This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, the (...) pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, the (...) pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

The aim of this article is to provide a discussion of scholarly ‘crisis of modernity’ discourses that have developed in the field of social philosophy. Re-visiting past and present discourses can be illuminating in at least three ways: it can reveal the broader picture of the present financialized and technologized world and the rise of financial technologies; it can provide scholars with new vocabularies, concepts, and metaphors to comprehend present-day phenomena and developments; and it can reveal the variety of (...) commitments that are possible, today, too. This article starts with a discussion of the original ‘crisis of modernity’ discourses, in which the clashing arguments of Comte and Tocqueville are featured, and a discussion of a second ‘crisis of modernity’ that developed in the context of the ‘Great Depression.’ A third ‘crisis of modernity’ discourse emerged in the wake of the financial crises of the 1970s. Such crises are still ongoing and discussed within the boundaries of the third ‘crisis of modernity’ discourse. How financial technologies do and do not fit within this third discourse is discussed in the remainder of this article. (shrink)

The early twenty-first century will be remembered as a time of constant crisis. These crises have created repeated global states of emergency, revealing gaps, and inadequacies in social protection systems worldwide. Alongside these crises, and as a response to them, social protection has grown into a paradigm of global governance. This development is also noticeable in the practices of the World Bank and the International Monetary Fund. At the heart of all social protection policies is the protection of (...) vulnerable groups. Crises create new vulnerabilities and deteriorate the situation of those already vulnerable. The article explores the social protection endorsement of the World Bank and the International Monetary Fund through the financial crisis and the COVID-19 pandemic. It shows how crises have fueled their social protection endorsement, making protection of vulnerable groups a central outspoken policy preference. The article asks whether the policies adopted in response to the pandemic confirm their social protection commitment and what challenges remain. (shrink)

In this topical book, Boudewijn de Bruin examines the ethical 'blind spots' that lay at the heart of the global financial crisis. He argues that the most important moral problem in finance is not the 'greed is good' culture, but rather the epistemic shortcomings of bankers, clients, rating agencies and regulators. Drawing on insights from economics, psychology and philosophy, de Bruin develops a novel theory of epistemic virtue and applies it to racist and sexist lending practices, subprime mortgages, CEO (...) hubris, the Madoff scandal, professionalism in accountancy and regulatory outsourcing of epistemic responsibility. With its multidisciplinary reach, Ethics and the Global Financial Crisis will appeal to scholars working in philosophy, business ethics, economics, psychology and the sociology of finance. The many concrete examples and case studies mean that this book will also prove useful to policy-makers and regulators. (shrink)

This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the (...) political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, by (...) Marinus Ossewaarde; Two Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

The Global Financial Crisis is acknowledged to be the most severe economic downturn since the 1930s, and one that is unique in its underlying causes, its scope, and its wider social, political and economic implications. This volume explores some of the ethical issues that it has raised.

The ongoing series of global financial crises offers some important philosophical lessons and insights for educators. The epistemological lesson is stark: we should beware of certainty and all claims to it. Were the disposition of generic skepticism in place at all levels of schooling, then the intellectual rigidity that has characterized economics as a “discipline” would be balanced by demands to consider possible alternatives. The ethical lessons to be learned include ensuring that ethics, as a form of rigorous (...) but openended inquiry into key questions about the kind of world in which we want to live, be included in every classroom and curriculum. At the center of this inquiry are relationships, most notably those between and among individual persons, on the one hand, and those between persons and the groups to which they belong and on which they are often said to depend, on the other. Such relationships also have an aesthetic dimension, in terms of their place in building, not just an ethically better world, but a more wholesome, integrated and harmonious world. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, by (...) Marinus Ossewaarde; Two Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

The essays in this volume delve deeper into the cultural and intellectual foundations, philosophical ideas, political traditions, and economic movements that underlie the greatest financial crisis in nearly a century.

In the present world order unbridled forces of free market capitalism are frequently cited for much of the social injustice, inequity, and disparity of wealth between the rich and the poor. Although history''s verdict in favor of the free markets could hardly be harsher or clearer, it is clear that after the initial wave of triumph, the free market paradigm has developed some cracks in its façade. What marks the trail of such sustained and pronounced move toward free markets in (...) terms of ethics, morality, social welfare and social justice? How does one keep a social score in this seemingly relentless and irreversible move all over the world toward free market capitalism?In this paper we shall attempt to address these and related questions. Drawing on concepts from organization theory and social philosophy and using publicly available financial information, we shall illustrate how, amidst the myriad and mixed noises, some sense of order and signal can be discerned in addressing issues of equity and social justice. Toward this end, first, we provide a broad contrast between two models of financial markets: the command model and the free market model and proceed to examine publicly available financial information and analyze the trends and patterns with graphical representations using publicly available data from Handbook of International Economic Statistics. Next, we explore the implications of financial performance measures for social welfare and social justice and discuss the social perils of free markets using the Mexican and Asian Financial crises as the focal points. Finally, we present a set of recommendations for smoother structural transition. (shrink)

