ABSTRACT:Microfinance is often assumed to be an ethically progressive industry, but in recent years it has been the target of much ethical criticism. Microfinance institutions have been accused of using exploitative lending techniques and charging usurious interest rates; and critics even question the ability of microfinance to alleviate poverty. This article reviews recent research on the microfinance sector that addresses these ethical issues. We show how this research is relevant to a number of theoretical issues, such as how to define (...) poverty, how to understand exploitation, and how to balance financial and social goals in commercial organizations. We conclude by identifying a critical agenda for future research. (shrink)

The commons is a concept increasingly used with the promise of creating new collective wealth. In the aftermath of the economic and financial crises, finance and money have been criticized and redesigned to serve the collective interest. In this article, we analyze three types of complementary currency systems: community currencies, inter-enterprise currencies, and cryptocurrencies. We investigate whether these systems can be considered as commons. To address this question, we use two main theoretical frameworks that are usually separate: the “new commons” (...) in organization studies and the “common good” in business ethics. Our findings show that these monetary systems and organizations may be considered as commons under the “common good” framework since they promote the common interest by creating new communities. Nevertheless, according to the “new commons” framework, only systems relying on collective action and self-management can be said to form commons. This allows us to suggest two new categories of commons: the “social commons,” which fit into both the “new commons” and the “common good” frameworks, and the “commercial commons,” which fit the “common good” but not the “new commons” framework. This research advances a new conceptualization of the commons and of the ethical implications of CCs. (shrink)

An increasing amount of research has examined the management of competing logics, and possible tensions arising between them, within “hybrid organizations.” However, the ways in which the relationships of hybrids with other organizations shape the conciliation of these logics and tensions have received limited attention so far. In this theoretical paper, we examine how hybrid organizations deal with interorganizational collaboration, in particular whether and how their hybridity can be maintained when they partner with “dominant-logic organizations.” Drawing on empirical literature on (...) social enterprise–corporate collaborations, we develop a framework and several propositions on how competing logics and their balancing within hybrid organizations may be affected by interactions with organizations underpinned by one dominant logic. We suggest that influences will mostly depend on the type of collaboration pursued. A collaboration based on a lower level of engagement and interaction between the two partners is likely to give precedence to one logic over the other, reducing inter-logic tensions but possibly compromising organizational hybridity. By contrast, a collaboration featuring numerous interactions and mission compatibility may facilitate sustained hybridity if tensions are acknowledged and managed. Our propositions contribute to the literatures on hybrid organizations, interorganizational collaboration, and social enterprise. (shrink)

This paper addresses the fairness of microcredit interest rates. Since microfinance institutions provide credit for the poor at relatively high prices, the fairness of their interest rates has been repeatedly debated. We first apply Rawls' principles of justice to the case of microcredit interest rates and suggest some limitations related to the hypothesis of rationality of the borrowers and the level of inequality. We then suggest another framework based on the analysis of the distribution of the benefits generated by the (...) transaction to assess the fairness of interest rates. We conceptualize this as the distribution of the bargaining range between the borrowers' and the institutions' reservation price and discuss what these reservation prices could be in the context of microfinance. (shrink)

Discussion on financial ethics increasingly includes the problem of exclusion of the poorer segments of society from the financial system and access to credit. This paper explores the ethical dimensions surrounding the concept of a human right to credit. If access to credit is directly instrumental to economic development, poverty reduction and the improved welfare of all citizens, then one can proclaim, as Nobel Prize Laureate M. Yunus has done, that it is a moral necessity to establish credit as a (...) right. Arguments both supporting and opposing the concept of a right to credit are presented. While there may be general agreement that access to financial services may provide a pathway out of poverty, granting a universal right could induce perverse effects such as overindebtedness. Bearing in mind the ultimate goal of proponents of this right as well as the potential harmful consequences, this paper offers a new perspective on the question of access to credit based on a goal-right system. (shrink)

This paper addresses the fairness of microcredit interest rates. Since microfinance institutions provide credit for the poor at relatively high prices, the fairness of their interest rates has been repeatedly debated. We first apply Rawls' principles of justice to the case of microcredit interest rates and suggest some limitations related to the hypothesis of rationality of the borrowers and the level of inequality. We then suggest another framework based on the analysis of the distribution of the benefits generated by the (...) transaction to assess the fairness of interest rates. We conceptualize this as the distribution of the bargaining range between the borrowers' and the institutions' reservation price and discuss what these reservation prices could be in the context of microfinance. (shrink)

