International policies often make the conferral of aid, debt relief, or additional trading opportunities to a country depend upon its having successfully implemented specific policies, achieved certain social or economic outcomes, or demonstrated a commitment to conducting itself in specified ways. Such policies are conditionality arrangements. My aim in this article is to explore whether conditionality arrangements that would make the conferral of debt relief depend on whether the debtor country achieves a certain status with respect to the (...) human right fulfilment of its population can be justified. I argue that many objections that are typically advanced against conditionality arrangements are unconvincing, and that the possible benefits of human rights conditionality are sufficient to warrant serious intellectual and practical exploration. Whether or not particular arrangements are justified cannot be determined in advance of such exploration. (shrink)

Federal credit policies toward agriculture reflect the human values of maintaining the farm production sector largely as an industry characterized by small-scale, family farms. The Farmers Home Administration has implemented various credit programs designed to carry out this policy objective. As a result of the prolonged financial crisis in the farm economy, the agricultural community is becoming more aware of the controversies surrounding the mission of FmHA and its debt restructuring program. This paper discusses the debt restructuring (...) program administered by the Farmers Home Administration (FmHA), as authorized by the Agricultural Credit Act of 1987, and amended by the recently enacted Farm Bill of 1990. It discusses the key provisions of the Agricultural Credit Act authorizing FmHA to establish a debt restructuring and debt forgiveness program aimed at achieving the public policy objective of keeping financially stressed farmers in business, whenever possible.In the course of reviewing the restructuring program, FmHA officials and congressional committees reviewed the FmHA's mission and its program implementation. This review indicated that several unintended negative consequences resulted from several abuses stemming from inadequate administrative mechanisms and controls and conflicting legislative objectives of debt forgiveness and federal tax policy. In enacting the 1990 Farm Bill, Congress sought to reorient FmHA's mission to a temporary source of credit and to eliminate various abuses associated with the implementation of FmHA's debt restructuring program. The 1990 Farm Bill reflects an effort by Congress to address some the controversies surrounding federal credit policies toward agriculture. Although Congress placed limits on debt restructuring, the overall public policy objective of maintaining a family-farm posture in the agricultural sector continues to be an important social value. (shrink)

This article analyzes the Turkish central bank's “managed uncertainty” policy after the global financial crisis. During 2010–14, the central bank intentionally generated uncertainty around short-term interest rates, using the level of predictability faced by financiers as a tool to buffer the domestic economy from volatile capital flows. How did the central bank implement this unconventional policy? Building on interview data and public texts, the article argues that the surge in capital inflows after the crisis sourced a debt-led, (...) financialized economic growth model and deepened Turkey's reliance on external financing. The central bank could diverge from the financial sector's policy preferences despite Turkey's increased foreign capital dependence because the availability of low-cost, ample, private funding opportunities temporarily expanded policymakers’ room to maneuver. However, operating vis-à-vis an unsustainable growth regime, the central bank had to revert to orthodoxy in 2014 due to declining investor confidence and capital flight. This article contributes to the literature on the structural power of finance by demonstrating how finance derives its structural power from funding financialized growth, not productive investments. It also shows that financial structural power varies based on the source and cost of external financing beyond the degree of foreign capital dependence. (shrink)

If the present generation refuses to bear the burden of mitigating global heating, could we motivate sufficient action by shifting that burden to our descendants? Several writers have proposed breaking the political impasse by funding mitigation through public debt. Critics attack such proposals as both unjust and infeasible. In fact, there is reason to think that some debt financing may be more equitable than placing the whole burden of mitigation on the present generation. While it might not be (...) viable for all countries to take this route simultaneously, a vanguard state, or group of states, could use public debt to fund an ambitious programme to develop inexpensive forms of clean low- or no-emission technology. This would ensure that vanguard actor or set of actors a leading role in those sectors while at the same time benefiting future generations around the world. -/- Key policy insights: (a) Debt-financed clean technology research can shift part of the burden of greenhouse gas mitigation to our descendants, breaking the political impasse of inaction or delayed action. (b) Far from being an injustice to future generations, this could actually be fairer than expecting the present generation to bear the full burden of mitigation. (c) Such an initiative may be most feasible if pursued by a vanguard actor. (shrink)

Austerity as management of public debt is at the core of neoliberal policies and proceeds as differential exploitation. To explore the gendered dimensions of debt, the paper inquires how debt is bond to desire and inscribed in bodies. After indulging in David Graeber’s, Gilles Deleuze’s and Félix Guttari’s work, the analysis focuses on accumulation through debt and dispossession. Drawing on Verónica Gago, Luci Cavallero and Silvia Federici, it reflects how current economies of debt exploit feminized (...) work in times of authoritarian neoliberalism. The paper sheds light on solidaristic struggles against austerity that manifest a desire for social transformation and economies of care. (shrink)