For over 2000 years, economics was studied in the West as a branch of ethics, or moral philosophy. Presently, though, few economists and no textbook in economic orthodoxy claim any close connection between economic science and philosophy. However, might the current 'crises' in economics, and in the economics profession have their deep roots in the separation of economics from philosophy and ethics? American pragmatism, among the various contemporary philosophic traditions, lends itself specially to dialogue with economics because of its (...) view of philosophy as an instrument for solving the real, concrete problems of human life, both personal and social. The essays in this volume, drawing heavily on the tradition of pragmatism, suggest that the economic crises of our time might not be merely technical in nature - that is, the result of faulty applications of economic tools by politicians and policy makers, based up conventional economic models - but also due to the faulty philosophical assumptions underlying those models. These essays suggest that the overcoming of our current economic crises requires that economists once again become moral philosophers, or that philosophers once again engage themselves in economic matters. In either case, this volume aims to foster dialogue between the two disciplines and in that way, contribute to the improvement of contemporary economic life. This book is suitable for those who study political economy, economic theory and economic philosophy. (shrink)

Bad philosophy is responsible for the climate and nature crises, and other global problems too that threaten our future. That sounds mad, but it is true. A philosophy of science, or of theatre or life is a view about what are, or ought to be, the aims and methods of science, theatre or life. It is in this entirely legitimate sense of “philosophy” that bad philosophy is responsible for the crises we face. First, and in a blatantly obvious (...) way, those institutions, organizations, corporations, businesses, endeavours, and activities of humanity that cause the crises and global problems we face, do so because of the aims they pursue (profit perhaps, or power, or heat and light for homes), and the methods adopted in pursuit of those aims – the philosophy in other words, built into the institution, organization, business, human activities, or whatever it may be. It is the philosophy of these institutions, organizations and activities that we need to change to put a stop to, or at least lessen the severity of, the crises we face, the global problems that confront us, above all the climate and nature crises. One institution has an especially crucial role in this respect: our universities. They are dominated in a multitude of ways by a particularly disastrous philosophy, a philosophy of inquiry which may be called knowledge-inquiry. This holds that the basic aim of the university is to acquire and apply knowledge. First, knowledge is to be acquired; once acquired, it can be applied to help solve social problems. But this philosophy of knowledge-inquiry is an intellectual disaster. As a result, universities are, in devastating and almost entirely unrecognized ways, humanitarian disasters too. Judged from the standpoint of helping to promote human welfare, the university shaped by the philosophy of knowledge-inquiry violates THREE of the four most elementary rules of rational problem solving conceivable in a wholesale, structural fashion, and it is this gross, wholesale, structural irrationality of the university, unnoticed by all but a few scientists and scholars, that is in part responsible for the creation of our grave global problems, and our current incapacity to learn how to solve them. The pursuit of knowledge, conducted in universities, within the framework of knowledge-inquiry over the decades and centuries, has produced much of great benefit to humanity. It has made the modern world possible. It has led to modern power production, modern industry and armaments, modern agriculture, modern hygiene and medicine, modern travel and communications, and the internet. But these very successes have also created many of our most serious current global problems: the climate crisis; the destruction of natural habitats, the catastrophic loss of wild life, and impending mass extinction of species (the nature crisis); the lethal character of modern war; the impact on the natural world of the rapid growth of the human population; the menace posed by nuclear weapons; pollution of earth, sea and air; threats to democracy caused in part by the internet and social media. All these grave global problems have been made possible by modern science and technology, pursued largely in universities within the framework of knowledge-inquiry. Nevertheless, it is not science and technology as such that are the problem, but science pursued in a way that is dissociated from a more fundamental task of the university to help humanity resolve conflicts and problems of living in increasingly cooperatively rational ways, so that progress may be made to a better world. Science and technology, pursued within the framework of knowledge-inquiry, create for some of us the power to act, but not the power to act wisely – not the power to learn how to resolve conflicts and problems of living in increasingly cooperatively rational ways. For that, we need our institutions of learning, above all our universities, to take as their primary task to help humanity learn how to do it. In order to do that, the philosophy of inquiry put into practice by universities needs to be dramatically transformed. We urgently need to bring about a revolution in the overall aims and methods of academic inquiry – a revolution in the philosophy of the university, all around the world, wherever possible, so that the basic aim becomes to seek and promote wisdom, construed to be the capacity, active endeavour, and perhaps desire, to realize what is of value in life, for oneself and others, wisdom in this sense including knowledge, understanding and technological know-how, but much else besides, methods being dramatically modified too so as to help achieve the new academic aim. The basic task of the university