International political economy identifies declining nominal interest rates, securitization, and financial liberalization as drivers of rising housing prices. Despite witnessing these common credit shocks, however, developed economies experienced divergent trends in housing inflation since the 1980s. We offer a comparative political economy explanation of variation in house prices, arguing that by restraining household incomes, wage-setting institutions can blunt financial liberalization’s inflationary impact on housing markets. Employing quantitative analysis and a comparative study of Ireland and the Netherlands, we uncover two findings. (...) First, countries where political coalitions in the export sector held veto powers over those in the nontraded sector in national wage setting realized lower housing inflation. Second, the impact of sectoral coalitions on housing prices in OECD countries is similar to that of financial variables. Our results suggest that the organization of labor politics continues to play an important role in mitigating the destabilizing effects of global finance on developed economies. (shrink)

The workings of global finance are like that part of the iceberg beneath the waterline – vast, unseen and, for many, unknown. The interaction of global finance with human rights is especially opaque. The globalization of each phenomenon has occurred very largely independently of the other. Even the recent surge in interest in the global economy and human rights has been heavily focused on the real economy and on what (non-banking) corporations do and how they (...) behave. The particular dimension of interactions between finance and human rights has, by and large, been a blank space. In this article we seek to bridge the gap in understanding, perspective, and practice between the two fields by investigating actual and potential linkages in respect of four specific features of global finance – two financial products: bonds and derivatives; and two financial processes: risk management and procyclicality. These have been chosen as an illustrative sample of the complex and diverse ways in which the global financial system interacts with human rights. Although these products and processes played an important role in the recent global financial crisis, and although the interface between global finance and human rights is extensive, they have not so far featured on the human rights agenda or been the subject of detailed human rights critique. As such they provide an overview of the types of human rights issues in the financial sector that have so far been hidden from view. The paper therefore constructs an argument as to why the bridging of the gap is important and provides pointers as to how it can be done. (shrink)

Critical analyses of international financial markets tend to explain changes over recent decades in terms of a resurgent liberalism. This paper employs a systems theoretical approach to argue that there has been a far more fundamental transformation in the operations of these financial markets than simply a shift towards more liberalized regimes of regulation. The use of risk as resource and the systematic randomness of these new operational trends have perverse implications not only for the integrity of political systems but (...) also for the neoliberal promoters and players inside the new complex system of global finance. (shrink)

Fethullah Gülen, a leader of interfaith and intercultural dialogue, writes of “humanity’s vicegerency” that includes “reaping the bounties of the Earth . . . within the framework of the Creator’s orders and rules.” What might this mean for international business ethics in general, and the expansion of Islamic banking practices and global financial ethics in particular? Forthrightness and transparency are critical in the contemporary development and spread of what are nominated Islamic or shariah-compliant financial products and services. This paper (...) seeks to explore the advantages of acceptably disparate analyses of shariah-compliance, by suggesting how a Gülen-like religion-state symphonia can evolve. The resulting arrangement of financial affairs would thus allow for real diversity inbanking options for all sorts of clients, carving out a space for secular and religious-based institutions, alike, in the global marketplace. (shrink)

This book review critically analyzes Mark Coecelbergh’s newest work: “Money Machines”. In his book, Coeckelbergh discusses the epistemic, social and moral distances that are created by modern financial technologies. It consists of a historical analysis of financial technologies from cowrie shells to digital money, a theoretical analysis of the distancing effects of financial technologies which revolves around the theories of Simmel and McLuhan and a discussion of the empirical instances of modern money machines within the framework of distancing. Two problems (...) and one missed opportunity of the book are discussed in this review: the underdeveloped nature of the theory of distancing which leaves the reader with multiple open questions, the absence of established theories of money and the sometimes uncritical comparison of different theories applied to analyse financial technologies. Nevertheless, the book convincingly manages to open up a novel branch of research in the field philosophy and ethics of technology. Its highly original discussion of financial technologies and embracement of Simmel as a philosopher of technology provide for interesting prospects for future work. (shrink)