When can we say that a debt crisis has been resolved fairly? An often overlooked but very important effect of financial crises and the debts that often engender them is that they can lead the crisis countries to increased dependence on international institutions and the policy conditionality they require in return for their continued support, limiting their capabilities and those of their citizens to exercise meaningful control over their policies and institutions. These outcomes have been viewed by many (...) not merely as extremely unfortunate and regrettable, but also as deeply unfair. And indeed, increasingly potent popular movements have pressured governments, financial institutions, and the financial community to seek what they take to be fairer solutions to debt crises. The merits of these programs and proposals for dealing more fairly with sovereign debt remain hotly disputed. In this essay, we try to take a step back from the political fray and examine some more fundamental considerations that seem relevant to assessing the fairness of current arrangements governing economic exchanges related to debt contracts and alternatives that have been proposed to them.Our discussion is organized into seven sections. First, we characterize briefly the concept of fairness and its role in social evaluation. Second, we clarify what sovereign debt is, and, third, the ethical statuses that particular sovereign debts can have. Fourth, we identify and describe the main features of current practices related to sovereign debt. Fifth, we describe an "ideal picture" of creditor/debtor relations. We argue that in such a scenario a broad range of ethical considerations can plausibly be invoked in support of practices that closely resemble those presently governing sovereign debt. Sixth, we draw attention to the many ways in which in reality the relations between sovereign debtors and their creditors differ markedly from the relationships between the creditor and debtor in the ideal picture. Because of this, many of the ethical considerations that would support present practices were relations between sovereign debtors and their creditors to resemble more closely those depicted in the ideal picture fail to do so under present circumstances. We conclude, moreover, that the remaining ethical considerations that might be advanced in support of the present system are at best quite inconclusive. Finally, we describe briefly specific reform proposals to current practices. While we will not attempt to show that these proposals would necessarily make the rules governing economic exchanges relevant to sovereign debt more fair, we conclude, in light of our earlier analysis, that they must be given much more serious consideration than they have so far received in policy circles. Indeed, there are strong prima facie reasons to believe that some combination of these proposed policies might prevent or mitigate some of the most ethically regrettable outcomes of present practices and norms by changing the incentives of sovereign borrowers and those who lend to them. (shrink)

The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the (...) importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors. (shrink)

In this article, I make the idea that poverty outcomes are not necessarily morally relevant for assessing policies as clear as possible by discussing a specific case within the global justice debate: sovereign debts. The claim I would like to defend is that generating poverty among the population of a poor state as a result of a loan is independent from the fact that such debt is morally binding. People might become poorer as a result of a loan, and (...) the loan might still be binding; and people might not be negatively affected as a result of a loan, and the loan might be non-binding. It is of course often the case that there is something wrong with lending that generates massive poverty. However, in my view, the fact that lending and poverty exist parallel to each other is not what makes a loan binding or non-binding. Thus, it is misguided to measure poverty as a way of testing the bindingness of a debt. I will proceed as follows. First, I will explain in some detail Pogge’s view about lending and justice, as he is the main defender of the outcome-view that I am trying to refute. Second, I will show two possible worries about Pogge’s view. I will call the first one the “agnosticism objection” and the second one the “normative limitation objection”. Third, I will briefly describe my own account of the conditions under which lending would count as non-binding. This account does not necessarily rely on outcomes. (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)

Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which (...) debt relief proposals aim: remedying disadvantage and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

