This paper aims, first of all, at showing that there is a very close correspondence between the series of events of the subprime cycle and the typical process described by the Austrian business cycle theory. It then answers to some of the main criticisms directed against the Austrian explanation of this crisis. It shows, finally, how major aspects of this cycle – housing bubble, governmental policies of credit and housing, financial innovations – can be integrated to or deduced (...) from the Austrian explanatory framework. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of (...) the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of (...) the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

This paper explores the behavior of the banking industry in the new business environment that arose after the subprime crisis. The main hypothesis is that there are two major types of banking institutions: conventional banks and ethical banks. Each has a distinct business model. To test how they have reacted to the new environment, factor analysis techniques have been used. The main findings are twofold. Firstly, the new financial context has indeed caused the behavior of mainstream banks to (...) change. Within this group, one can further distinguish between those that have tried to anticipate the changes by adopting a more responsible financial attitude and those that have merely modified their banking practice to comply with the new regulatory framework. Secondly, there are the so-called ethical banks. Interestingly, their behavior has scarcely been altered by the new financial context. The main conclusion is that the different response of both types of banks reflects the existence of a distinct business model. (shrink)

This article specifically aims to address both the economic and ethical implications of mixed communities in the US through the lens of market failure, and more specifically, the recent subprime financial crisis. Relative to the research of mixed communities and social integration efforts, I first intend to explore income mix as an explanatory variable of census tract level foreclosure rates in the state of Ohio, USA. I aim to show that counter-homogenous income communities display a greater capacity to (...) absorb the adverse affects of the recent subprime financial crisis than concentrated communities of poverty. Second, I intend to provide an ethical appraisal of foreclosure effect on vulnerable communities using John Rawls' "Veil of Ignorance" as an ethical framework by which to evaluate the "fairness" of social segregation. Ethically speaking, a Rawlsian critique exposes the sub-optimality of concentrated pockets of neighborhood deprivation, where the uneven affects of subprime foreclosures are not only disproportionately shouldered by lower-income communities, but also found to be unjust. This study is not intended to suggest the unqualified support of existing US dispersal efforts, but it does contribute to exposing the sub-optimality and injustices of inert, segregated communities. (shrink)

This paper situates the subprime crisis in the context of the performance of the American economy over the last twenty-five years. The restructuring of the US economy is briefly reviewed, followed by an examination of some of the contradictions of the neoliberal model. Particular emphasis is placed on understanding the reasons behind stagnant investment, and how the US finance-led accumulation-régime has become dependent upon, and threatened by, credit-creation delinked from the financing of fixed-capital formation. I argue that while (...) the defeat of the remnants of the New-Deal/Civil-Rights liberal-democratic coalition has provided the political context for the bold re-assertion of the prerogatives of capitalist owners, the neoliberal model has not provided a path out of problems of stagnation and growing debt-dependency that presently plague the US economy. Further, I argue that evidence suggests that the post-1982 restoration of profitability that underpinned the relative improvement of US economic performance has peaked, and that compelling historical and theoretical reasons exist to expect that the profit-rate will decline in the coming decade. This will introduce additional stresses on the current debt-structure of the US economy, triggering a period of prolonged crisis and economic dislocation. The conclusion is that the US economy faces the spectre of a protracted crisis associated with the reassertion of the falling rate of profit. (shrink)

ABSTRACT By means of the high ratings that they awarded to subprime mortgage‐backed bonds, the three major rating agencies—Moody's, Standard & Poor's, and Fitch—played a central role in the current financial crisis. Without these ratings, it is doubtful that subprime mortgages would have been issued in such huge amounts, since a major reason for the subprime lending boom was investor demand for high‐rated bonds—much of it generated by regulations that made such bonds mandatory for large institutional (...) investors. And it is even less likely that such bonds would have become concentrated on the balance sheets of the banks, for which they were rewarded by capital regulations that tilted toward high‐rated securities. Why, then, were the agencies excessively optimistic in their ratings of subprime mortgage‐backed securities? A combination of their fee structure, the complexity of the bonds that they were rating, insufficient historical data, some carelessness, and market pressures proved to be a potent brew. This combination was enabled, however, by seven decades of financial regulation that, beginning in the 1930s, had conferred the force of law upon these agencies' judgments about the creditworthiness of bonds and that, since 1975, had protected the three agencies from competition. (shrink)

