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Article
Publication date: 9 August 2011

Paul D. Earl

The purpose of this paper is to examine the meaning and content of the term “orderly marketing” as it was adopted by Western Canadian farm leaders in the 1920s, and to…

Abstract

Purpose

The purpose of this paper is to examine the meaning and content of the term “orderly marketing” as it was adopted by Western Canadian farm leaders in the 1920s, and to determine whether the expected results of “orderly marketing”, as they were enunciated by farm leaders, were met.

Design/methodology/approach

The paper examines the critique that farm leaders and Wheat Pool officials levelled against the open market, and the way they posited “orderly marketing” as a solution to their perceived problems. Using contemporary data on wheat prices and movements, it analyzes the content of orderly marketing, and the results of its implementation by the Pools.

Findings

The paper finds that “orderly marketing” was primarily a campaign slogan, that the problems it was alleged to address did not exist, and that its implementation by the Wheat Pools did not yield the results that the farm leaders had promised. The paper acknowledges however, the significant accomplishments of these organizations, and postulates that the concept of orderly marketing resonates with aspects of Canadian culture and helps to explain why grain marketing in the USA and Canada evolved so differently.

Originality/value

The agricultural cooperative movement in Western Canada has been the subject of a great deal of historical research, most of it positive. However, there are no recently published qualitative studies of the history of the term, nor in‐depth quantitative analyses of the economic results achieved by the Wheat Pools during the 1920s that compare with the contents of this paper.

Details

Journal of Historical Research in Marketing, vol. 3 no. 3
Type: Research Article
ISSN: 1755-750X

Keywords

Content available
Article
Publication date: 27 July 2020

Guogang Wang and Nan Lin

The development of China's foreign exchange market and the reform of Chinese yuan (hereinafter “CNY”) exchange rate are closely linked with each other. Their respective…

Abstract

Purpose

The development of China's foreign exchange market and the reform of Chinese yuan (hereinafter “CNY”) exchange rate are closely linked with each other. Their respective journey through the past 70 years can both be divided into three historical periods; as follows: China's foreign exchange market underwent a difficult exploration period, a formation and development period and an innovative development period; in the meanwhile, the formation mechanism of CNY exchange rate also witnessed three periods marked successively by a single exchange rate system with administrative pricing, an explorative formation mechanism of CNY exchange rate and a reformed, marketized CNY exchange rate mechanism.

Design/methodology/approach

In the present world, the development of almost every country is closely linked to the international community, which is the result of the heterogeneity in system, market, humanity and history, in addition to the differences in natural resource endowments and the diversity in technology, administration, information, experience and diplomacy. International economic exchanges require foreign exchange, which gives rise to the existence and development of the foreign exchange market.

Findings

The 70-year history of China's foreign exchange market has proven the need to continue safeguarding national sovereignty and interests of the people, stick to the general direction of serving economic development, adhere to the strategy of steadily and orderly promoting the construction of the foreign exchange market, keep on making innovation in monetary policy operation and unbendingly stay away from any systemic financial risks.

Originality/value

During the 70-year history of the new China, as an indispensable economic resource in China's economic development, the foreign exchange mechanism bolstered each stage of economic development and was always an important manifestation of China's economic sovereignty. It is argued that during the 30-year planned economy that preceded reform and opening-up, China pursued a closed-door policy with few international economic exchanges. The subtext of such argument is that China did not have (or hardly had much of) a foreign exchange mechanism during this period, which is clearly in conflict with historical evidence. In fact, although China did not have an open foreign exchange market before the reform and opening-up, it had a clear foreign exchange management system and exchange rate system.

Details

China Political Economy, vol. 3 no. 1
Type: Research Article
ISSN: 2516-1652

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Article
Publication date: 12 July 2011

John Dorchester

This paper seeks to consider a significant market misconception and related errors commonly made by valuers, financial decision makers, and other users of valuation…

Abstract

Purpose

This paper seeks to consider a significant market misconception and related errors commonly made by valuers, financial decision makers, and other users of valuation services. Its purpose is to focus on the importance of relating the explicit requirements of market value and fair value definitions to the evidence required for a supportable opinion of either.

Design/methodology/approach

The paper provides conceptual foundations for the terms “market value” and “fair value” and reviews their meanings and applications in a historical context. Business cycles and the recent recession are used as foundations for illustrating how prices, such as for real estate, vary with cycles, but are not always directly indicative of either market value or fair value. The latter term has a long history, but has undergone recent definition and revision by the US Financial Accounting Standards Board (FASB) that are shown to closely align fair value with market value. A current controversy over the use of transactions as prima fascie, or perhaps the only indication of market value is discussed and the “market” of “market value” is examined.

Findings

The paper offers a new look at market evidence concepts that are time‐honored, yet have been largely lost or forgotten. The principal finding is that duress is not consistent with conventional definitions of market value or fair value, yet significant market evidence exists that duress is often ignored or improperly considered in valuations and financial decisions. The paper also concludes that the FASB's focus on “market participants” (sellers and buyers) as the prime source of Fair Value evidence is akin to the rules which have applied to market value for many decades. The paper concludes with a discussion of why transactions may be evidence of “a market,” but are not necessarily representative of the “market” or of fair value.

