Bringing Bourdieu to policy sociology : codification, misrecognition and exchange value in the UK context

The task of social scientists is to find ways of investigating and understanding the social, political and economic world, in order to offer insights into everyday and public life in the past, present and future. Bourdieu’s tool kit offers a particular way of theorizing the rules, narratives and self-held truths of social phenomena and of educational policy as a specific object of analysis. In this article I develop a series of propositions about the ways in which field theory might be applied to explain the abrupt public policy shift effected by the Thatcher government and the adjustments made to it by the Blair government. I suggest that a Bourdieuian approach shows policy working as a means of codification, as a doxa of misrecognition and as currency exchange within and across fields. I conclude with some thoughts about the difficulties of explicating interactions between fields.

The Pharmaceutical Industry and Access to Medicines in India

Pharmaceutical policy in India as elsewhere is shaped by conflicting economic and social interests and opposing values and priorities. Tensions can be understood as revolving around the contradiction between use value and exchange value in the production of medicinal drugs as commodities, as per Marx’s original analysis. The use value of medicines – if safe and efficacious, of good quality, and prescribed and consumed appropriately – is the prevention, cure or alleviation of ill-health and disease. Health policy is – or should be – aimed at optimising the use value of medicines. For this purpose government agencies administer regulatory oversight of the manufacturing, marketing and distribution of medicines. Drugs made available to patients are expected to meet adequate safety, quality and efficacy standards, but regulation to ensure such standards is subject to controversy in most countries. This is a domain where definition and interpretation of scientific-technological principles and criteria is infused by partiality and bias grounded in social and material interests, as evidenced by recurrent debates about industry ‘capture’ of regulatory agencies, including the world’s most regulator, the US Food and Drug Administration (Angell 2005; Law 2006). In India, a Parliamentary Committee Report in 2012 depicted the Central Drugs Standard Control Organisation (CDSCO) as dysfunctional and influenced inappropriately by the exchange value perspective of manufacturers (Parliamentary Standing Committee on Health and Welfare 2012). The clash between use and exchange value perspectives is starkly illustrated by cases of products known to cause more harm than good, particularly common in poorly regulated markets such as India’s, as shown by Srinivasan & Phadke.