ABSTRACT The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and previously their concentration on the balance sheets (and off the balance sheets) of many commercial (...) and investment banks. As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century‐old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (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)

The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations previously promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and their concentration on the balance sheets (and off the balance sheets) of many commercial and (...) investment banks. As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century-old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (shrink)

Numerous U.S. cities suffered immense fiscal strain following the subprime mortgage crisis and financial crash of 2007–8. Diminished revenues, tightened credit, and speculative financing that went bad in the aftermath fueled widespread fiscal distress on the local scale. Although the current moment resembles fiscal crises that crested in cities in the 1970s–90s, two factors distinguish the current period. First, municipal affairs have become thoroughly financialized—dominated by speculative securities and volatile debt arrangements—such that local crisis can no longer (...) be understood apart from financial market instability. Second, local fiscal politics have become increasingly removed from democratic oversight and control. This de-democratization hinders the capacity of political communities to reregulate markets and rebuild urban communities. An analytic model derived from the work of Hyman Minsky and Karl Polanyi emphasizes how cities become ensnared in a “financial instability” cycle and how communities seek to protect themselves by way of the “double movement.”. (shrink)

ABSTRACT The financial crisis was in large part caused, prolonged, and worsened by a series of government actions and interventions. The housing boom and bust that precipitated the crisis were enabled by extraordinarily loose monetary policy. After the housing boom came to an end, the Federal Reserve misdiagnosed financial markets' uncertainty about the location and value of risky subprime mortgage‐backed securities as being, instead, a liquidity problem, and it took inappropriate compensatory actions that had side effects that (...) included raising the price of oil. Finally, in mid‐September 2008, the government's ad‐hoc bailouts, and the unpredictable terms of the proposed tarp legislation, appear to have caused a sharp spike in uncertainty in the financial markets. (shrink)

On Sept 15, 2008, ‘‘Dark Monday,’’ the world witnessed a radical reshaping of Wall Street. Lehman Brothers fell toward bankruptcy; Merrill Lynch was sold to its rival, Bank of America; and AIG pleaded for $40 billion in government relief. Those calamities marched in step with a dismal parade including the US government takeover of Fannie Mae and Freddie Mac, the bailout of Bear Stearns, and the entire subprime debacle. We rightly blame Wall Street leaders for bungling business decisions, for (...) misestimating risk and overloading banks with single-strategy investments. We now are living with the aftermath of these business mistakes. But how about ethical mistakes? Were they, too, part of the crisis? (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)

ABSTRACT:In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking. The structurally related problems with the four types (...) of high-leverage finance capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leverage finance capitalism system that permitted and facilitated the economic crisis. Ethics issues and potential reforms are considered that may be able to mitigate the destructive effects of what Schumpeter referred to as the “creative destructive” effects of evolutionary forms of capitalism while realizing the Aristotelian economic ideal of creating wealth in such a way as to make us better people and the world a better place. (shrink)

ABSTRACT The underlying cause of the financial meltdown was much more mundane than a “crisis of capitalism”: The real origins lay in mostly obscure housing, tax, and regulatory policies of the U.S. government. The Community Reinvestment Act, the affordable‐housing “mission” of Fannie Mae and Freddie Mac, penalty‐free refinancing of home loans, penalty‐free defaults on home loans, tax preferences for home‐equity borrowing, and reduced capital requirements for banks that held mortgages and mortgage‐backed securities combined with each other to create the (...) incentives for both subprime lending and the housing bubble that eventually led to the financial collapse. (shrink)

The global financial crisis, triggered by the subprime mortgage crisis in the USA, raises an important issue—namely, private production without the control of private property. The credit system has concentrated increasingly large social assets into the hands of financial institutions governed by a few people. This paper argues that the use of social capital for private production has played a key role in causing the subprime mortgage crisis. The credit and banking systems have abolished the (...) private nature of capital and have instead provided a basis for organizing and implementing social production. However, these systems have not “overcome the antithesis between the character of wealth as social and as private.” Therefore, it behooves us to explore what we can learn from the US financial crisis concerning how best to protect social interests, i.e., how to make the social capital produce for society. (shrink)