would be, not to solve problems of knowledge, but rather to help people in the social world beyond the university to resolve conflicts and problems of living so that what is of value in life may be realized by everyone, insofar as that is possible. The pursuit of knowledge would be vital, but not intellectually fundamental. The intellectual and institutional revolution we so urgently need in our universities would affect every discipline and aspect of the university; it would dramatically affect both research and education, and the whole way the university is related to the rest of the social world. The revolution, from knowledge-inquiry to wisdom-inquiry would dramatically enhance the intellectual integrity and rationality of natural science, social inquiry, the humanities and technology, the character of these disciplines and the relationships they have with one another. University education throughout the university would be dramatically improved. And academic inquiry as a whole would do what, on the whole, it fails to do at present: it would help humanity resolve conflicts and problems of living in increasingly cooperatively rational and, as a result, increasingly successful ways, progress at last being made to a genuinely good, civilized world – a world in which there is peace, justice, liberal democracy, individual freedom, education, reasonable equality, sustainable prosperity and worthwhile opportunities in life, all of these for everyone, insofar as this is possible. Why, it may be asked, has academic philosophy not noticed that we urgently need to transform the current bad philosophy of inquiry of knowledge-inquiry into the far more intellectually rigorous and humanly valuable philosophy of wisdom-inquiry, so that we can begin to do what so far we have failed to do so lamentably: learn how to avoid impending disasters, and even make progress to a better world, something that seems at present almost unthinkable given the horrors of war, poverty, political enslavement of the 20th century, and the horrors of this century so far too? The answer is that academic philosophy is in a particularly pitiful state, as philosophers themselves, are just beginning to realize and lament. That is why academic philosophers are blind to the intellectual and humanitarian disaster of the bad philosophy that dominates universities today, and inconceivable to them to them that they might have, as a disciplinary task, to ensure academic inquiry implements a good philosophy of inquiry, and advocate and argue for change if it does not. Once upon a time, in Europe at least, philosophy was an intellectual power in the world. In the 17th century it created modern science which massively increased and improved our knowledge and understanding of the world, which in turn led to the Enlightenment, the industrial revolution, and the modern world. Philosophy was once so intellectually powerful and influential that it changed the course of history. But philosophy also made in the past three disastrous intellectual blunders: the post-Cartesian blunder, the post-Newtonian blunder, and the Enlightenment blunder. Never acknowledged and corrected by subsequent philosophy right down to the present, these unrecognized intellectual blunders rendered academic philosophy the esoteric, pathetic, and powerless discipline it is today, so that throughout the last century and, so far, throughout this one, academic philosophy has remained blind to the intellectual disaster of knowledge-inquiry, and thus failed entirely to take up its proper disciplinary task of warning fellow academics of the structural irrationality of the philosophy that prevails in the university, and of proposing what steps need to be taken to put things right. Instead of performing such an urgently needed philosophical task, so-called analytic philosophy was reduced to analysing the meaning of words. Since then, there has been hardly any discernible improvement, even if analysis of concepts no longer dominates the scene. Bad academic philosophy is indeed responsible for intellectual and humanitarian failures of the university. What the three past intellectual blunders of philosophy are, why their persistence so dramatically reduces academic philosophy to a triviality, and why, furthermore, this results in the failure of scientists and scholars to see what is so blatantly bad about the philosophy prevailing in universities around the world – the failure to see what so urgently needs to be done to put right what has been wrong for so long: all this is made clear in this book. A new kind of philosophy emerges during the course of the argument, critical fundamentalism, which has as its task to keep alive imaginative and critical – that is rational – thinking about our fundamental problem: How can our human world, the world we experience and live in – the world of living things, people, consciousness, free will, meaning and value – how can all of this exist and best flourish embedded as it is in the physical universe? That problem encompasses all others of life, science and thought. Critical fundamentalism tries to improve answers to aspects of this problem; but it also seeks to encourage everyone to think about the problem, from time to time, and think about how it interacts, in both directions, with more urgent particular and specialized problems of life and thought. Critical fundamentalism sets out to help improve bad philosophy wherever it is to be found: in social, political, commercial, legal, financial, and international life; and especially in academia, in institutions of learning, so that they become devoted to enhancing the capacity of people to learn how to achieve what is of genuine value in this brief life of a few decades if we are fortunate. Critical fundamentalism does everything it can to bring about the revolution in our universities we so urgently need. If taken up by mainstream philosophy, it might really have an impact, and begin to transform universities for the better, in both intellectual and humanitarian terms, and thus, enable humanity to learn how, after the grim failures and horrors of the last century and this one, to make progress to a better world. -/- . (shrink)

