Money,a Substitute for Confidence?

A bstract . From Rice Vaughan, 1675: The first Invention of Money was for a Pledge and instead of a Surety to John Maynard Keynes, 1937: Our desire to hold money as a store of wealth is a barometer of the degree of our distrust there is a tradition of monetary theory linking the demand for money with the state of confidence. In the early nineteenth century, Henry Thornton and Thomas Attwood analyzed the shifts in precautionary demand for money and their implications for money supply, production, employment, and the balance of payments. The tradition was interrupted during the late nineteenth and early twentieth centuries and was subsequently revived by Keynes's General Theory .     

Ready for another leap? Making a case for tetrads

Tetrads are more conducive to studying the dynamic nature of supply networks compared to triads. For instance, the balance theory assumes there is equilibrium in the triadic structure when, in fact, relationships are constantly in flux in networks. Tetrads help us examine how a network is embedded in a larger network, how factions or subgroups operate in networks, and how strong and weak ties play out in a network.     

Venture migration: a quest for a low-hanging fruit?

Venture migration, in addition to firm entry and exit, affects business stock in a region. This study draws on mainstream entrepreneurship and economic geography literatures to explore the factors explaining net venture migration. Using a data-set on 88 Ohio counties during 2000–2006, it suggests that venture migration is largely a quest for a low-hanging fruit. Relocating firms are drawn to areas with higher sales tax rates that give them access to interest-free financing, higher unemployment rates and better-qualified workforce as well as ample arbitrage opportunities. At the same time, innovative opportunities do not attract migrating ventures.     

Stakeholding: Confusion or Utopia? Mapping the Conceptual Terrain

The paper has three main objectives. The first aim is to examine and clarify the burgeoning stakeholder literature that currently seeks to inform management practice, corporate governance and public policy with particular emphasis on the UK. We do this by continuing the process of clarification started by Donaldson and Preston (1995), focusing mainly on the political and practitioner literature generated within the UK. We begin this task by setting out a critique of stakeholding and develop this by using four key themes of enquiry. First, we examine stakeholding’s conceptual confusion; second, we outline and develop criticism of its underlying pluralist assumptions; third, we consider the problems of implementation; and finally, we assess some of the key arguments concerning its potential impact on business performance and competitiveness. The second aim is to develop and examine the central criticisms of stakeholding from both the neo‐liberal and Marxist/radical perspectives. By so doing we identify the key theoretical and practical issues which stakeholder proponents must address if they are to convince sceptics of the model’s validity. The third aim is to develop a conceptual framework capable of illustrating the different stakeholder perspectives and assumptions on which they are based. This consists of five continuums: the first locates authors on a left–right political continuum; the second distinguishes between those authors who use stakeholding primarily for analysis and those who use it to formulate and prescribe specific courses of action; the third differentiates between intrinsic (good in itself) and instrumental (means to an end) motives; the fourth identifies the various levels of proposed intervention; and the fifth illustrates the different degrees of enforcement advocated. We believe that this framework provides a clear illustration of our arguments and serves as a useful instrument for clarifying the stakeholder concept. In addition, it is used to position or map the work of key authors within the stakeholder debate and we believe it may provide a more coherent basis for future research and debate.     

Mobilising resources for union learning: a strategy for revitalisation?

This article examines attempts by UNISON to embed a culture of learning within the workplace. The analysis, which is rooted in resource‐based mobilisation theory, shows how UNISON was able to draw on the Union Learning Fund to create new resources in the form of project workers. These project workers subsequently played a vital role in building support for learning at regional and branch levels. The article also examines ways in which UNISON activists were able to progress the learning agenda through proactive engagement with ‘opportunity structures’.     

Is There a Winning Formula for Union Organizing?

Between 1995 and 2004, Kate Bronfenbrenner wrote several studies arguing that union organizing would be more successful if certain tactics were used. Bronfenbrenner’s methodology seemed unassailable and her opinions were influential among union leaders, but organizing outcomes did not improve. To understand why, this study asked highly successful union organizers for their views. Their responses point to an entirely different conceptualization of the organizing process. Rather than follow a certain recipe, respondents saw their first priority as building relationships of trust with workers. Then, organizers and workers together could develop tactics tailored to the particular situation. If organizing success most requires relation-building skills and creativity, then it is more important for unions to hire the right organizers than to employ a given tactical formula.     

