Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we (...) offer reasons why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a (...) distinction between nominal assets and real assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern (...) class='Hi'>money, which uses the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions. (shrink)

ABSTRACT Advocates of Bitcoin and Modern Monetary Theory present their ideas as radical utopian alternatives to the neoliberal dominant, but these claims neglect the utopian strain in neoliberal monetary theory itself. This strain manifests in that theory’s faith in the capacity of markets to perfect human society. Bitcoin and Modern Monetary Theory express this same faith. After a brief survey of the older, more radical money utopias of More and Proudhon, this article traces (...) the origins of Bitcoin and MMT in the more conventional monetary theories of metallism and chartalism and then analyzes the utopian discourse of both movements, revealing that Bitcoin sees state intervention as the only obstacle to properly functioning markets, while MMT blames disfunction on an inadequate mobilization of labor, proposing state intervention as the remedy. In both cases, their policies only seek to enable the utopian potential of the market, falling in line with neoliberal orthodoxy. The conclusion offers some speculation about what the emergence of these two theories might tell us about the future of neoliberalism. (shrink)

This paper reviews Aristotle’s problematic relationship with modern economic theory. It argues that in terms of value and income distribution theory, Aristotle should probably be seen as a precursor to neither classical nor neoclassical economic thought. Indeed, there are strong arguments to be made that Aristotle’s views are completely at odds with all modern economic theory, since, among other things, he was not necessarily concerned with flexible market prices, opposed the use of money to (...) acquire more money, and did not think that the unintended consequences of human activity were generally beneficial. The paper argues however, that this interpretation goes too far. The Benthamite neoclassical theory of choice can be seen as a dumbing down of Aristotle’s theory, applicable to animals, not humans. Adam Smith and Karl Marx were deeply influenced by Aristotle’s work and both started their main economic works with Aristotle: Smith ultimately rejecting, and Marx ultimately developing Aristotle’s views of the use of money to acquire more money. Possibilities for the future development of a new Aristotelian Economics are explored. (shrink)

A major representative of the German sociological tradition, Georg Simmel (1858-1918) has influenced social thinkers ranging from the Chicago School to Walter Benjamin. His magnum opus, The Philosophy of Money, published in 1900, is nevertheless a difficult book that has daunted many would-be readers. Gianfranco Poggi makes this important work accessible to a broader range of scholars and students, offering a compact and systematically organized presentation of its main arguments. Simmel's insights about money are as valid today as (...) they were a hundred years ago. Poggi provides a sort of reader's manual to Simmel's work, deepening the reader's understanding of money while at the same time offering a new appreciation of the originality of Simmel's social theory. (shrink)

The diverse historical, cultural, and physiological influences that determine sexual orientation are the focus of this fascinating work by one of the foremost investigators of human sexuality. Drawing on case studies from his sexology clinic, the author explores such topics as prenatal and postnatal history, gender differentiation in childhood, and postpubertal hormonal theories. In so doing, he addresses the many enigmas of sexual orientation: What makes some children grow up to be homosexual, while others become heterosexual or bisexual? To what (...) degree is gender identity determined before birth? How do the concepts of masculine and feminine become differentiated during childhood? What do we know about the relationship between hormones and homosexuality in adulthood? A unique feature of this book is the follow-up reporting on Money's long-term studies that began over three decades ago. The studies are brought together here for comparison with one another--and with the work of others--and their full significance is systematically evaluated. Also explored here is his pioneering concepts of lovemaps, the pathways of individual sexual and erotic development, and the factors that may shape overall healthy or pathological orientation, paraphilia, and gender transposition in childhood, adolescence, and maturity. Written in accessible language for researchers and clinicians, this authoritative work is both thought-provoking and informative as it explores timely questions of sexual orientation. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Ideas 62.1 (2001) 59-79 [Access article in PDF] Money and Sovereignty in Early Modern France Jotham Parsons [The mint official] must above all seek integrity in the moneys, on which our features are imprinted and on which the general good depends. For what would be safe if our image were offended, and if that which a subject ought to venerate in his (...) heart were immediately violated by a sacrilegious hand? 1Early modern French commentators on money and monetary policy were fond of quoting this very late antique chancery formula; 2 it even appears in the epigraph to one unpublished commonplace book on the subject from the early seventeenth century. 3 Its popularity was no doubt due partly to the fact that classical literature contained few other theoretical statements on the practicalities of issuing money. 4 It also showed how deeply classical humanism had shaped economic thought, as it had done to all of French political culture. This was apparent as early as 1514 in Guillaume Budé's scholarly classic, De Asse et partibus ejus. 5 By 1600 these influences had ensconced themselves so firmly that economic writers found it nearly impossible to talk about money without a [End Page 59] full panoply of classical erudition. 6 In France the second half of the sixteenth century saw the rise of a specialized, expert, and increasingly systematic tradition of monetary thought. Despite its classical vocabulary, this economic literature was in many ways "modern" in its methods, ambitions, and subject. While developing an account which aspired to a scientific explanation of commercial society and of how government and money interacted, the French commentators came to a partial realization of how radically their own society differed from those which had gone before. In this respect the prevailing climate of thought about money influenced even a writer as non-technical as Michel de Montaigne.Traditionally, scholarly treatment of early modern French economic texts has focused on a relatively small range of issues and authors. One such issue, the origins of the "quantity theory of money" (with Jean Bodin as its hero), is notable for its sterility, since that concept was not and could not have been meaningful to contemporaries. 7 The origin and development of "mercantilism" or, more broadly, of "political economy" in general, has proven a more fruitful subject of inquiry. 8 Undeniably, the changing relationships among governments, merchants, and the economy were a major public issue and, in the seventeenth century, a major site of theoretical reflection on the nature of political power generally. Even so, an excessive concentration on mercantilism is dangerous, for however one defines it, it was not the first, and for a long time not the most significant, economic discourse in France. Rather, from the 1560s well into the seventeenth century, French discussions of economic issues centered on very concrete problems brought about by the government's obligation to issue and maintain a stable currency. 9 While one would search this literature in vain for the specific doctrines of modern economics, I argue that it did represent a real achievement in the early modern understanding of commerce and the state. Though they have not received their due from scholars, the writers who took part in these debates formed a large and influential school with close ties to the actual institutions of government. 10 The French monetary theorists did an enormous amount [End Page 60] to set the stage for the mercantilist era. They developed a detailed notion of monetary economics as a specialized discipline, and above all they placed money and economic policy in the context of a multi-national system of commercial states. In so doing, they sought to comprehend and control not just money but the modern state itself.Early modern money was perched uncomfortably between commodity and fiat. Bewildering varieties of coins circulated, composed of all sorts of alloys. The government assigned a face value for each coin which it authorized to circulate in the abstract accounting unit called the "money of account." 11 This value was almost always greater than... (shrink)