In this paper the co-responsibility of the North for the development of the South, the chance of an authentic developmentand Rawls’s maximin rule are indicated as the ethical perspectives from which the financial integration of developing countries will beevaluated. It follows a brief economic analysis of possible problems of high inflows of portfolio investments for developing countries. They become more vulnerable to financial and monetary crises and their domestic banking systems are weakened by a higher risk of (...) devaluation. This will lead to an outline of the goals for reshaping the financial integration: among others limitation of capital inflows,strengthening of the domestic banking system and further development of the country’s particular economic style. Finally someregulations of external financial relations and the proposal of a cooperative monetary arrangement between the South and the Northare discussed as possible measures to improve this integration. (shrink)

The state subvention and distribution of health care not only jeopardize the financial sustainability of the state, but also restrict without a conclusive rational basis the freedom of patients to decide how much health care and of what quality is worth what price. The dominant biopolitics of European health care supports a healthcare monopoly in the hands of the state and the medical profession, which health care should be opened to the patient’s authority to deal directly for better basic (...) health care. In a world where it is impossible for all to receive equal access to the best of basic health care, one must critically examine the plausible scope of the authority of the state to limit access to better basic health care. Classical distributive justice affords a basis for re-examining the current European ideology of equality, human dignity, and solidarity that supports healthcare systems with unsustainable egalitarian concerns. (shrink)

In the light of growing political and religious fundamentalism, this open access book defends the idea of freedom as paramount for the attempt to find common ethical ground in the age of globality. The book sets out to examine as yet unexhausted ways to boost the resilience of the principle of liberalism. Critically reviewing the last 200 years of the philosophy of freedom, it revises the principle of liberty in order to revive it. It discusses many different aspects that fall (...) under its three main topics: the metaphysics of freedom, quantitative freedom and qualitative freedom. Open societies worldwide have come under increasing pressure in the last decades. The belief that politics and markets fare best when guided by the principle of liberty presently faces multiple challenges such as terrorism, climate warming, inequality, populism, and financial crises. In the view of its critics, the idea of freedom no longer offers adequate guidance to meet these challenges and should be partially corrected or even entirely replaced by countervailing values. Against the reduction of freedom to the merely quantitative question as to how much liberties individuals call their own, this book draws attention to the qualitative concerns which and whose opportunities society should foster. It argues that, correctly understood, the idea of liberty commits us to defend as well as advance the freedom of each and every world citizen. (shrink)

Recent financial events, especially the subprime and the sovereign debts crises, have revived debate on debts, the necessity of debt repayment and the eventuality of debt cancellations. A milestone in this debate was reached by David Graeber’s Debt (Brooklyn: Melville House, 2011), but despite the richness of this essay, many normative questions remain unanswered. Should debt always be repaid? Who should repay it? Should government deficits be allowed or even encouraged? Alexander Douglas’ recent book aims to provide an (...) answer to all these questions. The main endeavour of the book lies in applied philosophy, that is in finding general principles able to answer such questions and to reconcile our possibly conflicting intuitions about debt and credit. However, the analysis is largely nourished by history, linguistics and economics, which makes the book highly original and multidisciplinary. The author’s general thesis is that. (shrink)

Transformácia politického systému -- Aktuálne problémy a riešenia -- Alternatívy súčasného kapitalizmu -- Cynizmus ako princíp -- Appendix o školstve.

Les décideurs du 21e siècle héritent d'un monde en crise. Comme cela s'est passé plusieurs fois dans l'histoire de l'Occident, un grand système politique, philosophique et culturel est en train de disparaître. Ce qui tombe, c'est un monde construit autour de l'idéologie libérale postmoderne : monde de démocratie médiatique, de capitalisme financier, d'individualisme arbitraire et de constructions internationales trop artificielles. Ce libéralisme idéologique postmoderne est ce qu'est devenu le grand libéralisme politique des Lumières, une fois qu'il a abandonné la Raison (...) et le Devoir. Pour une nouvelle génération de décideurs, il faut une philosophie nouvelle. Celle-ci apprend à retrouver la pensée classique, en se replongeant dans les trois grandes sources de la pensée occidentale, que sont l'antiquité gréco-romaine, la religion chrétienne et la grande philosophie des Lumières. Le but de cette philosophie est de reconstruire une culture capable d'équilibrer les principes conservateurs et les principes de liberté, de refonder la légitimité du pouvoir politique, et de dépasser tout ce qui reconduit la société civilisée à l'état de nature. C'est le travail de tout décideur, dans ces périodes troublées précédant les périodes de renaissance, d'avoir médité sur ces grandes problématiques philosophiques, politiques et morales. (shrink)

