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Voting with the Wallet

Author

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  • Leonardo Becchetti

    (Associazione Italiana per la Cultura della Cooperazione e del Non Profit)

Abstract

The vote with the wallet is a new, emerging feature of economic participation and democracy in the globally-integrated market economy. This expression identifies the pivotal role that responsible consumption and investment can play in addressing social and environmental emergencies which have been aggravated by the asymmetry of power between domestic institutions and global corporations. In this paper, we examine (both in general and by using examples drawn from the financial and non-financial sectors) how “voting” for producers which are at the forefront of a three-sided efficiency which reconciles the creation of economic value with social and environmental responsibility, may generate contagion effects by triggering ethical imitation of traditional profit-maximizing actors, thereby enhancing the production of positive social and environmental externalities. Within this new framework policies which reduce the search and information costs of voting with the wallet may help socioeconomic systems to exploit the bottom-up market forces of other-regarding preferences, thereby enhancing opportunities to achieve well-being with reduced top-down government intervention.

Suggested Citation

  • Leonardo Becchetti, 2011. "Voting with the Wallet," AICCON Working Papers 94-2011, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    • Handle: RePEc:ris:aiccon:2011_094
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    2. Simon Cornée & Panu Kalmi & Ariane Szafarz, 2016. "Selectivity and Transparency in Social Banking: Evidence from Europe," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 494-502, April.
    3. Federica Nalli, 2023. "What Mutual Assistance Is, and What It Could Be in the Contemporary World," Journal of Business Ethics, Springer, vol. 182(4), pages 1041-1053, February.
    4. Massimo Cermelli & Umberto Di Maggio & Giuseppe Notarstefano & Giuseppe Terzo, 2019. "Social capital and social entrepreneurship. Cross-country evidence for development and cohesion," RIEDS - Rivista Italiana di Economia, Demografia e Statistica - The Italian Journal of Economic, Demographic and Statistical Studies, SIEDS Societa' Italiana di Economia Demografia e Statistica, vol. 73(2), pages 87-98, April-Jun.

    More about this item

    Keywords

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    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being

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