economic theory may be timeless and potentially universal in its application, but macroeconomics has to be seen in its historical context. The nature of the policy regime, the behaviour of the economy and the beliefs of professional economists all interact, and influence each other. This short historical account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes (...) in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present 'neo-liberal' regimes. The 'grand narrative' of the century is a journey 'to Utopia and back'. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate, for different periods and regimes. (shrink)

Money performs its economic functions best when its value remains stable over time. This Article explores how that desideratum was achieved, or not achieved, under five identifiable monetary regimes in economic history. Transitions from one regime to another resulted from the demands of economic growth, which some regimes met better than others. The modern fiat money regime is optimal in most economic respects. Whatever amount of money needed to accommodate growth can be supplied at minimal costs. But (...) political control over money creation can be used to increase the short-term control over economic resources of those in power and their constituents. When such debasements of money have occurred, the political economy of every regime interfered with achieving optimal long-term economic outcomes by unleashing inflation. How might the modern fiat money regime avoid that result? (shrink)

Independent central banks are major centres of unelected power in contemporary capitalist societies. While critics allege that they are incompatible with democratic values, defenders argue that delegating monetary policy to an independent central bank is an important policy tool elected institutions may use to credibly commit to low inflation. This paper defends a moderate view that neither requires dismantling central bank independence nor turns a blind eye to its risks for the proper functioning of a democratic regime. It (...) proposes a set of concrete constitutional rules that limit central bank power while allowing it to serve its core function. (shrink)

The legal regime of the Economic and Monetary Union (EMU) is differentiated in two ways. While the rules on economic union apply with few exceptions to all member states, most Treaty provisions on monetary union are applicable only to those member states that have introduced the common currency. The Treaty on the Functioning of the European Union (TFEU) establishes a system of overlapping competences consisting primarily of measures adopted by the member states. During the initial phase of (...) the European Economic Community (EEC), exchange‐rate fluctuations or flexible exchange rates obstructed the development of a workable capital market. The Treaty of Lisbon provides that the European Union is to establish a monetary union whose currency is the euro. The TFEU provides for institutional and procedural mechanisms aimed at protecting the stability of the common currency. The euro has become a stable and internationally recognized currency. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only in (...) some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

This paper explores the level of corporate social responsibility contributions disclosed by central public sector enterprises in India. This paper analyses the nature and quality of CSR disclosures made by CPSEs listed in India following the issue of CSR guidelines by the Department of Public Enterprises for CPSEs in March 2010. The purpose of the study is to investigate the impact of CSR guidelines on the reporting practices of the CPSEs. A content analysis of annual reports across seven themes shows (...) that Human Resources and Community Development are the prime focus areas of CSR disclosures, whereas Carbon and Greenhouse Gas emissions are the least reported activity. The disclosures across all CSR themes are primarily narrative rather than quantitative or in monetary terms. The findings of the study may help policy makers in India to assess practices and devise detailed and specific CSRD requirements, rather than the current general mandatory requirements, to enhance the performance and quality of CSRDs by the CPSEs. (shrink)

In the intellectual confusion prevailing since the demise of Marxism and “marxism”, the attempt is made to define democracy as a matter of pure procedure, explicitly avoiding and condemning any reference to substantive objectives. It can easily be shown, however, that the idea of a purely procedural “democracy” is incoherent and self-contradictory. No legal system whatsoever and no government can exist in the absence of substantive conditions which cannot be left to chance or to the workings of the “market” but (...) must be posited as objectives of political activity. The confusion results from a deficient understanding of what makes a society and an empty idea of “freedom”. The objective of politics is not happiness, an affair to be left to the individuals, but it certainly is liberty understood as participation in the governance of the polity; it is also the pursuit of the common good, defined as the sum of the prerequisites and facilitations of individual autonomy depending on collective action, and as the realization of commonly agreed collective goals. (shrink)

This paper discusses global reserve currencies from the perspective of structural global justice. Drawing on notions of structural justice and background justice, it suggests that the structures of global finance, by creating positions of privilege and disadvantage, can lead to injustices both with regard to distributive outcomes and with regard to domination. While the role of the dollar and Euro as global reserve currencies are not the only factors that contribute to these structural injustices, they need to be taken into (...) account to fully grasp the dynamics of global finance. They also have an impact on other mechanisms, such as sovereign debt, capital flows, and the governance of international financial institutions. The paper’s arguments support the claim that one cannot conceptualize global justice as justice between independent states. Rather, the global monetary regime constitutes a case of “background injustice” (Ronzoni 2009). (shrink)

The decades before and after the turn of the twentieth century, like those surrounding the turn of the twenty-first, are often understood as periods of globalization. The two periods share key features that characterize the global as a motif, including high mobility of goods, services, people, ideas and, perhaps most centrally, capital. An important distinguishing feature between the periods is the monetary regime: the gold standard for the turn of the twentieth century; managed flexibility for the turn of (...) the twenty-first. This paper examines the legal infrastructure of these two monetary regimes in order to illuminate two distinct yet related issues. The first is the connection between the form of rulemaking and the means of isolating monetary policy decisions from political influence. The second is the role of the monetary regime in mediating value. Both the gold standard and the managed flexibility regime aim to shield money from partisan intervention, but they do so in different ways; attention to the legal framework sheds light on how these differing regimes pursue the goal of insulating money from politics. (shrink)

