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Capitalism and Freedom

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... In the following chapters, the focus will be on analyzing central beliefs that hold validity in capitalist, market-oriented democracies as pathways that enable narcissistic behavior. A comprehensive analysis of various forms of market-oriented economies (e.g., capitalism according to Marx, monetarism according to M. Friedman (2002Friedman ( [1962), neoliberal directions following Hayek (200u4 [1944]) with a rejection of state intervention, more socially oriented market economies, Keynesianism, etc.) cannot be undertaken here. Certain core values in Western societies, originating from economic principles, may pose challenges to sustainable development. ...
... In the following chapters, the focus will be on analyzing central beliefs that hold validity in capitalist, market-oriented democracies as pathways that enable narcissistic behavior. A comprehensive analysis of various forms of market-oriented economies (e.g., capitalism according to Marx, monetarism according to M. Friedman (2002Friedman ( [1962), neoliberal directions following Hayek (200u4 [1944]) with a rejection of state intervention, more socially oriented market economies, Keynesianism, etc.) cannot be undertaken here. Certain core values in Western societies, originating from economic principles, may pose challenges to sustainable development. ...
... Competition between companies, products and services on a free market is a central element of market-oriented economic systems, designed to promote innovation and efficiency (Friedman, 2002(Friedman, [1962). Research indicates that especially grandiose and overt narcissists are highly competitive due to their need for superiority and validation, often lacking empathy for competitors (Lurcher et al. 2011). ...
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Background and Objective: This paper posits that market-oriented economies foster narcissistic behavior due to their focus on profit, private ownership, competition, and free markets. The research presented demonstrates that while overall levels of narcissism remain stable, certain political groups and leaders exhibit higher levels of narcissism compared to the general population. Due to the visibility and attention-seeking nature of narcissistic individuals, values such as self-promotion, prioritizing personal gain, blame-shifting, diminishing others, and populist rhetoric become normalized. These trends contribute to right-wing populism, social injustice, and climate change denial. The paper elaborates on the dynamics of narcissism and the use of gaslighting as a manipulation tactic to scapegoat particularly vulnerable societal groups and the field of Social Work itself. Conclusions will be substantiated with examples from politics and business, highlighting the risks posed by narcissistic leaders. The article aims to offer a framework for understanding the rise of right-wing populism in Europe and the USA, which may hinder progress towards a socially, economically, and ecologically sustainable society.
... In 1962, Milton Friedman started an academic debate about CSR in a free economy by suggesting that the only social responsibility of a business is "to use its resources and engage in activities designed to increase its profits" [13] (p. 133). ...
... The majority of the early papers from the 1960s to mid-1995s were written as a reactionary response to Friedman's [13] shareholder approach, addressing questions such as why the firms would engage in sustainable practices and what actions a company should be responsible for [1,4,15]. Also in this period, "ecological economists", a group of nonconforming economists, challenged the tenets of neoclassical economics in an attempt to reorient economics to be more ethical and eco-friendly [3]. ...
... In the management literature, the most prominent response to Friedman came from Edward Freeman. Freeman's [19] stakeholder theory posed a major critique of Friedman's [13] shareholder-oriented approach [20]. The stakeholder approach became the mainstream theory in the sustainability literature after the late 1990s. ...
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This paper explores the effect of board diversity on environmental, social, and governance (ESG) performance in Korean-listed firms using regression analysis. Our findings reveal that an increased board size significantly correlates with higher ESG scores when combined with other board diversity dimensions. The presence of female directors on boards was found to have a significant effect on environmental and social components of ESG performance. Age diversity exhibits a negative association with ESG scores, emphasizing potential disruptions from intergenerational differences. Foreign directors show no significant impact on ESG performance, suggesting that country-specific contextual factors may limit foreign directors’ influence on boards. The proportion of highly educated directors positively affects the overall ESG performance, aligning with resource dependence and agency theories. Overseas-educated directors play a crucial “bridging” role in adapting sustainable innovations overseas, positively influencing ESG performance. In conclusion, this study provides empirical evidence of the complex relationships between board diversity dimensions and ESG performance in the Korean context. These findings guide stakeholders in shaping inclusive and effective board structures for optimal corporate sustainability.
... Complemented by the idea of a "New World Order" in which, after the death of communism, capitalism advances under U.S. guidance, globalization theory has become a celebration of liberal capitalism. It generally also includes the belief that freely adopted market mechanisms are the optimal way of organizing all exchanges of goods and services (Friedman, 1962;. Whether globalization is new or not, or how new, is much debated. ...
... This was reinforced by notions of a "New World Order" after the decline of communism, promoting capitalism under U.S. guidance. The neoliberal approach celebrates liberal capitalism, favoring deregulation, minimal state intervention, and market mechanisms as the optimal mode for economic exchanges (Friedman, 1962;. However, globalization theory is not just descriptive; it imposes neoliberal principles on an unequal world system, often reflecting the desires of dominant capitalist societies. ...
