In the debate on global justice, proposals to tax natural resources in order to reduce global poverty and fund other worthwhile objectives have attracted scholarly attention and controversy. In thi...

The international law principle of permanent sovereignty over natural resources posits that governments bear the sovereign rights to manage natural resources on behalf of citizens. That citizens have rights over natural resources at all however detaches from governance realities showcasing citizen marginalization. This necessitates revisiting the issue of what rights citizens actually have over natural resources. Qualitatively investigating this issue reveals rights of citizens over natural resources now embedded in the doctrine of peoples-based permanent sovereignty over natural resources. However, this (...) doctrine appears to be subject to international law limitations and might not be effective within domestic jurisdictions. Alternatively, PPSNR may be domestically driven by common ownership and environmental justice claims. These two drivers may be able to advance distributive justice rights of citizens to returns from natural resources exploitation within domestic jurisdictions. These rights could be actuated through rent distribution practices. This results in functional distributive justice. (shrink)

In this paper I give some reasons why ‘saving for future generations’ is not as straightforward as it sounds and when we might be skeptical of the permissibility of states saving for future citizens, even though such savings are often seen to be morally praiseworthy. I emerge with an account of when state savings for future citizens through sovereign wealth funds may be morally permissible. I argue that we ought to follow a modified version of Armstrong’s criteria for the moral (...) permissibility of sovereign wealth fund savings. That is, states are entitled to the full proceeds from the sale of a natural resource until their citizens’ basic rights are secured. Once they are, states are entitled only to the improved value of the resource, so long as they have not excluded others from the opportunity also to improve the resource. States may create sovereign wealth funds based on this improved value and, due to justified compatriot partiality, may choose to distribute those funds to current or future members of the state, even if non-citizens may be worse off and/or in greater need. Any residual value of the resource extraction must be redistributed globally. (shrink)

In his 2014 paper entitled “Reason, Rationality and Fiduciary Duty”, Lydenberg ventures into the field of the moral and political philosophy dealing with distributive justice in search of fresh perspectives on fiduciary duty. Simply by doing this, Lydenberg makes the very important contribution of drawing a little more attention to the potential that this huge field of study might have in relation to understanding socially responsible investment. There are however difficulties with Lydenberg’s paper. I describe three in particular that I (...) believe warrant critical attention. The first emerges out of Lydenberg’s treatment of the central concepts of reasonableness and rationality. The second lies in his apparent suggestion that at some earlier time fiduciary duty was somehow more generally other-considering than it is today. And finally, the third is associated with the place that impartiality occupies in Lydenberg’s storyline, and the implications of this in terms of his call for a reconciliation between reasonableness and rationality. This critical scrutiny clarifies theoretical and practical implications of the transition Lydenberg is suggesting. In doing this, it makes the realization that what Lydenberg is attempting is more than likely nothing short of resolving “The fundamental problem of ethics and politics” in the specific context of fiduciary action. (shrink)

The Norwegian Oil Fund (‘Government Pension Fund – Global’) is worth over NOK 10.6 trillion (USD 1.15 USD trillion)1 making it the largest sovereign wealth fund in the world (Norges Bank Investment...

The doctrine of permanent sovereignty over natural resources is a hugely consequential one in the contemporary world, appearing to grant nation-states both jurisdiction-type rights and rights of ownership over the resources to be found in their territories. But the normative justification for that doctrine is far from clear. This article elucidates the best arguments that might be made for permanent sovereignty, including claims from national improvement of or attachment to resources, as well as functionalist claims linking resource rights to key (...) state functions. But it also shows that these defences are insufficient to justify permanent sovereignty and that in many cases they actually count against it as a practice. They turn out to be compatible, furthermore, with the dispersal of resource rights away from the nation-state which global justice appears to demand. (shrink)

The doctrine of permanent sovereignty over natural resources is a hugely consequential one in the contemporary world, appearing to grant nation-states both jurisdiction-type rights and rights of ownership over the resources to be found in their territories. But the normative justification for that doctrine is far from clear. This article elucidates the best arguments that might be made for permanent sovereignty, including claims from national improvement of or attachment to resources, as well as functionalist claims linking resource rights to key (...) state functions. But it also shows that these defences are insufficient to justify permanent sovereignty and that in many cases they actually count against it as a practice. They turn out to be compatible, furthermore, with the dispersal of resource rights away from the nation-state which global justice appears to demand. (shrink)