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)

Explores the basic forms of responsibility that we willingly assume and the collaborative fulfillment that we find in each.

How can we take history seriously as real and relevant? Despite the hazards of politically dangerous or misleading accounts of the past, we live our lives in a great network of cooperation with other actors; past, present, and future. We study and reflect on the past as a way of exercising a responsibility for shared action. In each of the chapters of Full History Smith poses a key question about history as a concern for conscious participants in the sharing (...) of action, starting with “What Is Historical Meaningfulness?” and ending with “How Can History Have an Aim?” Constructing new models of historical meaning while engaging critically with perspectives offered by Ranke, Dilthey, Rickert, Heidegger, Eliade, Sartre, Foucault, and Arendt, Smith develops a philosophical account of thinking about history that moves beyond postmodernist skepticism. Full History seeks to expand the cast of significant actors, establishing an inclusive version of the historical that recognizes large-scale cumulative actions but also encourages critical revision and expansion of any paradigm of shared action. (shrink)

Preface -- Why political philosophy? -- Antigone and the politics of conflict -- Socrates and the examined life -- Plato on justice and the human good -- Aristotle's science of regime politics -- The politics of the Bible -- Machiavelli and the art of political founding -- Hobbes's new science of politics -- Locke and the art of constitutional government -- Rousseau on civilization and its discontents -- Tocqueville and the dilemmas of democracy -- In defense of patriotism.

This lively book reassesses a century of jurisprudential thought from a fresh perspective, and points to a malaise that currently afflicts not only legal theory ...

To the French critics who originally labelled certain films noir it seemed that a class of Hollywood products had gone darker during the war years – as though a dark filter had been placed over the lens. Films were not designed or marketed as noir, and retrospectively noir's status as a genre is still unsettled. Yet there is widespread interest today in experiencing diverse films as noir, and even in using a Noir Filter in Instagram and video games. Pursuing the (...) filter clue, the noir experience can be thought of as subjection to a dark filtering of narrative. Image filtering styles can help to resolve not only the puzzle of noir's quasi-genre status but also an issue of general interest in aesthetic experience. The use of image filters makes a distinctively powerful contribution to the experience of a work or genre, or to the cultural dominance of an aesthetic regime, due to the unobtrusive formative role it plays in the economy of experience. (shrink)

What might a theory of mental imagery look like, and how might one begin formulating such a theory? These are the central questions addressed in the present paper. The first section outlines the general research direction taken here and provides an overview of the empirical foundations of our theory of image representation and processing. Four issues are considered in succession, and the relevant results of experiments are presented and discussed. The second section begins with a discussion of the proper form (...) for a cognitive theory, and the distinction between a theory and a model is developed. Following this, the present theory and computer simulation model are introduced. This theory specifies the nature of the internal representations (data structures) and the processes that operate on them when one generates, inspects, or transforms mental images. In the third, concluding, section we consider three very different kinds of objections to the present research program, one hinging on the possibility of experimental artifacts in the data, and the others turning on metatheoretical commitments about the form of a cognitive theory. Finally, we discuss how one ought best to evaluate theories and models of the sort developed here. (shrink)

The essays of The Cambridge Companion to Leo Strauss provide a comprehensive and non-partisan survey of the major themes and problems that constituted Strauss's work.

Observing that standard accounts of constitutional law - both the "conservative" and "liberal" varieties - have lost their power to illuminate, The Constitution and the Pride of Reason explores how constitutional law hangs together (and how it falls apart) by investigating the perennial claim that the Constitution and its interpretation somehow embody a commitment to governance by "reason". What does this claim mean, and is it valid? In confronting these queries, Smith offers revealing and iconoclastic assessments of constitutionalists ranging (...) from Madison and Jefferson to Dworkin and Bork. Also detailed in these pages is a provocative overview of the whole constitutional project, from its noble aspirations to its tragic failures. (shrink)

Halley and colleagues highlight important aspects of advocacy and justice in rare disease and provide recommendations for stakeholders to encourage progress toward equity and justice. In the rare d...