Although microfinance organizations are generally considered as inherently ethical, recent events have challenged the legitimacy of the sector. High interest rates and the excessive profitability of some market leaders have raised the question of how to define a fair profit level for social enterprise. In this article, we construct a fair profit framework based on four dimensions: profitability, social mission, pricing, and surplus distribution. We then apply this framework using an empirical sample of 496 microfinance institutions. Results indicate that satisfying (...) all four criteria is a difficult, although not impossible, task. According to our framework, 24 MFIs emerge as true double bottom line organizations. These MFIs are characterized by higher outreach to women, lower portfolio risk, and higher productivity in high-density environments such as South Asia. We argue that excessive profits can be better understood relative to pricing, the outreach of the MFI, and organizational commitment to clients in the form of reduced interest rates. (shrink)

Microfinance institutions are alternative financial providers offering financial services to people typically excluded from the standard banking sector. While most MFIs are active in developing countries, there is also a young and developing microfinance sector in Europe; however, very little literature exists on this MFI segment. In this paper, we analyze the environmental performance of 58 European MFIs. Our results suggest that the size of the MFI, investor concern for environmental performance and, to a lesser extent, donor interest, are closely (...) related to the institution’s environmental performance. Moreover, providing loans larger than microcredits is linked to better environmental performance. This could suggest that the additional revenues generated from these loans, also called cross-subsidies, could help MFIs to strengthen their environmental bottom line. Finally, no evidence suggests that profit status explains environmental performance. (shrink)

Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of these currencies before (...) analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by these currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research. (shrink)

In recent years, development practice has seen that microfinance institutions are starting to consider their environmental bottom line in addition to their financial and social objectives. Yet, little is known about the characteristics of institutions involved in environmental management. This paper empirically identifies the characteristics of these MFIs for the first time using a sample of 160 microfinance institutions worldwide. Basing our analysis on various econometric tests, we find that larger MFIs and MFIs registered as banks tend to perform better (...) in environmental policy and environmental risk assessment. Furthermore, more mature MFIs tend to have better environmental performances, in particular in providing green microcredit and environmental non-financial services. On the other hand, financial performance is not significantly related to environmental performance, suggesting that ‘green’ MFIs are not more or less profitable than other microfinance institutions. (shrink)

Most scholarly interest in codes of ethics or conduct has focused on traditional companies. Little is known about the codes of social enterprises or hybrid organizations such as microfinance institutions. Our paper provides a comparative case study of the codes of a Mexican microfinance network and seven MFIs. Using the corporate integrity model, we analyze the content of MFIs’ codes compared to those of traditional organizations. We then examine to what extent some specific features of MFIs such as their mission, (...) target group, and applied credit methodologies, are factors that determine the content of their code. We find that MFIs’ codes, like those of traditional companies, include traditional stakeholder principles. Nevertheless, they put greater emphasis on ‘socially-oriented’ principles or on terms such as ‘people’ and ‘common good’. MFIs’ codes differ with respect to the items they include and exclude and the size of the covered sections. We also find that these codes attempt to address prevailing concerns in microfinance but rarely tackle two critical debates, namely levels of interest rates and of profitability. We finally argue that it is difficult to move toward a global code, owing to regional disparities and the variety of organizational models and missions. (shrink)

Crowdfunding has created new opportunities for poor microentrepreneurs. One crucial question is the impact that the purpose of a loan—either business investment or basic necessities—may have on the success of a campaign. Investigating a prosocial crowdfunding platform, we find that loans taken out to meet basic needs are funded faster than business-related loans, especially for small amounts, which can be explained by the prosocial motivation of microlenders. Moreover, female microborrowers are funded faster than men, especially for basic needs loans. Our (...) results therefore suggest an ethical blind spot, since prosocially motivated crowdlenders may unintentionally end up producing adverse effects, replicating gender role by supporting women to a lesser extent when they apply for business loans. This finding expands prosocial motivational theory in ethical finance. (shrink)

Food retailers are powerful actors of the agro-industrial food system. They exert strong lock-in effects that hinder transitions towards more sustainable agri-food systems. Indeed, their marketing practices generally result in excluding the most sustainable food products, such as local, low-input, small-scale farmers’ products. Recently in Belgium, several initiatives have been created to enable the introduction of local products on supermarket shelves. In this article, we study three of those initiatives to analyse if the development of local sourcing in supermarkets opens (...) up an opportunity for a transition towards more sustainable agri-food systems. We conceptualise transitions as a shift in governance and ethical values and adopt a pragmatist approach of ethics combined with the systemic perspective of transition studies, to evaluate the impact of these initiatives. Our analysis shows that they mainly contribute to the reproduction of the incumbent agri-food system. It also highlights that first, to be a driver for sustainability transitions, food ethics need to be systemic i.e. relate to a systemic understanding of problems and perspective of sustainability, including social justice. And second, it highlights that governance arrangements involving not only representative organisations of the various agri-food and non-agricultural actors, but also actors upholding ethical values that are currently missing in conventional supply chains and representing excluded and marginalised interests, favour the uptake of such systemic ethics by incumbent actors. Hence, systemic ethics and inclusive governance are key features for initiatives to contribute to a sustainability transition. (shrink)

