Margaret Wilson, who died last year, has been described as the most eminent English-language historian of early modern philosophy of her generation. She was President of the Leibniz Society of North America for four years, from 1986 to 1990. Within this organization she is remembered both for her contributions to Leibniz-studies and for her attention to and support of younger researchers and her governing role in the Society. Her Harvard Ph.D. dissertation on “Leibniz’s Doctrine of Necessary Truth,” written under the (...) supervision of Morton White, was completed in 1965, and she went on to write a number of papers on Leibniz in the late 1960s and early-to-mid 1970s, including “Leibniz and Materialism,” “Confused Ideas” and “Leibniz’s Dynamics and Contingency in Nature,” returning to Leibniz in the late 1980s and early 1990s with such articles as “Compossibility and Law” and “The Phenomenalisms of Leibniz and Berkeley. ” Over the course of her career, Wilson published two books, her dissertation, which appeared in a series issued by Garland in 1990, and Descartes, published by Routledge and Kegan Paul in 1978, as well as more than thirty papers on seventeenth and eighteenth century philosophy, nearly all of which are included in the recent volume from Princeton University Press, Ideas and Mechanism. She held a number of research awards and honorary fellowships, including a Fellowship in the American Academy of Arts and Sciences to which she was elected in 1992. (shrink)

Margaret Wilson, who died last year, has been described as the most eminent English-language historian of early modern philosophy of her generation. She was President of the Leibniz Society of North America for four years, from 1986 to 1990. Within this organization she is remembered both for her contributions to Leibniz-studies and for her attention to and support of younger researchers and her governing role in the Society. Her Harvard Ph.D. dissertation on “Leibniz’s Doctrine of Necessary Truth,” written under the (...) supervision of Morton White, was completed in 1965, and she went on to write a number of papers on Leibniz in the late 1960s and early-to-mid 1970s, including “Leibniz and Materialism,” “Confused Ideas” and “Leibniz’s Dynamics and Contingency in Nature,” returning to Leibniz in the late 1980s and early 1990s with such articles as “Compossibility and Law” and “The Phenomenalisms of Leibniz and Berkeley. ” Over the course of her career, Wilson published two books, her dissertation, which appeared in a series issued by Garland in 1990, and Descartes, published by Routledge and Kegan Paul in 1978, as well as more than thirty papers on seventeenth and eighteenth century philosophy, nearly all of which are included in the recent volume from Princeton University Press, Ideas and Mechanism. She held a number of research awards and honorary fellowships, including a Fellowship in the American Academy of Arts and Sciences to which she was elected in 1992. (shrink)

How might epistemology build upon its past and present, so as to be better in the future? Epistemology Futures takes bold steps towards answering that question. What methods will best serve epistemology? Which phenomena and concepts deserve more attention from it? Are there approaches and assumptions that have impeded its progress until now? This volume contains provocative essays by prominent epistemologists, presenting many new ideas for possible improvements in how to do epistemology. Contributors: Paul M. Churchland, Catherine Z. Elgin, (...) Richard Feldman, A. C. Grayling, Stephen Hetherington, Christopher Hookway, Hilary Kornblith, Mark Kaplan, William G. Lycan, Adam Morton, Jonathan M. Weinberg, Linda Zagzebski. (shrink)

The concept of biopolitics has been one of the most important and widely used in recent years in disciplines across the humanities and social sciences. In Biopolitics, Mills provides a wide-ranging and insightful introduction to the field of biopolitical studies. The first part of the book provides a much-needed philosophical introduction to key theoretical approaches to the concept in contemporary usage. This includes discussions of the work of Michel Foucault, Giorgio Agamben, Hannah Arendt, Roberto Esposito, and Antonio Negri. In the (...) second part of the book, Mills discusses various topics across the categories of politics, life and subjectivity. These include questions of sovereignty and governmentality, violence, rights, technology, reproduction, race, and sexual difference. This book will be an indispensable guide for those wishing to gain an understanding of the central theories and issues in biopolitical studies. For those already working with the concept of biopolitics, it provides challenging and provocative insights and argues for a ground-breaking reorientation of the field. (shrink)

This essay illustrates five ways that Internet-based higher education can capitalize on fundamental principles of learning. Internet-based education can enable better mastery through distributed (shorter, more frequent) practice rather than massed (longer, less frequent) practice; it can optimize performance because it allows students to learn at their peak time of their day; it can deepen memory because it requires cheat-proof assignments and tests; it can promote critical thinking because it necessitates intellectual winnowing and sifting; and it can enhance writing skills (...) by requiring students to write frequently and for a broad audience. (shrink)

