values. Using data from interviews and document analysis, we show that current residents of the Clayoquot Sound Biosphere Region have maintained traditional food procurement and preservation techniques, although with some new methods that have emerged in response to new technologies, innovation, and need. Indigenous and non-Indigenous residents who share food and exchange food provisioning practices simultaneously support their food needs, wellbeing, and cultural maintenance. In contrast to research that examines and conceptualizes local food systems and Indigenous food systems separately, this paper highlights the existence of an interrelated Indigenous and local food system, characterized by historical and contemporary shared food provisioning practices and cross-cultural food knowledge exchanges on Canada’s west coast. The advantage of the joint conceptualization lies in acknowledging how food systems can and do evolve to co-exist over time, and how they create opportunities for people living in remote, sometimes marginalized communities to strengthen food security and food sovereignty through shared food provisioning practices that resonate with their values. (shrink)

Religion and its envisaged structures have both macro- and micro-level implications for business. Of the many stratification schemas prevalent in India, two macro-social stratification schemas are important at the workplace: caste, which has been an age-old, religion-mandated, closed social stratification prevalent in Hinduism that had led to inequality in the society, and trade union, which is a relatively new and optional open workplace stratification that empowers workers and fosters equality. This study tries to decipher whether these two structures influence each (...) other; if yes how and why do they influence each other (the tensions and contradictions that may happen between them), and whether the influence is uniform for all members. We conducted in-depth interviews with 43 trade union members, three trade union leaders of two state-owned organizations in North India. Initially, we found that caste does not have any superficial effect on the relationship between union members. However, a deeper analysis reveals that roots of this social reality reflect in the social and workplace exchanges between union members, and affect their social identity and loyalty. In the discussion we present a model of twin loyalties between union and caste. From the institutional logic perspective, we also delineate the caste and trade union perspective, and show how there is a change in trade union identity because of the influence of caste-based logic. Our findings have implications for industrial democracy, worker representation, and union effectiveness. (shrink)

Industrial shrimp farming has been promoted by international development and financial institutions in coastal indebted poor countries as a way to obtain foreign exchange earnings, reimburse external debt, and promote development. The promotion of the shrimp industry is a clear example of a more general trend of support of export-oriented primary products, consisting in monocultures of commodities, as opposed to the promotion of more diverse, traditional production directed to feed the local population. In general, it is assumed that (...) export-oriented aquaculture and agriculture, in a framework of liberalization policies, facilitates economic growth and this is associated with poverty reduction and the improvement of food security. However, it has been shown that the promotion of export-oriented production, mostly in the hands of big corporations, can have detrimental consequences for the livelihoods of local populations and the environment. As a result, international institutions, NGOs, and the industry aim to minimize these impacts by promoting sustainable export-oriented production. But some impacts may remain, since the main issue is the primary focus on international deregulated markets and the search for cheap primary products. To illustrate the relationships between the mainstream concept of development, the environmental and social impact of industrial farming systems, and the promotion of export-oriented production in developing countries, this article analyzes the case of the shrimp aquaculture industry. (shrink)

This article aims to distinguish and depict the features of communications and collaborations in contemporary universities through the concept of trading zones. The author also considers the role that the idea of a digital university might play in shaping interactions in transforming local context where different actors can find a common ground of exchange. The new contexts, including the pragmatic orientation of contemporary society and new technologies and environments, contribute to reconsidering the idea of the classical university, (...) in which interactions between professors and students have outstepped customary collaborations in laboratories, as well as the idea of education and research integration. This article focuses on distinguishing new forms of interactions, boundary practices, and environments, which are suggested by today’s universities. Proceeding from them, the author argues that new concepts of the university, such as the digital university, and renovated campuses—to some extent—contribute to the adaptation of a renewed idea of Humboldt’s Bildung. (shrink)