Using a sample of 21,030 US firm-year observations that represents more than 3000 individual firms over the 1998–2012 period, we investigate the relationship between Corporate Social Responsibility (CSR) and investment efficiency. We provide strong and robust evidence that high CSR involvement decreases investment inefficiency and consequently increases investment efficiency. This result is consistent with our expectations that high CSR firms enjoy low information asymmetry and high stakeholder solidarity (stakeholder theory). Moreover, our findings suggest that CSR components that are directly related (...) to firms’ primary stakeholders (e.g. employee relations, product characteristics, environment, and diversity) are more relevant in reducing investment inefficiency compared with those related to secondary stakeholders (e.g. human rights and community involvement). Finally, additional results show that the effect of CSR on investment efficiency is more pronounced during the subprime crisis. Taken together, our results highlight the important role that CSR plays in shaping firms’ investment behaviour and efficiency. (shrink)

The concept of organizational stigma has received significant attention in recent years. The theoretical literature suggests that for a stigma to emerge over a category of organizations, a “critical mass” of actors sharing the same beliefs should be reached. Scholars have yet to empirically examine the techniques used to diffuse this negative judgment. This study is aimed at bridging this gap by investigating Goffman’s notion of “stigma-theory”: how do stigmatizing actors rationalize and emotionalize their beliefs to convince their audience? We (...) answer this question by studying the stigma over the finance industry since 2007. After the subprime crisis, a succession of events put the industry under greater scrutiny, and the behaviors and values observed within this field began to be publicly questioned. As an empirical strategy, we collected opinion articles and editorials that specifically targeted the finance industry. Building on rhetorical analysis and other mixed methods of media content analysis, we explain how the stigmatizing rhetoric targets the origins of deviant organizational behaviors in the finance industry, that is, the shareholder value maximization logic. We bridge the gap between rhetorical strategies applied to discredit organizations and ones used to delegitimize institutional logics by drawing a parallel between these two literatures. Taking an abductive approach, we argue that institutional contradiction between field and societal-level logics is sufficient, but not necessary to generate organizational stigma. (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)

The subprime mortgage crisis which was caused to a large degree by questionable mortgage lending and securitization practices that were furthered by deregulatory policies devastated the economy, led to large scale unemployment, and caused the foreclosure of millions of homes. There is evidence that numerous mortgage companies, financial firms, rating agencies, and high-level professionals were involved in unethical and often fraudulent business practices leading to the most severe economic meltdown since the Great Depression. In spite of the great (...) economic and social harm, there was a lack of criminal sanctions against those companies and individuals, who were involved in creating the crisis that reached even global dimensions. This article analyses the reasons for and the possible social impacts of the lack of criminal sanctions against those who crossed the line between unethical and criminal business practices. (shrink)

The links between the crisis of subprime mortgages and the so-called crisis of European sovereign debt are sometimes concealed, so as to create a veritable sense of shared guilt meant to sanction the legitimacy of the austerity policies that have been imposed by virtuous Northern European countries on the undeserving countries of Southern Europe. We will analyse three main aspects of the current crisis: we will interpret the austerity policies that today characterize the eurozone as the (...) result of financialization; we will define the state of permanent crisis as an instrument of governance characterized by specific economic policies; we will show how all this unfolds at a stage of capitalist development wherein a new constituent process begins to take shape in a fragmented but nonetheless significant manner, and how this process is reclaimed by the very subjectivities upon which the accumulation of cognitive and relational skills depends in order to reproduce itself: the Welfare of the Common. (shrink)

