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Article

Can Liu

The shared development concept is crucial for the construction of a socialist political economy with Chinese characteristics. The paper aims to discuss this issue.

Abstract

Purpose

The shared development concept is crucial for the construction of a socialist political economy with Chinese characteristics. The paper aims to discuss this issue.

Design/methodology/approach

This is because shared development constitutes the logic thread of the socialist political economy with Chinese characteristics and the core for the formation and development of its whole system.

Findings

China’s modernization is well underway and is following a unique path with its own characteristics, whereby shared development is undoubtedly one of its core values.

Originality/value

In the new era, the development path under the concept of shared development of socialism with Chinese characteristics must adhere to the all-round development of human beings, promote social equity and justice via development, and embrace inclusive growth, specifically, pro-poor growth.

Details

China Political Economy, vol. 2 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Content available
Article

Fan Conglai and Xie Chaofeng

As the essential requirement of socialism with Chinese characteristics, common prosperity stands for both the goal of and the approach to economic growth. Shared…

Abstract

Purpose

As the essential requirement of socialism with Chinese characteristics, common prosperity stands for both the goal of and the approach to economic growth. Shared development is a new stage of the process of common prosperity. From the perspective of economic growth, it requires the low- and middle-income groups to gain more from the growth than high-income groups. The paper aims to discuss these issues.

Design/methodology/approach

Based on provincial panel data, the random effect model and the dynamic panel model are used in this paper to analyze the path to achieve pro-poor growth.

Findings

The keys to achieve pro-poor growth are first to promote new urbanization with people at the center, diversify the forms of employment and improve the income structure of the residents, and second to improve the accuracy in designing redistribution policies.

Originality/value

After the realization of “some get rich first” policy, it is important to swiftly adapt to a new mindset of shared development, which charters a new course to the Marxist common prosperity. There exist few established economic theories or action plans with respect to shared development. Pro-poor growth, however, offers a perspective to achieve both sharing and development.

Details

China Political Economy, vol. 1 no. 2
Type: Research Article
ISSN: 2516-1652

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Article

Horst Feldmann

In the course of cultural evolution, certain institutions have emerged and become dominant in the Western world that have led to an unprecedented rise in prosperity and…

Abstract

In the course of cultural evolution, certain institutions have emerged and become dominant in the Western world that have led to an unprecedented rise in prosperity and population. This paper first explains the characteristics and significance of cultural evolution. Subsequently, it explains the fundamental role of politics and the scope for political action in cultural evolution, clearing up some fairly widespread misconceptions about this question. Finally, it derives three specific guidelines from the characteristics of cultural evolution that should be followed in politics. First, the principle of individual freedom should be realized as far as possible. Second, the rule of law should be secured. Third, the scope of action of the state should be closely limited and the state should be decentrally organized. The more consistently these guidelines are followed, the better the prospects of the respective society to survive and prosper in the competitive process of cultural evolution.

Details

International Journal of Social Economics, vol. 31 no. 11/12
Type: Research Article
ISSN: 0306-8293

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Article

M. Luthfi Hamidi and Andrew C. Worthington

The study aims to extend the conventional triple bottom line (TBL) framework (prosperity, people and planet) to the quadruple bottom line (QBL) by newly adding a “prophet”…

Abstract

Purpose

The study aims to extend the conventional triple bottom line (TBL) framework (prosperity, people and planet) to the quadruple bottom line (QBL) by newly adding a “prophet” dimension for Islamic banks seeking compliance with Islamic law in their pursuit of sustainability.

Design/methodology/approach

Employ Chapra's corollaries of maqasid al-shari'ah (the goals of Islamic law) to develop constructs for a survey of 504 Islamic bank stakeholders from five Indonesian provinces to gather primary data to quantitatively verify the dimensions and items in the proposed QBL framework. Categorical principal component analysis (CATPCA) then identifies the sustainability of ten Islamic banks from ten countries as a trial application of the resulting QBL index.

Findings

Using the dimensions and items identified using CATPCA, the authors develop a QBL index to assess the sustainability of the ten Islamic banks. The findings suggest that half of the banks are sufficiently sustainable, with three being proactive (doing more than is required) and two being accommodative (doing all that is required). The remaining five banks are unsustainable, with two banks being defensive (doing the least that is required) and three being reactive (doing less than is required). Most of the banks perform relatively poorly according to the “planet” (38%) and “people” (41%) dimensions and perform better on the “prosperity” (53%) and “prophet” (63%) dimensions. Nonetheless, there is ample room for improvement across all dimensions of sustainability.

