Розкрито сутність поняття «рейтинг». Доведено значущість рейтингової оцінки для суб’єктів фінансового ринку, зокрема для страхових компаній, потенційних страхувальників, інвесторів та кредиторів.

Global income inequalities are met with increasing calls for direct supranational redistribution. This article argues that from the perspective of political feasibility, this approach should not be prioritised. We use the example of tax competition to show that supranational regulation that stops short of direct redistribution has better chances of being implemented. Moreover, as the case of tax competition illustrates, such regulation can help to shore up the capacity of nation states to redistribute internally, which indirectly tends to reduce global (...) inequalities, too. Against this background, we formulate the conditional subsidiarity principle of redistribution. It states that when the case for direct supranational redistribution is built on the alleged incapacity of the state to redistribute due to the pressures of globalisation, our first instinct should be regulatory reform in order to restore this capacity. Finally, the article asks whether two prominent proposals for global taxation – the global resource dividend and the financial transaction tax – pass the test of the conditional subsidiarity principle. (shrink)

Rich people stash away trillions of dollars in tax havens like Switzerland, the Cayman Islands, or Singapore. Multinational corporations shift their profits to low-tax jurisdictions like Ireland or Panama to avoid paying tax. Recent stories in the media about Apple, Google, Starbucks, and Fiat are just the tip of the iceberg. There is hardly any multinational today that respects not just the letter but also the spirit of tax laws. All this becomes possible due to tax competition, with countries strategically (...) designing fiscal policy to attract capital from abroad. The loopholes in national tax regimes that tax competition generates and exploits draw into question political economic life as we presently know it. They undermine the fiscal autonomy of political communities and contribute to rising inequalities in income and wealth.Building on a careful analysis of the ethical challenges raised by a world of tax competition, this book puts forward a normative and institutional framework to regulate the practice. In short, individuals and corporations should pay tax in the jurisdictions of which they are members, where this membership can come in degrees. Moreover, the strategic tax setting of states should be limited in important ways. An International Tax Organisation should be created to enforce the principles of tax justice.The author defends this call for reform against two important objections. First, Dietsch refutes the suggestion that regulating tax competition is inefficient. Second, he argues that regulation of this sort, rather than representing a constraint on national sovereignty, in fact turns out to be a requirement of sovereignty in a global economy. The book closes with a series of reflections on the obligations that the beneficiaries of tax competition have towards the losers both prior to any institutional reform as well as in its aftermath. (shrink)

Typically seniors like others choose to avoid institutional care. However, when age-related infirmity requires it, they not only enter into the care of others, but they also do so as vulnerable members of society. As their frailty increases with age, so does their dependence on the professionals who care for them and on the enforcement of policies concerning their care. A qualitative case study involving seniors and their carers revealed that breaches of confidentiality, unprofessional behaviour and the non-enforcement of policy, (...) continue to hide the physical and emotional abuse perpetrated by nursing and other staff on vulnerable consumers. Professional ethics, including at a corporate level, enforcing policy, protecting whistleblowers and creating reporting mechanisms for aged care researchers, are amongst the recommendations arising from this study. (shrink)

"Williams's masterful translation satisfies (at last!) a long-standing need. There are lots of good translations of Augustine's great work, but until now we have been forced to choose between those that strive to replicate in English something of the majesty and beauty of Augustine's Latin style and those that opt instead to convey the careful precision of his philosophical terminology and argumentation. Finally, Williams has succeeded in capturing both sides of Augustine's mind in a richly evocative, impeccably reliable, elegantly readable (...) presentation of one of the most impressive achievements in Western thought--Augustine's Confessions." --Scott MacDonald, Professor of Philosophy and Norma K. Regan Professor in Christian Studies, Cornell University. (shrink)

What is the relation between monetary policy and inequalities in income and wealth? This question has received insufficient attention, especially in light of the unconventional policies introduced since the 2008 financial crisis. The article analyzes three ways in which the concern central banks show for inequalities in their official statements remains incomplete and underdeveloped. First, central banks tend to care about inequality for instrumental reasons only. When they do assign intrinsic value to containing inequalities, they shy away from trade-offs with (...) the standard objectives of monetary policy that such a position entails. Second, central banks play down the causal impact monetary policy has on inequalities. When they do acknowledge it, they defend their actions by claiming that it is an unintended side effect, that it is temporary, and/or that any alternative policy would fare even worse. The article appeals to the doctrine of double effect to criticize these arguments. Third, even if one accepts that inequalities should be contained and that today’s monetary policies exacerbate them, is it both desirable and feasible to make containing inequalities part of the mandate of central banks? The article analyzes and rejects three attempts on the part of central banks to answer this question negatively. (shrink)