This first edition of this book was a broad study, drawing on a wide range of published research and historical evidence, of the enormous stock market boom that started around 1982 and picked up incredible speed after 1995. Although it took as its specific starting point this ongoing boom, it placed it in the context of stock market booms generally, and it also made concrete suggestions regarding policy changes that should be initiated in response to this and other such booms. (...) The book argued that the boom represents a speculative bubble, not grounded in sensible economic fundamentals. Part one of the book considered structural factors behind the boom. A list of twelve precipitating factors that appear to be its ultimate causes was given. Amplification mechanisms, naturally-occurring Ponzi processes, that enlarge the effects of these precipitating factors, were described. Part Two discussed cultural factors, the effects of the news media, and of "new era" economic thinking. Part Three discussed psychological factors, psychological anchors for the market and herd behavior. Part Four discussed attempts to rationalize exuberance: efficient markets theory and theories that investors are learning. Part Five presented policy options and actions that should be taken. The second edition, 2005, added an analysis of the real estate bubble as similar to the stock market bubble that preceded it, and warned that "Significant further rises in these markets could lead, eventually, to even more significant declines. The bad outcome could be that eventual declines would result in a substantial increase in the rate of personal bankruptcies, which could lead to a secondary string of bankruptcies of financial institutions as well. Another long-run consequence could be a decline in consumer and business confidence, and another, possibly worldwide, recession." Thus, the second edition of this book was among the first to warn of the global financial crisis that began with the subprime mortgage debacle in 2007. (shrink)

ABSTRACT The main cause of the crisis was the behavior of the banks—largely a result of misguided incentives unrestrained by good regulation. Conservative ideology, along with unrealistic economic models of perfect information, perfect competition, and perfect markets, fostered lax regulation, and campaign contributions helped the political process along. The banks misjudged risk, wildly overleveraged, and paid their executives handsomely for being short‐sighted; lax regulation let them get away with it—putting at risk the entire economy. The mortgage brokers neglected due (...) diligence, since they would not bear the risk of default once their mortgages had been securitized and sold to others. Others can be blamed: the ratings agencies that judged subprime securities as investment grade; the Fed, which contributed low interest rates; the Bush administration, whose Iraq war and tax cuts for the rich made low interest rates necessary. But low interest rates can be a boon; it was the financial institutions that turned them into a bust. (shrink)

System guarantying deposits in Poland was created during the economy transformation. Its founding was resulted from a tough situation in the bank sector, that is why it was supposed to be an antidotum to clients' problems connected with solvency of the collapsing banks and also with adjusting to the European community law. The aim of this work is to present The Bank Guarantee Fund, an institution belonging to a network of financial security, which main task is to protect the deponent’s (...) interests and to secure the banking system's stability. The work concerns some aspects of the growing interest in insurance systems for banks deposits and revived discussions on this subject during crisis on bank markets. In reply on the crisis, which was started on credit market subprime in USA and then spread on other segments of financial markets in other countries, the ECOFIN took a decision for increasing the obligatory guarantee limits for individual persons and also for accelerating the payment of guaranteed means. The aim of above changes is to increase surety of clients and trust to bank sector. (shrink)

Racial capitalism depends on the reproduction of an existing racialized economic order. In this article, I argue that the disavowal of past injustice is a central way in which this reproduction is ensured and that market-based forms of knowledge production, such as for-profit predictive practices, play a crucial role in facilitating this disavowal. Recent debates about the fairness of algorithms, data justice, and predictive policing have intensified long-standing controversies, both popular and academic, about the way in which statistical and financial (...) modes of accounting and predicting articulate, represent and produce ascriptive categories of hierarchically ordered social difference, and reproduce unjust social hierarchies and inequalities. These debates have productively problematized the racial lives of seemingly apolitical predictive technologies and demanded the re-politicization of predictive practices. What has been missing from these debates so far, however, is a more explicit engagement with ways in which anti-racist movements and activists themselves have contested the entanglements of prediction and race making. I turn to a recent prominent example, namely the contestation over racial discrepancies in subprime lending to examine how fair lending activists have conceptualized and troubled the reproduction of a racialized economic order through for-profit predictive practices in the decade before the Great Financial Crisis. I situate this particular example in the broader historical and political context of politicizing prediction that first emerged with the ascendancy of a liberal, individualist-proprietary conception of risk, and the political problem space to which this has given rise. My analysis shows that actuarial conceptions of fairness continue to reverberate in anti-racist contestations of for-profit predictive practices, and that they tend to marginalize and undercut more radical strands of critique of the racialization of financial markets. Insofar as these modalities of contestation implicitly reproduce a liberal, proprietary-individualist conception of risk, I argue, they fail to effectively challenge the quasi-alchemical transformation of injustice into personal responsibility, and thus contribute to the disavowal of past injustice. (shrink)

