This volume contains 17 articles on various aspects of Islamic thought in the Middle East and in Southeast Asia. The first 9 articles concentrate especially on the Qur’ān and its exegesis, Kalām and Sufism; the second 8 articles deal with Javanese Islam, and with Islam and modernity in Southeast Asia.

While there is extensive literature on both the expansion of human rights and solidarity movements, and on micro-solidarity and violent actions, here I ask what is the relationship between human rights, micro-solidarity and social action? Based on a case study of structured, face-to-face dialogue group encounters in the Israeli/Palestinian context, I draw on Randall Collins’s interaction ritual chain theory to demonstrate why emotional energy and the ritualization of historical narratives have very limited potential to translate into human rights-based moral (...) actions. Instead, I suggest, these encounters produce micro-solidarity that ascribes additional weight to ethnic categories, serving to polarize and homogenize groups along ethnic lines. (shrink)

The Israeli approach to advertising consists of two complementary sets of norms, legal norms and moral‐ethical norms. Advertising legislation demands honest disclosure. The Israeli legislator refrains from intervening in fundamental rights such as freedom of expression, free trade, occupation, and liberty of contract in advertising. However, there are also few interventions to prevent phenomena that are dangerous or abusive, especially to groups needing protection. The Israeli courts do try to apply moral considerations in cases tried by them, (...) but living up to moral responsibilities is different from complying with legal obligations. Advertisers in Israel have a(i) Treatise(r), consisting of ten ethical guidelines, which neither sums up advertising ethics in its entirety nor is legally binding. Sociological and psychological features of the culture need to be examined in order to spell out what truth and honesty in advertising actually mean in this society, and the manner in which these values are practised. Lacking sanctions in public law against misleading consumers or manipulation based on false facts, consumers must find remedy in civil actions which rely on moral and ethical rules. (shrink)

The Israeli approach to advertising consists of two complementary sets of norms, legal norms and moral‐ethical norms. Advertising legislation demands honest disclosure. The Israeli legislator refrains from intervening in fundamental rights such as freedom of expression, free trade, occupation, and liberty of contract in advertising. However, there are also few interventions to prevent phenomena that are dangerous or abusive, especially to groups needing protection. The Israeli courts do try to apply moral considerations in cases tried by them, (...) but living up to moral responsibilities is different from complying with legal obligations. Advertisers in Israel have a(i) Treatise(r), consisting of ten ethical guidelines, which neither sums up advertising ethics in its entirety nor is legally binding. Sociological and psychological features of the culture need to be examined in order to spell out what truth and honesty in advertising actually mean in this society, and the manner in which these values are practised. Lacking sanctions in public law against misleading consumers or manipulation based on false facts, consumers must find remedy in civil actions which rely on moral and ethical rules. (shrink)

Basic human rights are supposed to protect people from abuse and harm. They are the means whereby we protect our humanity. One would expect, therefore, that basic human rights would be valid and sacred in any context, including industrial relations. However, the complexity of the employee–employer relationship obscures this issue, and it is not clear whether such rights can be protected or whether they are valid in the context of industrial relations. Since rights are relational, they are preconditioned on the (...) special nature of the relationship between employee and employer. Hence, the specific meaning that these rights have in industrial relations cannot be grounded in the notion of human rights as such, but rather depends on the special relationships between employers and employees. Though much legislation has been passed to regulate the relationship between employees and employers, the issues surrounding this relationship remain one of the most debated topics in business ethics. Our paper focuses specifically on the right to equal pay and the right to privacy. With respect to the right to property, the paper examines whether there is a conflict between general human rights and the fundamental right of employers to their property. The Israeli legislature has responded to this conflict by enacting ‘protective laws’ that legally outline and mandate certain human rights. Under these laws, employees are prevented and prohibited from waiving the rights granted to them by law, even if employed in private industries. Despite this legislative effort, market forces are at times stronger, and consequently some basic rights are not fully applied or implemented. (shrink)

ABSTRACTThe ‘City of David’ in Silwan is on the original site of Jerusalem. Located in Israeli-occupied East Jerusalem, it is both an illegal Israeli settlement in a Palestinian neighbourhood and a popular international tourist destination. This article examines how the site is narrated by tour operators and tourists through fieldwork, interviews and analysis of tourist comments on the TripAdvisor site. It argues that Israeli settlers have successfully harnessed tourist discourse in order to present their vision of (...) a Jewish Jerusalem in which Palestinian existence is ignored or treated as a threat. The site allows tourists to connect to and experience a mythical biblical past, something which answers to tourist desires to have an authentic encounter with the destination culture. In the site’s narratives, the presence of Palestinians in the area is elided over through spatial and linguistic separation and by denying their legitimate presence. This indicates how the congruence between Zionist and tourist discourses discursively legitimises Israeli colonisation of Silwan. (shrink)

