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Moral struggles in and around markets abound in contemporary societies where markets have become the dominant form of economic coordination. Reviewing research on morality and markets across disciplinary boundaries, this introductory essay suggests that a moral turn can currently be observed in scholarship, and draws a direct connection to recent developments in the sociology of morality. The authors introduce the chapters in the present volume “The Contested Moralities of Markets.” In doing so, the authors distinguish three types of moral struggles in and around markets: struggles around morally contested markets where the exchange of certain goods on markets is contested; struggles within organizations that are related to an organization’s embeddedness in complex institutional environments with competing logics and orders of worth; and moral struggles in markets where moral justifications are mobilized by a variety of field members who act as moral entrepreneurs in their striving for moralizing the economy. Finally, the authors highlight three properties of moral struggles in contemporary markets: They (1) arise over different objects, (2) constitute political struggles, and (3) are related to two broader social processes: market moralization and market expansion. The introduction concludes by discussing some of the theoretical approaches that allow particular insights into struggles over morality in markets. Collectively, the contributions in this volume advance our current understanding of the contested moralities of markets by highlighting the sources, processes, and outcomes of moral struggles in and around markets, both through tracing the creation, reproduction, and change of underlying moral orders and through reflecting the status and power differentials, alliances, and political strategies as well as the general cultural, social, and political contexts in which the struggles unfold.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

Purpose – The purpose of this chapter is to explore the proactive role played by investor relations officers (IROs) in enhancing the quality and delivery of corporate social performance (CSP) information to social responsibility investment (SRI) analysts and investors, thereby improving the link between CSP and corporate financial performance (CFP). The increasing pressures on corporations to produce and communicate CSP information will be described, as well as how the timely and meaningful communication of CSP can improve CFP.

Methodology/approach – Subsequent to a review of relevant literature, three case examples from McDonald’s, Nestlé, and Stora Enso illustrate Hockerts and Moir’s grounded theory framework that suggest how IROs can improve communication of CSP.

Findings – This chapter illustrates three levels of communicating CSP information. First, IROs target SRI investors and respond to ESG inquiries and surveys. At the second level, IROs integrate ESG information into business strategy and financial results. At the third level, IROs actively market CSP and create a two-way proactive dialogue between SRI investors and senior management and the board.

Practical implications – This chapter provides practical examples to improve ESG activities and their communication via the IRO to SRI analysts and investors.

Originality/value of chapter – This chapter contributes to the literature on the CSP–CFP link by illustrating how proactive IROs are improving the CSP information channel to SRI securities analysts and investors. Furthermore, it advances the theory and research concerning the impact of the information channel between IROs and securities analysts behind the CSP–CFP link.

The aim of this paper is to review the structure of road accident data, the database framework within which it is stored, and the potential for exploiting a hierarchical structure using multilevel statistical models. Most national accident databases regard accidents as the primary units of observation, with other characteristics stored as attributes. But it is more natural to picture the network, accidents, and other variables as a collection of related objects within a hierarchical system, which can be achieved using object-oriented database technology within a Geographical Information System (GIS) framework. This would permit more efficient data capture and storage, facilitate analysis of accident frequencies as a function of road layout, and facilitate the development of multilevel statistical models.

This paper is based on a presentation at a conference in 2019, which called on participants to explore the merits of more practice-theoretical conceptualizations of institutions and institutional logics. The main body of the paper is a lightly edited version of the presentation, which explores three interwoven topics: First, why an avowedly practice-theoretic institutionalism might be analytically fertile; second, what horizons might be generated for institutional logicians by an intensified embrace of practice theory; and third, what these analytic potentialities might entail for the “peopling” of institutional theory. The tone and purpose of the paper are exploratory; though provisional conclusions are elaborated in an analytic epilogue. Purposefully provocative claims include that institutional logics may possess some form of intentionality, or a distinctive orientation toward the world, and that such orientations may differentially encourage jurisdictional expansion.

Purpose – To explore the ideological effects and social control potential of diagnostic biopsychiatry and encourage the sociology of diagnosis to retain key insights of early medicalization scholarship.

Methodology – As the sociology of diagnosis emerges from medicalization, it is imperative that the new sub-specialty retains the critical edge of the early scholarship. With this in mind the paper reviews key aspects of the medicalization thesis, emphasizing the links between medical definitions and social control processes (e.g. Conrad, 1992; Conrad & Schneider, 1992; Zola, 1972). Based on this review scholars are urged to be mindful of the “diagnostic imaginary” -- a way of thinking that conceals the presence of the social in diagnoses, and which closes off critical analysis of the existential-connectedness and political nature of diagnoses.

Findings – The paradigm shift from dynamic to diagnostic psychiatry in DSM-III opened the door to a new biomedical model that has enhanced American psychiatry's scientific aura and prestige. With the increased presence and ordinariness of diagnoses in everyday life, an illusory view of diagnoses as scientific entities free of cultural ties has emerged, intensifying the dangers of medical social control.

Social implications – By illustrating that diagnoses are cultural objects imbued with political meaning, the ideological effects and social control potential of diagnostic biopsychiatry may be mitigated.

Purpose – To compare the histories of two opioid medications that are pharmacologically similar but subject to contrasting regulations in their use in treatment of opiate dependence in the United States – methadone and buprenorphine – in order to analyze the role of racial imagery and racial politics in the legalization and clinical promotion of their use.

Methodology/approach – Historical methods of archival analysis of published articles and unpublished governmental records were used in researching methadone. Ethnographic methods of participant observation and semistructured interviews were used in researching buprenorphine.

Findings – Contrasting uses of racial imagery played a major role in shaping the current regulatory differences between the two treatments. The association of methadone with black and Latino heroin users has contributed to its increased federal regulation, while the association of buprenorphine with white, middle class prescription opioid users enabled its use in deregulated private physicians’ offices.

Originality/value of paper – Advocates of biomedicalization of behaviors and conditions thought of as social or moral, such as addiction, argue that biomedicalization reduces the stigma of the condition and imply that, in turn, it also reduces the racial inequalities associated with the condition. This study of the biomedicalization of treatment for opioid dependence indicates that the very process of biomedicalization depended on heightened racial imagery associated with each treatment and ultimately intensified, rather than reduced, the stigma of addiction for black and Latino low-income patients.