The new wilderness: A practice-led model for arts based enquiry

The New Wilderness is a practice-led, multidisciplinary arts project first piloted by artists, writers, teachers and academics from Geelong, Deakin University and Courthouse ARTS Centre in 2013. In a series of workshops run by artists, and working to specific themes, the project provided a platform for participants to explore and respond creatively to change in the community; it culminated in a large-scale installation at Courthouse ARTS Centre’s main gallery. Our paper positions the project as a able to cut across convention, empowering young artists to respond to ‘big questions’ of relevance to the changing material, spatial and social relations within their communities. In questioning and seeking to transform communities into sustainable media, economic, environmental and social ecologies, this emergent model begins with a localised focus, which is designed to travel across time and place, and pedagogical frameworks. The paper positions Geelong as a community under radical transformation in its economic foundations and demographics. As artists and academics living and working in the region we see it as an experimental ground for investigations into a series of provocations that mirror the shape of the paper we intend to give. The provocations, as outlined in the workshops, might also be envisaged as new relations to:Object – From consumable to unusable to play. In revisiting the first iteration of The New wilderness in 2013 we discuss the ‘superfictional’ (Hill, 2000) enquiry that participants were asked to engage with. Its premise described Geelong as an abandoned, post-apocalyptic site. Participants were asked to imagine themselves as a group of future explorers and excavate objects from the city’s old tip. In unearthing their choices and re-presenting the objects in the gallery the participant was prompted to analyse site, situation, object and process as phenomena for ‘being’ or ‘telling stories’, providing insights into wider realms of cultural experience (Ellis, Adams and Bochner, 2010). Parallel to this ‘autoethnographic’ reflection our paper uses the philosopher Giorgio Agamben’s analysis of consumer and material culture. He traces the subject’s relation to objects from use-value, to exchange-value and in the era of extreme capitalism, to pure exhibition-value. He searches for ways that the objects produced in our material culture can be ‘profaned’ (Agamben, 2007). Space – From the material to the spatial to the situation. We are interested in how objects and the practices they elicit can be ‘profaned’ by their situation (Agamben, 2007; Wark, 2103). To profane, according to Agamben, is to open up the possibility that the object loses its exhibition-value to ‘a special form of negligence’ (Agamben). He uses the example of the child’s ability to insinuate any object into a new logic of play (Agamben). Like the objects excavated for The New Wilderness they could be from a variety of spheres – business, household, industry, health etc… The child, like the artist, reconstitutes, reorders and assembles new relations between things. In reflecting on the first New Wilderness project the paper correlates the creative response of the participant (student, child, artist) with the occupier. The Occupy Movement, which took up residence in many of the world’s cities’ financial districts in 2011, used a number of strategies commensurate with both Agamben’s notion of profanation and McKenzie Wark’s reading of the Situationist International’s use of détournement - as a strategy that releases objects and subjects back into the field of play (Wark, 2013). The field was taken by the occupy movement to be the space in which they occupied – capitalism, its logic and its practices, were, for a short time, redundant in the occupied field. The New Wilderness conceptualises the city as a localised field, from which its discarded objects can be ‘profaned’ or, repurposed, to reflect on shared histories, responsibilities, pedagogies and future action. Subject: self/other– As much as we propose New Wilderness to be a pedagogical initiative we see it as personal, critical and political. In the themed workshops, designed to elicit personal responses to the object and the site, which culminated in a multi-disciplinary installation, performance and/or text based work, participants were encouraged to think critically, and importantly, collectively. Through the four workshops run in the first iteration of the project participants were asked to re-consider their material value-systems, much as the occupy movement was trying to do, and like the occupiers, participants were empowered to be agents of change. Our paper reflects on the practical outcomes and the conceptual, political and pedagogical strategies embedded in The New Wilderness project. The paper affords us the additional opportunity to imagine a life for it in other geographical, socio-economic and educational situations. Merinda Kelly and Cameron Bishop, 2013Bio: Merinda Kelly is a sculptor and installation artist, educator and PhD student at Deakin University. Her research interests include Visual Culture, Practice Led Research, the Ontology of Art, and Autoethnography. Her most recent work includes the Pop Archaeology' and the Globo-Touro Projects.Bio: Dr Cameron Bishop is an artist and academic working in Visual Arts at Deakin University. He exhibits regularly and has written a number of journal articles and book chapters. His research has focused on the philosophical and postcolonial dimensions of space and subjectivity and more recently has evolved into an active interest in strategic interventions into space and practice.

Social intervention or market intervention? A problem for governments in promoting the value of the Arts

The research design for this paper is based on the critical need for greater emphasis by Australian arts organizations on relationship marketing as a means of achieving sustainability. Recent injections of government funds into the performing arts in Australia, to meet a "crisis" in financial viability and audience development, highlighted the dependence of arts organizations on government funds in building audiences. A hypothesis was developed through an analysis of the literature on relationship marketing, cultural economics and value measurement, and an analysis of the long-term outcomes of government strategies for the funding of arts marketing. The hypothesis is that while social intervention is acceptable (even desirable and necessary), and achieves the social goals of governments, market intervention reduces the benefits of relationship-building and the exchange of values between arts organizations and their audiences.

Analysis of government documents and primary research in audience development proved the hypothesis. Empirical research resulted in the development of a theory and model that describe the limits of market intervention and in the development of a definition of values in the continuum of government activity from social to market intervention. The model could be useful for governments in developing arts policy with regard to audiencebuilding. It could also be useful in demonstrating to arts managers that sustainability results not from government funding but rather from relationship-marketing strategies.

A theoretical application of exchange theory to online purchase decisions

Recent discussion within the marketing literature has accentuated the overlap and interrelationships between relationship marketing and e-commerce. However, as discussion is yet to focus on relationship marketing’s theoretical antecedent of exchange theory, this paper considers the evolution of e-commerce in terms of the exchange continuum. It is proposed that insight can be derived from the application of the concepts of extrinsic and intrinsic value (Houston and Gassenheimer, 1987) to online exchange. A theoretical model of extrinsic and intrinsic evaluation is developed, based on online consumers’ valuation of the object of exchange (i.e., the product). Possible empirical measures, to test the model, are suggested, derived from the relationship and services marketing literature.