Basic human rights are supposed to protect people from abuse and harm. They are the means whereby we protect our humanity. One would expect, therefore, that basic human rights would be valid and sacred in any context, including industrial relations. However, the complexity of the employee–employer relationship obscures this issue, and it is not clear whether such rights can be protected or whether they are valid in the context of industrial relations. Since rights are relational, they are preconditioned on the (...) special nature of the relationship between employee and employer. Hence, the specific meaning that these rights have in industrial relations cannot be grounded in the notion of human rights as such, but rather depends on the special relationships between employers and employees. Though much legislation has been passed to regulate the relationship between employees and employers, the issues surrounding this relationship remain one of the most debated topics in business ethics. Our paper focuses specifically on the right to equal pay and the right to privacy. With respect to the right to property, the paper examines whether there is a conflict between general human rights and the fundamental right of employers to their property. The Israeli legislature has responded to this conflict by enacting ‘protective laws’ that legally outline and mandate certain human rights. Under these laws, employees are prevented and prohibited from waiving the rights granted to them by law, even if employed in private industries. Despite this legislative effort, market forces are at times stronger, and consequently some basic rights are not fully applied or implemented. (shrink)

Israel has a long history of concern with chemical and biological threats, since several hostile states in the Middle East are likely to possess such weapons. The Twin-Tower terrorist attacks and Anthrax envelope scares of 2001 were a watershed for public perceptions of the threat of unconventional terror in general and of biological terror in particular. New advances in biotechnology will only increase the ability of terrorists to exploit the burgeoning availability of related information to develop ever-more destructive bioweapons. Many (...) areas of modern biological research are unavoidably dual-use by nature. They thus have a great potential for both help and harm; and facilitating the former while preventing the latter remains a serious challenge to researchers and governments alike. This article addresses how Israel might best (1) prevent hostile elements from obtaining, from Israel’s biological research system, materials, information and technologies that might facilitate their carrying out a biological attack, while (2) continuing to promote academic openness, excellence and other hallmarks of that system. This important and sensitive issue was assessed by a special national committee, and their recommendations are presented and discussed. One particularly innovative element is the restructuring and use of Israel’s extensive biosafety system to also address biosecurity goals, with minimal disruption or delay. (shrink)

Voter surveillance for digital campaigning is perceived as enacted from above. Political parties are “all-seeing actors” combining access to the Voters’ Registry with digital tools to maximize voter turnout. At the same time, new forms of lateral surveillance emerge as citizens voluntarily participate in the data collection process to help political parties achieve their electoral goals. This article examines the reconfiguration of the concepts of crowdsourcing and political participation through the use of voter-surveillance applications. Theoretically, it explores how crowdsourced voter (...) surveillance (CVS) builds on the emancipatory rhetoric of political participation and crowdsourcing while relying on social, technical, and political surveillance infrastructures. Empirically, it maps the information flows and knowledge hierarchies afforded by Elector, a CVS app used by the Likud party in the Israeli election of March 2020. The findings indicate that contrary to the logic of crowdsourcing as democratizing knowledge and participation, CVS cultivates controlled individuals and normalizes lateral surveillance as a ritualistic and desired form of political participation. The article therefore describes the type of political action that CVS constructs as Little Samaritan Brothers: citizens who collectively resign their rights and the rights of their peers for the party’s success. (shrink)

With the Israeli-Palestinian conflict in mind, this Article asks whether there is a human right to return to one’s country, and if so what justifies it. Although such a right is widely recognized in international law, who can claim it and on what basis remains ambiguous; the ambiguity is revealed by asking what “country” means in “return to one’s country.” I argue that to treat the right simply as an adjunct of citizenship is too narrow an approach, even though (...) the right has a role to play in managing inter-state relations. As with other human rights, personal autonomy might be proposed as a justification for the right of return. But although the autonomy interest in developing long-term life-plans may explain the right not to be forcibly displaced from the place where you live, it cannot explain why there is a right to return once displaced, particularly in the case of people who enjoy an adequate set of options elsewhere. Instead we need to invoke the need to belong to a homeland, access to which the right of return protects. The Article explores a homeland’s different dimensions and considers various respects in which the need to belong might be thought too indeterminate to ground a right. Finally it distinguishes and evaluates the return claims of Jews and Palestinians to Israel/ Palestine; only Palestinians whose homeland this remains can claim a human right of return as analyzed and defended here. (shrink)

