Showing papers in "International Journal of Social Economics in 1997"
TL;DR: In this paper, the authors report that the criteria for investment selection are different, and the modes of permissible financing may also differ, but there are screening and reporting techniques which are of potential importance to both groups of investors.
Abstract: Reports that there are lessons which can be learned from the Western ethical “green” finance industry for Islamic investors. States that these are that the criteria for investment selection are different, and the modes of permissible financing may also differ, but there are screening and reporting techniques which are of potential importance to both groups of investors. First addresses ethical fund management issues, which should shed some light on the dilemmas facing Islamic investors. Goes on to consider criteria for haram and halal investment, as well as the implications of company capital gearing or leverage for riba. Covers investment specific issues, including the treatment of capital gains in Islam and the evaluation of the conduct of market participants. Finally, surveys emerging markets in the Islamic world, as these are of obvious interest to Muslim investors wishing to broaden their portfolios.
162 citations
TL;DR: A growing number of Muslim countries are expressing the desire, and in some cases taking serious actions, to turn to Islamic laws and teachings (shariah) in modelling their way of life, including their economic behaviour as discussed by the authors.
Abstract: A growing number of Muslim countries are expressing the desire, and in some cases taking serious actions, to turn to Islamic laws and teachings (shariah) in modelling their way of life, including their economic behaviour. Attempts to investigate the consequences of applying Islamic principles in Muslim societies. Argues that the traditional tools of economic analysis suggest that Islamic societies are likely to face many problems if they free their economies completely from all traces of interest, impose the religious tax of Zakat in a strict fashion and abandon all kinds of speculation.
113 citations
TL;DR: In this article, the authors defined the concept of yield and discussed some problems in its measurement; identified distortions to the competitive tourism market and the implications for tourism yield; and also explored the relationship between yield and tourism expenditure as an indicator of yield.
Abstract: Since it is necessary to give up real resources, goods and services to provide for the demands of tourists, the net benefits to an economy from tourism growth are typically substantially lower than gross tourism expenditure. Recognizing this, tourism researchers are paying increased attention to the concept of yield so as to inform benefit cost analysis, government policy, marketing strategies and investment decisions in the context of tourism development. First, defines the concept of yield and discusses some problems in its measurement; identifies distortions to the competitive tourism market and the implications for tourism yield; and also explores the relationship between yield and tourism expenditure as an indicator of yield. Concludes that the yield from tourism goes beyond visitor expenditure and should take account of a wide range of economic, environmental and social costs and benefits of tourism development.
76 citations
TL;DR: In this article, the authors focus on recent environmental decline and market failure to account adequately for environmental values, and highlight the role of politics and government failure in environmental degradation and highlighted the need for a supranational constitution or charter to restrain sovereign nations from blocking the united welfare of countries.
Abstract: Focuses on recent environmental decline and market failure to account adequately for environmental values. Looks beyond economics and market failure, and highlights the role of politics and government failure. To remedy poor political performance in respect of the environment, advances the primacy of constitutional reform, entailing the prescription of minimum environmental safeguards. Recommends greater use of referenda as well as the electoral system of proportional representation. In respect of the international and global dimensions of environmental problems, stresses the need for a supranational constitution or charter to restrain single sovereign nations from blocking the united welfare of countries.
69 citations
TL;DR: In this article, a new discipline, development ethics, has been proposed, which is based on the relation of having goods and being good in the pursuit of the good life, what are the foundations of a just society, and what stance should societies adopt towards nature.
Abstract: States that “development” has long been equated with modernization and western‐ization and studied as a straightforward economic issue. Reports that the discipline of economics has been the main source of policy prescription for development decision makers and that this view is now widely criticized as ethnocentric and as economically reductionist. Reveals that change is occurring: economics itself is reintegrating ethics in its conceptualization, methodology, and analysis; a new paradigm of development is in gestation; and a new discipline, development ethics, has come into being. Explains that development ethics centres its study of development on the value questions posed: what is the relation of having goods and being good in the pursuit of the good life, what are the foundations of a just society, and what stance should societies adopt towards nature? Thinks that the new discipline emerges from two sources, which are now converging: from engagement in development action to the formulation of ethical theory, and from a critique of mainstream ethical theory to the crafting of normative strategies to guide development practice. Concludes that development ethics has a dual mission: to render the economy more human and to keep hope alive in the face of the seeming impossibility of achieving human development for all.