Research limitations/implications

The generalizability of the findings is limited by the small-scale single-country survey used in the CATPCA part of the analysis. Only ten Islamic banks were included in the QBL scoring and ranking exercises

Practical implications

Islamic banks can improve their sustainability by increasing green financing and reaching out to rural areas and disadvantaged populations. In countries with Islamic banking systems, regulators can support this through training, guidance and incentives.

Originality/value

Pioneering exploration of TBL from maqasid al-shari'ah perspective. First, we develop a QBL index to assess the sustainability of Islamic banks in line with actual stakeholder expectations.

Details

International Journal of Bank Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0265-2323

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Article

Susan Clark Muntean

While numerous comparative studies have measured women's participation in starting or owning a business, the factors stimulating their engagement in highly productive…

Abstract

Purpose

While numerous comparative studies have measured women's participation in starting or owning a business, the factors stimulating their engagement in highly productive entrepreneurial activity have been understudied. The purpose of this paper is to address this gap in the literature.

Design/methodology/approach

This study compares country‐level data on the institutional and cultural factors that affect a woman's decision to start and grow a business with country‐level measures of the entrepreneurial environment, innovative activity and access to opportunity.

Findings

It was found that three institutional and cultural factors influence the decision calculus of women to found and expand enterprises: legal and social status; institutional presence; and economic empowerment. Women who have the requisite support exploit market opportunities and translate their ideas, creativity and skills into high potential, high growth ventures. This in turn generates entrepreneurial activity, job creation and prosperity at the country level.

Research limitations/implications

Comparable data on variables of interest, including the number of female‐founded high‐growth businesses and child care support, for example, are not available across countries. This study uses proxies and indices where data are missing and makes recommendations on improving data collection for future scholarship.

Practical implications

Improving access to collateral by strengthening the property rights of women, increasing the representation of women in banking, business, government and academia, and providing greater economic empowerment of all women produces more productive entrepreneurial activity and prosperity for the entire population.

Originality/value

Women entrepreneurs are a missing link that explains variation among countries in the quality and quantity of entrepreneurial activity.

Details

International Journal of Gender and Entrepreneurship, vol. 5 no. 1
Type: Research Article
ISSN: 1756-6266

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Book part

FR. Oswald A. J. Mascarenhas, S.J.

The typical corporation is based on free capital markets, and in general, on the free market capital system for all its factors of production, distribution, and…

Abstract

Executive Summary

The typical corporation is based on free capital markets, and in general, on the free market capital system for all its factors of production, distribution, and consumption. Hence, this chapter studies the economic, legal, ethical, and moral goodness and promise of the Free Enterprise Capitalist System (FECS) as it exists and thrives in the open and free economies of the world. We will review several versions of FECS starting from Thomas Aquinas (1225–1274) views on private property, Thomas Hobbes’ (1588–1679), The Leviathan (1651), Adam Smith (Wealth of Nations, 1776), Max Weber (The Protestant Ethic and the Spirit of Capitalism, 1904/1958) to modern defenses of capitalism by David Bollier (Aiming Higher, 1997), Raghuram Rajan and Luigi Zingales (Saving Capitalism from Capitalists, 1998, 2004), C. K. Prahalad (2005) on Inclusive Capitalism, Nitesh Gor (The Dharma of Capitalism, 2012), and John Mackey and Raj Sisodia (Conscious Capitalism, 2014), to name a few. Based on these seminal authors and subsequent theoretical developments, this chapter seeks to defend, save, and uphold the goodness of the FECS along multiple viewpoints such as economics, management, law, ethics, morals, and executive spirituality.

Details

Corporate Ethics for Turbulent Markets
Type: Book
ISBN: 978-1-78756-187-8

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Article

R.G.B. Fyffe

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of…

Abstract

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

Details

International Journal of Sociology and Social Policy, vol. 3 no. 1/2
Type: Research Article
ISSN: 0144-333X

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Article

Balvir Talwar

This paper sets out to present a comparative study of the core values of 16 excellence models vis‐à‐vis human values enshrined in ancient religious philosophies and

Abstract

Purpose

This paper sets out to present a comparative study of the core values of 16 excellence models vis‐à‐vis human values enshrined in ancient religious philosophies and identified by social scientists as a spiritual way of working.

Design/methodology/approach

Contemporary excellence models (EMs) are considered as role models to attain success, and thus it is appropriate to review the effectiveness of their core values. The core values of 16 EMs are identified through a literature review and are studied comparatively. Further, common human values enshrined in various religious philosophies and also advocated by research as success strategies are identified for the comparative study.