Gershom Scholem wrote his famous article, “Redemption through sin”, in 1937, and J.L. Talmon gained the inspiration for his first book, The Origins of Totalitarian Democracy, in the years 1937–1938 at the time when the Moscow trials revealed to the world the bitter reality of what was happening in the Soviet Union. Scholem and Talmon were contemporaries and witnesses of the transformation of communism in the Soviet Union from a vision of egalitarian and universal redemption into a bureaucratic and nationalistic (...) despotism. The major scholar of the history of religious Messianism and the major scholar of the history of secular Messianism both widened the scope of their investigations—the first extending them into the history of Sabbataianism and the second into the French Revolution—and both reached a similar conclusion: both recognized, as Scholem put it, “the profound truth relating to the dialectics of history … of the historical process whereby the fulfilment of one political process leads to the manifestation of its opposite. In the realization of one thing its opposite is revealed”. The two great Israeli historians of ideas plumbed the depths of one of the most fascinating and at the same time tragic manifestations of la condition humaine: the human challenge of bringing the heavenly city down to the vale of tears, and the price that men have to pay for their Messianic passion. (shrink)

In this masterful work of historical scholarship, Zeev Sternhell, an internationally renowned Israeli political scientist and historian, presents a controversial new view of the fall of democracy and the rise of radical nationalism in the twentieth century. Sternhell locates their origins in the eighteenth century with the advent of the Anti-Enlightenment, far earlier than most historians. The thinkers belonging to the Anti-Enlightenment represent a perspective that is antirational and that rejects the principles of natural law and the rights of (...) man. Sternhell asserts that the Anti-Enlightenment was a development separate from the Enlightenment and sees the two traditions as evolving parallel to one another over time. He contends that J. G. Herder and Edmund Burke are among the real founders of the Anti-Enlightenment and shows how that school undermined the very foundations of modern liberalism, finally contributing to the development of fascism that culminated in the European catastrophes of the twentieth century. (shrink)

ABSTRACTPart of a comprehensive study to analyse British broadsheets’ coverage of the First Gaza War, this paper examines the moral arguments presented in editorials. Doing so, it showcases a non-dualist, relational inquiry of the representation of the Israeli-Palestinian conflict. Instead of focusing on what is empirically ‘true’, morally ‘right’, and ethnically ‘Israeli/jewish’ or ‘Palestinian/arab’ as extra-discursive categories, it approaches them as discursive constructions and asks what relations, what forms of lives the editorials cultivate in representing them. The analysis (...) demonstrates that whilst newspapers overwhelmingly imagine isolated and ahistorical essences to clash in Palestine-Israel, they do not exclusively do so. Traces of a discourse of relations, where ‘I’ is partly constituted by the ‘Other’ can also be found in the editorials. It is with the vicissitudes of such relational accounts that the article concludes. (shrink)

In this fascinating new collection of essays, contemporary historians examine the ways earlier historians have framed, written, and "made" the Jewish past. Probing the ideology and methodology of their professional predecessors, American and Israeli historians offer new perspectives on some of the central figures of twentieth-century Jewish historiography, including Gershom Scholem, S. D. Goitein, Yitzhak Baer, Elias Bickermann, and Cecil Roth, as well as the Israeli "New Historians." Although the lives and work of these scholars differ in many (...) ways, Jewish historians have recurrently confronted the challenges posed by assimilation, antisemitism, and various forms of nationalism. Through their critical examinations of the construction of the Jewish past, the contributors to this volume develop important insights into current attitudes toward the dominant canons and ideals of historical scholarship and the future of historiography. They shine new light on the formation of a historical worldview and the "making" of history. (shrink)

Why should anyone be a Zionist, a supporter of a Jewish state in the land of Israel? Why should there be a Jewish state in the land of Israel? This book seeks to provide a philosophical answer to these questions. Although a Zionist need not be Jewish, nonetheless this book argues that Zionism is only a coherent political stance when it is intelligently rooted in Judaism, especially in the classical Jewish doctrine of God's election of the people of Israel and (...) the commandment to them to settle the land of Israel. The religious Zionism advocated here is contrasted with secular versions of Zionism that take Zionism to be a replacement of Judaism. It is also contrasted with versions of religious Zionism that ascribe messianic significance to the State of Israel, or which see the main task of religious Zionism to be the establishment of an Israeli theocracy. (shrink)