Capitalist dynamics in knowledge production are not limited to situations in which economic interests influence researchers’ practices. Building on laboratory studies and the French “pragmatic” tradition in sociology, this article proposes an approach to tackle more pervasive capitalist logics at work in contemporary research and their consequences. It uses the term epistemic capitalism to denote the accumulation of capital, as worth made durable, through the act of doing research, in and beyond academia. In doing so, it conceptualizes capitalism primarily not (...) as a system of circulation and accumulation of monetary value but rather as a cultural way of producing, attributing, and accumulating specific forms of worth, which need not be monetary. Empirically, the article studies variants in epistemic capitalism by addressing the differing role of the accumulation of different forms of capital and the regimes connected to it in two institutional settings in Austria, academic life science laboratories and biotechnology start-up companies. Concluding, it argues that analytically dissociating the concept of capitalism from its link to economic value allows a finer-grained cultural analysis of the importance and effects of processes of accumulation in contemporary research. It ends with discussing the normative implications of these findings for debates about the commercialization of academia. (shrink)

In _The Immaterial_,_ _French social philosopher André Gorz argues, in his finely-tuned and polemical style, that the economic boom that accelerated in the 1990s and crashed so spectacularly in 2008 was based largely on an immaterial consumption of symbols and ideas, as capitalism tried to overcome the crisis of the formally industrial regime by throwing itself into a new, so-called knowledge economy. In this, the last full-length theoretical work Gorz completed before his death, he argues instead for the creation (...) of a true knowledge economy. This economy would be based on zero-cost exchange and pooled resources, and knowledge would be treated as humanity’s common property. Currently, in order to exploit knowledge and turn it into capital, the capitalist enterprise privatizes specialized knowledge and claims ownership through private licenses and copyright. But as Gorz shows, the traditional foundations of such capitalist economics have begun to crumble because of the immaterial nature of this new form of product, which makes it almost impossible to measure in monetary terms. The knowledge economy, Gorz declares, _is_ the crisis of capitalism. Thought-provoking and divisive, _The Immaterial _is the perfect book for our time, as we begin to reimagine the structures of our economic system in order to rebuild and move forward. “It is to Gorz... that readers should turn for a compelling combination of sharp analysis, well-wrought polemic, and suggestions for the future.”—_Red Pepper_ “A great figure of the intellectual Left.”—Nicolas Sarkozy “Gorz’s intelligence strikes you at the very first glance: it is one of the nimblest, acutest intelligences I know.”—Jean-Paul Sartre. (shrink)

I investigate ethical questions concerning a novel cryptocurrency, Bitcoin, using a Fichtean account of the ethics of currency. Fichte holds that currencies should fulfill an ethical purpose: providing access, in perpetuity, to the material welfare that underwrites citizens' basic rights. In his nineteenth‐century context, Fichte argues that currencies fulfill this purpose better when nations control them (i.e., when they are “national currencies”) than when foreigners freely trade them (as “world currencies”). After exploring conditions in which national currencies fail to secure (...) material stability over time, e.g., in corrupt regimes, I develop a Fichtean model for ethically evaluating currencies and evaluate the extent to which Bitcoin meets its standards for ethical currency. I argue that Bitcoin undermines the (monetary) power of nations and, as such, threatens their ability to provide access to necessary material goods. While offering citizens a means of defending themselves against corrupt regimes, Bitcoin forsakes the general welfare and is, as such, unethical by Fichtean lights. (shrink)

Unlike most countries, the United States and Israel have employed the class action procedure for decades. This Article compares the two countries’ class action regimes and examines how the device has evolved in those countries. It examines the current procedures, as well as proposed reforms. It also compares class action statistics in the two countries relating to filings and outcomes. We demonstrate the many common features between the United States and Israeli class action procedures. As we illustrate, these common features (...) have led to robust class action practices in both countries. At the same time, there are profound differences between the types of class actions filed and their outcomes. Thus, while Israel has many more class actions than the United States on a per capita basis, the cases are much less consequential from a monetary and subject matter perspective. We explore possible explanations for these observations. Furthermore, this study identifies features — utilized by the United States and Israel — that can serve as models for other countries that are adopting or amending their own class action regimes. (shrink)