Global restructuring—a place for ecology?

This introductory article summarizes the discussions and results of the Fifth Annual Greening of Industry Conference, Global Restructuring—A Place for Ecology?, held in Heidelberg, Germany, November 25–27, 1997. The Greening of Industry Network is concerned with the transition of industry towards sustainable production as an essential part of achieving a sustainable society. The Network conferences, held at different locations around the world, promote this goal by bringing together participants from different regions and with different backgrounds (academia, industry, governments and NGOs). The conferences are venues for information exchange, learning and dialogue about different aspects of the greening of industry and possible pathways to a sustainable society. © 1997 John Wiley & Sons, Ltd and ERP Environment.     

Is there a case for higher inflation targets?

In recent years several observers have suggested that higher inflation targets might be economically beneficial. We examine the case for this, but find it unconvincing. There has been a large fall in the risk premia embedded in government bond yields over the past 25 years. Higher inflation targets would risk reversing some of these gains. We also doubt that higher inflation targets would yield the additional policy flexibility that is sometimes claimed. Nevertheless, we do detect a shift by central banks over recent years towards more tolerance of inflation risks at the margin – as seen in the adoption of ‘forward guidance’ and more ‘flexible’ inflation targeting.     

The European Union's Proposed Equality and Data Protection Rules: An Existential Problem for Insurers?

Insurance companies use personal data to price personal insurance risks. Innovative data‐collection and processing strategies, including big data, offer the potential for better analysis of traditional risks and for markets in new types of insurance. This paper examines the potential for EU data protection and anti‐discrimination legislation – both existing and proposed – to threaten not only this potential but also the traditional personal insurance business. It offers a strategy based upon codes of practice and technological innovation that would allow insurers to protect their business and to innovate while meeting the concerns of legislators about discrimination and data protection.     

Life insurance for endowment--great concept or a booby trap?

Life insurance as a charitable gift is an attractive alternative. But first the fund raiser must check out the companies and the different types of policies available.     

Social dumping and relocation: is there a case for imposing a social clause?

Public opinion in Europe seems worried about the relocation of production plants toward low wage countries often accused of practicing ‘social dumping’. To reduce the incentives for relocation trade unions proposed the adoption of ‘social clauses’ protecting domestic markets from commodities produced in countries where minimal labor condition are not met. We analyze the effects of the adoption of a social clause in a vertically differentiated Bertrand duopoly. We assess how such a policy affects firms’ relocation decisions in order to be able to assess its welfare implications. We also characterize the optimal social clause policy, both under domestic welfare maximization, and from an efficiency point of view. While we show that a social clause policy cannot be dismissed on domestic (or world) welfare grounds, its case is weaker the higher is the domestic wage and the lower is the foreign wage.     

Personnel development for dissolving jobs: towards a competency-based approach?

The traditional HRM system has been job-based and has reflected a bureaucratic model of organizing work. Such job-based personnel management systems have shown a tendency to break down when jobs are dissolving under more flexible work organization. Many writers have called for a competency approach to replace the traditional job-based approach under these new conditions, and we have seen a growing literature on competency modelling. The study reported here suggests that jobs are structured along two independent lines: formal control and complexity of work tasks. Each combination of formalization and complexity (high and low) gives rise to a different approach to align work and competencies. The job-based approach and the competency approach are only two of these, and an occupational and a professional approach are also identified. While formal company-internal training is related to job approach and competency approach, training for skilled tradesmen and professionals is a combination of company-external professional training prior to the work career and informal on-the-job and self-managed training.     

Breaking the mould? Innovation as a strategy for corporate renewal

In contrast to studies of HRM and innovation within hi-tech industries or greenfield sites, this paper uses longitudinal data to analyse the attempts of two mature corporations to shift from business strategies of 'cost reduction' and 'growth by acquisition' towards organizations that compete through innovation. The case studies describe how human resource management interventions and the structure of the HR function itself are used as change levers to support the shift in business strategies. By analysing the different organizational contexts, the paper identifies the complex microprocesses that either facilitate or constrain such organizational change. Its contribution lies in considering strategies concerned with innovation in both product and sales and marketing; in tracking these change processes over time using in depth case studies; and in considering innovation as a strategic trigger for corporate renewal.