This book offers a critical introduction to the work of American philosopher D. G. Leahy (1937-2014). Leahy's fundamental thinking can be characterized as an absolute creativity in which all creating is 'live' -- a happening occurring now that manifests a supersaturated polyontological actuality that is essentially created by the logic that characterizes it. Leahy leaves behind the categorial presuppositions of modern thought, eclipsing both Cartesian and Hegelian subjectivities and introducing instead an essentially new form of thinking founded in a nondual (...) logic of creation. The new thinking delineates the absolute unicity of existence as a creative interactivity beyond all traditional dichotomies (such as one vs. many, unity vs. plurality, identity vs. change): a fully "digitized" actuality that is nothing but newness, which inherently implies nothing but change. Through this new form of thinking, change itself is revealed to be the very essence of reality and mind. Any reader looking for a quantum leap beyond the thrall of modern and postmodern fixations is invited to hear and apprehend this new thinking that refuses to be conditioned by paradigms, categories, species, genera, walls, bridges, boundaries, or abstractions: an essentially free thinking that embodies creative novelty itself. (shrink)

What explains and justifies factor shares, that is, the returns that workers and capital owners receive on their contribution to economic production? Arguably, neither economic theory nor theories of distributive justice give a satisfactory answer to this question. One important explanation of this shortcoming, this paper argues, lies in the fact that they fail to take the full measure of the phenomenon of increasing returns from specialisation or, as economist often call it, of total factor productivity. This paper aims to (...) fill this gap by asking what follows for distributive justice from taking this phenomenon seriously. The paper proceeds in four steps. First, it demonstrates in detail how a sophisticated division of labour creates a cooperative surplus. Second, it puts forward a counterfactual experiment to measure this surplus. Third and crucially, the paper argues that justice requires an equal division of this surplus and that this idea turns out to be a surprisingly ecumenical one. The final section defends the equal surplus proposal against two objections, namely the suggestion that an equal distribution of the cooperative surplus is either politically unfeasible or economically inefficient. (shrink)

How much inequality does market interaction generate? The answer to this question partly depends on the level of competition among economic agents. Yet, in their normative analysis of the market, theories of distributive justice focus on individual characteristics such as talents as determinants of income, and tend to ignore structural features such as competition. Economists, on the other hand, dispose of the conceptual tools to assess the distributive impact of competition, but their analysis is usually limited to allocative efficiency. Part (...) I of the article distinguishes my argument from conventional perspectives on income inequality and redistribution. Whereas the latter propose either to redistribute income once the market interaction has taken place or to adjust the initial holdings of market participants, I focus on the distributive impact of the institutional structure of the market itself. Part II outlines the ways in which various forms of competition affect distribution. My objective here is descriptive in nature, but shows that a normative evaluation of the market has to take seriously the distributive impact of competition. This impact can be broken down into the analysis of three overlapping groups of economic agents, namely consumers, workers, and capital owners. Consumers potentially gain from competition in the form of lower prices, but these gains are only realized if competition does not put pressure on their work income at the same time. Unless competition squeezes profits unusually hard, capital owners tend to benefit from competition. (shrink)

In their justification of individual entitlements, libertarians appeal to the concept of self-ownership. This paper argues that taking into account the division of labour in society calls for a fundamental reassessment of the normative implications of self-ownership. How should the benefits from division of labour—in other words, how should the co-operative surplus—be distributed? On the assumption that the parties to the division of labour are interdependent, and that this interdependence is mutual and of the same degree, I argue for an (...) equal distribution of the co-operative surplus. In form, my argument bears similarities to the left-libertarian position that calls for an equal distribution of natural resources. Despite its radically egalitarian implications, an equal distribution of the co-operative surplus remains a libertarian principle. (shrink)

Recent trade negotiations such as TTIP include investor protection clauses. Against the background of an analysis of the case for trade, the paper asks whether such clauses can be justified from a normative perspective. More specifically, what is the impact of investor protection on the domestic distribution of the gains from trade between labour and capital, and how should we assess this impact from the perspective of justice? In order to answer this question, the paper develops a series of ideal-type (...) scenarios that reflect the consequences of investor protection on employment on the one hand, and on the distributive conflict between labour and capital on the other. While no claim is made which of these scenarios corresponds to TTIP or other trade agreements, they provide a useful normative framework to analyse such agreements. (shrink)

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to (...) credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit. (shrink)

Widespread tax evasion and avoidance have recently led to both significant reforms of international tax governance and increased attention from theorists of global tax justice. Against the background of an analysis of the double challenge of effectiveness and distribution facing the taxation of multinational enterprises, this paper puts forward a taxonomy of recent contributions of the tax justice literature. This taxonomy not only opens up an original angle of interpretation on global tax justice, but also provides a vantage point from (...) which to evaluate recent reforms by the Organisation for Economic Co-operation and Development. (shrink)

Journal of Political Philosophy, EarlyView.