This book approaches the question of the relation between financial crises and earnings management from two philosophical perspectives: positivism and critical realism. The results obtained using the positivist approach indicate that financial crises tend to have no consistent effect on earnings quality since managers’ earnings behavior does not differ from the pre-crisis to the crisis period. The author accordingly argues against the existence of a causal law based on a constant conjunction model and concludes that (...) class='Hi'>financial crises cannot be seen as the cause of earnings management. The critical realism perspective, on the other hand, casts light on managers’ reasons for acting like an earnings manager; in conjunction with the more traditional positivist approach, it assists in refuting the idea of financial crises as a generative mechanism for earnings management. The author concludes by exploring other structures at work that might be responsible for earnings management. This book will be of interest to both academics and a wide range of professionals. (shrink)

Die globale Finanz- und Wirtschaftskrise wirft noch immer eine Reihe von grundlegenden Fragen auf. Dies beginnt schon bei der Analyse der Ursachen. Die Probleme des Krisenmanagements sind offensichtlich - allen voran die langfristigen Folgen ausufernder Staatsverschuldung. Aus Sicht der Entwicklungslander bleibt die Sorge, dass dies zu Lasten wichtiger Investitionen in Armutsbekampfung, Klimaschutz und andere zentrale Aufgaben nachhaltiger globaler Politik gehe. Der politische Wille, in globaler Abstimmung eine strukturelle Neuordnung der Finanzmarkte einzuleiten, ist inzwischen erlahmt, die Finanzinstitute sind uberwiegend zum "Business (...) as usual" zuruckgekehrt. Vor diesem Hintergrund werden Handlungsoptionen fur eine stabile wie entwicklungsvertragliche und damit ethisch vertretbare globale Finanzordnung erortert. (shrink)

Rudolf Steiner developed a comprehensive view of social life which he viewed as being made up of three inter-dependent realms: spiritual-cultural, political and economic. Out of this grew his philosophy known as 'associative economics', which in contrast to our global financial systems, is collaborative and serves the real needs of consumers.This book, a companion to Gary Lamb's Associative Economics, is a comprehensive collection of Rudolf Steiner's statements on economics, compiled from all of his works currently available in English. It (...) will be an indispensable resource for anyone interested in alternative approaches to our current financial crises. (shrink)

This book presents a thorough and critical evaluation of the monetary and financial system prevalent in Western economies. Further, it seeks to explain why this system so often leads to financial crises and why they have been dealt with unsatisfactorily in the past. In order to provide answers to these questions, the book investigates the monetary and financial system from a multidisciplinary perspective, with a strong focus on the ethical value choices which throughout history have shaped (...) the monetary and financial legal system. In the closing chapters, the book also advances a detailed proposal for a New Global Monetary Order, one based on altruism, as an alternative to the neoliberal values dominant today. (shrink)

The current economic and preceding financial crises seem to provide evidence in favour of the self-destruction thesis of capitalism. Responses to the crisis have been polarised. Some suggest that regulatory changes are all that is needed. Others suggest the need to change the economic system by developing a new global economic ethic. The first is too limited, the second too utopian. This article suggests that a MacIntyrean virtue ethics approach provides both a more convincing diagnosis of the problem (...) and leads to a more workable prescription. First, we need to understand the internal contradictions of the tradition that has developed of how to ‘do’ business. Then we need the virtues to be exercised inside practices and institutions. But virtue itself needs to be institutionalised; we need an appropriate governance of virtue in organizations. Even though governance is usually taken to ‘crowd out’ virtue, this article proposes an approach to governance that ‘crowds in’ virtue. (shrink)