The idea that the ethical values of professionals in finance have played a role in the global financial crisis is widespread. The crisis-of-ethics debate is important, concerning one of the main policy challenges of our times, but is based on popular lore and anecdotes rather than systematic evidence. We analyze the self-enhancement and self-transcendence values of PIFs vis-à-vis the general population and test for patterns of variation that are consistent with the idea of a crisis of values, meaning (...) patterns of variation that would implicate PIFs’ values in the GFC. Employing pre-crisis data allows for an unbiased assessment. Results reveal only minor differences in values between PIFs and the general population, too small to support the idea of a crisis of ethical values by objective standards. Extensive robustness checks confirm these findings, sometimes actually revealing values differences counter to the crisis of ethical values idea. We conclude that the financial system would not have fared better had we had a different breed of PIFs. Rather, situational forces can induce severe disregard for the welfare of others, also in people with ordinary, decent values. Hence, if anything, the GFC shows that the financial services industry has been providing an environment highly conducive to unethical behavior. The practical implication is that fixes to the financial system can only come from improved regulatory design. (shrink)

A global survey of Business Ethics as a field of teaching and research was launched in the second half of 2008. The launch of this survey coincided with the global financial meltdown that was triggered by the subprime crisis in the USA. As part of the global survey of Business Ethics, respondents from nine world regions were requested to provide information on the current focus of research in the field of Business Ethics in their respective countries. They (...) were also asked about the new challenges that they foresee arising over the next 5 years. The timing of the survey makes it possible to determine what the focus of research in the field of Business Ethics was before the start of the global economic crisis, whilst the responses that were given to the survey in response to the question about new challenges in the field of Business Ethics over the next 5 years give an indication of what the new focus areas in Business Ethics research might be after the onset of the global economic crisis. By critically comparing the focus areas of research in Business Ethics prior to the economic crisis to the new areas of research that are foreseen after the onset of the global economic crisis, some insights might be gained on how the global economic crisis is likely to affect the study of capitalism, finance and corporate responsibility in the field of Business Ethics. (shrink)

The steady growth of international labour mobility has been one of the defining features of globalization. Alongside the liberalization of international trade, labour mobility has been a key dynamic propelling economic development in the new millennium. In recent years, migrant labour is increasingly regulated via temporary schemes, deepening and widening migrant precarity. This paper argues that a growing reliance on temporary migrant workers reflects the financialization of global agriculture. Drawing on conceptual debates among scholars of critical finance studies, (...) migration governance and food systems, it explores the implications of financialization for social justice work, asking how a systemic understanding of the migrant experience with financial institutions and practices might enhance rights-based advocacy. (shrink)

The various institutional reforms which have led since the end of the 70s to the « privatisation of currency » have formed the main base on which the subsequent power of finance has been built, and, concurently, the dismantling of Welfare could take place. Core of this was the so-called autonomy of central banks, as their « umbilical cord » to national treasuries was severed. From then on, deficit financing and « keynesian » social expenditures became near-impossible. Emphasizing the (...) autonomy of central banks from politics was mostly an institutional mutation meant to free monetary policies from social pressure and make it totally subordinate to rent creation and financial accumulation. No wonder then that « securitisation » of the public debt closely followed on the prohibition to deficit financing social expenditures. And then the outcome was not a reduction, but an explosion of public debt! And as debt servicing becomes a principal item on the budget, the « excessive costs » of welfare provisions is blamed, and a further break-down of social services is called for. It is in the same vein that price inflation is controlled, but assets inflation and speculative bubbles dominate « developped » economies. Meanwhile, in order to compensate for increasing income inequalities and diminishing welfare benefits, an exacerbated form of « private households deficit spending »has come into its own, as witnessed by the subprime crisis and mounting credit card defaults. So we are moving from an entitlements-based provision of social goods to one based on the pure logic of capital and its cycles. The only way out lies in the resocialisation of currency, profound fiscal reforms, the demise of rent-seeking, and the institution of an universal « basic income ». (shrink)

Scholarship on international health law is currently pushing the boundaries while taking stock of achievements made over the past few decades. However despite the forward thinking approach of scholars working in the field of global health one area remains a stumbling block in the path to achieving the right to health universally: the financing of heath. This paper uses the book Global Health Law by Larry Gostin to reflect and take stock of the fiscal support provided to the (...) right to health from both a global and an African perspective. It then sets out the key fiscal challenges facing global and African health and proposes an innovative solution for consideration: use of the domestic principles of tax to design the global health financing system. (shrink)

