dunnettreader + norms-business   10

(107) NOW Published: How Hume
How Hume and Kant Reconstruct Natural Law: Justifying Strict Objectivity  without Debating Moral Realism, Clarendon Press (2016)
Front matter including both overview TOC and very detailed TOC plus introductory chapter -- He explains in the intro how both Hume and Kant (via Rousseau) pursued "moral constructivist" approaches using a (modified) "natural law" framework - after Hume had successfully attacked weaknesses in traditional approach to natural law. Notes that "justice" traditionally one of the 2 branches of moral philosophy (the other ethics). He's especially concerned with failure of "business ethics " as cause of financial crisis and Great Recession - but "business ethics" meaningless without a framework of "Justice." His target audience includes lawyers and legal/jurisprudence students and scholars - he thinks legal positivism and legal realism has run out of steam. He returns to accountancy standards in final chapter. -- pdf is the same material as kindle sample -- downloaded via iPhone to DBOX
books  legal_system  constructivism  morality-objective  justice  legal_theory  norms  accountability  legal_realism  18thC  norms-business  downloaded  moral_sentiments  moral_economy  jurisprudence  morality-conventional  legal_positivism  accounting  moral_realism  moral_psychology  Hume  kindle-available  natural_law  moral_philosophy  morality  Kant 
july 2016 by dunnettreader
Quaker bankers: building trust on the basis of sincerity, reciprocity and charity | Magic, Maths & Money - Feb 2016
This post follows discussions of the norms sincerity, reciprocity and charity in financial markets. It suggests that the success of Quaker finance, that funded… Tracks the importance of Quaker-owned banks to the development of UK financial system - the number of big-name banking families with Quaker founders is striking. Their personalized methods of working on reputation (theirs and their borrowers) based on shared standards of probity and transparency, disciplined by membership in the Quaker community - allowed them to not only grow in the loan business, but become big in the bills market. The Quaker method of collecting views re appropriate moral life practices, which were documented and circulated among the members - and set mutual expectations for ethical practices, including areas like bookkeeping and full disclosure. The Quaker firms were central to the system of country banks, capable of providing liquidity to halt bank runs, wind down problem institutions etc. Their bills business didn't survive the switch to the Bank of England becoming lender of last resort in the 1844 crisis. And their information advantages don't seem to have remained a competitive advantage as it had been in the pre Napoleonic_Wars era.
Instapaper  economic_history  financial_innovation  banking  17thC  18thC  19thC  British_history  Quakers  dissenters  Industrial_Revolution  ethics  norms  norms-business  accounting  accountability  reputation  disclosure  information-intermediaries  information-markets  money_market  Bank_of_England  country_banks  financial_crisis  bank_runs  lender-of-last-resort  from instapaper
february 2016 by dunnettreader
Edward Kane - Theory of How and Why Central-Bank Culture Supports Predatory Risk-Taking at Megabanks | INET (Dec 2015)
This paper applies Schein’s model of organizational culture to financial firms and their prudential regulators. It identifies a series of hard-to-change cultural norms and assumptions that support go-for-broke risk-taking by megabanks that meets the every-day definition of theft. The problem is not to find new ways to constrain this behavior, but to change the norms that support it by establishing that managers of megabanks owe duties of loyalty, competence, and care directly to taxpayers. -- downloaded pdf to Note
paper  downloaded  financial_system  financial_regulation  norms-business  incentives  incentives-distortions  banking  organizations  firms-theory  firms-structure  firms-organization 
february 2016 by dunnettreader
Full transcript: President Obama, Dec 4 2013 - Inequality and rolling back Reagan Revolution | The Washington Post
But starting in the late ‘70s, this social compact began to unravel.Technology made it easier for companies to do more with less, eliminating certain job occupations. A more competitive world led companies ship jobs anyway. And as good manufacturing jobs automated or headed offshore, workers lost their leverage; jobs paid less and offered fewer benefits. As values of community broke down and competitive pressure increased, businesses lobbied Washington to weaken unions and the value of the minimum wage. As the trickle-down ideology became more prominent, taxes were slashes for the wealthiest while investments in things that make us all richer, like schools and infrastructure, were allowed to wither. And for a certain period of time we could ignore this weakening economic foundation, in part because more families were relying on two earners, as women entered the workforce. We took on more debt financed by juiced-up housing market. But when the music stopped and the crisis hit, millions of families were stripped of whatever cushion they had left. And the result is an economy that’s become profoundly unequal and families that are more insecure. (..) it is harder today for a child born here in America to improve her station in life than it is for children in most of our wealthy allies, countries like Canada or Germany or France. They have greater mobility than we do, not less.