Value analysis of just-in-time demolition approach

The recent deconstruction approach for demolition projects promotes reusing and recycling materials. However, the demolition project is interrupted and slowed down while the project team wait for the waste exchange process. Wasted materials generated from the demolition project have to be stored on demolition site or extra depository. Cost and time might be lost for the inventory of wasted materials and products. Just-in-Time (JIT) is a matured method widely used in manufacture industry as well as construction industry. It is utilised to reduce the inventory of both raw materials and final products. It is also used to shorten production cycle and improve the quality of the products. The JIT philosophy can be applied into demolition project so that the inventory of wasted materials can be eliminated and the project time can be shortened. To implement JIT demolition, the waste exchange process can be performed before the wasted materials are generated from the project. Material owners and demanders can virtually plan for waste handling before the demolition project is physically implemented. As a result, waste materials can be sent to demanders through transportation right after they are produced from the project. Applying JIT philosophy in demolition projects can effectively reduce the inventory of wasted materials and the amount of demolition waste to be sent to landfills. Therefore the cost and time of the project are reduced, and the quality of final delivered materials is improved.

The exchange rate disconnect puzzle: a resolution?

Early empirical studies of exchange rate determinants demonstrated that fundamentals-based monetary models were unable to outperform the benchmark random walk model in out-of-sample forecasts while later papers found evidence in favor of long-run exchange rate predictability. More recent theoretical works have adopted a microeconomic structure; a utility-based new open economy macroeconomic framework and a rational expectations present value model. Some recent empirical work argues that if the models are adjusted for parameter instability, it is a good predictor of nominal exchange rates while others use aggregate idiosyncratic volatility to generate good predictions. This latest research supports the idea that fundamental economic variables are likely to influence exchange rates especially in the long run and further that the emphasis should change to the economic value or utility based value to assess these macroeconomic models.

Integrating job stress and social exchange theories to predict employee wellbeing

This research examines the organizational characteristics that contribute to employee wellbeing in public sector agencies that have undergone substantial organizational change. Two studies were undertaken, the first involving 2,466 police officers working in a statebased law enforcement agency, whereas the second comprised 1,010 occupationally diverse employees working in a State Government authority. The research was guided by a theoretical framework that begins with a model underpinning many large-scale job stress investigations—the job strain model (JSM)—and is expanded to incorporate widely used social exchange variables (i.e., psychological contract breach and organizational fairness). The results of hierarchical regression analyses from both studies confirm the value of the JSM. There was also strong support for extending the JSM to include the breach and fairness variables; however, proposed interactions between job demands and organizational fairness failed to add to the explanatory value of the model. The implications of these results particularly for public sector organizations that have undergone extensive reforms consistent with New Public Management are discussed.

Integrating job stress and social exchange theories to predict employee strain in reformed public sector contexts

This research examines the organizational characteristics that contribute to employee wellbeing in public sector agencies that have undergone substantial organizational change. Two studies were undertaken, the first involving 2,466 police officers working in a state-based law enforcement agency, whereas the second comprised 1,010 occupationally diverse employees working in a State Government authority. The research was guided by a theoretical framework that begins with a model underpinning many large-scale job stress investigations—the job strain model (JSM)—and is expanded to incorporate widely used social exchange variables (i.e., psychological contract breach and organizational fairness). The results of hierarchical regression analyses from both studies confirm the value of the JSM. There was also strong support for extending the JSM to include the breach and fairness variables; however, proposed interactions between job demands and organizational fairness failed to add to the explanatory value of the model. The implications of these results particularly for public sector organizations that have undergone extensive reforms consistent with New Public Management are discussed.

Exchange as a determinant in corporate citizenship : exploratory action research into the social construction of corporate citizenship

This study attempts to achieve two things. Firstly it contextualizes corporate citizenship drawing on scholarly, government, media, legal and business discourses which when viewed as a whole, reveals the importance of exchange as a central determinant in how all the major themes or subfields of corporate citizenship function and subsequently become valued within public discourse. Secondly, it reports on exploratory action research where I as a researcher occupied a central role in understanding and contributing towards how organizational settings socially construct and evolve corporate citizenship in real time through various exchange behaviour, drawing from four years field research within BP and its interactions with the external world. This research contributes to new knowledge by building a rare contextual understanding into how cultural change evolves over time within an organization, from its public face, through policy, down into employee and stakeholder reactions, including identifying the crucial role played by Cultural bridges’ in shifting entrenched organizational culture towards embracing new, more sustainable ways of doing business, and additionally how practitioners can legitimately act as a researcher in facilitating this process by assisting an organization to move from simple, transactional relationships to more sustainable integrated social, financial and environmental exchange between business and its broader context. Importantly, this research develops entirely new theoretical models for understanding the social application and commercial value of corporate citizenship to both business and society.