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Background: Globalization has significantly influenced political and economic domains worldwide, including Nepal. While it has presented opportunities for economic growth and international integration, it has also raised concerns about inequality, cultural homogenization, and policy dependence. Understanding globalization's theoretical underpinnings and contextualizing its impacts on Nepal can provide a comprehensive perspective on its dual-edged nature. Objective: The objective of this study is to examine the interplay between
... Crisis erodes confidence in the status quo, resulting in the urgency to return to regularity, making drastic reforms possible, and making difficult decisions acceptable. To use Friedman's (1962Friedman's ( /2002 framing, when a crisis hits a system or society, "the politically impossible becomes politically inevitable," and those who wait in the wings with well-formulated alternatives are more likely to succeed in offering a way out (p. ix). For instance, the economic upheavals of the 1970s prompted a shift towards neoliberal policies, demonstrating how crises can pave the way for transformative ideas. ...
... Crisis erodes confidence in the status quo, resulting in the urgency to return to regularity, making drastic reforms possible, and making difficult decisions acceptable. To use Friedman's (1962Friedman's ( /2002 framing, when a crisis hits a system or society, "the politically impossible becomes politically inevitable," and those who wait in the wings with well-formulated alternatives are more likely to succeed in offering a way out (p. ix). For instance, the economic upheavals of the 1970s prompted a shift towards neoliberal policies, demonstrating how crises can pave the way for transformative ideas. ...
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Engaged scholarship plays a crucial role in shaping collective narratives and fostering inclusive societies. This article explores the concept of engaged scholarship, highlighting both its transformative potential and the discontents that accompany it. Informed by existing literature and personal reflections, the discussion is divided into three key sections. The first section provides a concise overview of engaged scholarship and outlines the conditions that enable its practice. The second section delves into the main discontents of engaged scholarship: narrow definitions of academic work, polarised views on knowledge and truth, restrictive professional guidelines, the potential for backlash, and the risk of burnout. These pitfalls create an environment where scholars may hesitate to engage fully, despite the pressing need for their contributions to public discourse. In the third and final section, the article emphasises the moral imperative of using research for social change and advocates for the creation of supportive ecosystems to help scholars navigate the challenges of public engagement.
... In the US, the first recorded strike occurred in 1768 (Editors, 2020). For roughly 150 years -from late 1700s to early 1900s -the standard liberal view across the Western world, enshrined in law, was that workers were legally free; they had consented to work, and could always quit, and hence had no legitimate grounds for complaint (for the classical period see Smith ([1776] 1979), J. Mill ([1844Mill ([ ] 1965; for more recent versions see Hayek (1960), Friedman ([1962] 2002, and Nozick (1974)). Throughout this period, unions were typically seen by the capitalist class as an absurd and evil infringement on the sanctity of their private property (Griffin et al., 1986). ...
... On the other hand, Milton Friedman and neoliberal economists have long argued that this pricing power is temporary (Friedman, 1962). In their view, competitive markets should regulate themselves, as the entry of new firms would reduce markups over time. ...
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Background This study investigates the connection between aggregate markups and income inequality, exploring how market power affects inequality in developed, emerging, and developing economies. The analysis aims to reveal how institutional differences and economic systems shape this relationship. Method The study examines data from 12 countries from 1997 to 2016 using a panel data approach. The analysis focuses on key variables such as the Gini index (measuring inequality), lagged markups, trade openness, GDP per capita, tax revenue, poverty, and R&D expenditure. A two-way fixed-effects model is applied to account for country and year-specific differences, while robust standard errors ensure reliability. Results The results show that higher markups are closely linked to greater income inequality, with the impact being particularly pronounced in emerging and developing economies. Integrating tax policies, trade openness, and GDP growth into the analysis indicates the limitations of relying solely on economic growth to achieve equity. The research highlights taxation and trade as effective levers for mitigating inequality and raises important questions about the role of innovation in this dynamic. Conclusion This study shows the interaction between market power and inequality across diverse economic systems. We examine how factors like market concentration and institutional quality drive inequality provides practical insights and policy recommendations for effectively addressing income disparities.
... Secondly, futurists suggested UBI to protect lowskilled workers from the computer revolution. Thirdly, some economists, including Milton Friedman, considered UBI a more effective alternative in combating poverty than existing approaches [19]. As a possible solution to drastic technological and social changes, the idea has garnered a worldwide resurgence of support and ever-growing interest since the 2010s, such as during the 2008 financial crisis [20] and the COVID-19 pandemic [21]. ...
Article
Improving the current welfare system in China has become more relevant and important as AI and automation have developed, and issues facing the Chinese economy have been revealed. As supported historically and contemporarily by scholars and technology visionaries, Universal Basic Income (UBI) can be an alternative. Since trials have yet to be conducted in China, extensive secondary research was conducted to combine and compare existing work, which primarily focuses on the Western context, with this study. The secondary research covers the history of UBI, alternatives and variants of UBI, the possible impacts of UBI, and an evaluation of China’s economic condition. For primary research, this study adopts a questionnaire and applies Chi-squared, normality, and nonparametric tests to survey findings. Based on responses from 124 Hangzhou residents, it is concluded that UBI is generally feasible and increasing luxury tax can be a favorable funding option. However, the level of UBI needs to be carefully managed.