Central banks have accumulated unparalleled power over the conduct of macroeconomic policy. Key for this development was the articulation and differentiation of monetary policy as a distinct policy domain. While political economists emphasize the foundational institutional changes that enabled this development, recent performativity-studies focus on central bankers’ invention of expectation management techniques. In line with a few other works, this article aims to bring these two aspects together. The key argument is that, over the last few decades, central banks (...) have identified different strategies to assume authority over “expectational politics” and reinforced dominant institutional forces within them. I introduce a comparative scheme to distinguish two different expectational governance regimes. My own empirical investigation focuses on a monetarist regime that emerged from corporatist contexts, where central banks enjoyed “embedded autonomy” and where commercial banks maintained conservative reserve management routines. I further argue that innovations towards inflation targeting took place in countries with non-existent or disintegrating corporatist structures and where central banks turned to finance to establish a different version of expectation coordination. A widespread adoption of this “financialized” expectational governance has been made possible by broader processes of institutional convergence that were supported by central bankers themselves. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Toward a Political Economy of the Libro De AlexandreSimone Pinet (bio)The carefully composed and craftily pronounced stanzas of the thirteenth-century Libro de Alexandre, if mostly a (free) translation of Gautier de Châtillon’s Alexandreis, provide readers with glimpses of northern Iberia in descriptions and comparisons, but especially through curious formulations and eloquent rewritings.1 These incite the reader to reflect upon the emergence of the vernacular regime of literary composition (...) by clerics that developed in the thirteenth century, a corpus known to us as the mester de clerecía. In this corpus, the use of the vernacular, in particular, brings with it an unproblematized sense of transparency of the context in which the works of mester de clerecía were produced, a genre of which the Libro de Alexandre is a key poetic point of origin. Next to an emphasis on a Latinate syntax and recitation techniques that underline the corpus’s clerical production, the irruption of quotidian phrases, vocabulary, figures of medievalization, and especially of Iberization, make these texts a privileged site to study the articulation of the varied phenomena that from economics to the grammatical, from Aristotle to technology, come to revolutionize medieval culture from the twelfth century onward. Of the many peculiar uses of the vernacular in the Libro de Alexandre, references that connote a sense of worthlessness through the repeated structure “not worth an X, ” especially those that express the comparison with minted coinage of little value: dinero, meaja, pepión, or sueldo, as in “not worth a penny,”2 will serve here as a point of entry. These hyperbolic [End Page 44] expressions, common to Romance languages, underline not only the moral and economic ambivalence of terms such as preçio, valor, honor, pagar(se), dar crédito, and so forth, but also the incorporation of a monetary economy within this ambivalence. These types of expressions, moreover, produce a linguistic marker for such ambiguity, as Louis F. Sas noted when he underlined the “affect” which marks, at the level of speech, the reference to abstract terms such as infinity, nothing, and zero in these types of constructions [469, 471].3Sas notes that the vast majority of the occurrences of these phrases in the Libro de Alexandre happen “in combination with the word valer, with its synonyms, or with dar por, that is, in contexts of exchange” [475]. Many years before Sas exhaustively documented these expressions, Alois Richard Nykl had interpreted their presence as related to barter and a supposed clerical contact with local markets, which to some extent could explain their frequent use in the poem, and he especially mentioned the use of fruits and vegetables in these expressions. Nykl also suggested these were “rustic” similes, favored by men of the clergy such as Berceo, Juan Ruiz, and the authors of the Alexandre and the Fernán González, showing, in his opinion, these men’s contact with a certain world in which fruits and vegetables could serve as payment for the church or diezmo, bringing in through this curious interpretation not only a historical economic context but also its [End Page 45] qualification as something “rustic” or at least foreign to the cleric [311].4In 1929, a couple of years after Nykl’s article appeared, George Irving Dale would correct his affirmations, noting that the expressions called “rustic” by Nykl belonged to a well-studied figure called figurative negation. Dale remarked that figurative negation appeared already in the Poema de mio Cid, and he directed the reader to the bibliography offered by Menéndez Pidal in his edition of the Poema under the title of “Refuerzo de la Negación” [Cantar de Mio Cid 1: 376 and glossary]. In his article, Dale wrote in passing that the type of adjectives used with these expressions “increases the insignificance or lack of value” [324]. Later, agreeing with Dale, Sas wrote that the emphasis added to these phrases through the use of adjectives such as vile or rotten did not point to any medieval particular practice beyond that of a peculiar affect, which has been interpreted in terms of “simplicity.” In the next pages I want to suggest some lines of... (shrink)

Understanding the changing role of central banks and their recent novel policies is essential for analysing many economic and financial issues, ranging from financial regulation and crisis, to exchange rate dynamics and regime changes, and QE and prolonged low interest rates. This book features contributions by the world's leading experts on central banking, providing in accessible essays a fascinating review of today's key issues for central banks. Luminaries including Stephen Cecchetti, Takatoshi Ito, Anil Kashyap, Mervyn King, Donald Kohn, Otmar (...) Issing and Hyun Shin are joined by Charles Goodhart of the London School of Economics and Political Science, whose many achievements in the field of central banking are honoured as the inspiration for this book. The Changing Fortunes of Central Banking discusses the developing role of central banks in seeking monetary and financial stabilisation, while also giving suggestions for model strategies. This comprehensive review will appeal to central bankers, financial supervisors and academics. (shrink)