This article politicises the discourse of emerging markets in global finance. The black-boxed appearance of credit markets easily obscures the significant amount of subjective evaluation and cultural work that underpins capital flows. This article reveals the colonial, masculine, and racial imagination that informs the articulation of emerging markets as geographies of risk and profit. This brings into view the postcolonial nature of contemporary finance and how colonialism’s regimes of power and knowledge remain crucial for the reproduction of (...) the global political economy. To illustrate this point, the article highlights the sociality of credit practices. Contrary to their mathematical appearance, credit is a relationship with the future, mediated by social imaginations of trust. Focusing on emerging markets as ‘risk-versus-reward’ investments, this article examines the long-term colonial histories embedded in modern investment discourses. The article aims to show the continuing relevance this history plays for emerging market economies in modern financial markets and their political economies. (shrink)

Global health is at a crossroads. The 2030 Agenda for Sustainable Development has come with ambitious targets for health and health services worldwide. To reach these targets, many more billions of dollars need to be spent on health. However, development assistance for health has plateaued and domestic funding on health in most countries is growing at rates too low to close the financing gap. National and international decision-makers face tough choices about how scarce health care resources should be spent. (...) Should additional funds be spent on primary prevention of stroke, treating childhood cancer, or expanding treatment for HIV/AIDS? Should health coverage decisions take into account the effects of illness on productivity, household finances, and children's educational attainment, or just focus on health outcomes? Does age matter for priority setting or should it be ignored? Are health gains far in the future less important than gains in the present? Should higher priority be given to people who are sicker or poorer? Global Health Priority-Setting provides a framework for how to think about evidence-based priority-setting in health. Over 18 chapters, ethicists, philosophers, economists, policy-makers, and clinicians from around the world assess the state of current practice in national and global priority setting, describe new tools and methodologies to address establishing global health priorities, and tackle the most important ethical questions that decision-makers must consider in allocating health resources. (shrink)

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)

Background. Despite common recognition of joint responsibility for global health by all countries particularly to ensure justice in global health, current discussions of countries’ obligations for global health largely ignore obligations of developing countries. This is especially the case with regards to obligations relating to health financing. Bearing in mind that it is not possible to achieve justice in global health without achieving equity in health financing at both domestic and global levels, our aim is (...) to show how fulfilling the obligation we propose will make it easy to achieve equity in health financing at both domestic and international levels. Discussion. Achieving equity in global health financing is a crucial step towards achieving justice in global health. Our general view is that current discussions on global health equity largely ignore obligations of Low Income Country governments and we recommend that these obligations should be mainstreamed in current discussions. While we recognise that various obligations need to be fulfilled in order to ultimately achieve justice in global health, for lack of space we prioritise obligations for health financing. Basing on the evidence that in most LICs health is not given priority in annual budget allocations, we propose that LIC governments should bear an obligation to allocate a certain minimum percent of their annual domestic budget resources to health, while they await external resources to supplement domestic ones. We recommend and demonstrate a mechanism for coordinating this obligation so that if the resulting obligations are fulfilled by both LIC and HIC governments it will be easy to achieve equity in global health financing. Summary. Although achieving justice in global health will depend on fulfilment of different categories of obligations, ensuring inter- and intra-country equity in health financing is pivotal. This can be achieved by requiring all LIC governments to allocate a certain optimal per cent of their domestic budget resources to health while they await external resources to top up in order to cover the whole cost of the minimum health opportunities for LIC citizens. (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)

Public or stakeholder participation in environmental governance has been strongly advocated within the United Nations (UN) since the early 1990s. A relatively new mechanism for global climate finance that emphasises stakeholder engagement is the Green Climate Fund (GCF), a UN strategy for channelling funds from the Global North to the Global South. Drawing on previous critical approaches to multi-stakeholder involvement in global governance, this article explores stakeholder involvement within the GCF. The study combines ideas from (...) institutional logics and resource dependency to provide a better understanding of how stakeholder arrangements are shaped in climate organisations. Results show that the GCF stakeholder arrangement favours private sector stakeholders – stakeholders that take a technical and apolitical approach to climate finance – and disfavours smaller, less resourceful stakeholders as well as those who perform a politicised watchdog function. (shrink)