Large exchange markets, big money, interest-bearing credit, big landholdings, proletarian masses, imperial expansion and even ‘capital’ or ‘salaried workers’, are not in themselves specific, unique institutional features of Modern Capitalism. This article argues that the features that characterize Modern Capitalism are a massive emergence of ‘free’, monetized wage labour, a self-propelled rush to unbounded world expansion and the progressive conversion of expropriated and privatized land into a monetized commodity, as well as a radically new use of the (...) ancestral social institutions of money and credit as an instrument for financing the production of commodities to obtain a surplus in the form of monetary profit, but also to generate expropriatory social debt relations. This article explains these dynamic historical forces and their importance for political philosophy and for legal and economic history and economics and sheds some light on the relationship between ‘capitalism’ and ‘modernity’. (shrink)

In response to the IABS conference theme to “advise practitioners,” this paper is framed in terms of two questions that have been found to be critical to practitioners. These are “what is Corporate Responsibility and how to do it” and “what is the value of Corporate Responsibility.” The paper uses theories from within the academic literature to develop a model to answer these two practitioner-based questions. An empirical framework based upon the model is developed and tested with a study of (...) customers of a financial service organisation in the UK. (shrink)

Although many historians of science acknowledge the extent to which Greek and Roman ideals framed eighteenth-century thought, many classical references in the texts they study remain obscure. Poems played an important role not only in spreading ideas about natural philosophy, but also in changing people’s perceptions of its value; they contributed to Newton’s swelling reputation as an English hero. By writing about Latin poetry, we focus on the intersection of two literary genres that were significant for eighteenth-century natural philosophy, but (...) seem alien to modern science. We classify Augustan Latinate scientific poetry by considering the audiences for whom the poems were intended. We distinguish three broad categories. One type of poetry was circulated amongst gentlemanly scholars. A second group comprised poetry written specifically to promote or criticise Newton and his books, particularly the Principia. After Newton’s death, a third type of poetry became increasingly significant, included in collections of poems rather than in texts of natural philosophy. Overall, we show how the classical past was vital for creating the scientific future.Author Keywords: Isaac Newton; Neo-Latin; Lucretius; Oxford and Cambridge verse; Edmond Halley; Queen Caroline. (shrink)

This book is the definitive scholarly work on money, credit and macroeconomics for the twenty-first century. Nine decades ago Keynes claimed to be writing a work that would “largely revolutionize the way the world thinks about economic problems”. This is a modern day attempt with the same purpose.

Modern, Stevie In a dark uniform, she walks swiftly through the tram carriage, her movements machine-like and efficient. Wordlessly, she punches passengers' tickets and passes money from the coin-changer strapped to her hip. The passengers pay small attention, their gazes vaguely forward. They do not see the face of evil, the anonymous official who stands above them returning their ticket stub. The tram clatters on through Berlin's streets.

