“Since the actions I perform as an individual only have an inconsequential effect on the threat of climate change,” a common argument goes, “it cannot be morally wrong for me to take my car to work everyday or refuse to recycle.” This argument has received a lot of scorn from philosophers over the years, but has actually been defended in some recent articles. A more systematic treatment of a central set of related issues shows how maneuvering around these issues is (...) no easy philosophical task. In the end, it appears, the argument from inconsequentialism indeed is correct in typical cases, but there are also important qualificatory considerations. (shrink)

“Love hurts”—as the saying goes—and a certain amount of pain and difficulty in intimate relationships is unavoidable. Sometimes it may even be beneficial, since adversity can lead to personal growth, self-discovery, and a range of other components of a life well-lived. But other times, love can be downright dangerous. It may bind a spouse to her domestic abuser, draw an unscrupulous adult toward sexual involvement with a child, put someone under the insidious spell of a cult leader, and even inspire (...) jealousy-fueled homicide. How might these perilous devotions be diminished? The ancients thought that treatments such as phlebotomy, exercise, or bloodletting could “cure” an individual of love. But modern neuroscience and emerging developments in psychopharmacology open up a range of possible interventions that might actually work. These developments raise profound moral questions about the potential uses—and misuses—of such anti-love biotechnology. In this article, we describe a number of prospective love-diminishing interventions, and offer a preliminary ethical framework for dealing with them responsibly should they arise. (shrink)

What is the best way of assessing the extent to which people are aware of a stimulus? Here, using a masked visual identification task, we compared three measures of subjective awareness: The Perceptual Awareness Scale , through which participants are asked to rate the clarity of their visual experience; confidence ratings , through which participants express their confidence in their identification decisions, and Post-decision wagering , in which participants place a monetary wager on their decisions. We conducted detailed explorations of (...) the relationships between awareness and identification performance, looking to determine which scale best correlates with performance, and whether we can detect performance in the absence of awareness and how the scales differ from each other in terms of revealing such unconscious processing. Based on these findings we discuss whether perceptual awareness should be considered graded or dichotomous. Results showed that PAS showed a much stronger performance-awareness correlation than either CR or PDW, particularly for low stimulus intensities. In general, all scales indicated above-chance performance when participants claimed not to have seen anything. However, such above-chance performance only showed when we also observed a correlation between awareness and performance. Thus PAS seems to be the most exhaustive measure of awareness, and we find support for above-chance performance in the absence of subjective awareness, but such unconscious knowledge only contributes to performance when we observe conscious knowledge as well. Similarities and differences between scales are discussed in the light of consciousness theories and response strategies. (shrink)

Pharmaceuticals or other emerging technologies could be used to enhance (or diminish) feelings of lust, attraction, and attachment in adult romantic partnerships. While such interventions could conceivably be used to promote individual (and couple) well-being, their widespread development and/or adoption might lead to “medicalization” of human love and heartache—for some, a source of serious concern. In this essay, we argue that the “medicalization of love” need not necessarily be problematic, on balance, but could plausibly be expected to have either good (...) or bad consequences depending upon how it unfolds. By anticipating some of the specific ways in which these technologies could yield unwanted outcomes, bioethicists and others can help direct the course of love’s “medicalization”—should it happen to occur—more toward the “good” side than the “bad.”. (shrink)

The enhancement debate in neuroscience and biomedical ethics tends to focus on the augmentation of certain capacities or functions: memory, learning, attention, and the like. Typically, the point of contention is whether these augmentative enhancements should be considered permissible for individuals with no particular “medical” disadvantage along any of the dimensions of interest. Less frequently addressed in the literature, however, is the fact that sometimes the _diminishment_ of a capacity or function, under the right set of circumstances, could plausibly contribute (...) to an individual's overall well-being: more is not always better, and sometimes less is more. Such cases may be especially likely, we suggest, when trade-offs in our modern environment have shifted since the environment of evolutionary adaptation. In this article, we introduce the notion of “diminishment as enhancement” and go on to defend a _welfarist_ conception of enhancement. We show how this conception resolves a number of definitional ambiguities in the enhancement literature, and we suggest that it can provide a useful framework for thinking about the use of emerging neurotechnologies to promote human flourishing. (shrink)