(..) The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life and what we stand for around the globe. And it is not simply a moral claim that I’m making here. There are practical consequences to rising inequality and reduced mobility. -- downloaded as pdf to Note
speech  Obama  inequality  supply-side  labor_share  business-ethics  norms  norms-business  morality-conventional  morality-Christian  utilitarianism  globalization  technology  US_foreign_policy  US_economy  US_politics  US_society  US_government  US_history  common_good  civic_virtue  economic_growth  economic_culture  distribution-income  distribution-wealth  unemployment  health_care  public_goods  public_opinion  public_policy  downloaded  EF-add 
january 2015 by dunnettreader
Jennifer Bishop, review - Brodie Waddell, God, Duty and Community in English Economic Life, 1660-1720 (Boydell Press 2012) | Reviews in History - March 2014
For the majority of ordinary people in early modern England, the moral and the economic were closely aligned. Alongside material changes and a growing market ideology, traditional ideas about religion, duty, and community continued to influence economic relationships and practices well into the 18th century. This is the subject of Brodie Waddell’s new book, which sets out to explore the economic culture of later Stuart England. Focusing on concepts such as divine will, social duty, and communal ties, Waddell shows how these all have an underlying logic in common, combining to form a world view based on notions of reciprocity, hierarchy, mutuality, and order. His central contention is that these cultural ideas and moral codes did not decline in importance over the 17th century, as some historical narratives have suggested, but rather continued to shape and define the social and economic lives of ordinary people in later Stuart England. This in itself is not a new argument, and Waddell acknowledges that there are important existing studies of economic culture in early modern England. However, he suggests that previous scholarship has neglected several essential areas, and his book sets out to remedy these gaps. -- she doesn't think he's as original as he claims and makes some suggestions as to how different pieces might have been knit together a bit better, but generally positive -- downloaded as pdf to Note
books  reviews  17thC  18thC  Europe-Early_Modern  British_history  cultural_history  religious_history  religious_culture  religious_belief  community  moral_sentiments  economic_culture  norms  norms-business  morality-conventional  morality-Christian  downloaded  EF-add 
january 2015 by dunnettreader
Donald Frey, review - Gabriel Abend, Moral Background: An Inquiry into the History of Business Ethics (2014) | EH.net Review - August 2014
Princeton University Press, 2014. ix + 399 pp., ISBN: 978-0-691-15944-7. -- Donald E. Frey, Department of Economics, Wake Forest University, author of America’s Economic Moralists: A History of Rival Ethics and Economics (SUNY Press, 2009). -- Gabriel Abend argues that a range of cultural beliefs and thought patterns provide an influential “moral background” as context for the more obvious everyday morality. Most of his book looks at business ethics during the period from the 1850s through the 1930s through the lens of the moral background concept. (..) In my own work on economic moralists, something like a “moral background” appeared to be enlightening. My thesis was that economic moralities (yes, two competing moralities, just as Abend deals with two competing business ethics) drew support from alternative economic theories (again differing economic theories, just as Abend has different moral backgrounds). Perhaps economic theory is a much narrower kind of “moral background” than Abend envisions, but it is a reasonable proxy for a moral background. It is a distinct body of thought, often familiar — in one form or another — to much of the population. And economic theory can indeed support or undermine some kinds of moralities (for example, if economic outcomes are viewed as the efficient work of impersonal markets, moral concerns for equity are put on the defensive). I think Abend might have described a convincing moral foundation in Chapter 6, perhaps by linking the Standards school to antecedents such as Benjamin Franklin (briefly noted in Chapter 2), and to ideas that were abroad in economics. Abend, I think, has a good concept, and is at least partially successful.