... Despite billions of dollars poured into poor countries, poverty remains the most obvious problem on earth; despite numerous efforts to foster economy, the inequality gap widens; despite the understanding that we only have one planet to live on, we are exceeding our planetary boundary in developing it. While Sen (1999) argues that development is the foundation on which the society garners freedom in deciding their own lives, and Friedman (2002) believes that development is about empowerment of society, it is clear that it needs to be more innovative, sustainable, and inclusive. Fagerberg et al. (2010) state that innovation, which is quite widespread in developing country firms, is often associated with higher productivity and, just like in the developed part of the world, is dependent on the interactions with other private and public actors. ...
... In Table 5, we note how Monetary Freedom is calculated by The Heritage Foundation utilizing both inflation and subsidies, while the scores for Investment Freedom are points entirely proposed by the Heritage researchers. Excessive state control of the money supply has always been a fundamental concern for economists such as Rothbard (1963Rothbard ( , 1994 and Friedman (1962), advocating awareness of the damage caused by the central banks' monopoly of the money supply and on understanding the differences between real and "inflated" economic growth. This analysis, therefore, confirms their hypothesis, underlining that economic growth is not always synonymous with greater economic security for citizens precisely because of inflation. ...
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Economic security is considered one of the primary aspects of well-being and it is usually closely associated with poverty. This article intends to explore the main determinants of economic (in)security in European Union countries and to investigate the relationship between the level of economic insecurity and the degree of economic freedom. In order to achieve our goal, we used Principal Component Analysis (PCA) to stipulate a composite and standardized index of economic insecurity in the European Union and, afterwards, we utilized panel data regressions to analyze its correlation with the variables of the Index of Economic Freedom.
... Nas décadas seguintes, especialmente nos anos 1960 e 1970, houve um intenso debate sobre a visão de RSC no cerne das organizações. Enquanto a RSC evoluía para uma perspetiva de que as organizações também existem para servir a sociedade e atender às expectativas do público (Carroll, 1999), autores como Friedman (1962) argumentavam que a única preocupação das organizações deveria ser maximizar o lucro dos acionistas e sobreviver no mercado. Esse contraste de visões já havia começado décadas antes, com Berle (1931), que adotava uma posição de economia clássica, e Dodd Jr (1931), que defendia o envolvimento das organizações com as questões sociais. ...
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Este estudo tem por objetivo verificar as estratégias de comunicação de responsabilidade social adotadas pela Fundação do Futebol, iniciativa criada pela Liga Portugal. Procura-se investigar as principais práticas de responsabilidade sociais corporativas, analisando de que forma estas podem ser aplicadas no âmbito desportivo e, em particular, no universo do futebol. Procura-se assim avaliar o tipo de publicações que têm sido feitas pela Fundação no Facebook. O período escolhido para a análise corresponde a todo o ano de 2022. Neste contexto, foi feita uma recolha de 347 postagens. Para efeitos de análise foi considerada uma abordagem qualitativa, que enfatizam a relevância da análise de conteúdo como uma técnica válida para extrair informações significativas e interpretar dados qualitativos. As publicações e estratégias utilizadas pela Fundação do Futebol foram categorizadas com base em seis das principais práticas de RSC apresentadas pela literatura do campo. Os resultados permitem identificar as principais iniciativas empregadas pela Fundação. A partir dessas práticas, este estudo desenvolveu três estratégias agrupadas por equivalência de objetivos, permitindo uma visão detalhada das ações de sensibilização, intervenção e práticas corporativas promovidas pela Fundação do Futebol.
... Sundaram and Inkpen (2004) even strongly claimed that the shareholder model is the most qualified one among all available options; thus, board members and managers should take it into account when formulating and implementing the company's mission. Even far before the emergence of the stakeholder model idea, shareholder admirers like M. Friedman (1962) strongly confirmed that the only goal of a company is to seek profit for the shareholders and the company does not need to perform corporate social responsibility activities. This idea was later supported by Ho (2010), who stated that companies that carry out corporate social responsibility will reduce company's profits, which in turn leads to the reduction the welfare of shareholders. ...
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This article aims to elaborate on the narrow legalistic stakeholder model and the need to apply a new revised moral and legal stakeholder model in Indonesian state-owned enterprises (SOEs) with its implications and challenges. Studies on the narrow legalistic stakeholder model in Indonesian SOEs are still uncommon, despite the rising awareness of the model. This study expects to initiate discourse on the ideal stakeholder model in the industry. This study combined doctrinal and empirical legal research methods. The SOE laws and the Minister of SOEs’ regulations were examined aside from the investigation of empirical data on the accusation of SOEs breaching their obligations to their legitimate stakeholders as indicated in court decisions and mass media publications. This study shows that the Minister of SOEs’ Regulation on Implementing Corporate Governance Implementation has promoted a narrow legalistic approach to the stakeholder model. As a result, only those who have a written contract with SOEs can be considered as the legitimate direct stakeholders. This approach has led to the expropriation of other indirect legitimate stakeholders of the SOEs. This study can be used to revise the narrow legalistic stakeholder model and to strengthen research on the stakeholder model in SOEs and corporate governance.
... A number of authors believe that an unrestricted understanding of corporations as citizens could be detrimental not only to society but also to corporate goals (Coates, 2010;Norman & Néron, 2008;Christiano, 2010). Under the traditional understanding of the social responsibilities of business firms, managers should be primarily concerned with the maximization of shareholder wealth without fraud and deception and within the limits of the law (Friedman, 1962). If that is the right account of the responsibilities of business firms, it would be self-defeating to postulate that they can engage with the formation of the law, since the law is supposed to be the limit to the pursuit of shareholder wealth maximization . ...