The impact of ownership structure on corporate debt policy : two stage least square simultaneous model approach for post crisis period : evidence from Kuala Lumpur Stock Exchange

Ownership concentration as a governance mechanism has received considerable attention among academician, practitioners as well as policy makers because large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions, which include corporate debt policy. Earlier study on the agency model of the firm widely recognizes that the managerial ownership and external debt play an important role in mitigating agency conflicts and enhancing firm value. They also found that increase in the external monitors, for example the institutional investors, can actually play a useful role in limiting agency problems in the firm. This paper, using 100 Composite Index companies from Brusa Malaysia between 1998 to 2002 explores the impact of institutional holdings on managerial ownership and debt policy in an integrated framework by using a simultaneous equations estimation procedure (2SLS). The findings show that there is a significant impact of institutional ownership which serves effective control mechanism on managerial ownership and corporate debt policy as hypothesized. Findings of such evidence suggest that institutional holding thus have played an important role in managers' strategic management decision and reduce agency conflict. In addition, corporate debt policy too is governed by managerial ownership and exhibited a negative relation.

An agent-based approach to value theory and wealth distribution in economics

Any attempt to model an economy requires foundational assumptions about the relations between prices, values and the distribution of wealth. These assumptions exert a profound influence over the results of any model. Unfortunately, there are few areas in economics as vexed as the theory of value. I argue in this paper that the fundamental problem with past theories of value is that it is simply not possible to model the determination of value, the formation of prices and the distribution of income in a real economy with analytic mathematical models. All such attempts leave out crucial processes or make unrealistic assumptions which significantly affect the results. There have been two primary approaches to the theory of value. The first, associated with classical economists such as Ricardo and Marx were substance theories of value, which view value as a substance inherent in an object and which is conserved in exchange. For Marxists, the value of a commodity derives solely from the value of the labour power used to produce it - and therefore any profit is due to the exploitation of the workers. The labour theory of value has been discredited because of its assumption that labour was the only ‘factor’ that contributed to the creation of value, and because of its fundamentally circular argument. Neoclassical theorists argued that price was identical with value and was determined purely by the interaction of supply and demand. Value then, was completely subjective. Returns to labour (wages) and capital (profits) were determined solely by their marginal contribution to production, so that each factor received its just reward by definition. Problems with the neoclassical approach include assumptions concerning representative agents, perfect competition, perfect and costless information and contract enforcement, complete markets for credit and risk, aggregate production functions and infinite, smooth substitution between factors, distribution according to marginal products, firms always on the production possibility frontier and firms’ pricing decisions, ignoring money and credit, and perfectly rational agents with infinite computational capacity. Two critical areas include firstly, the underappreciated Sonnenschein-Mantel- Debreu results which showed that the foundational assumptions of the Walrasian general-equilibrium model imply arbitrary excess demand functions and therefore arbitrary equilibrium price sets. Secondly, in real economies, there is no equilibrium, only continuous change. Equilibrium is never reached because of constant changes in preferences and tastes; technological and organisational innovations; discoveries of new resources and new markets; inaccurate and evolving expectations of businesses, consumers, governments and speculators; changing demand for credit; the entry and exit of firms; the birth, learning, and death of citizens; changes in laws and government policies; imperfect information; generalized increasing returns to scale; random acts of impulse; weather and climate events; changes in disease patterns, and so on. The problem is not the use of mathematical modelling, but the kind of mathematical modelling used. Agent-based models (ABMs), objectoriented programming and greatly increased computer power however, are opening up a new frontier. Here a dynamic bargaining ABM is outlined as a basis for an alternative theory of value. A large but finite number of heterogeneous commodities and agents with differing degrees of market power are set in a spatial network. Returns to buyers and sellers are decided at each step in the value chain, and in each factor market, through the process of bargaining. Market power and its potential abuse against the poor and vulnerable are fundamental to how the bargaining dynamics play out. Ethics therefore lie at the very heart of economic analysis, the determination of prices and the distribution of wealth. The neoclassicals are right then that price is the enumeration of value at a particular time and place, but wrong to downplay the critical roles of bargaining, power and ethics in determining those same prices.