Using measures developed by Singhapakdi et al. (1996, Journal of Business ethics 15, 1131–1140) the perceived importance of ethics and social responsibility (PRESOR) is measured among MBA students in the United States, Malaysia and Ukraine revealing a stockholder view and two stakeholder views. Relativism and Idealism are also measured. The scores of MBA students are compared among each other and with those of the U.S. managers who were part of the original study. Managers'' scores tend to be significantly higher on (...) the Stockholder and Stakeholder II views, and much lower on Relativism than the MBA students. The Malaysian MBA students scored higher than did the American MBA students on Relativism, Idealism and the Stockholder view. The Ukrainian MBA students'' scores on the three PRESOR factors are generally similar to those of the American MBAs, while they had the highest scores of any group on the Relativism scale. Overall, the patterns of responses, as much as the significant differences on specific scales, support the notion that culture, however defined, affects both values and ethics. Several directions for future research are identified.''. (shrink)

Natural forms, often characterized by irregularity and roughness, have a unique complexity that exhibit self-similarity across different spatial scales or levels of magnification. Our visual system is remarkably efficient in the processing of natural scenes and tuned to the multi-scale, fractal-like properties they possess. The fractal-like scaling characteristics are ubiquitous in many physical and biological domains, with recent research also highlighting their importance in aesthetic perception, particularly in the visual and, to some extent, auditory modalities. Given the multitude of fractal-like (...) scaling manifestations, we explore potential commonalities in the way they might affect aesthetic preference within and across different physical and sensory domains. We use a range of visual and tactile stimuli to explore the equivalence of fractal-scaling effects on aesthetic preferences within and across visual and tactile modalities. Our results suggest that, despite some superficial differences, the underlying dimensional structure mediating the preference across the two domains is remarkably similar. The qualitative nature of this dimensional structure as well as suggestions for future research are discussed. (shrink)

Smoking is frequently presented as being particularly problematic when the smoker is a pregnant woman because of the potential harm to the future child. This premise is used to justify targeting pregnant women with a unique approach to smoking cessation including policies such as the routine testing of all pregnant women for carbon monoxide at every antenatal appointment. This paper examines the evidence that such policies are justified by the aim of harm prevention and argues that targeting pregnant women in (...) this way is likely to do more harm than good. Routine carbon monoxide testing is particularly problematic as it sends a message to pregnant women that they cannot be trusted either to truthfully answer questions as to whether or not they smoke, or to make decisions in the best interests of themselves and their future children in the way that non-pregnant individuals are. Further, if the aim is to reduce rates of prenatal harm, the evidence suggests that adopting a supportive and empowering approach to prenatal care is the most effective way to achieve this, something that the current policies aimed at pregnant women are in conflict with. (shrink)

My fundamental argument is that a collective concept of race that presumes that there are, or were at some point in the past, discreet genetic groups that have tracked along continental lines and that those differences are the fundamental basis for our folk and political groupings of white, black, Asian, Native American, and Pacific Islander is a fallacy that will always lead to social inequality. Such an understanding of race currently reverberates through genetic science, but for social and political reasons, (...) and with good intentions. But if we want to move toward a social order that promotes social justice, all of us across the sciences, throughout health policy, and in the wider public will need to reconceptualize race in terms of legacies of discrimination. We will need to shift our focus from molecular differences to social and political differences, especially when we conduct gene‐environment analyses. (shrink)

This article, originally delivered as a lecture at the University of Chicago, is a critical reading of Ernesto Laclau and Chantal Mouffe’s Hegemony and Socialist Strategy: Towards a Radical Democratic Politics. Following Antonio Gramsci, their book reverses the meaning of the term hegemony. The traditional use of the term (for military or political leadership) shifts and gives birth to a new signification. Hegemony currently designates a privilege but a discursive one only. It is the privilege conferred to a certain word (...) or category serving as a unifying symbol for different and even heterogeneous forms of political resistance. Hegemony thus understood retains an idea of direction but without any dominating intention. It just orients multiple revolt movements without reducing their differences. Such a unifying symbol appears as a specific signifier devoid of any content or reference, thus ready to bear any contextual meaning. Does this new understanding of hegemony succeed in providing a nondogmatic and nonbinding process of unification, or does it secretely reinstall the logic of commandment? (shrink)