Originality/value

Market Value is a market protection against fraud, misrepresentation, and misunderstanding. Valuations must be performed in accordance with that definition – not as it is interpreted for personal gain or for any other interpretations of convenience, misunderstanding, or special purpose.

Details

Journal of Property Investment & Finance, vol. 29 no. 4/5
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 9 August 2011

Stanley J. Shapiro and Robert D. Tamilia

The purpose of this paper is to provide a briefly annotated bibliography of some 200 items that together constitute a “select list” of the available academic literature on…

Abstract

Purpose

The purpose of this paper is to provide a briefly annotated bibliography of some 200 items that together constitute a “select list” of the available academic literature on the history of Canadian marketing from the seventeenth century to the beginning of Second World War.

Design/methodology/approach

After all the available academic literature on Canadian marketing the authors could uncover was examined, the most relevant, interesting, and accessible material was identified and annotated. In addition, all of the literature considered in any way pertinent was added to a more complete bibliography available on the CHARM web site.

Findings

Though existing Canadian business and economic history texts and courses tend to pay far more attention to other topics, there is a rich and varied literature on the history of Canadian marketing.

Research limitations/implications

No selections are included from either archival sources or the popular press nor are unpublished theses or dissertations cited.

Originality/value

This appears to be the first annotated bibliography on the history of Canadian marketing ever to have been compiled and published.

Details

Journal of Historical Research in Marketing, vol. 3 no. 3
Type: Research Article
ISSN: 1755-750X

Keywords

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Article
Publication date: 1 January 2014

Gary Wilson and Sarah Wilson

Located within growing scholarly interest in linking the global financial crisis with revelations of financial crime, this piece utilises Roman Tomasic's suggestion that…

Abstract

Purpose

Located within growing scholarly interest in linking the global financial crisis with revelations of financial crime, this piece utilises Roman Tomasic's suggestion that the financial crisis has marked something of a turning point in regulatory responses to financial crime worldwide. Tomasic attributes this to changing attitudes towards light-touch regulation and risk assessment, and the demand for existing agencies to be replaced with new tougher authorities. In the UK, this can be illustrated by the imminent replacement of the FSA with the Financial Conduct Authority (FCA). The paper aims to discuss these issues.

Design/methodology/approach

Discussion of the FSA's financial crime fighting activity is an important forecast for the likely directional focus of the FCA in this regard. A focus only on “market abuse” enforcement within this arises on account of the effects for financial systems widely attributed to this activity, with threats to systemic stability being a hallmark of the 2007-2008 financial crisis. This methodology also encourages coherence in focus and management of sources within the article. Market abuse enforcement provides a lens for exploring the FSA's adoption of the philosophy and ethos of “credible deterrence”, and FCA commitment to retain it, and ultimately for applying the hypothesis of the “haphazard pursuit of financial crime” to pre-crisis criminal enforcement relating to financial crime undertaken by the FSA.

Findings

The FSA and FCA appear acutely aware that the financial crisis has marked something of a turning point for the enforcement of financial crime, and for signalling changes in approach, for the reasons explored by Tomasic. Tomasic correctly identifies factors encouraging a range of undesirable practices pre-crisis, and ones signalling tougher and more sustained attention being paid to financial crime henceforth. It is noted that, pre-crisis, the FSA's pursuit of criminal enforcement of market abuse was conscious, comprehensively resourced, well publicised, and actually extensive.

Originality/value

This exploration of the FSA's criminal enforcement of market abuse given the Authority's own perceptions that it was not, and could never be, a “mainstream” criminal prosecutor considers the likely lasting legacy of this determined pursuit, when domestic politics and pan-European policies suggested against this. This is likely to be enormously valuable as the FCA undertakes this task in a domestic arena which is markedly in contrast from this, and where European agendas are pushing in favour of criminal enforcement, with the “more Europe, or less” debate providing a further dimension of interest.

Details

Journal of Financial Crime, vol. 21 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 11 April 2008

Andreas A. Jobst

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset…

Abstract

Purpose

Amid benign monetary policy in mature market countries and high liquidity‐induced demand, lower risk premia have encouraged risk diversification into alternative asset classes outside the scope of conventional investment. The development of derivative markets in emerging economies plays a special role in this context as more institutional money is managed on a global mandate, with more and more capital being dedicated to emerging market equity. This paper aims to focus on these issues.

Design/methodology/approach

This paper reviews the recent development of equity derivative markets in emerging Asia and informs a critical debate about market practices and prudential supervision. Goal of the paper is also to outline essential elements and key policy considerations in developing derivative markets.

Findings

The supervision of emerging derivative markets depends on the expedient and tractable resolution of challenges arising from consistent risk management, risk mutualization, and prudential standards that guarantee market stability in crisis situations. In particular, further efforts are needed in areas of cash market liquidity, trading infrastructure as well as legal and regulatory frameworks based on a set of coherent principles for capital market development.