The rise of “the rest,” especially China, has triggered an inevitable transformation of the so-called liberal international order. Rising powers have started to both challenge and push for the reform of existing multilateral institutions, such as the International Monetary Fund, and to create new ones, such as the Asian Infrastructure Investment Bank. The United States under the Trump administration, on the other hand, has retreated from the international institutions that the country once led or helped to create, including the (...) Trans-Pacific Partnership ; the Paris Agreement; the Iran nuclear deal; the Intermediate-Range Nuclear Forces Treaty; the United Nations Educational, Scientific and Cultural Organization ; and the United Nations Human Rights Council. The United States has also paralyzed the ability of the World Trade Organization to settle trade disputes by blocking the appointment of judges to its appellate body. Moreover, in May 2020, President Trump announced his decision to quit the Open Skies Treaty, an arms control regime designed to promote transparency among its members regarding military activities. During the past decade or so, both Russia and the United States have been dismantling multilateral arms control treaties one by one while engaging in new nuclear buildups at home. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Toward a Political Economy of the Libro De AlexandreSimone Pinet (bio)The carefully composed and craftily pronounced stanzas of the thirteenth-century Libro de Alexandre, if mostly a (free) translation of Gautier de Châtillon’s Alexandreis, provide readers with glimpses of northern Iberia in descriptions and comparisons, but especially through curious formulations and eloquent rewritings.1 These incite the reader to reflect upon the emergence of the vernacular regime of literary composition (...) by clerics that developed in the thirteenth century, a corpus known to us as the mester de clerecía. In this corpus, the use of the vernacular, in particular, brings with it an unproblematized sense of transparency of the context in which the works of mester de clerecía were produced, a genre of which the Libro de Alexandre is a key poetic point of origin. Next to an emphasis on a Latinate syntax and recitation techniques that underline the corpus’s clerical production, the irruption of quotidian phrases, vocabulary, figures of medievalization, and especially of Iberization, make these texts a privileged site to study the articulation of the varied phenomena that from economics to the grammatical, from Aristotle to technology, come to revolutionize medieval culture from the twelfth century onward. Of the many peculiar uses of the vernacular in the Libro de Alexandre, references that connote a sense of worthlessness through the repeated structure “not worth an X, ” especially those that express the comparison with minted coinage of little value: dinero, meaja, pepión, or sueldo, as in “not worth a penny,”2 will serve here as a point of entry. These hyperbolic [End Page 44] expressions, common to Romance languages, underline not only the moral and economic ambivalence of terms such as preçio, valor, honor, pagar(se), dar crédito, and so forth, but also the incorporation of a monetary economy within this ambivalence. These types of expressions, moreover, produce a linguistic marker for such ambiguity, as Louis F. Sas noted when he underlined the “affect” which marks, at the level of speech, the reference to abstract terms such as infinity, nothing, and zero in these types of constructions [469, 471].3Sas notes that the vast majority of the occurrences of these phrases in the Libro de Alexandre happen “in combination with the word valer, with its synonyms, or with dar por, that is, in contexts of exchange” [475]. Many years before Sas exhaustively documented these expressions, Alois Richard Nykl had interpreted their presence as related to barter and a supposed clerical contact with local markets, which to some extent could explain their frequent use in the poem, and he especially mentioned the use of fruits and vegetables in these expressions. Nykl also suggested these were “rustic” similes, favored by men of the clergy such as Berceo, Juan Ruiz, and the authors of the Alexandre and the Fernán González, showing, in his opinion, these men’s contact with a certain world in which fruits and vegetables could serve as payment for the church or diezmo, bringing in through this curious interpretation not only a historical economic context but also its [End Page 45] qualification as something “rustic” or at least foreign to the cleric [311].4In 1929, a couple of years after Nykl’s article appeared, George Irving Dale would correct his affirmations, noting that the expressions called “rustic” by Nykl belonged to a well-studied figure called figurative negation. Dale remarked that figurative negation appeared already in the Poema de mio Cid, and he directed the reader to the bibliography offered by Menéndez Pidal in his edition of the Poema under the title of “Refuerzo de la Negación” [Cantar de Mio Cid 1: 376 and glossary]. In his article, Dale wrote in passing that the type of adjectives used with these expressions “increases the insignificance or lack of value” [324]. Later, agreeing with Dale, Sas wrote that the emphasis added to these phrases through the use of adjectives such as vile or rotten did not point to any medieval particular practice beyond that of a peculiar affect, which has been interpreted in terms of “simplicity.” In the next pages I want to suggest some lines of... (shrink)

Litigation cannot solve a public health crisis. But litigation can be an effective complementary tool to regulation by increasing the salience of a public health issue, eliciting closely guarded information to move public opinion, and prompting legislative action. From tobacco to opioids, litigants have successfully turned to courts for monetary relief, to initiate systemic change, and to hold industry accountable For years, litigators have been trying to push firearm suits into their own litigation moment. But litigation against the gun (...) industry poses special challenges. Not only has the regulatory regime failed to prevent a public safety hazard, Congress has consistently underfunded and understaffed the relevant regulatory actors. And in 2005 it legislatively immunized the gun industry from suit with the Protection of Lawful Commerce in Arms Act. This paper surveys the field of litigation in response to gun violence, tracking the limited successes of victims and stakeholders suing the gun industry. We find that victories remain confined to individual actors and unlike high-impact public litigations in other areas, aggregate class actions and major public litigation led by state attorneys general are noticeably absent in the firearm context. (shrink)

To acquaint the student with the problems of open-economy macroeconomics. These include the theory and policy issues related to the international balance of payments, the determination of foreign exchange rates, the functioning of the macroeconomy under different exchange rate regimes, the operation of macroeconomic policy under different exchange rate regimes, and the evolution and future of the international monetary system as a whole.

Legitimate corporations exist within a common space that is shared with a different type of organization, one that is engaged in illicit or criminal activities.Activities taking place in this sector of the global commons threaten the integrity of the global markets and contribute to public distrust of corporations. In addition, they are placing legitimate organizations in an unanticipated and unwelcomed role within a larger law enforcement regime that requires them to participate in preventing the legitimization of illicit monetary (...) gains through money laundering. This paper provides information on the global initiatives implemented to curb money laundering. It concludes with a discussion of needed research. (shrink)