If we had to identify the most controversial concept today, “happiness” would certainly figure among the main candidates for this role. On the one hand, “happiness” has represented one of the main ethical axes in the history of philosophy – from Greek _eudaimonia_ to Bentham’s “greatest happiness for the greatest number of people.” Ethics was almost inextricably connected with the search for happiness, which was already in Greek synonymous for the “good life”. On the other hand, capitalism today, notwithstanding the (...) general apathy and despair due to the permanent crises of the capitalist system (climate change, pandemics, financial crises, etc.), still legitimises itself with, if not guarantees, at least a promise of happiness. Despite different historical contexts which again and again gave meaning to the concept of happiness, a common denominator can still be identified, which today, in the era of late capitalism, has even gained the status of a cornerstone of our hegemonic image of happiness. Happiness is a question of being. The evocation of happiness usually raises the question of whether one is happy or not, what it means to be happy, and how we become so. Happiness is thus inextricably connected to the question of identity: it is the sensual expression of our being, of what we supposedly are. In contrast to this “ontologisation of happiness”, the article tries to show not only that there is a _materialist concept of happiness_, but also that the latter bases itself on the primacy of the verb “having” instead of “being”. From a materialist perspective, happiness is something that we have or encounter, and not something that we are. Two references are crucial in this articulation: first, Benjamin’s formulation of happiness from his last essay “On the concept of history”, and second, the Freudian-Lacanian theory of repetition. (shrink)

We live in a world of breaking news, where at almost any moment our everyday routine can be interrupted by a faraway event. Events are central to the way that individuals and societies experience life. Even life’s inevitable moments—birth, death, love, and war—are almost always a surprise. Inspired by the cataclysmic events of September 11, Robin Wagner-Pacifici presents here a tour de force, an analysis of how events erupt and take off from the ground of ongoing, everyday life, and how (...) they then move across time and landscape. What Is an Event? ranges across several disciplines, systematically analyzing the ways that events emerge, take shape, gain momentum, flow, and even get bogged down. As an exploration of how events are constructed out of ruptures, it provides a mechanism for understanding eventful forms and flows, from the micro-level of individual life events to the macro-level of historical revolutions, contemporary terrorist attacks, and financial crises. Wagner-Pacifici takes a close look at a number of cases, both real and imagined, through the reports, personal narratives, paintings, iconic images, political posters, sculptures, and novels they generate and through which they live on. What is ultimately at stake for individuals and societies in events, Wagner-Pacifici argues, are identities, loyalties, social relationships, and our very experiences of time and space. What Is an Event? provides a way for us all—as social and political beings living through events, and as analysts reflecting upon them—to better understand what is at stake in the formations and flows of the events that mark and shape our lives. (shrink)

This paper argues that a key lesson of the GFC of 2008-9 is that our “silo” approach to the disciplines of accounting, finance, and economics (AFE) has not equipped students to deal with complex real world problems such as global financial crises. Such real world problems are interdisciplinary in their causes, effects, and solutions. The paper discusses elements of each of the AFE disciplines that are essential for understanding the GFC, and why courses in economics and finance that (...) seek to address the GFC as a topic need to integrate ideas from these three disciplines. A problem-based learning (PBL) approach is offered as a way forward, through at least one capstone course in a business/commerce degree that brings together the strands from a range of commerce/business disciplines in a case study approach. The paper offers an outline of such a PBL approach to the GFC. (shrink)

In a period in which capital has been on the offensive for many years, using debt and financial crises as rationales for wielding austerity to hammer down wages and social services and terrorism as an excuse for attacking civil liberties, it is important to realize that the origins of this long period of crisis lay in the struggles of people to free their lives from the endless subordination to work within a society organized as a gigantic social factory. (...) In both the self-proclaimed capitalist West and socialist East the managers of that subordination, whether in private enterprise or the state, repeatedly found their plans undermined by people who refused to play by their rules and who elaborated activities and social relationships that escaped their control. The refusal of their rules meant crisis for the managers; the elaboration of other ways of being—whether characterized as the crafting of civil society or as autonomous self-valorization—meant crisis for and freedom from society-as-work-machine. As always, the capitalist response has involved instrumentalization and repression; basically its managers have sought to harness what they could and eliminate what they could not. For a long time instrumentali-zation was most obvious in the West and repression was most obvious in the East, yet both were always at play everywhere, and everywhere those responses were resisted and often escaped. It was that resistance and those escapes that led to the unleashing of the monetary weapons of financialization and their current employment to convert crisis-for-capital into crisis-for-us. It is in past and present resistance and escapes that we must discover both our weaknesses and our strengths in order to overcome capital’s current offensive and to elaborate new worlds. It is the overall thesis of this paper that Marx’s labor theory of value still provides vital aid in helping us understand these historical developments. (shrink)

Soon after the 2008 financial crisis, Gillian Tett, an anthropologist and the US Managing Editor of the Financial Times, suggested that regulators’ and practitioners’ inability to anticipate and respond to deep problems in the financial industry could be traced back to what she called “silo thinking,” wherein experts in one area know nothing about the methods and research of other areas. As she put it, “the essential challenges for investors today…”—and, we might add, for regulators and academics—is (...) “to understand the micro-details of the silos, and see how all the macro-pieces add up”.In years since, many researchers in many fields have sought to identify causes of the... (shrink)

