Search results

The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand, colonial governments experimented with other ways to anchor their paper monies to real values in the economy. These mechanisms included tax-redemption, land-backed loans, sinking funds, interest-bearing notes, and legal tender laws. I assess and explain the structure and performance of these mechanisms. This was monetary experimentation on a grand scale.

This chapter reconsiders commonly held views on the ownership and management of private property, contrasting capitalist and simple property, particularly in relation to how a firm shareholder governance model has shaped society. This consideration is motivated by the scale and scope of the modern global crisis, which has combined financial, economic, social and cultural dimensions to produce world disenchantment.

By contrasting an exchange value standpoint with a use value perspective, this chapter explicates current conditions in which neither the state nor the market prevail in organising economic activity (i.e. cooperative forms of governance and community-created brand value).

This chapter offers recommendations related to formalised conditions for collective action and definitions of common guiding principles that can facilitate new expressions of the principles of coordination. Such behaviours can support the development of common resources, which then should lead to a re-appropriation of the world.

It is necessary to think of enterprises outside a company or firm context when reflecting on the end purpose and means of collective, citizen action. From a methodological standpoint, current approaches or studies that view an enterprise as an organisation, without differentiating it from a company, create a deadlock in relation to entrepreneurial collective action. The absence of a legal definition of enterprise reduces understanding and evaluations of its performance to simply the performance by a company. The implicit shift thus facilitates the assimilation of one with the other, in a funnel effect that reduces collective projects to the sole projects of capital providers.

Because forsaking society as it stands is a radical response, this historical moment makes it necessary to revisit the ideals on which modern societies build, including the philosophy of freedom for all. This utopian concept has produced an ideology that is limited by capitalist notions of private property.

Neoclassic economics is a thing of considerable beauty. It yet finds an increasing tendency on the part of those trained in its discipline to rebel from its neatly fitted abstractions and intriguing diagrams. The rebellion stems from two sources. Veblen's sweeping attacks upon its postulates¹⁶ shock its theoretical foundations. The rapid changes in the industrial and business world discredited it on another front by bringing into increasingly sharp relief the divergence between the institutional assumptions of the orthodox theory and the conditions actually obtaining. The giant corporation, overhead costs, and the necessity for maintenance of volume, industrial concentration, the trade association, a widening spread among income classes, advertising, the growing inability of the consumer to gauge quality, the resort to reorganization instead of the “going out of business” of the long-run analyses – what place could the orthodox theory give to these important characteristics of the existing business economy?

This paper seeks to reconcile two very different views existing in the literature concerning how exchange and demand affect the magnitude of commodity values. Traditionally, value is considered to be created in production and subsequently realized in exchange. An alternative monetary approach posits that exchange itself contributes to the determination of commodity values. Proponents of each view claim that significant parts of Marx’s theory of value are compromised if their interpretation of the role of exchange is not adopted. Drawing on the work of Rosdolsky and Roberts, I argue that it is necessary to distinguish between the effects of exchange and demand. Exchange acts to reduce concrete, private labor to abstract social labor, while demand affects the magnitude of labor considered “socially necessary” in the sense of being expended in accordance with existing social need. I identify a new category of exchange value – the market-price of production – and use it to explain how changes in demand act to redistribute value across industries by affecting the magnitude of abstract labor considered to be socially necessary. In this way the major claim of the two approaches to exchange are reconciled. The magnitude of value is fully determined in production. At the same time monetary exchange effects, or brings about, a social division of labor by reducing concrete, private labor to abstract social labor and by distributing value according to social need as expressed by effective demand.

Building on an analysis of values and prices in the context of explicitly heterogeneous concrete labors, this paper formally examines Marx’s repeated imagery of capitalist competition as a process of “sharing” among “hostile brothers,” each a “shareholder” in a “social enterprise” in which particular commodities and capitals appear as “aliquot parts of the whole.” Approaching each commodity as it appears in competition – as the product of an aliquot part of the aggregate inputs to production – allows several conclusions. First, value-price transformation is equivalent to a transformation of actual production conditions (on the basis of which the social labor contained in the commodity is its value) into socially average or aliquot part production conditions (on the basis of which the social labor contained in the commodity is its production price). Second, price formation (“gravitational” adjustment to levels expressing equivalence) is the same thing as the formation of abstract labor as the homogeneous unit of measure for the labor content of commodities. Each is an aspect of a single process that simultaneously commensurates use-values as market equivalents and commensurates concrete labors as abstract labor, so that equivalents in exchange do indeed “contain” equal amounts of abstract labor. Third, concerning commodity fetishism and the “illusions” of competition, the social content of particular magnitudes becomes visible when each is represented as a “bearer” of crucial characteristics of the aggregate that have been projected onto its parts, so that what initially appears as separate, particular and individual is simultaneously connected, general, and social.

The purpose of this study is to investigate problems that emerged in indigenous community-based tourism during the COVID-19 pandemic, to identify the actors involved and to identify values that were exchanged between actors during the pandemic. This research is crucial given the limited studies around indigenous community-based tourism during the pandemic, especially within the perspectives of value exchange theory.

This research used a constructionist paradigm with a qualitative case study design. Data collection included interviews with six participants, virtual observation, an open-ended questionnaire to 22 community members and 20 tourists, analysis of a book written by Sade’s customary chief and social media artifacts. This study was conducted during the COVID-19 pandemic, where physical distancing measures were applied, therefore most data were collected remotely. Purposive sampling was used and research credibility was increased through detailed note taking, data sources triangulation and member checking. Data analysis was conducted with a coding process, which involved continuous iterations.

