In this article I show why investment practices matter for a property-owning democracy (POD) and how political philosophers can analyse them. I begin by documenting how investment practices influence income distribution. Empirical research suggests that investments that force corporations to maximise shareholder value, which I refer to as ‘shareholder value investing/ increase income inequality. By contrast, there is evidence that socially responsible investing (SRI) could bring society closer to a POD. Following that., I sketch how financial regulation fosters investment practices (...) and discuss how SRI could be boosted if regulation attempted to influence investment decisions, although many people in the public discourse would see this as exceedingly patronising. Finally, I outline how political philosophers can evaluate financial regulation. I argue that drawing on Hegel or Rawls helps to justify efforts to influence investment decisions and that proponents of a POD should therefore develop and support regulatory ideas which foster SRI. (shrink)

This article assesses John Rawls's case against the welfare state as a means for implementing socio-economic justice, and for a ‘property-owning democracy’, from both a normative and a methodological point of view. It points out several flaws of Rawls's critique of the welfare state, through a focus on an existing variety of it — a Swedish-style universal welfare state — which can be said to be relatively successful, both in terms of normative merits and in terms of institutional stability and (...) capacity for self-perpetuation. On this basis, the article argues that a universal welfare state should constitute the institutional bedrock of Rawlsian social justice, even though it cannot completely fulfil all its requirements. It also develops some reasons to think that, in order to adequately and stably implement those requirements of Rawlsian justice that cannot be fulfilled even by a universal welfare state, the latter should be supplemented by democratic socialism, not by a ‘property-owning democracy’. (shrink)

Is it a requirement of justice to democratize private companies? This question has received renewed attention in the wake of the financial crisis, as part of a larger debate about the role of companies in society. In this article, we discuss three principled arguments for workplace democracy and show that these arguments fail to establish that all workplaces ought to be democratized. We do, however, argue that republican-minded workers must have a fair opportunity to work in a democratic company. Under (...) current conditions, this means that a liberal order must actively promote workplace democracy. (shrink)

The paper deals with “perfect institutional regimes”, defined as regimes that optimally satisfy a given value. Assuming that a PIR is unfeasible in the short term to agents willing to achieve it, what reasons do we have to spend time on a PIR? One answer is that knowing about PIRs is interesting enough to warrant an inquiry into the subject, even if it is not likely to change the world. Another is that searching for a PIR helps to set up (...) the principles under which more modest proposals of change are to be evaluated. Another, finally, is that theorizing about a PIR may have a motivational impact: although there are no motivated agents to whom the realization of a PIR is nowadays feasible, talking about it might lead to a change of this scenario. (shrink)