Purpose This paper aims to formalize long-term trajectories of human civilization as a scientific and ethical field of study. The long-term trajectory of human civilization can be defined as the path that human civilization takes during the entire future time period in which human civilization could continue to exist. -/- Design/methodology/approach This paper focuses on four types of trajectories: status quo trajectories, in which human civilization persists in a state broadly similar to its current state into the distant future; catastrophe (...) trajectories, in which one or more events cause significant harm to human civilization; technological transformation trajectories, in which radical technological breakthroughs put human civilization on a fundamentally different course; and astronomical trajectories, in which human civilization expands beyond its home planet and into the accessible portions of the cosmos. -/- Findings Status quo trajectories appear unlikely to persist into the distant future, especially in light of long-term astronomical processes. Several catastrophe, technological transformation and astronomical trajectories appear possible. -/- Originality/value Some current actions may be able to affect the long-term trajectory. Whether these actions should be pursued depends on a mix of empirical and ethical factors. For some ethical frameworks, these actions may be especially important to pursue. (shrink)

The possibility of enhancing human abilities often raises public concern about equality and social impact. This chapter aims at one particular group of technologies, cognitive enhancement, and one particular fear, that enhancement will create social divisions and possibly expanding inequalities. The chapter argues that cognitive enhancements could offer significant social and economic benefits. The basic forms of internal cognitive enhancement technologies foreseen today are pharmacological modifications, genetic interventions, transcranial magnetic stimulation, and neural implants. Cognitive enhancements can influence the economy through (...) reduction of losses, individual economic benefits, and society‐wide benefits. The strongest objection to the introduction of any enhancement technology is that it will create inequality, injustice, and unfairness. While there are clear economic and social benefits to cognitive enhancement, there exist anumber of obstacles to its development and use. One obstacle is the present system for licensing drugs and medical treatments. (shrink)

The prospect of using memory modifying technologies raises interesting and important normative concerns. We first point out that those developing desirable memory modifying technologies should keep in mind certain technical and user-limitation issues. We next discuss certain normative issues that the use of these technologies can raise such as truthfulness, appropriate moral reaction, self-knowledge, agency, and moral obligations. Finally, we propose that as long as individuals using these technologies do not harm others and themselves in certain ways, and as long (...) as there is no prima facie duty to retain particular memories, it is up to individuals to determine the permissibility of particular uses of these technologies. (shrink)

Many writers in the field of business ethics seem to have accepted R. Edward Freeman’s argument to the effect that what he calls “the separation thesis,” or the idea that business and morality can be separated in certain ways, should be rejected. In this paper, I discuss how this argument should be understood more exactly, and what position “the separation thesis” refers to. I suggest that there are actually many interpretations (or versions) of the separation thesis going around, ranging from (...) semantic, empirical and reformative to some which are straightforwardly normative. While it is generally agreed that the separation thesis should be rejected, then, there is not as much agreement on what this thesis actually says. I suggest that whether or not we should<br>reject the separation thesis, however, ultimately must depend on how we understand it more exactly—on certain interpretations, the thesis comes out as more or less trivially false, but we should demand more evidence or argument to reject it on certain other interpretations. This result presents a challenge for all those writers who are committed to the rejection of the separation thesis. (shrink)

Anthropogenic climate change is arguably one of the biggest problems that confront us today. There is ample evidence that climate change is likely to affect adversely many aspects of life for all people around the world, and that existing solutions such as geoengineering might be too risky and ordinary behavioural and market solutions might not be sufficient to mitigate climate change. In this paper, we consider a new kind of solution to climate change, what we call human engineering, which involves (...) biomedical modifications of humans so that they can mitigate and/or adapt to climate change. We argue that human engineering is potentially less risky than geoengineering and that it could help behavioural and market solutions succeed in mitigating climate change. We also consider some possible ethical concerns regarding human engineering such as its safety, the implications of human engineering for our children and society, and we argue that these concerns can be addressed. Our upshot is that human engineering deserves further consideration in the debate about climate change. (shrink)

Many writers have commented on the heterogeneity of the socially responsible investment (SRI) movement. However, few have actually tried to understand and explain it, and even fewer have discussed whether the opposite – standardisation – is possible and desirable. In this article, we take a broader perspective on the issue of the heterogeneity of SRI. We distinguish between four levels on which heterogeneity can be found: the terminological, definitional, strategic and practical. Whilst there is much talk about the definitional ambiguities (...) of SRI, we suggest that there is actually some agreement on the definitional level. There are at least three explanations which we suggest can account for the heterogeneity on the other levels: cultural and ideological differences between different regions, differences in values, norms and ideology between various SRI stakeholders, and the market setting of SRI. Discussing the implications of the three explanations for the SRI market, we suggest that there is reason to be sceptical about the possibilities of standardisation if not standardisation is imposed top-down. Whether this kind of standardisation is desirable or not, we argue, depends on what the motives for it would be. To the extent that standardisation may facilitate the mainstreaming of SRI, it could be a good thing – but we entertain doubts about whether mainstreaming really requires standardisation. (shrink)