68 citations
TL;DR: In this paper, the authors reviewed past and present trends of urbanization and urban poverty, especially in the metropolitan city of Kuala Lumpur, Malaysia, and highlighted evidence on the nature and causes of urban poverty based on a recent survey.
Abstract: Reports that urban poverty in Malaysia is not considered a serious phenomenon; however, rapid urbanization and industrialization is expected to bring in rural migrants into urban centres bringing along low incomes while putting pressure on urban services, infrastructure and the environment. Reviews past and present trends of urbanization and urban poverty, especially in the metropolitan city of Kuala Lumpur, Malaysia, and highlights evidence on the nature and causes of urban poverty based on a recent survey of urban poverty in Kuala Lumpur. Also assesses past policies on urban development and urban poverty alleviation programmes and makes recommendations for alternative policies.
59 citations
TL;DR: In this article, the Grameen Bank (GB) experience in Bangladesh is examined in order to understand the essential elements of its operations and the important factors needed to help the poor and that GB has replaced physical collateral requirements with group responsibility.
Abstract: Examines critically the Grameen Bank (GB) experience in Bangladesh in order to understand the essential elements of its operations. Reports that this unique financial institution developed the important factors needed to help the poor and that GB has replaced physical collateral requirements with group responsibility. States that by organizing poor people into groups, it has created the social and financial conditions enabling them to receive loans; it has demonstrated that the poor are bankable, capable of making good business decisions in utilizing their loans and repaying them on time. Explains that GB showed the possibility to develop a viable and self‐reliant credit programme for the poor. Concludes that the GB approach also proves that financial intermediation is a viable device to fight poverty, and an excellent vehicle for community development.
58 citations
TL;DR: In this paper, the authors review the points for and against the concept of cultural lag and discuss the relevance of the concept and theory of cultural lags to socioeconomic policy, including empirical verification.
Abstract: Sets out to review the points for and against the concept of cultural lag. First clarifies the cultural lag concept and theory. Addresses the issue of empirical verification, and discusses the relevance of the concept and theory of cultural lag to socioeconomic policy.
54 citations
TL;DR: In this article, the authors extended the economic analysis of crime in Australia by employing a rigorous approach to both the specification of the underlying economic model of crime and to the estimation of the statistical relationships in the data.
Abstract: The economic theory of crime is based on the assumption that rational individuals act to maximize their utility given the possibility of allocating their time or resources to different activities (including crime). Withers (1984) represents the only significant, aggregative empirical analysis of the determinants of crime, and importance of general deterrence effects, in Australia, derived on the basis of this market model economic approach to criminal activity. Extends the economic analysis of crime in Australia by employing a rigorous approach to both the specification of the underlying economic model of crime and to the estimation of the statistical relationships in the data. Uses improved data measures ‐ notably sentence length ‐ that represent more suitable proxies for the theoretical concepts of interest. The inclusion of labour force participation as a highly significant explanatory factor represents a major specification improvement over earlier studies. Examines four categories of property crime in Australia over the period 1982‐1991. The findings provide significant support for a number of the postulates of the economic theory of crime. These include the negative, deterrence effect of both clearance rates (as a proxy for the probability of punishment) and expected sentence length (as a proxy for the severity of punishment) on the number of property crimes committed. Also finds a significant deterrence relationship between the aggregate unemployment rate and the labour force participation rate and certain categories of property crime. These findings provide important support for the market model of crime and the general deterrence hypothesis and opposition to the continuing prevalence of the simplistic sociological analysis of imprisonment and recidivism, which ignores general deterrence effects.
53 citations
TL;DR: In this article, the authors report that poverty alleviation is a particular developmental focus in Malaysian plans and that for this to be attained microenterprises are encouraged, and that the financing of micro-enterprises by means of pawnshop loans in small amounts and with low risk is a popular one among the marginal groups.