The increasing frequency and scope of financial crises has made global financial stability one of the major concerns of economic policy and decision makers. Under this highly complex environment, supervision of the financial system has to be thought of as a systemic task, focusing not only on the strength of the institutions but also on the interdependent relations among them, unraveling the structure and dynamic of the system as a whole. In recent years, network science has (...) emerged as a leading tool for the investigation of complex systems. Here we review several applications of network science in finance and economics, and discuss existing challenges and future directions which will substantiate network science as a key tool for financial academics, practitioners, and policy and decision makers. (shrink)

Dans le présent essai nous nous intéressons à la question du dépérissement de la politique à l'ère de la récession économique doublée d'une crise institutionnelle. Pour étayer l'analyse, cette étude s'est appuyée sur les deux principaux pays pionniers en matière de révolutions politiques et sociales : les États-Unis et la France, tous deux aujourd'hui en proie au déclin de leur économie et au délitement de leurs structures politiques et culturelles longtemps érigées en modèle universel. Au-delà de l'effondrement économique, nous assistons (...) au 'krach du Politique,' matérialisé par la désaffection politique, la défiance des institutions, la discréditation de la classe dirigeante. En résumé, la crise de la gouvernance. Nul doute, plus aucun projet de progrès social et politique ne peut surgir des institutions gouvernementales et parlementaires moribondes. Seule une mobilisation populaire en rupture avec le capitalisme peut amorcer une transformation radicale de la société en vue de bâtir un nouveau mode de production et une inédite gouvernance horizontale."--Page 4 of cover. (shrink)

Mit dem Begriff der Innenwelt der Ökonomie adressiert der vorliegende Band die vielfältigen Eintrittspunkte von ökonomischem Wissen in die Wirtschaft. Dieses Wissen ist nicht auf die Wirtschaftswissenschaft beschränkt. Vielmehr findet ökonomisch relevante Wissensproduktion auch in der Politik, den Medien, in der Wirtschaft selbst sowie anderen gesellschaftlichen Bereichen statt. Die Beiträge des Bandes zeichnen aus soziologischer, wissenschaftshistorischer, ethnographischer und wissenschaftstheoretischer Perspektive die Umrisse dieses Forschungsfeldes nach. Ihr gemeinsames Ziel ist eine systematische empirische Untersuchung wirtschaftswissenschaftlichen Wissens und dessen Einfluss auf ökonomische Verhältnisse (...) vor einem interdisziplinären Horizont. Ihr Gegenstandsbereich umfasst die Produktion ökonomischen Wissens, die Wirtschaftswissenschaft als Faktor im Spiel um Macht und Legitimität sowie die performative Rolle der Ökonomik. (shrink)

This paper aims to contribute to the development of a “third-generation” rational choice theory by introducing a Multiple Player Approach for analysing collective action problems. Drawing on the foundational first and second generation works of Olson (The logic of collective action, Cambridge University Press, Cambridge, 1965) and Ostrom (Scand Polit Stud 23(1):3–16), we introduce five player types that we believe capture essential empirical features of many real world collective action problems: Blind Riders, Tough Riders, Hard Riders, Easy Riders, and Low (...) Riders. We consider the complex interaction and dynamics that unfold among them. The main novelty of the analysis is to draw attention to the need for active societal support to effectively empower and reward hard riders for resolving collective action problems, particularly when facing external shocks such as the Covid-19 pandemic, Brexit, and financial crises. (shrink)

During the global financial crisis of 2007–2009 and the currentCovid-19 debacle, central banks acted quickly, boldly, and effectively. The paper argues that they did so thanks to the lessons learned from the past financial crises, which provided them with opportunities to reconsider their previous beliefs. A case in point is the banking crisis in the United States during the Great Depression of the 1930s that taught central banks to act rapidly and decisively in order to prevent an (...) initial liquidity crisis from escalating into a solvency crisis leading to bankruptcies of banks with potentially disastrous consequences for the entire economy. The paper revisits the consequences of the currency crises of the 1990s, which transformed exchange rate regimes across the world: the EMS one of 1992–1993 that accelerated the launch of the euro, and the Asian one of 1997–1998 resulted in the proliferation of floating exchange rates in emerging economies. (shrink)

The 2022 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Ben Bernanke, Douglas Diamond, and Philip Dybvig “for research on banks and financial crises”. Jens van 't Klooster reflects on Bernanke, Diamond, and Dybvig's work.

