I investigate ethical questions concerning a novel cryptocurrency, Bitcoin, using a Fichtean account of the ethics of currency. Fichte holds that currencies should fulfill an ethical purpose: providing access, in perpetuity, to the material welfare that underwrites citizens' basic rights. In his nineteenth‐century context, Fichte argues that currencies fulfill this purpose better when nations control them (i.e., when they are “national currencies”) than when foreigners freely trade them (as “world currencies”). After exploring conditions in which national currencies fail to (...) secure material stability over time, e.g., in corrupt regimes, I develop a Fichtean model for ethically evaluating currencies and evaluate the extent to which Bitcoin meets its standards for ethical currency. I argue that Bitcoin undermines the (monetary) power of nations and, as such, threatens their ability to provide access to necessary material goods. While offering citizens a means of defending themselves against corrupt regimes, Bitcoin forsakes the general welfare and is, as such, unethical by Fichtean lights. (shrink)

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the (...) decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7–1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency, the reserve stock should be fixed on a benchmark of 2–9 times of the average inflows. (shrink)

The purpose of this study is to look at femicide from a different perspective, even though it may seem unrelated at first. Accordingly, it investigated the existence of a link between foreign exchange, which was a major cause of the crises and unemployment, and femicide, which was the outcome of violence against women other than murder. The data were acquired from the We Will Stop Femicide Platform and the Central Bank of the Republic of Turkey in light of the (...) study’s goal. According to the findings of the investigation, there is a long-term cointegrating association between the foreign exchange rate and femicide in Turkey. After 22.6 days, the deviation induced by a 1% change in the currency rate could be balanced. This study is notable for approaching femicide from a hitherto overlooked economic perspective, as well as demonstrating that exchange rate changes are “vital” in terms of non-economic reality and public health. (shrink)

A slight stabilization of some macroeconomic indicators Ukraine in conditions of long-term preservation of structural imbalances in the domestic economy against the background of global economic recovery, reduce consumer demand in the global markets combined with the devaluation of the hryvnia no reason to conclude that ensure the sustainability of enterprises to the likely financial and economic turmoil. Given this situation, the article identifies the main problems of accounting of foreign exchange transactions in Ukraine through the prism of (...) class='Hi'>foreign software security. At present actualized issue integration into the European economic space, which leads to aggravation of the issue of financial payments in foreign currency and their reflection in the accounting business. Stand unstable economic situation in the domestic market of Ukraine leads the majority of domestic enterprises to shift to foreign markets. Foreign trade enterprises directly related to the riskiness and exposure to foreign shocks her, so constantly need to monitor the status of foreign security. Based on empirical research using the software package MS Excel, articles in the research and forecasting of external economic security of Ukraine and brought a further increase of this indicator in a strategic perspective. However, foreign financial and payment transactions engaged in enterprise involving consideration of exchange rate fluctuations, in which there are exchange differences significantly affect the financial results of the company. In order to improve the accounting currency transactions in the context of foreign trade enterprises proposed harmonization of national and international accounting systems using international standards in national accounting system and financial reporting. (shrink)

For many years, the actions of Myanmar's military government have provoked domestic discontent and strong condemnation overseas. The government is encouraging tourism in an attempt to legitimize its actions whilst generating valuable foreign currency. However, a number of organizations are urging people to avoid travel to Myanmar and thus prevent the military junta from obtaining the hard currency and global legitimacy it needs to survive. In this article, the ethical arguments for and against tourism in Myanmar are (...) discussed, and for the first time the ethical perceptions of tourists themselves are explored. The study applied the Multidimensional Ethics Scale to a group of 376 Myanmar visitors, finding that respondents were generally in favor of tourism in Myanmar, but were uncomfortable with the ethical implications of their visit. (shrink)

State sovereignty is closely intertwined with, but not limited to, control over territory and people. It has long been recognized that control over monetary affairs is a critical part of genuine sovereignty. In this Article, I go a step further and argue that the relevance and importance of territorial versus monetary sovereignty has shifted in favor of the latter. This shift goes hand in hand with the rise of credit-based financial systems. Such systems depend, in the last instance, on backstopping (...) by an entity with control over its own money supply and no binding survival constraints. Only states with monetary sovereignty fit this pattern. All others are de facto more like private entities, which by definition cannot manipulate their own survival constraint. States can surrender their monetary sovereignty directly by adopting another currency or by issuing their own debt in foreign currency and under foreign law. They also compromise their sovereignty by permitting unlimited capital inflows denominated in currencies other than their own. This is because in times of crisis they will not be able to rescue the domestic financial system from its tendency to self-destruct without subjecting itself to a sovereign debt crisis and the implied need to rely on a lifeline from other states or supranational entities. (shrink)

For many years, the actions of Myanmar’s military government have provoked domestic discontent and strong condemnation overseas. The government is encouraging tourism in an attempt to legitimize its actions whilst generating valuable foreign currency. However, a number of organizations are urging people to avoid travel to Myanmar and thus prevent the military junta from obtaining the hard currency and global legitimacy it needs to survive. In this article, the ethical arguments for and against tourism in Myanmar are (...) discussed, and for the first time the ethical perceptions of tourists themselves are explored. The study applied the Multidimensional Ethics Scale to a group of 376 Myanmar visitors, finding that respondents were generally in favor of tourism in Myanmar, but were uncomfortable with the ethical implications of their visit. (shrink)