Problems identified were decreased revenue and power disadvantage suffered by indigenous community-based tourism. The actors involved in value exchanges varied, including value supporter (i.e. government, private sector such as television, university), value creator (i.e. tourist) or secondary value provider (i.e. travel agent). Values emerged in the interaction between actors in the network. Changes in value exchanges were in terms of value types, relationship intensity between actors and ways of doing the exchange. Non-human factor (i.e. non-actor) was also involved.

Due to restrictive circumstances (i.e. COVID-19 pandemic), the data collection procedure was limited to online communications and letter correspondence. Therefore, opportunities to capture the full phenomenon might be missed as the researchers could not physically meet with the participant.

It was possible for value exchange to alter due to situational factors, including a pandemic. Business diversification is needed by indigenous community-based tourism to achieve a power advantage. Values were found in the relationship between actors, hence, meeting channels or dialogue with other actors could be optimized.

The context of this study, which was indigenous community-based tourism during a pandemic contributed to the study’s originality. Research in this context, which used a clear theoretical framework such as value exchange theory, is scarce. Thus, opportunities for transferability are broad.

This paper's main purpose is to provide a systematic approach for mapping the value exchange in B2B relationship marketing. This approach affords a preliminary analysis in order to distinguish business customers' different value dimensions (tangibles and intangibles) and to set sights on determining suitable metrics to evaluate and quantify the value of each customer.

The paper uses a combination of qualitative research approaches, namely an exploratory case study, in‐depth interviews, and consensus expert opinion. The empirical study took place over three months to maximize the proposed approach's expediency in the practitioners' B2B environment and to increase the validity of the research findings.

In addition to developing a new framework originating in the value network approach for mapping, modeling and analyzing business customers' value network (BCVN), the findings posit a proposed systematic approach for practitioners and marketing scholars to scrutinize the multi‐dimension values of business relationship marketing.

For companies and their business customers alike, the benefits of the systematic approach proposed in this paper are an efficient analytical system giving an opportunity to B2B marketers and managers to understand their business customers' network in detail.

The implicit concept of maximizing customer lifetime value within the business customers' network appeals for an applied approach to better understand and analyze the real value of business customers to retain them.

The purpose of this paper is to propose a means‐end value chain framework to understand two supply chain party's values by presenting a value‐matching framework.

Using means end theory, qualitative data from third party logistics (3PL) providers and manufacturers were used to construct means end value hierarchies to demonstrate how values between buyers and sellers can be mismatched.

In comparing the responses from the 3PLs and manufacturers, examples were found of exchange‐specific value matches and exchange‐specific value mismatches. The analysis showed that the 3PL managers interviewed were seeking to provide the value of being “market‐driven” (refers to a reactive business logic, which favors incremental adjustments to changes in the business environment), while the manufacturers desired their 3PLs to be “market‐driving” (refers to innovative business logic by providing break‐through ideas, practices and processes).

This research focuses more attention on an important objective of the marketing concept often overlooked in the business‐to‐business relationship literature: fulfilling the local firm's needs. This paper extends the use of the MEVHM and expands its applicability beyond understanding the focal firm's values to all exchange parties, including suppliers, third parties and cooperative alignments with competitors. Additionally, this paper contributes to the literature by suggesting that exchange values are a type of value important in achieving functional exchanges, and the concept of “value matching”.

Applying the MEVHM to both the focal firm and their supply chain exchange party provides a decision analysis tool for the management of exchanges. Additionally, this paper's model can be a guiding mechanism for managers to assist in the exchange party search and selection process.

The literature and the qualitative study suggest that the MEVHM could be a useful tool in understanding supply chain partners. However, this should be performed while fulfilling the firm's need (e.g. at a profit). In order for a focal firm to fulfill these needs from a particular exchange, it must understand the value it desires from that exchange. Not only is the MEVHM applicable to gain understanding of the exchange party's values of a particular exchange, but it is also an appropriate tool to gain understanding of the focal firm's exchange values.

Value appropriation is a central, yet neglected aspect in business exchange research. The purpose of the paper is to generate an overview of research on active value appropriation in business exchange and provide the foundation for further research into value appropriation, as well as some initial guidance for managers.

Literatures investigating value appropriation were identified by the means of a systematic review of the overall management literature.

The authors provide an overview and comparison of the literatures and find that they apply diverse understandings of the value appropriation process and emphasize different mechanisms and outcomes of value appropriation.

Based on the literature comparison and discussion, in combination with inspiration from alternative business exchange literature, the authors propose four areas with high potential for future research into value appropriation: network position effects, appropriation acts and behaviors, buyer-seller relationship effects, and appropriation over time.

Boundary spanning managers acting in industrial markets must master the difficult balance between value creation and appropriation. This review has provided an overview of the many managerial options for value appropriation and created knowledge on the effects of the various appropriation mechanisms enabling managers to secure company rents while not jeopardizing value creation.

To the authors' knowledge, this paper represents the first attempt at reviewing the management literature on value appropriation in business exchange. The authors provide overview, details, comparisons, and frame a research agenda as a first step towards establishing value appropriation as a key phenomenon in business exchange research.