Originality/value

The paper offers a comprehensive set of principles for the development of equity derivative markets based on the current state of equity derivative trading in emerging Asia. Given current efforts by national regulators in the region to implement comprehensive guidelines on derivatives and revise short selling restrictions, the scope of this paper has topical appeal from the perspective of market participants and regulators.

Details

International Journal of Emerging Markets, vol. 3 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 4 September 2017

Mark Findlay

Polanyi in his analysis of market dis-embedding suggests a drift in economic relations from the social to the fictitious. The purpose of this paper is to add two crucial…

Abstract

Purpose

Polanyi in his analysis of market dis-embedding suggests a drift in economic relations from the social to the fictitious. The purpose of this paper is to add two crucial components to the dis-embedding dynamic: rule of law discourse as a market force away from the social, and through suspension of imagination and of disbelief, the incongruous compatibility of actual and fictional markets that further works against embedding.

Design/methodology/approach

Theory building through the application and testing of the Polanyian market dis-embedding analysis is a central concern for the paper. Through the example of foreign direct investment (FDI) and the manner in which the rule of law discourse masks neo-liberal development inequities, the paper offers an understanding of the forces behind market dis-embedding North to South Worlds and the manner in which through the collusion of legal orientalist, the true impact of the development inequities are concealed.

Findings

The empirical value of the theorising is to allow for studies on the impact of FDI on fragmented South World market economies using Polanyian dis-embedding refined by the suspension of critique which the rule of law discourse enables.

Originality/value

The masking functions of the rule of law discourse in global trade contexts, the paper argues, conceal stark market power asymmetries hardwired into South World development policy through post-colonial free-trade regimes. The legal certainty and commercial predictability that the institutions and processes of dispersed law are said to ensure, have an established market relationship with global trade. However, while resting on ideologies of liberty and equality, the rule of law discourse hides their market suspension in favour of stabilising and auctioning universally inequitable market conditions for the purposes of the neo-liberal global trade agenda.

Details

International Journal of Development Issues, vol. 16 no. 3
Type: Research Article
ISSN: 1446-8956

Keywords

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Article
Publication date: 1 July 1992

Leslie Armour

Neither Marxists and Hegelians nor most supporters of marketeconomies believe that we can really choose an economic system.Historical laws and economic realities undermine…

Abstract

Neither Marxists and Hegelians nor most supporters of market economies believe that we can really choose an economic system. Historical laws and economic realities undermine our attempts. Explores the problem of predicting any human future and examines background views of human nature which influenced classical economics. Revives Malebranche′s view that man is necessarily an ordering creature. Man must make decisions, but tends towards a natural good which would be instantiated in a social system which reconciled self‐interest and the public interest so that everyone′s rational needs and reasonable desires were given proper weight. In these terms there are choices we can make, especially about how property is to be used and shared.

Details

International Journal of Social Economics, vol. 19 no. 7/8/9
Type: Research Article
ISSN: 0306-8293

Keywords

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Book part
Publication date: 1 December 2004

Bonnie Buchanan

Recent high profile U.S. corporate collapses have their counterparts in other international markets, such as Australia. The corporate governance failures that led to major…

Abstract

Recent high profile U.S. corporate collapses have their counterparts in other international markets, such as Australia. The corporate governance failures that led to major corporate collapses in both countries are strikingly similar, despite differences in their respective corporate governance systems. In this paper, I present an examination of the corporate governance failures that led to the demise of three prominent Australian firms in 2001 and illustrate that the corporate governance failures are not limited to the existing corporate governance system in the United States. I will also outline the various corporate governance reforms that were established to restore investor confidence.

Details

Corporate Governance
Type: Book
ISBN: 978-0-76231-133-0

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Article
Publication date: 1 February 2002

Roger L Burritt and Lome S Cummings

The purpose of this paper is to address, via a case study, some of the key measurement issues within environmental accounting, in particular the methods used to measure…

Abstract

The purpose of this paper is to address, via a case study, some of the key measurement issues within environmental accounting, in particular the methods used to measure threatened and endangered wildlife. This study examines the accounts of Earth Sanctuaries Ltd, a listed conservation company in Australia over a seven year financial reporting period beginning in 1995 and ending in 2001, a period both prior and subsequent to, the implementation of Australian Accounting Standard AASB 1037 — Self Generating and Re‐Generating Assets (SGARA s), which sought to recognise the value of biological assets within financial statements. In particular the study examines these values in light of the conceptual framework qualitative characteristics of relevance and reliability. The study concludes that because of the current Commonwealth policy of non‐trade in wildlife, and the consequent absence of an active and liquid market for trade in these assets, efforts to provide legitimacy to the environmental cause are hampered, and questions raised over the surrogate measurement base used to value the assets.

Details

Asian Review of Accounting, vol. 10 no. 2
Type: Research Article
ISSN: 1321-7348

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