Globally scanning for “Megatrends of the Mind”: Potential futures of futures thinking

This paper focuses on emergent signs of evolutionary change in human thinking that run parallel with many of the exponential changes manifesting in the external world. Weak signals are identified from the early 20th century indicating the emergence of new knowledge patterns. These signals have strengthened in the last 40 years. The paper first identifies new ways of thinking within several disciplines such as science, philosophy, religion and education. New knowledge patterns are then identified in discourses that traverse disciplinary boundaries through transdisciplinary approaches such as futures studies and planetary/global studies. The paper then discusses evolution of consciousness, identifying research that theorises new ways of thinking as being related to individual psychological development and/or socio-cultural evolution. Finally, evolutionary concepts are discussed that attempt to meta-cohere the new knowledge patterns via the terms postformal, integral and planetary. Notably, academic research on “futures of thinking,” “evolution of consciousness” and/or “global mindset change” has been, until now, largely ignored by mainstream academic discourse on evolution, consciousness and futures studies.     

Are futures organisations “ahead of their times”? A view of the World Futures Studies Federation in the 21st century

This paper explores the idea of what it means to be “ahead of the times.” In doing so the paper looks at new generations of ideas; new generations of individualism; and new generations of organisational structures and cultures. Weak signals can already be identified from a century ago indicating new ways of thinking within several disciplines such as science, philosophy, psychology and education. These signs of what many regard as evolutionary change in human thinking run parallel with many of the exponential changes manifesting in the external world. The paper argues for a shift beyond egotistic individualism to collective individualism, laying foundations for major organisational transformation to meet the needs of uncertain futures. The paper suggests that futures studies as a field needs to be sensitive to the developmental and paradigmatic changes that have been occurring both within and across the knowledge spectrum. Finally, the World Futures Studies Federation is examined as a case study to determine whether it is, indeed, ahead of its times.     

From space to time : The music of old earth and new time

With this article I.F. Clarke resumes his series on the long advance towards modern ways of looking at the future. Two hundred years ago, he says, the world still managed well enough with the old short-scale measure of time. According to that system the beginning of human life dated from the creation of Adam and Eve on the afternoon of Friday, 28 October 4004 BC. Then came the first palaeontologists who pushed back the origins of organic life by millions of years. Their discoveries changed the perceived role of Homo sapiens in earth history as decisively as the Renaissance astronomers transformed all thinking about the place of our planet in the universe. The dominant evolutionary ideas of the 19th century joined with the evident technological advances to confirm the idea of progress as the most favoured doctrine of the age. It is still with us.     

The World Social Forum as an emergent learning process

One of the most prominent manifestations of world civil politics today—and arguably, in history—is the World Social Forum, set up in 2000-2001, which held its first world meeting in Porto Alegre, Brazil, in January 2001. Beginning with the emphasis on opposition to neo-liberal globalisation, the ferment generated by the Forum soon gave rise to its evocative slogan, ‘Another World Is Possible!’ and the emphasis moved from opposition to developing specific alternative proposals for a world level political and economic system. In the last few years, the WSF has evolved into a permanent, horizontal open public space, a commons, which provides an opportunity to diverse organisations and individuals from all over the world to meet and dialogue across boundaries and to interact and exchange information in multifarious ways to work towards making another world possible. This paper examines the dynamics of the WSF process and argues why perhaps it is one of the most significant developments of the last century, which is giving rise to another, more open culture of politics and is forging a great piece of public ‘architecture’ in our times. The WSF is not only calling for another world, in a sense it contains the other world, or plural other worlds!     

Advances in international accounting: A retrospective commentary

International accounting research made huge strides over the last 30 years. Advances in International Accounting was first published in 1987 and ends in December 2016 having published over 400 articles to help advance our understanding of various topics in international accounting. This retrospective commentary provides a brief history of the journal with an emphasis on its editors, editorial boards, expanse of articles, and significance of its contributions to the literature.     

Towards market differentiation in the accounting profession: The case of Australia and New Zealand

The literature on the evolution of the accounting profession has frequently explained that the changes in the structure of the profession over the last century or more have often been used to achieve closure of the profession. The profession is once again in a state of flux. The Australian accounting profession has undergone major changes and is contemplating more transformation. The sole accounting body in New Zealand has made a major shift from monopoly over accounting practice to free competition for all. Examining the recent developments in Australia and New Zealand, the paper shows that the objectives behind the current changes in the two countries are identical. They are primarily no longer seeking closure and are moving towards achieving market differentiation. The paper then demonstrates that this strategy shift can be seen as an outcome of the new market orientated socio-economic environment of these countries. The outcome of the change is a profession that is trying to be consumer focused with a corporatist structure, within the shade of professional identity.     