The linguistic relativist thesis maintains that there is no neutral ground for different scientific traditions with different theoretic frameworks to communicate rationally, due to the fact that linguistic structure crucially decides the way people think about reality. For quite a long time, historical studies of scientific exchange between East and West have been guided by this thesis. The challenge to this thesis comes from recent studies by Peter Galison, who argues that scientists from different research traditions can communicate rationally (...) in a way similar to the trading exchanges between two countries, in which a local coordination can be reached even if there is a global disagreement about the corresponding word usage in two natural languages. In this paper, I try to show that the concept of trading zone communication provides an interesting and useful theoretical tool to examine how, in the sixteenth, seventeenth, and eighteenth centuries, Chinese scientists communicated with and learned Western knowledge from Jesuit scientists by building local coordination among them. In the first section I introduce the basic ideas of Galison's trading zone theory. In the second section I study the metaphysical, ontological, and epistemological differences between Chinese science and Western science. If the linguistic relativist thesis is taken for granted, these differences are likely to lead many historical studies on Jesuit science in China to reach the relativist conclusion. The third section deals with some of the basic concepts of the trading zone theory to explain how local rational communication among Chinese and Jesuit scientists was built and developed. In the last section I argue that Galison's trading zone theory can help us understand how Chinese scientists learned new knowledge from the Jesuits, especially astronomical and mathematical knowledge, despite the global differences between these two research traditions. (shrink)

Many advocate practices of ‘local food’ or ‘locavorism’ as a partial solution to the injustices and unsustainability of contemporary food systems. I think that there is much to be said in favor of local food movements, but these virtues are insufficient to immunize locavorism from criticism. In particular, three duties of international ethics—beneficence, repair and fairness—may provide reasons for constraining the developed world’s permissible pursuit of local food. A complete account of why (and how) the fulfillment (...) of these duties constrains locavorism will require extensive empirical evidence about the relationship between agricultural demand-led industrialization, international trade (rules), and local food practices. In this paper I can only gesture at some of this evidence and, for that reason, my policy prescriptions are merely provisional. Instead, the upshot of this paper is that advocates of locavorism ought to be attentive to the empirical-dependence of the moral permissibility of their projects. As local food ‘scales up’—and comes to be embraced as a goal of political communities—these concerns should receive even greater attention. (shrink)

Economic analysis identifies comparative, rather than absolute, advantage as the basis of international trade, a distinction first thought to have been clearly made by David Ricardo in his Principles of Political Economy and Taxation . Adam Smith's Wealth of Nations is thought to have failed to make this distinction, instead treating foreign trade principally as a “vent” for surplus domestic produce. However, Smith's underlying argument in favour of a “system of natural liberty” made his name synonymous with open seas and (...) free markets, and the economist most closely linked to free trade. This paper suggests that Smith advanced a rather more sophisticated analysis of the gains from trade than this textbook understanding would suggest, but that his line of reasoning has long been obscured by the long-established habit of reading Wealth of Nations as a work whose first two books contain the important analytical elements that the later books merely elaborate. It is demonstrated that Smith's analysis of the gains from trade derives from his discussion of capital, and that therefore a reader needs to begin at the end of Book II, and not with the principles of exchange outlined in Book I. (shrink)

Over the past 10 years the sales of Fair Trade goods - particularly those carrying the Fair Trade Labelling Organizations International (FLO) certification mark - have grown exponentially. Academic interest in Fair Trade has also grown significantly over the past decade with researchers analysing the model from a wide range of theoretical perspectives. Whilst Fair Trade is generally acknowledged as a new supply chain model, it has tended to be studied at the micro/organisational level rather than at the macro/systems (...) level. As a consequence, its wider impact as institutional innovation at the field level appears to have been under-theorised so far. In order to address this research gap, this article uses a neo-institutionalist perspective to analyse Fair Trade not simply as a new exchange model working within existing organisational and economic structures, but rather as an agent of institutional entrepreneurship at, and beyond, the field level. From this latter perspective, Fair Trade brings a new set of transformational meanings to extant exchange and consumption models and reforms fields of economic exchange by disrupting and then re-assembling key institutional elements around modern consumption to roll back commodity fetishism and reconnect consumers and producers. The type of institutional change driven by Fair Trade can be seen as a form of social entrepreneurship. (shrink)