Transitioning to sustainable agricultural systems is imperative to meet the global Sustainable Development Goals. Achieving more sustainable agricultural production systems will require significant additional capital, however this cannot be covered by the current financial market setup, which dissociates public and private funders. Blended finance, where concessionary development-oriented funding is used to mobilize additional private capital, is essential. To ensure that the limited pool of concessionary funding is used efficiently and effectively, a shared understanding of the roles and limitations (...) of public and private funders is necessary. In this paper, we describe the high-level funding gap for sustainable agriculture, the general landscape of agricultural finance, and the concept and potential roles of blended finance in this context. This paper introduces the conditions under which different financing mechanisms can contribute to addressing barriers related to sustainable agriculture investments. It highlights that multiple funding modalities must be utilized in order to achieve agricultural investment at a meaningful level and encourages greater exploration of the range of blended financing structures to increase SDG-related agriculture investments. (shrink)

This paper examines the rise of socially responsible investment (SRI) as a sustainable finance mechanism and discusses the potential of SRI to contribute toward a more socially responsible and environmentally sound model of commerce in the Asia-Pacific region. Using a case study approach, I argue in this paper that the potential of SRI to accelerate the private sector toward greater sustainability has been to date largely explored within the North American and European regional contexts and that the future (...) class='Hi'>global development of SRI is likely to depend on whether and to what degree SRI becomes a viable financial instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia-Pacific region. (shrink)

The singular message in Global Health Law is that we must strive to achieve global health with justice—improved population health, with a fairer distribution of benefits of good health. Global health entails ensuring the conditions of good health—public health, universal health coverage, and the social determinants of health—while justice requires closing today’s vast domestic and global health inequities. These conditions for good health should be incorporated into public policy, supplemented by specific actions to overcome barriers to (...) equity. A new global health treaty grounded in the right to health and aimed at health equity—a Framework Convention on Global Health —stands out for its possibilities in helping to achieve global health with justice. This far-reaching legal instrument would establish minimum standards for universal health coverage and public health measures, with an accompanying national and international financing framework, require a constant focus on health equity, promote Health in All Policies and global governance for health, and advance the principles of good governance, including accountability. While achieving an FCGH is certainly ambitious, it is a struggle worth the efforts of us all. The treaty’s basis in the right to health, which has been agreed to by all governments, has powerful potential to form the foundation of global governance for health. From interpretations of UN treaty bodies to judgments of national courts, the right to health is now sufficiently articulated to serve this role, with the individual’s right to health best understood as a function of a social, political, and economic environment aimed at equity. However great the political challenge of securing state agreement to the FCGH, it is possible. States have joined other treaties with significant resource requirements and limitations on their sovereignty without significant reciprocal benefits from other states, while important state interests would benefit from the FCGH. And from integrating the FCGH into the existing human rights system to creative forms of compliance and enforcement and strengthened domestic legal and political accountability mechanisms, the treaty stands to improve right to health compliance. The potential for the FCGH to bring the right to health nearer universal reality calls for us to embark on the journey towards securing this global treaty. (shrink)

Although the international community repetitively pledged considerable amounts of adaptation finance to the global South, only little has been provided so far. Different instruments have been proposed to generate more funding and this paper aims at identifying those that are most suitable to raise adaptation finance in a just way. The instrument assessment is based on the following main criteria: fairness, effectiveness and feasibility. The criteria are applied to four instruments: contributions from domestic budgets, international carbon taxes (...) collected at the national level, border tax adjustments as well as selling emissions allowances in domestic trading schemes. Domestic emission trading schemes and border tax adjustments achieve the best-or rather, the least bad-results. Two further findings are that instruments are unable make agents pay for past excessive emissions and that all instruments generate rather small amounts of funding. As a consequence of the latter, adaptation finance will continue to be highly insufficient in all likelihood. (shrink)