When can we say that a debt crisis has been resolved fairly? An often overlooked but very important effect of financial crises and the debts that often engender them is that they can lead the crisis countries to increased dependence on international institutions and the policy conditionality they require in return for their continued support, limiting their capabilities and those of their citizens to exercise meaningful control over their policies and institutions. These outcomes have been viewed by many (...) not merely as extremely unfortunate and regrettable, but also as deeply unfair. And indeed, increasingly potent popular movements have pressured governments, financial institutions, and the financial community to seek what they take to be fairer solutions to debt crises. The merits of these programs and proposals for dealing more fairly with sovereign debt remain hotly disputed. In this essay, we try to take a step back from the political fray and examine some more fundamental considerations that seem relevant to assessing the fairness of current arrangements governing economic exchanges related to debt contracts and alternatives that have been proposed to them.Our discussion is organized into seven sections. First, we characterize briefly the concept of fairness and its role in social evaluation. Second, we clarify what sovereign debt is, and, third, the ethical statuses that particular sovereign debts can have. Fourth, we identify and describe the main features of current practices related to sovereign debt. Fifth, we describe an "ideal picture" of creditor/debtor relations. We argue that in such a scenario a broad range of ethical considerations can plausibly be invoked in support of practices that closely resemble those presently governing sovereign debt. Sixth, we draw attention to the many ways in which in reality the relations between sovereign debtors and their creditors differ markedly from the relationships between the creditor and debtor in the ideal picture. Because of this, many of the ethical considerations that would support present practices were relations between sovereign debtors and their creditors to resemble more closely those depicted in the ideal picture fail to do so under present circumstances. We conclude, moreover, that the remaining ethical considerations that might be advanced in support of the present system are at best quite inconclusive. Finally, we describe briefly specific reform proposals to current practices. While we will not attempt to show that these proposals would necessarily make the rules governing economic exchanges relevant to sovereign debt more fair, we conclude, in light of our earlier analysis, that they must be given much more serious consideration than they have so far received in policy circles. Indeed, there are strong prima facie reasons to believe that some combination of these proposed policies might prevent or mitigate some of the most ethically regrettable outcomes of present practices and norms by changing the incentives of sovereign borrowers and those who lend to them. (shrink)

At first blush, debt‐for‐nature swaps seem to provide win‐win solutions to the looming problems of environmental degradation and extreme poverty. So, one might naturally assume that they are morally permissible, if not obligatory. This article will argue, however, that debt‐for‐nature swaps are sometimes morally questionable, if not morally impermissible. It suggests that some criticisms of traditional (economic) conditions placed on loans to poor countries also apply to the (environmental) conditionality implicit in such swaps. The article's main theoretical contribution (...) is to suggest a general argumentative strategy for posing a challenge to the moral acceptability of many seemingly innocuous, or even apparently good, policies in the real world. Its discussion of how we should respond to seemingly tragic dilemmas (e.g. between protecting nature and respecting human rights) may also be of general interest. (shrink)

This paper has already been published in Policy Futures in Education, 0 1–14, 2017. It is freely available on Academia. We thank Jason Thomas Wozniak for the permission to republish it here.: Debt shapes subjectivity by rhythmically training indebted subjects. Stated slightly differently, there exists a debt dressage that produces indebted subjectivity. One of the principle aims of this article is to introduce rhythm into the debt analysis debates. Building on Henri - Sciences de l'éducation et (...) de la formation – Nouvel article. (shrink)

This collection is the first book-length analysis of the theoretical foundations of public debt sustainability concepts and their application to the empirical study of actual budgetary policies.

The study aims to explore the role of gender diversity in debt financing choices among Chinese listed firms. The study used the Chinese listed firm's data from 1991 to 2022 from the Chinese Stock Market return. The study used the fixed effect regression analysis and revealed that gender diversity positively affects debt financing among Chinese firms. Additionally, mass theory results suggested that at least three females on the board significantly influence firms. It served as the voice of gender (...) diversity to influence the board's decisions regarding debt financing. The study has several theoretical and practical implications. This study will enlighten the Chinese boardroom dynamics by reassuring them to add more females to diversity policies. It will benefit future studies on boardroom activities and debt financing in emerging economies. It will be practical guidance for the Chinese policymakers, governing authorities, and corporate executives. The study stresses the need for significant diversity on the board rather than one female presence on the board. Secondly, this study contradicts the stereotype perception that females are not making risky decisions. (shrink)

This chapter uses Marx’s credit theory in Comments on James Mill and Freire’s theory of the banking model of education from Pedagogy of the Oppressed to argue that the confluence of massive student debt and structures of “banking” pedagogy in contemporary American higher education places many university students in a unique position of dehumanization. The material limitations brought about by the loan are compounded by the social limitations of a resulting push toward productivity in education. Students with loan (...) class='Hi'>debt are driven in the direction of business and pre-professional majors and away from the humanities and other fields which would facilitate students’ abilities to critically question the dehumanizing aspects of their situation. (shrink)

Contemporary processes of globalization have been accompanied by a serious deterioration in the health of many women across the world. Particularly disturbing is the drastic decline in the health status of many women in the global South, as well as some women in the global North. This paper argues that the health vulnerability of women in the global South is inseparable from their political and economic vulnerability. More specifically, it links the deteriorating health of many Southern women with the neo-liberal (...) economic policies that characterize contemporary economic globalization and argues that this structure is sustained by the heavy burden of debt repayments imposed on many Southern countries. In conclusion, it argues that many Southern debt obligations are not morally binding because they are not democratically legitimate. (shrink)