China's "South-South" trade with Southeast Asia: unequal exchange and combined and uneven development

China’s unprecedented emergence as an economic and political power has created a new geopolitical economy for semi-industrialised and developing economies in Southeast Asia. This paper examines China’s trade relationships with Thailand and Indonesia using the concepts of uneven and combined development (UCD) and unequal exchange. The mass of surplus value obtained through China’s trade with the developed economies has flowed into the considerable expansion in China’s imports from developing countries since 2000. China has maintained a consistent trade deficit with the latter. While the developing countries concerned have benefitted from this set of relationships, the extent to which they have done so has been determined by national strategies. In countries like Thailand – where manufacturing capital and a significant working class has emerged – exports expanded on the basis of mutually advantageous technologically and skills intensive goods. These are produced with a similar organic composition of capital as in China. The result has been a further consolidation of the hegemony of manufacturing capital. Indonesia, however, has a political system and economy long dominated by resource exploitation linked fractions of capital. The result has been a surge in primary goods exports. The current commodity price cycle has meant these goods exchange at prices above their value. The current looming price correction, however, may have negative repercussions. In the meantime, the concentration in raw materials exports is helping to prevent the emergence of a circuit of productive capital in manufacturing. The evidence from these contrasting cases suggests that the degree to which developing economies can benefit from China’s own historically unparalleled combined development remains highly contingent on the strength of the combined development possibilities and efforts within these other national social formations. Above all, there is the degree to which manufacturing sectors of capital can obtain hegemony.

Corporate governance and corporate finance practices in a Kuwait Stock Exchange market listed firm: a survey to confront theory with practice

Purpose– This paper aims to explore the issue of corporate governance mechanisms by including the importance of stakeholders, primary objectives of the firm and the ownership of top financial managers of listed firms in Kuwait in the survey tool. It attempts to investigate whether theory aligns with the behaviour of financial managers in practice in an emerging market case.Design/methodology/approach– A survey was developed to focus primarily on the current corporate finance practices implemented by CFOs in listed companies in Kuwait. The target respondents are listed firms in the Kuwaiti Stock Exchange (KSE). The survey includes questions on topics that are closely related to capital budgeting, capital structure, cost of capital and dividend policy. For example, the survey asks the managers how they estimate their cost of equity (CAPM or other methods) and whether the impact of the weighted average cost of equity is taken into consideration in their capital structure choices.Findings– A surprising number of firms are now widely using IRR for decision making. CAPM is also in use, whereas WACC remains the most popular method used. There is some support for the “bird‐in‐hand” dividend theory in the tax‐free environment. Firms in Kuwait do not have any particular source of capital structure choices when it comes to how best to finance their projects as is the case in the US market. Firms in Kuwait are consciously striving for maximizing profits and those managers are regarded as their most important stakeholders. This may indicate the existence of agency problems.Research limitations/implications– The limitation of this study lies in the absence of empirical investigation on how corporate finance decisions may affect firms' performance in Kuwait. Hence, empirical validation will be performed by the authors in the next stage of this research, which will form the basis for further research. Empirical validation for the impact of corporate governance on performance is needed.Practical implications– This research may benefit managers and decision makers in many aspects, including having an understanding of applying popular and the most suitable corporate finance and corporate governance techniques in the management of their companies. In this research, the authors have identified the gap between practice and academia.Originality/value– To the best of the authors' knowledge, this is the first study to examine comprehensively major areas of financial policies and practices and corporate governance in an emerging market case, especially in the Middle East. Kuwait provides a unique institutional setting in its taxation system. Therefore, this study will make a contribution to the general literature in this field.

What is the value of corporate sponsorship in sports?

This paper investigates the stock market reaction to investor mood swings resulting from the Indian Premier League (IPL) cricket matches. We find that stocks listed on the Bombay Stock Exchange (BSE) that sponsor the IPL cricket are unaffected by the cricket matches. This finding is robust along two lines: (a) the effect is insignificant both statistically and economically which we demonstrate using a simple trading strategy; and (b) results hold across a wide range of portfolios. Our results, both statistical and trading strategy-based, suggest that the portfolios of companies that sponsor cricket in India are efficient. Our findings stand in sharp contrast to the evidence obtained by the broader sports literature suggesting that sports actually impact stock returns, driven principally by psychological factors.