Stoic work on ambiguity represents one of the most innovative, sophisticated and rigorous contributions to philosophy and the study of language in western antiquity. This book is both a comprehensive survey of the often difficult and scattered sources, and an attempt to locate Stoic material in the rich array of contexts, ancient and modern, which alone can guarantee full appreciation of its subtlety, scope and complexity. The comparisons and contrasts which this book constructs will intrigue not just classical scholars, and (...) philosophers, but also logicians, theoretical linguists, communication theorists and historians of grammar and of literary theory. The Stoics on Ambiguity is designed to be intelligible to readers with no Greek or Latin. (shrink)

Local food systems are growing, and little is known about how the constellation of farms and markets change over time. We trace the evolution of two local food systems over six years, including a dataset of over 2690 market connections between 1520 locations. Longitudinal social network analysis reveals how the architecture, actor network centrality, magnitude, and spatiality of these supply chains shifted during the 2012–2018 time period. Our findings demonstrate that, despite growth in the number of farmers’ markets, grocery stores, (...) farms and restaurants in both counties, each local food system also experienced high turnover rates. Over 80% of the market connections changed during the study period. Farms, farmers’ markets, and grocery stores showed a 40–50% ‘survival’ rate, indicating their role in sustaining local food systems over longer time periods. Other actors, such as restaurants, had a much higher turnover rate within the network. Both food systems became more close-knit and consolidated as the center of gravity for both local food systems pulled away from urban areas toward rural farmland. Evidence of both growth and decay within local food systems provides a new understanding of the social networks behind local food markets. (shrink)

This study examines how occupational sex segregation affects women’s and men’s perceptions of the availability of workplace support. Drawing on theories of gender and empirical studies of workplace tokenism, the author develops the concept of an occupational minority. Although the notion of tokenism was developed to describe processes at the level of the workplace, the author explores how being a minority at the occupational level affects workers. Using nationally representative data, she finds that in mixed-sex occupations, women report higher levels (...) of workplace support than men; in male-dominated occupations, they perceive relatively low levels of support. Men, by contrast, perceive relatively high levels of workplace support in female-dominated occupations. That is, being a member of a numerical minority in one’s occupation is an advantage for men and a disadvantage for women. (shrink)

When Artificial Intelligence (AI) is applied in decision-making that affects people’s lives, it is now well established that the outcomes can be biased or discriminatory. The question of whether algorithms themselves can be among the sources of bias has been the subject of recent debate among Artificial Intelligence researchers, and scholars who study the social impact of technology. There has been a tendency to focus on examples, where the data set used to train the AI is biased, and denial on (...) the part of some researchers that algorithms can also be biased. Here we illustrate the point that algorithms themselves can be the source of bias with the example of collaborative filtering algorithms for recommendation and search. These algorithms are known to suffer from cold-start, popularity, and homogenizing biases, among others. While these are typically described as statistical biases rather than biases of moral import; in this paper we show that these statistical biases can lead directly to discriminatory outcomes. The intuitive idea is that data points on the margins of distributions of human data tend to correspond to marginalized people. The statistical biases described here have the effect of further marginalizing the already marginal. Biased algorithms for applications such as media recommendations can have significant impact on individuals’ and communities’ access to information and culturally-relevant resources. This source of bias warrants serious attention given the ubiquity of algorithmic decision-making. (shrink)

Truth and Truthfulness: an Essay in Genealogy. By Bernard Williams.