The philosophical debate concerning political exchange has largely been confined to debating the desirability of vote trading; where individuals can sell their votes or buy votes from others. However, I show that the vote credit systems prevalent in public choice theory entirely avoid the common objections to political exchange that afflict vote trading proposals. Namely, vote credit systems avoid equality concerns and inalienability concerns. I offer an alternative critique to formal mechanisms that encourage political (...) exchange by drawing on the role that impartiality and impartial moral judgements play in democratic and electoral institutions. (shrink)

This study critiques the idea of a “Western science -- indigenous knowledge” dichotomy in agricultural knowledge by examining the hybrid nature of knowledge use and incorporation by villagers in Madhya Pradesh, India. By analyzing knowledge systems as multi-leveled structures consisting of concrete practices linked to more abstract, explanatory concepts, this paper illustrates how information from multiple sources is integrated into local bodies of knowledge about tree management. Practices such as urea fertilization from formal global science might be explained (...) by concepts such as that of a hot/cold duality from informal folk science. Similarly, other pieces of knowledge stemming from diverse knowledge systems are shown to become mixed and matched on practical and conceptual levels. Additionally, several knowledge elements used locally appear to be held in common by many knowledge systems around the world, rendering the determination of their origins in one system or another nearly impossible. These observations lead to the conclusion that local knowledge systems of tree management are better characterized as “open” systems rather than distinct, “closed” systems. Furthermore, the constant exchange of material between formal and informal, local and global systems renders untenable any strict dichotomy of knowledge systems. (shrink)

Since the breakdown of the Bretton Woods system in the early 1970s, the foreign exchange market has become an important focus of both academic and practical research. There are many reasons why FX is important, but one of most important aspects is the determination of foreign investment values. Therefore, FX serves as the backbone of international investments and global trading. Additionally, because fluctuations in FX affect the value of imported and exported goods and services, such fluctuations have an (...) important impact on the economic competitiveness of multinational corporations and countries. Therefore, the volatility of FX rates is a major concern for scholars and practitioners. Forecasting FX volatility is a crucial financial problem that is attracting significant attention based on its diverse implications. Recently, various deep learning models based on artificial neural networks have been widely employed in finance and economics, particularly for forecasting volatility. The main goal of this study was to predict FX volatility effectively using ANN models. To this end, we propose a hybrid model that combines the long short-term memory and autoencoder models. These deep learning models are known to perform well in time-series prediction for forecasting FX volatility. Therefore, we expect that our approach will be suitable for FX volatility prediction because it combines the merits of these two models. Methodologically, we employ the Foreign Exchange Volatility Index as a measure of FX volatility. In particular, the three major FXVIX indices from 2010 to 2019 are considered, and we predict future prices using the proposed hybrid model. Our hybrid model utilizes an LSTM model as an encoder and decoder inside an autoencoder network. Additionally, we investigate FXVIX indices through subperiod analysis to examine how the proposed model’s forecasting performance is influenced by data distributions and outliers. Based on the empirical results, we can conclude that the proposed hybrid method, which we call the autoencoder-LSTM model, outperforms the traditional LSTM method. Additionally, the ability to learn the magnitude of data spread and singularities determines the accuracy of predictions made using deep learning models. In summary, this study established that FX volatility can be accurately predicted using a combination of deep learning models. Our findings have important implications for practitioners. Because forecasting volatility is an essential task for financial decision-making, this study will enable traders and policymakers to hedge or invest efficiently and make policy decisions based on volatility forecasting. (shrink)