Before the field of business and society can adequately analyze the relationship between governmental policies and corporate social responsibility (CSR), either as a reality or an ideal, it is first necessary to understand exactly how governments nurtured the development of the autonomous corporation. The roles assigned to government by the economics and management literatures—regulator, standard setter, protector, and adjudicator—ignore the crucial part played by state violence and government expenditures in the rise and sustained success of the corporate economy. An examination (...) of the history of the American case, crucial for the development of the modern corporation as well as the “explicit” form of CSR that eventually followed it, highlights these roles: the willingness of the state to intervene with force in labor conflicts bolstered the managerial autonomy that defined the large corporation, and the way government expenditures promoted innovation and firm success. Acknowledging how corporations depended on government assistance in their development is a necessary step for both assessing the responsibilities owed stakeholders and for advancing the theoretical development of the field. (shrink)

This article develops the argument that non-cosmopolitan considerations of justice justify relief of sovereign debt for highly indebted poor states. In particular, the article claims that considerations of national determination warrant some debt-forgiveness in the backdrop of unfair terms of global interaction. In a context of inequality, poor countries cannot generally afford to disregard the costs of ignoring the interests of the wealthiest states. Patterns of unbalanced interaction undermine national self-determination by limiting the poor countries' effective capacity to (...) choose between different policies to achieve development and other worthy goals. In concrete, this article suggests that unequal terms of interaction constrain national self-determination by making of sovereign debt an 'escape mechanism' in the absence of rival alternatives to palliate the effects of underdevelopment and related afflictions, despite the causes of sovereign debt being partly domestic, possibly. Thus, this paper views national self-determination as dependent on the availability of acceptable (non-unbearably burdensome) policy options on the part of states. (shrink)

The men and women who serve in the armed forces, in the words of Major General Joseph Caravalho, “sign a blank check, co-signed by their families, payable to the Army, Navy, Air Force, or Marines, up to and including their lives.” It is human nature to consider such a pact in polarized terms; the pact concludes in either a celebratory homecoming or funereal mourning. But in reality, surviving catastrophic injury may incur the greatest debt. The small but real possibility (...) of losing the ability to bear biological children due to genitourinary combat injury has been a topic of discussion in hushed tones, behind closed doors. But as policy changes move the conversation into the open, we must be fully aware of the far-reaching and long-term impacts of decisions on those who have sustained genitourinary injury. In January 2016, Secretary of Defense Ashton Carter outlined a set of reforms that would improve the quality of life for military families by recognizing the importance of maintaining fertility, even in the face of severe injury. This first promising step could build a solid foundation of insuring fertility preservation for wounded service members with genitourinary injury, and it could set a precedent beyond the military for insuring treatment for people who have lost their reproductive capacity. Thus, the ethical challenges raised by the new policy require careful analysis. (shrink)

While the importance of fostering individual taxpayers’ (hereafter taxpayers) trust in government to encourage tax compliance is widely acknowledged, how policy actions can increase trust in government remains unclear. Thus, the main purpose of our research is to see whether policy actions that signal government benevolence during a crisis can quickly increase trust in government, and its positive implications for tax compliance intentions. Another goal of our research is to see whether such a quick change of trust is (...) driven by emotions. To test this, we use the British COVID-19 Self-Employment Income Support Scheme (hereafter SEISS) as a natural experiment. Right after the SEISS was launched to the British public, we recruited a sample of 500 British self-employed taxpayers via Prolific. Our results suggest that receiving (vs. not receiving) government support increases trust in government and enhances tax compliance intentions. In addition, trust in government mediates the positive impact of receiving (vs. not receiving) government support on tax compliance intentions. More important, our results suggest that policy actions that signal government benevolence during a crisis can increase trust in government quickly because it is driven by taxpayers’ emotions such as gratitude. These results have important implications for governments to efficiently deal with the sharp rise in public debts caused by the COVID-19 pandemic. (shrink)

A Citizen Public Debt Audit is an emancipatory praxis that can mobilize citizens to make legible public debt that has been accrued in their name. Ideally, it should hold creditors accountable for debt that is determined to be odious. This study examines the public debt crisis in Puerto Rico to illustrate the historically unjust circumstances under which public debt was accumulated on the island in the context of US federal taxation and economic policies. It explains (...) how citizens are mobilizing via a CPDA to make these circumstances legible and argues that citizens should not be obliged to service debt that was accrued contrary to their own welfare, especially if conditions of repayment threaten their current and future well-being. (shrink)