In Hegel's Critique of Liberalism , Steven B. Smith examines Hegel's critique of rights-based liberalism and its relevance to contemporary political concerns. Smith argues that Hegel reformulated classic liberalism, preserving what was of value while rendering it more attentive to the dynamics of human history and the developmental structure of the moral personality. Hegel's goal, Smith suggests, was to find a way of incorporating both the ancient emphasis on the dignity and even architectonic character of political (...) life with the modern concern for freedom, rights, and mutual recognition. Smith's insightful analysis reveals Hegel's relevance not only to contemporary political philosophers concerned with normative issues of liberal theory but also to political scientists who have urged a revival of the state as a central concept of political inquiry. (shrink)

Pierre Maquet1,2,6, Steven Laureys1,2, Philippe Peigneux1,2,3, Sonia Fuchs1, Christophe Petiau1, Christophe Phillips1,6, Joel Aerts1, Guy Del Fiore1, Christian Degueldre1, Thierry Meulemans3, André Luxen1, Georges Franck1,2, Martial Van Der Linden3, Carlyle Smith4 and Axel Cleeremans5.

Isaiah Berlin was a central figure in twentieth-century political thought. This volume highlights Berlin's significance for contemporary readers, covering not only his writings on liberty and liberalism, the Enlightenment and Romanticism, Russian thinkers and pluralism, but also the implications of his thought for political theory, history, and the social sciences, as well as the ethical challenges confronting political actors, and the nature and importance of practical judgment for politics and scholarship. His name and work are inseparable from the revival of (...) political philosophy and the analysis of political extremism and defense of democratic liberalism following World War II. Berlin was primarily an essayist who spoke through commentary on other authors and, while his own commitments and allegiances are clear enough, much in his thought remains controversial. Berlin's work constitutes an unsystematic and incomplete, but nevertheless sweeping and profound, defense of political, ethical, and intellectual humanism in an anti-humanistic age. (shrink)

Soil balancing is widely used in organic farming, but little is known about the practice because technical knowledge and goals for the practice are produced and negotiated within an alternative community of practice (CoP). We used a review of the private soil balancing literature and semi-structured interviews with farmers and consultants to document the knowledge, shared meanings, and goals of key actors within the soil balancing CoP. Our findings suggest this CoP is dominated by discourse between private consultants and farmers, (...) with few contributions to or from scientists or the peer reviewed literature. The idea of soil balancing is centered around improving soil quality through adjustments in Base Cation Saturation Ratios (BCSR), and practitioners report a wide range of positive agronomic outcomes. For most soil balancers, however, BCSR is only one part of a broader approach to soil health management that also utilizes traditional soil fertility recommendations and soil health-building cultural management practices. Meanwhile, a survey of land grant university soil fertility specialists and the peer-reviewed literature documented a high degree of skepticism and a lack of scientific evidence that BCSR can boost crop yields. We conclude that this scientific discourse reflects a disconnect from the practices and meanings used in the soil balancing CoP. While tensions between the dominant and niche agricultural knowledge systems are not unique, we believe a better appreciation for the nuanced meanings and goals within the soil balancing CoP present an opening for expanded collaborations with scientists doing research on soil health. (shrink)

This introduction to the Common Knowledge symposium titled “Comparative Relativism” outlines a variety of intellectual contexts where placing the unlikely companion terms comparison and relativism in conjunction offers analytical purchase. If comparison, in the most general sense, involves the investigation of discrete contexts in order to elucidate their similarities and differences, then relativism, as a tendency, stance, or working method, usually involves the assumption that contexts exhibit, or may exhibit, radically different, incomparable, or incommensurable traits. Comparative studies are required to (...) treat their objects as alike, at least in some crucial respects; relativism indicates the limits of this practice. Jensen argues that this seeming paradox is productive, as he moves across contexts, from Lévi-Strauss's analysis of comparison as an anthropological method to Peter Galison's history of physics, and on to the anthropological, philosophical, and historical examples offered in symposium contributions by Barbara Herrnstein Smith, Eduardo Viveiros de Castro, Marilyn Strathern, and Isabelle Stengers. Comparative relativism is understood by some to imply that relativism comes in various kinds and that these have multiple uses, functions, and effects, varying widely in different personal, historical, and institutional contexts that can be compared and contrasted. Comparative relativism is taken by others to encourage a “comparison of comparisons,” in order to relativize what different peoples—say, Western academics and Amerindian shamans—compare things “for.” Jensen concludes that what is compared and relativized in this symposium are the methods of comparison and relativization themselves. He ventures that the contributors all hope that treating these terms in juxtaposition may allow for new configurations of inquiry. (shrink)

appropriate redistributive principles is a proper part of what justice entails, these principles must also paradoxically include the possibility of an agent-based response to misfortune that transforms adverse contingencies, such that the initial ‘bad luck’ becomes a positive part of the ‘sufferer's’ identity. This neo-Kantian accommodation within theories of justice signifies a ‘deep’ egalitarian empathic connectedness between persons, based on an equal respect for persons as agents (and not simply as passive victims of misfortune). Moreover, it is an accommodation that (...) (a) can promote equality as ‘an end in itself’ rather than as merely a means to the end of enhancing a teleological conception of ‘well-being’ and ‘human flourishing’ and (b) can underpin a more robust Rawlsian conception of ‘justice as reciprocity’ than is usually allowed. (shrink)