This chapter explores a modest suggestion that John Locke is susceptible to a wide range of interpretations because of his position midway between premodern and modern conceptions of property rights. Lockean property represents an uneasy hybrid of classical or Christian theories of distributive justice and modern capitalist theories of procedural justice which have succeeded in the intervening centuries in displacing them. Locke's defense of private property is at once natural and positive, utilitarian and grounded in natural rights, secular (...) and theological, hedonistic and custodial. Lockean proprietorship generates affirmative responsibilities of good stewardship. Lockean property rights convey reciprocal entitlements and responsibilities. After Locke's painstaking treatment of the origins of money and private property in Second Treatise, the advent of political society appears a rather belated innovation. Instead of being natural or spontaneous, the social contract follows only in the wake of a community's assent to money and its attendant inequalities. (shrink)

Fragments of Modernity provides a critical introduction to the work of three of the most original German thinkers of the early 20th century. In their different ways, all three illuminated the experience of the modern in urban life, whether in mid-19th-century Paris or in Berlin at the turn of the century or later as the vanguard city of the Weimar Republic. They related the new modes of experiencing the world to the maturation of the money economy (Simmel), the (...) process of rationalization of capital (Kracauer), and the fantasy world of commodity fetishism (Benjamin) - in each case focusing on those fragments of social experience that could best capture the sense of modernity.David Frisby is Reader in Sociology at Glasgow University. Fragments of Modernity is included in the series Studies in Contemporary German Social Thought, edited by Thomas McCarthy. (shrink)

This article explores the relevance of Georg Simmel’s phenomenology of money and interpretation of modernity for understanding and evaluating contemporary financial information and communication technologies (ICTs). It reads Simmel as a philosopher of technology and phenomenologist whose view of money as a medium, a “pure” tool, and a social institution can help us to think about contemporary financial media and technologies. The analysis focuses on the social-spatial implications of financial ICTs. It also makes links to media theory, (...) in particular remediation theory and Marshall McLuhan, and refers to work in anthropology and geography of money to nuance the story of the progressive dematerialization and delocalization of modern life. The conclusion highlights Simmel’s continuing relevance for thinking about the relation between technologies and social change, and explores alternative social-financial media and institutions. (shrink)

This essay by the influential post-war German cultural theorist Hans Blumenberg was published originally in German in 1976 in a collection of studies on Simmel’s aesthetics. Renowned as the author of The Legitimacy of the Modern Age, Work on Myth, Paradigms for a Metaphorology and other major writings, the essay showcases Blumenberg’s unique approach to metaphorical figuration in the languages of philosophy and philosophers. Here Blumenberg considers how money stands as Simmel’s ‘proto-metaphor’ for Life in the latter’s nascent (...) Lebensphilosophie. The very phenomenon that might seem most opposed to Life and to ‘higher’ ‘spiritual’ values is also the phenomenon that most dynamically unlocks life’s plenitude of creative forms – even as it threatens constantly to destroy this plenitude through effects of reification and objectification. As Blumenberg reads Simmel, Life itself turns out to be pure circulation, sociation, and interactivity, an endless cycle of extensions and intensifications of value emerging through processes of social exchange. The essay forms a striking counterpart to the many seminal readings of Simmel in the German critical theory tradition from Benjamin, Kracauer, Adorno and Horkheimer to Habermas. (shrink)

This essay is a literature review journey of ancient Chinese texts, including Confucius' Analects, Sima Qian's Records of the Grand Historians of China, Pan Ku's The History of the Former Han Dynasty, and official historical texts of subsequent dynasties. Confucius is not against the accumulation of wealth as long as it is acquired through moral means. Sima Qian, the greatest Chinese historian, appreciates the contribution of successful private enterprises towards the betterment of economy by its efficient usage of resources and (...) his opinion is strikingly similar to modern economic theories such as F. A. Hakey's ideas on free market economy. Their standpoints are, however, rejected by all later official view which emphasizes "All land and resources belong to the King." Starting from Pan Ku' proposal on the classification of social hierarchy, businessmen belong to the bottom stratum of the social ladder. The money-making businessmen of the common people is portrayed as "immoral" or even "illegal," but when the profit goes to the King or when the business is state-owned, it is taken as reasonable and highly acceptable. The Chinese King is the controller of most profitable and important businesses in major industries and mining as well as the distributor of most valuable resources. All official view emphasizes the stability of the state, for then the control of the country can be ensured and the power of the King can be consolidated. (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)