The most widely accepted explanation of why we need copyright is that it provides authors with the necessary economic incentive to create. This incentive story has largely gone unchallenged, and has been used to justify lengthening and strengthening the legal protections for expressive works. This Article points out, however, that the empirical foundation for the copyright-as-incentive story is seriously suspect. It fails to account for the economic conditions under which most art, literature and other expressive works are produced, and it (...) contravenes the insights provided over the last forty years or so by psychologists interested in creativity and by behavioral economists. Empirical research has shown that intrinsic factors are much more important determinants of participation in creative work than such extrinsic ones as monetary reward. In fact, evidence exists that the promise of extrinsic rewards such as money can actually be detrimental to the creative impulse. This is not to say that concern with economic rewards should play no role in a legal regime designed to encourage the creative process. But, at a minimum, this Article suggests both that copyright scholars need to develop a far more nuanced understanding of why people produce what they do, and that a satisfactory legal regime to promote intellectual property creation and dissemination can afford to be far less concerned than it presently is with ensuring that authors and copyright owners can extract every bit of available profit from their works. (shrink)

The global city is a new frontier zone. Deregulation, privatization, and new fiscal and monetary policies create the formal instruments to construct their equivalent of the old military “fort”. The city is also a strategic frontier zone for those who lack power, and allows the making of informal politics. At the same time the border is a mix of regimes, marked by protections and opportunities for corporations and high-level professionals, and implies confinement, capture and detention for migrants. The essay (...) discusses the transformation of the city in a frontier zone and analyses the separation between the capabilities entailed by territoriality and the geographic territory tout court. The analysis focuses on the effects of neoliberal policies that, far from making this a borderless world, have actually multiplied the bordered spaces that allow firms and markets to move across conventional borders. Cities are therefore one of the key sites where new neoliberal norms are made and where new identities emerge. (shrink)

Articulating and examining the likely consequences of different theoretical and policy approaches to economic justice serves to highlight potential trade-offs and conflicts among them, and helps us to think more carefully about these trade-offs and what their consequences might be. Some of us, for example, might support a liberal free trade regime because we believe it promotes greater income equalityamong countries. But we might also reasonably assert that such a regime exacerbates economic injusticeswithin some countriesby causing dislocation and (...) unemployment, particularly among vulnerable socioeconomic groups such as unskilled workers. This essay presents three models that seek to capture some of the central normative concerns that have been expressed by critics of economic globalization-communitarian, liberal internationalist, and cosmopolitan prioritarian. I indicate the kinds of economic models and data sets that are relevant to determining whether and to what extent greater openness to global trade poses a threat to economic justice as conceived by each of these approaches. Specifically, I use these analytical tools in order to relate changes in openness to foreign trade to other social and economic outcomes, particularly changes in income inequality and poverty, which have tended to draw the attention of nearly all theorists of economic justice. I characterize and critique the approach to economic justice that has been (implicitly) adopted by the major international institutions like the World Bank, International Monetary Fund, and World Trade Organization. I conclude with some policy implications and suggestions for further research in the area of international economic justice. (shrink)

This article examines women’s rights to property in marriage, upon divorce, and upon the death of a spouse in Uganda, highlighting the problematic aspects in both the state-made (statutory) and non-state-made (customary and religious) laws. It argues that, with the exception of the 1995 Constitution, the subordinate laws that regulate the distribution, management, and ownership of property during marriage, upon divorce, and death of a spouse are discriminatory of women. It is shown that even where the relevant statutory laws are (...) protective of women’s rights to property, their implementation is hindered by customary law practices, socialization, and the generally weak economic capacity of many women in the country. The article delves into the even weaker position of women’s rights to matrimonial property at customary and religious laws. In many homes, wives provide labor to support their husbands without having a stake in the use or monetary benefit from it. Under Islamic law regulating intestate succession to property, the entitlements for widows fall short of the constitutional standards on equality and non-discrimination. Polygyny is widely practiced by Muslims implying that the widows share the one eighth whenever there are children or one fourth in cases when there are no children. Radical reforms such as adopting an immediate community property regime instead of the present separate property regime are inevitable if women’s rights to property are to advance. (shrink)

Based on analysis of program documents and performances of the leading actors of Social Democratic Party of Germany, this article examines economic views and conceptions of social-democrats during the period of occupation between 1945 and 1949. The article analyzes the background of these economic concepts starting from the times of Nazi regime in Germany when SDP leaders were living in exile, and describes their evolution between 1945 and 1945 during the negotiations of three post-war Party Congresses. The article substantiates (...) how two main approaches in regard of economic rehabilitation and further development of post-war Germany were formed by the leading politicians and economic experts of SDP: the first approach based on planning economy and total nationalization of enterprises, and the second one based on regulation of market economy and partial nationalization of enterprises. The article analyzes Social Democrats' participation in formation of a new representative constitutive body called Economic Council, which consisted of Germans exclusively and was created for final solving of current economic problems, as well as their work in this body. The attitude of SDP towards main economic measures of that times such as realization of Marshall Plan in Western Germany and the Monetary Reform of 1948 is described. The article indicates why the opinions of leading SDP politicians in regard of major economic measures were ambiguous, and explains that it happened because the composition of a newborn post-war SDP was heterogeneous, and because those measures were initiated and controlled by occupying states. (shrink)

In Study 1, we test a theoretical model involving temptation, monetary intelligence (MI), a mediator, and unethical intentions and investigate the direct and indirect paths simultaneously based on multiple-wave panel data collected in open classrooms from 492 American and 256 Chinese students. For the whole sample, temptation is related to low unethical intentions indirectly. Multi-group analyses reveal that temptation predicts unethical intentions both indirectly and directly for male American students only; but not for female American students. For Chinese students, (...) both paths are non-significant. Love of money contributes significantly to MI for all students. In Study 2, using money as a temptation and giving them opportunities to cheat on a matrix task, most Chinese students (78.4 %) do not cheat in open classrooms; supporting survey and structural equation modeling (SEM) results in Study 1. However, students in private cubicles cheat significantly more (53.4 %) than those in open classrooms (21.6 %). Finally, students’ love of money attitude predicts cheating. Factor rich predicts the cheating amount, whereas factor motivator predicts the cheating percentage. Our results shed new light on the impact of temptation and love of money as dispositional traits, money as a temptation, and environmental context (public vs. private) on unethical intentions and cheating behaviors. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate “an (...) eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