What does it take for a corporation to act in a socially responsible manner? It would seem that respecting the fiscal duties imposed by the state should be high on the list. Compared to standard accounts of corporate social responsibility, this requirement seems relatively weak. The present paper argues that such a minimalist CSR turns out to be quite demanding. More specifically, I argue that for one particular sector, namely the tax planning industry, it would be utopian to expect its (...) members to adopt even such a minimalist CSR. Given the business model of the tax planning industry and the motivations that flow from it, state intervention and enforceable rules are required to ensure socially responsible corporate conduct in this industry. (shrink)

Debates about justice in political philosophy often ask which distributive end state is normatively desirable. The economic mechanisms that generate the ‘pie’ that is to be distributed are usually left unexplored. Mark R. Reiff’s new book, in contrast, asks what justice means within economic processes, and how changes in the framework of the economy could lead to more justice, including justice in the distributive sense. As such, Reiff’s account is in a line with other recent accounts such as Dietsch’s discussion (...) of competition and its effects on distribution, or the debates about property-owning democracy ; these are all attempts to open up the ‘black box’ of markets, as Dietsch puts it, and to think about justice before or while the pie is being baked.Reiff returns to an age-old idea: the idea of a just price, which he revives by developing a highly original account of exploitation as the use of intolerably unfair prices. Al .. (shrink)

Contents: Kant.- Panfideismus.- Goethe und Fichte.- Romantik.- Schelling.- Hegel und die Hegelsche Schule.- Mythos, gläubigkeit und glaube.

What do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional arrangements to (...) respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives. (shrink)

RÉSUMÉ: La notion de propriété de soi présuppose la définition des droits de propriété sur les ressources externes que le libertarisme de gauche limite habituellement aux ressources naturelles. Or, dans une économie spécialisée, la propriété de soi doitégalement être complétée par une définition des droits de propriété sur le surplus coopératif. S'il est cohérent, pour un libertarien de gauche, de considérer le surplus coopératif comme ressource externe et de le distribuer d'une manière égale, on doit en outre observer qu'une théorie (...) de la justice doit se prononcer sur les questions distributives dans plusieurs contextes. Articuler les différences entre ces contextes nous permet de préciser la relation que le libertarisme de gauche entretient avec d'autres théories de la justice.ABSTRACT: Any substantive notion of self-ownership presupposes well-defined property rights over external resources. Left-libertarians usually limit this category to natural resources. I argue that in a specialized economy, substantive self-ownership equally needs to be complemented by a definition of property rights to the cooperative surplus. The natural way for left-libertarianism to provide such a definition is to view the cooperative surplus as an external resource and to distribute it equally. The second part of the article makes the general point that a complete theory of justice needs to take a stance on distribution in various contexts. Articulating the differences between these contexts allows us to gain a better understanding of how left-libertarianism relates to other theories of justice. (shrink)

This paper argues that the standard characterisation of the equity-efficiency trade-off as set out in this symposium by Joe Heath overstates the tension between these two values. The reason lies in the fact that economists tend to take individual labour supply preferences as given, which leads to a superficial analysis of the concepts of reservation wage and of economic rent. The paper suggests that we should instead think of reservation wages as variable and as influenced by social norms. Social norms (...) play a double role in this context. First, they represent a constitutive element of market competition; second, they can be a determinant of income inequalities. From this perspective, a certain share of high reservation wages sustained by contingent inegalitarian social norms should count as economic rent. The last section of the paper strengthens this conclusion further by drawing a parallel between expensive tastes in consumption and a certain class of high reservation wages. To the extent that the latter are underpinned by social norms rather than efficiency considerations, not paying them is both just and efficient. (shrink)

In this first paperback edition, a new introduction by Tom Burke establishes the ongoing importance of Sleeper's analysis of the integrity of Dewey's work and ...

This book is not a study of Plato's philosophy, but a contribution to the literary interpretation of the dialogues, through analysis of their formal structure, ...

Political liberals ask citizens not to appeal to certain considerations, including religious and philosophical convictions, in political deliberation. We argue that political liberals must include a demanding requirement of intellectual modesty in their ideal of citizenship in order to motivate this deliberative restraint. The requirement calls on each citizen to believe that the best reasoners disagree about the considerations that she is barred from appealing to. Along the way, we clarify how requirements of intellectual modesty relate to moral reasons for (...) deliberative restraint. And we argue against attempts to weaken our requirement of intellectual modesty by emphasizing those moral reasons. (shrink)

Many philosophers believe that there is a causal condition on perception, and that this condition is a conceptual truth about perception. A highly influential argument for this claim is based on intuitive responses to Gricean style thought experiments. Do the folk share the intuitions of philosophers? Roberts et al. (2016) presented participants with two kinds of cases: Blocker cases (similar to Grice’s case involving a mirror and a pillar) and Non-Blocker cases (similar to Grice’s case involving a clock and brain (...) stimulation). They found that a substantial minority agreed that seeing occurs in the Non-Blocker cases, and that in the Blocker cases significantly less agreed that seeing occurs. They thus hypothesized that folk intuitions better align with a no blocker condition than with a causal condition. This paper continues this line of enquiry with two new experiments. The paper investigates the generality and robustness of Roberts et al.’s findings by expanding the sense modalities tested from only vision to audition and olfaction as well. The paper also uses Gricean style thought experiments as a case study for investigating the “reflection defense” against the negative project in experimental philosophy. Our results replicate and extend Roberts et al.’s study and support their hypothesis that folk intuitions better align with a no blocker condition. They also provide an empirical reason to doubt the reflection defense. (shrink)