Meat abstinence, as is practiced in some religions, has a positive impact on reducing the damages that the process of meat production inflicts on the environment. The Ethiopian Orthodox Christians observe fasting by abstaining from meat for more than half a year, and this seems to do the environment and economy some good. Religion has been playing a regulatory role between ever-increasing meat demands and the country’s fast-growing meat and live animal exports. The article concludes that individuals' tendency to drift (...) from religious life practices, coupled with a growing middle class that can afford to buy meat regularly, and the country’s need to maximize foreign currency through meat and livestock exportation, is likely to see Ethiopia introduce intensive livestock production in the not too distant future, to meet domestic meat demands and increase livestock export earnings. (shrink)

The paper deals with Forward exchange contracts and Swap exchange contracts, These two types of contracts are among the most prominent types of financial derivative contracts that arose after the collapse of the Bretton Woods system in 1971 or the so-called Nixon shock, where the convertibility of the dollar into gold was stoped, which led to turmoil in the exchange rates of the currencies of many countries and the emergence of the need to stabilize the exchange rate Currencies in transactions (...) where the delivery of the two exchanges is delayed. This research has studied forward exchange contracts and swap exchange contracts in four sections. The first section defines the Forward exchange contract, which is a contract in which the two parties commit to exchange a specified amount of foreign currencies on a forward date, at a price agreed upon in advance. The elements and elements that must be mentioned in this contract, such as the seller and buyer, the size of the contract, the date of delivery and the forward exchange rate, were mentioned in this section, with an illustrative example of the mechanism of conducting this contract. In addition to addressing the differences between forward exchange contracts and future exchange contracts, the characteristics of forward exchange contracts and the purposes of those dealing with them from hedging and speculation are mentioned in this section. The second section has been devoted to the definition of swap exchange contracts, it is for the two parties to the contract to agree that one of them buys from the other a specific amount of a currency in exchange for a specific amount of another currency and at the current exchange rate, provided that the two exchanges are delivered immediately, and in the same contract, the two parties agree to make a forward reverse exchange contract, at a price determined within Contract, and to clarify the picture of swap exchange contracts, an example has been given to illustrate the mechanism for conducting this type of contract. In the third section, the views of contemporaries scholars regarding the İslamic law of the forward exchange contract were discussed, where the opinion of the objectors was mentioned at all and the evidence they inferred from it. And then the opinion of those who advocate the permissibility of forward exchange contracts that are in the form of a dating that is not binding on both parties together, provided that there is nothing in the dating that indicates that it is a contract of sale and provided that a new contract is delivered independent of the dating. Then I discussed the opinion and evidence of the impediments in four points, and I concluded that the most correct opinion at the first is the impermissibility of the forward exchange contract in the form such as the traditional banks do it because of the deception it contains. But I recanted and permitted this type of contract in two cases, the first: the case of need with the absence of an alternative, and the second: the case that transaction is not binding dating for both parties and on some terms. Some contemporary scholars suggested conducting buying and selling operations in the same currency as an alternative to forward exchange contracts, and some of them suggested that Islamic banks should have a common unit of account to settle accounts between the parties to commercial transactions. But in my opinion two solutions are often not feasible. As for the fourth section, I dealt with the opinions of contemporary scholars in the swap exchange contract. it seems likely to me that swap currency exchange contracts are nothing but a usurious loan that is prohibited by Sharia. Because when examining the mechanism of conducting this type of contract, it turns out that one of the parties lent the other an amount in one currency in exchange for the other lending him an amount in another currency under the name of the spot exchange contract. Since one of the two parties requires the other to increase what he lent - if the exchange rate of the Forward exchange contract is different from the Spot exchange rate, which is predominant - under the name of the Forward exchange contract, then this process is nothing but a usurious loan. I supported the proposal to exchange loans in different currencies as a İslamic alternative to transaction contracts, provided that there is no preference for one party over another, and there is no usurious increase. And in order to solve the problem of the high rate of currency inflation of one of the two loans more than the other, the researcher suggested adding the inflation rate to the two loans when they are performed. (shrink)

The article aims to assess a change in the EU’s soft power in the Western Balkan and Eastern Partnership states in the light of the crises the bloc has undergone in recent years. Generally agreeing with the common argument that the EU’s attractiveness for those countries has decreased, the author challenges the popular wisdom that such a decrease is likely to reverse those states’ pro-EU foreign policy orientations. To prove it, the author applies Joseph Nye’s and Alexander Vuving’s “power (...) currencies” approach to operationalize soft power, considering the bloc’s attraction as a combination of “brilliance” (the actor’s relationship with its work), “benignity” (the actor’s relationship with other actors) and “beauty” (the actor’s relationship with values and ideas). Elaborating on the crises’ influence on each of these currencies, the author shows that their lessening, first, has mainly taken place in absolute rather than relative terms, so the EU’s attractiveness remains strong compared to that of its competitors, and second, it has primarily affected the bloc’s soft power potential rather than its actual behavior towards the target countries. (shrink)

