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This paper explores the relevance of Adam Smith’s invisible hand and the remainder of his legacy for public management. The paper’s central claim is that, by approaching Adam Smith and his legacy, public managers can assist themselves to do what they should do - examine their latent assumptions. The first of three challenges in approaching Adam Smith’s ideas is to get Smith right, because he has been widely misunderstood. The second is to question Smith’s account of conceptual space; it is desirable to go beyond him. The third challenge is to explore in specific terms the potential for public management of an understanding of Smith and his legacy

This paper encourages an examination of the conceptual space which Adam Smith’s work and legacy present and which conditions thinking about governmental and societal organization and management. The paper, situating Smith in his eighteenth‐century context, distinguishes between the historical Smith and his legacy. It analyzes the invisible hand doctrine, showing that the doctrine should be understood in the context of Smith’s other writings and arguing that Smith himself would reject the version which many suppose to constitute the Smithian legacy. It emphasizes the importance of the Smithian legacy, and it argues that Smith’s readers should go beyond Smith by recognizing the socially constituted character of the conceptual space which Smith’s writings and legacy have provided to contemporary society. A central implication is that, by exploring Adam Smith and his legacy, governmental and other thinkers and managers can do what they should do ‐ examine their latent assumptions.

The paper aims to apply the ideas found in the paper of Adam Smith, the pre‐eminent eighteenth century economist, to the field of management.

The paper provides a brief biography of Smith, summarizes his main contributions, and then applies them to contemporary management practices.

Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity. He also conceptualized the “invisible hand principle” which explains how, under the proper set of incentives, self‐interested individuals are directed to pursue activities that benefit the whole of society. Both ideas are of utmost importance in the field of management. Specifically, successful managers are those who are able to create good “rules of the game” which align the incentives of labor with the goals of the firm.

Smith's contributions provide a foundation for the division of labor and demonstrate the importance of establishing the right “institutions” within a firm.

The paper arrives at practical implications for managers from the paper of an eighteenth century economist.

In recent decades many emerging markets (EMFs) have undertaken entrepreneurial transformations to adapt to institutional transition and industrial change. Corporate entrepreneurship (CE) provided EMFs viable ways to revitalize, reconfigure, and transform successfully with the dynamic environment. Although previous research examined government roles on EMFs' CE activities, little is known about the mechanisms of how government exerts influence on CE activities. To fully understand CE of EMFs, we propose a stage model to explore specific roles governments play that affect CE activities over time. In particular, we investigate how governments' grabbing hand, helping hand, and invisible hand roles affected Chinese auto firms' CE activities at different stages from 1980 to 2016. Government involvement is summarized and the advantages and disadvantages of these roles are analyzed.

The purpose of this paper is to review the evolution of policies and practices of innovation in China for the past 40 years.

This is a review paper. It adopts a different multi-dimensional, qualitative methodology to examine China’s trajectory of innovation from the economic reform since 1978, highlighting “China” experiences in the developing innovation-driven economy, also pointing the challenges that China faces in this transition process and future prospects. The analysis of China’s innovation performance was based mostly on secondary data from sources and institutions that use statistical data to build country rankings, such as the global innovation index and global competitiveness index.

It is found that the institutional foundations of the national innovation system in China are already being laid, and so far, China has made extraordinary progress regarding innovation performance from country to region and from business to individual. However, some critical challenges in its innovation-driven development still need urgent attention and effective efforts to reinforce them.

This paper aims to fill the gap in the literature by providing an overview of the evolution of the policies and practices of innovation development in China since the 1978 economic reforms and explores the Chinese experiences in transforming into an innovation-driven economy.

Using Kristeva's theory of abjection, this article analyzes the psychosocial reality of the coronavirus disease 2019 (COVID-19) pandemic, advancing the understanding of exclusion and stigmatization as forms of social abjection.

The article applies abjection to understand how severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is both a medical emergency but also a cultural challenge. The analysis is structured in three dimensions: (1) the transgressive potential of the virus, (2) forms of cultural coping with its threat and (3) the moral order of abjection.

The virus is an existential challenge to cultural boundaries and subjectivity. Strategies to prevent its further spread (e.g. handwashing, “social distancing” and closing national borders) are thus culturally significant. The virus triggers the processes of abjection, (re-)establishing challenged boundaries and exclusionary social hierarchies. Collateral consequences of protective measures vary across regions and social groups, creating and exacerbating social inequalities.

Practices of abjecting the virus go far beyond handwashing, masking, etc. The virus, an invisible enemy to be expunged, is also a hybrid of threatening pathogen and human body; it is not the virus but people who experience exclusion, discrimination and disrespect. Thus, cultural sociology must address the moral economy of abjection.