This article explores the relevance of Georg Simmel’s phenomenology of money and interpretation of modernity for understanding and evaluating contemporary financial information and communication technologies (ICTs). It reads Simmel as a philosopher of technology and phenomenologist whose view of money as a medium, a “pure” tool, and a social institution can help us to think about contemporary financial media and technologies. The analysis focuses on the social-spatial implications of financial ICTs. It also makes links to media theory, (...) in particular remediation theory and Marshall McLuhan, and refers to work in anthropology and geography of money to nuance the story of the progressive dematerialization and delocalization of modern life. The conclusion highlights Simmel’s continuing relevance for thinking about the relation between technologies and social change, and explores alternative social-financial media and institutions. (shrink)

This 1983 book is a wide-ranging study of the macroeconomic side of monetary theory. Traditional macroeconomics uses simple, aggregative models to analyse monetary and fiscal policy. Gale argues that we cannot do without it but also that it rarely attains the standards of rigour required of modern theory. This book can be seen as an attempt to do it properly. The early chapters are critical and reconstructive. They take a fresh look at standard topics such as wealth (...) effects, money and growth and the long-run effects of monetary and fiscal policy. Later chapters develop different themes. The questions raised are drawn from traditional macroeconomics but there are plenty of surprises. The conventional view is frequently turned on its head or shown to be unsatisfactory or not robust. This and other exciting ideas enliven a book which will continue to be of interest to students and theorists alike. (shrink)

By now it has been pretty well established that the Flemish Jesuit Leonardus Lessius was an economist of the highest grade. Joseph A. Schumpeter, perhaps the 20th century’s most important historian of economics, afforded Lessius more than ample mention in his monumental work, History of Economic Analysis. In Interest and Usury, Schumpeter’s pupil, Bernard W. Dempsey, likewise gave Lessius generous attention. The Belgian historian Raymond de Roover, however, who considered Lessius to be primarily a deserving epigone of the famous ‘Salamanca (...) School’, did not completely share their enthusiasm, at least initially. De Roover’s somewhat lukewarm attitude was, nevertheless, drowned out by the laudatory contribution of Barry T. Gordon on the subject in his Economic Analysis Before Adam Smith. Robert Beutels brought respect to Lessius’ work in his bio-bibliographical essay published in 1987 and restored something of the honour due to Lessius which, according to Beutels, he had been unjustly denied, certainly in his own land.The image of Lessius presented by all these authors is uncommonly fresh, yet at the same time surprisingly familiar. In their works they have shown him to be a modern thinker who merits comparison with contemporary economists. His analyses give witness to his profound insight into the economy of his day and are still relevant, thought not directly applicable, for economists today. The market principle, portfolio theory, the quantity theory of money, and much more can, according to the authors we have mentioned, be found in Lessius. But does this rather trendy image of Lessius agree with the historical reality?An appropriate way to begin answering this question would be to examine his discussion on the lending of money and the taking of interest in his monumental tractate of 1605, On Justice and Law . Did Lessius endorse or reject the traditional proscription against usury? When did he consider it permissible to claim interest? To what extent did his moral judgment depend on an economic analysis of the phenomenon of interest? Perhaps the answers to these questions will enable us to judge Lessius as both economist and ethicist, as he rightly deserves. (shrink)

The outline of modern macroeconomics took shape in Britain in the early nineteenth century thanks, in part, to David Ricardo, one of the most influential economists of the time. Britain was challenged by monetary inflation, industrial unemployment and the loss of jobs abroad. Ricardo pointed the way forward. As a financier and Member of Parliament, he was well versed in politics and commercial affairs. His expertise is shown by the practicality of his proposals, including the resumption of the gold (...) standard, which was essential given the destabilizing policy of the Bank of England. Ricardo's expertise appears also in his debate with T. R. Malthus about whether an industrial economy can suffer a prolonged depression. Say's Law of Markets and the Quantity Theory of Money figure prominently in his works, but not in an extreme form. He was instead a subtle theorist, recognizing the non-neutrality of money, trade depressions and unemployment. (shrink)

Any fundamental examination of managerial practices must consider a philosophical conundrum at the heart of market exchange. Economically, the opportunity for profit seems to demand somebody else’s loss, and ethically, we must not take advantage of others’ misfortune. In a market system involving a multiplicity of stakeholders, profit opportunities may arise in which relationships between winners and losers are distant, indirect, or even nonexistent; their motives are multivalent; and their market participation may be intentional or accidental. Reflecting two decades later (...) upon several cases arising from the 9/11/2001 terrorist attacks, this paper describes several examples of profiting from loss that demonstrate the ubiquity and variety of the problem. It also invokes numerous bodies of literature that demonstrate the inherent complexity and interdisciplinarity of the problem and the absence of determinative principles to answer the question of when it is justifiable to profit from loss. The paper positions casuistry, the ancient philosophical art of case analysis that resembles modern business pedagogy, as a complement to ethical theory. The Loss Agency-Division of Benefits framework developed in the paper demonstrates the value of philosophy to managerial practices when economic theory is insufficient for ethically classifying and evaluating forms of profiting from loss. (shrink)

