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RACIAL CAPITALISM
Racial capitalism — the process of deriving social and economic value from the racial identity of another person — is a longstanding, common, and deeply problematic practice. This Article is the first to identify racial capitalism as a systemic phenomenon and to undertake a close examination of its causes and consequences. The Article focuses on instances of racial capitalism in which white individuals and predominantly white institutions use nonwhite people to acquire social and economic value. Affirmative action doctrines and policies provide much of the impetus for this form of racial capitalism. These doctrines and policies have fueled an intense legal and social preoccupation with the notion of diversity, which encourages white individuals and predominantly white institutions to engage in racial capitalism by deriving value from nonwhite racial identity. Racial capitalism has serious negative consequences both for individuals and for society as a whole. The process of racial capitalism relies upon and reinforces commodification of racial identity, thereby degrading that identity by reducing it to another thing to be bought and sold. Commodification can also foster racial resentment by causing nonwhite people to feel used or exploited by white people. And the superficial process of assigning value to nonwhiteness within a system of racial capitalism displaces measures that would lead to meaningful social reform. In an ideal society, racial capitalism would not occur. Given the imperfections of our current society, however, this Article proposes a pragmatic approach to dismantling racial capitalism, one that recognizes that progress must occur incrementally. Such an approach would require a transition period of limited commodification during which we would discourage racial capitalism. Moreover, we would ensure that any transaction involving racial value is structured to discourage future racial capitalism. I briefly survey some of the various legal mechanisms that can be deployed to discourage racial capitalism through limited commodification. Ultimately, this approach will allow progress toward a society in which we successfully recognize and respect racial identity without engaging in racial capitalism.
Journal Article
Philosophy of digital currencies : a theory of monetising time
\"Current systems are failing the poor because these systems are unable to provide the financial inclusion needed for basic subsistence and commerce, which in turn would drive micro and macro-economic growth. This book introduces the reader to a new way of thinking about how value can be created, captured, measured and understood, economically and financially, and within in the context of social contract. It underscores the need to revisit such models through technological advancements, namely Industrial Revolution 4.0, in order to solve pressing global issues like economic inclusion and poverty eradication. The book proposes that for humanity to make the leap forward and for any real sustainable development to occur, the world needs a disruptive approach to value creation using currency systems, considering that currencies underpin value exchange. This disruption will result in a level of decentralization that facilitates peer-to-peer value exchange and drives financial inclusion, all of which should be underscored by a new, digital social contract. The author asserts that a time-based digital currency could address these issues by creating a new and truly inclusive currency model that allows economies to gain more value than previously possible. In addition, by leveraging 4IR technologies, a currency system can be designed where each unit of money accurately reflects the context and range of socio-economic factors that influence each human interaction. This book is aimed at futurists, technologists, researchers, policymakers, and anyone that is curious about how technology could make a difference in our collective futures. It cuts across a range of subject areas from economics, finance, philosophy, innovation to social development and takes an interdisciplinary approach to present a logical framework and theoretical foundation for the monetization of time as a digital currency\"-- Provided by publisher.
Book
Is There a Culture War? Conflicting Value Structures in American Public Opinion
This article examines the “culture war” hypothesis by focusing on American citizens’ choices among a set of core values. A geometric model is developed to represent differences in the ways that individuals rank-order seven important values: freedom, equality, economic security, social order, morality, individualism, and patriotism. The model is fitted to data on value choices from the 2006 Cooperative Congressional Election Study. The empirical results show that there is an enormous amount of heterogeneity among individual value choices; the model estimates contradict any notion that there is a consensus on fundamental principles within the mass public. Further, the differences break down along political lines, providing strong evidence that there is a culture war generating fundamental divisions within twenty-first century American society.
Journal Article
Values cockpits : measuring and steering corporate cultures
This book answers the question of how soft factors such as corporate cultures and individual and corporate values can be transparently steered. With its C4 management tool and reflecting the seven driving forces of corporate culture, the Values Cockpit is a powerful solution designed to steer all dimensions and processes of a company, pursuing a lean approach. The book links strategic approaches on how to steer a company towards excellence with insights into the driving forces of human thoughts and actions. It subsequently introduces the Values Cockpit, which allows individual corporate cultures to be developed and controlled on the basis of a rational approach. It has since become commonplace that, for the best companies in the world, it is their great corporate culture that sustains their excellence and economic success. In order to establish such a corporate culture, all corporate values must be thoroughly controlled, steered and measured. This book serves as an essential guide, helping companies to reach these goals and ensure their sustainable economic success.