The purpose of this paper is to analyze the financial turmoil of the US subprime loan crisis of mid-Noughties and to compare it with the Japanese asset bubble of late 1980s. While examining the two crises, it compares the monetary policies of both countries, focusing on the excess liquidity and expansion of bank loans that were seen. This paper develops several bubble indicators, including the ratio of real estate loans to total loans, the loan-to-GDP ratio, and housing affordability. (...) In order to develop these indicators, it is necessary to compare banking behavior in both Japan and the United States, as banks in both countries were making loans beyond the point of profit maximization. Property prices and monetary policy in both countries influenced banking behavior significantly. The bubble indicators developed in this paper can be used as early warning indicators for future bubbles. (shrink)

In the so-called “international credit market crisis,” which started in the second half of 2007 in the US subprime mortgage market, financial derivatives, most notably credit default swaps (CDS), have been publically blamed for having caused, or at least aggravated, the economic and monetary debacle. However, sound economic [...].

Crisis demands -- Crisis narratives -- Crisis: refrain!

이 글은 기업, 국가 등의 특정 조직뿐만 아니라 개인의 삶에도 적용시킬 수 있는 위기 관리의 원리와 철학을 『주역』에서 살펴보는 데 그 목적이 있다. 특히 현대인들의 위기상황 에서 실질적으로 적용될 수 있는 『주역』의 위기관리철학을 『주역』에 나타난 위기의 조짐, 위기의 종류, 그 대처방안 등의 구체적이고 실용적인 주제들을 중심으로 살펴보는 데 그 목적이 있다. 주역 ｢계사전｣에서는 역경 이 은나라에서 주나라로의 전환기에 만들어진 책으로 위태로운 말들을 담고 있지만 이를 통해 오히려 사람들의 삶을 평안하게 이끌고자 한 책이라고 언급했다. 실제로 『주역』에는 다양한 위기상황과 그에 대한 대처방안이 (...) 제시 되고 있다. 이 논문에서는 『주역』에 나타난 위기의 조짐으로서의 기미를 통해 우리 삶 속 에서 위기가 닥쳐올 것임을 암시하는 기미들이 어떠한 양상으로 나타나는지를 살펴보았 다. 아울러 위기 또한 거시적인 변화의 측면에서 연구대상으로 바라보는, 『주역』의 기미에 주목하여 본격적인 위기가 닥쳐올 것임을 보여주는 구체적인 조짐의 모습들을 분석했다. 이를 위해 특히 말, 소통의 방식에서 드러나는 본격적인 위기의 조짐을 살펴보고 그것이 심각한 위기로 번지기 전에 취해야 할 대처방안을 살펴보았다. 하지만 인간의 삶에는 미리 예방하지 못하거나, 본인의 의지와 상관없이 본격적으로 닥쳐오는 위기가 존재한다. 이 논 문에서는 『주역』에 나타난 본격적으로 닥친 위기에 따른 대응방식을 멈추고 기다리는 위 기, 적극적으로 대응하는 위기, 활용하는 위기로 구분하여 살펴보았다. 아울러 모든 종류 의 위기에 대해 가져야 할 한결같은 위기 대응의 원칙 또한 살펴보았다. 그리고 마지막으 로 지금까지 살펴본 『주역』의 위기관리철학을 위기관리 매뉴얼로 도식화해 보았다. 본 연구를 통해 『주역』에서는 사전에 위기의 조짐인 기미를 인지할 수 있다고 보고 있으며, 특히 자신이 자초한 인과적인 일에 대한 기미를 경계하고 있음을 살펴볼 수 있었다. 또한 본 격적인 위기가 닥쳐올 것임을 암시하는 조짐을 사전에 인식하고 그것이 더 깊은 위기로 번 져가지 않도록 사전에 예방할 수 있음을 살펴볼 수 있었다. 아울러 본격적으로 닥친 위기 에 대해서도 그 위기의 특징별로 적절하게 대처할 수 있는 방안이 있음을 살펴볼 수 있었으며 일상적으로 항상 위기에 대비해야 하며, 지나간 위기에 대해서도 그것이 반복되지 않 도록 기억해야 함을 살펴볼 수 있었다. (shrink)

