AUTHOR'S PREFATORY NOTE TO THE ENGLISH TRANSLATION In this English edition of Ethique generale (Rome, 1 967) the author has introduced some very slight ...

L'auteur a rassemble dans ce volume un certain nombre d'article parus - sauf un, encore inedit - dans diverses revues hors de France et portant sur quelques points importants d'ethique et d' axiologie. L'etre et le caractere irreducible de la subjectivite et de la personnalite, la notion de nature humaine dans son rapport a la valeur morale, la question tant debattue de la loi naturelle, la sensibilite aux valeurs sont les principaux themes traites.

John R. Boatright, editor of this volume, draws together the contributions of distinguished scholars from a wide range of disciplines--including finance, ...

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in developing (...) nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

“Functional finance” is an economic theory within the Post Keynesian school of thought. Especially in the form of Modern Monetary Theory (MMT), it has begun to have two big but opposite effects on the debate over Universal Basic Income (UBI). Some people state MMT in an exaggerated way that implies the government can spend all it wants on UBI or anything else without ever raising taxes or borrowing money as if government spending had no limits of any kind. Other people (...) refer to MMT while arguing that any effort to maintain a livable level of UBI is unsustainable. This article discusses the functional finance implications for the cost and sustainability of UBI, arguing that neither of those exaggerated implications are correct. MMT doesn’t free us for the concern for how to support UBI with taxes, but neither does it give reason to believe UBI is any less sustainable. (shrink)

ABSTRACTFinance may suffer from institutional deformations that subordinate its distinctive goods to the pursuit of external goods, but this should encourage attempts to reform the institutionalization of finance rather than to reject its potential for virtuous business activity. This article argues that finance should be regarded as a domain-relative practice. Alongside management, its moral status thereby varies with the purposes it serves. Hence, when practitioners working in finance facilitate projects that create common goods, it allows them to develop virtues. This (...) argument applies MacIntyre’s widely acknowledged account of the relationship between practices and the development of virtues while questioning some of his claims about finance. It also takes issue with extant accounts of particular financial functions that have failed to identify the distinctive goods of financial practice. (shrink)

Finance Ethics is not just a moral critique of the finance paradigm, arguing that self-interested profit making must be constrained by ethics. Rather, it is a critique from within that paradigm, in which truth becomes a rational mechanism to enforce contracts, and virtuous behavior is shown to make the most business sense.

Green finance plays a crucial bridge as an intermediary between finance and the environment, facilitating resource allocation. The disclosure of environmental information (EID) is vital for promoting sustainable economic development. This study utilizes panel data covering the period from 2012 to 2019, focusing on Chinese companies listed in high-polluting industries. The findings demonstrate that green finance policies have a significant positive impact on EID, while increased managerial power has a detrimental effect. However, green finance policies can mitigate the negative consequences (...) arising from moral hazard and adverse selection resulting from managerial power. They enhance the quality of EID by restricting long-term loan resources for polluting entities. The heterogeneity test reveals that the effectiveness of green finance policies in promoting EID varies across different regions of China. In non-state-owned companies, green finance policies are more effective in constraining managerial power. The moderating effect of green finance on managerial power is weakened by improvements in internal control. Green financing can offset the adverse impact of managerial power on EID when debt levels are high. Our research plays a crucial role in advancing micro-academic studies in the field of green finance. By strengthening internal controls for corporate managers and promoting EID policies, we provide essential support and guidance to decision-makers. (shrink)

Finance orthodoxy views finance capital as privately supplied, inherently scarce, and limited to assets accumulated by rentiers and held in financial institutions to be “intermediated” between virtuous savers and needful end users. But this “intermediated scarce private capital” orthodoxy is false and profoundly antagonistic to both democracy and productive investment. This article offers a more accurate portrayal that captures the critical role the public plays in generating and allocating its own full faith and credit in monetized form. The financial system (...) then looks like a franchise arrangement in which the public is franchiser and the institutions dispensing its full faith and credit are its franchisees. A post-capital-scarcity account of publicly underwritten finance explicitly recognizes both the propriety and the necessity of the public’s taking an active role in modulating and allocating its credit aggregates across the economy it constitutes. (shrink)

Financing Public Schools moves beyond the basics of financing public elementary and secondary education to explore the historical, philosophical, and legal underpinnings of a viable public school system. Coverage includes the operational aspects of school finance, including issues regarding teacher salaries and pensions, budgeting for instructional programs, school transportation, and risk management. Diving deeper than other school finance books, the authors explore the political framework within which the schools must function, discuss the privatization of education and its effects (...) on public schools, offer perspectives regarding education as an investment in human capital, and expertly explain complex financial and economic issues. This comprehensive text provides the tools to apply the many and varied fiscal concepts and practices that are essential for aspiring public school administrators who aim to provide responsible stewardship for their students. (shrink)