Cognitive advancement is not always a matter of acquiring new information. It often consists in reconfiguration--in reorganizing a domain so that hitherto overlooked or underemphasized features, patterns, opportunities, and resources come to light. Several modes of reconfiguration prominent in the arts--metaphor, fiction, exemplification, and perspective--play important roles in science as well. They do not perform the same roles as literal, descriptive, perspectiveless scientific truths. But to understand how science advances understanding, we need to appreciate the ineliminable cognitive contributions of non-literal, (...) non-descriptive symbols. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:A Pantheology of Pandemic: Sex, Race, Nature, and The VirusMary-Jane Rubenstein (bio)I. PunitheologyThe explanations started pouring in even before the virus attained “pandemic” status in March of 2020: we were being punished. According to a vocal subset of Evangelical pastors and ultra-Orthodox rabbis, the death-dealing virus was divine retribution for the sins of (who else?) LGBT-identified people and their allies, who aggressively violated what the pastors and rabbis called (...) “the order of nature.”1 Meanwhile, their left-leaning counterparts argued that the sin in question wasn’t so much sexual as ecological: in the words of one Roman Catholic commentator, the coronavirus was God’s punishment for “our unfettered domination attitude toward nature.”2At the same time, an equally vocal throng of secular environmentalists called the virus nature’s own punishment for our manifold violations against her—in particular, the extractivism, pollution, alleged overpopulation, deforestation, carbon emissions, and industrial slaughterhouses that allowed the zoonotic strain to break out among humans in the first place.3 Depending on whom [End Page 5] you ask, then, the disaster we’ve come to encapsulate as COVID-19 is either godly or natural retribution for our manifold sins against “nature.”Although these sacred and secular punitheologies are not equivalent, they bear striking similarities to one another thanks to the monotheistic heritage of the concept of “nature” itself. As we will see, whether it is invoked by pastors, politicians, activists, or scientists, “nature” in the Western-descended world is presented as singular, nonwhite, and feminine; morally normative; and prone to abuse. Nature is often capitalized, often maternalized, and reliably distinguished either from a disembodied male God, a universalized “humanity,” or both. Nature, in short, carries immense ideological freight. Specifically, it installs and polices the work of what Kelly Brown Douglas calls “theo-ideology”: a “sacred legitimation” for a social order that seeks to present itself as unquestionable.4 And “nature” does this unparalleled ideological work thanks to the freedom it keeps promising from ideology: “your” way of being might be constructed, distorted, historical, subjective, contingent, artificial, cultural, or indeed sinful, but “ours” is natural—which is to say universally, even transcendently, true.Whether it comes from the mouths of angry clerics or righteous ecologists, then, the call to get right with nature is a call to adhere to one or another self-concealing social arrangement—to a set of interests and values whose power derives from its seeming so “natural.” For this reason, many contemporary thinkers recommend abandoning the term altogether. Donna Haraway suggests we try the non-binary and carefully pluralized “naturecultures”; Bruno Latour proposes “critical zones,” and Timothy Morton pivots to ecological practice which, he insists, can only function if we let go of the romantic delusion of “nature.”5Regardless of nature’s conceptual integrity, it is important to attend to the term in order to account for its rhetorical force and ubiquity—for the polyphibious presence of “nature” within the left and right-wings of science, religion, and politics alike. In this article, I will decode some of the recent, theologically [End Page 6] retributive appeals to nature within early, informal, literary responses to the COVID-19 outbreak in the US. In the process, I hope to unearth some of the mythic norms of race and gender that this concept both entrenches and conceals in the American imagination. Finally, I will ask what happens when we start messing with these categories, beginning with the mirroring chasms between humans and nature, and nature and God. How might we start to think pantheologically about this unrelenting pandemic, and why would anybody want to?II. Sins against NatureAs Catherine Keller noticed as early as April 2020, American pundits across the political spectrum immediately attributed COVID-19 to the relentless justice of an angry God.6 It is perhaps America’s favorite theological maneuver: explaining natural and social disasters as the product of divine vengeance. From Jonathan Edwards’s spider to Fred Phelps’s funeral protests, American preachers and political commentators have got a long-standing knack for putting the fear of God into a suffering nation. (Even my home insurance policy washes its hands of... (shrink)

This article presents a study of corporate-stakeholder relationships using an empirical technique called Data Envelopment Analysis (DEA) to assess company "best practices" with respect to five primary stakeholders at an industry level of analysis. Five key stakeholder domains are considered: community relations, employee relations, environment, customer (product category), and stockholders (financial performance). These data reflect the relationships between companies and these five primary stakeholders; these relationships are considered to be important elements of corporate social performance. About 15% of companies, on (...) average, are found to be operating at the multidimensional "best practices frontier" that DEA establishes. Differences in treatment of stakeholders within industries and between industries are observed. (shrink)

The principle that epistemic justification is necessarily transmitted to all the known logical consequences of a justified belief continues to attract critical attention. That attention is not misplaced. If the Transmission Principle is valid, anyone who thinks that a given belief is justified must defend the view that every known consequence of the belief is also justification of the conclusion in an obviously valid argument. Once created, the gap is hard to fill, whatever the circumstances. Reflection principle is modified, the (...) possibility of deductive justification is threatened. If some known consequence fails to be justified, the failure may extend to every known consequence. To reject Transmission is to insert a logical gap between the justification of a premise and the justification of the conclusion in an obviously valid argument. Once created, the gap is hard to fill, whatever the circumstances. Reflection on the Transmission Principle therefore usefully brings us face to face with the following dilemma: accept the principle and hand Cartesian scepticism a powerful weapon, or modify the principle and risk undermining deductive justification. (shrink)