The U.S. doctrine of employment-at-will, modified legislatively for protected groups, is being less harshly applied to managerial personnel. Comparable compensation is not otherwise available in the U.S. to workers displaced by technology. Nine pairs of arguments are presented to show how fundamentally management and labor disagree about a company's responsibility for its former employees. These arguments, born of years of labor-management debate, are kaleidoscopic claims about which side has what power. Ultimately, however, not even both together can solve without creative (...) public intervention the emerging problem of massive technological unemployment — the other side of the corporate dream of profit without payrolls. (Originally published as "Displaced Workers: Whose Responsibility?" in Social Policy and Conflict Resolution, eds. T. Attig, D. Callen, and R.G. Frey, Bowling Green, OH: Bowling Green Studies in Applied Philosophy VI, 1984.). (shrink)

The paper addresses some similarities and differences in the institutional set-up of the classical gold standard and European Monetary Union. I argue that giving up monetary nationalism and committing to the rules of either the gold standard or EMU initially seemed to restrict the scope of state action. Therefore, the euro – like previously the gold standard – provided some policy credibility. Policy credibility was a main determinant of capital market integration and low government borrowing costs in Europe (...) under both systems. However, I shall emphasize that the membership in the gold or euro club itself did not force reforms and spending cuts upon countries that faced crisis and debt problems. The article suggests that the institutional set-ups of the gold standard and EMU determined the degree of commitment to them and the way in which countries reacted to deal with debt problems. (shrink)

The mounting pollution burden has raised the need for renewable energy demand throughout the world. The study aims to explore the effect of public debt on renewable energy consumption for selected 23 Asian economies for the time period 1990–2019. Long-run empirical findings of the group-wise symmetric ARDL model reveal that increasing public debt results in declining renewable energy consumption. However, findings of the long-run group-wise asymmetric ARDL model reveal that positive shock in public debt reduces renewable energy (...) consumption, and negative shock in public debt results in increasing renewable energy consumption. The economy-wise empirical findings of the FMOLS model reveal that an increase in public debt results in increased renewable energy consumption in nine economies and decreased renewable energy consumption in six economies. The asymmetric FMOLS findings reveal that positive shock in public debt increases renewable energy consumption in nine economies and also decreases renewable energy consumption in nine economies. However, a negative shock in public debt increases renewable energy consumption in 12 economies and decreases renewable energy consumption in 5 economies. Additionally, this research provides numerous policy implications for renewable energy sources in Asian economies. Asian governments should use public debt for the consumption of renewable energy resources. (shrink)

To live in human community is, in part, to owe debts to others and to be owed in return. How should we evaluate, normatively, the varied forms, practices, institutions, and relationships of debt? Which should be constrained and which accepted or encouraged? These questions have far-reaching implications given the pervasiveness of debt within human experience. This paper brings the resources of the capabilities approach developed by Amartya Sen and Martha Nussbaum to bear on normative assessments of debt. (...) Our thesis is that the theoretical resources provided by this approach can help philosophers to examine the wide range of costs and benefits afforded by actual debts. We examine six contemporary examples of debt, arguing that the capabilities approach offers a nuanced and holistic framework for evaluating each. The framework is nuanced in that it provides resources for conducting fine-grained analyses of different cases and related policy proposals. It is holistic in that it takes into account more than a narrow range of either positive or negative considerations, instead encompassing the wide array of debt’s bodily, cognitive, and social impacts upon individuals. (shrink)

This study sought to identify content on the federal budget, national debt, and budget deficit in the 12 most commonly used high school and college-leveleconomics textbooks. Our systematic review of these sources leads to two key findings: (1) Textbooks are similar in how they represent fiscal policy yet treatthe federal budget, deficit, and debt differently across the sample, and (2) Textbooks treat the federal budget, budget deficit, and national debt as theoretical, without an examination of values (...) and systemic electoral and budgetary politics. These findings lead us to argue that curriculum is needed that will permit a careful examination of how everyday citizens can gain knowledge, acknowledge values, and work towards a reasoned and realitybased view of what is at stake with regard to these issues in the 21st Century. (shrink)

At present, Third World countries owe over one trillion dollars to the developed Western nations; much of the debt is held by the leading international commercial banks. The debt of six Latin American countries alone — Argentina, Brazil, Chile, Mexico, Peru, and Venezuela — is over $330 billion, of which $240 billion is owed to commercial banks. Let us immediately narrow our focus to loans made by the major international commercial banks to Third World governments. We shall not (...) be concerned with government-to-government loans, or private-party-to-private-party loans, or with debt owed to the World Bank or the International Monetary Fund. The bank-to-government loans — the so-called “sovereign loans” — are the most economically troublesome and morally interesting. The largest lenders, at least with respect to the Latin American countries, are the American banks Citibank, Chase Manhattan, Bank of America, Manufacturers Hanover, and Chemical Bank. About fifteen Third World countries have serious debt problems, including the largest: Brazil, Mexico, and Argentina. (shrink)