Islamic finance has experienced considerable growth worldwide interms of deposits and assets of Islamic banks over the last 40 years, but showslittle signs of achieving maturity. Almost all Islamic finance products currentlyis use are mere replicas of their conventional counterparts. This study followsthe archival research strategy of Bryman, and analyses the literatureon Islamic finance theory and products and practices in order to ascertainthe reforms needed for the maturity goal. The paper proposes adoption ofa new law regarding money, different policy approaches, (...) new structures offinance for shifting to risk-based financing, new models, procedures and somefresh thought in order to relate banking and finance to the real economy. Itrecommends a leading role for Islamic economists for effective reforms in themonetary and credit system in order to ensure that all financing is based ongoods, services, stocks or securities representing real assets in line withthe Shariʽah principles. The suggested policy measures are expected to leadto social inclusion and harmony in the interests of all stakeholders in businessand finance transactions. (shrink)

The idea of finance -- Theological-ethical critique of accounting -- The ontology of moral hazard in finance -- Faith has a rate of return -- The knot of finance -- A political theology of market miracles -- Care of the soul: resistance to finance capital as virtue.

The need to examine the efficiency of state financing of universities is becoming more important for a number of reasons. The growth in the social demand for higher education, the globalization and internationalization of the higher education system, the recognition of the need to improve the quality of studies coincide with the financing aspects of activities of higher education institutions. The object of the research is to analyze the financing models and state funding methods of the higher (...) education system and to disclose the advantages as well as dysfunctions of each conception. This paper examines the mechanisms through which governments allocate resources to higher education in order to establish effective means to transfer these subsidies to institutions. (shrink)

Devant des enjeux économiques et écologiques majeurs, les sociétés comme le Québec font face aujourd’hui à une exigence forte de transition écolo­gique de leurs structures économiques et énergétiques. Parmi l’ensemble des ques­tions d’ordre pratique soulevées par cette transition, celle qui a trait à son financement est l’une des plus épineuses. Dans le contexte actuel, où les finances publiques sont exsangues et où les fonctions économiques de l’État sont en redé­finition, des innovations permettant de mobiliser l’épargne capitalisée dans les fonds privés (...) seront vraisemblablement appelées à contribuer à la transition qui s’amorce. Ces innovations, qui peuvent tirer profit des apports de la finance res­ponsable, sont basées sur un élargissement de l’horizon d’investissement, tant sur la durée que sur le processus d’analyse des choix de placement. Cet élargissement des perspectives permet aux épargnants et aux gestionnaires de fonds de reconsi­dérer les externalités importantes d’un modèle de croissance à haute intensité carbonique et de soutenir la transition écologique. (shrink)

Finance is grease to the economy. Therefore, we assume that it may affect corporate social responsibility (CSR) and the sustainability of economic development too. This paper discusses the transmission mechanisms between finance and sustainability. We find that there is no simple one-to-one relationship between financial development and sustainable development but there are various – often indirect – linkages. It appears that most of the literature concentrates on the role of public shareholders when it comes to changing corporate policy and performance (...) in a more sustainable direction. However, this focus neglects the potential impact of the credit channel and private equity on a firm’s non-financial policies and performance. These very powerful mechanisms can govern business policies and practices. Therefore, there appears to be much more scope for finance to promote socially and environmentally desirable activities and to discourage detrimental activities than has been acknowledged in the academic literature so far. (shrink)

While financial institutions have not figured prominently in utopian thinking, the democratization of finance is central to any vision of bringing contemporary economies under democratic control. This paper is an initial effort to conceptualize a series of feasible reforms that could incrementally weaken the power of incumbent financial institutions while helping to facilitate economic development that is more egalitarian and sustainable. While the focus is on the US economy, the specific ideas have relevance in other national contexts. The core of (...) the reform idea is to mobilize a combination of governmental supports and grassroots entrepreneurialism to create an expanding network of nonprofit financial institutions that would redirect household savings to finance clean energy, growth of small and medium-sized enterprises, and infrastructure. (shrink)

Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Journal of Risk and Financial Management (ISSN 1911-8074: SI Entrepreneurial Finance).