As Kristeva insists, the abject threatens both the subject and the symbolic order. Overcoming social abjection means recognizing and strengthening individual and community agency and requires understanding vulnerability as an anthropological condition, enacting caring relationships and acting in solidarity.

This article demonstrates that abjection is a suitable theoretical tool for analyzing the social dynamics of the COVID-19 crisis.

It is noted that the optimal systems of radical free enterprise and radical socialism are extremes of intellectualising science. Each excludes the thought of the other. Since both theories are logically consistent, each has a compelling intellectual support base. However, both theories are flawed insofar as they make the economic reality an independent functioning entity isolated from the concepts of interdependence and broader individual and social entities. Each simplifies reality – one defines all reality in the individual while the other defines all reality in the society. The simplicity of the intellectual framework of both is the flaw which arises from using Occam′s Razor too freely in simplifying complexity. It is argued that a system that explicitly incorporates and recognises individual freedom and societal values is preferable to all other systems that are assumed to be “value free”. This could be one explanation for the emergence of the Islamic system in different corners of the world.

The purpose of this paper is to contribute to research on the impact that the creation of value theory has on professional, organizational, and economic performance. However, a special emphasis is on explicating the theoretical foundation of the concept.

This paper is based on a hermeneutic study of the relationship between value creation and managing economic resources. The paper traces the value creation concept to its roots from the foundation of Western Civilization through the value theory of Adam Smith and up to recent technological age advancements in value theory.

Since its emergence the value concept has been explicated in an abundance of literature. However, there has been very little in regards to explanations detailing the theoretical underpinnings of the concept. According to John Stuart Mill, attempts to apply value theory will fail (due to misinformation or inaccurate information) without inclusiveness of the full scope of what is relevant for social science and social economic research.

Although studies on organizational behavior encompass the economic aspects of research economic research tends to be narrower in scope making it difficult to verify some value claims in economic terms. This is especially true in terms of making claims in regards to the connection between economic value theory, social value theory, the Philosophy of Economics, and the Philosophy of Science.

The study introduces a theoretical framework for integrating the value added and value creation concepts as a strategy for increasing shareholder benefits, stakeholder capital, and social capital.

The paper explains how the value creation concept contributes to an increase in wealth, prosperity, flourishing by drawing from a technological age approach to value creation.

The paper fills the void in the literature regarding the theoretical framework of the concept thus undergirds claims about its practical benefits by clarifying its theoretical framework.

The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic.

The authors specifically review the recent literature between the years 2000 and 2019 on CE with the keywords “corporate entrepreneurship,” “emerging economies” and “emerging countries” published in the Australian Business Deans Council list journals. The authors review the existing literature about CE in emerging markets, summarize current achievements and present an agenda for future research.

Based on the review, the authors categorized the macro and micro contexts of CE and summarized the current articles on CE in emerging markets within each macro and micro context. The authors conclude that despite the abundance of research on CE that investigates the three prongs of CE in terms of innovation, strategic renewal and new venturing in developed market contexts, there is a scarcity of literature that focuses on CE in emerging markets from a holistic perspective.

While there is an abundance of literature review on CE in general in terms of the drivers of the construct, the contexts contributing to it and the outcomes, the reviews are lacking about CE specifically within the context of emerging markets. Emerging markets vary from developed markets institutionally, economically, culturally, socially and technologically. However, the questions of how these differences impact the CE activities, as it relates to innovation, venturing and strategic renewal in EMFs, and how these differences provide incentives or hinder the activities that contribute to CE remain mostly unanswered. This paper reviewed the research on CE and emerging market contexts from 2000 to present. It targets to provide a better understanding of the current achievement on this topic and what to be done in the future.

Entrepreneurship is lauded as an engine of economic development and job creation, with SMEs often creating most of the new jobs in many countries. This paper identifies some important factors that contribute to the start‐up and success of new business ventures in Africa, emphasizing that while personality factors such individual drive and competency and availability of resources are important for the successful launch of a new business venture, effective government policy is also critical in promoting successful entrepreneurial initiatives. Survey data collected showed that most African entrepreneurs believe that they have the requisite passion, energy, and determination needed to start and manage new businesses. However, they are constrained by scarcity of adequate start‐up capital, stiff competition, lack of employees with the right skills, and difficulty in finding adequate facilities to start their business. Building on this research and earlier work, the paper discusses the crucial role that African governments can play to stimulate and nurture entrepreneurial endeavours. While the findings and recommendations in this paper are based on the study of Ethiopian and Ghanaian entrepreneurs, they have applicability in several African countries. The actual implementation of the proposed recommendations will of course need to be adapted to suit the special circumstances prevailing in each country.