Economic inequality and trust from a Smithian perspective

Globally, and specifically in South Africa, income and wealth inequality are on the increase. This has negative consequences for socio-political stability and sustainable economic growth. These negative consequences are in many cases directly linked to the breakdown of trust in financial institutions and society in general. However, the breakdown is encompassing and also includes interpersonal relations, trust in institutions and systems, and general perceptions of the unfair distribution of wealth. Trust is one of the pillars of economics and social stability in the work of Adam Smith. Although the economics of Smith’s time (18th century) were far less complex and technologically not as advanced as contemporary economics and markets, his work is the foundation of contemporary economics and it remains important because it provides a value- driven and empirical perspective on economics. This value-driven and empirical perspective delves into the cognitive aspects of our being and instincts that are crucial to build trust. The purpose of this article is to revisit the notion of trust in the work of Smith to provide an analysis of trust and possible alternatives for sustainable economics and the flourishing of society. Generally, Smith views trust as multidimensional, with two dimensions of trust that can be distinguished, namely relational and structural trust. I will argue that multidimensional trust is important for the functioning of society and for economic justice

Labour and capitalism from the perspective of Giorgio Agamben’s inoperativity

In this article, Ramond Geuss’s theory of work is presented as a productionist model, which, as Honneth critiques, reduces labour to wage and product, thereby reducing the person, through capitalist logic, to an instrument who is disconnected from being and activity. In response, some scholars have drawn on Jean-Luc Nancy’s concept of inoperativity (désœuvrement) and being-with (être-avec), which challenges the means-to-an-end logic of capitalism by insisting that community is defined by productivity and the completion of a task. Work does not represent the community or person; therefore, the inoperative community unworks teleological modes of being. However, Nancy’s view, while ontologically rich and opening a space for community beyond a task-oriented mode, requires a more explicit biopolitical perspective. Giorgio Agamben offers such a more radical and politically potent concept of inoperativity (inoperosità). For Agamben, all work (as ergon or opera) is bound to a dualistic teleological structure – activity and inactivity for the sake of an end. Inoperativity suspends this structure, not to negate work or non-work, but to render the duality inoperative, opening it to new uses and freeing human activity from the constraints of market-driven productivity by imploding the ontology and history of control and resistance. This is not a withdrawal from work, but a transformation of its meaning in which life and labour become forms of life, being, and activity that subvert economic utility. From this perspective, inoperativity is transformative because its resistance is not framed in terms of debt or guilt, but as a potentiality that opens the possibility for happiness and freedom beyond obligation. Agamben’s broader critique of biopolitics situates inoperativity as both ontological and political, moving beyond Nancy’s being-with beyond function to a form of life that resists through potentiality, not through productivity

Sphere sovereignty and irreducibility: The ambiguous use of Abraham Kuyper’s ideas during the time of apartheid in South Africa.

AbstractThe purpose of this article is to highlight the notion that the concept of sphere sovereignty as postulated by Abraham Kuyper was used in an ambiguous if not invidious manner in the history of South Africa, specifically during the time of apartheid. On the one hand, it is associated with the justification of apartheid, which is particularly evident in the document Human relations and the South African scene in the light of Scripture (1976). On the other hand, it is also associated with Black Liberation Theology, specifically by Alan Boesak, who resisted apartheid.  The problem is that both these perspectives reduce the complexity of reality to race.  According to Kuyper sphere sovereignty meant that no aspect of reality could be an absolute point of departure to structure the whole and each aspect is sovereign in its own domain.  Thus, race or any other aspect cannot be the norm to structure reality. The unity and the structure of creation are located in God as creator of all reality.  It is precisely this irreducible perspective of Kuyper that can be beneficial for post-apartheid South Africa because it views reality as a complex connectivity.OpsommingSfeersoewereiniteit en onreduseerbaarheid: Die dubbelsinnige gebruik van Abraham Kuyper se idees gedurende die tyd van apartheid in Suid-AfrikaDie doel van hierdie artikel is om aan te dui dat die konsep sfeersoewereiniteit soos gepostuleer deur Abraham Kuyper op ‘n dubbelsinnige manier gebruik is in die geskiedenis van Suid-Afrika, spesifiek gedurende die tyd van apartheid.  Aan die een kant, word dit geassosieer met die regverdiging van apartheid, wat spesifiek uitkomin die dokument Ras, volk en nasie en volkereverhoudinge in die lig van die Skrif (1976).  Aan die ander kant word dit geassosieer met Swart Bevrydingsteologie, spesifiek dié van Alan Boesak, wat weerstand teen apartheid gebied het.  Die probleem is dat albei hierdie perspektiewe die kompleksiteit van die werklikheid reduseer tot ras.  Volgens Kuyper verwys sfeersoewereiniteit daarna dat geen aspek van die realiteit ‘n absolute verwysingspunt kan wees vir die strukturering van die geheel nie en elke aspek is soewerein binne sy eie gebied.  Daarom kan nie ras of enige ander aspek ‘n norm wees om die realiteit te struktureer nie.  Die eenheid en struktuur van die realiteit is gesetel in God as skepper van alle dinge.  Dit is juis hierdie anti-reduksionistiese perspektief van Kuyper wat voordele mag bied vir post-apartheid Suid-Afrika.https://doi.org/10.19108/KOERS.80.1.220