Abstract: Reports that poverty alleviation is a particular developmental focus in Malaysian plans. Reveals that for this to be attained microenterprises are encouraged, and that the financing of microenterprises by means of pawnshop loans in small amounts and with low risk is a popular one among the marginal groups. Examines the efficacy of this instrument of microenterprise financing.
51 citations
TL;DR: In this article, the authors argue that the accounting approach fails to measure either the service value or economic benefits of governmental heritage assets and that the information generated is inconsistent with the economic rationale and the valuation process may prejudice any assessment of the performance of entities responsible for these assets.
Abstract: Neo‐classical economic theory provides the framework for general purpose financial reports prepared by Australian government departments and their agencies. These reports, which include a statement of financial position (financial worth) and an operating statement (an estimate of the return on the investment), have an economic rationale: the information is intended to guide the allocation of scarce government resources. All government assets, including those held for their cultural, historical or environmental values (heritage assets) are to be valued utilizing the neo‐classical theory of value. Argues that the accounting exercise is flawed. Measurement of value‐in‐use or value‐in‐exchange of heritage assets is inherently subjective, ignoring institutional conditions and non‐use values. The accounting approach fails to measure either the service value or economic benefits of governmental heritage assets. Consequently, the information generated is inconsistent with the economic rationale and the valuation process may prejudice any assessment of the performance of entities responsible for these assets. There is a strong case for either widening the concept of value to include non‐use values or abandoning the measurement of heritage assets.
TL;DR: In this paper, the authors define six different levels of analysis with reference to a meta-analytical approach in general, and identify the most important and characteristic methodological problems for each of these.
Abstract: The primary aim of meta‐analysis is to carry out a synthesis of results obtained by different single studies on common problems. It is, therefore, characterized by a high level of transversality, both horizontally (identification, selection and analysis of the case studies under consideration) and vertically (identification and description of the problem to be studied, definition of the objectives of the study, and operative use of the results obtained). This instrument of analysis, while undoubtedly of great interest and potential, is, however characterized by a considerable methodological complexity, especially when the studies carried out are in the field of the non‐experimental social sciences, and in particular of environmental sciences. Defines six different levels of analysis with reference to a meta‐analytical approach in general, and identifies the most important and characteristic methodological problems for each of these. Also offers a more plausible and appealing way of tackling these problems with particular reference to the field of environmental economics.
TL;DR: In the Indian context, developmental planning and urbanization did not have a specific focus on the role of women in economic change as mentioned in this paper, which led to very uneven results for different categories of women.
Abstract: Argues that legal and constitutional rights in themselves do not change social attitudes. In the longer term these attitudes are conditioned by economic pressures, which would ultimately lead to improvement in the status of women. In the Indian context, developmental planning and urbanization did not have a specific focus on the role of women in economic change. As a result, development and urbanization led to very uneven results for different categories of women in India. While the poor women in rural India were left behind, the middle class educated women were able to improve their economic and social status as a result of urbanization and development. Again, Muslim women were unable to make as much social progress as did the Christian and Hindu women.
TL;DR: The authors explored the nature and Confucian roots of selected conflicts identified by Chinese and Westerners when working together in China-based business joint ventures, highlighting that passive and polite Chinese communication practices are in direct contrast to the Western tendency to be direct and articulate with co-workers regarding business issues.
Abstract: Explores the nature and Confucian roots of selected conflicts identified by Chinese and Westerners when working together in China‐based business joint ventures. Highlights, in particular, that the passive and polite Chinese communication practices are in direct contrast to the Western tendency to be direct and articulate with co‐workers regarding business issues; the proactive, risk‐taking behaviour of the foreigners to identify and resolve problems early enters into conflict with the Chinese preference to maintain harmony and peace by avoiding initiative taking; and Chinese respect for authority and seniority conflicts with the Western preference for competency‐based business practices. Also assesses the different approaches to the treatment of information. Advocates that both Chinese and Westerners should work to understand one another’s behaviour from the other’s point of view, suggesting that a better understanding of the roots of these differences in behaviour can help to reduce avoidable conflicts in the operation of joint ventures.
