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Values-based organizations are institutions, communities and non-governmental organizations (NGOs) which are inspired by a mission or a vocation – for these groups it is their ideals which are most important to them and economics does not have a way to incorporate that into its analysis. This book provides a short introduction to the economics of values-based organizations. The book opens with an analysis of some phenomena common to all organizations: the management of vulnerabilities in relationships and the role of incentives, especially in relation to loyalty. Turning to values-based organizations more specifically, the book explores the motivations of their members, how they retain their most motivated people, what happens when the ideals of the organization are perceived to have deteriorated, and the decisions made by those in charge, who focus on efficiency, oblivious to values and identities. The second part of the book explores the narrative dimensions of values-based organizations. "Narrative capital" is a precious resource in many of these organizations, particularly through periods of crisis and change. But problems can also be caused if the second and later generations after the foundations continue to use the original narrative without enough innovation. Finally, the book discusses the gaps – the surpluses and misalignments – between people, their ideals and the organizations and how these can be managed. The book is written for academics, students and others interested in the role of values and ideals in organizations – economists, sociologist, business scholars, theologians and philosophers.
This book looks at the governance of values-based organizations (VBOs), which are organizations with a mission and identity based on ideals. Examples of VBOs include non-profit organizations, charities, NGOs, environmental, educational or cultural organizations, and social enterprises. The main objective of any VBO is to evolve and grow without losing its identity, which its survival is linked to in the medium and long terms. The focus of this book is the study of the relational and motivational dynamics during identity crisis, using critical mass models and Hirschman’s "exit and voice" framework. This book analyses the dynamics that arise in VBOs when the quality of the ideal deteriorates. On the basis of Hirschman’s "exit and voice" model, it analyses the factors that lead the best members – the intrinsically motivated ones who care most about the mission and ideals of the organization – to leave if their voice is ignored. We show that the possible cumulative effects caused by the "exit" of intrinsically motivated members can lead the organization to a process of deterioration. This book offers an analysis of these phenomena, which are usually studied in sociology or political science, by using an economic approach and the language of evolutionary game theory. By combining sociological politics and economics as a theoretical tool, we create a fresh approach to explore crises in organizations.
This sequel to the authors' acclaimed Organizational America reconsiders the central theme of that volume-the unprecedented growth of the modern organization in America and the replacement of American founding values by the values of the modern organization. That book warned that as the modern organization becomes the dominant social and economic reality in American life, influencing everything that individuals do on and off the job, the consequences for the future would be severe. The authors saw an America forced into a path that unimpeded could result in totalitarianism.
"This book is for all those who are seeking a human perspective on economic and organizational processes. It lays the foundations for a value based approach to the economy. The key questions are: "What is important to you or your organization?" "What is this action or that organization good for?" The book is directed at the prevalence of instrumentalist thinking in the current economy and responds to the calls for another economy. Another economy demands another economics. The value based approach is another economics; it focuses on values and on the most important goods such as families, homes, communities, knowledge, and art. It places economic processes in their cultural context. What does it take to do the right thing, as a person, as an organization, as a society? What is the good to strive for? This book gives directions for the answers. The value based approach restores the ancient idea that quality of life and of society is what the economy is all about. It advocates shifting thefocus from quantities ("how much?") to qualities ("what is important?").
Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight. In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - to radically transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic: that works for us all. The Value of Everything will reignite a long-needed debate about the kind of world we really want to live in.
This book is a survey of the field of development studies from a political economy perspective. It first reviews the academic literature on development and highlights the fundamental importance of institutions and social values, over and above other alternative theories, as determinants in long-run development. In this context, the book draws from the works of Nobel Laureates Douglass North, F.A. Hayek and Elinor Ostrom, and argues that the ingredients of property rights, the rule of law, and market freedoms are essential in generating socio-economic progress. Successful reforms however are not simply a function of constructing formal institutions, but must cohere with the social values, norms, and cultural commitments of local communities. It is in this spirit that the book theorises on the oft-neglected role that political entrepreneurs play in driving endogenous institutional change. Specifically, this book integrates the theoretical discussion on market-driven development with a range of case studies from around the world, featuring the bottom-up efforts of local change agents to pursue institutional reforms and changes in social opinion.
The economic impact of the U. S. financial market meltdown of 2008 has been devastating both in the U. S. and worldwide. One consequence of this crisis is the widening gap between rich and poor. With little end in sight to global economic woes, it has never been more urgent to examine and re-examine the values and ideals that animate policy about the market, the workplace, and formal and informal economic institutions at the level of the nation state and internationally. Re-entering existing debates and provoking new ones about economic justice, this volume makes a timely contribution to a normative assessment of our economic values and the institutions that active those norms. Topics covered by this volumes essays range from specific or relatively small-scale problems such as payday lending and prisoners’ access to adequate healthcare; to large-scale such as global poverty, the free market and international aid. Economic Justice will stimulate and provoke philosophers, policy makers, the engaged readers who and better outcomes from financial institutions and more effect distribution of economic goods.
Organizational values are extremely topical, as private and public organizations are not only evaluated according to their products and profits, but also according to the circumstances of the product 6 labour conditions, materials, risks, human rights and social responsibilities. Faced with dramatic innovations in modern societies, ideas of right and wrong are changing. No simple moral intuition is able to solve new dilemmas. No fixed rules can handle organizational learning processes. Constantly values are clashing with no objective solution. Instead, values are defining the identity of organizations, and organizations are engaged in ongoing discussions of values, integrating new values as premises for their decision making. Business Ethics and€Organizational Values operates on three levels 6 society, organization and values. First, the dynamics of modern society€are analyzed. Secondly, organizations are viewed an autopoietic systems constantly engaged in value debates with its stakeholders. Thirdly, values are placed in a business context presenting conflicting stakeholder values and showing how values make organizations sensitive to their environment. A practical method, Ethical Accounting, is outlined, making it possible to measure the degree of values fulfilment. Also the dark side of values is discussed under the headline of hypocrisy. Business students, managers in private and public organizations will face a wholly new vision of the interrelations between society, organizations and values.
A path-breaking analysis of the relationship between economic institutions and values.
This book investigates the functioning and effects of moral rules and values as endogenous elements of governance structures when applied to economic and social transactions. The point of departure and framework of this book is Josef Wieland's theory of Ethics of Governance. Its focal point is the governance of the normative aspects of corporations. The Ethics of Governance is a comparative research project on business and economic ethics which started 15 years ago. Divided into five chapters, the book provides a comprehensive insight into the theoretical foundation and application-oriented results of the research project. It covers theoretical, conceptual and practical challenges in the global economy with regard to a sustainable economy, the social responsibility of corporations, and their transcultural and normative management. By offering comprehensive insight into the research results of the Ethics of Governance project, this book provides a unique scientific work on business and economic ethics.