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Following Philip Selznick’s lead in using pragmatist social science to understand issues of public concern we conducted a study of failed innovation in the commercial construction industry (CCI). We find that social heuristics – collectively constructed and maintained interpretive decision-making frames – significantly shape economic and non-economic decision-making practices. Social heuristics are the outcome of industry-based “institutionalization processes” and are widely held and commonly relied on in CCI to reduce uncertainty endemic to decision-making; they provide actors with both a priori and ex post facto justifications for economic decisions that appear socially rational to industry co-participants. In the CCI – a project-centered production network – social heuristics as shared institutions sustain network-based social order but in so doing discourage novel technologies and impede innovation. Social heuristics are actor-level constructs that reflect macro-level institutional arrangements and networked production relations. The concept of social heuristics offers the promise of developing a genuinely social theory of individual economic choice and action that is historically informed, contextually situated, and neither psychologically nor structurally reductionist.

This article traces the regimes of worth that defined energy for centuries as a productive force of human and animal labor, an understanding that transformed in the 18th century to an “industrial-energy” regime of worth supporting an economy of mass production, consumption, and profit and more recently one centered on market forces and price. Industrial and market energy and the conventions and institutions that support them are currently in a period of discursive and material ferment; they are being challenged by different higher order principles of worth. We discuss eight emergent energy justifications that argue what kind of energy is – and is not – in the best interests of society.

This volume presents state-of-the-art research and thinking on the analysis of justification, evaluation and critique in organizations, as inspired by the foundational ideas of French Pragmatist Sociology’s economies of worth (EW) framework. In this introduction, we begin by underlining the EW framework’s importance in sociology and social theory more generally and discuss its relative neglect within organizational theory, at least until now. We then present an overview of the framework’s intellectual roots, and for those who are new to this particular theoretical domain, offer a brief introduction to the theory’s main concepts and core assumptions. This we follow with an overview of the contributions included in this volume. We conclude by highlighting the EW framework’s important yet largely untapped potential for advancing our understanding of organizations more broadly. Collectively, the contributions in this volume help demonstrate the potential of the EW framework to (1) advance current understanding of organizational processes by unpacking justification dynamics at the individual level of analysis, (2) refresh critical perspectives in organization theory by providing them with pragmatic foundations, (3) expand and develop the study of valuation and evaluation in organizations by reconsidering the notion of worth, and finally (4) push the boundaries of the framework itself by questioning and fine tuning some of its core assumptions. Taken as a whole, this volume not only carves a path for a deeper embedding of the EW approach into contemporary thinking about organizations, it also invites readers to refine and expand it by confronting it with a wider range of diverse empirical contexts of interest to organizational scholars.

Both neoclassical and Keynesian economists have widely favored the use of equilibrium models to understand economic activity, but dramatic periods of change such as the current global economic downturn are poorly understood by assuming equilibrium. The economist Joseph Schumpeter tried to inject dynamism and disequilibrium into economic models by arguing for the role of entrepreneurs in creating microeconomic change, and for examining long-term macroeconomic change as represented in business cycles. No economist, including Schumpeter, has ever connected these two approaches to change and these approaches are not typically used as alternative and complementary ways of viewing transformation over time. We suggest that these theories can be connected in a “mesoeconomic” institutional analysis rooted in economic sociology; we demonstrate this connection by examining the US commercial building industry. This industry has changed in qualitatively distinct ways over the past two centuries in what we call market orders, economic orders sometimes lasting for decades or more. In each market order, entrepreneurs of different sorts are able to flourish and push forward institutional changes that result in long-term economic shifts. Credit and finance have been pivotal influences in each market order, a factor supporting Schumpeter's focus on entrepreneurial action and speculation and one not largely discussed today. We view the recent disruption of financial markets as a signal of the destruction of a reigning market order.

This study tests for the relationship between internationalization and performance in the emerging market context using a sample of 719 firms from 12 emerging markets. This study also incorporates the quality of governance in the emerging market studied to test for the interactive influence of the environmental context on the internationalization performance relationship. Findings indicate support for an inverted U‐shaped relationship between internationalization and performance for manufacturing firms and a positive linear relationship for service firms. In explaining the relationship between internationalization and performance, the quality of governance of the home country of the firm was found to interact with internationalization.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.