Global policy transfer has become increasingly popular in recent years, and one recent example of such policy transfer is the England–China Teacher Exchange, which was initiated in 2014 with the explicit aim of raising attainment in maths in English primary schools by trialling concepts used in Shanghai schools, Shanghai rising to the top of the PISA rankings in 2009. However, as this paper will argue this is an overly simplistic attempt to transfer a policy between two wholly different contexts, (...) the lack of success of the policy seen in the very limited impact on student attainment in the participating schools. Whilst such policy transfer has increasingly taken place in the context of isomorphism and global pressures to adopt policy from high performing education systems, it is argued that policy needs to be explicitly reconsidered in terms of the local context it is being imported into if it is to be embedded in an effective manner, as well as rooted firmly in research. It is also argued that the England–China Teacher Exchange reflects a broader ideological focus in coalition government policy on the marketisation of education alongside the PISA rankings, rather any wider consideration of how this particular policy would drive up standards. (shrink)

This paper discusses the idea that trade – the practice of regularised exchange of goods or services between nation-states for mutual advantage under an orchestrated system of rules – can generate moral duties, duties that exist between only participants in the activity. It considers this idea across three duties often cited as duties of trade: duties not to harm; duties to provide certain basic goods; and duties to distribute benefits and burdens fairly. The paper argues that these three duties (...) seem unlikely contenders for duties thought in some sense to supervene on trade, the former two because they seem to exist regardless of the existence of trade and the latter because it seems to apply to a group more widely conceived than to be coherently thought centred on trade. It concludes that, at least across these three duties, it is more plausible to think that they are duties which, although possibly having relevance for how trade is conducted, do not emerge from the practice and are, rather, grounded elsewhere. (shrink)

Cities and local governments loom large on the sustainability agenda. Networks such as Fair Trade Towns International (FTT) and the Organic Cities Network aim to bring about global policy change from below. Given the new enthusiasm for local approaches, it seems relevant to ask to what extent local groups exercise power and in what form. City networks present their members as “ethical places” exercising _power with_, rather than _power over_ others. The article provides an empirical analysis of (...) the power of FTT and Organic Cities in Germany. In both cases, we found cities that are eager to emphasize their inclusive potential. Their willingness to compromise is demonstrated most illustratively by the fact that several cities are members of both networks: While the FTT campaign aims to address problems of international trade but does not abandon it, Organic Cities advocate for a new localism based on food supply from farmers in the same region. In both cases, city networks use their purchasing power to increase the share of certified products. By doing so, the city networks reproduce privileged positions of consumers benefitting from the global capitalist order (_power over_). However, our analysis revealed that networks also make citizens reflect upon agri-food challenges and allow developing alternatives for more sustainable systems (_power with_). (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)

In 1798, the National Institute and the French minister of foreign relations invited European countries to send delegations of science practitioners to Paris to finalise the values of the metre and the kilogram. This article reads the event as part of a wider attempt to establish the political relevance of international scientific consensus and include scientific exchanges in the diplomatic culture of post-revolutionary Europe. At the end of the 18th century, the scope and methods of both the sciences and diplomacy (...) were being renegotiated. French academicians hoped that the new system of weights and measures would at once facilitate international scientific exchanges and advertise that new authority should be politically invested in savants. During the Directory, part of the political elite hoped to stabilise the Revolution and forge an international order where the Republic could coexist with old regime monarchies. This entailed focusing diplomatic negotiations on commercial development, something a shared metrological system could foster. The conference was the product of the alliance between the two groups. Foreign responses to the project reveal the novelty of the association between scientific discussions and diplomatic negotiations. Furthermore, European savants and governments did not agree that metrological reforms fell primarily under the expertise of science practitioners, rather than under that of trading actors or administrators. The conference did not produce consensus on the suitability of the metric system or on the feasibility of programmes for the unification of weights and measures. It was more successful at promoting precision and rationality as key parameters to assess metrological systems and science practitioners as main experts in the matter. (shrink)