This work exposes the development of Hegel’s political theory from its origins in Hegel’s reading of Sir James Stewart and the composition of the early theological writings, through the Philosophy of Right. Its principle value lies in showing how careful use may be made of Hegel’s earlier writings in interpreting his mature political philosophy. Avineri describes Hegel’s early dissatisfaction with the understanding of the state as an instrument for the protection of private property, and his attempts to develop a (...) concept of ethical community. Developments of the latter notion are seen in the anti-nationalism of The German Constitution, as well as in the theories of property, class, and representation contained therein. Avineri shows the inappropriateness of ascribing to Hegel a political romanticism, regarding either Prussia or Classical Greece. And in his comments on the System der Sittlicheit [[sic]] and the Realphilosophie, he offers detailed and valuable commentary on Hegel’s early concept of labor. He demonstrates here Hegel’s sensitivity to the complex economic reality of modern society, and shows the early Hegel’s ability to describe labor, class divisions, commodity production, money, and alienation in ways remarkably akin to Marx. Here too Hegel’s notion of the state as that which overcomes the private character of production in civil society and constitutes society as an ethical community is seen. (shrink)

This article explores the notion of ‘perfect’ money that Simmel introduces in The Philosophy of Money. Its aim is twofold: first, to connect this idea to his more general arguments about the nature of society and the ambivalence of modernity, and, second, to assess its relevance for contemporary debates about the future of money, especially following the global financial crisis. I argue that Simmel’s concept of perfect money can be understood as utopian in two senses, conceptual (...) and ethical, that correspond to the two interpretations he develops, in Soziologie, of the idea of a perfect society. This sheds light on an aspect of Simmel’s writings that has attracted relatively little attention, namely his views on the relationship between money and socialism. Characterizing this relationship as a ‘formal affinity’, his remarks resonate with a long tradition of thought on monetary utopias that aim not for the abolition of money but its radical transformation as a means of improving society. This tradition is coming to the fore once again today, as the financial crisis has given new impetus to constructing forms of money – for example, LETS, Time Dollars, mutual credit, peer-to-peer lending and digital currencies such as Bitcoin – that provide viable alternatives to big banks. Understood in conjunction with his account of the ‘tragedy’ of individualism in modernity, such resonances demonstrate the enduring relevance of Simmel’s work to the empirical and theoretical investigation of money. (shrink)

This work exposes the development of Hegel’s political theory from its origins in Hegel’s reading of Sir James Stewart and the composition of the early theological writings, through the Philosophy of Right. Its principle value lies in showing how careful use may be made of Hegel’s earlier writings in interpreting his mature political philosophy. Avineri describes Hegel’s early dissatisfaction with the understanding of the state as an instrument for the protection of private property, and his attempts to develop a (...) concept of ethical community. Developments of the latter notion are seen in the anti-nationalism of The German Constitution, as well as in the theories of property, class, and representation contained therein. Avineri shows the inappropriateness of ascribing to Hegel a political romanticism, regarding either Prussia or Classical Greece. And in his comments on the System der Sittlicheit [[sic]] and the Realphilosophie, he offers detailed and valuable commentary on Hegel’s early concept of labor. He demonstrates here Hegel’s sensitivity to the complex economic reality of modern society, and shows the early Hegel’s ability to describe labor, class divisions, commodity production, money, and alienation in ways remarkably akin to Marx. Here too Hegel’s notion of the state as that which overcomes the private character of production in civil society and constitutes society as an ethical community is seen. (shrink)