Monetary intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the dark side of monetary Intelligence and behavioral economics—dishonesty. Dishonesty, a risky prospect, involves cost–benefit analysis of self-interest. We frame good or bad barrels in the environmental context as a proxy of high or low probability of getting caught for dishonesty, respectively. We theorize: The magnitude and (...) intensity of the relationship between love of money and dishonest prospect may reveal how individuals frame dishonesty in the context of two levels of subjective norm—perceived corporate ethical values at the micro-level and Corruption Perceptions Index at the macro-level, collected from multiple sources. Based on 6382 managers in 31 geopolitical entities across six continents, our cross-level three-way interaction effect illustrates: As expected, managers in good barrels, mixed barrels, and bad barrels display low, medium, and high magnitude of dishonesty, respectively. With high CEV, the intensity is the same across cultures. With low CEV, the intensity of dishonesty is the highest in high CPI entities —the Enron Effect, but the lowest in low CPI entities. CPI has a strong impact on the magnitude of dishonesty, whereas CEV has a strong impact on the intensity of dishonesty. We demonstrate dishonesty in light of monetary values and two frames of social norm, revealing critical implications to the field of behavioral economics and business ethics. (shrink)

Religion inspires honesty. The love of money incites dishonesty. Religious and monetary values apply to all religions. We develop a formative theoretical model of monetary wisdom, treat religiosity (God) and the love of money (mammon), as two yoked antecedents—competing moral issues (Time 1), and frame the latent construct in good barrels (performance or humane contexts, Time 2), which leads to (dis)honesty (Time 3). We explore the direct and indirect paths and the model across genders. Our three-wave panel data (...) (411 participants) show that religious and monetary values are negatively correlated. Directly, religiosity consistently curbs dishonesty; surprisingly, the love of money has no impact on dishonesty. In the performance context, the two mediation effects reduce dishonesty. Across genders, this mediation effect is nonsignificant for males but significantly excites females' honesty. In the humane context, the two mediation effects are nonsignificant. Across genders, for the love of money, males passively curb dishonesty by omission, and females actively engage in honesty by commission. Decision-makers must challenge people's moral issues, frame them in good barrels, and help people become good apples, choice architects, and moral and ethical decision-makers, promoting the Matthew effect in religion. We offer practical implications to individuals and organizations. (shrink)

Monetary Intelligence theory asserts that individuals apply their money attitude to frame critical concerns in the context and strategically select certain options to achieve financial goals and ultimate happiness. This study explores the bright side of Monetary Intelligence and behavioral economics, frames money attitude in the context of pay and life satisfaction, and controls money at the macro-level and micro-level. We theorize: Managers with low love of money motive but high stewardship behavior will have high subjective well-being: pay (...) satisfaction and quality of life. Data collected from 6586 managers in 32 cultures across six continents support our theory. Interestingly, GDP per capita is related to life satisfaction, but not to pay satisfaction. Individual income is related to both life and pay satisfaction. Neither GDP nor income is related to Happiness. Our theoretical model across three GDP groups offers new discoveries: In high GDP entities, “high income” not only reduces aspirations—“Rich, Motivator, and Power,” but also promotes stewardship behavior—“Budget, Give/Donate, and Contribute” and appreciation of “Achievement.” After controlling income, we demonstrate the bright side of Monetary Intelligence: Low love of money motive but high stewardship behavior define Monetary Intelligence. “Good apples enjoy good quality of life in good barrels.” This notion adds another explanation to managers’ low magnitude of dishonesty in entities with high Corruption Perceptions Index. In low GDP entities, high income is related to poor Budgeting skills and escalated Happiness. These managers experience equal satisfaction with pay and life. We add a new vocabulary to the conversation of monetary intelligence, income, GDP, happiness, subjective well-being, good and bad apples and barrels, corruption, and behavioral ethics. (shrink)

Research suggests that attitudes guide individuals’ thinking and actions. In this study, we explore the monetary intelligence construct and investigate the relationships between a formative model of money attitudes involving affective, behavioral, and cognitive components and several sets of outcome variables—unethical intentions, intrinsic and extrinsic job satisfaction, and coping strategies. Based on 515 managers in the Republic of Macedonia, we test our model for the whole sample and also cross sector and gender. Managers’ negative stewardship behavior and positive cognitive (...) meaning of money define MI which, in turn, is related to unethical intentions. Positive cognition in the public sector and poor stewardship behavior in the private sector contribute to unethical intentions, respectively. Good stewards have higher intrinsic and lower extrinsic job satisfaction, those in the private sector, in particular. Affective motive and stewardship behavior are related to their stronger “approach” coping strategies and weaker “avoidance” coping strategies. Affective motive and stewardship behavior contribute to coping responses for managers in the public and private sectors, respectively. Further, the relationship between stewardship behavior and coping mechanisms exists for females, but not for males. We demonstrate that MI, a type of social intelligence, allows individuals to monitor their own emotions, behaviors, and cognitions and guides their thinking and actions. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable the new strategy for engaging the business sector in humankind's mission to heal nature. The presentation is just a primitive concept, which will be calibrated further in the coming months.