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

Much recent philosophical attention has been devoted to variants on the Best System Analysis of laws and chance. In particular, philosophers have been interested in the prospects of such Best System Analyses for yielding *high-level* laws and chances. Nevertheless, a foundational worry about BSAs lurks: there do not appear to be uniquely appropriate measures of the degree to which a system exhibits theoretical virtues, such as simplicity and strength. Nor does there appear to be a uniquely correct exchange rate (...) at which the theoretical virtues of simplicity, strength, and likelihood trade off against one another in the determination of a best system. Moreover, it may be that there is no *robustly* best system: no system that comes out best under *any* reasonable measures of the theoretical virtues and exchange rate between them. This worry has been noted by several philosophers, with some arguing that there is indeed plausibly a set of tied-for-best systems for our world. Some have even argued that this entails that there are no Best System laws or chances in our world. I argue that, while it *is* plausible that there is a set of tied-for-best systems for our world, it doesn't follow from this that there are no Best System chances. Rather, it follows that the Best System chances for our world are *unsharp*. (shrink)

The seed system is a major component of traditional management of crop genetic diversity in developing countries. Seed flows are an important part of this system. They have been poorly studied for minor Andean crops, especially those that are propagated vegetatively. We examine the seed exchanges of Oxalis tuberosa Mol., a vegetatively propagated crop capable of sexual reproduction. We studied the seed exchanges of four rural communities in Candelaria district at the international and local levels, emphasizing the spread of (...) new sexually-produced genotypes through these exchanges. Interviews with 44 farmers generated socioeconomic, agronomic, crop diversity and seed exchange information, and data on the potential incorporation of new sexually-produced genotypes in the crop germplasm. We interviewed merchants to evaluate the input and output of genetic diversity in the communities studied. Results showed a positive effect of the farmers’ wealth on the diversity cultivated and on seed exchanges. Most seed exchanges occurred at market, creating a distinction between cash and self-consumption landraces. Cash landraces were intensively exchanged; self-consumption landraces were isolated at the farmer level and prone to genetic drift and complete loss. Merchants exported seeds of cash landraces across Bolivia and into Peru and Argentina. New sexually produced genotypes are less incorporated into cash landraces than in self-consumed landraces. However, new genotypes incorporated into cash landraces are diffused faster and better, being more intensively exchanged. We propose conservation strategies that can be applied to other vegetatively propagated and minor Andean crops. (shrink)

Much recent philosophical attention has been devoted to the prospects of the Best System Analysis of chance for yielding high-level chances, including statistical mechanical and special science chances. But a foundational worry about the BSA lurks: there don’t appear to be uniquely correct measures of the degree to which a system exhibits theoretical virtues, such as simplicity, strength, and fit. Nor does there appear to be a uniquely correct exchange rate at which the theoretical virtues trade off against one (...) another in the determination of an overall best system. I argue that there’s no robustly best system for our world – no system that comes out best under every reasonable measure of the theoretical virtues and exchange rate between them – but rather a set of ‘tied-for-best’ systems: a set of very good systems, none of which is robustly best. Among the tied-for-best systems are systems that entail differing high-level probabilities. I argue that the advocate of the BSA should conclude that the high-level chances for our world are imprecise. (shrink)

The essays in this issue of The Journal of Medicine and Philosophy explore an innovative voucher program for encouraging kidney donation. Discussions cluster around a number of central moral and political/theoretical themes: What are the direct and indirect health care costs and benefits of such a voucher system in human organs? Do vouchers lead to more effective and efficient organ procurement and allocation or contribute to greater inequalities and inefficiencies in the transplantation system? Do vouchers contribute to the inappropriate commodification (...) of human body parts? Is there a significant moral difference between such a voucher system and a market in human organs for transplantation? This paper argues that while kidney vouchers constitute a step in the right direction, fuller utilization of market-based incentives, including, but not limited to, barter exchanges, would save more lives and further reduce human suffering. (shrink)

The history of education in the modern world is a history of transnational and cross-cultural influence. This collection explores those influences in (post) colonial and indigenous education across different geographical contexts. The authors emphasize how local actors constructed their own adaptation of colonialism, identity, and autonomy, creating a multi-centric and entangled history of modern education. In both formal as well as informal aspects, they demonstrate that transnational and cross-cultural exchanges in education have been characterized by appropriation, re-contextualization, and hybridization, (...) thereby rejecting traditional notions of colonial education as an export of pre-existing metropolitan educational systems. (shrink)

