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In the intricate tapestry of environmental discourse, the field of political ecology emerges as a powerful lens through which we scrutinise the interplay of power, nature and society. This paper stages a dialogue with Paul Robbins to examine environmental justice, the decolonisation of political ecology, colonialism, sovereignty, climate change and capitalism. The dialogue challenges the conventional narratives of sovereignty and underscores the imperative of genuine decolonisation—beyond metaphorical interpretations—calling for the restitution of land and authority to Indigenous Peoples and other historically marginalised communities. The dialogue highlights the importance of moving away from capitalist systems that exacerbate environmental degradation. The dialogue calls for decolonising political ecology by including diverse perspectives, methodologies and ontologies and underlines the importance of control over productive resources. It emphasises that addressing the impacts of colonialism requires recognising and honouring the sovereignty of Indigenous Peoples and suggests that political ecology can contribute to decolonisation by focusing on sovereignty and supporting legal and institutional frameworks that empower marginalised communities. The paper discusses the way forward and the future trajectory of political ecology by suggesting that future research in political ecology should focus on diverse economies, embrace emerging technologies and rework academic institutions to value knowledge co‐production. [ABSTRACT FROM AUTHOR]

Abstract: The paper critiques the relationship between personalist ethics and institutional economics, and accepts that institutional economics can be difficult to reconcile with humanistic management that builds on personalist ethics. Even so the paper connects impersonalist ethics with institutional economics. On this ground, the paper demonstrates how theory and practice of personalist humanist management can lean on impersonalist ethics, i.e., institutional economics. Three pathways are laid out for such leanings. It is argued that to understand these alignments is important to improve the success of humanistic management, when a market economy context is given. The paper further contends that personalist humanistic management may imply abandoning the market economy when it positions itself in opposition to institutional economic reasoning that underpins the market economy. [ABSTRACT FROM AUTHOR]

This paper examines food couriers' utilization of voice mechanisms as mobilization against employer silencing within platform capitalism. The concepts of 'worker silence' and 'worker voice' are used to facilitate an understanding of the way in which workers respond to workplace problems, as well as their capacity to respond within this specific context. Findings illustrate the role of technology as a facilitator but also inhibitor of worker voice. In particular, online food delivery companies' over-reliance on algorithmic management and their online app drove couriers to silence. However, in reaction to managerial silencing, we show that couriers are not passive recipients of forces beyond their control, and attempt to explore new trajectories and modes of voice in order to influence their working conditions. Implications for theory and practice are discussed. [ABSTRACT FROM AUTHOR]

Estimating the contribution of enslaved workers to output and growth in the United States during the first half of the nineteenth century is a crucial building block to better understand the contours of nineteenth‐century US economic history, and more generally, the connection between slavery and capitalism. Existing estimates only present a partial picture and are potentially problematic. In this paper, we use data on enslaved person valuations to calculate the contribution made by enslaved workers to regional and national gross national product (GNP) in 1839 and 1859 and to the growth in per capita output in the 20 years before the Civil War. We find that in the United States, enslaved workers were responsible for somewhere between 12.49 per cent and 18.0 per cent of the increase in output per capita between 1839 and 1859. [ABSTRACT FROM AUTHOR]

The demise of socialism in Eastern Europe and the transition to a market economy in China and India marked the end of traditional comparative economics as a field. The debate between capitalism and socialism was settled. The economic calculation argument of Ludwig von Mises seemed no longer relevant. In its place, the new comparative economics (NCE) arose. The NCE focuses on the institutional differences that affect the protection of contract and property rights. The research program of Andrei Shleifer has provided numerous insights into how markets operate. This paper examines the Shleifer‐inspired program in comparative economics in light of the economic calculation argument Mises made. Although the recent developments in comparative economics have extended and complemented the contributions of Mises, it has not displaced them. An account of the economic calculation problem is still missing in the new comparative economics. [ABSTRACT FROM AUTHOR]