The chosen currency regime places a state within the international economic order. Therefore, the exchange rate is a key to creating an internal financial system and opening it up to foreign participants. In this paper we would like to show the differences between China and the USA and examine their impact on potential changes on the distribution of power in the international system. We will also try to prove that this field is a missing link in preventing the (...) final launching of a symmetrical bipolar system which will finally force China to accept the rules of a Washington Consensus instead of following its own patterns. The case study method will be used in order to compare market data and assess the role of currencies for the given model. (shrink)

It is customary to distinguish experimental from purely observational sciences. The former include physics and molecular biology, the latter astronomy and palaeontology. Experiments involve actively intervening in the course of nature, as opposed to observing events that would have happened anyway. When a molecular biologist inserts viral DNA into a bacterium in his laboratory, this is an experiment; but when an astronomer points his telescope at the heavens, this is an observation. Without the biologist’s handiwork the bacterium would never have (...) contained foreign DNA; but the planets would have continued orbiting the sun whether or not the astronomer had directed his telescope skyward. The observational/experimental distinction would probably be difficult to make precise 1, as the notion of an ‘intervention’ is not easily defined, but it is intuitively fairly clear, and is frequently invoked by scientists and historians of science. Experimentation, or ‘putting questions to nature’, is often cited as a hallmark of the modern scientific method, something that permitted the enormous advances of the last 350 years. And it is sometimes said that the social sciences lag behind the natural because controlled experiments cannot be done so readily in the former. Moreover in certain sciences, e.g. epidemiology, students are explicitly taught that experimental data is preferable to observational data, particularly for doing causal inference. So the distinction between observational and experimental science has quite wide currency, and is often regarded as methodologically significant. Surprisingly, mainstream philosophy of science has had rather little to say about the observational/experimental distinction. 2 For example, discussions of confirmation usually invoke a notion of ‘evidence’, to be contrasted with ‘theory’ or ‘hypothesis’; the aim is to understand how the evidence bears on the hypothesis. But whether this ‘evidence’ comes from observation or experiment generally plays no role in the discussion; this is true …. (shrink)

It has long been taken for granted that the immune system’s capacity to protect an individual from infection and disease depends on the power of the system to distinguish between self and nonself. However, accumulating data have undermined this fundamental concept. Evidence against the self/nonself discrimination model left researchers in need of a new overarching framework able to capture the immune system’s reactivity. Here, I highlight that along with the self/nonself model, another powerful representation of the immune system’s reactivity has (...) been developed in the twentieth century immunology. According to this alternative view, the immune system is not a killer of nonself strangers but a peace-maker helping to establish harmony with the environment. The balance view of the system has never become part of the dominant paradigm. However, it is gaining more and more currency as new research develops. Advances in mucosal immunology confirm that instead of distinguishing between self and foreign the immune system reacts to microbial, chemical and self-induced alterations to produce responses that counterbalance effects of these changes. (shrink)

Centred on 'Foams', the third volume of his Spheres trilogy, this article questions the privilege granted by Peter Sloterdijk to motifs of inclusion and exclusion, contending that whilst his prioritization of dwelling as a central aspect of human existence provides a promising counterpoint to the dislocative and isolative effects of post-industrial capitalism, it is compromised by its dependence upon an anti-cosmopolitan outlook that views cultural distantiation as a natural and preferable state of human affairs, and valorizes a purported ontological security (...) attained through defensive postures with respect to perceived foreigners or externalities. Sloterdijk’s conceptualization of culture as a kind of immune system, it is argued, although posited as a rebuke to models of essentialism and ethno-nationalism, provides ontological support to the xenophobic critiques of immigration that are today finding increasing currency. (shrink)