The corporatization of research in Australian higher education

The recent public policy trend emphasising markets and economic logic among public sector institutions, including universities, has led to the introduction of greater managerialism and formal demonstrations of efficiency and effectiveness. Such moves require a definition of inputs, outputs and outcomes as a means to rendering these activities visible and measurable.In Australian universities, recent changes to higher education policy (particularly research and science policy) have tightened control by Federal Government over academic professional activities and increased the drive to render professional activities calculable (simple, standardized) for the allocation of scarce resources. This paper focuses on the narrowing of definitions in two particular areas, namely, research publication and the funding of postgraduate research degree completions. The paper argues that such policy strategies reinforce selectivity of styles of research, types of research problems undertaken, and favour the research approaches of some disciplines over others (that is, “big" science over “small" science and science over humanities and social science). A further consequence is tighter central control over both higher education institutions and academic professionals. Academics experience a drive to define their activity as either teaching or research, as opposed to teaching and research. This policy drive leads to a narrowing of professional activity into discreet categories. A further consequence of this drive on the part of the Federal Government may be the definition of higher education institutions into one of three categories, as either “teaching" or “research" universities, with a third group predominately “teaching" but undertaking some “research". As with other performance-based funding mechanisms, this may lead to a significant re-allocation of resources and standing amongst Universities in Australia.     

中色地科：混合所有制的实践者

拥有国有资产背景的企业通常存在摆脱生存压力不足、市场意识缺乏、决策流程繁琐、管理效率低下的问题，但是，中色地科矿产勘查股份有限公司（简称：“中色地科”）却显得与众不同，它在2004年创建之时设定的国有、民营和技术骨干入股的混合所有制的体制优势，让该公司摆脱了国有企业的顽疾，既继承发扬了国企规范经营的优良传统，又具备了民营企业强烈的市场意识，使之走上了发展的快车道。作为最早以混合所有制经营的企业之一，中色地科摸索的经验是值得总结的。     

Motivations for space exploration

Possibly the greatest barrier to progress in space exploration is the lack of compelling motivations to justify the necessary investments. Spaceflight, a concept that gained currency in the middle of the twentieth century, may not be well adapted to the twenty-first century without significant modification. This article assesses the traditional motivations for space exploration, documented in a Harvard study carried out over two decades ago, in the light of subsequent developments. It then reports on a recent NASA study of justifications for a renewed Moon program, and concludes with the conjecture that the very meaning of human travel in space needs to be redefined.     

Publishing patterns within the UK accounting and finance academic community

This study reports on publishing patterns in the UK and Irish accounting and finance academic community for the 2-year period 1998–1999 using the data contained in the BAR Research Register. It is found that the community has been growing modestly since 1991, with a doubling in the number of PhD-qualified staff (to 30%) and a reduction in the number with a professional qualification (from 81 to 58%). Nearly half of all outputs appear in other than academic journals. The mean number of publications is 1.76 per capita, with significantly more staff active in publishing than in 1991 (44% compared to 35%). However, only 17% publish in a subset of 60 ‘top’ journals. Just over half of all articles are published in the core discipline journals, the rest appearing mainly in management, economics, sociology, education and IT journals. This may indicate a growing maturity in the disciplines, whereby applied research findings are flowing back into related foundation and business disciplines. Nearly two-thirds of academic articles are co-authored, with 25% of contributions coming from outside the community, indicating an openness to interdisciplinary collaboration, collaboration with overseas academics and collaboration with individuals in practice. The findings of this study will be of assistance to those making career decisions (either their own career or decisions involving other people's careers). They also raise awareness of the way in which the accounting and finance disciplines are developing.     

Integrated Reporting: A Review of Developments and their Implications for the Accounting Curriculum

Integrated reporting (IR) is a major development in a number of sustainability-related accounting initiatives and, if widely adopted, will require significant developments in professional and university accounting curricula. These will include: a strategic rather than operational or transactional focus; longer- rather than short-term outlook; prospective rather than retrospective analysis; qualitative commentary as well as quantitative information; and reports on wider business performance metrics rather than on narrower external financial reporting data or audit compliance. This paper reports on ACCA's support of and response to the latest initiatives in IR, in particular the impact this will have on the education and training of accountants in order to reflect these new principles to prepare the twenty-first-century accountant for a much more challenging role in the near future. These developments can only be in the wider public interest of improving the relevance of information for decision-making, for all stakeholders, and allow greater efficiency in the allocation of financial and other resources and in adding public value.     

World energy prices

Futures Dossiers present concise articles that summarize recent developments in major areas. They are intended for the interested non-specialist and contain suggestions for further readings. The first article in the series examines the historic trends and recent changes in the general level of world energy prices, discusses the range and effect of possible future price movements, and highlights the importance of the rate of increase over the actual level.     

25 years and counting of corporate finance: What have we learned and where are we going?

This Special Issue pays tribute to the Journal of Corporate Finance (JCF) and its cutting-edge research. We do this by taking stock of the trends of research published in the Journal over the last 25 years, reviewing areas being researched currently, and offering some insight into fruitful areas of corporate finance research going forward. To that end, the Special Issue includes a blend of articles that represent the past, present, and future of corporate finance research. In particular, we highlight areas of corporate finance research that may be promising and offer insights on the potential of JCF going forward.     