We can calculate financial fraud, but how do we measure bad faith? How can we evaluate the words of the pharmaceutical industry or of eco-scientific ideologies, or the subtle deception found in political scheming? Henri Atlan sheds light on these questions through the concept of _ona'ah_, which in Hebrew refers to both fraud in financial transactions and the verbal injury inflicted by speech. The world of _ona'ah_ is a world of an "in-between," where the impossible purity of absolute (...) Platonic truth gives way to a more relative notion—the near-theft, the quasi-lie. Today it seems that no discourse is safe from fraudulent excesses, be they intentional or no. As both philosopher and biologist, Atlan works on several registers. He forges links between the Talmud, the Kabbalah, and the big questions of our time, multiplying the bridges between science, philosophy, and current ethical dilemmas. In a context of financial and moral crises that appear to be weakening our democracies, Henri Atlan's work allows us to rethink the status of fraud in the contemporary world. (shrink)

The strength of democracy lies in its ability to self-correct, to solve problems and adapt to new challenges. However, increased volatility, resulting from multiple crises on multiple fronts – humanitarian, financial, and environmental – is testing this ability. By offering a new framework for democratic education, Teaching Democracy in an Age of Uncertainty begins a dialogue with education professionals towards the reconstruction of education and by extension our social, cultural and political institutions. -/- This book is the first (...) monograph on philosophy with children to focus on democratic education. The book examines the ways in which education can either perpetuate or disrupt harmful social and political practices and narratives at the classroom level. It is a rethinking of civics and citizenship education as place-responsive learning aimed at understanding and improving human-environment relations to not only face an uncertain world, but also to face the inevitable challenges of democratic disagreement beyond merely promoting pluralism, tolerance and agreement. -/- When viewed as a way of life democracy becomes both a goal and a teaching method for developing civic literacy to enable students to articulate and apprehend more than just the predominant political narrative, but to reshape it. This book will be of interest to scholars of philosophy, political science, education, democratic theory, civics and citizenship studies, and peace education research. (shrink)

Our present crises are growing more urgent, pervading many domains of public life—economic, political, environmental, and social. This motivates scholars to find more adequate, combinatory perspectives from which to explain them. One such effort, under the broad heading of Law and Political Economy (LPE), challenges an established view of legality that insulates the market and its dominant actors from critique and accountability. The established view is based on two misconceptions. First, it sees the real function of a capitalist legal (...) device, whether in contracts, antitrust, property, or corporate law, in terms of efficient wealth creation; this function is its underlying rationale and normative aim. Second, it tends to remove equality, coercion, and legitimacy—the core problems of power—from the scope of economic appraisal. When laws and policies are fashioned out of these ideas, democratic institutions will be unable to counter the dominance of capital. New analytical approaches are therefore necessary (Purdy et al. 2020). Along with researchers in associated fields, LPE scholars are attempting to better understand the legal constructions in which financial and political power are anchored and to develop new ways of integrating the economy into democratic life. Robé is a leading voice in these debates. His new book, Property, Power, and Politics, encloses in one volume his ideas on the role of incorporated firms—and of markets, property, and finance—in the larger dynamics of global politics. In this symposium, interlocutors with backgrounds in law, political science, and philosophy engage with this rich analysis. This introduction provides an overview of the book’s arguments (sections 2 and 3) and then introduces the contributions (section 4). (shrink)

BackgroundThe bioethical debates concerning living donation and surrogacy revolve around similar ethical questions and moral concepts. Nevertheless, the ethical discourses in both fields grew largely isolated from each other.MethodsBased on a review of ethical, sociological and anthropological research this paper aims to link the ethical discourses on living kidney donation and surrogacy by providing a comparative analysis of the two practices’ relational dimension with regard to three aspects, i.e. the normative role of relational dynamics, social norms and gender roles, and (...) reciprocity. Based on this analysis, we derive conclusions for the framing of living organ donation and surrogacy in ethical theory and practice.ResultsFirst, our analysis emphasizes the relevance of acknowledging the complex relational implications of living kidney donation and surrogacy. Underestimating this relational dimension may not only lead to individual crises but endanger existing as well as newly emerging familial relationships. Second, we point out differences in the normative assessment of social norms and gender roles in the ethical debates about living kidney donation and surrogacy. In particular, we show how different evaluations of altruism affect the understanding of autonomy in both contexts. In addition, we sensitize for biased perceptions of gender roles. Finally, we argue that challenges resulting from unresolved reciprocity are an issue in living kidney donation and surrogacy independent of whether the exchange of body parts or bodily services is framed as a gift or commercial exchange. By pointing out the limits of financial compensation, we stress the relevance of non-material, relational rewards as potential remedy. (shrink)