In this article, the author addresses two feminist issues: first, how to conceptualize intersectionality, the mutual reproduction of class, gender, and racial relations of inequality, and second, how to identify barriers to creating equality in work organizations. She develops one answer to both issues, suggesting the idea of “inequality regimes” as an analytic approach to understanding the creation of inequalities in work organizations. Inequality regimes are the interlocked practices and processes that result in continuing inequalities in all work organizations. Work (...) organizations are critical locations for the investigation of the continuous creation of complex inequalities because much societal inequality originates in such organizations. Work organizations are also the target for many attempts to alter patterns of inequality: The study of change efforts and the oppositions they engender are often opportunities to observe frequently invisible aspects of the reproduction of inequalities. The concept of inequality regimes may be useful in analyzing organizational change projects to better understand why these projects so often fail and why they succeed when this occurs. (shrink)

ABSTRACT Asset‐market bubbles occur dependably in laboratory experiments and almost as reliably throughout economic history—yet they do not usually bring the global economy to its knees. The Crash of 2008 was caused by the bursting of a housing bubble of unusual size that was fed by a massive expansion of mortgage credit—facilitated, in turn, by the longest sustained expansionary monetary policy of the past half century. Much of this mortgage credit was extended to people with little net wealth who (...) made slender down payments, so that when the bubble burst and housing prices declined, their losses quickly exceeded their equity. These losses were transmitted to the financial system—including banks, investment banks, insurance companies, and the institutional and private investors who provided liquidity to the mortgage market through structured securities. It seems that many of these institutions became insolvent; it is certain that they became illiquid. Liquidity loss and solvency fears created a feedback cycle of diminished financing, reduced housing demand, falling housing prices, more borrower losses, and further damage to the financial system and eventually the stock market and the real economy. There are important parallels with the housing and financial‐market booms that led up to the Crash of 1929 and the Great Depression. (shrink)

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a value-added negative tax (...) (VANT) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

There is, at present, little precise understanding of the relative contributions of the various income streams used by impoverished rural households in southern Africa. The impact of household profiles on overall income also is not well understood. There is, therefore, little consideration of these factors in national economic accounting. This paper is an attempt to reduce this gap in knowledge by reflecting on the relative contribution of agro-pastoralism, secondary woodland resources, and formal and informal cash income streams to households in (...) the semi-arid rural village of Thorndale, Limpopo Province, South Africa. In the absence of jobs and confronted with high migrant labor, households with open access to natural resources derived more benefits from land-based livelihoods than cash income streams (i.e., 57.5 % vs. 42.5 %). Total livelihood income was valued at US$2887 per household per annum. A significant correlation between monetary values derived from crops and formal wages was established, and it was found that households with high cash incomes tended to invest more in crop production. Over 80 of households were male-headed. Of these heads of household, more than 60 were long-term migrants to urban areas, leaving household decision-making to the women. The low literacy rates of women have deprived them of paid jobs outside the area and, therefore, have increased their dependence on crops (62%) and secondary woodlands resources (60%). This was further reflected in the proportion of households in which females were the main contributors of cash income (9.7%), or joint contributors with men (24.4%). Various positive correlations were established between the number of women per household and the three land-based livelihoods. This implied that women’s total control over such activities was mostly a result of the absence of men and not a typical phenomenon. In spite of this control, it was not positively reflected in the lives of majority of the women. Households differed in their participation in livelihood activities. Household size influenced the level of production and was positively correlated with the value of secondary woodland resources and crops. The study shows the interdependence of land-based livelihood sources and the impact of household features on production and consumption. Policies that focus on livelihood options need to recognize and accommodate associated household dynamics. (shrink)

Money, the most important element of economic life, has attracted the attention of many branches of science throughout history. As a result, various disciplines have examined the issue of money and made some determinations about it. One of the disciplines that deals with the money issue is jurisprudence. Jurisprudence has examined the position of money vis-à-vis commodities and other currencies and has tried to establish a fair and just relationship between them. Islamic jurists have also dealt with the legal status (...) of money and discussed the conceptual framework of money in legal terms. The monetary value of gold and silver is accepted in Islamic law and a verdict has been reached on this acceptance. However, there is divergence of opinion on the legal status of the counterfeit money that has been used by many societies and states in history. While Abū Ḥanīfa and, according to one opinion, Abū Yūsuf accepted that fals (coin) are not money, Muḥammad maintained that fals are money. As in many areas of law, sales and debt contracts are also judged according to this assumption. However, if we look at the details of Abū Yūsuf's opinion, we see that some of the contracts accept the monetary value of fals. So, if we assume that we lend 1000 Turkish Liras (TL) with today's coins - according to Abū Ḥanīfa - it means that in case the lent money is withdrawn from circulation, the money should be paid back according to the the weight of the coins that made 1000 TL. Regardless of the weight of the 1000 TL, Abū Yūsuf says that the value of 1000 TL should be repaid. In this case, Abū Yūsuf considers the monetary aspect of these coins. Therefore, it can be stated that there are some differences in the details of the view that counterfeits are accepted as absolute goods in the Hanafi school, and the monetary aspect of counterfeits is also present. Imam Muḥammad dealt with the trade of coins in a special section and examined the position of coins vis-à-vis various goods. He stated several times in this section that fals are in the position of dīnārs and dirhams (gold and silver coin). While Imam Muḥammad evaluated rock as money, he defended this view in practical terms. Namely, he accepted that one of the important features of coins, denomination by signs, is also present in coins and that one can pay with rocks (fals) other than the coin shown in the purchase. However, it should be noted that the coins to be paid must be in circulation. Likewise, the company, salam (forward sale), etc. assumes the monetary value of the rock (fals) and has decided accordingly. There is no complete consensus on this issue within the Ḥanafi tradition. Although in the early works the views of Abū Ḥanīfa and Abū Yūsuf dominate, one sees that in the later works the view of Imam Muḥammad is preferred. This view was also preferred in the recent Medjelle. In commercial life, goods are essential and money is used as a means of transportation for goods. Therefore, it should not be disregarded that money as a means of measuring value is based on the acceptance of people, regardless of what metal it is made of. Therefore, the monetary nature of the goods used as money by society should be accepted. In fact, the Medjelli-yi Aḥkām-i ʻAdliyye, which was established on the basis of the Ḥanafi school, accepted that fals are money and introduced laws in this direction in some areas of the Islamic law. Opinions in this direction have been expressed in some studies written in modern times. In this study, firstly, information about the structure of the fals and their use in Islamic history is given. Then, the Ḥanafi School founding scholars’ assessments of fals are discussed theoretically. In the following section, the disagreements of the Ḥanafi imams in some areas of law are practically examined. (shrink)