The first baby has successfully been born by uterus transplantation (UTx) in the United States and the procedure is swiftly becoming a viable clinical option for patients with uterine factor infertility (UFI). This raises a practical ethical question: should health insurers finance UTx and what issues should they consider in coming to this decision? The article lays forth some of the factors that shape the decision over whether to finance UTx in the United States, including what procedures must be covered, (...) whether UTx is more like organ transplantation or infertility treatment (which are treated differently in the United States), and the benefits and alternatives of the procedure. Then, the article explores arguments around why UTx should be financed, or at least considered along with other important medical needs. The paper argues that UTx ought to be considered along with other competing claims for healthcare services. In countries that generously cover other infertility services, it may logically follow that medical services that enable gestation should be insured when the healthcare system covers services to conceive. In the United States, however, many groups have long suffered inadequate access to medical care, in the context of infertility and more broadly. U.S. healthcare may need to be made more widely equitable, before covering UTx is seen as financially or politically possible. (shrink)

Diese Festgabe zum 60. Geburtstag Seiner Exzellenz Bischof Dr. Alois Schwarz ist Zeichen dankbarer Ruckschau, wachsamen Innehaltens in der Gegenwart und fundierte Reflexion uber die brennenden Erfordernisse der Zukunft. Die Zusammenstellung der Beitrage spiegelt die Themen der unter anderem ausgehend vom Bildungshaus Stift St. Georgen am Langsee in den letzten zehn Jahren gesetzten Initiativen wider. Im Zentrum steht die Auseinandersetzung mit den Rahmenbedingungen fur ethisches Wirtschaften, eine wertorientierte Unternehmensfuhrung und eine der Realwirtschaft dienende Finanzwirtschaft. Die von software-systems.at Finanzdatenservice und SEFO (...) initiierten Congressreihen Finance & Ethics und Finance & Science wurden vom Jubilar von Beginn an mitgetragen. Der Auftrag fur die Zukunft liegt in der Entwicklung adaquater Bildungsmoglichkeiten. Mit dem vorliegenden Band beginnt eine neue Forschungsreihe, die 2010 mit der Buchreihe Finance & Ethics begonnen wurde.". (shrink)

The paper examines connections between ontology and finance. The ontological debates concerning the role of finance are examined between two opposing schools of thought that can be labelled, very broadly, ‘instrumentalist’ and ‘realist’. These two schools of thought have had momentous repercussions in understanding what is a good society. Each school defines Nature in particular ways which can be explored using ontology and philosophical insight. Our theoretical investigation aims to accommodate Nature in community financial deliberations. A positive role for government (...) is advocated to finance environmental infrastructure initiatives. For example, precautionary strategies to address climate change must be funded. New roles for finance and government are proposed to align human relationships with Nature. Environmental precautionary principles must be developed in conjunction with finance theory to maintain decent standards of living for all. Reliance on impersonal market forces will not be enough to save the planet given the power of some over the many in the neoliberal arena. (shrink)

Cet article part du constat d’une contradiction entre les exigences actuelles de soutenabilité et le fonctionnement du système financier. Nous revenons en premier lieu sur les présupposés épistémologiques de la théorie financière pour montrer que celle-ci constitue une Idéologie de la financiarisation des économies et des sociétés. Nous nous ancrons alors dans l’analyse Ricœurienne de l’imaginaire culturel pour développer une Utopie en contrepoint, que nous intitulons la Finance Comme Commun. Par la réflexivité qu’elle permet, cette dernière fait apparaître les structures (...) mentales dans lesquelles sont imbriqués les acteurs financiers. Elle nous autorise également à tracer des perspectives utiles pour la refondation du système financier et le renouvellement des connaissances en finance. (shrink)

This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics” that treats the state as a (...) dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource. (shrink)

Invasive measures, as special investigative measures are defined, are ante delictum measures. They are applied only in situations in which the evidence cannot be obtained by conventional methods, and are needed for the smooth conduct of criminal proceedings. The financial means for the application of these invasive measures for the needs of defence and security are allocated with a budget by the legislative authority. The main hypothesis of this paper states that: supervision over the application and financing of the (...) implementation of special investigative measures has a positive impact / or is in direct correlation with the effective construction/development and functioning of the security-defence system, especially from the aspect of the principles of: good governance, transparency, accountability, proportionality, and efficient application of financial resources. Starting from the indicated hypothesis, the research in the paper is based on two variables: independent variable, i.e., the supervision over the application and financing of the implementation of the special investigative measures, and a dependent variable, i.e., the effective development and proper and efficient functioning of the security-defence system. From a methodological point of view, the paper uses a combined approach of qualitative and quantitative analysis, through research, measurement, and comparison of: adopted international standards regarding the application of special investigative measures, the regulations in the Macedonian normative framework, the content of the instructions and the implementation manuals of the special investigative measures by the relevant institutions in the Macedonian society. (shrink)