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This article is concerned with the moral permissibility of corporate political activities under the existing legal framework in the United States. The author unpacks and examines the standard case for and against the involvement of business in lobbying and electoral activities. And the author provides six objections against the standard arguments and proposes that the wrongness of corporate political activities does not have much to do with its potential social consequences but rather with nonconsequentialist considerations. The author’s ultimate aim is to make sense of the intuition that corporate political spending is morally objectionable. The author argues that his case against corporate political spending fares better than the standard case. What is wrong with the current system of regulation of corporate lobbying and campaign finance is that it is inconsistent with the principles of political equality and consent. By taking advantage of this unfair regulatory framework, business firms are making a contribution to undermine the basis of a robust democratic regime at both the societal and the corporate level.
... Modern economics has often been reduced to a narrow and distorted dimension, focused exclusively on profit maximization for entrepreneurs and shareholders, as theorized by Milton Friedman (1962). 1 This approach views consumer utility and happiness in purely extrinsic terms, excluding any ethical perspective, intrinsic motivation, transcendence, and relation to religious and spiritual aspects (Reali 2023). As economist Jeffrey Sachs pointedly notes, "I am convinced that one of the main reasons for this situation is the lack of a shared ethical vision, a clear understanding of what is right and wrong in today's world" (Sachs 2024). ...
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This essay examines the figure of Amadeo Peter Giannini, founder of the Bank of Italy (later Bank of America), as an example of an alternative banking model based on ethical and humanistic principles inspired by Franciscan socio-economic thought. The analysis explores how values such as fraternity, gratuity, simplicity, humility, and service - rarely found in the financial sector - can be integrated into banking management to create a positive and democratic impact. The objective is to fill a gap in research at the intersection of ethics, spirituality, and economics, demonstrating that an approach grounded in human dignity and the common good can be successful even in a profit-oriented context. This vision proved to have a significant impact during critical moments, such as the San Francisco earthquake and the Great Depression, showing Giannini’s deep trust in human resilience and dignity. Furthermore, the faithful banker supported emerging industries like film and wine and invested in infrastructure projects like the Golden Gate, contributing to California’s economic and social development. Through the analysis of historical sources and testimonies, it is highlighted that the humanistic model of the “gentle giant” not only promoted financial inclusion and democratization, inspired by the Monti di Pietà, and access to credit for working-class people and immigrants but also fostered a visionary role for the bank as a trusted partner in social progress. This approach demonstrated that finance could be a tool for community wealth, uniting economic growth with human development. The legacy of this humble banker confirms that corporate prosperity is not at odds with social justice and sustainable development. His “moral” banking philosophy, rooted in trust, humanity, and fraternity, represents a model for integrating economy and faith, rejecting individualism and promoting inclusivity and fraternity.
... Capitalism and Freedom (1962), which was also partly written by Rose although she was not acknowledged as an author, stated: "The ultimate operative unit in our society is the family, not the individual." 39 Elsewhere in the same book, the pair speak of "the family as the basic social unit." 40 In the Friedmans' view, the economic wellbeing of an individual is the duty of his or her family, not the welfare state. ...
Chapter
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... Secondly, competition and technological advancements enhance communication and open new avenues for innovation and growth (Brynjolfsson & McAfee, 2014). Moreover, regulatory frameworks, including laws, regulations, and policies, shape the business environment by setting the legal and ethical standards within which businesses must operate (Friedman, 2002). Additionally, socio-cultural dynamics, such as demographic trends, cultural values, and social attitudes, influence consumer behavior and expectations, necessitating businesses to align their strategies with societal changes (Hofstede, 2001). ...
Article
In the context of an increasingly dynamic and competitive job market, the cultivation of professional relationships between academia (professors and students) and different professional fields has emerged as an extremely important factor in addressing contemporary industry demands. Our study examines the critical role of fostering professional interactions in educational settings to align with the current market requirements, namely with some specialized fields (multilingual professional communication, general and specialized translation, and interpreting). Our paper aims to emphasize the role of professors in extending their roles beyond traditional pedagogy to include mentorship, guidance that integrates industry insights, tailored career advice, and practical applications. This research utilizes a “mock” service-learning project to demonstrate the positive outcomes of proactive professor-student engagements on career readiness and adaptability to market shifts. The most important findings of our project are reflected on the pedagogical approach that bridged the gap between academic theory and practical application by enhancing learning (academic concepts were applied to real-world scenarios), impacting the business community (significant and positive impact on addressing immediate needs and long-term collaborations between higher education institutions and business communities), contributing to personal growth, and preparing for future careers.
... Similarly, neoclassical economists, while also cautious, focuses more on the potential inefficiencies of public investment, particularly the risk of crowding out private investment (Barro, 1974). They argue that public investment should be carefully targeted to address specific externalities and public goods, as excessive public investment can lead to higher taxes, debt, and reduced private sector activity, ultimately restraining long-term economic growth (Samuelson, 1954;Friedman, 1962). The concern in neoclassical models is that public investment, when not properly managed, could divert resources away from more efficient private sector activities, resulting in suboptimal economic outcomes for the economy. ...
