Search results

This chapter focuses on critical thinking as a new, powerful, and specialized tool and technique for understanding and analyzing the subtle operations of the free enterprise capitalist market system and its ethics and morality. Everything in the world of consumers and market enterprise systems are determined by our supply–demand system that in turn are determined by our presumed limitless production–distribution and consumption (LDPC) systems. From a critical thinking viewpoint, we study the free enterprise capitalist system (FECS) as a dynamic, interconnected organic system and not as a discrete or compartmentalized body of disaggregate parts. Systems thinking with critical thinking calls for a shift of our mindset from seeing just parts to seeing the whole reality in its structured dynamic unity; both mandate that we see ourselves as active participators or partners of FECS and not as mere cogs in its wheels or as mere factors of its production processes. Critical thinking seeks to identify the “structures” that underlie complex situations in FECS with those that bring about high- versus low-leveraged changes in various versions of capitalism. Specifically, this chapter applies critical thinking to FECS as defined by its founder, Adam Smith, in 1776 to its fundamental and structural assumptions, and as supported or critiqued by serious scholars such as Karl Marx, Maynard Keynes, C. K. Prahalad and Allen Hammond (inclusive capitalism), John Mackey and Rajendra Sisodia (conscious capitalism), and others.

A surge in demand for ethical products, including cruelty-free products, has been well documented in recent years, with direct ramifications for businesses. This trend towards ethical consumption seemed to be swiftly replicated in Eastern countries, especially in South Asian nations, as a result of westernisation. Based on the theory of planned behaviour and the concept of the attitude-behaviour gap, this study aims to investigate the impact of westernisation on the purchase intention of cruelty-free cosmetic products.

A positivist research paradigm was utilised in this study. Accordingly, an online self-administered questionnaire was shared among 242 consumers of cosmetic products in Sri Lanka in order to collect responses. The statistical techniques of correlation analysis, the Sobel test and moderator regression analysis have been utilised in this study.

It was found that there seems to be a positive impact of westernisation and the cruelty-free purchase intention of consumers. Moreover, consumer empowerment appears to mediate this relationship, while the attitude behaviour gap tends to further impact the relationship between consumer empowerment and the purchase intention of cruelty-free products.

This study seems to shed light upon the impact of westernisation on the purchase intention of consumers, especially from an ethical dimension and this study is likely to extend existing studies which have focussed on consumer empowerment, attitude-behaviour gap as well as the theory of planned behaviour, especially in the context of South Asia, where there seems to be a dearth of such investigations. Moreover, this study has attempted to contextualise the construct of “Westernisation” to the South Asian region in line with the tone set by an editorial article Dewasiri et al. (2021).

High levels of child obesity alongside rising stunting and the absence of a coherent food policy have deemed UK’s food system to be broken. The National Food Strategy (NFS) was debated intensely in media, with discussions on how and who should fix the food system.

Using a mixed methods approach, the authors conduct framing analysis on traditional media and sentiment analysis of twitter reactions to the NFS to identify frames used to shape food system policy interventions.

The study finds evidence that the media coverage of the NFS often utilised the tropes of “culture wars” shaping the debate of who is responsible to fix the food system – the government, the public or the industry. NFS recommendations were portrayed as issues of free choice to shift the debate away from government action correcting for market failure. In contrast, the industry was showcased as equipped to intervene on its own accord. Dietary recommendations made by the NFS were depicted as hurting the poor, painting a picture of helplessness and loss of control, while their voices were omitted and not represented in traditional media.

British media’s alignment with free market economic thinking has implications for food systems reform, as it deters the government from acting and relies on the invisible hand of the market to fix the system. Media firms should move beyond tropes of culture wars to discuss interventions that reform the structural causes of the UK’s broken food systems.

As traditional media coverage struggles to capture the diversity of public perception; the authors supplement framing analysis with sentiment analysis of Twitter data. To the best of our knowledge, no such media (and social media) analysis of the NFS has been conducted. The paper is also original as it extends our understanding of how media alignment with free market economic thinking has implications for food systems reform, as it deters the government from acting and relies on the invisible hand of the market to fix the system.

In Chapter 1, we critically reviewed the foundations of the free enterprise capital system (FECS), which has been successful primarily because of its wealth and asset accumulation potentiality and actuality. In this chapter, we critically argue that this capacity has been grounded upon the profit maximization (PM) theories, models, and paradigms of FECS. The intent of this chapter is not anti-PM. The PM models of FECS have worked and performed well for more than 200 years of the economic history of the United States and other developed countries, and this phenomenon is celebrated and featured as “market performativity.” However, market performativity has not truly benefitted the poor and the marginalized; on the contrary, market performativity has wittingly or unwittingly created gaping inequalities of wealth, income, opportunity, and prosperity. Critical thinking does not combat PM but challenges it with alternative models of profit sharing that promote social wealth, social welfare, social progress, and opportunity for all, which we explore here. Economic development without social progress breeds economic inequality and social injustice. Economic development alone is not enough; we should create a new paradigm in which economic development is the servant of social progress, not vice versa. Such a paradigm shift involves integrating the creativity and innovativity of market performativity and the goals and drives of social performativity together with PM, that is, from market performativity to social performativity.

