Abstract Knowledge and Reified Financial Innovation: Building Wisdom and Ethics Into Financial Innovation Networks

• Published in: Journal of business ethics Vol. 118; no. 3; pp. 447 - 459
• Main Authors: Rooney, David, Mandeville, Tom, Kastelle, Tim
• Format: Journal Article
• Language: English
• Published: Dordrecht Springer 01.12.2013; Springer Netherlands; Springer Nature B.V
• Subjects: Business and Management; Business Ethics; Business innovation; Competitive advantage; Education; Ethical banking; Ethics; Finance; Financial innovation; Financial institutions; Innovations; International finance; Knowledge; Knowledge economy; Knowledge management; Management; Network analysis; Organizational learning; Philosophy; Quality of Life Research; Reification; Social ethics; Social innovation; Social networks; Studies; Technological innovation; Wisdom; Abstract knowledge; Social networks; Wisdom; Reification; Financial innovation; Theory
• ISSN: 0167-4544; 1573-0697
• DOI: 10.1007/s10551-012-1595-9

This article argues that abstract knowledge in the form of formally developed theory plays an increasingly important role in the economy and in financial innovation in particular. Abstract knowledge is easily reified, and this is an aspect of knowledge work that is insufficiently researched. In this article, we problematize reification of abstract knowledge in financial innovation from wisdom, ethics, and social network analysis perspectives. This article, therefore, considers the composition and structures of financial innovation networks that help avoid reification by building ethicality through social practice wisdom. Finally, we discuss future directions that empirical ethics research can take.