Article
Corruption remains a significant barrier to public investment in Nigeria, particularly for large-scale projects. This study aims to examine the impact of corruption on public investment outcomes across varying levels of investment with time series data covering 1986 to 2023. Using simultaneous quantile regression, the analysis captures both the direct effect of corruption and its interactions with macroeconomic variables, including GDP per capita, inflation, government effectiveness, political instability, and foreign direct investment (FDI). The results demonstrate that corruption consistently reduces public investment, with the negative impact intensifying at higher quantiles. Interaction terms reveal that government effectiveness mitigates the harmful effects of corruption, while political instability exacerbates them for smaller projects but plays a more complex role in larger ones. Inflation and FDI further amplify corruption's negative effects, particularly in medium and large-scale projects. The study concludes that larger public investments are especially vulnerable to corruption, which emphasises the need for stronger institutional frameworks and governance reforms to enhance transparency and accountability in public sector investment. Lastly, macroeconomic stability and improved political conditions are crucial to enhancing public investment outcomes, particularly in large-scale projects.
... Competition with respect to innovation changes the direction of not only industrial policies (regulations affecting different markets) but also macroeconomic policies. The way to introduce competition is not to deregulate and adopt automatic monetary policies as suggested by Friedman [80,81]. Market regulations and macroeconomic policies can foster competition and avoid a disconnection between the financial economy and the real economy. ...
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Economic science is built on the basis of the concept of competition. Classical School economists have not defined this concept with precision. The “Neoclassic Revolution” defined the concept of perfect competition as an ideal combination of productive resources accessible to all permanently (optimal size). Within this framework, competition ensures that suppliers will cover demand by matching market prices to both average and marginal costs corresponding to the optimal size. Large and persistent differences in profit and wage rates, when interpreted from a perfect competition perspective, will always be considered a sign of the absence of competition. Only an alternative concept of competition can modify such an interpretation. In this context, the objective of this work was to develop an alternative concept of full competition, which is formally formulated, to foster a more sustainable environment for the coexistence of enterprises of different sizes. The full competition definition assumes that firms maximize long-term benefits (fixed-capital amortization period) by trying to ensure full use of productive capacity and achieving relative advantages through innovation instead of merely adjusting prices to maximize short-term benefits. This approach provides a different explanation for inequalities in profit and wage rates, from simple adjustment in prices (perfect competition) to the search for new and better opportunities through innovation (full competition). This could change the meaning and scope of economic policies, which are influenced by both Neoclassical and Keynesian approaches, when addressing the entrepreneurial challenges of sustainable development.
... In questa visione, altri attori economici diversi dagli azionisti, come fornitori, clienti e dipendenti, sarebbero protetti solo dai contratti firmati con l'impresa e dalle normative imposte dai governi per correggere disfunzioni del mercato, ad esempio tramite tasse ambientali e leggi sulla concorrenza (Friedman, 2007). ≪ C'è una e una sola responsabilità sociale dell'impresa: avvalersi delle proprie risorse e svolgere attività miranti ad accrescere i suoi profitti, a patto, ovviamente, di rispettare le regole del gioco, vale a dire entrare in concorrenza aperta e libera con gli altri soggetti presenti sul mercato, senza inganni o frodi ≫ (Friedman, 1962). ...
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This study examines the integration of Environmental, Social, and Governance (ESG) factors in Italian innovative SMEs, focusing on ESG and Readiness ESG scores. The ESG score, calculated by normalizing the results of the environmental (35%), social (45%), and governance (20%) dimensions, reflects the overall sustainability performance of the firms. The Readiness ESG score evaluates corporate preparedness by combining ESG awareness and implementation, weighted equally at 50%. A questionnaire was sent to approximately 1,500 innovative SMEs, resulting in 105 valid responses, of which 99 were included in the analysis. Linear regression and ANOVA models were applied to investigate the relationships between firm size, ESG knowledge, sector, and geographic location concerning the calculated scores. The findings show that firm size and ESG knowledge are positively correlated with ESG scores, indicating that larger firms with greater awareness tend to implement more structured sustainable practices. Geographic analysis reveals partially significant differences in ESG scores between Northern, Central, and Southern Italy, while no significant differences are observed across sectors, largely due to the sample's concentration in the services sector. The study highlights limitations related to the sample size and representativeness, which affect the generalizability of the results. Nevertheless, it provides valuable insights into the factors influencing ESG practices in innovative SMEs and lays the groundwork for future research with larger and more diverse samples.
... The neoclassical theory (Friedman 1962(Friedman , 1970 and stakeholder theory are the main theories that have already shaped and established the basis for understanding the association between CSR and financial performance. These two theories represent two opposing viewpoints. ...
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Banks have faced increasing attention regarding their ability to balance Corporate Social Responsibility (CSR) initiatives, operational efficiency, and credit risk management, particularly in the wake of global financial challenges. This study examines the interplay between CSR, efficiency, and credit risk in 131 US banks from 2010 to 2018. Using the Choquet integral, two-step Data Envelopment Analysis, and a dynamic panel with the Generalized Method of Moments, the findings reveal a virtuous circle between CSR and credit risk, where CSR enhances credit risk profiles. Similarly, efficiency and risk exhibit mutual reinforcement. However, a vicious circle is identified between CSR and efficiency, indicating trade-offs between CSR objectives and operational efficiency. These insights guide policymakers and bank managers in optimizing this balance.