This paper explores the relationship between crisis and experience, concentrating on ‘excentric positionality’ in relation to the shared world, as presented in the work of Helmuth Plessner. A by-product of the 1920s Weimar Germany, Plessner’s philosophical anthropology, it is argued, presents us with a forgotten blueprint for transitive and compositional approaches to the social world. Instead of the familiar ‘crisis of experience’ used to diagnose ‘what has gone wrong’, it allows us to re-learn how to work with ‘the (...) experience of crisis’ itself. The latter holds the key to a different type of approach based on ‘xeno-communication’. This type of communication utilizes the productive potential of crisis in its uncertainty and hesitation before a decision, showing a way to extend and enlarge experience itself. Cultivation of these ‘excentric’ dynamics in turn suggests new ‘excentric methodologies’ based on a more flexible fit between concepts and the worlds they are meant to describe. ‘Excentric methodologies’ constitute a type of experience-based, analytical response to the shared world. They work with phenomena across spaces and problems, analytically utilizing their joint emergence from the fundamental imbalance and discontinuity characteristic of the human environment. (shrink)

The article discusses possible ways of overcoming the environmental crisis. It is based on Šmajs’ evolutionary ontological understanding of the environmental crisis of nature, which distinguishes between natural and cultural evolution and demonstrates the opposing relationships between them. It critically develops one of Šmajs’ proposals for initiating a biophilic transformation of culture by dealing with some of the consequences of the economic crisis (specifically unemployment).

The Crisis of European Sciences and Transcendental Phenomenology, Husserl's last great work, is important both for its content and for the influence it has had on other philosophers. In this book, which remained unfinished at his death, Husserl attempts to forge a union between phenomenology and existentialism. Husserl provides not only a history of philosophy but a philosophy of history. As he says in Part I, "The genuine spiritual struggles of European humanity as such take the form of struggles (...) between the philosophies, that is, between the skeptical philosophies--or nonphilosophies, which retain the word but not the task--and the actual and still vital philosophies. But the vitality of the latter consists in the fact that they are struggling for their true and genuine meaning and thus for the meaning of a genuine humanity.". (shrink)

Background The global COVID-19 pandemic has challenged nurse leaders in ways that one could not imagine. Along with ongoing priorities of providing high quality, cost-effective and safe care, nurse leaders are also committed to promote an ethical climate that support nurses’ moral courage for sustaining excellence in patient and family care. Aim This study is directed to develop a structure equation model of crisis, ethical leadership and nurses’ moral courage: mediating effect of ethical climate during COVID-19. Ethical consideration Approval (...) was obtained from Ethics Committee at Faculty of Nursing, Alexandria University, Egypt. Methods A cross-sectional design was used to conduct this study using validated scales to measure the study variables. It was conducted in all units of two isolated hospitals in Damanhur, Egypt. A convenient sample of 235 nurses was recruited to be involved in this study. Results This study revealed that nurses perceived a moderate mean percent (55.49 ± 3.46) of overall crisis leadership, high mean percent (74.69 ± 6.15) of overall ethical leadership, high mean percent (72.09 ± 7.73) of their moral courage, and moderate mean percent of overall ethical climate (65.67 ± 12.04). Additionally, this study declared a strong positive statistical significant correlation between all study variables and indicated that the independent variable (crisis and ethical leadership) can predict a 0.96, 0.6, respectively, increasing in the dependent variable (nurses’ moral courage) through the mediating impact of ethical climate. Conclusion Nursing administrators should be conscious of the importance of crisis, ethical leadership competencies and the role of ethical climate to enhance nurses’ moral courage especially during pandemic. Therefore, these findings have significant contributions that support healthcare organizations to develop strategies that provide a supportive ethical climate. Develop ethical and crisis leadership competencies in order to improve nurses' moral courage by holding meetings, workshops, and allowing open dialogue with nurses to assess their moral courage. (shrink)