Book
Stakeholder Theory and \The Corporate Objective Revisited\
Stakeholder theory begins with the assumption that values are necessarily and explicitly a part of doing business. It asks managers to articulate the shared sense of the value they create, and what brings its core stakeholders together. It also pushes managers to be clear about how they want to do business, specifically what kinds of relationships they want and need to create with their stakeholders to deliver on their purpose. This paper offers a response to Sundaram and Inkpen's article \"The Corporate Objective Revisited\" by clarifying misconceptions about stakeholder theory and concluding that truth and freedom are best served by seeing business and ethics as connected.
Journal Article
Entropy economics : the living basis of value and production
\"Economists dream of equilibrium. It's time to wake up. In mainstream economics, markets are ideal if competition is perfect. When supply balances demand, economic maturity is orderly and disturbed only by shocks. These ideas are rooted in doctrines going back thousands of years yet, as James K. Galbraith and Jing Chen show, they contradict the foundations of our scientific understanding of the physical and biological worlds. Entropy Economics discards the conventions of equilibrium and presents a new basis for thinking about economic issues, one rooted in life processes--an unequal world of unceasing change in which boundaries, plans, and regulations are essential. Galbraith and Chen's theory of value is based on scarcity, and it accounts for the power of monopoly. Their theory of production covers increasing and decreasing returns, uncertainty, fixed investments over time, and the impact of rising resource costs. Together, their models illuminate key problems such as trade, finance, energy, climate, conflict, and demography. Entropy Economics is a thrilling framework for understanding the world as it is and will be keenly relevant to the economic challenges of a world threatened with disorder\"-- Provided by publisher.
BOOK
Examining the Value Creation of Capital Expenditure and R&D Investments in Indian Listed Firms: A Study Utilizing Economic Value Added (EVA)
This study examines the effects of Capital Expenditure (CAPEX) and Research & Development Expenditure (R&D), on firm value, as determined by Economic Value Added (EVA). The study covers 982 Indian-listed firms from the manufacturing and service industries. The results have been estimated using fixed effects, and random effects models for the accuracy of the estimations. The findings of this study reveal varied results in the short and long run for both manufacturing and service firms. The manufacturing companies have a negligible short-term impact of CAPEX on firm value (investment year), but a strong and positive link develops over an extended period (Years 1 to 3 post-investment). On the other hand, R&D in manufacturing companies has no significant short- or long-term effect. There is no significant impact of CAPEX in service firms in the short run, R&D initially has a negative impact on EVA, but with time, CAPEX and R&D favorably impact EVA. The results of this study have implications for both managers and investors. Creating long-term value for stakeholders is every manager's job. Since the idea of the distinction between the cost of capital and the return on capital invested (ROIC) first emerged, the concept of value creation has endured. We show how excess revenue over cost of capital results in value creation in investment spending choices by using the EVA metrics and how It may be necessary for investors to consider the greater strategic advantages that come from R&D and CAPEX, especially for those who have a long-term perspective.
Journal Article
Does board gender diversity moderate the impact of ESG on firms' economic value added? Evidence from an emerging economy
PurposeThis study explores the moderating effect of board gender diversity (BGD) between a firm's Environmental, Social, and Governance (ESG) performance and Economic value added (EVA) using NSE-listed 331 companies' data from 2015 to 2020, forming 1986 firm-year observations.Design/methodology/approachOur study is based on panel data; hence, we use a system GMM panel regression model to confirm whether the BGD moderates ESG and EVA. We also address the endogeneity issues.FindingsOverall, our study reported a positive moderating effect of BGD between ESG and EVA. Similar results were observed across the chemical and financial services industries. However, in the case of the healthcare and consumer goods industries, we did not find support for the moderating effect.Practical implicationsThe implications of our results are considerable and relevant for regulators, governing bodies, and corporate managers. It helps them understand how BGD plays a vital role in influencing the effect of ESG on a firm's EVA.Originality/valueNo existing research has explored the moderating effect of BGD between ESG and EVA, to the authors' best knowledge. Therefore, our study extends the existing literature and further supports resource dependency, agency, and stakeholder theories of corporate governance.
Journal Article