books  reviews  18thC  19thC  20thC  US_history  business-ethics  norms  norms-business  morality-conventional  morality-Christian  utilitarianism  Franklin_Ben  economic_theory  economic_sociology  economic_culture  education-higher  professionalization  managerialism  self-interest  self-regulation  lobbying  business-and-politics  business_practices  business_schools  business_influence  market_fundamentalism  invisible_hand  efficiency  cultural_history  fairness  elites  EF-add 
january 2015 by dunnettreader
Gregory Shaffer - How the WTO Shapes the Regulatory State :: SSRN August 14, 2014
University of California, Irvine - School of Law -- Fourth Biennial Global Conference of the Society of International Economic Law (SIEL) Working Paper No. 2014/29. *--* The World Trade Organization (WTO) arguably shapes regulatory governance in more countries to a greater extent than any other international organization. This chapter provides a new framework for assessing the broader regulatory implications of the WTO within nation states, as opposed to viewing the WTO as a form of global governance above the nation state. It first examines seven types of changes required for national law and legal practice, which affect how the state raises revenue, how the state spends it, and the principles the state applies to regulation. The chapter then assesses four broader dimensions of regulatory change catalyzed by WTO rules: (i) changes in the boundary between the market and the state (involving concomitantly market liberalization and growth of the administrative state); (ii) changes in the relative authority of institutions within the state (promoting bureaucratized and judicialized governance); (iii) changes in professional expertise engaging with state regulation (such as the role of lawyers); and (iv) changes in normative frames and accountability mechanisms for national regulation (which are trade liberal and transnational in scope). In practice, these four dimensions of change interact and build on each other. The chapter presents what we know to date and a framework for conducting further empirical study. - Number of Pages: 43 -- Keywords: WTO, World Trade Organization, Regulation, Regulatory governance, Market liberalization - downloaded pdf to Note
paper  SSRN  international_law  international_economics  law-and-economics  international_political_economy  global_governance  WTO  regulation  administrative_agencies  administrative_law  technocracy  accountability  public_policy  legal_culture  legal_theory  lawyers  political_participation  business-and-politics  norms-business  markets_in_everything  markets  neoliberalism  free_trade  democracy  downloaded  EF-add 
september 2014 by dunnettreader
Steve Denning - HBR Blows The Lid Off C-Suite Over-Compensation - Forbes - Feb 2012
At the heart of the disaster, according to Desai, is market-based compensation—the idea that the C-Suite and financial managers should be compensated by the issuance of stock. The idea was intended to align managers’ interests with those of shareholders, but the result has been the opposite. According to Desai, the idea is “intellectually flawed” and “a foundational myth.” That’s because in implementing market-based compensation, there is a failure to distinguish results due to sheer luck (beta) from the results due to skill (alpha). Moreover those who should be monitoring compensation—pension funds, mutual funds and foundations—have not only been asleep at the wheel: they have been actively complicit in the debacle. They have “readily outsourced performance evaluation and compensation in order to avoid their obligation to make tough decisions and bring pay into line with performance.” “The combination of a foundational myth and absent monitors over the past 2 decades gave rise to harmful incentives, asymmetrical payoffs and windfall compensation levels… The result has been the creation of perhaps the largest and most pernicious bubble of all: a giant financial incentive bubble.” This in turn results in “the twin crises of American capitalism: repeated governance failures, which lead many to question the stewardship abilities of American managers and investors and rising income inequality.” Even worse, the skewed incentives and huge unearned windfalls have given rise to righteous but unwarranted belief in entitlement: the individuals “now consider themselves entitled to such rewards. Until the financial incentives bubble is popped, we can expect mis-allocations of financial, real and human capital to continue.” -- Desai is pessimistic re reforms - Denning continues with things Desai left out