Much of our knowledge about the nineteenth-century natural history boom resides with the collectors themselves and their collections. We know much less about the conduct of the global trade that made collecting possible. That such a trade occurred in the face of significant obstacles of distance, variable prices, inadequate information, and diverse agents makes our knowledge deficit the more significant. William John Macleay, based in Sydney, built his significant natural history collection by trading locally as well as across the (...) globe. Our study of Macleay measures his complete set of trading transactions at a time of rapid expansion of his collection. It analyses how he chose between different forms of exchange and agreed fair value in order to complete long-distance specimen trading. (shrink)

Automatic Generation Control in modern power systems is getting complex, due to intermittency in the output power of multiple sources along with considerable digressions in the loads and system parameters. To address this problem, this paper proposes an approach to calculate Power System Restoration Indices of a 2-area thermal-hydro restructured power system. This study also highlights the necessary ancillary service requirements for the system under a deregulated environment to cater to large-scale power failures and entire system outages. An abrupt (...) change in consumer load demands and disturbances in any control region of a multiarea system causes severe fluctuations in frequency and interarea power exchanges. However, simple Proportional and Integral controllers are most prevalent in the literature to effectively resolve AGC issues, while its integral gain is smaller due to the larger overshoot in transient performance. Therefore, an attempt has been made with a novel control strategy, known as the pseudoderivative feedforward with feedback controller, is developed to keep the interarea power exchanges and the frequency to the specified limits after load changes. A PDFF controller is designed and implemented using the flower pollination algorithm to obtain optimal dynamic performance for different types of potential power flows in a restructured power system under investigation. The proposed PDFF controller localizes the zero at an optimal place that reduces the rise time of the step-response to reduce the excessive overshoot and gives much better dynamic performances as compared to the PI control structure. The Integral Square Error is considered as a performance criterion to derive the optimized gain of the PDFF control structure using FPA. Different PSRI are computed based on the transient response of the 2-area deregulated multisource system and different restoration measures to be taken are also discussed. The simulation results clearly show that the proposed approach is very powerful in decreasing the frequency and tie-power digressions under different load perturbations. (shrink)

In the early 2000s, the development of local food systems in advanced industrial countries has expanded beyond creation and support of farmers’ markets and community supported agriculture farms and projects to include targeted Buy Local Food campaigns. Non-governmental groups in many U.S. places and regions have launched such campaigns with the intent of motivating and directing consumers toward more local food purchasing in general. This article examines the current manifestations and possibilities for social justice concerns in (...) Buy Local Food campaigns, by considering them within the more general category of “selective patronage“ campaigns. Historical campaign examples, such as Buy Union, Buy American, and Buy Black campaigns, offer instructive comparisons to contemporary consumer campaigns promoting local food. Through examining the construction of threats, intended beneficiaries, products to be avoided, and those to be preferentially selected, the paper demonstrates how selective patronage campaigns have emphasized social justice needs and concerns for designated groups in ways that have been potentially exclusionary of other disadvantaged groups and thus undermining of social justice more broadly. As a contemporary instance of “selective patronage,“ Buy Local Food campaigns exhibit similar contradictory impulses, which are intensified by the conceptual and practical pitfalls in designating “local.“ The article concludes by considering how the challenges and prospects for commitments to social justice in local food consumer campaigns reinforce the importance of emerging initiatives centered on domestic fair trade. (shrink)