... A shift in perspective regarding a firm's societal role has increased the focus on CSR. Traditionally, a firm was seen as accountable solely to its shareholders, with a relationship mainly between executives and shareholders (Friedman, 1962). The stakeholderagency perspective has altered this view by recognizing managers as representatives of all stakeholders, not just shareholders (Hill & Jones, 1992;Jones, 1995), and perceiving the organization as a network of relationships with stakeholders with an implied social contract with the firm. ...
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Purpose: This study seeks to explore the connection between corporate social responsibility (CSR) performance and tax avoidance (TA) among a sample of Cambodian companies listed on the Cambodian Securities Exchange (CSX). It also investigates whether board independence moderates the relationship between these two variables. Methodology: Several statistical analyses have been conducted using the effective tax rate (ETR) and extracting accounting data from these companies’ annual reports. Findings: The study reveals that Cambodian companies investing significant resources in charitable initiatives are less likely to participate in TA practices. It has also been realized that the influence of CSR in mitigating the likelihood of engaging in TA practices is boosted in firms with a higher proportion of independent directors. Implications: The study’s findings have significant policy implications as they contribute to a better understanding of TA practices and CSR. This understanding can benefit numerous investors, regulators, and academics interested in firms’ tax behavior. Furthermore, the findings can aid tax administrations in identifying conditions that heighten the risk of TA practices, thereby assisting in formulating effective tax systems that enhance firms’ tax compliance. Originality: This study represents one of the initial inquiries into the relationship between CSR and TA practices in Cambodia. It provides a unique perspective by furnishing empirical evidence on this relationship within the Cambodian context, which differs from other cultural and institutional environments where previous studies have been conducted. It also offers new insights into how the independence of board directors moderates the relationship between CSR and TA. Limitations: This study primarily relies on firms’ disclosed donation figures in financial statements. As such, the study may only partially represent the extent of CSR involvement and potentially impact the accuracy of CSR assessment. Keywords: Corporate social responsibility; Tax avoidance; Effective tax rate; Cambodia
... Democratic institutions are outliers historically and geographically. In terms of democracy's impact on international business, the classic argument from Smith (1776), Hayek (1944) and Friedman (1962) is that democracy is the best guarantor of limited government and therefore of free trade and investment. ...
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The argument of this paper is sequential. Democracy is associated with openness in trade, investment, and entrepreneurship. This is because of its support of property rights, contract enforcement, open governance, and civil society operational freedoms. However, these institutions are potentially open to capture by producer-driven interests. Institutions and political processes are not fixed but change over time and are the products of political contestation including the global projection of national producer interests. It is essential to see the world economy as a complex system that evolves under pressures of political, economic, technological, and societal changes. Democratic control of powerful producer-driven interests is not a given. Addressing the potential democratic deficit is one of global society’s “Grand Challenges”.
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Cet article s'intéresse à l'autonomie professionnelle des enseignants au sein de systèmes éducatifs de plus en plus caractérisés par de nouveaux modes de gouvernance. En s'appuyant sur la littérature scientifique internationale, ce texte défend une thèse : le recours au marché, à la reddition de comptes et aux données probantes affecte considérablement le groupe professionnel enseignant en produisant un déplacement des bases de la confiance, une division verticale du travail accrue et, potentiellement, une menace envers le jugement professionnel enseignant.
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企业的社会责任指企业主动满足公众对其的道德期待或自 愿为社会作出额外贡献的行为。随着全球企业社会责任运动的发 展,各类倡议、规范和立法层出不穷。在改革开放政策和自身发 展需求的推动下,中国企业加快了“走出去”的步伐。但部分外 国政府对中方的战略意图尚有疑虑,海外公众对中国企业的责任 表现仍有微词。中国企业亟须提高风险管控、内部治理、公共沟 通等能力,进而实现与诸多利益相关者的互利共赢,树立负责任 的全球公民形象。
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Zusammenfassung Die Diskussion um eine bedingungsloses Grundeinkommen hat wieder an Fahrt gewonnen. Neben theoretischen Analysen der Arbeitsanreizeffekte stehen neuerdings Simulationen und Experimente als Methoden zur Erweiterung der Kenntnisse über die Wirkungen eines bedingungslosen Grundeinkommens zur Verfügung. In diesem Beitrag wird die Analyse der Anreizeffekte über diejenigen auf das Arbeitsangebot hinaus auf die Zeitallokation ausgedehnt. Insbesondere wird auf die Bedeutung der Befähigung (Capabilities) der Personen und Haushalte hinsichtlich der Zeitverwendung hingewiesen, die für eine effektive und effiziente Zeitallokation erforderlich ist. Darüber hinaus werden die Ergebnisse einer aktuellen Simulationsstudie und des finnischen Grundeinkommensexperimentes hinsichtlich der Anreizeffekte von Grundeinkommensvarianten diskutiert.