capitalism  management  executive_compensation  financialization  corporate_governance  capital_markets  shareholders  shareholder_value  investors  norms-business  1-percent  inequality 
august 2014 by dunnettreader
Steve Denning - From CEO 'Takers' To CEO 'Makers': The Great Transformation - Forbes - August 2014
CEOs, through the pervasive use of share buybacks, have become takers, not makers. Instead of creating value for their organizations and society, they are extracting value. Pervasive share buybacks are an economic, social and moral disaster: they contribute to loss of shareholder value, crippled capacity to innovate, runaway executive compensation, destruction of jobs, rapidly increasing inequality and sustained economic stagnation. Yet share buybacks have become “an unhealthy corporate obsession,” even “an addiction.” The situation is one of fundamental institutional failure. CEOs are extracting value from their firms. Business schools are teaching them how to do it. Institutional shareholders are complicit in what the CEOs are doing. Regulators pursue individuals but remain indifferent to systemic failure. Rating agencies reward malfeasance. Analysts applaud short-term gains and ignore obvious long-term rot. Politicians stand by and watch. In a great betrayal, the very leaders who should be fixing the system are complicit in its continuance. Unless our society reverses course, it is heading for a cataclysm. The solution to fundamental institutional failure goes beyond passing a few regulations or changing the behavior of a few CEOs. It involves changes in behavior in a whole set of institutions and actors: -- Change won’t happen merely by pointing out that shareholder primacy is a bad idea. Bad ideas don’t die just because they are bad. They hang around until a consensus forms around another idea that is better. Fortunately, a consensus is emerging around a better idea. The idea isn’t new. It’s Peter Drucker’s foundational insight of 1973: the only valid purpose of a firm is to create a customer. It’s through providing value to customers that firms justify their existence. Profits and share price increases are the result, not the goal of a firm’s activities
business  busisness-ethics  norms-business  corporate_governance  corporate_finance  investment  investors  management  financialization  finance_capital  capital_markets  inequality  1-percent  Drucker_Peter  Friedman_Milton  shareholder_value  profit 
august 2014 by dunnettreader
Whatever Happened to Corporate Stewardship? - Rick Wartzman - Harvard Business Review
Rick Wartzman is the executive director of the Drucker Institute at Claremont Graduate University. Author or editor of five books, he is currently writing one about how the social contract between employer and employee in America has changed since the end of World War II -- In November 1956, Time magazine explored a phenomenon that went by various names: “capitalism with a conscience,” “enlightened conservatism,” “people’s capitalism,” and, most popularly, “The New Conservatism.” No matter which label one preferred, the basic concept was clear: Business leaders were demonstrating an ever increasing willingness, in the words of the story, to “shoulder a host of new responsibilities” and “judge their actions, not only from the standpoint of profit and loss” in their financial results “but of profit and loss to the community.” -- It is easy to overly romanticize 1950s corporate America. People of color faced terrible workplace discrimination at that time, as did women. Late in the decade, many big companies hardened their stance against organized labor, hastening its steep decline. Business culture could be rigid and stifling. Fear of communism and socialism, as much as altruism, was often at the root of corporate generosity. But for all the faults of that period, an ethos has been lost. The University of Michigan’s Mark Mizruchi, in his book The Fracturing of the American Corporate Elite, describes it as “concern for the well-being of the broader society.” Notably, Mizruchi points to the 1956 Time article as a good representative of the ideas that then “dominated in the corporate discourse.”
CSR  corporate_governance  corporate_citizenship  shareholders  elites  elite_culture  labor  labor_history  post-WWII  neoliberalism  unions  US_history  US_economy  norms-business  business_cycles  business  business-and-politics  firms-theory  tax_havens 
august 2014 by dunnettreader

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