ABSTRACT There are disagreements among ethicists on what comprises an “appropriate” good to offer research participants. Debates often focus on the type, quantity, timing, and ethical appropriateness of such offers, particularly in settings where participants may be socio-economically vulnerable, such as in parts of Zambia. This was a Cross-sectional online survey of researchers and Research Ethics Committees (RECs) designed to understand practices, attitudes and policies associated with provision of goods to research participants. Of 122 responding researchers, 69 met eligibility criteria. (...) Responses were also received from five of the six Zambian RECs involved in reviewing research proposals. Forty-nine researchers (71.0%) confirmed previous experience offering goods to participants. Of these, 21 (42.9%) offered participants money only, 18 (36.7%) offered non-monetary goods, while the rest offered both monetary and non-monetary goods. Generally, goods were offered and approved by RECs to compensate for time, lost wages and transportation. One REC and 34.8% of researchers reported being subject to an institutional policy on offering goods to participants. While reimbursement is the main reason for offering goods to participants in Zambia, caution is required when deciding on the type and quantity of goods to offer given the potential for community mistrust and manipulation. (shrink)

Monetary policy prior to, during, and following the 1990?1991 recession was the tightest and most restrictive in over 30 years. Some have suggested that this policy was explicitly designed by the monetary hawks on the Federal Reserve to wring out the residues of inflationary expectations; others, that the central bank could not offset the real, and powerful, negative shocks buffeting the American economy. But a better explanation is that the monetary authorities were passive because they failed to (...) appreciate the treacherous financial weather caused by new capital requirements and the massive bailout of insolvent institutions. (shrink)

'This book is an excellent, theoretically sound and politically relevant reader', Professor Wolfschaefer, Universitat des Bundeswehr, Hamburg 'Up to date complete overview of European monetary and fiscal policy issues. Highly readable, good mix of theory and data' 'I think the book contains a wealth of useful, precise information, presented in a straightforward, readable way in a quintessentially comparative perspective', Dr M Mclean, Royal Holloway University 'Excellent treatment - quite comprehensive, full references, accessible for non-economists', Charlotte Bretherton, Liverpool John Moores (...) Univesity 'A useful addition to student literature', MJ Macmillan, Exeter University 'This is a top class book and does not limit itself to assessing the adequacy of the European political economy to the precepts of advanced monetary economics...This book is an excellent tool for teaching EMU economics, and raising the level of EMU economics in the reaserch-field of international political economy. Students and scholars will appreciate the explicit assessment the authors make of complex economic issues, and their unbiased stance in the study of EMU economic and political interplay.' Miriam L.Campamella, Jean Monnet Professor, Faculty of Political Science, University of Turin. ECSA Review, Winter 2001This textbook offers a fresh and comprehensive examination of European monetary and fiscal policy in the third stage of Economic and Monetary Union. Professors Eijffinger and de Haan give a brief history of European economic integration before the transition to EMU, and continue with a comprehensive analysis of institutions, legislation, and policies. Their analysis includes the functions and goals of the European Central Bank, the Treaty on European Union, the Stability and Growth Pact, and the harmonization of taxes. Other topics discussed include the targets and instruments of European monetary policy, the integration of European financial markets, and the competition between financial institutions in Europe. (shrink)

The first of its kind, this book is entirely dedicated to the implementation of monetary policy. Monetary policy implementation has gone through tremendous changes over the last twenty years, which have witnessed the quiet end of 'reserve position doctrine' and the return of an explicit focus on short-term interest rates. Enthusiastically supported by Keynes and later by the monetarist school, reserve position doctrine was developed mainly by US central bankers and academics during the early 1920s, and at least (...) in the US became the unchallenged dogma of monetary policy implementation for sixty years. The return of interest rate targeting also corresponds largely to the restoration of central banking principles established in the late 19th century.Providing a simple theory of monetary policy implementation, Bindseil goes on to explain the role of the three main instruments and reviews their use in the twentieth century. In closing, he summarizes current views on efficient monetary policy implementation. (shrink)