TL;DR: The authors reviewed the recent developments around three themes: the nature of science and technology as distinctive bodies of knowledge arising in different institutional contexts; the market failure approach and its development into an evolutionary rationale for science-and technology policy; and the UK Technology Foresight Programme as a specific example of the shift in the focus of Science and technology policy.
Abstract: In the past 15 years there have been major changes in the conduct of science and technology policy in advanced industrial countries. Recognizing that this is an area where Clem Tisdell has made notable contributions, reviews the recent developments around three themes: the nature of science and technology as distinctive bodies of knowledge arising in different institutional contexts; the market failure approach and its development into an evolutionary rationale for science and technology policy; and the UK Technology Foresight Programme as a specific example of the shift in the focus of science and technology policy.
TL;DR: Wang et al. as discussed by the authors assessed the significance of China's urban floating population and its socio-economic consequences and suggested remedial measures to control its flow and found that the floating population has increased rural-urban labour mobility and helped to eliminate the dualistic nature of Chinese society.
Abstract: The rate of urbanization and its implications in post‐Mao China have been underestimated in most recent studies on China’s urbanization as they have excluded the rising urban floating population. Making use of recently available floating population survey data assesses the significance of China’s urban floating population and its socio‐economic consequences and suggests remedial measures to control its flow. Finds that the floating population caused China to experience one of the highest urban population growths among the developing countries. The floating population has increased rural‐urban labour mobility and helped to eliminate the dualistic nature of Chinese society. But it has also caused oveer‐urbanization and environmental pollution and created certain social problems. To control the flow of the urban floating population, argues that the government should increasingly rely on indirect market‐based control mechanisms.
TL;DR: In this paper, the authors proposed a participatory finance scheme as an alternative to the interest-based lending scheme and highlighted the theoretical framework of the scheme and examined its practical performance, concluding that if the details of such a scheme are properly disseminated, then it is likely that its efficiency and equity features will attract the commercial banks worldwide.
Abstract: Reviews the progress of the institutions relating to financing of the microenterprises. Proposes a participatory financing scheme as an alternative to the interest‐based lending scheme. Highlights the theoretical framework of the scheme and examines its practical performance. Opines that if the details of the scheme are properly disseminated, then it is likely that its efficiency and equity features will attract the commercial banks worldwide.
TL;DR: This paper argued that Ghazzali's ideas of good government, Dawlat, based on social justice, ad-l, penned 1,000 years ago, are still refreshing and relevant today, for, as humanity approaches a new millennium and globalization is slowly integrating peoples and cultures of the world, demands for global equity and good governance are at the top of the international reform agenda.
Abstract: States that Abu Hamid Muhammad Al‐Ghazzali (ad1058‐1111) is generally regarded as the Islamic equivalent of Kant. Reveals that he was a prolific and influential scholar, and that a central objective of Ghazzali in all his writings was the unity of knowledge, rooted in the Oneness of God, and reason (i.e. intellect plus free will) as the path for all moral concepts ultimately leading to the belief in God. Argues that Ghazzali’s ideas of good government, Dawlat, based on social justice, ad’l, penned 1,000 years ago, are still refreshing and relevant today. For, as humanity approaches a new millennium and globalization is slowly integrating peoples and cultures of the world, demands for global equity and good governance are at the top of the international reform agenda. Concludes that, in this context, Ghazzali’s ideas are especially relevant for a critical analysis of a discipline, i.e. economic development, which has for too long been Eurocentric.
TL;DR: Although medical services are inelastic with respect to user charges, cost sharing led to a significant reduction in out‐patient attendance: demand for out‐ patient care declined by about 40% and patients are more sensitive to fees for diagnostic services than they are to registration fees.
Abstract: In December 1989, the Government of Kenya implemented cost sharing reforms in a substantial portion of public health facilities. In September 1990 the Government suspended registration fees for out‐patient treatments, but reintroduced them in April 1992 after a lapse of a 20‐month period. Assesses the effects of these policy changes on demand for out‐patient services using a small data set from a rural district in central Kenya. Finds that, although medical services are inelastic with respect to user charges, cost sharing led to a significant reduction in out‐patient attendance: demand for out‐patient care declined by about 40 per cent. Consistent with this finding, suspension of registration fees in 1990 is associated with a 30 per cent increase in attendance. This increase occurred despite the retention of fees for diagnostic services. By March 1991, seven months after the suspension of fees, service demand had recovered remarkably and was only about 20 per cent below its original level. Further, finds that patients are more sensitive to fees for diagnostic services than they are to registration fees.