The urgent need to address climate change poses a range of complex moral and practical concerns, not least because rising to the challenge will require cooperation among countries that differ greatly in their wealth, the extent of their contributions to the problem, and their vulnerability to environmental and economic shocks. This thesis by publication in the field of climate ethics aims to characterise a range of national responsibilities associated with acting on climate change (Part I), and to identify proposals for (...) fulfilling those responsibilities through fair and feasible institutional arrangements (Part II). I aim not only to address substantive gaps in scholarly understanding of those responsibilities, but also to strengthen the ability of climate ethics to engage meaningfully with climate policy. Chapter 2 addresses the question of whether wealthy countries owe a “climate debt” to poor countries. It finds that even if climate debt (suitably interpreted) may provide a coherent and morally plausible concept, its political value as a discursive frame that can provide a basis for cooperation is limited. Chapter 3 investigates the role that equity may play in negotiations on a long-term climate change agreement. It argues that developed and developing countries may reach a “principled bargain” if both converge on a way of differentiating their responsibilities that places less emphasis on a rigid dichotomy between the two groups and more emphasis on objective criteria relating to their contribution to the problem and capacity to address it. Chapter 4 explores a question largely overlooked in climate ethics, namely whether wealthy countries owe compensation to those who are adversely affected by the climate policies which they enact. I find that enacting countries have responsibilities to compensate both domestic and foreign citizens who would suffer disproportionate losses from the effects of policies. Chapter 5 assesses whether wealthy countries may legitimately adopt unilateral (or “fragmented”) rather than multilaterally coordinated approaches to raising climate finance for developing countries. It finds that coordinated target-setting, effort sharing and oversight arrangements are essential, but that a mix of unilateral and coordinated approaches to raising funds will be necessary for securing legitimacy. In Chapter 6, through addressing the broader question of what should count as official aid, I consider whether wealthy countries may draw on aid budgets to support developing countries’ efforts to address climate change. I find that the current definition of official aid should be retained but supplemented by specified exclusions from eligibility in order to preserve the aid regime’s integrity. Nevertheless, some climate finance may justifiably be counted as aid provided that concerns relating to the diversion of aid funding are addressed. In addressing these research questions, the thesis seeks not only to make original theoretical contributions to climate ethics but also to strengthen broader scholarly understanding of the ways in which ethics and international public policy may inform one another, particularly by highlighting the role of framing considerations (Chapter 2), feasibility considerations (Chapter 3), and the ways in which principles of fairness and legitimacy map onto institutional functions (Chapters 4, 5 and 6). (shrink)

It is often assumed that conventional ethics will contribute positively to economics and business, but here, this judgment will be examined. The conventional ethics of our time is dominated by altruistic philosophy, which has deep roots in religion. Such an idealistic ‘altruistic ethics’ especially emphasizes helping the least advantaged. This principle is contrasted with a more profane ‘reciprocal ethics.’ This term is used for the principle of mutual advantage central to a number of significant philosophers. This latter principle is compatible (...) with the practical norms constituting the morals of the market, while the former implies major adjustment of behavior and policies. Many ethicists consider their field to be ‘applied ethics,’ bringing the concrete rules and practices of the economic sector closer to honored first principles of philosophy. Is it reasonable to expect an influence by the ideas of altruistic ethics to improve the morals and policies of the economy? The process of the Heavily Indebted Poor Countries (HIPC) Initiative of the United Nations illustrates a probably crucial connection with altruistic ethics. Is this project, supported by religiously inspired groups, a sound way to treat a serious global problem? The disadvantages of this project are discussed and alternatives with better potential are presented. The article suggests that altruistic ethics is a dubious foundation for constructive morality and that its dominance in contemporary philosophy constitutes a major obstacle to a more open-minded analysis and sound policies. (shrink)