The purpose of this study is to examine the effects of market-based approach to provision of housing to low-income households in urban Malawi.

This study was conducted in Blantyre, Malawi, between 2019 and 2022 and used both quantitative (household survey) and qualitative (in-depth interviews and document study) methods of data collection. Interviews were conducted with key players and investors in the housing sector. Household survey data were analyzed through descriptive statistics, which allowed the generation of descriptive housing valuables, whereas qualitative data were analyzed through content analysis.

This paper demonstrates that, rather than ameliorating the housing problems facing low-income households, the market approach to provision of housing in Malawi has worsened the housing situation in the country. This is so because the market approach to the provision of housing in Malawi is not only enforcing the logic of capitalistic accumulation in the housing sector but also supporting mechanisms of exclusion based on economic stratification within the community.

Completeness of data over time as there is no market data bank available in the country.

The findings from this study suggest that some degree of state intervention in addressing the housing problem in Malawi is required.

The study findings suggest that a market approach to the provision of housing can increase social inequality as low-income households face challenges in accessing housing.

There is a paucity of research on the effects of the market approach on the provision of affordable housing to low-income households in Malawi. This paper assesses this important policy gap and provides significant policy directions.

This study aims to measure the competitiveness of top apparel exporting nations competing with China in different apparel product categories across the global environment.

Compound annual growth rate, trade competitiveness, market share percentages, revealed comparative advantage and its variant normalized revealed comparative advantage using two-, four- and six-digit harmonized system codes for the period of 2016–2021 were used to understand the comparative advantage of competing apparel exporting nations.

The findings revealed that China still holds a more decisive comparative advantage than its competitors over the majority of the product categories within the knitted or not knitted apparel and clothing accessories. The other competing nations hold better export competitiveness over China in specific categories. However, that is not sufficient to be the “Next China.”

The study has important implications for different stakeholders of the global apparel industry, such as governments, industry officials, policymakers, investors, researchers and students. The study’s limitations arise from using product categories as competitiveness indicators, notably relying on a macro level approach for measurement while the micro level perspective is not analyzed, which constitutes a significant limitation of the study.

This research thoroughly analyzes the competitive position of the top ten apparel-exporting countries in the global market.

The purpose of this study is twofold. On the one hand, it studies the impact of IFRS 9 adoption on the firm value; and on the other hand, it investigates the impact of the classification of financial assets on the firm value.

The study covers a sample of 55 listed banks in the Middle Eastern and North African (MENA) region. Data is collected for three years (2017–2019).

The findings show that banks’ value is not impacted by IFRS 9 adoption but by financial assets’ classification. Firm value is positively affected by fair value through other comprehensive income assets, while it is negatively affected by amortized cost and fair value through profit or loss assets. The results of the additional analysis show consistent outcomes.

This research reveals important managerial implications. Priority should be given to the financial assets’ classification strategy following the adoption of IFRS 9 to boost the market valuation of banks. It may be useful for investors, managers and regulators in their decision-making.

This study enriches previous research as IFRS 9 is a new standard, and its adoption consequences need to be investigated. A few recent studies have focused on IFRS 9 as a whole or on other parts of IFRS 9, namely, the impairment regime and hedge accounting and concern developed contexts. However, this research adds to the knowledge of capital market studies by investigating the application of IFRS 9 in terms of classification in the MENA region.

Do digital technologies of early 21st century capitalism promote or reduce consumer sovereignty? This chapter addresses this question by examining John Kenneth Galbraith’s critique of consumer sovereignty during the post-war period of industrial society and looks at the insights he provides to understand the impact of platform capitalism on consumer sovereignty today. This chapter has the following sections: (1) I review the main postulates of Galbraith’s theory; (2) I highlight the main differences between traditional advertising and online behavioral advertising; (3) I explain how online behavioral advertisement strengthens Galbraith’s dependence effect and revised sequence theories; (4) I then discuss normative challenges raised by digital platform corporations to individual sovereignty; and (5) finally, I argue that platform capitalism is a mature form of Galbraith’s “new industrial state.”

The philosophical foundations determine how an academic discipline identifies, understands and analyzes phenomena. The choice of philosophical perspective is vital for both marketing and service research. This paper aims to propose a social and systemic perspective that addresses current challenges in service and marketing research by revisiting the philosophy of science debate.

The paper revisits the philosophy of science debate to address the implications of an emergent, complex and adaptive view of marketing and service research. It draws on critical realism by combining structuration and systemic perspectives.

A recursive perspective, drawing on structures and action, is suggested as it includes multiple actors’ intentions and captures underlying drivers of market exchange as a basis for developing marketing and service strategies in practice. This is aligned with other scholars arguing for a more systemic, adaptive and complex view of markets in light of emerging streams in academic marketing and service research, ranging from value cocreation, effectuation, emergence and open source to empirical phenomena such as digitalization, robotization and the growth of international networks.

The reciprocal dynamic between individuals and the overarching system provides a reflexivity approach intrinsic to the service ecosystem. This creates new avenues for research on marketing and service phenomena.

This paper discusses critics, conflicts and conceptualization in service research. It suggests a possible approach for service research and marketing scholars capable of responding to current complexities and turbulence in economic and societal contexts.