We introduce the papers in this special issue by providing an overarching perspective on the variety in kinds of commons and the ethical issues stemming from their diversity. Despite a long history of local commons management, recent decades have witnessed a surge of scholarly interest in the concept of “the commons,” including a growing management literature. This swell was impelled especially by Garrett Hardin’s paper of 1968, and the body of work generated by Elinor Ostrom and her colleagues. However, the (...) term itself has come to be used in a variety of ways. To contextualize its ethical dimensions, we map a number of commons-related concepts such as common-pool resources, common property regime, excludability and subtractability, common-pool resource types and commons or “commoning” as a source of production. Following a brief summary of papers in this special issue, the essay concludes with an identification of implications for research, practice and policy. (shrink)

Descriptions of bodies within the literature of the enactive approach to cognitive science exhibit an interesting dialectical tension. On the one hand, a body is considered to be a unity which instantiates an identity, forming an intrinsic basis for value. On the other, a living body is in a reciprocally defining relationship with the environment, and is therefore immersed and entangled with, rather than distinct from, its environment. In this paper I examine this tension, and its implications for the enactive (...) approach, particularly the enactive conceptions of life and bodies. Following the lead of others, I argue that enactive cognitive science can benefit from a deeper reading and integration with extant work on the complexity and multiplicity of the living body within feminist philosophy and feminist science studies. (shrink)

The free association method is often employed in marketing research to investigate perceptions of a particular product or brand in different socio-cultural groups of customers. In our research, international and domestic students produced free associations in response to photographs of outdoor billboards from two different locations in one city (city centre and outskirts). The results indicate that free associations can depict qualitative aspects of outdoor billboards like poor quality (relating to the categories of amateurish and fake), problematic content (relating to (...) female stereotypes, gender stereotypes and cultural differences), and that they have the potential to capture the general atmosphere of the neighbourhood (categories of decay, depression, danger and past). (shrink)

Can we see the expressiveness of other people's gestures, hear the intentions in their voice, see the emotions in their posture? Traditional theories of social cognition still say we cannot because intentions and emotions for them are hidden away inside and we do not have direct access to them. Enactive theories still have no idea because they have so far mainly focused on perception of our physical world. We surmise, however, that the latter hold promise since, in trying to understand (...) cognition, enactive theory focuses on the embodied engagements of a cognizer with his world. In this paper, we attempt an answer for the question What is social perception in an enactive account? In enaction, perception is conceived as a skill, crucially involving action, an ability to work successfully within the set of regularities, or contingencies that characterize a given domain. If this is the case, then social perception should be a social skill. Having thus transformed the question of what social perception is into that of what social skill is, we examine the concept of social contingencies and the manner in which social skills structure—both constrain and empower— social interaction. Some of the implications of our account for how social and physical perception differ, the role of embodiment in social interaction and the distinction between our approach and other social contingency theories are also addressed. (shrink)

Die Beiträge zur Altertumskunde enthalten Monographien, Sammelbände, Editionen, Übersetzungen und Kommentare zu Themen aus den Bereichen Klassische, Mittel- und Neulateinische Philologie, Alte Geschichte, Archäologie, Antike Philosophie sowie Nachwirken der Antike bis in die Neuzeit. Dadurch leistet die Reihe einen umfassenden Beitrag zur Erschließung klassischer Literatur und zur Forschung im gesamten Gebiet der Altertumswissenschaften.