Unemployment and the gift in the South African context: Towards an economics of recognition and humility

Unemployment is a serious problem in South Africa that is probably being exacerbated by the destabilising tension between neo-liberal and Marxist perspectives (and in some cases neo-Marxist perspectives) that is being used to address this situation. This tension is based on reductions that may arise from the embedded ontologies that inform these economic philosophies and limit dialogue because of the binary nature of these ontological reductions.  The purpose of this study is to enquire whether deconstruction and specifically Jacques Derrida’s view of the gift can provide an alternative for the destructive tension between neo-liberal and Marxist perspectives. In this regard it will be argued that the impossibility of the gift, according to Derrida, provides the basis for hospitable narcissism - an economics of recognition and humility. https://doi.org/10.19108/KOERS.82.1.232

“The poor man’s son” and Adam Smith’s theory of beauty

The article\u27s novelty is its focus on the role of Smith’s theory of beauty and its implications for utility in the narrative of ‘The Poor Man’s Son’.  From this point of view, the narrative contains Smith’s criticism of the misguided view of the beauty of utility and affirmation of harmonious systems. Adam Smith’s narrative of ‘The Poor Man’s Son’ in his book The Theory of Moral Sentiments [1759] has received significant attention from scholars. Recently, three modes of interpretation can be distinguished. The first group follows a mode of interpretation from the world of the text, which is literal and regards the narrative as Smith’s support of beneficence. The narrative is perceived as Smith’s criticism of commerce and consumerism in pursuing happiness. Secondly, reading from the world behind the text, others pay more attention to historical and material aspects and argue that the narrative warns against misplaced ambition and affirms the virtue of commerce. Thirdly, when reading from the world in front of the text, the reception of the text is focal, and the emphasis shifts to the tension between beneficence and commercial prowess in Smith\u27s work. The problem with all three interpretations is that the nature of beauty, utility and commerce is not explored. In this article, a discourse analysis of the narrative in its wider context reveals an alternative interpretation based on Smith’s theory of beauty that has important implications for contemporary digital technology and systems.   https://doi.org/10.19108/KOERS.90.1.259

The Marikana Massacre, labour and capitalism: Towards a Ricoeurian alternative

The purpose of this article is to critically discuss the tragedy that occurred between 11 and 16 August 2012 at the Lonmin Mine in Marikana, South Africa. Although the events leading up to the Marikana massacre were complex and not one single factor was responsible for the tragedy we will focus on the philosophical and anthropological aspect that may have influenced the breakdown of engagement between the management of Lonmin and workers. It will be argued that this breakdown may have been the result of reductionist anthropological trends that arise in capitalism. These trends selectively utilize modern economic principles to advance the profit motive of business and dehumanises workers. This dehumanisation is clear in the view of workers by the Lonmin management and breakdown of communication. In order to provide an alternative anthropology the philosophy of Paul Ricoeur with special reference to his work Fallible man (1986) is explored and applied as an alternative anthropology for the reductionist trends related to labour that sporadically arise in capitalism. This offers a balanced view that incorporates the aim of responsible business to make profit with that of a sustainable labour market.Keywords: Marikana massacre, economic philosophy, anthropology, Paul Ricoeur, respecthttps://doi.org/10.19108/KOERS.81.3.226

Reframing the Tower of Babel narrative for economic justice within the South African context