Findings

The paper identifies and compares the core values of 16 contemporary excellence models. By and large, the focus of core values in EMs is similar. However, the Deming Prize has a uniqueness and different focus in comparison with other models. Some of the common values are customer focus, continuous learning, innovation and improvement, employee involvement and development, partnership development, systems, process‐based management, agility, and social responsibility. Human values emphasise the purity of the means and their adoption enhances stakeholders' loyalty. Core values will become more effective if they emanate from human values.

Research limitations/implications

The comparative study provides a new perspective for the integration of business values of EMs with human values. It may be useful for the custodians, the GEM council, researchers and practitioners to enhance their understanding of values and their impact in enhancing sustainable growth and prosperity.

Practical implications

The study is expected to help in a review of national business excellence strategies worldwide. The integration of excellence models with human values by model custodians and corporate leadership will lead to an exponential growth in business and prosperity for all stakeholders.

Originality/value

The study is a part of original research work at the Indian Institute of Technology, Roorkee, India by the author after long experience in the implementation of excellence initiatives in industry. The paper is one of the few comprehensive studies of excellence models and focuses on the integration of learning to attain sustainable growth and prosperity in a competitive environment.

Details

Measuring Business Excellence, vol. 13 no. 4
Type: Research Article
ISSN: 1368-3047

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Article

A.K. Sharma and Balvir Talwar

With increasing competitiveness today's business scenario has become highly complex. Aims to focus on corporate social responsibility (CSR), which has become increasingly

Abstract

Purpose

With increasing competitiveness today's business scenario has become highly complex. Aims to focus on corporate social responsibility (CSR), which has become increasingly important in the modern era.

Design/methodology/approach

A conceptual discussion and approach are taken.

Findings

CSR encompasses a wide variety of concerns such as ethical values in business, welfare of society, awareness, respect and protection of the natural and built environment as regular action that business can take to solve the problems being faced by the Society. CSR is an integral part of Vedic philosophy. Vedic philosophy emphasizes that those actions, which are coming from the core of heart, will provide the long lasting results. Veda advocates for minimum accumulation, mutual cooperation and maintenance of natural harmony. Veda reiterates non‐centrality of money in human life, but for corporations money is the real nerve of business systems. Vedic economic philosophy is pure and focused on “Prosperity for all”. The present study attempts to critically evaluate the modern concept of CSR and enrich it with the path described by Vedic philosophy to attain the corporate excellence.

Originality/value

Focuses on issues such as corporate accountability, corporate ethics and disclosure of relevant corporate information which are increasingly becoming important centres of attention in business.

Details

Measuring Business Excellence, vol. 9 no. 1
Type: Research Article
ISSN: 1368-3047

Keywords

Content available
Article

Yu Zhang

Since the implementation of reform and opening up, China has made remarkable achievement in terms of economic reform and development. China’s path, as well as its…

Abstract

Purpose

Since the implementation of reform and opening up, China has made remarkable achievement in terms of economic reform and development. China’s path, as well as its experience, has simultaneously gained worldwide concerns. Developing the market economy against the backdrop of socialism brings conclusions from China’s achievement, deepens knowledge of China’s pathway and builds a socialist political economy with Chinese characteristics. That is the way to realise a basic socialist system, especially with regards to the organic integration of public ownership and market economy. This combination determines the future of socialism with Chinese characteristics and the success or failure of economic restructuring. Therefore, it requires consideration and in-depth study. The paper aims to discuss these issues.

Design/methodology/approach

The goal of economic restructuring is to establish and develop the socialist market economy. Its main content can be summarised in two parts. The first is the relationship between plan and market or government and market. The second is compatibility or combination of public ownership and market economy. The former is one of the superficial problems, relevant to resource allocation method or economic operation mechanism. The latter stems from deep-rooted problems, represented by ownership or the underlying economic system. These two work together to form the organic integrity of socialist market economy where both similarities and contrasts coexist.

Findings

The shared ideal of socialism with Chinese characteristics and the lofty goals of communism will then become empty words. In this sense we can say that, whether we can realise the unity and opposition between public ownership and market economy and better integrate advantages of socialist system with strengths of market economy, will to a large extent determine the future and destiny of the socialist market economy.

Originality/value

As previously mentioned, the relationship between plan and market or government and market are part of resource allocation methods or economic operation mechanism. Compatibility and combination, however, with public ownership and market economy are part of an ownership or basic economic system. Science reveals the nature and developmental law of the socialist market economy. An in-depth study must be conducted on the relationship between public ownership and market economy.

Details

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

Keywords

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