Mackey and his cohorts like Paul Polman, former CEO of Unilever; Howard Schultz, former CEO of Starbucks; and Sally Jewell, former CEO of REI, believe that capitalism creates value and "is ethical because it is based on voluntary exchange
, it is noble because it can elevate our existence, and it is heroic because it lifts people out of poverty and creates prosperity." And most importantly, "the larger the company, the greater its footprint and therefore its responsibility to the world."
Hallak recommended a "voluntary exchange
that stretches out the debt and simplifies it." Such an exchange, he said, would align Lebanon's debt structure with its economic prospects, "which are in the medium to long term."
Government intervenes in civil society only to protect its citizens against force and fraud; it does not intervene in cases of peaceable, voluntary exchange
. By contrast, in a democracy, the majority rules either directly or through its elected representatives.
Specifically, we seek to verify if the effect of audit firm rotation on the earnings quality is different when performed in a mandatory manner compared to voluntary exchange
My effort at a contribution to this area is to introduce the idea of "euvoluntary" or truly voluntary exchange
(see Michael Munger, "Euvoluntary or Not, Exchange Is Just," Social Philosophy and Policy 28 : 192-211).
They are the result of the combined efforts of 7.6 billion people to make life better for themselves and each other, through the voluntary exchange
of goods and services.
"The parties have agreed to seek to complete a business combination to be effected by Transocean (itself or through a wholly owned subsidiary) making a recommended public voluntary exchange
offer for the entire share capital of Songa Offshore."
Whereas freedom, voluntary exchange
, and the profit motive enable people to thrive--statism, coercive policies, and bureaucratically forced school closures wreck people's lives.
We show that when potential criminals have the option of achieving their ends through voluntary exchange
, maximization of a utilitarian welfare function is equivalent to minimizing the costs of crime, which consist of the harm to victims plus enforcement costs.
The cornerstones of economic freedom are personal choice, voluntary exchange
, freedom to enter markets and compete, and security of the person and privately owned property.
Thus there is in reality only one type of economy, in any rational sense of the word: A free market, in which buyers and sellers are free to haggle and create value in acts of voluntary exchange
, is the only way that an economy can function.
In the UAE, Samsung on Friday launched a voluntary exchange
programme or the Note 7, in coordination with the Ministry of Economy.