ABSTRACT: In 1992, I sent Milton Friedman a draft of my 1993 paper “Friedman's Theory of Corporate Social Responsibility.” He and I corresponded at length. My 1993 paper argues that Friedman's published formulations of his theory are not equivalent and that they prescribe different courses of action in many possible cases. In our correspondence, Friedman conceded that his two formulations of his theory are inconsistent and, at my suggestion, he endorsed a modified version of the view he presented in Capitalism and Freedom as the preferred version of his theory. This modified theory is an important formulation of his position. In one of his letters to me, Friedman writes: “I agree that corporate executives might have duties to the general public which sometimes outweigh their duties to the shareholders.” I argue that this creates major problems for his theory. I also answer Friedman's published response to one of my criticisms. [ABSTRACT FROM AUTHOR]

Global price increases have reached their highest levels in recent times. Finding the reasons for the price increase is very important for economic stabilization. In this paper, it has been estimated that exorbitant price increases may be related to a free market economy. For this purpose, unlike other studies, a comparative analysis of the impact of the free market economy on prices was conducted. The study covers the period 1990–2020, and using the U.S. economy, which is a free market economy, the relationship between property rights, the size of government in the economy, and prices were examined using the autoregressive distributed lag model. The results show that the free market model has a positive effect on the price increase, while the size of the government's economy does not affect the price increase in the same direction. This study aims to provide a different perspective to policymakers in the fight against price instability, which is one of the most important problems facing the economy. [ABSTRACT FROM AUTHOR]

Recent evidence suggests shifts (structural breaks) in the volatility of returns causes non‐normality by significantly increasing kurtosis. In this paper, we endogenously detect significant shifts in the volatility of oil prices and incorporate this information to estimate Value‐at‐Risk (VaR) to accurately forecast large declines in oil prices. Our out‐of‐sample performance results indicate that the model, which incorporates both time varying volatility (without making any distributional assumptions) and shifts in volatility, produces more accurate VaR forecasts than several benchmark methods. We make a timely contribution as the recent more frequent occurrences of unexpected large oil price declines has gained significant attention because of its substantial impact on the financial markets and the global economy. [ABSTRACT FROM AUTHOR]

There is an ongoing debate within political economy on how finance affects capital–labour relations. Industrial relation scholars have demonstrated that financialization empowers capital and induces the liberalization of industrial relations. Additionally, meso and macro level studies show that finance reduced the labour share during neoliberalism. However, the literature is relatively limited and does not extend to the pre‐WWII period. Considering finance as historically integral to capitalism, this paper estimates the impact of finance on the labour shares of France (1911–2010) and Sweden (1891–2000). The results show that mortgage debt decreases the labour shares of both countries, thus, the financialization of households induces industrial discipline historically. However, the negative effect is substantially smaller in Sweden where housing finance is state‐led and bargaining coordination is centralized over the last century. [ABSTRACT FROM AUTHOR]

ABSTRACT The paper, using a simple theory-based measure of the variations in aggregate economic efficiency in a New Keynessian structure, analyses the nature of the business fluctuations and estimates their welfare costs in Turkey during the period 1998-2009. The measure contains two components: a price markup and a wage markup. It seems that the latter mainly drives the fluctuations in Turkey. The paper also shows that inefficient fluctuations in the allocation of resources do generate moderate welfare costs on average. However, the aggregate efficiency costs increase much more during deep recessions. [ABSTRACT FROM AUTHOR]

Negative infectious disease externalities are less prevalent in the absence of government intervention and less costly to society than is often supposed. That is so for three reasons. (1) Unlike externality‐creating behaviors in many classical externality contexts, such behaviors are often self‐limiting in the context of infectious disease. (2) In market economies, behaviors that may create infectious disease externalities typically occur at sites that are owned privately and visited voluntarily. Owners have powerful incentives to regulate such behaviors at their sites, and visitors face residual infection risk contractually. (3) The social cost of infectious disease externalities is limited by the cheapest method of avoiding externalized infection risk. That cost is modest compared to the one usually imagined: the value of life (or health) lost to the disease if government does not intervene. We elaborate these arguments in the context of the COVID‐19 pandemic. [ABSTRACT FROM AUTHOR]