This project explored what constitutes “ethical practice of mathematics”. Thematic analysis of ethical practice standards from mathematics-adjacent disciplines (statistics and computing), were combined with two organizational codes of conduct and community input resulting in over 100 items. These analyses identified 29 of the 52 items in the 2018 American Statistical Association Ethical Guidelines for Statistical Practice, and 15 of the 24 additional (unique) items from the 2018 Association of Computing Machinery Code of Ethics for inclusion. Three of the 29 items (...) synthesized from the 2019 American Mathematical Society Code of Ethics, and zero of the Mathematical Association of America Code of Ethics, were identified as reflective of “ethical mathematical practice” beyond items already identified from the other two codes. The community contributed six unique items. Item stems were standardized to, “The ethical mathematics practitioner…”. Invitations to complete the 30-min online survey were shared nationally (US) via Mathematics organization listservs and other widespread emails and announcements. We received 142 individual responses to the national survey, 75% of whom endorsed 41/52 items, with 90–100% endorsing 20/52 items on the survey. Items from different sources were endorsed at both high and low rates. A final thematic analysis yielded 44 items, grouped into “General” (12 items), “Profession” (10 items) and “Scholarship” (11 items). Moreover, for the practitioner in a leader/mentor/supervisor/instructor role, there are an additional 11 items (4 General/7 Professional). These results suggest that the community perceives a much wider range of behaviors by mathematicians to be subject to ethical practice standards than had been previously included in professional organization codes. The results provide evidence against the argument that mathematics practitioners engaged in “pure” or “theoretical” work have minimal, small, or no ethical obligations. (shrink)

In this paper I examine the meaning of physical touch as it occurs in the nurse–patient interaction. There are two aspects of the nurse–patient relationship that are found in most nurse–patient interactions which together have profound implications for nurses as practitioners and as individual human persons. The first is the clinical intimacy of the nurse–patient relationship where nurses touch, rub, smooth, clean, dress and otherwise physically interact with patients. The other is the existential crisis, the possibility of loss, suffering and (...) death that lurks at the horizon of most, if not all, healthcare encounters. Edmund Husserl, Merleau‐Ponty and more recently Robert Sokolowski argue that tactile sensations and resultant perceptions are fundamental to all sensory perception. Further, they argue that tactile sensation is fundamental for the ongoing constitution of ‘my’ self as a person and for the development and exercise of human intersubjectivity. If tactile interaction is crucial to the development of our very selves as persons and a significant aspect of our interaction with patients includes direct or observed tactile sensations and if further these sensations occur around the context of existential crises for our patients, then nurse's very selves as persons are being challenged by these interactions. Here, then I examine the philosophical argument for the role of tactile sensations in our human development and briefly look at contemporary neurophysiologic research that supports this philosophical account. I then suggest ways such physical intimacy can lead to a strengthening or weakening of the person of the nurse and the nursing interaction and end with some thoughts about ways to support nurses in these activities. (shrink)

This paper reports on a survey of auditors in New Zealand which investigates the nature of the moral judgements they make on a series of problems with ethical dimensions. The framework adopted for this purpose is developed from earlier work which identifies a range of ethical principles which may be involved in business ethical decision‐making. Auditors responded to a questionnaire which posed, firstly, several questions about the context of their ethical decision‐making, and secondly, a series of vignettes elaborating problematical dilemmas (...) which required the selection of one of four possible responses. Data was analysed to determine whether or not it confirmed previous findings in suggesting a predominant ethical orientation for auditors. The results were correlated with demographic variables in order to determine whether or not age, gender, position in firm and size of employee firm were significantly correlated to ethical response. The survey results, on the whole, confirmed the ethical orientation suggested by previous findings, but there were some unexpected results in three out of the ten vignettes examined. Although some correlations were found between the demographic variables and subject responses, the evidence of this survey does not strongly suggest a consistent significant correlation. (shrink)