The seven volumes of Nietzsche translated to Hebrew by Israel Eldad 91910-1996) in the 1960's and 1970's established him as a major Israeli scholar of Nietzsche. Not only was Eldad a brilliant translator, he was also an innovative commentator. His instructive reading of Nietzsche made a decisive contribution to the propogation of Nietzschean discourse in Israel. As one of the leaders of LEHI, the Hebrew underground against the British before the founding of the Sate of Israeli, Eldad was (...) considered a radical intellectual of the Israeli right and had a Messianic vision of the future of Israel. His outlook was influenced deeply by the Nietzschean Lebensphilosophie. In this article I will trace the role of Nietzsche in Eldad's political biography, Messianic philosophy and intellectual enterprise.Die von ihm in den 1960er und 1970er Jahren ins Hebräische übersetzten sieben Bände von Nietzsche haben Israel Eldad zu einem der wichtigsten israelischen Nietzscheforscher gemacht. Nicht nur als brillanter Übersetzer und innovativer Kommentator, sondern auch durch seine erhellende Nietzschelektüre leistete er einen entscheidenden Beitrag zur intensivierung des Nietzschediskurses in Israel. Als einer der führer der LEHI, des hebräischen Untergrundkampfes gegen die Briten vor der Gründung des israelischen Staates, wurde Eldad als ein radikaler Intellektueller der israelischen Rechten angeschen und hatte eine messianische Vision für die Zukunft Israels. Seine Sichtweise wurde von der Lebensphilosophie Nietzsches stark beeinflusst. In diesem Beitrag wird der Rolle Nietzsches in Eldads politischer Biographie, messiansischer Philosophie und intellektuellen Unternchmungen nachgegangen. (shrink)

Employee mobility is a phenomenon that challenges workplace ethics. This paper argues that despite on‐going attempts by management and consultants to build and install employee loyalty, and despite the complexity of relationships between employees and their organization, employee mobility remains a common phenomenon in today’s market. Courts, at least Israeli courts, perceive the employee–employer relationship as almost purely contractual and thus strive to protect workers first, often ignoring deeper commitments such as loyalty. This results in a certain dissonance in (...) the relationships between employees and employers. (shrink)

Employee mobility is a phenomenon that challenges workplace ethics. This paper argues that despite on‐going attempts by management and consultants to build and install employee loyalty, and despite the complexity of relationships between employees and their organization, employee mobility remains a common phenomenon in today’s market. Courts, at least Israeli courts, perceive the employee–employer relationship as almost purely contractual and thus strive to protect workers first, often ignoring deeper commitments such as loyalty. This results in a certain dissonance in (...) the relationships between employees and employers. (shrink)

“One man’s ceiling is another man’s floor”Paul SimonThe words of Paul Simon capture the essence of what the courts are called upon to deal with when adjudicating matters of health. Wealthier and healthier neighbors living in the upstairs apartment are, all things being equal, not overly interested in raising the floor of their apartment in order to create more space for those in the apartment below. The floor is tangible, measurable and movable, and thus a subject where science can contribute (...) much. However, where to locate the floor is a matter of values and thus largely in the realm of politics.Resorting to the courts in matters of public policy can be seen as the residual of the inability of the remaining two branches of government, the legislature and the executive, to succeed in allocating resources and regulating the system. When the combination of science and politics falters, enter the judiciary. (shrink)

“One man’s ceiling is another man’s floor”Paul SimonThe words of Paul Simon capture the essence of what the courts are called upon to deal with when adjudicating matters of health. Wealthier and healthier neighbors living in the upstairs apartment are, all things being equal, not overly interested in raising the floor of their apartment in order to create more space for those in the apartment below. The floor is tangible, measurable and movable, and thus a subject where science can contribute (...) much. However, where to locate the floor is a matter of values and thus largely in the realm of politics.Resorting to the courts in matters of public policy can be seen as the residual of the inability of the remaining two branches of government, the legislature and the executive, to succeed in allocating resources and regulating the system. When the combination of science and politics falters, enter the judiciary. (shrink)

We report here on recent developments in Israel on the issue of sex selection for nonmedical reasons by preimplantation genetic diagnosis. Sex selection for medical reasons is generally viewed as uncontroversial and legal in European and American law. Its use for nonmedical reasons is generally illegal in European countries. In the United States, it is not illegal, although in the opinion of the Ethics Committee of the American Society for Reproductive Medicine, it is problematic. This position is undergoing reconsideration, albeit (...) in a limited way. (shrink)