This second edition of the ground-breaking Ethics in Finance is an up-to-date, valuable addition to the emerging field of finance ethics. Citing examples of the scandals that have shaken public confidence in Wall Street, John R. Boatright explains the importance of ethics in the operation of financial markets and institutions and in the conduct of finance professionals." "Focusing on standards of fairness in market transactions and the duties of fiduciaries and agents in financial relationships, the author introduces a broad range (...) of practical issues related to financial markets, the financial services industry, investment decision making, and corporate financial management. In addition to the topics considered in the first edition, including unethical sales practices, insider trading, the abuse of bankruptcy, and hostile takeovers, the second edition of Ethics in Finance has a broadened scope, incorporating new discussions of issues in mutual funds, conflict of interest, and the financial theory of the firm." "This timely and comprehensive book provides an analysis of ethical issues in finance, suitable for students of finance and business ethics as well as anyone involved in financial activities."--Jacket. (shrink)

The existing risk assessment and control methods of enterprise risk financing have a large error in mobile data, which leads to inaccurate risk assessment results and low-risk optimization control efficiency. In order to improve the accuracy of risk financing risk assessment for small and medium-sized enterprises and risk control optimization efficiency, this article proposes risk assessment and risk control algorithms for SMEs in the era of big data. Through verifying the information of the loan application and supplementing the (...) data during the loan period, invoke the existing enterprise financing risk database, establish the SME venture financing risk assessment model; build the risk evaluation index system according to the characteristics of the enterprise production organization, process characteristics, and the development of the socioeconomic and technical environment; apply the GA–PSO algorithm to the design of the SME risk financing risk control scheme, and complete the SME risk financing risk assessment and risk control. The experimental results show that the risk optimization control efficiency of the control algorithm reaches more than 70%, and the risk assessment accuracy of SMEs reaches over 95%, and the runtime less than 80 ms, with good convergence performance of risk assessment and control, strong risk optimization control ability, and accurate evaluation effect. (shrink)

After more than 40 years of practice, the Islamic finance industryis composed of products with claim of Islamicity but questionable on theirShariʽah credentials. The industry is increasingly exposed to cynicism anddecline in popular interest. This paper restates the essence of riba prohibitionfrom an economic perspective. It evaluates the Shariʽah scholars approach tovalidation of contracts as well as the monetary authorities’ attitude towards theShariʽah content of Islamic finance transactions. It points out the advantagesof Islamic finance within an Islamic macroeconomic environment. It (...) looks intothe problem of convergence of Islamic finance to conventional finance, andreasons behind the convergence. This study finds that several violations of thetrue paradigm of Islamic finance are because of its advantages being all externaland impossible to internalize. The paper concludes with some proposals forchecking the convergence. (shrink)

This special section explores the intersection of social finance and financial innovation in contemporary technologies of relational finance. The articles that follow study detailed cases of contemporary experiments in payments, money and credit-debt relations. By way of introduction, in this short piece we outline three paradoxes at the heart of these experiments: the feudal life of capitalist financial innovation; the social life of supposedly asocial crypto-currencies; and the market life of relational financial dissent.

Education has long been recognized as a central element in development. The human capital formation is receiving increased attention from policy makers and scholars in different parts of the world particularly in developing countries. Eritrea is a newly born nation in Africa and is striving hard to develop its higher education. An attempt is made in this paper to analyze the sources of finance, the strategies and challenges for higher educational development in the country. Furthermore, the paper also delves the (...) development of higher education in the country since independence. The paper provides some implications for the for the policy purpose to develop higher education so as to curb the use of expatriate manpower in different sectors of the economy. (shrink)

The financial services sector has the potential to be an important driver for improved corporate social and environmental responsibility through its control over corporate financing. But, so far, only ad hoc policy initiatives have arisen in the European Union and other countries. Because the financial services sector is where wholesale decisions regarding future development, and thus pressures on the environment, arise, the reform of investment and banking services to promote long term investment and better consideration of environmental impacts may (...) be an effective way to promote sustainable development. Reforms such as corporate environmental reporting requirements and lender liability for borrowers’ environmental harm, are some of the ways by which an institutional framework for mobilising financial organizations as instruments of environmental regulation could be constructed. (shrink)