"John McAfee hat eine Unabhängigkeitserklärung der Währungen (Declaration of Currency Independence) verfasst, in der er proklamiert, dass die Zeit gekommen sei, das Staatsmono- pol der Herstellung von Devisen und der Kontrolle ihrer Flüsse in Frage zu stellen und das Band zwischen Geographie und Währung aufzulösen. Die Philosophin Catherine Malabou erläutert in ihrem Artikel die ökonomischen und philosophischen Hintergründe ihrer Entscheidung, diese Erklärung zu unter- zeichnen. John McAfee has drafted a Declaration of Currency Independence in which he proclaims that (...) the time has come to question the state monopoly on the production and control of foreign exchange and its flows and to break the link between geography and currency. In her article, philosopher Catherine Malabou explains the economic and philosophical background leading to her decision to sign this declaration.". (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Haiti Can't BreatheNéhémy Pierre-Dahomey (bio)Translated by David F. BellI'm not particularly familiar with recent politics in Haiti. Nor, as it were, with the contemporary history of the country. In some sense, the difference between recent politics and contemporary history is rather delicate. History would be the most profound social, political, and economic points of contention behind the daily lives of a population under siege. Not simply those talked about (...) while people travel in public transportation (Haitians talk a lot while in public transportation), but also the interpretive matrices mobilized to speak about these problems. As for current events, they are the province of newspaper headlines, those front pages and editorial pages most often read and shared, the public opinion machine.Of course, a few snippets of news come to me: the rise of kidnapping, political instability, the opposition declaring that the presidential mandate has ended, a government sponsored referendum to change the constitution, upcoming elections. As I write this piece (summer 2021), armed banditry is rife in many working-class neighborhoods. There are victims by the dozens nearly every day.As I was asking myself how best to express the bicentennial dyspnea of the Haitian people, I learned about the assassination of the president of the Republic in his private residence.Haiti could not breathe. Now it is suffocating.I recently published a novel entitled Combats (March 2021) in which the characters live in a nineteenth-century rural setting. They experience the full force of the first consequences provoked by the infamous independence debt, well understood by Haitians and analyzed by international specialists such as David Graeber and Thomas Piketty.After its independence in 1804, Haiti was not accepted into the concert of nations. The country, founded by hordes of previously enslaved Blacks and by freed Mulattos, was a bad example, a model not to be emulated so geographically near a slave society, the United States, and the Antilles belonging to France. No economic power, that is, no white country defining itself as such, recognized the independence of the new Black, abolitionist, and egalitarian population. The isolation of Haiti thus began at the very moment of its foundation. [End Page 165]In a vain attempt to escape the embargo and to construct a collective destiny at the international level, Haiti accepted a colossal debt imposed on it by France. Charles X, king of France and Navarre, forced Jean-Pierre Boyer, supreme leader of the Haitian nation, to assume the responsibility for a ransom of 120 million francs. The economist Thomas Piketty calculates that this was equivalent to 28 billion euros in today's currency. David Graeber, in his Debt: The First 500 Years, considers it to be the most egregious debt in history. In truth, for Haitians, this strange transaction consisted in buying lands they had already conquered in their independence struggle, having taken them from the previous colonial settlers representing the French state.Since the previously emancipated ancestors were considered the colonial settlers' property, Haitians, under threat from the French army, assumed the weight of this debt, which really consisted in purchasing—from their previous torturers—their very persons and those of their grandparents. In other words, after the war of independence, begun by Black Maroons as soon as they arrived on the island of Haiti, pursued by Toussaint Louverture against slavery, brought successfully to a conclusion by Jean Jacques Dessalines through victorious military battles (November 1803 at Vertières, for example), after this long road toward emancipation, France, supported by all the foreign powers of the period, extracted from Haiti recognition of the debt in 1826, that is, during the first half of the nineteenth century, at the very moment when the independent countries of the world were beginning to undergo a massive industrialization.Haiti clearly missed out on this entrance into the industrial age of the steam engine. It remained an "essentially agricultural" country because every year it had to pay debt service—including interest—every year until the second half of the 20th century!Like many others I saw the images of the white man, Derek Chauvin, resting his knee on George Floyd's neck for eight... (shrink)

These are just a few examples of scientific illiteracy — inane misconceptions that could have been avoided with a smidgen of freshman science. (For those afraid to ask: pencil “lead” is carbon; hydrogen fuel takes more energy to produce than it releases; all living things contain genes; a clone is just a twin.) Though we live in an era of stunning scientific understanding, all too often the average educated person will have none of it. People who would sneer at the (...) vulgarian who has never read Virginia Woolf will insouciantly boast of their ignorance of basic physics. Most of our intellectual magazines discuss science only when it bears on their political concerns or when they can portray science as just another political arena. As the nation’s math departments and biotech labs fill up with foreign students, the brightest young Americans learn better ways to sue one another or to capitalize on currency fluctuations. And all this is on top of our nation’s endless supply of New Age nostrums, psychic hot lines, creationist textbook stickers and other flimflam. (shrink)

Pioneering sociologist William Graham Sumner (1840Ð1910) was a prolific and astute historian of the early American republic. His work is informed by both his classical liberalism and his understanding of economics. He authored eight major works including major biographies and thematic studies concentrating on the vital subjects of currency, banking, business cycles, foreign trade, protectionism, and democratic politics.

The pioneering sociologist William Graham Sumner was a prolific and astute historian of the early American republic, whose work was informed by his classical liberalism and his understanding of economics. He authored seven major works including biographies and thematic studies concentrating on the vital subjects of currency, banking, business cycles, foreign trade, protectionism, and politics. Although his works are out of print, and hardly mentioned or referred to by historians or economists, they are quite valuable for understanding the (...) politics and major economic issues of the first century of the republic.1 They are: History of American Currency, Lectures on the History of Protection, Andrew Jackson, Alexander Hamilton, The Financier and Finances of the American Revolution, 2 vols., Robert Morris, History of Banking in the United States. As one can see, Sumner was most interested in the history of money and banking in America. He was a resolute opponent of inflation, inconvertible currencies, legal tender laws, bimetallic standards, and the American practice of fractional-reserve banking. His theory of the business cycle was built on the work of antebellum political economists such as Condy Raguet. Sumner’s understanding of it is sophisticated and proto- Austrian. (shrink)