« C’est par un saut de l’imagination que l’on saisit la vérité. »Et si la crise des subprimes ne pouvait se comprendre qu’à l’aune, non d’explications strictement économico-financières, mais d’un paradigme criminel ? Et si le véritable récit de ce désastre était celui d’acteurs financiers devenus..

This book examines the psychological responses of people to the excitements and terrors that characterise the modern world. Beginning with a description of modernist and post-modernist accounts of contemporary life, it then moves into detailed discussions of narcissism and psychosis - two states of mind that seem to characterise the 'crises of self' to which the modern world gives rise. With an interweaving of social theory and psychodynamic explanations, this is a sophisticated and compelling text. Identity Crisis will be (...) of interest to students in a wide range of disciplines including psychology, sociology, psychoanalysis, politics and cultural studies. (shrink)

. Science at the interface with society is regarded with mistrust among parts of the public. Scientific judgments on matters of practical concern are not infrequently suspected of being incompetent and biased. I discuss two proposals for remedying this deficiency. The first aims at strengthening the independence of science and suggests increasing the distance to political and economic powers. The drawback is that this runs the risk of locking science in an academic ivory tower. The second proposal favors “counter-politicization” in (...) that research is strongly focused on projects “in the public interest,” that is, on projects whose expected results will benefit all those concerned by these results. The disadvantage is that the future use of research findings cannot be delineated reliably in advance. I argue that the underlying problem is the perceived lack of relevance and reliability and that pluralism is an important step toward its solution. Pluralism serves to stimulate a more inclusive research agenda and strengthens the well-testedness of scientific approaches. However, pluralism also prevents the emergence of clear-cut practical suggestions. Accordingly, pluralism is part of the solution to the credibility crisis of science, but also part of the problem. In order for science to be suitable as a guide for practice, the leeway of scientific options needs to be narrowed – in spite of uncertainty in epistemic respect. This reduction can be achieved by appeal to criteria that do not focus on the epistemic credentials of the suggestions but on their appropriateness in practical respect. (shrink)

In this article, I present a critique of Robert Geraci's Apocalyptic artificial intelligence (AI) discourse, drawing attention to certain shortcomings which become apparent when the analytical lens shifts from religion to the race–religion nexus. Building on earlier work, I explore the phenomenon of existential risk associated with Apocalyptic AI in relation to “White Crisis,” a modern racial phenomenon with premodern religious origins. Adopting a critical race theoretical and decolonial perspective, I argue that all three phenomena are entangled and they (...) should be understood as a strategy, albeit perhaps merely rhetorical, for maintaining white hegemony under nonwhite contestation. I further suggest that this claim can be shown to be supported by the disclosure of continuity through change in the long‐durée entanglement of race and religion associated with the establishment, maintenance, expansion, and refinement of the modern/colonial world system if and when such phenomena are understood as iterative shifts in a programmatic trajectory of domination which might usefully be framed as “algorithmic racism.”. (shrink)

Interpretive study of the theory, science and process of history.

Avner Baz presents a critique of the working practices of analytic philosophy in recent decades. He challenges the assumptions on which the philosophical 'method of cases' rests, and he presents a pragmatist conception of language on which the method of cases as used both 'armchair' and 'experimental' philosophers is fundamentally misguided.