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A large and growing literature has emerged in recent years on the effects of occupational licensing. What is less understood is the political origins of licensing. Using Europe as a case study, we examine: 1) the relationship between economic values at the country level and the percentage of licensed workers and 2) the relationship between union participation and percentage of licensed workers. We find some evidence that more pro-market countries tend to have fewer licensed workers, but the results are not statistically significant. We also find a negative correlation between support for labor unions and percentage of licensed workers at the country level-which indicates a possible competition between unions and licensing associations. Overall, our results are consistent with trends in union membership and occupational licensing in the US. We would like to thank an anonymous referee for helpful comments on previous drafts of the manuscript.
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This chapter provides an overview of the concept of sustainability by carefully defining what sustainable development is and by describing how sustainability relates to the Triple Bottom Line (TBL), Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG), and sustainable finance, with specific reference to the Principles for Responsible Investments (PRI). Moreover, the main initiatives launched globally to manage sustainability issues and the regulatory evolution on the topic are described, as well as the role played, and pressure brought by stakeholders. The chapter will end with an introduction to the most widespread types of non-financial reporting (Sustainability Reporting and Integrated Reporting), which will be explored in greater depth in subsequent chapters.
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The paper examines the perceived crisis in Western liberal democracies, arguing that the true causes extend beyond the commonly cited symptoms of political party representation decline, partisan hostility, and the rise of charismatic leaders. It suggests that the roots lie in a deep-seated belief in traditional economic solutions such as promoting international trade, reducing state intervention, and encouraging competition. This belief unites diverse ideological movements and has led to a policy environment where evidence-based policymaking prioritizes practical effectiveness over political and ethical considerations, resulting in the marginalization of alternative viewpoints and the narrowing of democratic discourse. The dominance of economic liberalism and ordo-liberalism has shaped policy evaluation methodologies, favoring short-term effectiveness and quantitative measures while often neglecting broader impacts like income distribution. Additionally, the increasing use of AI in legislative processes may further entrench this “what works” paradigm, rendering traditional policy development obsolete. The paper concludes by emphasizing the importance of embracing diverse perspectives and fostering debate to ensure the vitality of liberal democracy.
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Objective: This article should be placed in the movement "to go beyond the GDP". It proposes to go beyond in order to integrate the sustainability and the ESG as well but still with the GDP to favour a smooth transition and reach a stronger and broader impact towards all stakeholders. To report on the economic situation, the communication of the State is based on GDP which is kept and used with a new indicator. Methods: The proposal of such new indicator is to use the IWI, the Inclusive Wealth Index (IWI). As it gathers stock data in 3 capitals, produced, human and natural, it enables the State to report on sustainability and on ESG data. The communication proposed is made from data available in 2004-2008 for GDP and IWI for 6 countries, France, Japan, Nigeria, Norway, Russia and the United Kingdom. Two communication channels are used : the report on the Balance Sheet of the State integrating the IWI and the report on P&L for the State integrating the GDP and the IWI. Results: Comparing to a report based only on GDP, the addition of the IWI means an increase of the assets of the State between 3 to 24 times, which show that the human and natural capital represent a central part in the common wealth of all citizens. In terms of GDP and growth, only one country over 4 has a sustainable economic growth in 2008, the 3 others have economic growth but non sustainable. 2 countries combine non-economic growth and non-sustainability. Conclusions: To have impact on all stakeholders and to show that the State as well impose to itself ESG and sustainable targets, the association of the GDP with the IWI is interesting and should act on the citizen's mind towards a more respectful economic growth towards the Biosphere.
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The history of social security systems and health economies in Europe-particularly the formation of models such as the Bismarck and Beveridge systems-is closely intertwined with the major ideological movements of the 19th and 20th centuries. Not only did industrialization and urbanization lead to profound social upheavals that called for new solutions, but the emerging theories of capitalism and communism, advanced for instance by Adam Smith and Karl Marx, also served as an intellectual catalyst for the reorganization of societal structures. It becomes evident that the development of modern social security systems has always been both a response to-and a product of-fundamental ideological conflicts and interactions.
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Die Geschichte sozialer Sicherungssysteme und Gesundheitsökonomien in Europa – insbesondere die Ausformung von Modellen wie dem Bismarck- und dem Beveridge-System – ist eng verflochten mit den großen ideologischen Strömungen des 19. und 20. Jahrhunderts. Nicht nur führten Industrialisierung und Urbanisierung zu massiven sozialen Verwerfungen, die nach neuen Lösungsansätzen verlangten; ebenso wirkten die aufkeimenden Theorien des Kapitalismus und Kommunismus, wie sie beispielsweise von Adam Smith und Karl Marx vorangetrieben wurden, als intellektueller Motor für den Umbau gesellschaftlicher Ordnungen. Es zeigt sich, dass die Entwicklung moderner sozialer Sicherungssysteme stets auch eine Reaktion auf – oder ein Produkt aus – grundlegenden weltanschaulichen Konflikten und Wechselwirkungen war.