Built environments, and social and legal interactions through them, are powerfully shaped by the arrangements by which their making and remaking are financed. There is a rich literature analysing shifts towards private and/or offshore financing of infrastructure in broad terms and their implications for governmental accountability and so-called public interest values. At the level of mundane regulatory decision and technique, however, the ways in which governance may be affected by such financing arrangements have not been well mapped. The article considers (...) some governance implications of the practice of funding urban infrastructure projects by recourse to global financial markets. It focuses, in particular, upon how regulatory decision-making may be shaped by technical practices of financial deal-making, financial modelling and related re-configurations of institutional or jurisdictional space. These implications are explored by reference to some recent examples of urban toll-road financing in Sydney, Australia and decision-making and analysis surrounding those examples. As such, it joins with other recent scholarship in probing political dimensions of technical forms of knowledge and practice that have frequently fallen between the cracks of legal scholarship's interdisciplinary inquiries to date. (shrink)

A second look at a global ethics forum of several years ago can be a good start for examination of ethics of countries we deal with today. This global ethics forum had been financed by the United Kingdom’s DFID, The World Bank, USAID and AusAid to enable delegates from seventy countries to meet and discuss ethics policies.

This chapter provides an introduction to the emerging field of the philosophy of money and finance. The field addresses philosophical issues about the nature of money and the normative foundations of financial systems. Although philosophical theorizing about money and finance dates back to Antiquity, the topic has only recently emerged as a central research focus. The chapter also introduces the present anthology and locates its parts and chapters in the broader field. More specifically, the anthology is divided into (...) four main parts: Metaphysics, Epistemology, Ethics, and Political Philosophy. Each part contains four chapters on different but interrelated topics, which are all introduced here. (shrink)

Ethics and Finance: An Introduction provides a comprehensive and accessible introduction to the ethical issues raised by modern finance. Drawing carefully on ethical theory and with frequent use of case studies, it includes an analysis of the global financial system and its regulation and control, as well as a detailed analysis of the financial crisis. Chapters on specific areas of finance practice cover all the major financial scandals of recent times, from mis-selling to market manipulation and (...) from insider trading to bankers' bonuses, as well as much more positive developments. From micro finance to derivatives trading, the book provides a careful and balanced treatment designed to help finance students and practitioners approach this sensitive topic in a thoughtful and constructive way. No prior knowledge of ethics or finance is required, and the book will be invaluable to students, finance teachers, practitioners and regulators. (shrink)

Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and a solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit markets, aspects of the global securitization market are now struggling to revive. In this paper, I discuss the role that ethics played in securitization prior to the 2008 financial crisis and find that it is not an obvious (...) story of moral failures, but rather that it lies in more subtle elements of the financial system. The ethics uncertainty role in the securitization story is one of flawed incentives and the shifting of responsibility for handling risk. The role of securitization and the ethics of risk transfer have rarely been discussed explicitly in the literature. The historical origins of securitization and lessons learned from previous flawed uses of the process are also provided. I also detail the various global institutional reform proposals that have taken place. Moving forward, it is crucial to understand the causes, consequences, and ethical implications of securitization in the financial crisis so as to help individuals and managers better assess risk, align incentives, and design appropriate policy responses. (shrink)

The Islamic finance industry is relatively new and vibrant. It is becoming a mainstream industry in the MENA. The industry is based on a number of Sharia’a maxims and in particular the prohibition of Riba. Islamic law scholars’ emphasis on the ethical dimension of this industry and how it can be seen as a solution to existing capitalism. The current financial crisis presented this industry with an unprecedented test and an opportunity to influence and merge into main stream (...) class='Hi'>finance. This paper presents an evaluation of Islamic finance industry in the current financial crisis and whether the governance and ethical foundation of Islamic finance institutions distinguished itself from conventional finance. Thus, this paper begins with an overview of Islamic finance, then it discusses the governance framework structure of Islamic finance institutions and the role of its organs. In addition, this paper will compare between the ethical framework of the Islamic finance institutions and the conventional institutions. Finally, this paper will discover the ethical failure of the current global financial system and its relation with the current financial crisis. (shrink)