This paper examines the evolving efficiency and the joint effects of thin trading, structural breaks and inflation on dual long memory in Small and Medium Enterprise stock markets in Hong Kong, Singapore, Thailand and Malaysia. The state‐space GARCH‐M, ARFIMA‐FIGARCH, ARFIMA‐FIAPARCH and ARFIMA‐HYGARCH models are adopted. The results determine that the Hong Kong and Singapore markets exhibit potential tendencies towards efficiency, implying the efficacy of several institutional reforms. The three aforementioned factors jointly have reducing effects on the magnitude and/or statistical significance of long‐memory estimates. The Thailand and Malaysia markets show a smaller degree of volatility persistence, indicating a good hedge for portfolio risk management. [ABSTRACT FROM AUTHOR]

On April 20th, 2010, an incident was to take place 49 miles off the Louisiana coast at the Macondo Prospect location in the Gulf of Mexico that would potentially change the future of offshore oil drilling. On that day, 11 men would lose their lives when the 33,000 ton Deepwater Horizon rig, owned by Transocean but leased by BP PLC, exploded. As a result of the explosion, millions of barrels of oil would be released into the Gulf of Mexico, leading to widespread environmental harm and devastation to the shoreline communities. To better examine the underlying reasons for how such an event could take place in 2010, this paper will unfold as follows. First, we provide context to the oil spill by discussing the history of BP, including its transformation into an "environmental" firm in 1995. Second, we explore and analyze the catastrophe through the lens of ethics. Finally, we analyze the disaster through a comparison with the U.S. 2008 financial crisis with a view to identify the root causes of the disaster and the string of ethical failures that have scarred the market economy over the past three or four decades. [ABSTRACT FROM AUTHOR]

Using New Institutional Sociology (NIS), we seek to explain the variation between what was intended with the Vietnamese reforms to audit in 2011 and the actual practice, and why there is variation. This paper reports findings from interviews with 70 individuals representing identified groups of stakeholders in the market for audit and assurance services in Vietnam. Overall, the findings indicate that there still exist business risks for foreign companies that pursue trade and commerce in communist Vietnam, particularly where non‐Big 4 audit firms are involved in the external audit function, as in some cases auditor independence is most likely compromised. [ABSTRACT FROM AUTHOR]

Drawing on the formal setting of optimal taxation theory, this paper identifies the degree of Rawlsianism (poverty aversion) exhibited by European social planners, beginning with the observation of actual data and redistribution systems. The paper contributes to the comparative research on the structure and typology of welfare capitalism. The social preferences implicit in tax-benefit systems are recovered by inverting the optimal taxation model for all European countries using European Union Statistics on Income and Living Conditions data. The results are discussed in light of the four worlds of welfare capitalism classification proposed by Esping-Andersen. [ABSTRACT FROM AUTHOR]

Business is undergoing a conceptual revolution. Since the Global Financial Crisis there are many new ideas and proposals to make capitalism more responsible. The purpose of this paper is to identify key flaws in the 'old story' of capitalism. Six principles are explained that taken together form the basis for a new story of business, one of responsible capitalism. [ABSTRACT FROM AUTHOR]

The paper advances a threefold theoretical contribution using a system, society and dominance (SSD) effects framework to show how and why sustainable management-labour workplace partnerships are a chimera. First, managers (employers) find it increasingly difficult to keep workplace bargains with employees (unions) owing to increasingly neoliberal 'system' effects associated with capitalism as a globalized accumulation model. Second, workplace mutuality will be rare because of 'societal' level effects under voluntarism. Third, 'dominance' effects arising from the power of dominant economies and their multinational corporations can inhibit workplace mutuality. Drawing on empirical case study data from Ireland, the future prognosis of management-labour collaboration under neoliberal work regimes is discussed. [ABSTRACT FROM AUTHOR]

The achievements of the World Trade Organisation (WTO) have been analysed by Gary Sampson in the December 2018 I Australian Economic Review i . The WTO's success in achieving almost universal membership has also been a curse insofar as change in, or extension to, WTO rules is by consensus, which has been difficult to achieve. These arrangements have taken a variety of forms but are all deep agreements going beyond WTO commitments and including areas poorly covered or ignored in WTO law such as digital trade. [Extracted from the article]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Market economies in the eastern Mediterranean are not counted among ideal‐typical innovators. But this picture may be changing. This article explores the emerging innovation systems in the eastern Mediterranean by examining recent data and the literatures on varieties of capitalism and innovation systems. Through the cases of Cyprus, Israel, and Turkey, the study argues that the varieties of capitalism framework, by focusing on performance at the macro level, disregards the subnational performance of these outlier markets, which have promising regional or local innovation systems. Fostering cooperation among these emerging innovation systems could become a valuable instrument for overcoming deeply rooted conflicts in the eastern Mediterranean, which has turned into a "crisis zone" due to recent energy discoveries. [ABSTRACT FROM AUTHOR]