What does it feel like to encounter ourselves and one another as implicated subjects, both in our everyday lives and in the context of our work as clinicians, and how does this matter? With contributions from a diverse group of relational psychoanalytic thinkers, this book reads Michael Rothberg's concept of the implicated subject - the notion that we are continuously implicated in injustices even when not perpetrators - as calling us to elaborate what it feels like to inhabit such subjectivities (...) in relation to others both similarly and differently situated. Implication and anti-Black racism are central to many chapters, with attention given to the unique vulnerability of racial minority immigrants, to Native American genocide, and to the implication of ordinary Israelis in the oppression of Palestinians. The book makes the case that the therapist's ongoing openness to learning of our own implication in enactments is central to a Relational sensibility and to a progressive psychoanalysis. As a contribution to the necessary and long-overdue conversation within the psychoanalytic field about racism, social injustice, and ways to move toward a just society, this book will be essential for all relational psychoanalysts and psychotherapists. (shrink)

Oxford Philosophical Texts Series Editor: John Cottingham The Oxford Philosophical Texts series consists of authoritative teaching editions of canonical texts in the history of philosophy from the ancient world down to modern times. Each volume provides a clear, well laid out text together with a comprehensive introduction by a leading specialist, giving the student detailed critical guidance on the intellectual context of the work and the structure and philosophical importance of the main arguments. Endnotes are supplied which provide further commentary (...) on the arguments and explain unfamiliar references and terminology, and a full bibliography and index are also included. The series aims to build up a definitive corpus of key texts in the Western philosophical tradition, which will form a reliable and enduring resource for students and teachers alike. David Hume's aim in writing An Enquiry concerning Human Understanding was to introduce his philosophy to a European culture in which many educated people read original works of philosophy. He gives an elegant and accessible presentation of strikingly original and challenging views about the limited powers of human understanding, the attractions of scepticism, the compatibility of free will and determinism, and weaknesses in the foundations of religion. Hume's philosophy was highly controversial in the eighteenth century and remains so today. The text printed in this edition is that of the Clarendon critical edition of Hume's works. A substantial introduction by the editor explains the intellectual background to the work and surveys its main themes. The volume also includes detailed explanatory notes on the text, a glossary of terms, a full list of references, and a section of supplementary readings. (shrink)

From religion to philosophy to science, all human systems of definition are formed by human brains. The nature and limits of the human brain are the nature and limits of those systems. This essay shows how the human brain works normally then unusually, and what this reveals about the limits of human knowledge. There are many conditions and instances where the brain processes information unusually, including mental disorders, physical events, and drug use. This essay focuses on the neurological events called (...) mystical experiences. (shrink)

We explore the ethics of using motivational interviewing, an evidence-based, client-centred and directional counselling method, in conversations with next of kin about deceased solid organ donation. After briefly introducing MI and providing some context around organ transplantation and next of kin consent, we describe how MI might be implemented in this setting, with the hypothesis that MI has the potential to bring about a modest yet significant increase in next of kin consent rates. We subsequently consider the objection that using (...) MI in this context would be manipulative. Although we cannot guarantee that MI would never be used in a problematically manipulative fashion, we conclude that its use would, nevertheless, be permissible as a potential means to increase next of kin consent to deceased solid organ donation. We propose that MI be trialled in consent situations with next of kin in nations where there is widespread public support for organ donation. (shrink)

The American Declaration of Independence served as a starting point for the drafting of the Israeli Declaration of Independence of 1948. Most of the original content was lost in the long process of translation and adaptation, but, using David Armitage’s recent terminology, the Israeli text remained as "generically promiscuous" as its predecessor, combining a "manifesto" of justifications for the assumption of sovereignty, a formal proclamation and a proto-Bill of Rights. This Article depicts the work of Mordechai Beham, (...) the Israeli Declaration’s first draftsman, as a remarkable exercise in choosing contemporary, locally-valid "answers" to the fundamental "questions" posed by Thomas Jefferson and his contemporaries in 18th century America on human values, national identity, statehood, and God. The analysis is partially based in the current debate on "legal transplantation," arguing that the outstanding success of the Israeli Declaration stems from both the quality of the American original and the massive work of adaptation to Israeli soil. (shrink)

This short peer-reviewed text is a concise look at the psychology of how human beings make decisions, including how they form their worldviews and make arguments.