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

ABSTRACT:Microfinance is often assumed to be an ethically progressive industry, but in recent years it has been the target of much ethical criticism. Microfinance institutions have been accused of using exploitative lending techniques and charging usurious interest rates; and critics even question the ability of microfinance to alleviate poverty. This article reviews recent research on the microfinance sector that addresses these ethical issues. We show how this research is relevant to a number of theoretical issues, such as how to define (...) poverty, how to understand exploitation, and how to balance financial and social goals in commercial organizations. We conclude by identifying a critical agenda for future research. (shrink)

In September 2015 a well-publicised Campaign Against Sex Robots (CASR) was launched. Modelled on the longer-standing Campaign to Stop Killer Robots, the CASR opposes the development of sex robots on the grounds that the technology is being developed with a particular model of female-male relations (the prostitute-john model) in mind, and that this will prove harmful in various ways. In this chapter, we consider carefully the merits of campaigning against such a technology. We make three main arguments. First, we argue (...) that the particular claims advanced by the CASR are unpersuasive, partly due to a lack of clarity about the campaign’s aims and partly due to substantive defects in the main ethical objections put forward by campaign’s founder(s). Second, broadening our inquiry beyond the arguments proferred by the campaign itself, we argue that it would be very difficult to endorse a general campaign against sex robots unless one embraced a highly conservative attitude towards the ethics of sex, which is likely to be unpalatable to those who are active in the campaign. In making this argument we draw upon lessons from the campaign against killer robots. Finally, we conclude by suggesting that although a generalised campaign against sex robots is unwarranted, there are legitimate concerns that one can raise about the development of sex robots. (shrink)

Human beings are a marvel of evolved complexity. Such systems can be difficult to enhance. When we manipulate complex evolved systems, which are poorly understood, our interventions often fail or backfire. It can appear as if there is a “wisdom of nature” which we ignore at our peril. Sometimes the belief in nature’s wisdom—and corresponding doubts about the prudence of tampering with nature, especially human nature—manifests as diffusely moral objections against enhancement. Such objections may be expressed as intuitions about the (...) superiority of the natural or the troublesomeness of hubris or as an evaluative bias in favor of the status quo. This chapter explores the extent to which such prudence-derived anti-enhancement sentiments are justified. We develop a heuristic, inspired by the field of evolutionary medicine, for identifying promising human enhancement interventions. The heuristic incorporates the grains of truth contained in “nature knows best” attitudes while providing criteria for the special cases where we have reason to believe that it is feasible for us to improve on nature. (shrink)

There is no strong reason to believe that human-level intelligence represents an upper limit of the capacity of artificial intelligence, should it be realized. This poses serious safety issues, since a superintelligent system would have great power to direct the future according to its possibly flawed motivation system. Solving this issue in general has proven to be considerably harder than expected. This paper looks at one particular approach, Oracle AI. An Oracle AI is an AI that does not act in (...) the world except by answering questions. Even this narrow approach presents considerable challenges. In this paper, we analyse and critique various methods of controlling the AI. In general an Oracle AI might be safer than unrestricted AI, but still remains potentially dangerous. (shrink)

When consciousness is examined using subjective ratings, the extent to which processing is conscious or unconscious is often estimated by calculating task performance at the subjective threshold or by calculating the correlation between accuracy and awareness. However, both these methods have certain limitations. In the present article, we propose describing task accuracy and awareness as functions of stimulus intensity as suggested by Koch and Preuschoff . The estimated lag between the curves describes how much stimulus intensity must increase for awareness (...) to change proportionally as much as accuracy and the slopes of the curves are used to assess how fast accuracy and awareness increases and whether awareness is dichotomous. The method is successfully employed to assess consciousness characteristics on data from four different awareness scales. (shrink)