BackgroundOne of the next frontiers in HIV research is focused on finding a cure. A new priority includes people with HIV (PWH) with non-AIDS terminal illnesses who are willing to donate their bodies at the end-of-life (EOL) to advance the search towards an HIV cure. We endeavored to understand perceptions of this research and to identify ethical and practical considerations relevant to implementing it.MethodsWe conducted 20 in-depth interviews and 3 virtual focus groups among four types of key stakeholders in the (...) United States (PWH, biomedical HIV cure researchers, HIV clinicians, and bioethicists) to obtain triangulated viewpoints because little was known about the ethics of this topic. Each group was queried as to ethical considerations, safeguards, and protections for conducting HIV cure-related research at the EOL to ensure this research remains acceptable.ResultsAll four key stakeholder groups generally supported HIV cure-related research conducted at the EOL because of the history of altruism within the PWH community and the potential for substantial scientific knowledge to be gained. Our informants expressed that: (1) Strong stakeholder and community involvement are integral to the ethical and effective implementation, as well as the social acceptability of this research; (2) PWH approaching the EOL should not inherently be considered a vulnerable class and their autonomy must be respected when choosing to participate in HIV cure-related research at the EOL; (3) Greater diversity among study participants, as well as multi-disciplinary research teams, is necessitated by HIV cure-related research at the EOL; (4) The sensitive nature of this research warrants robust oversight to ensure a favorable risk/benefit balance and to minimize the possibility of therapeutic misconception or undue influence; and (5) Research protocols should remain flexible to accommodate participants’ comfort and needs at the EOL.ConclusionBecause of the ethical issues presented by HIV cure-related research at the EOL, robust ethical safeguards are of utmost importance. The proposed ethical and practical considerations presented herein is a first step in determining the best way to maximize this research’s impact and social value. More much inquiry will need to be directed towards understanding context-specific and cultural considerations for implementing EOL HIV cure research in diverse settings. (shrink)

The understanding of emergent, self-organizing phenomena has been immensely deepened in recent years on the basis of simulation-based theoretical research. We discuss these new ideas, and illustrate them using examples from several fields. Our discussion serves to introduce equivalent self-organized phenomena in social interaction. Interaction systems appear to be structured partly by virtue of such emergents. These appear under specific conditions: When cognitive buffering is inadequate relative to the levels of stress persons are subjected to, anxiety-spreading has the potential of (...) pushing their interaction into nonlinear conditions. Arousal in these conditions produces effects on behavior arising from biological sources-indeed, behavior can come under the control of reflex patterns. When this occurs, psychological activity no longer screens off biological controls over behavior. As the direct effects of biological activity spill into interaction, attachment behavior introduced into an interaction system can produce effects that are transmitted beyond dyads to produce global social patterns. These effects illustrate how strong interactions based in biological activity can produce an architecture for social systems. (shrink)

Baruch de Spinoza (1632-1677)--often recognized as the first modern Jewish thinker--was also a founder of modern liberal political philosophy. This book is the first to connect systematically these two aspects of Spinoza's legacy. Steven B. Smith shows that Spinoza was a politically engaged theorist who both advocated and embodied a new conception of the emancipated individual, a thinker who decisively influenced such diverse movements as the Enlightenment, liberalism, and political Zionism. Focusing on Spinoza's Theologico-Political Treatise, Smith argues (...) that Spinoza was the first thinker of note to make the civil status of Jews and Judaism (what later became known as the Jewish Question) an essential ingredient of modern political thought. Before Marx or Freud, Smith notes, Spinoza recast Judaism to include the liberal values of autonomy and emancipation from tradition. Smith examines the circumstances of Spinoza's excommunication from the Jewish community of Amsterdam, his skeptical assault on the authority of Scripture, his transformation of Mosaic prophecy into a progressive philosophy of history, his use of the language of natural right and the social contract to defend democratic political institutions, and his comprehensive comparison of the ancient Hebrew commonwealth and the modern commercial republic. According to Smith, Spinoza's Treatise represents a classic defense of religious toleration and intellectual freedom, showing them to be necessary foundations for political stability and liberal regimes. In this study Smith examines Spinoza's solution to the Jewish Question and asks whether a Judaism, so conceived, can long survive. (shrink)