Following the financial crisis and recent recession, the center of gravity of global economic growth and competitiveness is shifting toward emerging economies. As a leading and increasingly influential emerging economy, China is currently attracting the attention of academics, practitioners, and policy makers. There has been an increase in research interest in and publications on issues relating to China within high-quality international academic journals. We therefore organized a special issue conference in conjunction with the Journal of Business Ethics in Lhasa, (...) Tibet, on May 19–20, 2014, on Business Ethics in Greater China: Past, Present and Future. The papers for the special issue focused on the intersection of ethics and finance, and fit within one of the three themes: environment and sustainability, corporate social responsibility, and fraud. Within these themes, issues of intellectual capital protection, gender equality, political connections, regional development, investor protection, corporate stewardship, trust and corruption, and corporate transparency each play a significant role. In this paper, we survey these studies and the related literature to provide a comprehensive coverage of business ethics and finance issues that affect China. (shrink)

In January 2010 the Director General of the World Health Organization called for an “informal consultation on the future of financing for WHO” and in her opening remarks expressed the need to make the WHO fit for purpose given the unique health challenges of the 21st century.Margaret Chan referred to the constitutional role that WHO has to “act as the directing and co-ordinating authority on international health work” and stated clearly that global health leadership today and for the future (...) must be earned through strategic and selective engagement. She said, “WHO can no longer aim to direct and coordinate all of the activities and policies in multiple sectors that influence public health today.” This is a clear challenge that she has put to the global health community in recognition that WHO’s role must be clarified in the face of major change. (shrink)

A global target of stabilizing greenhouse-gas concentrations at between 450 and 550 parts per million carbon-dioxide equivalent has proven robust to recent developments in the science and economics of climate change. Retrospective analysis of the Stern Review suggests that the risks were underestimated, indicating a stabilization target closer to 450 ppm CO2e. Climate policy at the international level is now moving rapidly towards agreeing an emissions pathway, and distributing responsibilities between countries. A feasible framework can be constructed in which (...) each country takes on its own responsibilities and targets, based on a shared understanding of the risks and the need for action and collaboration on climate change. The global deal should contain six key features: a pathway to achieve the world target of 50 per cent reductions by 2050, where rich countries contribute at least 75 per cent of the reductions; global emissions trading to reduce costs; reform of the clean development mechanism to scale up emission reductions on a sectoral or benchmark level; scaling up of R&D funding for low-carbon energy; an agreement on deforestation; and adaptation finance. (shrink)

The thesis of a financial capitalism is often opposed to the thesis of a knowledge capitalism. We argue that this opposition and the quasi order we get to choose between the two thesis are spurious. In the same global change dynamics, post fordism is producing an important development, qualitative and quantitative, of the financial area, and a knowledge based capitalism. Our intent, in this article, is to give some arguments for the justification of this interdependency and for the identification (...) of its coherence. (shrink)

Since the Global Financial Crisis, a surge of interest in the use of finance as a tool to address social and economic problems suggests the potential for a generational shift in how the finance industry operates and is perceived. J. C. de Swaan seeks to channel the forces of well-intentioned finance professionals to improve finance from within and help restore its focus on serving society. Drawing from inspiring individuals in the field, de Swaan proposes a (...) framework for pursuing a viable career in finance while benefiting society and upholding humanistic values. In doing so, he challenges traditional concepts of success in the industry. This will also engage readers outside of finance who are concerned about the industry's impact on society. (shrink)

Finance programs around the world have been revising their curricula following the Global Financial Crisis (GFC). While much of the debate has centred on the dominance of scientific and quantitative pedagogical approaches to finance education in business schools, one of the most egregious aspects uncovered during the deleveraging of the financial system was the scale and scope of finance crime and financial fraud (including the Madoff scandal, described as the largest Ponzi scheme in history). This paper (...) argues that those “on the inside”, the professionals within the finance industry, have a central role to play in safeguarding the ethics and integrity of financial markets. It is our conjecture that prevention and earlier detection of finance crime and financial fraud may be addressed, in part, by better educating finance professionals about these issues. We posit that the enormity of illegal activity uncovered in the wake of the GFC demands, as a matter of priority, the integration of criminological and criminal justice theory into the finance curriculum. (shrink)