This study endeavors to investigate the theory of the value of money from the vantage point of late scholastic scholars, with a specific focus on the Salamanca School and the two prevailing monetary doctrines: Objectivism (Metallism) and Subjectivism (Chartalism). Our investigation employs the classical works of late scholastic thinkers from the 15th to the 17th centuries to illuminate the perspectives held by the Salamanca School concerning monetary value. The findings affirm that the twofold theory of money (...) value proposed by late scholastic thinkers constitutes a nuanced iteration of the multidimensional approach to money. This comprehensive framework encompasses various facets of value, such as the final, actual, formal, and material dimensions. Moreover, the conspicuous emphasis placed by late scholastic thinkers on the subjective aspects of money value imparts a multifaceted character to their theory, demonstrating striking parallels with modern subjective doctrine. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Modernity as a Rhetorical Problem: Phronēsis, Forms, and Forums in Norms of Rhetorical CultureJames Arnt AuneThe true paradises are the paradises that we’ve lost.—Marcel Proust, The Past RegainedThomas B. Farrell’s Norms of Rhetorical Culture (1993, 6) remains both a masterly synthesis of previous constructive work in rhetorical theory and the essential starting point for anyone committed to reconciling the practical impulses of Aristotelian rhetoric, ethics, and politics with (...) the critical imperatives of modernity. In what follows, I try to make a very simple point about Farrell’s recuperation of Aristotelianism: he neglects matters of social causation and institutional design that were essential to Aristotle’s understanding of rhetoric. In turn, by displacing the social in favor of the cultural—a displacement characteristic of much recent work in the human sciences (Schudson 1997)—Farrell lacks a coherent account of the gap between the normative aspirations of classical rhetoric and the empirical characteristics of public life in modern liberal democracies.The problem appears most clearly in chapter 7 of Norms : “Criticism, Disturbance, and Rhetorical Community.” Farrell defines culture as “the common definition of places for the invention and perpetuation of meaning. A culture offers to those who live in it symbols and families of practices that [End Page 402] permit ongoing performances of meaning and value” (1993, 277). Summarizing his previous arguments, Farrell contends that Aristotle’s Rhetoric informs modern “cultural occasions” in three ways: “the impetus for rhetorical meaning, which we find in Aristotle’s seminal understanding of phronēsis, typified by deliberative prudence; a concept of rhetorical form, which we have found in the prototype for public inference and judgment—the enthymeme; and a modern rhetorical forum, a space of engagement wherein the modern constraints of rhetorical culture might assert themselves” (1993, 277). Although these three concepts are inherently useful, both for analyzing past rhetorical episodes and for projecting emancipatory rhetorical possibilities in the present, they are insufficiently grounded in a historical account of the differences between ancient and modern prudential deliberation, rhetorical forms, and rhetorical forums. An adequate history of these differences would require attention to modern social systems as a whole, which include the economy, the polity, and social institutions such as the family, schools, religious and ethnic organizations, and, most crucially for contemporary social systems, the entire apparatus of the culture industry, including the news and entertainment “media.”The cultural aspect of the modern social system, loosely following Talcott Parsons (1951), includes norms, which make for communal solidarity, and values, which undergird the whole system. Although a thoroughgoing account of the place of rhetoric in the entire contemporary social system of a modern liberal democracy such as the United States or Canada would have required a book three times as long as Norms, there are three ways in which modernity complicates the appropriation of Aristotle’s concepts. First, rhetorical meaning is very different in a social system in which individual autonomy takes precedence over communal solidarity as a fundamental value (Pippin 1999). Second, rhetorical forms function differently in a social system in which those forms can be commodified (Aune 1994, 2001). Third, rhetorical forums are also far more complex, especially in an extended republic like Canada or the United States, requiring greater attention to the way in which constitutions literally create persons who speak (such as the president or prime minister) and spaces for speaking (Congress, the state or provincial houses [White 1984]). The need to raise massive sums of money to obtain media access for common rhetorical deliberation, as is especially the case in the United States, complicates the notion of a rhetorical forum immensely. Even without adopting a broadly Marxian framework, it is clear that the rise and development of capitalism have permanently altered rhetorical deliberation and its forms and forums. [End Page 403] In what follows, I expand on these three criticisms first, by developing a historical account of the social changes that necessitate a rethinking of classical rhetorical theory; second, by comparing and contrasting Farrell’s work with two other contemporary Aristotelianisms, one antimodernist and the other solidly modernist; and third, by developing a framework for normative and empirical investigation of rhetoric that is, I hope... (shrink)

Is capitalism inherently predatory? Must there be winners and losers? Is public interest outdated and free-riding rational? Is consumer choice the same as self-determination? Must bargainers abandon the no-harm principle? Prisoners of Reason recalls that classical liberal capitalism exalted the no-harm principle. Although imperfect and exclusionary, modern liberalism recognized individual human dignity alongside individuals' responsibility to respect others. Neoliberalism, by contrast, views life as ceaseless struggle. Agents vie for scarce resources in antagonistic competition in which every individual seeks dominance. (...) This political theory is codified in non-cooperative game theory; the neoliberal citizen and consumer is the strategic rational actor. Rational choice justifies ends irrespective of means. Money becomes the medium of all value. Solidarity and good will are invalidated. Relationships are conducted on a quid pro quo basis. However, agents can freely opt out of this cynical race to the bottom by embracing a more expansive range of coherent action. (shrink)

Does economics hold the key to everything or does the recent financial crisis show that it has failed? This book provides an assessment of modern economics that cuts through the confusion and controversy on this question. Case studies of the creation of new markets, the Russian transition to capitalism, globalization, and money and finance establish that economics has been very successful where problems have been well defined and where the world can be changed to fit the theory, (...) but that it has been less successful in tackling bigger problems. The book then offers a historical perspective on how economists have, since the Second World War, tried to make their subject scientific. It explores the evolving relationship between science and ideology and investigates the place of heterodoxy and dissent within the discipline. (shrink)