TL;DR: In this article, the authors present a rule-of-thumb interpretation of sustainability criteria, and propose a utilitarian approach, discussing its implications for uncertainty, discounting and social welfare.
Abstract: Reviews the discount rate controversy, and examines sustainability theory and optimal growth theory, tracing the rise in prominence of the former and the decline of the latter. Presents the rule‐of‐thumb interpretation of sustainability criteria, and proposes a utilitarian approach, discussing its implications for uncertainty, discounting and social welfare.
TL;DR: In this paper, the authors explore the question of whether initiating an anti-dumping action constitutes unethical conduct and conclude that it is generally accepted that stealing and destroying the property of others are wrong and that hiring someone to do the stealing or destruction for you is also wrong.
Abstract: Explores the question of whether initiating an anti‐dumping action constitutes unethical conduct. Suggests that it is generally accepted that stealing and destroying the property of others are wrong, and that hiring someone to do the stealing or destruction for you is also wrong. Concludes that initiating an anti‐dumping action constitutes unethical conduct, since anti‐dumping actions involve theft and the destruction of property, not to mention the violation of contract and property rights and the freedom of association.
TL;DR: The Mondragon Co-operative complex as discussed by the authors is the world's most famous worker co-operative and is considered to be one of the most successful worker cooperatives in the world.
Abstract: Remarks that Immanuel Kant’s categorical imperative, admonishing us not to treat others as mere means, can be seen to pave the way for an ethics of worker ownership, where the staff decides and assumes the role of residual claimant. Could large corporations convert worker ownership and still prosper and grow? It is in trying to answer this type of question that scholars all over the world have been interested in the development of what is generally regarded as the world’s most famous and most successful worker co‐operative: the Mondragon Co‐operative Complex. After reviewing some of the major reorganizations at Mondragon, summarizes the co‐operative’s economic performance up to 1995. Assesses the prospects of maintaining economic democracy while competing with large transnational corporations which have access to low‐cost labour in the Third World.
TL;DR: In this article, the authors studied the theory of vertical integration and examined the benefits both to the firm and to society, and presented a parity pricing formula which proves that parity pricing is necessary for economic efficiency.
Abstract: Studies the theory of vertical integration, and examines the benefits both to the firm and to society. Looks at the reasons which might precipitate an increase in integration: technical economies of scope; economics of internal production resulting from market failure; and pursuit of aggrandizement or monopoly power. Presents a parity pricing formula which proves that parity pricing is necessary for economic efficiency. Concludes that no firm can be described as totally unintegrated; rather it is a matter of optimal degree.
TL;DR: In this paper, the authors argue that due to dynamic changes, governance and institutions sometimes have to change if local communities are to survive, and that co-evolution often is so difficult or so slow that the sustainability of communities is endangered.
Abstract: Globalization has been accompanied by disintegration of local communities and loss of sense of community. These changes have entailed considerable socio‐economic cost. Kant’s moral imperative raises questions about communal values. Points out that due to dynamic changes, governance and institutions sometimes have to change if local communities are to survive. Unfortunately, co‐evolution often is so difficult or so slow that the sustainability of communities is endangered. Gives examples. There is significant conflict between Kantian social philosophy and that of the Libertarians and the Utilitarians. Explores aspects of this conflict.
TL;DR: In this paper, the authors present four models of northern Canadian aboriginal (Indian, Inuit and Metis) communities: the dual economy model, the political economy model and the mixed economy model.
Abstract: Reveals that in recent years, four models of northern Canadian aboriginal (Indian, Inuit and Metis) communities have been persuasive guides to shaping development strategies. Here they are called the dual economy model, the political economy model, the mixed economy model, and the cultural model. States that each model provides a useful, but partial description and analysis of how northern communities work and that in contrast, aboriginal leaders have advocated a comprehensive approach to development, or simultaneous political, economic and cultural development. Posits that because each dominant model is partial, initiatives launched from any one perspective are likely to satisfy only a part of local development goals. Concludes that model builders should find new ways to integrate the strengths of their respective concepts and create flexible tools needed for comprehensive development.