As cognitive neuroscience has advanced, the list of prospective internal, biological enhancements has steadily expanded. Education and training, as well as the use of external information‐processing devices, may be labeled as “conventional” means of cognition enhancement (CE). They are often well established and culturally accepted. By contrast, methods of enhancing cognition through “unconventional” means, such as ones involving deliberately created nootropic drugs, gene therapy, or neural implants, are nearly all to be regarded as experimental at the present time. Transcranial magnetic (...) stimulation (TMS), genetic interventions, brain‐computer interfaces and new senses are highly experimental and unlikely to be important over the next 15 years. Many of the concerns about enhancement are nonspecific to the tools used to achieve it, which means that enhancement–ethic scrutiny should also apply to nonbiological external enhancements. (shrink)

Cognitive enhancements in the context of converging technologies. [Annals of the New York Academy of Sciences, Vol. 1093, pp. 201-207] [with Anders Sandberg] [pdf].

'Brainjacking’ refers to the exercise of unauthorized control of another’s electronic brain implant. Whilst the possibility of hacking a Brain–Computer Interface (BCI) has already been proven in both experimental and real-life settings, there is reason to believe that it will soon be possible to interfere with the software settings of the Implanted Pulse Generators (IPGs) that play a central role in Deep Brain Stimulation (DBS) systems. Whilst brainjacking raises ethical concerns pertaining to privacy and physical or psychological harm, we claim (...) that the possibility of brainjacking DBS raises particularly profound concerns about individual autonomy, since the possibility of hacking such devices raises the prospect of third parties exerting influence over the neural circuits underpinning the subject’s cognitive, emotional and motivational states. However, although it seems natural to assume that brainjacking represents a profound threat to individual autonomy, we suggest that the implications of brainjacking for individual autonomy are complicated by the fact that technologies targeted by brainjacking often serve to enhance certain aspects of the user’s autonomy. The difficulty of ascertaining the implications of brainjacking DBS for individual autonomy is exacerbated by the varied understandings of autonomy in the neuroethical and philosophical literature. In this paper, we seek to bring some conceptual clarity to this area by mapping out some of the prominent views concerning the different dimension of autonomous agency, and the implications of brainjacking DBS for each dimension. Drawing on three hypothetical case studies, we show that there could plausibly be some circumstances in which brainjacking could potentially be carried out in ways that could serve to enhance certain dimensions of the target’s autonomy. Our analysis raises further questions about the power, scope, and necessity of obtaining prior consent in seeking to protect patient autonomy when directly interfering with their neural states, in particular in the context of self-regulating closed-loop stimulation devices. (shrink)

Socially responsible investment (SRI) – sometimes termed “ethical investment” – refers to the practice of integrating social, environmental, or ethical criteria into financial investment decisions. Whereas conventional investment focuses upon financial risk and return from stocks and bonds, SRI includes other goals or constraints. It is the nature of the source, and not just the size, of the financial return that is of concern in SRI. This article introduces the principal investment strategies generally pursued under SRI, and then focuses specifically (...) on the ethical dimension – that is, whether current SRI practices constitute an ethically justified, perhaps even ethically superior, way of investing. (shrink)

Dienes and Seth (2010) conclude that confidence ratings and post-decision wagering are two comparable and recommendable measures of conscious experience. In a recently submitted paper, we have however found that both methods are problematic and seem less suited to measure consciousness than a direct introspective measure. Here, we discuss the methodology and conclusions put forward by Dienes and Seth, and why we think the two experiments end up with so different recommendations.

A critical issue for the future growth and impact of socially responsible investment (SRI) is whether institutional investors are legally permitted to engage in it – in particular whether it is compatible with the fiduciary duties of trustees. An ambitious report from the United Nations Environment Programme’s Finance Initiative (UNEP FI), commonly referred to as the ‘Freshfields report’, has recently given rise to considerable optimism on this issue among proponents of SRI. The present article puts the arguments of the Freshfields (...) report into some further both empirical and critical perspective, however, and suggests that its findings do not call for very much optimism. The general argument is that while the understanding of fiduciary duty outlined by the Freshfields report seems to allow institutional investors to at least sometimes take some social or environmental considerations into account, the support it gives for SRI is notably contingent and, furthermore, it rules out exactly the kind of SRI which proponents of social responsibility and environmental sustainability should hold in highest regard – proactive cases and socially effective investment strategies. If SRI is to become an important force for corporate social responsibility through its adoption by institutional investors, then, it is suggested that legal reform is needed. (shrink)