This article contends that Georg Simmel attempted a rehabilitation of the Jewish stereotype in a singular way: via his theory of modernity and the quintessential place held therein by money. The first part of the article, based almost entirely on Simmel's The Philosophy of Money, seeks to demonstrate that Simmel intended to overturn the negative Aristotelian and Marxist assessments of money and of those who deal with it. The second part of the article is based on (...) Simmel's unique theory of type. This part seeks to establish that what Simmel in fact rehabilitates is the Jewish type, rather than any actual historical entity, and that this type is in fact the stereotype of the Jew. Simmel's attempt is made in terms of existential authenticity and in direct relation to the project of modernity. (shrink)

As one of the first modern philosophers, Georg Simmel systematically developed a “relativistic world view” (Simmel 2004, VI). In this paper I attempt to examine Simmel’s relativistic answer to the question of truth. I trace his main arguments regarding the concept of truth and present his justification of epistemic relativism. In doing so, I also want to show that some of Simmel’s claims are surprisingly timely. Simmel’s relativistic concept of truth is supported by an evolutionary argument. The first part (...) of this paper outlines that pragmatic foundation of his epistemology. The second part of the paper shows that Simmel develops what today would be called a coherence theory of truth. He presents his coherentist view that every belief is true only in relation to another one primarily as a theory of epistemic justification. The third part turns to Simmel’s original way of dealing with the (in)famous self-refutation charge against relativism. (shrink)

In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences (...) and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic. (shrink)

This article argues that in order to understand the form of modern political freedom envisioned by Rousseau, we have to understand his theory of taste as refined Epicureanism. Rousseau saw the division of labour and corrupt taste as the greatest threats to modern freedom. He identified their cause in the spread of vulgar Epicureanism – the frenzied pursuit of money, vanity and sexual gratification. In its place, he advocated what he called ‘the Epicureanism of reason’, or (...) refined Epicureanism. Materially grounded on an equitable proportion of needs and faculties, this was a hedonist theory of self-command designed to cultivate the temperate enjoyment of sensual pleasure. I argue that Rousseau hoped that a shift from vulgar to refined Epicureanism would secure political freedom in modernity by grounding the politics of the general will in an economics of balanced growth and a reinvigorated appreciation of natural beauty. This perspective provides a new way of both clarifying the role of economic justice and aesthetic judgment in Rousseau's republican state theory, and of assessing the consistency of his moral and political thought. (shrink)

The author reviews the main elements of Richard Münch’s academic capitalism theory. By introducing categories like “audit university” or “entrepreneurial university,” the German sociologist critically sets today’s academic management model against the earlier, modern-era conception of academic work as an “exchange of gifts.” In the sociological and psychological sense, he sees the latter’s roots in traditional social lore, for instance the potlatch ceremonies celebrated by some North-American Indian tribes and described by Marcel Mauss. Münch shows the similarities between (...) the old, “gift exchanging” model and the contemporary one with its focus on the psycho-social fundamentals of scientific praxis, and from this gradually derives the academic capitalism conception. He concludes with the critical claim that science possesses its own, inalienable axiological autonomy and anthropological dimension, which degenerate as capitalism proceeds to “colonise” science by means of state authority and money (here Münch mentions Jürgen Habermas and his philosophical argumentation).The author also offers a somewhat broader view of Münch’s analyses in the context of his own reflections on the problem. (shrink)