This paper aims to provide two abductive considerations adducing in favor of the thesis of Necessitism in modal ontology. I demonstrate how instances of the Barcan formula can be witnessed, when the modal operators are interpreted 'naturally' -- i.e., as including geometric possibilities -- and the quantifiers in the formula range over a domain of natural, or concrete, entities and their contingently non-concrete analogues. I argue that, because there are considerations within physics and metaphysical inquiry which corroborate modal relationalist claims (...) concerning the possible geometric structures of spacetime, and dispositional properties are actual possible entities, the condition of being grounded in the concrete is consistent with the Barcan formula; and thus -- in the geometric setting -- merits adoption by the Necessitist. (shrink)

This article is about the information relevant to decision-making capacity in refusal of life-prolonging medical treatment cases. We examine the degree to which the phenomenology of the options available to the agent—what the relevant states of affairs will feel like for them—forms part of the capacity-relevant information in the law of England and Wales, and how this informational basis varies across adolescent and adult medical treatment cases. We identify an important doctrinal phenomenon. In the leading authorities, the courts appear to (...) count the first-personal phenomenology of the available options among the information that adolescents seeking to refuse life-prolonging treatment must understand and appreciate in order to possess capacity; adults are not held to this (higher) standard. We evaluate this differential treatment in light of philosophical work on transformative choice—decisions involving options whose sensory character, and effect on our values and preferences, are grasped only through experience itself. (shrink)

Various U.S. laws, such as the Clean Air Act and the Food Quality Protection Act, require additional protections for susceptible subpopulations who face greater environmental health risks. The main ethical rationale for providing these protections is to ensure that environmental health risks are distributed fairly. In this article, we (1) consider how several influential theories of justice deal with issues related to the distribution of environmental health risks; (2) show that these theories often fail to provide specific guidance concerning policy (...) choices; and (3) argue that an approach to public decision making known as accountability for reasonableness can complement theories of justice in establishing acceptable environmental health risks for the general population and susceptible subpopulations. Since accountability for reasonableness focuses on the fairness of the decision-making process, not the outcome, it does not guarantee that susceptible subpopulations will receive a maximum level of protection, regardless of costs or other morally relevant considerations. (shrink)

Part of the appeal of the biological approach to personal identity is that it does not have to countenance spatially coincident entities. But if the termination thesis is correct and the organism ceases to exist at death, then it appears that the corpse is a dead body that earlier was a living body and distinct from but spatially coincident with the organism. If the organism is identified with the body, then the unwelcome spatial coincidence could perhaps be avoided. It is (...) argued that such an identification would be a mistake. A living organism has a different part/whole relationship and persistence conditions than the alleged body. A case will be made that the concept ‘human body’ is a conceptual mess, vague in an unprincipled manner, and that an eliminativist stance towards dead bodies is the appropriate response. CiteULike Connotea Del.icio.us What's this? (shrink)

This book is a defense of modal realism; the thesis that our world is but one of a plurality of worlds, and that the individuals that inhabit our world are only a few out of all the inhabitants of all the worlds. Lewis argues that the philosophical utility of modal realism is a good reason for believing that it is true.

Additionally, Isaac Israeli features a biographical sketch of the philosopher and extensive notes and comments on the texts, as well as a survey and appraisal ...

Originally published: Oxford: Clarendon Press, 1932.

How should one react when one has a belief, but knows that other people—who have roughly the same evidence as one has, and seem roughly as likely to react to it correctly—disagree? This paper argues that the disagreement of other competent inquirers often requires one to be much less confident in one’s opinions than one would otherwise be.

This article tells the story of an Israeli regulatory program aimed at luring back home Israeli companies listed only on U.S. stock markets, to facilitate dual listing of their stocks on the Tel Aviv Stock Exchange. Beyond documenting a piece of Israeli political economy, this article provides several lessons of general relevance to small or emerging markets as well as to large ones. In this story, the regulator of the small market finds itself a regulatory price-taker. In (...) a mirror image, the U.S. market emerges as a global regulatory price-setter. This regulatory externality, or regulatory arbitrage, is disturbing because the standard with which Israeli regulation had to align is the watered-down version for non-U.S. issuers. Indeed, any effort to require an iota of additional disclosure beyond the American foreign issuer regime has failed due to vehement objections from the Tel Aviv Stock Exchange and business interest groups. The role of the stock exchange as regulator and the interplay between corporate law and securities regulation are also discussed in this context. This article thus casts some doubt on the desirability of piggybacking on foreign markets. Sometimes, it turns out, piggybacking can be a ride to the bottom. (shrink)