Are countries especially entitled, if not obliged, to prioritize the interests or well-being of their own citizens during a global crisis, such as a global pandemic? We call this partiality for compatriots in times of crisis “crisis nationalism”. Vaccine nationalism is one vivid example of crisis nationalism during the COVID-19 pandemic; so is the case of the US government’s purchasing a 3-month supply of the global stock of the antiviral Remdesivir for domestic use. Is crisis (...) nationalism justifiable at all, and, if it is, what are its limits? We examine some plausible arguments for national partiality, and conclude that these arguments support crisis nationalism only within strict limits. The different arguments for partiality, as we will note, arrive at these limits for different reasons. But more generally, so we argue, any defensible crisis nationalism must not entail the violation of human rights or the worsening of people’s deprivation. Moreover, we propose that good faith crisis nationalism ought to be sensitive to the potential moral costs of national partiality during a global crisis and must take extra care to control or offset these costs. Thus, crisis nationalism in the form of vaccine nationalism or the hoarding of global supplies of therapeutics during a global pandemic exceeds the bounds of acceptable partiality. (shrink)

The modernist movement has been regarded as representing a crisis point in Western thought. This volume looks at that crisis in terms of its reinterpretation of ideas concerning vitalism: the animation of the universe, whether spiritual or based in physical energies) of the universe. Beginning with vitalism's historical background in the enlightenment and the nineteenth century, and moving through scientific, philosophical and literary disciplines, the contributors chart the progress of vitalism and its influence on modernist thought. The focal (...) point is the work of Henri Bergson, whose part in this powerful reinterpretation had a considerable bearing on European and American intellectual life, and yet led to a vehement rejection of his work. A previously untranslated and little-known essay by Bakhtin will be of special interest in this stimulating collection, which includes original contributions from leading scholars in literature, the history of science, biology and philosophy, and comprises a wide-ranging reassessment of 'the perpetual crises of modernity'. The modernist movement has been regarded as representing a crisis point in Western thought. This volume looks at that crisis in terms of its reinterpretation of ideas concerning vitalism: the animation of the universe, whether spiritual or based in physical energies) of the universe. Beginning with vitalism's historical background in the enlightenment and the nineteenth century, and moving through scientific, philosophical and literary disciplines, the contributors chart the progress of vitalism and its influence on modernist thought. The focal point is the work of Henri Bergson, whose part in this powerful reinterpretation had a considerable bearing on European and American intellectual life, and yet led to a vehement rejection of his work. A previously untranslated and little-known essay by Bakhtin will be of special interest in this stimulating collection, which includes original contributions from leading scholars in literature, the history of science, biology and philosophy, and comprises a wide-ranging reassessment of 'the perpetual crises of modernity'. (shrink)

Nowadays, almost everyone seems to agree that science is facing an epistemological crisis – namely the replicability crisis – and that we need to take action. But as to precisely what to do or how...

Different evocations of “crisis” create distinct categories that in turn evoke certain social reactions. Post-2008, Greece became the epicentre of the “financial crisis”; simultaneously, since 2015 with the advent of the “refugee crisis,” it became the “hotspot of Europe.” What are the different vocabularies of crisis? Moreover, how have both representations of crisis facilitated humanitarian crises to become phenomena for European and transnational institutional management? What are the hegemonically constructed subjects of the different crises? The (...) everyday reality in the crisis-ridden hotspot of Europe is invisible in these representations. It is precisely the daily, soft, lived, and unspoken realities of intersecting crises that hegemonic discourses of successive, overlapping, or “nesting crises” render invisible. By shifting the focus from who belongs to which state-devised category to an open-ended, polyvocal account of capitalist oppressions, we aim to question the state’s and supranational efforts to divide the “migrant mob” into discrete juridical categories of citizens (emigrants), refugees, and illegal immigrants, thereby undermining coalitional struggles between precaritised groups. (shrink)

The goal of this paper is to provide an account of the role played by logic in the context of what Husserl names the “crisis of European sciences.” Presupposing the analyses offered in the Krisis, I look at Formale und Transzendentale Logik to demonstrate that the crisis of logic stems from the deviation of its original meaning as a “theory of science” and from its restriction to a mere “theoretical technique.” Through a comparison between Aristotelian syllogistic and modern (...) logic, I show why the modern discovery of the purely formal dimension of knowledge which makes possible such a mathematical technization is a positive achievement that hinders at the same time the disclosure of the truly philosophical nature of logic. The correct appraisal of this ambiguous phenomenon will explain why the rise of modern logic represents a decisive challenge for the success of Husserl’s late phenomenological project. (shrink)