In modern conditions payment systems have an important role in the economy, as they must provide effective economic means of payments. Accordingly, the development of payment systems in Ukraine appears as a relevant theoretical and practical problem. In the article the theoretical basis and features of payment systems in Ukraine were researched. Preconditions of systemically important payment systems development been analyzed, which are performed by the key principles of their organization and functioning. Realization of principles of systemically important payment systems (...) in Ukraine was investigated. The key principles of operation and functioning and their implementation in retail payment systems were determining, such as providing competitive services, security payments from outside interference, territorial and temporal availability, profitability of participation in the payment system, consumer protection, instant calculation of account balance, instant currency conversion and minimize currency risk. Recommendations for improving the procedures for conversion of currencies in the international card payment systems were provided in order to reduce currency risks for end-users and issuing banks, such as introducing restrictions on the period of submission for payment of international trade, as well prohibit use of trade-service enterprises for currency conversion their own exchange rates. The necessity of legislative regulation of the size of interchange fee in card payment systems to create more favorable conditions for the spread of retail electronic payment was determined as well as removal of legal restrictions on the issuance and use of electronic money and foreign exchange restrictions in order to create the conditions for international payment systems based on electronic money to enter the Ukrainian payment market. (shrink)

Based on the research of currency crisis pressure index, bank crisis pressure index, and asset bubble crisis pressure index, this paper introduces an external shock pressure index reflecting the impact of global economic changes on economy and synthesizes systemic financial crisis pressure based on the above four pressure indexes; then, all the alternative early warning indicators and the systemic risk pressure index constructed in this paper were tested for Granger causality. We build financial systemic risk pressure indexes, including (...) class='Hi'>currency crisis pressure banking crisis pressure index, bubble crisis pressure index, and external shock pressure index to predict financial crises. Finally, four indicators that have a significant impact on the systemic financial crisis pressure index were selected, namely, the stock price index change rate, industrial added value growth rate, domestic and foreign real deposit interest rate differential, and foreign direct investment as a percentage of GDP. A dynamic Logit model with lagging binary variables is constructed, and compared with the traditional static Logit line, the actual dynamic fitting effect is better than the static Logit model. The dynamic Logit model is used to predict the early warning status of systemic financial crisis in 2020, and the forecast of various early warning indicators is realized by the ARIMA model. The final prediction results show that the probability of a systemic financial crisis in China in 2020 is extremely low, almost zero. This is in line with the overall improvement in the international economic situation in 2020 and the steady growth of the domestic economy. (shrink)

Globalism makes news every day, yet world trade is hardly greater today than 30 years ago; it is the movement of capital that is far greater now, thanks to technology. The irresistible force for one world is not the United Nations, ever an arena for the contest of national interests, but money, particularly the United States dollar, which is an unofficial world currency, often with more influence than U.S. foreign policy. One of the results of monetary globalism is (...) to make national reserve and international banks all the more important. National central banks, like the United States Federal Reserve, make monetary policy. Together with international institutions like the World Bank and the International Monetary Fund, reserve banks have always been among the most important public institutions on the world stage, yet they are seldom examined as public institutions (Knott 1986). All references to banks and bankers in these pages are to central and international banks unless otherwise stated. (shrink)

The first part of this paper discusses five sets of forces that have had a major influence on world agriculture in the post-World War II period. These include (1) high rates of population growth in the developing countries; (2) a steady increase in economic integration world-wide, driven by technological breakthroughs in the communication and transportation sectors; (3) major realignments in the values of national currencies; (4) growing distortions in economic policies in both the industrialized and developing countries; and (5) growing (...) diffusion of new production technology from the industrialized to the developing countries.The second part reviews the changing role of international development assistance in support of agriculture in light of these historical forces. Such assistance successively stressed the development of extension services, food aid, institutional development of higher level education institutions, the development of research capacity, and rural development.A look to the future is the subject of the third part of the paper. This includes a discussion of the difficulties in sustaining U.S. foreign assistance, especially when that nation is letting its own economic house fall into such disarray. (shrink)

This article presents the emergent findings of research conducted in Iran. It’s main objective was to investigate whether adolescents' thinking could turn polyphonic in CPI and what processes, thinking would go through to achieve this objective. Seventeen adolescents, ten girls, and seven boys participated in fourteen sessions with three iranian and three foreign novels as the materials of inquiry. The sessions were videotaped and analyzed by the researchers. The findings discovered out of pre-determined objectives revealed that CPI was effective (...) in developing adolescents' polyphonic thinking, and polyphonic thinking processes at work were also revealed. At the same time, some unexpected data emerged which gave rise to some emergent findings, among which was that meaning-making is not limited to what happens “inside” the CPI, but some events before, after, and during the sessions are decisive in meaning-making within this communal circle and formation of CPI. We named them ‘paratexts’ of CPI that included WhatsApp chats, religious, educational, scientific, and gender discourses, the extension of issues discussed at CPI to school and home, adolescent dialogues before and after the sessions, and their reading of philosophical ideas and literary commentaries on the materials of inquiry. Gérard Genette, giving currency to the term ‘paratext’, conceives of it as an undefined zone between the inside and the outside of a printed work that forms the complex mediation between book, author, publisher, and reader. It is a border zone in which text and off-text enter dialogue the paratexts associated with CPI directed us to reconfigure the practice in reconsideration of the facilitator’s roles and positions. On this account, the facilitator is someone who needs to be able to actively listen both to the voices of the group members and the voices of existing paratexts, and to manoeuvre between multiple roles and positions as the situation demands. (shrink)