We build an overlapping generations model to analyse the evolution of inequality as an economy develops. Our model economy resembles a 'very capitalist society'. Initially, wealth is exclusively concentrated in a rich dynasty. We ask whether or not this type of capitalist economy contains a fundamental contradiction, as claimed by Piketty in his recent book. We derive a condition under which the economy is driven to a state of perpetual inequality. However, we also show that an economy where capital deepening triggers the development process is very unlikely to be absorbed in that state. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The author argues that Europe's future industrial relations will be shaped by the resolution of three paradoxes embedded in today's labour markets, unionization dynamics, and EU policy. The first is the increasing individualization of employment relationships versus fictional 'individual autonomy' and workers' growing market dependency and vulnerability. The second centres on the deterioration of job quality and precarious workers' growing need for protection versus their low unionization and the failure of unions to reach out to them despite declining membership. The third is the EU's current market-oriented stance, encouraging employment conditions ultimately conducive to a political backlash against the EU itself. [ABSTRACT FROM AUTHOR]

Unprecedented liquidity injections by central bankers have gained legitimacy in recent years to stave off economic crisis and enjoy strong support from prominent economists and economic historians. Such radical action by central bankers is underpinned by a remarkable agreement on a specific interpretation of the Great Depression of the 1930s in the US, an interpretation proposed by Milton Friedman and Anna Schwartz in A monetary history of the United States (1963). This article explores the origins, the limits, and the influence of A monetary history's interpretation of the Great Depression for the insights it offers on theory and history in the study of economic life. The book was inspired by Wesley Clair Mitchell's mobilization of historical research to insist on the inherent instability of capitalism. Friedman and Schwartz exploited the heretical potential of historical research to dismiss any claim that the crisis reflected a systemic dysfunction of the US economy. Now that their interpretation has become our orthodoxy, this article shows how we can develop the fertile link between history and heresy to open up new lines of research on the causes of the greatest crisis in the history of capitalism. [ABSTRACT FROM AUTHOR]

The main research question of the study is this: Is the firm embedded into ecology, society, and governance (ESG), or vice versa? Using the resource‐based view as a theoretical lens, and stakeholder capitalism as a paradigm anchored in the Dashgupat Review, we demonstrate in a panel data over 26 years that at the firm level, the relationship between sustained competitive advantage and the ESG footprint is concave shaped, and the impact inequality multiple gaps of the ESG footprint are 4.75 times the providing capacity of the natural and business environment. To solve the common method variance, endogeneity, and unobserved heterogeneity, system GMM is used as a method in a dataset of US manufacturing firms from 1992 to 2019. At the end, we argue that extant attributes of a resource base for sustained competitive advantage have an inherent flaw anchored in the resource‐based view, as they ignore the "environmental, social, and governance (ESG) friendliness" attribute of a resource. Managers need to rethink the objective of their firms if they want to survive in the new ESG‐friendly economy with stakeholder supremacy. [ABSTRACT FROM AUTHOR]

Copyright of Conservation Biology is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We develop new theory pertaining to the institutional determinants of renewable energy usage across countries and over time. Building on key strands of the comparative capitalisms literature, we introduce new hypotheses relating to the 2009 Directive from the European Union (EU) on energy generation, as well as the impact of labour market regimes, national stock markets and merger and acquisition (M&A) activity, as well as 'doing business' conditions across countries. Based on renewable energy data from 27 EU countries over a period of 11 years, we provide new tests of the determinants of renewable energy usage. The data show strong and robust evidence of a causal impact of institutional determinants on renewable energy usage, consistent with a positive impact of the EU's 2009 Directive and other specific institutional factors. We discuss the implications for policy and practice. [ABSTRACT FROM AUTHOR]