Cosmopolitan political theorists hold that our obligations to distribute resources to others do not halt at state borders, but most do not advocate a restructuring of the global system to achieve their distributive aims. This article argues that promoting democratically accountable economic and political integration between states would be the most effective way to enable cosmopolitan, or routine, tax-financed, trans-state distributions. Movement toward a more integrated global system should encourage the view that larger sets of persons have interests (...) in common that should be protected and promoted in common. Democratically accountable integration also should enable those within less-affluent states to more vigorously press trans-state distributive claims. The still-evolving E.U. is examined as a partial model for the integrated alternative in other geographic regions, as well as, in the much longer term, for some form of democratic global government capable of ensuring that any person born anywhere would have access to adequate resources and life opportunities. (shrink)

This chapter contains sections titled: Introduction Doubts About Libertarianism Obligations Conclusions References Further reading.

This is a pivotal moment in the global governance response to pandemic threats, with crucial global health law reforms being undertaken simultaneously in the coming years: the revision of the International Health Regulations, the implementation of the GHSA Legal Preparedness Action Package, and the negotiation of a new Pandemic Treaty. Rather than looking at these reforms in isolation, it will be necessary to examine how they fit together, considering: how these reforms can complement each other to support pandemic (...) prevention, preparedness, and response; what financing mechanisms are necessary to ensure sustainable health governance; and why vital norms of equity, social justice, and human rights must underpin this new global health system. (shrink)

Finance programs around the world have been revising their curricula following the Global Financial Crisis (GFC). While much of the debate has centred on the dominance of scientific and quantitative pedagogical approaches to finance education in business schools, one of the most egregious aspects uncovered during the deleveraging of the financial system was the scale and scope of finance crime and financial fraud (including the Madoff scandal, described as the largest Ponzi scheme in history). This paper (...) argues that those “on the inside”, the professionals within the finance industry, have a central role to play in safeguarding the ethics and integrity of financial markets. It is our conjecture that prevention and earlier detection of finance crime and financial fraud may be addressed, in part, by better educating finance professionals about these issues. We posit that the enormity of illegal activity uncovered in the wake of the GFC demands, as a matter of priority, the integration of criminological and criminal justice theory into the finance curriculum. (shrink)

Mankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a selection of eight of Muhammad Umer Chapra's essays--four on Islamic economics and four on Islamic finance--this timely book raises the question of what can be done to not only minimize the frequency and severity of the financial crises, but (...) also make the financial system more equitable. The author considers the origins of Islamic economics and outlines its development and underlying principles. He compares the approach taken to ethics and economics in Islam with that taken in the West, considering whether lessons can be applied to the global financial architecture in order to mitigate against financial crises. The book also examines the case against interest and looks at both innovation in Islamic finance, as well as challenges facing the industry. Written by a leading authority in the field, this book will be a stimulating resource for students and researchers in Islamic economics and finance, as well as providing valuable insight to all of those with an interest in financial systems and their interaction with society. (shrink)

Based on detailed analysis of thousands of confidential World Bank documents, this book demonstrates that the World Bank lies at the centre of the major changes in global education of our time. It outlines the evolution of World Bank lending policies in education, and assesses the policy impact of the Bank's educational projects, looking at how it has: shaped the economic and social policies of many governments, including policies that affect education been an influential proponent of the rapid expansion (...) of formal education systems around the world, financing much of that expansion been instrumental in forging those policies that see education as a precursor to modernisation served as a major purveyor of Western ideas about how education and the economy are, or should be, related. Following on from the success of the first edition, this revised edition covers topical issues of globalisation and looks into the political debate concerning aid to developing countries. It will be of enormous value to those studying, or working in, educational policy in developing countries, international organisations and financial institutions, and aid agencies. (shrink)

_The Ethics of Global Poverty_ offers a thorough introduction to the ethical issues surrounding global poverty. It addresses important questions such as: What is poverty and how is it measured? What are the causes of poverty? Do wealthy individuals have a moral duty to reduce global poverty? Should aid go to those who are most in need, or to those who are easiest to help? Is it morally wrong to buy from sweatshops? Is it morally good to (...) provide micro-finance? Featuring case studies throughout, this textbook is essential reading for students studying global ethics or global poverty who want an understanding of the moral issues that arise from vast inequalities of wealth and power in a highly interconnected world. (shrink)