It is often assumed that conventional ethics will contribute positively to economics and business, but here, this judgment will be examined. The conventional ethics of our time is dominated by altruistic philosophy, which has deep roots in religion. Such an idealistic ‘altruistic ethics’ especially emphasizes helping the least advantaged. This principle is contrasted with a more profane ‘reciprocal ethics.’ This term is used for the principle of mutual advantage central to a number of significant philosophers. This latter principle is compatible (...) with the practical norms constituting the morals of the market, while the former implies major adjustment of behavior and policies. Many ethicists consider their field to be ‘applied ethics,’ bringing the concrete rules and practices of the economic sector closer to honored first principles of philosophy. Is it reasonable to expect an influence by the ideas of altruistic ethics to improve the morals and policies of the economy? The process of the Heavily Indebted Poor Countries (HIPC) Initiative of the United Nations illustrates a probably crucial connection with altruistic ethics. Is this project, supported by religiously inspired groups, a sound way to treat a serious global problem? The disadvantages of this project are discussed and alternatives with better potential are presented. The article suggests that altruistic ethics is a dubious foundation for constructive morality and that its dominance in contemporary philosophy constitutes a major obstacle to a more open-minded analysis and sound policies. (shrink)

We suggest that a restorative justice critique of current retributive policy and practice may well be a starting point for the development of more just and more effective approaches to sentencing, both formal and informal, and to a more effective approach to reentry for currently incarcerated persons. While restorative justice principles acknowledge the debt owed by offenders to their victims and victimized communities, this is a debt met neither by inflicting harm on the offender nor by removing (...) the offender's rights as a citizen. As a different normative theory, the measure of justice in a restorative approach is the extent to which harm caused by crime is repaired. While restorative justice may therefore demand a lot of offenders, their supporters, and community members, it also provides for the opportunity for victim input and reparation. Most importantly, the normative theory of restorative justice provides a different currency of repair and healing that could begin to displace the currency of punishment that knows no limits. While a restorative metric would certainly have its own limits and guidelines, the metric of uniformity as the primary gauge of justice process could at least be supplemented with a metric of stakeholder participation, satisfaction, accountability, reparation, and peacemaking. (shrink)

The law of unjust enrichment admits a novel policy motivated unjust factor called the policy against accumulation. This applies where a claimant (R) receives a benefit, or has the right to recover a debt or damages from another party (X), and receives or has the right to receive value in respect of the same debt or damage from a third party (Y). The claimant is rarely permitted to retain both the transfers made by X and Y. (...) In other words, R may not accumulate and one transfer must be reversed. This article contends that the right of a third party to participate in damages recovered by the claimant is best explained by the policy against accumulation. The focus of this inquiry is to illustrate the operation of this novel unjust factor by placing in parallel three House of Lords decisions: Hunt v Severs [1994] 2 AC 350, Dimond v Lovell [2000] 2 WLR 1121, and Lord Napier and Ettrick v Hunter [1993] AC 713. (shrink)

The concept of 'sustainable development' as used by the Brundtland Commission was meant to separate environmental policy from distributional conflicts. Increases in income sometimes are beneficial for the environment, but higher incomes have meant higher emissions of greenhouse gases, and higher rates of genetic erosion. In the aftermath of the Rio conference of June 1992, this article analyses some unavoidable links between distributional conflicts and environmental policy. Often, environmental movements have tried to keep environmental resources and services outside (...) the market, but there are now attempts to establish property rights on, and to give money values to environmental resources and services, such as agricultural genetic resources and the CO2 absorption facility provided by the oceans and new vegetation. European 'green' proposals to impose an 'eco-tax', and proposals from India to create a world market for CO2 emission permits are considered. The issue raised by the growing Third World agroecology movement, of payment of 'farmers' rights' for in situ agricultural biodiversity is discussed. The article includes a short discussion of the North American free trade agreement between Mexico and the USA, in so far as it involves so-called 'ecological dumping', i.e. trading at values which do not include environmental costs. In the last sections, the article asks how prices in ecologically-extended markets would be formed, how much such prices will depend on distribution, and how much such payments would change distribution of income. Environmental movements of the Poor are faced with the dilemma of keeping environmental resources and services out of the market, or else asking for property rights to be placed on them. (shrink)

The Asian Debt Crisis of 1997–2001 led to drastically higher levels of unemployment, resulting in enormous social anxiety and shock. For the first time in its history, South Korea's attention was forcibly drawn to homeless people. Both the new government of the first civilian president, Kim Dae Jung, and an emerging civil society began to pay unprecedented attention to homeless issues. In this new context, homelessness was constructed as a product of the economic crisis. However, although certain homeless men (...) who fit the category of employability and rehabilitation were considered ‘deserving’, long-term street living people and homeless women were disregarded and further marginalized through specific gendered processes. In particular, homeless women were rendered invisible and considered ‘undeserving’ because they fell outside of normative gender expectations, including the idea that a woman's place was in the home, regardless of their ability or desire to work. Building upon ‘needs-talk’ analysis created by Nancy Fraser, this paper exposes the important role of gender norms in the making of a neoliberal welfare citizenship in South Korea, by arguing that the narratives of homeless policy administrators and shelter managers designated homeless women as ‘undeserving’ welfare citizens. (shrink)

