Financialization and Vested Interests: Self-Regulation vs. Financial Stability as a Public Good

Ülgen, Faruk

doi:10.1080/00213624.2017.1320512

Cited by 11 publications

(4 citation statements)

References 10 publications

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“…Alford’s theory has been criticised for not defining which interests are specifically “repressed” by the monopolisers (North and Peckham 2001 ; Checkland et al 2009 ). Nonetheless, the approach is useful and continues to be applied across finance, and to COVID-19, relative to conflicting interests (Ülgen 2017 ; Briggs 2021 ). We have acknowledged conflicting interests residing in the digital society, binding us to the “normative or ethical domain .…”

Section: Vested Interestsmentioning

confidence: 99%

Towards an Equitable Digital Society: Artificial Intelligence (AI) and Corporate Digital Responsibility (CDR)

Elliott

Price²,

Shaw³

et al. 2021

Soc

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In the digital era, we witness the increasing use of artificial intelligence (AI) to solve problems, while improving productivity and efficiency. Yet, inevitably costs are involved with delegating power to algorithmically based systems, some of whose workings are opaque and unobservable and thus termed the “black box”. Central to understanding the “black box” is to acknowledge that the algorithm is not mendaciously undertaking this action; it is simply using the recombination afforded to scaled computable machine learning algorithms. But an algorithm with arbitrary precision can easily reconstruct those characteristics and make life-changing decisions, particularly in financial services (credit scoring, risk assessment, etc.), and it could be difficult to reconstruct, if this was done in a fair manner reflecting the values of society. If we permit AI to make life-changing decisions, what are the opportunity costs, data trade-offs, and implications for social, economic, technical, legal, and environmental systems? We find that over 160 ethical AI principles exist, advocating organisations to act responsibly to avoid causing digital societal harms. This maelstrom of guidance, none of which is compulsory, serves to confuse, as opposed to guide. We need to think carefully about how we implement these algorithms, the delegation of decisions and data usage, in the absence of human oversight and AI governance. The paper seeks to harmonise and align approaches, illustrating the opportunities and threats of AI, while raising awareness of Corporate Digital Responsibility (CDR) as a potential collaborative mechanism to demystify governance complexity and to establish an equitable digital society.

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Section: Vested Interestsmentioning

confidence: 99%

Towards an Equitable Digital Society: Artificial Intelligence (AI) and Corporate Digital Responsibility (CDR)

Elliott

Price²,

Shaw³

et al. 2021

Soc

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“…Veblen (2013) suggested such accumulation increased economic instability because, in a financialised economy, ‘vested interests’ come to increasingly rely on such strategies. Thus, as industry becomes dominated by financialised activities, market rules or regulations are geared towards vested interests who often seek out crisis and disequilibrium to threaten regulation as a ‘public good’ (Űlgen, 2017). As such, operational financialisation feeds into other financialisation forms.…”

Section: The Machine Process and Business Enterprise: Twin Features Of Financialisationmentioning

confidence: 99%

Standardisation, disequilibrium, and crisis: The division of labour and financialisation

Hanlon

Harney

2019

Human Relations

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How does financialisation interact with the wider division of labour? One could be excused for thinking the connection was tangential as most articles connect it to shareholder value strategies, growth of finance, changing nature of states and so on. In contrast, this article centralises the relationship. It argues that financialisation is not new and that it is a tendency within capitalism supported or hindered by social re-composition connected to the division of labour. The changing nature of this relationship facilitates regimes of accumulation that are more or indeed less financialised.

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“…The noted confusion in the self-identification of future high-qualified specialists completing graduate studies reflects an understanding of the danger of precarity of work in the minds of undergraduates, in this regard, even if the respondents look at the prospect of freelance with interest, they are not ready to take responsibility for the fullness of the work. Selfemployment is considered not as an attractive form of reducing the tax burden, but primarily as an unstable, unreliable and unsustainable form of employment that does not guarantee satisfaction of needs and return on investment [11].…”

Section: 5%mentioning

confidence: 99%

Forms of employment of highly qualified industry professionals: the impact of labor precarity on intellectual capital

Pokrovskaia

Burova

Konoplyannik

2019

2019: Proceedings of 2019 XVIII Russian Scientific and Practical Conference on Planning and Teaching Engineering Staff for the

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The development of the labor market and increased mobility of human resources allowed companies to move to a wider application of flexible management methods. The proliferation of new forms of employment has led to both positive results related to the expansion of opportunities for individual self-realization and the growth of independence and responsibility for personal, professional and socio-institutional growth, as well as to the negative consequences, especially precarization. Unsustainable employment, instability of income and of the sphere of activity, precariousness of employment as a form of structuring time and as a source of satisfying needs reflect the negative aspects of precarization, which today directly affect the sphere of education. Investing in human capital, primarily in the formation of an individual, is based on the longterm reasoning, and the unpredictability of return on investment (ROI) casts doubt on the formation of highly qualified personnel, especially in the field of changing high-tech industries with rapid innovative growth. The spread of partial employment, freelance, projects' work, the implementation of point orders under onetime contracts in the field of highly qualified industrial personnel increases the risk of loss of interest of the country's population in the formation of skills and knowledge, especially in engineering and technical fields with high requirements for cognitive practices, which is threat to the growth of intellectual capital of industrial enterprises, the region and the country as a whole.

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Financialization and Vested Interests: Self-Regulation vs. Financial Stability as a Public Good

Cited by 11 publications

References 10 publications

Towards an Equitable Digital Society: Artificial Intelligence (AI) and Corporate Digital Responsibility (CDR)

Towards an Equitable Digital Society: Artificial Intelligence (AI) and Corporate Digital Responsibility (CDR)

Standardisation, disequilibrium, and crisis: The division of labour and financialisation

Forms of employment of highly qualified industry professionals: the impact of labor precarity on intellectual capital

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