The Tower of Babel narrative is profoundly connected to the history of South Africa and its interpretation in the Dutch Reformed Church document entitled Human Relations and the South African Scene in the Light of Scripture (1976), which was used to justify apartheid. In this article, it is argued that this understanding of the narrative is due to racist framing that morally justified the larger apartheid narrative. The Tower of Babel narrative was later reframed for liberation and reconciliation by Desmond Tutu. However, apartheid had an impact not only on the sociopolitical dynamics of South Africa. Submissions to the Truth and Reconciliation Commission by business and labour highlight the impact of apartheid on the economy and specifically black labour. These revelations are responsible for new questions regarding the economics of the narrative that arise and may enrich the understanding of the Tower of Babel narrative. This focus on the economic aspect of the narrative is also supported by historical research on the Tower of Babel narrative that reveals that the dispersion of the people on the plain of Shinar may refer to the demise of the Sumerian empire, which was among other influences brought about by a labour revolt. In this regard, the narrative is a theological reflection on the demise of an unjust economic system that exploited workers. The purpose of this article is to critically explore this economic justice aspect embedded in the narrative in order to determine whether this reframing of the narrative is plausible. This is particularly important within the post-apartheid context and the increase of economic problems such as unemployment, poverty and economic inequality

Self-interest, wealth and the Book of Proverbs in the South African context: Towards a Smithian alternative

The purpose of this article is to explore new research on Adam Smith (1723–1790), the author of the classic economic text An Inquiry into the Nature and Causes of the Wealth of Nations (1776) and his often-disregarded earlier work The Theory of Moral Sentiments (1759). This is accomplished to provide an alternative perspective on the hermeneutics of wealth in the Book of Proverbs, which is often reduced by Marxist approaches as a mechanism to secure the privilege of the scribal classes of Israel. In order to do this, the following terms generally associated with wealth will be studied: הוֹן (hôn), כֹּחַ (kôach), חַיִל (chayil), עָשַׁר (‛âshar), עָשִׁיר (‛âshîyr) and עֹשֶׁר (‛ôsher). This analysis aims to determine whether the assumption of Marxist approaches to biblical interpretation is correct to suggest that wealth is mainly the result of the market dynamics that are exploited by the capitalist classes at the expense of workers. It will be argued that there are similarities between wealth and self-interest as proposed by Smith and the Book of Proverbs. This perspective incorporates self-interest and wealth in a socio-ethical system in which justice is paramount for social harmony, hereby providing a positive dialogue partner with Marxism and other economic theories to address socio-economic problems in South Africa

Old Testament hospitality as reciprocity, Adam Smith and business ethics

This article aims to underscore the progression of Old Testament hospitality as reciprocity for moral guidance and, specifically, business ethics in contemporary society. The study follows a comparative analysis of Old Testament hospitality and reciprocity in the work of Adam Smith that emphasises the role of mutual relations and voluntary exchange. It will be argued that reciprocity associated with hospitality in the Old Testament is an important principle that further developed in classic economics and provides ethical principles for contemporary large-scale, multi-cultural and multi-faith societies, although different from the small-scale societies of the Old Testament world. The interface of mutual relations and voluntary exchange in Old Testament hospitality and reciprocity in Smith unveils important ethical principles for contemporary business ethics regarding responsibility and accountability. Contribution: The comparative analysis of Old Testament hospitality and reciprocity in Adam Smith’s work provides ethical principles based on mutual relations and voluntary exchange for contemporary, multi-cultural and multi-faith society, specifically in business ethics

Quantum Dot Targeting with Lipoic Acid Ligase and HaloTag for Single-Molecule Imaging on Living Cells

We present a methodology for targeting quantum dots to specific proteins on living cells in two steps. In the first step, Escherichia coli lipoic acid ligase (LplA) site-specifically attaches 10-bromodecanoic acid onto a 13 amino acid recognition sequence that is genetically fused to a protein of interest. In the second step, quantum dots derivatized with HaloTag, a modified haloalkane dehalogenase, react with the ligated bromodecanoic acid to form a covalent adduct. We found this targeting method to be specific, fast, and fully orthogonal to a previously reported and analogous quantum dot targeting method using E. coli biotin ligase and streptavidin. We used these two methods in combination for two-color quantum dot visualization of different proteins expressed on the same cell or on neighboring cells. Both methods were also used to track single molecules of neurexin, a synaptic adhesion protein, to measure its lateral diffusion in the presence of neuroligin, its trans-synaptic adhesion partner.National Institutes of Health (U.S.) (R01 GM072670)Camille & Henry Dreyfus FoundationMassachusetts Institute of Technology. Computational and Systems Biology Program. MIT-Merck Postdoctoral Fellowshi