“Archangel” explores the consequences of Marie's over‐parenting of her daughter, Sara, through the use of a neural implant (the Archangel) that allows Marie to track (and block) Sara's experiences. In attempting to fulfill her duty to protect Sara, Marie ultimately fails morally as a parent. What is fascinating is that different schools of philosophical thought – contemporary liberal philosophy, ancient Greek Aristotelian ethics, contemporary feminist ethics of care, and contemporary Wittgensteinian ethics – all reach the same conclusion about Marie's moral (...) failure, while teasing out different strands of this failure. (shrink)

In this essay I explore the relation between woman and nature. In the first half, I argue that the environmental slogan "Love Your Mother" is problematical because of the way "mother" and "motherhood" function in patriarchal culture. In the essay's second half, I argue that the question, "Are women closer to nature than men?" is conceptually flawed and that the nature-culture dualism upon which it is predicated is in need of being biodegraded for the sake of environmental soundness.

Diodorus Siculus was notoriously inconsistent in his statements about the terminal date of his survey of history, the Bibliotheca Historica. In the ‘table of contents’ which he included in the general preface to the whole work, written apparently when he was preparing his manuscript for publication , he specifically names the year 60/59 as the last year of his narrative. Elsewhere, however, he not only gives a figure for the period of history encompassed by his work which would bring it (...) down to 46/5, but he also on several occasions expresses the intention of including within his narrative some account of Julius Caesar's activities in Gaul, which implies a terminal date later than c. 52 B.C. How can this discrepancy be explained? The most economical hypothesis would be that Diodorus set out at first to compose a work that should go down to 46/5, but at some later stage in the composition changed his mind, and set back his terminus to 60/59. His originally intended terminus was most likely the triple triumph of Julius Caesar, whom Diodorus clearly admired beyond all other contemporary leaders. The decision in favour of an earlier terminus will have been due either to simple fatigue or to disillusionment with the course followed by Caesar's heir after 44 b.c. and anxiety about the dangers of dealing with events of a too recent and controversial past. (shrink)

The fallacies approach to argument evaluation can exacerbate problems it aims to address when it comes to social bias, perpetuating social injustice. A diagnosis that an argument commits a fallacy may flag the irrelevance of stereotypical characterizations to the line of reasoning without directly challenging the stereotypes. This becomes most apparent when personal bias is part of the subject matter under discussion, in ethotic argument, including ad hominem and ad verecundiam, which may be recognized as fallacious without addressing whether the (...) ethotic presumptions are true. Yap (2013; 2015) makes this case for ad hominem and the pragma-dialectical understanding of fallacies, expanded here to show related patterns in some other fallacies, and employing the argument schemes understanding of fallacies. Adding critical questions increases the ways reasoners can dismiss arguments as fallacious, and could include directly addressing bias, but if an argument fails on a different critical question, that may yet allow the bias to pass. The fallacies approach is a form of meta-debate and techniques of meta-debate need to address the ubiquity of social bias, not convey them as specialized problems. The view that the fallacies approach to argument evaluation can provide neutrality is dangerously false. Arguers thus should avoid using fallacies for argument evaluation where social stereotypes or schemas might be involved, especially when the subject matter relates closely to social justice. (shrink)

The financial crisis has led to calls for increased regulation of the financial sector. In many respects this is uncontroversial because increased regulation should promote the behaviours we want to see, while limiting the behaviours we do not. This article takes issue with the idea that regulation, and guidelines, promote ethical behaviour in the way that we want them to. Firstly, judgement is often required to implement guidelines and regulations, which allows room for unethical behaviour. Secondly, we want financial professionals (...) to behave ethically even when there are significant incentives not to; so, verifying compliance with regulations and guidelines when such incentives are absent isn’t a good gauge of the ethical status of financial professionals. -/- The example of the valuation of the assets (Net Asset Value) of hedge funds illustrates these issues well. There are many rules governing how NAVs should be calculated, and while we can verify that a fund is abiding by the rules, the ability to manipulate the NAV remains. Furthermore, the incentive to do so is often only present during a crisis (usually to understate losses). Therefore, verifying compliance during ‘normal’ times is of little help in judging whether a manager will behave ethically when we most need him to. I first argue that the gap between compliance with regulations and ethical behaviour is best filled by the adoption of a virtue ethics approach, as discussed by Spalding & Oddo (2011), and Graafland & van de Ven (2011). I then discuss the implications of adopting such an approach for the financial industry’s codes of conduct, such as the CFA Institute’s ‘Code of Ethics and Standards of Professional Conduct’. Adopting a virtue ethics perspective would require a significant change in the emphasis of such codes. (shrink)