Zelizer’s work may be read as an attack on the central Polanyian thesis: that the market system threatens social life by the undue prominence it lends the economy in the organization of modern society. The recent publication of Viviana Zelizer’s The Purchase of Intimacy (2005a) is therefore an excellent opportunity to review the general trend of her work Zelizer 1979, 1985, 1994, and contrast her leading ideas to the central thesis that gives Polanyi’s work its particular flavor: the danger (...) encapsulated in the use of modern money and the functioning of the market system. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:INDIFFERENCE AND ENVY: THE ANTHROPOLOGICAL ANALYSIS OF MODERN ECONOMY Paul Dumouchel University ofQuébec-Montréal 1. Girard and economics René Girard himself has not written very much on economics, at least explicitly. Though his works are full ofinsights into and short remarks on the sacrificial origin of different economic phenomena or the way in which mimetic relations and commercial transactions are often intertwined and act upon each other.1 Unlike religion, (...) psychology, psychoanalysis, literature and anthropology, the analysis of modem and traditional economies from the point ofview ofmimetic theory has never been carried out by Girard himself, but for the most part by other people, for example, in the French speaking world, which I know best, essentially by Michel Aglietta and André Orléan in La violence de la monnaie (1982) and by Jean-Pierre Dupuy and myself in L'enfer des choses (1979) and as well as others, such as, by Mark Anspach, Andrew Feenberg, P. Lantz, A. Orléan, G-H. de Radkowsky and Lucien Scubla in various works on economy, economic anthropology, or the place and role of money in literary texts.2 In a way, this is somewhat surprising since the relationship between mimetic and economic phenomena, at least in a broad sense, was seen quite early on. For example, soon after the original publication Mensonge romantique et vérité romanesque (1961) the French Marxist Lucien Goldman wrote in his Pour une sociologie du Roman (1964) that Girard's work was the most important book to read in order to understand 1 For example, Mensonge romantique (18-23); Des choses cachées (82-88). 2 See Anspach, Feenberg, Lantz, Orléan [passim], de Radkowski. 150Paul Dumouchel the effects of economic alienation on literature since Georg Lukács's Theory of the Novel (1920). Moreover in a footnote in Les origines du capitalisme (1971) Jean Baechler suggested that those wishing to understand the nature of the infinite desire for acquisition which capitalists economies have institutionalized should read Girard's book.3 Whatever the reason for Girard's relative disinterest in economic phenomena others have not been prevented from tackling this problem and it bears witness in a special way to the dynamism and intellectual power ofthe mimetic theory that its application to the field ofeconomics has essentially, ifnot entirely, been due to the work of others rather than to the efforts of René Girard himself. 2. The substantivist-formalist debate In the late 1 940's and early 1 950's a debate began that divided (and still divides) the community ofeconomists and ofanthropologists interested in economic phenomena. It concerns the nature ofeconomy and is generally referred to as the substantivist-formalist debate. It was first formulated in the works of the Austrian economist, Karl Polanyi.4 In The Great Transformation (1945), a book on the history ofthe formation and organization ofthe market economy in Europe from the late 1 8th to early 20th centuries, Polanyi already argued that the modem market economy was a rare historical accident. Furthermore Polanyi said, unlike what liberal and economic ideologies pretend, thatthere is nothingnatural aboutthe market. It does not correspond to any spontaneous human tendency to barter and exchange, and it does not arise by itself as soon as certain conditions are satisfied. Onthe contrary, modem markets have been put into place through sustained and voluntary state policies which consciously destroyed traditional solidarities, authorized the unlimited sale of land and labor and literally created the labor market, for example, in England through the Reform Bill of 1834 that repealed the existing Poor Laws which had prevented the free circulation of labor. The system formed by market economies, the balance of power among European states and the gold 3 Interestingly, 24 years later, in the second vastly enlarged edition of that work, Le capitalisme, (1995) the reference to Girard has disappeared though the text ofthe original work, which now constitutes the second part of the book, is otherwise reprinted in its integrity. 4 Actually Polanyi in The Livelihood ofMan (1977) sees the origin of the debate in Carl Mengers, Principles ofEconomics [1871]. Let us say then that it found its first modern formulation in the work of Polanyi. Indifference andEnvy... (shrink)

This work focuses on the analysis of Paul Virilio, an important representative of the Contemporary French Thought, pertaining to society. Virilio sees modern society as the transformation of time-space relations within the context of the proliferation of speed-producing vehicles. The proliferation of speed and speed producing tools has brought about the end of space and also has reconstructed time as accelerated time. Speed is seen as a dominant logic in the organization of economic, political, military, social and urban spheres. (...) In other words, modern society is built on the basis of a new logic of speed in which not only merely economic transformations but also political, military, spatial and technological changes occur. According to Virilio, the modern age brought a model of society based on movement through the proliferation of speedgenerating tools. He defines the transformations in modern society with the concept of "dromology" (speed science). This approach evaluates the speed as a central category in formation and development of all socities. To Virilio, speed is an important tool determining both power and controlling means and the distribution of money and wealth. The study discusses the transformation of the speed, which is questioned by Virilio by means of such concepts as dromologic revolution, dromologic progress, dromocratic society, within the social and historical processes as well as the change of military and spatial organizations within the mdoernity. The study, in a way, draws a framework that aims to understand the new social organization of information, information, money and labor flows caused by globalization as a radical dromologic situation. (shrink)

This new book argues that at the core of legal philosophy’s principal debates there is essentially one issue judicial impartiality. Keeping this issue to the forefront,Raban’s approach sheds much light on many difficult and seemingly perplexing jurisprudential debates. Modern Legal Theory and Judicial Impartiality.

This book is intended for undergraduate courses in social theory for second and third year sociology students, as well as postgraduate and academic researchers.

We develop a systematic approach to quantum probability as a theory of rational betting in quantum gambles. In these games of chance, the agent is betting in advance on the outcomes of several (finitely many) incompatible measurements. One of the measurements is subsequently chosen and performed and the money placed on the other measurements is returned to the agent. We show how the rules of rational betting imply all the interesting features of quantum probability, even in such finite (...) gambles. These include the uncertainty principle and the violation of Bell's inequality among others. Quantum gambles are closely related to quantum logic and provide a new semantics for it. We conclude with a philosophical discussion on the interpretation of quantum mechanics. (shrink)