The upshot was a serious of economic policy mistakes of historic proportions that created an economy that has 'fallen short of any conception of a "good economy" - an economy offering a "good life"' (Phelps, 2015; Sandel, 2018). The family was gone, the unions were gone, neighbourly love was gone, the churches were no longer relevant for most, the government looked the other way, and the gig economy did not offer enough income to be successful in the marriage market. ' on Income Inequality ', YouTube video, posted by "johnklin", September 28, @ 2:36. www.youtube.com/watch?v=oqx88MyUSck 7 Greenspan, A. (2007b), The Age of Turbulence: Adventures in a New World. [Extracted from the article]

Theoretically, bank's loan monitoring activity hinges critically on its capitalization. To proxy for monitoring intensity, we use changes in borrowers' investment following loan covenant violations, when creditors can intervene in the governance of the firm. Exploiting granular bank‐firm relationships observed in the syndicated loan market, we document substantial heterogeneity in monitoring across banks and through time. Better capitalized banks are more lenient monitors that intervene less with covenant violators. Importantly, this hands‐off approach is associated with improved borrowers' performance. Beyond enhancing financial resilience, regulation that requires banks to hold more capital may thus also mitigate the tightening of credit terms when firms experience shocks. [ABSTRACT FROM AUTHOR]

This article provides a new perspective on the value of work and recommends ways to respond to labor market failures exacerbated by the COVID-19 pandemic and by increased automation. We consider the human right to work, the dangers of pursuing short-term efficiency, and the use of the U.N. Sustainable Development Goals as a framework for inclusive economic innovation. We conclude with recommended policies to build forward and achieve inclusive development. [ABSTRACT FROM AUTHOR]

In his encyclical Laborem Exercens, John Paul II asserts the principle of the priority of labor over capital. The purpose of this article is to examine this principle. The conflict between labor and capital is often noted as an essential part of capitalism. There is a long tradition of assigning more significance to labor than to capital. In fact, the classical economists argued that labor determined the “value” of a good. To understand this conflict, we must first review what is capital and its role in capitalism. We will then look at John Paul II’s assertion of the principle of labor over capital, followed by a review of how economists have understood the relationship between labor and capital. Neoclassical economists dismiss labor and capital as classes, so they believe there is no conflict. We examine one neoclassical economist’s claim of a gap in the principle of the priority of labor over capital by not including finance capital in the analysis. We demonstrate that the Church’s teachings on usury answer the objections raised. We conclude with a review of the implications of the priority of labor over capital. [ABSTRACT FROM AUTHOR]

The polarization of the debate about artificial intelligence (AI) pulls in two mutually exclusive directions of either complete takeover of future jobs by omnipotent algorithms or an absolute bliss with robots at work while humans reap the benefits of endless vacation. Add this to conflicting views of work as either a disutility to be minimized or as an essential component in human flourishing, and it is no wonder a wide range of views are expressed on AI and human flourishing. The literature, from Smith to Keynes and beyond, offers some initial methodological guidance. Still, the true social and economic implications of an AI-type environment in production and labor markets are yet to be fully understood. This article argues that neither of the predictions are realistic. Instead, the global economy may be passing, albeit at a faster speed, through a phase of technological change, similar to those experienced before. While a nuanced balance is emerging, with an emphasis on human skills in future employment, the benefits may not be equitably distributed, as equality of opportunities for human development may not be reachable, though visible, in the AI-driven society. Hence, as firms seek efficiency gains, much weight is shifted onto governments and quasi-private entities in maintaining decent living standards conducive to human flourishing in unprecedented times of the COVID-19 pandemic. The article reviews various popular concerns and advances new public policy measures aimed at tackling some of the immediate fears of automation. [ABSTRACT FROM AUTHOR]

What is the relationship between the economy's long‐run growth rate, its capital‐income ratio, and its factor income distribution? A satisfactory answer requires an endogenous growth and savings rate. We scrutinize Piketty's (2014) theory in a richly parameterized variant of Romer's (1990) seminal model with and without population growth. The economy's growth and savings rate are exogenous in Piketty's theory and endogenous in Romer's. In contrast to Piketty's Second Fundamental Law of Capitalism a smaller growth rate may be associated with a smaller capital‐income ratio. Moreover, it may go together with a greater or a smaller capital share. [ABSTRACT FROM AUTHOR]