In a recent paper, Peter Singer suggests that some interesting new findings in experimental moral psychology support what he has contended all along—namely that intuitions should play little or no role in adequate justifications of normative ethical positions. Not only this but, according to Singer, these findings point to a central flaw in the method (or epistemological theory) of reflective equilibrium used by many contemporary moral philosophers. In this paper, we try to defend reflective equilibrium from Singer’s attack and, in (...) part, we do this by discussing Singer’s own favoured moral methodology as outlined in his Practical Ethics . Although basing ethics solely on (certain kinds of) intuitions certainly is problematic, we argue, basing it solely on ‘reason’ gives rise to similar problems. The best solution would arguably be one which could strike a balance between the two—but, we suggest, this is precisely what reflective equilibrium is all about. (shrink)

In this article we discuss the moral and legal aspects of causing the death of a terminal patient in the hope of extending their life in the future. We call this theoretical procedure cryothanasia. We argue that administering cryothanasia is ethically different from administering euthanasia. Consequently, objections to euthanasia should not apply to cryothanasia, and cryothanasia could also be considered a legal option where euthanasia is illegal.

Comparison of behavioural measures of consciousness has attracted much attention recently. In a recent article, Szczepanowski et al. conclude that confidence ratings predict accuracy better than both the perceptual awareness scale and post-decision wagering when using stimuli with emotional content . Although we find the study interesting, we disagree with the conclusion that CR is superior to PAS because of two methodological issues. First, the conclusion is not based on a formal test. We performed this test and found no evidence (...) that CR predicted accuracy better than PAS . Second, Szczepanowski et al. used the present version of PAS in a manner somewhat different from how it was originally intended, and the participants may not have been adequately instructed. We end our commentary with a set of recommendations for future studies using PAS. (shrink)

Over the years, I have lectured about various enhancements and modifications of the human body; now I am going to deal more with the whys than the hows. I am hoping to demonstrate why the freedom to modify one's body is essential not just to transhumanism, but also to any future democratic society.

Stakeholder theory is one of the most influential theories in business ethics. It is perhaps not surprising that a theory as popular as stakeholder theory should be used in different ways, but when the disparity between different uses becomes too great, it is questionable whether all the ‘stakeholder research’ refers to the same underlying theory. This paper starts to clarify this definitional confusion by distinguishing between three different ways in which different lines of stakeholder research are connected with descriptive and (...) instrumental stakeholder theory. First, a distinction is made between research connected with descriptive and with instrumental stakeholder theory as defined by Donaldson & Preston in the narrow or broad sense. Second, a distinction is made between research that interprets descriptive and instrumental stakeholder theories as either hypotheses or research areas. Third, a distinction is made between research that interprets Donaldson & Preston’s central concept of ‘stakeholder management’ as either behaviour or rationale. Finally, the paper discusses the implications of these differences for empirical research into stakeholder theory. (shrink)

In some situations a number of agents each have the ability to undertake an initiative that would have significant effects on the others. Suppose that each of these agents is purely motivated by an altruistic concern for the common good. We show that if each agent acts on her own personal judgment as to whether the initiative should be undertaken, then the initiative will be undertaken more often than is optimal. We suggest that this phenomenon, which we call the unilateralist’s (...) curse, arises in many contexts, including some that are important for public policy. To lift the curse, we propose a principle of conformity, which would discourage unilateralist action. We consider three different models for how this principle could be implemented, and respond to an objection that could be raised against it. (shrink)

abstract Microcredit is often hailed as an effective way of alleviating poverty. In recent years, however, microfinance institutions have been the target of much criticism due to their comparatively high interest rates (which may be as high as 70–100% per annum). This paper discusses whether it can be morally justified to charge very high rates of interest when lending money to the poor. Arguments are drawn from contemporary as well as historical debates on usury, exploitation, egalitarianism and consequentialism. It is (...) conceded that it would be preferable if interest rates could be reduced, but it is argued that typical microlenders today do nothing wrong in setting their rates at the current levels. Instead the responsibility rests on governments, commercial banks and overseas investors to facilitate an environment where rates could be reduced. (shrink)

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

Chief executive officers (CEOs) are typically paid great amounts of money in wages and bonuses by commercial companies. This is sometimes defended with an argument from peer comparison; roughly that “our” CEO has to be paid in accordance with what other CEOs at comparable companies get. At first glance this seems like a poor excuse for morally outrageous pay schemes and, consequently, the argument has been ignored in the previous philosophical literature. In contrast, however, this article provides a partial defence (...) of the argument from peer comparison. Moreover, it is demonstrated how a serious consideration of this argument sheds further light on both incentive- and desert-based theories of just pay. (shrink)