A century of equity premium predictability and the consumption–wealth ratio: An international perspective

This paper re-examines the predictive ability of the consumption–wealth ratio (cay) on the equity premium using hand-collected annual data spanning one century for four major economies. In addition to statistical tests of out-of-sample forecast accuracy, we measure the economic value of the predictive information in cay in a stylized asset allocation strategy. We find that cay does not contain predictive power prior to World War II, when a structural break occurs for all countries. In the postwar period, while statistical tests provide mixed evidence, economic criteria uncover substantial predictive power in cay, further enhanced when allowing for economically meaningful restrictions.     

The linear growth credibility model

Abstract

The investigation of evolutionary models, i.e. models allowing the risk parameter to change in time, has been one of the main topics of research in credibility theory in the last few years. In the present paper a very special (but rather practicable) evolutionary model is defined and recursions for the credibility estimator are stated.     

The two globalizations: notes on a confused dialogue

Globalization is highly controversial, but a major weakness in the global debate concerning its effects is that the word “globalization” itself is used in different ways. For some it is primarily an economic process (Globalization One), and of fairly recent origin. For others, it is a huge evolutionary unfolding (Globalization Two) which has been underway for centuries if not millennia and which involves not only economic but also political, cultural and biological transformations—and not only the processes, but also consciousness of globalization. Most of the current policy debates have to do with Globalization One. Both may be to some degree governable, but neither is reversible.     

Why is research on management accounting change not explicitly evolutionary? Taking the next step in the conceptualisation of management accounting change

In this article we discuss the evolutionary foundation of the OIE-guided management accounting change research building on the framework of [Scapens R.W. 1994. Never mind the gap: towards an institutional perspective on management accounting practice. Management Accounting Research, 5, 301–321.] and [Burns, J. and Scapens, R.W., 2000. Conceptualizing management accounting change: an institutional framework. Management Accounting Research, 11, 3–25.]. We argue that research on management accounting change should be based on evolutionary theory, but that the full potential of evolutionary theory has not yet been described or used in management accounting research. The conceptualisation and understanding of management accounting change can be improved and expanded if the evolutionary approach is developed beyond the general belief that it describes only small and gradual, often slow, changes. In this article we show that an evolutionary perspective on management accounting change implies that management accounting’s development is explained as the interaction between the evolutionary sub processes of retention (inheritance), variation and selection. Thus, both continuity and change are seen as evolutionary outcomes. These processes follow the cumulative causality that Charles Darwin proposed and Thorstein Veblen applied to the social sciences. Such a comprehensive theory, here labelled Universal Darwinism, must, however, be given substance with supporting details.     

A new educational paradigm for the new millennium: Consciousness-based education

It is the year 2050 and education is dramatically different from education in the 20th century. At the basis of the new education is the insight that a field of pure consciousness exists which can easily be experienced by all. From this insight, a new educational paradigm has emerged—consciousness-based education—with a more profound understanding of human development and how to promote it. The primary goal of education now is enlightenment and the entire curriculum is organised to foster this goal. The flowering of human potential produced by this educational approach has created a new age for humanity—the Age of Enlightenment.     

Revisiting the European Asset Management Industry

During the last decade, the European asset management industry has undergone a period of unprecedented change. Europe has witnessed ten years of financial integration, driven in particular by various regulatory initiatives. But Europe has also been transformed in the geopolitical sense, with 12 new Member States and millions of new citizens of the European Union. Add to that a decade of rapid globalization and one financial crisis of historical proportions. But while Europe and its financial markets have evolved and the asset management industry has transformed itself, academic research has not kept pace. During the last ten years or so, the lack of systematic research on the structural dimensions of the asset management industry is striking. This article fills this gap by providing a comprehensive overview of the European asset management industry at the end of the first decade of the 21^st century. We seek to provide explanations to the various differences observed between European countries. Using prior research as a basis, we also compare the characteristics of the industry to their standing at the turn of the century. This also includes assessing whether and to what extent the forecasts provided in prior research did materialize. We also try to find reasons for cases in which they did not. Finally, we ourselves offer a number of prognoses on the development of the European asset management over the coming years.     

Courts,Sentencing and Justice in a Changing Political and Managerial Context

This article examines the main developments over the past quarter of a century concerning courts and the sentencing of offenders. It does so in terms of an analysis of shifting political and managerial perspectives in criminal justice and tracks the twin changes, on the one hand, from post-war consensus on sentencing to the more populist stance of politicians towards the end of the 20th century and, on the other, towards a more managerialist approach in reorganizing and running the courts. A key issue identified here is the steady encroachment by an increasingly influential executive on judicial independence and the article concludes by considering prospects for the future in this regard.