British and American debates on the relationship between slavery and economic growth have had little interaction with each other. This article attempts intellectual arbitrage by joining these two literatures. The linkage turns on the neglected part two of the 'Williams thesis': that slavery and the slave trade, once vital for the expansion of British industry and commerce, were no longer needed by the nineteenth century. In contrast to recent assertions of the centrality of slavery for US economic development, the article argues that part two of the Williams thesis applies with equal force to nineteenth‐century America. Unlike sugar, cotton required no large investments of fixed capital and could be cultivated efficiently at any scale, in locations that would have been settled by free farmers in the absence of slavery. Cheap cotton was undoubtedly important for the growth of textiles, but cheap cotton did not require slavery. The best evidence for this claim is that after two decades of war, abolition, and Reconstruction, cotton prices returned to their prewar levels. In both countries, the rise of anti‐slavery sentiment was not driven by the prospect of direct economic benefits, but major economic interest groups acquiesced in abolition because they no longer saw slavery as indispensable. [ABSTRACT FROM AUTHOR]

This research sets out to analyse environmental disclosure in the banking industry by considering the varieties of capitalism framework. This approach is concerned with the way companies interact strategically to resolve coordination issues arising from their operations, and it is supported by prior research. This is a fruitful perspective for exploring the association between country‐level factors and disclosure by firms, such as environmental reporting. This research is based on an international sample of countries operating in coordinated market economies (CMEs) and liberal market economies (LMEs). The results obtained show that financial institutions operating in CME countries are involved in more environmental matters than banks domiciled in LME countries. As regards the moderating variables, the evidence shows that women on the boards of banks in CME countries encourage the reporting of environmental information, as predicted. Nonetheless, and contrary to our expectations, members with specific skills on boards within CME cultures do not favour greater disclosure of environmental information compared with those on boards of banks operating in LME contexts. [ABSTRACT FROM AUTHOR]

We investigate the strategic process of contextualisation of International Financial Reporting Standards (IFRS) in an economy transitioning from totalitarianism to capitalism – Vietnam – paying attention to tensions between actors involved in the process. This study employs the framework suggested by Puxty et al. to analyse the behaviour of actors of the State, Market, and Profession. We find that Market's needs trigger the IFRS contextualisation, which is institutionalised by the state. IFRS‐oriented rules undergo 'reality tests' and are tailored to fit the local context. Despite active interactions between the actors, the dominant role of the State results in some tensions. [ABSTRACT FROM AUTHOR]

Critics of Pope Francis’s Evangelii gaudium argue that recent economic growth and reductions in inequality are evidence that his notion of the “economy of exclusion” is misguided. However, Francis alludes to another type of exclusion—increased uncertainty generated by technological change that affects citizens even in developed nations. Drawing from Post-Keynesian institutionalist theory, this article argues that this condition is common in capitalism, and that grassroots reforms are needed to ensure shared prosperity. [ABSTRACT FROM AUTHOR]

Technical analysis (TA) is used in evaluating its predictive power for the Morgan Stanley Capital International (MSCI) Emerging Market Index (EMI) that reflects 23 emerging market economies' equity indices. We conclude strong predictive power of technical analysis for the EMI. Given this predictive power of TA, we then investigate whether investors can exploit this predictive power to beat the profitability of the Buy‐and‐Hold strategy considering both risk and transaction costs. Applying Moving Average, Relative Strength Index, Moving Average Convergence Divergence, and Rate of Change trading rules to the MSCI Emerging Market Index over the period of 11/1/1988 to 5/1/2017 reveals strong empirical evidence that investors could use TA to out‐perform the Buy‐and‐Hold strategy even when considering risk and transaction costs. This research provides evidence against the Efficient Market Hypothesis for EMI. [ABSTRACT FROM AUTHOR]

Previous empirical evidence has shown the effect of most corporate governance mechanisms on corporate social responsibility and environmental disclosure. However, there is scant empirical evidence that examines the influence of liberal countries, developed market economies, and board structures on environmental disclosure. Thus, this research aims to explore how liberal and developed countries and board structures affect environmental reporting. We hypothesise a linear and positive association between companies located in countries with liberal and developed market economies and environmental reporting. Moreover, we hypothesise that one‐tier board structures negatively affect environmental disclosure. Focusing on 13,100 companies domiciled in 39 different countries from 2005 to 2015, it is established that those companies located in liberal and developed economies are more likely to disclose environmental information, whereas one‐tier boards have a negative effect. [ABSTRACT FROM AUTHOR]