Some risks have extremely high stakes. For example, a worldwide pandemic or asteroid impact could potentially kill more than a billion people. Comfortingly, scientific calculations often put very low probabilities on the occurrence of such catastrophes. In this paper, we argue that there are important new methodological problems which arise when assessing global catastrophic risks and we focus on a problem regarding probability estimation. When an expert provides a calculation of the probability of an outcome, they are really providing the (...) probability of the outcome occurring, given that their argument is watertight. However, their argument may fail for a number of reasons such as a flaw in the underlying theory, a flaw in the modeling of the problem, or a mistake in the calculations. If the probability estimate given by an argument is dwarfed by the chance that the argument itself is flawed, then the estimate is suspect. We develop this idea formally, explaining how it differs from the related distinctions of model and parameter uncertainty. Using the risk estimates from the Large Hadron Collider as a test case, we show how serious the problem can be when it comes to catastrophic risks and how best to address it. (shrink)

In their comment on Sandberg, Timmermans, Overgaard, and Cleeremans , Dienes and Seth argue that increased sensitivity of the Perceptual Awareness Scale is a consequence of the scale being less exclusive rather than more exhaustive. According to Dienes and Seth, this is because PAS may measure some conscious content, though not necessarily relevant conscious content, “If one saw a square but was only aware of seeing a flash of something, then one has not consciously seen a square.” In this reply, (...) we claim that there is a difference between conscious visual experience, which may be partial, and the resulting conscious content, which is conceptual. Whereas PAS measures the first, confidence judgments and post-decision wagering measure the second. (shrink)

How individuals tend to evaluate the combination of their own and other’s payoffs—social value orientations—is likely to be a potential target of future moral enhancers. However, the stability of cooperation in human societies has been buttressed by evolved mildly prosocial orientations. If they could be changed, would this destabilize the cooperative structure of society? We simulate a model of moral enhancement in which agents play games with each other and can enhance their orientations based on maximizing personal satisfaction. We find (...) that given the assumption that very low payoffs lead agents to be removed from the population, there is a broadly stable prosocial attractor state. However, the balance between prosociality and individual payoff-maximization is affected by different factors. Agents maximizing their own satisfaction can produce emergent shifts in society that reduce everybody’s satisfaction. Moral enhancement considerations should take the issues of social emergence into account. (shrink)

A critical issue for the future growth of socially responsible investment (SRI) is to what extent institutional investors such as pension funds can be persuaded to engage in it. This paper considers attempts at justifying such engagement stemming from a range of (re-)interpretations of the fiduciary duties owed by pension funds to their beneficiaries, and thereby develops a hypothesis concerning the most effective political or legal remedy. Previous commentary suggests that fiduciary duty either already mandates SRI for pension funds, or (...) at least can be made to do so rather easily. In contrast with this, however, this paper finds that none of the considered interpretations is able to justify engagement on social and environmental issues across the board. Indeed, the problem to some extent seems rooted in the very concept of fiduciary duty. The paper is relevant to current attempts at justifying SRI through reinterpretations of fiduciary duty, provided mainly by legal scholars and practitioners. By addressing the more philosophical issue of how far the concept of fiduciary duty can be “stretched” to accommodate SRI (a project of conceptual rather than legal clarification), it provides an evaluation of the contemporary debate which is independent of squabbles about existing law. The paper shows that there are conceptual limits to attempts at redefining fiduciary duty. But this does not mean that pension funds' engagement in SRI is unjustified or unjustifiable more generally. A more promising way to legally mandate SRI may be through what is dubbed independent social and environmental obligations. (shrink)

This paper analyzes the proposal that central banks should issue digital currencies (CBDC) to provide a public alternative to private digital accounts and cryptocurrencies. We build on some The promises and perils of central bank digital currencies recent themes in political economy research to give a broader and more balanced perspective than the existing literature, highlighting both the promises and perils of CBDC. We argue that, on the one hand, the present state of the private financial sector is problematic and (...) regulators should seek to tackle the issues of financial power, financial instability and lack of adequate monetary policy options. On the other hand, implementing CBDC comes with risks of its own, such as that of creating a “Frankenstein scenario” where too much power is given to unelected technocrats. Our tentative conclusion is therefore that CBDC should be seen as a second-best option, while the primary focus of policy makers should be on the possibility of financial re-regulation. (shrink)