The stage of the formation and establishment of a market economy in Georgia raises the necessity for economic science to solve fundamentally different problems concerning the improvement of the investment environment and investment climate in national economy. After the collapse of the former Soviet Union, the replacement with new relationships has been quite difficult and painful in which foreign investments should play a crucial role. Issues to be discussed include the questions that explore some of the categories and the (...) constraints of the investment climate. All this leads to the relevance of the article and, therefore, determines the purpose of the article. The research process uses general dialectical methods of socio-economic research as well as modern methods of research of economic theory. The scientific aim of the research is to highlight the current issues of the investment environment and investment climate in economy, to study the transformation processes taking place in Georgia during the last two decades, to conduct analysis using proper methods, to show the current social and political as well as other important processes, to generalize them and to form proper opinions. Findings based on research suggest that it is possible to speed up the process of economic development of Georgia. However, the situation will remain difficult in the region and the factors causing the recession _ instability in oil prices and the weakening of the national currency against the US dollar will still be present. In conclusion, the opinion can be formed that a stable and predictable legislative process is important for the investment environment. Therefore, all the parties that may undergo the changes should be informed and involved in every project planned by the government; At present, it becomes necessary to further extend the deregulation policy, which should include the development of financial and investment sectors and support of the establishment of appropriate infrastructure, promotion of the further development of microfinance institutions, investment companies and funds, designing the system of investment insurance and stimulation, elimination of unnecessary bureaucracy and artificial barriers, etc. (shrink)

The Twelve Member States agreed in December 1991 in Maastricht on an EconomicMonetary Union, including a single currency and an autonomous European central bank by the turn of the century, and on "an ever closer union among the peoples of Europe". The structure of the European Political Union resembles a temple with three pillars : more powers for the European Parliament on a wider ranger of policy issues, a separate framework for a common foreign and security policy, and (...) intergovernmental cooperation on justice and internal aff airs. The new Treaty wilt replace the Treaty of Rome only after ratification in all twelve member states. White EMU and EPU dominated the public agenda, the internal market programme was drawing to a close with nearly all White paper measures adopted. Emphasis shifted to implementation problems. The prolonged conflict between Commission, Parliament and Council on the 1992 budget gave a taste of increasing tensions on budgetary issues, especially between "northern" and "southern" interests. That divide wilt deepen with or without ratification of the Maastricht Treaty. The budgetary battle of 1991 was partly on external relations. The external activities of the EC were all but successful in 1991: disparate conduct in the Gulf War, failure to contain conflict in Yugoslavia, near-collapse of negotiations with the EFTA countries, deadlock in Gatt-talks and the threat of a trade war between the three trade blocks. Ibe European Common Agricultural Policy remained a major stumblingblock in the Gatt-talks. The Commission proposed a radical reform package for CAP, fiercely opposed by France until the end of the year. (shrink)

ABSTRACT The “facts” of international politics constitute the first-order representations of political life and can be reflected in popular entertainment as second-order or fictional representations. This article demonstrates that discourses of popular culture are powerful and implicated in International Relations studies. The article makes two correlated claims: the first is that the humanist and anthropological methodology often used to analyse pop culture could also be used to analyse international issues, if appropriately contextualized; the second claim is that a nation can (...) manifest its ‘discourse’ in international politics via its popular culture, as soft power. (shrink)

Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of these currencies before (...) analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by these currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research. (shrink)

Money in the history of political thought, from ancient Greece to the Great Inflation of the 1970s In the wake of the 2008 financial crisis, critical attention has shifted from the economy to the most fundamental feature of all market economies—money. Yet despite the centrality of political struggles over money, it remains difficult to articulate its democratic possibilities and limits. The Currency of Politics takes readers from ancient Greece to today to provide an intellectual history of money, drawing on (...) the insights of key political philosophers to show how money is not just a medium of exchange but also a central institution of political rule. Money appears to be beyond the reach of democratic politics, but this appearance—like so much about money—is deceptive. Even when the politics of money is impossible to ignore, its proper democratic role can be difficult to discern. Stefan Eich examines six crucial episodes of monetary crisis, recovering the neglected political theories of money in the thought of such figures as Aristotle, John Locke, Johann Gottlieb Fichte, Karl Marx, and John Maynard Keynes. He shows how these layers of crisis have come to define the way we look at money, and argues that informed public debate about money requires a better appreciation of the diverse political struggles over its meaning. Recovering foundational ideas at the intersection of monetary rule and democratic politics, The Currency of Politics explains why only through greater awareness of the historical limits of monetary politics can we begin to articulate more democratic conceptions of money. (shrink)

Is Currency Warfare defined as, the use of monetary or military force directed against an enemy’s monetary power as part of a military campaign, a just way to fight a war? This article explores the...