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Purpose Critical studies within the economic and administrative sciences are increasingly paying attention to the way markets shift responsibility to consumers for societal and personal goals, referring to this process as consumer responsibilization. This article advances a new approach to responsibilization theory with the aim of overcoming some of its limitations. Design/methodology/approach A conceptual approach is used to critique dominant post-structural understandings of consumer responsibility and to advance alternative ways of thinking about responsibilization regimes that highlight the embodied and embedded experiences of responsible consumers. Findings The article suggests that responsible consumption is embodied and embedded within neoliberal social structures characterized by inherent tensions and will produce strained experiences rather than skilled and empowered neoliberal subjects. The authors underscore the need for an empirical focus on the adaptational responses of consumers to responsibilization processes. With a focus on the frictional relationship between the idealization pressures involved in responsibilization processes and the real-world consequences embodied in consumer experiences, the conceptual approach may provide new ways to advance the concept of responsibilization as a critique of neoliberal marketization. Originality/value While responsibilization theory has been gaining widespread attention, this is the first paper to critically examine its limitations and offer an embedded-embodied perspective on consumer responsibility.
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El presente artículo abordó la transformación del área de Santa Fe, Ciudad de México, en el contexto del capitalismo global y neoliberal. Se destacó la segregación socio-espacial y la creación de nuevas centralidades que tienden a alterar los espacios y las experiencias de vida tradicionales. Los objetivos se centraron en comprender cómo las prácticas urbanas y las percepciones de los residentes reflejaron y perpetuaron la segregación y desigualdad social. La metodología empleada incluyó el método de observación, seguido de la elaboración de 25 entrevistas semiestructuradas a habitantes de áreas tradicionales y de nueva construcción. Los resultados obtenidos mostraron diferencias en la percepción de Santa Fe entre los distintos estratos sociales, evidenciando segregación y diferencias en la apropiación del espacio. Los habitantes de estratos bajos demostraron una percepción más inclusiva, extensa y detallada de la zona, mientras que los de estratos altos mantuvieron una visión más reduccionista. Las narrativas de la espacialidad revelaron diferencias en los detalles y referencias espaciales entre los grupos. En las de movilidad destacó la división entre el uso de transporte público y privado, así como cambios en la cultura, las tradiciones y la religiosidad popular.
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This chapter tries to capture the capitalist philosophy of Eastern Europe, always ”in between”, exhibiting a vocation for swaying, for oscillation between the choices of progress and looking back. Eastern countries wanted to keep only the gentle hand of the state, keeping in check the tough one whilst hoping for the tenacity of the least visible one. We will emphasise that the coordinating force of the invisible hand loses the vitality described by Smith in the absence of clear and respected rules of property, and the appropriate political institutions. The market is infused in the East with local DNA. In a culture where the reminiscences of the unfulfilled promise of well-being for all persist, the profit and the entrepreneurs who pursue it are rather subjects of public anathema, and domestic capital constitutes, in a far too limited extent, a source of economic growth. We aim to shape the image of the Eastern capitalism as a socio-economic puzzle in which institutions are pieces that do not mix in the most harmonious way, those imported in recent decades, more durable or more fragile, having to coexist with fragments of pieces whose sanding has not ended yet, or even with some rusted ones.
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Corporate Social Responsibility (CSR) has shifted from a philanthropic activity to a strategic business practice, especially in Bangladesh’s banking sector, where it plays a crucial role in healthcare improvements. This article investigates how Bangladeshi banks have integrated CSR into their operations, aligning efforts with national health goals. Using content analysis of publications from the Bangladesh Central Bank and other sources, the study outlines the transition from basic charitable actions to more impactful CSR interventions. Under the Bangladesh Bank’s regulatory framework, banks are required to allocate a portion of profits to CSR, particularly focusing on healthcare, education, disaster relief, and environmental sustainability. The research highlights key healthcare initiatives such as infrastructure development, funding medical camps, and promoting public health awareness. Fluctuations in healthcare-related CSR spending from 2019 to 2023 are examined, showing a peak in 2021, followed by a decline due to political and economic instability. The article stresses the need for stronger oversight, strategic partnerships, and long-term healthcare investments to ensure sustainable outcomes. Recommendations include aligning CSR strategies with national health objectives, enhancing transparency, and collaborating with healthcare providers and NGOs. Further research is suggested to evaluate the direct impact of these initiatives on healthcare outcomes to ensure long-term effectiveness. Bangladesh Journal of Medical Science Vol. 24 No. 01 January’25 Page : 67-73
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W ostatnich dekadach wielką popularność zdobyła teza, że świat biznesu ma obowiązki wobec społeczeństwa. W USA teoria ta zrodziła się w związku z wielkimi nadużyciami, jakie miały tam miejsce w okresie szybkiego rozwoju gospodarczego, począwszy od końca XIX w. Powszechnie uznana za słuszną konieczność urzeczywistniania przez przedsiębiorstwa celów „dobrych” z punktu widzenia całego społeczeństwa otworzyła jednak drogę do różnego rodzaju manipulacji. Światowi giganci technologiczni stają się strażnikami „prawdy”, którą sami ustalają, a instytucje finansowe udzielają pożyczek według kryteriów, które ich kierownictwa uznają za słuszne. W takim środowisku niejednokrotnie władze sprzyjają wybranemu sektorowi prywatnemu. W sytuacjach przeciwnych z kolei rodzi się pytanie, czy świat przypadkiem nie zmierza w kierunku – znanym nam z czasów „minionej epoki” – dominacji „interesu społecznego” elit nad interesem jednostki?
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