We investigate the classic management debate of agency versus institutional pressures through the application of the varieties of capitalism literature. In particular, we examine corporate social responsibility (CSR), corporate social irresponsibility (CSiR) and their relationships with firm performance in two types of capitalist systems: coordinated market economies (CMEs) and liberal market economies (LMEs). We note that while the CSR literature has tended to develop a balanced view on the influence of agency and institutional pressures, the CSiR literature has tended to emphasize the influence of agency. The latter appears to be a result of the fundamental attribution bias, where irresponsible corporate behaviours are attributed to individual managers or organizations, rather than the institutional environment. Our results, which include five years of data across 16 countries, show significantly greater CSR and significantly lower CSiR in CMEs compared with LMEs. Further, we find a positive relationship between CSR and firm performance in CMEs but not LMEs, and a negative relationship between CSiR and firm performance in LMEs but not CMEs. Overall, our results demonstrate the influence of the institutional environment, suggesting that corporate behaviours mirror the external environment. [ABSTRACT FROM AUTHOR]

More than most of her works, Ursula K. Le Guin's The Dispossessed feels unfinished, its perspective blurred. But through its flawed aperture one nevertheless sees why: its subject is all that is left unsaid and undone after a revolution. In this tale of two worlds, anarchist Anarres and statist Urras are implacably opposed. Yet each is continuous with the other. For its flaws, The Dispossessed, as a sociological novel, brilliantly analyzes where emancipatory politics can go wrong, using insights that were new even to social scientists in the early 1970s: the notion that power need not be formally titled or openly hierarchical in order to be effective and oppressive. In short, this is a novel about the dangers of informal power, and how revolutionary dogma can rhetorically mask it. But it stands out among Cold War era fiction for not portraying a flawed leftist society as a dystopia. Instead, Le Guin's vision of Anarres is of a society that has become complacent, that has forgotten the permanence of revolution, where bad actors take advantage of political dogma and "non‐hierarchical" stations to exercise power in grotesque ways. Power never goes away, and Le Guin's genius in The Dispossessed lies in showing us the myriad ways it endures. [ABSTRACT FROM AUTHOR]

Abstract: While most scholarship on corporate social responsibility (CSR) focuses on company‐level CSR initiatives, it increasingly also examines government programs for CSR. However, research on how governments contribute to CSR has mainly focused on domestic and not international CSR challenges. This literature also does not specify whether governments shape CSR through mandatory regulation or supportive initiatives. This article adopts a process‐tracing approach to determine how governments regulate international CSR. It demonstrates that the legal and political systems in the liberal market economies of the UK and the US lead to different forms of public CSR regulation — notably in the areas of labour standards in apparel and tax transparency in extractives. The UK government has been more likely to support bottom‐up collaborative multi‐stakeholder initiatives, whereas the US government has favoured top‐down mandatory regulation. [ABSTRACT FROM AUTHOR]

The financial crisis that began in 2008 placed renewed emphasis and responsibility on financial institutions to assess financial risks and provide evidence of adequate capital to accommodate those risks. Financial regulators in the United States are now requiring financial institutions with mortgage portfolios to show they have set aside sufficient capital reserves to meet expected and unexpected losses caused by credit defaults. Various methods exist to estimate the loss risk of agricultural loan portfolios, and those methods were used to estimate the economic capital necessary to cover loan losses for a financial institution. Combining estimates of probability of delinquency, probability of loss, loss given default, and exposure at default from various models, one-year-ahead expected loss estimates were derived. Value-at-Risk and expected shortfall estimates were obtained from loss distributions to arrive at unexpected loss estimates. Previous empirical studies reported in the literature often only measured the probability of default, but the other components are essential to determine the necessary economic capital to meet expected and unexpected loan losses. Results show that measures of liquidity, solvency, profitability, and controls for unobserved heterogeneity are important when modeling delinquency, while measures of leverage, state-level economic output, and controls for unobserved heterogeneity are important when modeling loss given default. Predicted portfolio expected losses were greatest for the regression model combination that included the loss given default linear regression static variable models, and least for the regression model combination using static and time-varying variables. These results should prove useful in determining and assessing capital reserve requirements for financial institutions with mortgage portfolios. [ABSTRACT FROM AUTHOR]