_Something that has been needed for decades: a leftist foreign policy with a clear moral basis_ Foreign policy, for leftists, used to be relatively simple. They were for the breakdown of capitalism and its replacement with a centrally planned economy. They were for the workers against the moneyed interests and for colonized peoples against imperial powers. But these easy substitutes for thought are becoming increasingly difficult. Neo-liberal capitalism is triumphant, and the workers’ movement is in radical decline. National (...) liberation movements have produced new oppressions. A reflexive anti-imperialist politics can turn leftists into apologists for morally abhorrent groups. In Michael Walzer’s view, the left can no longer take automatic positions but must proceed from clearly articulated moral principles. In this book, adapted from essays published in _Dissent_, Walzer asks how leftists should think about the international scene—about humanitarian intervention and world government, about global inequality and religious extremism—in light of a coherent set of underlying political values. (shrink)

Fines and monetary damages account for the majority of legal sanctions across the whole spectrum of legal governance. Money is, in key respects, the primary tool law has to achieve compliance. Yet money has largely been ignored by social analyses of law, and especially by social theory. _The Currency of Justice_ examines the differing rationalities, aims and assumptions built into money’s deployment in diverse legal fields and sanctions. This raises major questions about the extent to which money appears as (...) an abstract universal or whether it takes on more particular meanings when deployed in various areas of law. Indeed, money may be unique in that it can take on the meanings of punishment, compensation, denunciation or regulation. _The Currency of Justice_ examines the implications of the ‘monetization of justice’ as life is increasingly regulated through this single medium. Money not only links diverse domains of law; it also links legal sanctions to other monetary techniques which govern everyday life. Like these, the concern with monetary sanctions is not who pays, but that money is paid. Money is perhaps the only form of legal sanction where the burden need not be borne by the wrongdoer. In this respect, this book explores the view that contemporary governance is less concerned with disciplining individuals and more concerned with regulating distributions and flows of behaviours and the harms and costs linked with these. (shrink)

Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money's purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may contribute to building sustainable local economies, supporting local businesses and creating “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits of these currencies are not sufficient to (...) justify the restrictions they impose on money's purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money's purchasing power are, therefore, undesirable. (shrink)

There is an enduring tension in thinking about the architecture of systems that select behaviours, including evolved organisms. One line of reasoning supports convergence in control systems and conversion of the values of all options into a common currency, in part because this seems the best or only way of trading off costs and benefits associated with outcomes of varying types. A competing consideration supports parallelism or other forms of fragmentation, because of inefficiencies associated with integration, and suspicion towards (...) general-purpose cognitive systems. In addition, recent neuroscience has given particular attention to the question of how partly independent ‘habit based’ and ‘planning based’ decision-systems might interact. The issues here are, at least in part, a special case of the more general integration versus parallelism tension. This tension provides a useful framework for thinking about the implementation of different kinds of sensitivity to risks of various types, the variety of mechanisms by means of which risk sensitivity might be modulated, and how risk might be traded off against other components of value or disincentive. I describe the tension, briefly survey some of the relevant empirical evidence, and conclude with tentative observations on the topic of risk. (shrink)

Se indaga la relación que se da en la República entre los dos significados de ousia: como propiedad en el sentido de posesiones y riqueza, o en el sentido de esencia o sustancia. Aparte de las relaciones económicas asociadas al préstamo, al intercambio y al interés, se examina la función que, respecto de la ousia, cumple la moneda en la economía como recurso para disociar la riqueza de las posesiones, con lo cual logra un nivel de universalidad y equivalencia equiparable (...) al del propio ser. The article inquires into the relation established in the Republic between the two meanings of ousia: property in the sense of possessions and wealth, and essence or substance. Besides the economic relations associated with loans, exchange, and interest, the paper examines the role of currency in the economy, with respect to ousia, as a means of dissociating wealth from possessions, thus achieving a degree of universality comparable to that of being itself. (shrink)

The paper presents a cross-country analysis of the second generation of currency boards introduced in three East European countries: Bulgaria, Estonia and Lithuania. We focus on their institutional, legal and political characteristics which are closely associated with the operation of the automatic mechanism of currency boards. The presence of an automatic mechanism within the framework of the currency board is often cited as a major counterpoint to the “discretion and subjectivity” of a classical central bank. Since there (...) is no precise definition of automatic mechanisms in the literature, we define it as: “the presence of a positive cointegration relationship between the balance of payments and the reserve money and absence of discretionary variables in the model.” When discretionary variables are present in the model in one form or another, we may speak of a “mechanism for adjustment through discretion – conscious or unconscious.” Within the framework of the second generation of currency boards, we reduce the channel of discretion to the presence of atypical balance sheet items and employment of a number of monetary policy instruments. We seek in this article to compare currency board automatic mechanism in Bulgaria, Estonia and Lithuania.L’article procède d’une analyse transversale par pays de la deuxième génération des “bureaux d’émission” introduits dans trois pays de l’Europe de l’Est. L’accent est mis sur les caractéristiques institutionnelles, juridiques et politiques qui sont étroitement associées à l’opération du mécanisme automatique des bureaux d’émission. L’existence d’un mécanisme automatique dans la structure d’un bureau d’émission est souvent mise en avant comme l’argument majeur à l’encontre de la “discrétion” et la “subjectivité” d’une banque centrale classique. Parce qu’il n’existe aucune définition précise du mécanisme automatique dans la littérature, nous la définissons comme “la présence d’une relation positive de cointégration entre la balance des paiements et les réserves monétaires et l’absence de variables discrétionna- ires dans le modèle”. Quand des variables discrétionnaires sont présentes dans le modèle sous une forme ou une autre, nous pouvons parler d’un “mécanisme d’ajustement discrétionnaire – conscient ou inconscient”. Au sein de la structure de la deuxième génération des bureaux d’émission, la discrétion se réduit à la présence de postes atypiques dans le bilan et à l’emploi d’un certain nombre d’instruments de politique monétaire.L’article propose une comparaison du mécanisme automatique en Bulgarie, Estonie et Lithuanie. (shrink)