Word usage and behavior show that most people think of music as a distinct category of valuable experience, yet music lovers are known to have widely different ideas of what music offers. Some love its power to express or arouse emotions; some love the immediate sensuous-kinetic pleasure of tone and beat; some find a compelling sense of individual or communal identity in it; some are caught by the puzzle-solving interest of its compositional designs. Most will agree, nonetheless, that music is (...) wonderful in a musical way—an expresser of emotions not interchangeable with other expressive means, a source of pleasure not interchangeable with other sources, and so on—which seems to indicate that an essential musicality.. (shrink)

Most readers of Spinoza treat him as a pure metaphysician, a grim determinist, or a stoic moralist, but none of these descriptions captures the author of the _Ethics, _argues Steven B. Smith in this intriguing book. Offering a new reading of Spinoza’s masterpiece, Smith asserts that the Ethics is a celebration of human freedom and its attendant joys and responsibilities and should be placed among the great founding documents of the Enlightenment. Two aspects of Smith’s book (...) distinguish it from other studies. It treats the famous “geometrical method” of the _Ethics _as_ _a form of moral rhetoric, a model for the construction of individuality. And it presents the _Ethics _as_ _a companion to Spinoza’s major work of political philosophy, the _Theologico-Political Treatise, _each work helping to explore the problem of freedom. Affirming Spinoza’s centrality for both critics and defenders of modernity, the book will be of value to students of political theory, philosophy, and intellectual history. (shrink)

John Finnis's powerfully and deservedly influential modern classic, Natural Law and Natural Rights, expounds a theory of law and morality that is based on a picture of “persons” using practical reason to pursue certain “basic goods.” While devoting much attention to practical reason and to the goods, however, Finnis says little about the nature of personhood. This relative inattention to what “persons” are creates a risk—one that Finnis himself notices—of assuming or importing an inadequate anthropology. This essay suggests that the (...) “new natural law” developed by Finnis suffers in places from the inadvertent adoption of a flawed anthropology—an anthropology under the thrall of modern individualistic commitments. To explain this suspicion, this article discusses three difficulties in his natural law theory: difficulties in accounting for the basic good of friendship, for obligations we owe to others, and for legal authority. These difficulties may seem disconnected, but this article suggests that they may all reflect an inadequate anthropology—one that Finnis does not exactly embrace but that is pervasive today and that in places may affect his theorizing. (shrink)

Influential moral theories keyed to benevolence (including Mengzi’s and Hutcheson’s) claim a footing for ideal moral benevolence in natural human benevolence. The meaning of this claim depends on how natural and ideal benevolence are conceived and how the two are supposed to be related—as Mengzi suggests, for example, that there is an innate “sprout” of compassionate aversion to suffering that tends to grow into moral humaneness. In any case it is plausible that some sort of spontaneous and consistent human friendliness (...) supports a moral standard of unselfish concern for the well-being of others. The premise of benevolence theory is strengthened when we take account of a largely overlooked form of general good will: benevolent interest in the efforts of others. Here too a form of moral benevolence may grow from a base in natural good will, a point anticipated in Aristotle’s observation that our friendly interest in others is stimulated by the contestants in sports events. The sports spectator act of “pulling for” contestants, though conflicted by competition and exploited for various nonmoral satisfactions, is a vivid specimen of a general pulling for all innocent efforts in an inclusive moral fellowship of triers. (shrink)

An original metaphysical proposal building on classical and contemporary sources. In Centering and Extending, Steven G. Smith retrieves and refashions some of the best ideas of classical and early modern metaphysics to support insight into the natures of mental and material beings and their relations. Avoiding what he critiques as distortive paths of idealism, materialism, repressive monism, and overly permissive pluralism, Smith builds his framework on centering and extending as universal principles of formation. Identifying the basic consistency (...) of being with these principles in symmetrical partnership enables a naturalist process view that, unlike Whitehead’s, does not overbalance toward the subjective and teleological and, unlike Deleuze and Guattari’s, does not overbalance toward the material and chaotic. This view supports useful conceptions of mind and matter, form and energy, reason and cause, and a layered world order without relying on a blind concept of supervenience or emergence. It also respects and reinforces a division of roles between metaphysical sense-making and spiritual determinations of meaningfulness. Steven G. Smith is Jennie Carlisle Golding Professor of Philosophy at Millsaps College. He is the author of several books, including Worth Doing, also published by SUNY Press. (shrink)