The world of Jedi is very different from our own, that their awareness of the universe is more encompassing, richer. The Jedi call that mystical aspect of reality they perceive the Force. Jedi younglings and padawans must put their body to new uses, perform new tasks, and learn new skills in physical activities that have profound effects on the way they see the world around them. What the Jedi say more than anything else about the Force is that it flows. (...) Jedi who are able to coordinate their actions with that flow can work with the full potency of the universal relationship between all things. Jedi do not need a special Force‐organ to perceive the Force. The Force is not something Jedi just see, or hear, or taste, or touch, but rather it is something they experience on its own terms, probably using their whole body to do it. (shrink)

Enactive and ecological approaches to cognitive science both claim a “mutuality” between agents and their environments – that they have a complementary nature and should be addressed as a single whole system. Despite this apparent agreement, each offers criticisms of the other on precisely this point – enactivists claiming that ecological psychologists over-emphasise the environment, while the complementary criticism, of agent-centred constructivism, is levelled by ecological psychologists at enactivists. In this paper I suggest that underlying the confusion between the two (...) approaches is the complexity of agency, which comes in different forms, at different scales or levels of analysis. Cognitive science has not theorised the relationship between these different forms in a sufficiently disciplined manner, and a task therefore remains of finding a way to map the complex territory of agency. (shrink)

In the past, several researchers in the field of physiotherapy have asserted that physiotherapy clinicians rarely use ethical knowledge to solve ethical issues raised by their practice. Does this assertion still hold true? Do the theoretical frameworks used by researchers and clinicians allow them to analyze thoroughly the ethical issues they encounter in their everyday practice? In our quest for answers, we conducted a literature review and analyzed the ethical theoretical frameworks used by physiotherapy researchers and clinicians to discuss the (...) ethical issues raised by private physiotherapy practice. Our final analysis corpus consisted of thirty-nine texts. Our main finding is that researchers and clinicians in physiotherapy rarely use ethical knowledge to analyze the ethical issues raised in their practice and that gaps exist in the theoretical frameworks currently used to analyze these issues. Consequently, we developed, for ethical analysis, a four-part prism which we have called the Quadripartite Ethical Tool (QET). This tool can be incorporated into existing theoretical frameworks to enable professionals to integrate ethical knowledge into their ethical analyses. The innovative particularity of the QET is that it encompasses three ethical theories (utilitarism, deontologism, and virtue ethics) and axiological ontology (professional values) and also draws on both deductive and inductive approaches. It is our hope that this new tool will help researchers and clinicians integrate ethical knowledge into their analysis of ethical issues and contribute to fostering ethical analyses that are grounded in relevant philosophical and axiological foundations. (shrink)

ABSTRACT The Gödel–Dummett logic and Łukasiewicz one are two main many-valued logics used by the fuzzy logic community. Our goal is a quantitative comparison of these two. In this paper, we will mostly consider the 3-valued Gödel–Dummett logic as well as the 3-valued Łukasiewicz one. We shall concentrate on their implicational-negation fragments which are limited to formulas formed with a fixed finite number of variables. First, we investigate the proportion of the number of true formulas of a certain length n (...) to the number of all formulas of such length built with exactly one variable. Then, we investigate such proportion for satisfiable formulas. Second, we generalise our investigation on formulas written with $ k\ge 1 $ k ≥ 1 variables. The primary goal of the paper is the research on the asymptotic behaviour of these fractions when the length n tends to infinity. If such limits exists, they are real numbers between 0 and 1, which are called the density of truth or the density of SAT. To compare the density of truth and the density of satisfiable formulas for both fragments of 3-valued Gödel–Dummett's and Łukasiewicz's logics we use the powerful theory of analytic combinatorics. This paper is a natural continuation of the previous brief conference note by Kostrzycka and Zaionc (2020) as well as enriched with some previous results from Kostrzycka and Zaionc (2003). In the conference note we computed analytically the density of truth and the density of SAT (with a determined precision) for 3-valued Łukasiewicz's logic restricted to a language with only one variable. In Kostrzycka and Zaionc (2003) we computed the same values for exactly the same fragment of the 3-valued Gödel–Dummett logic. This paper answers the more general questions of the existence of density of truth and density of SAT for both many-valued logics with an arbitrary finite number of variables. Therefore this paper gives an an interesting picture of two main families of finite-valued fuzzy logics problems treated quantitatively. This picture is taken from the perspective of classical logic. It shows that unexpectedly there is quantitatively a little distance between these two approaches. (shrink)

The subject of the book is a reconsideration of the internalistic model of composition of the Platonic type, and its application in the ontology of quantum theory. Nonseparability is at the centre of quantum ontology. Quantum wholes are atemporal wholes governed by internalistic logic, requiring a relativization of fundamental notions of mechanics.

We obtain several game characterizations of Baire 1 functions between Polish spaces _X_, _Y_ which extends the recent result of V. Kiss. Then we propose similar characterizations for equi-Bare 1 families of functions. Also, using related ideas, we give game characterizations of Baire measurable and Lebesgue measurable functions.