TL;DR: In this paper, the authors look briefly at where China has done better than the Russian Federation in the process of transition from a centrally planned to a market economy, and examine various possible reasons for the different degree of success, drawn from such disciplines as economics, political science, international relations and history.
Abstract: Looks briefly at where China has done better than the Russian Federation in the process of transition from a centrally planned to a market economy. Examines various possible reasons for the different degree of success, drawn from such disciplines as economics, political science, international relations and history, as well the administration and processes adopted, and the cultures involved. Finally, considers a cross‐discipline explanation. Concludes that it is neither possible nor desirable to seek a single explanation for such a complex question. Draws some tentative conclusions about what we can learn from the experiences of both.
TL;DR: In this article, the authors investigate the level of affluence and consumption patterns of China's new rich, and the main issues dealt with include the assessment of China’s per capita income; the spending patterns and sources of income of the new rich; consumption pattern of Chinese rural and urban households; and international comparisons of household consumption patterns.
Abstract: Economic reforms and the subsequent growth in income have brought great changes in the distribution of wealth and consumers’ behaviour in China. In particular, the emergence of the “new rich” has important social and economic implications for China as well as the rest of the world. Examines the level of wealth and spending patterns in Chinese households, and more particularly aims to investigate the level of affluence and consumption patterns of China’s new rich. The main issues dealt with include the assessment of China’s per capita income; the spending patterns and sources of income of the new rich; consumption patterns of Chinese rural and urban households; and international comparisons of household consumption patterns.
TL;DR: In this paper, the authors examine the major forms of protectionism, including tariffs, quotas, anti-dumping laws, and the deliberate manipulation of exchange rates, and conclude that protectionism necessarily violates someone's rights to property, contract or association unless it is done on a voluntary basis.
Abstract: Explores the question of whether protectionist policies must always violate someone’s rights, or whether it is possible to have a protectionist policy that does not violate rights. Discusses the weaknesses of a utilitarian approach to trade theory, then goes on to examine the major forms of protectionism, including tariffs, quotas, anti‐dumping laws, and the deliberate manipulation of exchange rates. Discusses rights and makes a distinction between positive and negative rights. Applies rights theory to trade policy and concludes that protectionism necessarily violates someone’s rights to property, contract or association ‐ unless it is done on a voluntary basis.
TL;DR: Outlines the natural features of Mizoram and addresses the need to protect and conserve the natural forests and wild life.
Abstract: Outlines the natural features of Mizoram ‐ climate, flora, fauna. Describes the cultivation systems employed and the problems generated ‐ erosion, burning, harm to indigenous plants and animals. Concludes by addressing the need to protect and conserve the natural forests and wild life.
TL;DR: The authors discusses the implications of two traditional philosophical notions (hermeneutic and dialectic) for contemporary theory and practice in the field of social and economic development, and shows how risking opinions through mutual inquiry can be a more fruitful form of cultural critique than the more confrontational rhetorical models of debate.
Abstract: Discusses the implications of two traditional philosophical notions ‐ hermeneutic and dialectic ‐ for contemporary theory and practice in the field of social and economic development. States that hermeneutic and dialectic are forms of inquiry and discourse dedicated to grasping cultural meaning from within, but also to finding resources criticism and reform within that understood universe of cultural meaning. Emphasizing H.‐G. Gadamer’s work on philosophical hermeneutics, shows how the appropriation of one’s own horizon of assumptions is essential to the task of listening to and interpreting unfamiliar cultural horizons. Emphasizing the Socratic, dialogical conception of dialectic, shows how risking opinions through mutual inquiry can be a more fruitful form of cultural critique than the more confrontational rhetorical models of debate. Concludes that these collaborative qualities of hermeneutic and dialectic are especially relevant to varieties of development theory that emphasize ethics, community development, and the need to involve all participants in the task of defining the aims of development.