The idea of a common currency underlying our choice behaviour has played an important role in sciences of behaviour, from neurobiology to psychology and economics. However, while it has been mainly investigated in terms of values, with a common scale on which goods would be evaluated and compared, the question of a common scale for subjective probabilities and confidence in particular has received only little empirical investigation so far. The present study extends previous work addressing this question, by showing (...) that confidence can be compared across visual and auditory decisions, with the same precision as for the comparison of two trials within the same task. We discuss the possibility that confidence could serve as a common currency when describing our choices to ourselves and to others. others. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

The American regulatory model of corporate governance rests on the theory of self-regulation as␣the most effective and efficient means to achieve corporate self-restraint in the marketplace. However, that model fails to achieve regular compliance with baseline ethical and legal behaviors as evidenced by a century of repeated corporate debacles, the most recent being Enron, WorldCom, and Refco. Seemingly impervious to its domestic failure, Congress imprinted the same self-regulation paradigm on legislation restraining global business behavior, the Foreign Corrupt Practices Act. (...) This anti-bribery initiative prohibits unethical and illegal payments made to foreign public officials in an effort to eradicate bribery as a rational-choice global market entry strategy. However, this paper illustrates, using newly complied statistics from 1977 to 2008, that the FCPA has not had a dramatic impact on U.S. global corporate behavior despite its recent high profile coverage and the tough regulatory rhetoric about corporate compliance. The paper also extends the prior Cragg and Woof FCPA efficiency study and provides current empirical evidence to resolve several unanswered questions raised by that earlier study. (shrink)

This article examines the grounds for Plato's negative attitude towards trade, commerce and currency in the Laws. The author shows that commerce and trade are condemned because they are fundamentally private, and demonstrates that Plato rejects gold and silver currency because its use encourages a kind of cosmopolitanism. Rather than condemning the competitiveness or licentiousness of the economic sphere, Plato critiques it for turning the citizens' attention away from civic life.

This paper discusses global reserve currencies from the perspective of structural global justice. Drawing on notions of structural justice and background justice, it suggests that the structures of global finance, by creating positions of privilege and disadvantage, can lead to injustices both with regard to distributive outcomes and with regard to domination. While the role of the dollar and Euro as global reserve currencies are not the only factors that contribute to these structural injustices, they need to be taken into (...) account to fully grasp the dynamics of global finance. They also have an impact on other mechanisms, such as sovereign debt, capital flows, and the governance of international financial institutions. The paper’s arguments support the claim that one cannot conceptualize global justice as justice between independent states. Rather, the global monetary regime constitutes a case of “background injustice” (Ronzoni 2009). (shrink)

Recent studies :98–144, 2002; Weismann, J Bus Ethics 88:615–66, 2009) revealed that in the first 28 years of its existence, the Foreign Corrupt Practices Act was not enforced by the federal government. The Weismann study further concluded that the FCPA, designed by Congress as a self-regulatory model of corporate governance, failed to achieve the regulatory goal of deterring global bribery by U.S. companies. The current article addresses the reasons that the FCPA remains an ineffective measure to control bribery as (...) a global market entry strategy despite the highly publicized 2006 Department of Justice initiative to increase prosecutions and tighten enforcement efforts. The failure arises out of both the increased use of informal dispositions of case prosecutions,, which has made “getting caught” merely an increased “cost of doing business” and the failure to close the regulatory gaps in the statute that permit violators to slip through the enforcement net. The article updates and compiles the case prosecution data for every reported case prosecuted between 1977 and 2011. That data are then compared to the results of a 2010 integrity risk survey performed by Deloitte Financial Advisory Services and Forbes which reveal a widely held global business perception that compliance and integrity risks appear to be rising sharply and that the FCPA is ineffective in deterring bribery and corruption in foreign markets. The article aims to serve as a predictive tool for policy makers and business professionals in assessing risk in the global markets, particularly as commerce intensifies in the BRIC countries, notable for bribery and corruption. (shrink)

This article discusses the category of foreigner in the context of academia. In the first part I explore this category and its philosophical significance. A quick look at the literature reveals that this category needs more attention in analyses of dimensions of privilege and disadvantage. Foreignness has peculiarities that demarcate it from other categories of identity, and it intersects with them in complicated ways. Devoting more attention to it would enable addressing issues affecting foreigners in academia that go commonly unnoticed. (...) In the second part of the article I argue that current efforts to make academia a more inclusive environment should address the disadvantages that many foreign academics face. I focus on two senses of foreigner: working and living in a country that is not your country of origin, and being a nonnative speaker of the language in which you work. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)