In a knowledge-based economy of the globalizing economic order, the role of regions is very significant in order to create and to disperse knowledge. Particularly, geographical clusters of firms in a single sub-national region may contribute to transmitting certain kinds of knowledge between and among firms. In addition, markets prefer to favor specialized firms with a coherent body of knowledge when knowledge creation and the use of new knowledge become increasingly important for maintaining and improving a firm’s competitiveness. Therefore, regional (...) policy makers may not interfere directly with markets and firms when the process of globalization pushes national economies into a world of learning and innovation. The reason is that the institutional framework for market exchange favors knowledge exchange in a globalizing economic system. This paper argues how East Asian science cities such as Tsukuba Science City in Japan, Daedeok Innopolis in South Korea, Hsinchu Science-based Industrial Park in Taiwan, and Zhongguancun Science Park in China have been developed in order to create technology innovation as well to contribute to national and regional economic growth. Moreover, it also focuses on their competitiveness and the further development strategy that aims to become global science cities. Finally, it also discusses whether their competitiveness as innovative clusters is based on global or local levels. (shrink)

Several scholars have claimed that small-scale agriculture in which farmers sell goods to the local market has the potential to strengthen social ties and a sense of community, a phenomenon referred to as “civic agriculture.” Proponents see promise in the increase in the number of community supported agriculture programs, farmers markets, and other locally orientated distribution systems as well as the growing interest among consumers for buying locally produced goods. Yet others have suggested that these novel or reborn (...) distribution mechanisms are still primarily means of instrumental economic exchange and that optimistic characterizations of a renewed sense of community emerging from these practices are unfounded. This study provides an empirical assessment of the extent to which these community-based agriculture markets are associated with connection to community, volunteerism, and civic and political activities. In order to assess the relationship between civic agriculture and community engagement, we surveyed over 1,300 people in the Mid-Hudson region of New York State. The study design includes “civic agriculture participants” as the unit of analysis, defined as CSA farm members, shoppers at independent health food stores, and farmers market patrons. For comparison, a telephone survey of randomly selected residents of the region’s general population was also conducted. Unlike studies that focus solely on the perceptions of certain civic agriculture participants, by comparing the perceptions and behaviors of those engaged in a range of civic agriculture practices, we are able to identify the effects of different forms of participation. The results demonstrate higher levels of voluntarism and engagement in local politics among civic agriculture participants relative to the general population. In addition, we found variation among those engaged in different forms of civic agriculture, with those immersed in more socially embedded forms of exchange demonstrating greater community and political involvement. These findings lend empirical support to the civic agriculture thesis. (shrink)

Industry groups engage in venue shifting when they seek to overturn or alter restrictive regulations imposed by one political venue through another. A critical step in this process is resolving uncertainties surrounding the preference of the targeted venue and the nature of the relevant policy proposal. While existing studies emphasize a long-term trial-and-error process of policy learning, we focus on nascent industries and argue that ventures seek other information sources to resolve these uncertainties quickly. In particular, nascent industry groups are (...) likely to perceive that the targeted venue will support their policy proposal if the targeted venue is ideologically distant from the venue that has enacted the restrictive regulations, if the targeted venue has recently supported other nascent industry groups’ similar policy proposals, or if the industry groups themselves are more exposed to industry peers’ success in promoting the same policy proposal in other jurisdictions. Under these conditions, the industry groups invest more to influence the targeted venue in response to restrictive regulations enacted by other venues. We find support for our theory by examining how from 2013 to 2019 the small unmanned aircraft systems industry trade associations in the United States lobbied state governments to nullify local regulations. (shrink)

ABSTRACT:Organizations adopt formal sanctioning systems to deter ethical violations, but the formal systems’ effectiveness may be undermined by informal sanctioning systems which promote violations. I conducted an ethnographic study of six trading crowds on two financial exchanges to understand how informal and formal sanctioning systems, which are grounded in different interpretations of equity, interact to affect trader deviance from rules established by the financial exchange (exchange deviance). To deter informal trader norms that conflict (...) with exchange rules, the exchanges formally prohibit traders’ informal sanctions. The exchanges, however, underestimate traders’ informal sanctions related to ostracism and social rejection, which are not only difficult for the exchanges to detect, but also interpersonally hurtful and harmful to trader performance. Consequently, the traders’ informal social sanctions lead to secondary sanctions from trading firms. Ultimately, the informal sanctioning system evades the formal sanctioning system by exploiting what the exchanges deem to be minor rule violations. (shrink)