Business ethics scholars have proposed strategies for mitigating the ill effects brought on by a wealth maximization business strategy by urging managers to either embrace corporate social responsibility (CSR) or to manage according to stakeholder theory. In this article I argue that these strategies are often ineffective in bringing about the behavior they promote because it is antithetical to the nature and logic of capitalism. I examine the organizing principles of capitalism and the role it assigns to capitalists, and juxtapose these with the behavior prescribed by three normative frameworks: strategic management theory (SMT), the CSR initiative, and stakeholder theory. Unlike the behaviors prescribed by the CSR initiative and stakeholder management theory, the behavior prescribed by SMT is consistent with the role of capitalists as defined by the organizing principles of capitalism, and SMT's "rules" have instilled habits that have, in turn, been able to mold managers' aspirations and purposes. CSR and stakeholder theory must not only combat the habits instilled by the entrenched SMT, they must also find some way of instilling habits that run contrary to those defined by the nature and logic of capitalism itself. [ABSTRACT FROM AUTHOR]

The Japanese model of capitalism has tended to be conceptualized within the extant literature in terms of a transition from a model characterized by coordination towards one in which neoliberal reforms have produced greater levels of instability, competition and inequality. This article argues that these trends raise the question of what patterns of resistance have been part of this transition. The article highlights how the neoliberalization of Japan's model of capitalism has also been accompanied by intensified class antagonism. Although the impact of such contestation on policymaking and actual policies has thus far been limited, Japan's neoliberalization has nevertheless been (and seems likely to remain) far from uncontested. [ABSTRACT FROM AUTHOR]

This article challenges the claim by many historians that the rise of capitalism requires the destruction of common property systems. In contrast to the English case in which commons were enclosed, French peasants used their common property system to regulate the market, provide a rural safety net and a democratic check on elites, while urban industry developed. European battles over common property replayed in surprising ways in colonial African countries such as Sierra Leone, and echoes reemerge today. The West African country of Guinea tests two possible paths to development of a market society: the English path and the French path. Interviews with key government officials collected in 1993 help explain why Guinea, despite adopting a land law in 1992 inspired by the English path, has so far failed to widely apply the law and, in fact, is following the French path. The United States pursued a policy of replacing American Indian common property systems with exclusive individual property rights. Nonetheless, Indian common property survives in the form of recent recognition of Indian off-reservation hunting and fishing rights. The Menominee reservation successfully resisted the destruction of its common property system and today participates in the market in a manner that preserves reservation ecology, democratic government, and Menominee cultural identity. Rethinking the meaning of French, African, and U.S. accommodation to common property systems offers important lessons for contemporary development policies in Africa and around the world. [ABSTRACT FROM AUTHOR]

The article provides an analysis of liquidation of Syria, which means that the energy held in its wealth, cultural bonds and social structures is being released. Topics discussed include European migration crisis, effects of neoliberal capitalism and neoconservative militarism, emigration in Syria, and Greece debt crisis.

The dramatic expansion of public and private financial markets in the aftermath of the Glorious Revolution has received extensive attention. Despite this, little is known about how ordinary individual investors managed risk within this framework. Using a newly constructed dataset of share ownership for those joint-stock companies listed in the financial press of the day, we reconstruct individual portfolio holdings for investors in these companies. We examine individual portfolio holdings first for the decade after the Glorious Revolution and then for the years around the South Sea Bubble. Despite a fivefold increase in the number of unique individuals in the market between the 1690s and the 1720s, we find that in each period roughly 80 per cent of those active in the equity market held shares in only one company, even though many shareholders had the capacity or wealth to diversify share portfolios. These outcomes suggest diversification against idiosyncratic liquidity risk. Overall, however, there is limited evidence that individuals were using their financial portfolios to protect against diversifiable shocks. For many, we argue, company-specific voting and firm governance rules drove market activity. [ABSTRACT FROM AUTHOR]