Adam Smith and the ethics of contemporary capitalism

This paper presents a theoretical elaboration of the ethical framework of classical capitalism as formulated by Adam Smith in reaction to the dominant mercantilism of his day. It is seen that Smith's project was profoundly ethical and designed to emancipate the consumer from a producer and state dominated economy. Over time, however, the various dysfunctions of a capitalist economy — e.g., concentration of wealth, market power — became manifest and the utilitarian ethical basis of the system eroded. Contemporary capitalism, dominated as it is by large corporations, entrenched political interests and persistent social pathologies, bears little resemblance to the system which Smith envisioned would serve the common man. Most critiques of capitalism are launched from a Marxian-based perspective. We find, however, that by illustrating the wide gap between the reality of contemporary capitalism and the model of amoral political economy developed by Smith, the father of capitalism proves to be the most trenchant critic of the current order.G. R. Bassiry is currently professor of Management and international business at California State University, San Bernardino, California. Formerly he served as Vice President and Acting President of Farabi University. His most recent articles on business ethics include Ethics, Education, and Corporate Leadership,Journal of Business Ethics and Business Ethics and the United Nations: A Code of Conduct,Sam Advanced Management Journal. He has also published numerous journal articles on international business, corporate strategy and corporate leadership, and is the author ofPower vs. Profit by Arno Press of New York Times.Marc Jones is a management lecturer at the University of Otago, New Zealand. His research interests include multinational corporations and economic development. He has worked as a financial analyst for Electronic Data Systems Corporation and as a management consultant for Peat Marwick Main & Company.     

The Attitudes of British National Health Service Managers and Clinicians Towards the Introduction of Benchmarking

This paper describes an empirical study, conducted in three acute hospitals, of the attitudes of central managers, medical managers and clinicians towards the adoption of benchmarking. Benchmarking was portrayed in The New NHS White Paper (1997) as an important means of improving efficiency over the next decade. The present paper examines the context of change and nature of benchmarking. Findings are presented in seven sections including: the understanding which respondents had of benchmarking; their willingness to be involved in benchmarking; the existence of strategies and policies for implementing benchmarking; the relevance of existing costing information; and the role of networks in facilitating benchmarking. The study concludes that the process of change adopted contradicted most of the factors associated with creating receptivity to change. Also, that the publication of the National Reference Costs seemed to have more relevance to resource planning at central National Health Service Management Executive level, than to effecting improvements at operational level in acute hospitals.     

Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments

We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with Fama and Jensen (1983), we find that firm performance has a positive effect on the number of appointments held by a director. We find no evidence that multiple directors shirk their responsibilities to serve on board committees. We do not find that multiple directors are associated with a greater likelihood of securities fraud litigation. We conclude that the evidence does not support calls for limits on directorships held by an individual.     

Another look at long memory in common stock returns

We apply the modified rescaled range test to the return series of 1,952 common stocks. The results indicate that long memory is not a widespread characteristic of these stocks. But logit models of the event of a test rejection reveal that rejections are linked to firms with large risk-adjusted average returns. The maximal moment of a return distribution is also found to influence the event of a rejection, but not in a way suggestive of moment-condition failure. Evidence suggestive of survivorship bias is also uncovered. We conclude that there is some evidence consistent with persistent long memory in the returns of a small proportion of stocks.     

Enhancing Practicing Primary School Teachers' Pedagogical Content Knowledge in Technology

This paper describes the frameworks and cognitive tools that have been developed to enhance practising teachers' pedagogical content knowledge in primary school technology education. The frameworks evolved from our research that firstly examined existing teaching practices, secondly enhanced formative interactions and thirdly enhanced summative assessment strategies. The evidence gained over the three years demonstrated how the effective use of frameworks could be utilised to enhance teacher pedagogical content knowledge (PCK). How we see learning is of prime importance in examining the development of teacher pedagogical content knowledge. A sociocultural view of learning is taken where human mental processes are situated within their historical, cultural and institutional setting. In the research project we strongly emphasised the need for teachers to build a knowledge base for teaching technology. Critical aspects identified as enhancing PCK included: negotiated intervention, planning frameworks, reflection on case studies, workshops and support in classrooms, appropriate resources, teacher agreement meetings, portfolios of student work and summative profiles. The increased PCK resulted in: enhanced teacher knowledge about technology including the nature of technology, areas of technology and specific technological knowledge, changed pedagogical approaches, enhanced teacher student interaction, refinement of appropriate learning outcomes, critical decision making, improved teacher confidence, and enhanced student learning. Seven characteristics or features of pedagogical content knowledge that we believe are important for effective teaching and learning in technology are presented. This revised version was published online in July 2006 with corrections to the Cover Date.     

Examining the Usefulness of an Accounting Work‐readiness Program as Perceived by Employed Program Graduates

This study investigates the usefulness of an Australian accounting work‐readiness program as perceived by international accounting graduates. Using logistic regression, the study reports the results of a survey of 186 graduates who completed the program in the period 2010–2013 and are now employed in either accounting or non‐accounting roles. The results show that graduates who were employed in an accounting role perceived internships and critical thinking skills to be the most useful curriculum components of the work‐readiness program in obtaining their employment. The findings have implications for various stakeholders, in particular educators and professional bodies involved in the curriculum design of the work‐readiness program. The government also has an interest in the value of this program as they grant visas for international students to study in Australia and fill a skills shortage in the profession. The results also provide insights for other Western economies that attract large numbers of international graduates as skilled migrants.     

Conservation finance and sustainable tourism: the acceptability of conservation fees to support the Tambopata National Reserve,Peru

Protected areas are key to the conservation of global biodiversity and ecosystem services; however, their success is contingent upon adequate funding. One possibility to increase funding for park management is to “sell” a wider suite of ecosystem services “produced” by protected areas, such as carbon sequestration. We conducted 420 tourist surveys to analyze willingness to pay (WTP) for ecosystem service benefits via a conservation fee in the Tambopata National Reserve in Peru. We also interviewed eight tour operators about their perceptions of the proposed fee. The average stated WTP was 15 USD. Sixty-six percent of tourists stated they would pay 10 USD or more, which, if actually paid, would have resulted in 318,000 USD for park management in 2015. Most respondents stated they would pay an additional fee if it supported biodiversity conservation or local ecosystem services, such as water, but less than 10% of tourists were motivated by carbon sequestration as a reason to pay the fee. Most tour operators supported the additional fee. Our findings suggest that tourists are willing to pay higher fees to support conservation but that interest in paying for additional ecosystem services from parks may not extend to global and intangible benefits such as carbon sequestration.     

THE CASE FOR A COMMUNITY TRANSACTION ENGINE: GETTING COASE FOR THE TWENTY‐FIRST CENTURY

New types of marketplace are now becoming viable. They can slash transaction costs, bring new resources into the economy and expand economic opportunity. These markets can be grown by the private sector. But, to deliver their full potential, they need a change in the mindset of government.     

Accounting Research: Where Now?

This paper provides a commentary on the studies of Barth (2015), Dyckman and Zeff (2015), Ohlson (2015), Sunder (2015), and Whittington (2015) as they relate to past, present, and future directions in accounting research.