Marcel Mauss published his essay The Gift in the context of debates about the European sovereign debt crises and the economic growth experienced by the colonies. This article traces the discursive associations between Mauss’ anthropological concepts and the reformist program of French socialists who pushed for an “altruistic” colonial policy in the interwar period. This article demonstrates that the three obligations which Mauss identified as the basis of a customary law of international economic relations served as key references (...) in the French debate about the relationships between metropolises and colonies in the interwar period. Mauss made this relation between colonial policy and the ethnology of the gift explicit in his book, The Nation. Moving beyond Mauss’ interwar writings, the article traces the genealogy of his later reflections to his involvement in prewar debate... (shrink)

The Clash of Economic Ideas interweaves the economic history of the last hundred years with the history of economic doctrines to understand how contrasting economic ideas have originated and developed over time to take their present forms. It traces the connections running from historical events to debates among economists, and from the ideas of academic writers to major experiments in economic policy. The treatment offers fresh perspectives on laissez faire, socialism and fascism; the Roaring Twenties, business cycle theories and (...) the Great Depression; Institutionalism and the New Deal; the Keynesian Revolution; and war, nationalization and central planning. After 1945, the work explores the postwar revival of invisible-hand ideas; economic development and growth, with special attention to contrasting policies and thought in Germany and India; the gold standard, the interwar gold-exchange standard, the postwar Bretton Woods system and the Great Inflation; public goods and public choice; free trade versus protectionism; and finally fiscal policy and public debt. (shrink)

This study explores corporate financing behavior regarding the company and country-level factors and risks associated with policy-related regulations. The study considers all three categories of risk: geopolitical risk, economic policy uncertainty, and political risk. In addition to this, we investigated how the links between diverse types of financing activities and the policy-related risks associated with them change depending on the type of financing strategy utilized. The study examined quarterly data from 2016Q1 to 2020Q3. EViews 12 is used (...) for data analysis. Findings show financial restrictions, as well as inequities within the sector, have an impact on corporate investment while policy-related risks might impact a company’s financing selections. Compared to equity financing, debt financing is more susceptible to policy-related risk. According to the available information, features at the company and nation levels also impact corporate finance choices. Finally, firms that have little financial resources are more susceptible to the adverse effects of policy-related risk than industrial companies are. Managers, as well as governments, should utilize these insights to design economic strategies that are more successful in the future. (shrink)

This Article explores the relationship between consumer credit markets and bankruptcy policy. In general, I argue that the causative relationships running between borrowing and bankruptcy compel a new strategy for policing the conduct of lenders and borrowers in modern consumer credit markets. The strategy must be sensitive to the role of the credit card in lending markets and must recognize that both issuers and cardholders are well placed to respond to the increased levels of spending and indebtedness. In the (...) latter parts of the Article, I recommend mandatory minimum payment requirements, a tax on distressed credit card debt, and the subordination of payments to credit card lenders in bankruptcy. I also argue that many aspects of the American bankruptcy system, as recently reformed, are overly protective of credit card issuers. (shrink)

In this paper, Professor Wiggins explores the relationship between conservative economic theories and major bankruptcy reforms recently enacted by the United States Congress. First, she describes three key components of conservative economic theory as advanced by the Bush Administration and conservative scholars. These include: a strong preference for private ordering over public ordering, the promotion of private property as a means to expand personal freedom and liberty, and the encouragement of individual risk internalization. Next, she describes two theoretical components of (...) the new bankruptcy reforms. These include: a preference for creditor collection over debt relief and the promotion of individual risk internalization. Then Professor Wiggins examines two questions: First, is there meaningful theoretical symmetry between conservative economics and the new bankruptcy law? Second, is there significant operational symmetry between the two? The paper suggests theoretical convergence for two reasons: First, both conservative economics and the new bankruptcy law aim to promote private bargains over administratively adjusted ones. Second, both seek to force individuals to absorb more of the risks of financial decision-making. The paper suggests, however, that at the operational level there exists significant divergence between the aims of conservative economics and the predicted consequences of the new law. Professor Wiggins concludes, among other things, that economic conservatives should pay more rigorous attention to personal bankruptcy policy because operational asymmetry between their theories and the new legislation could blunt their ambitious economic agenda for American consumers. (shrink)

According to the Principle of Techno-Geek Proportionality, for every million times a nerd gets excited about “the latest thing” the world might change once. Central bank digital currency (CBDC) may be that once. There is nothing new about digital money, but there may be many profoundly new things about CBDC. This is especially so for “retail” CBDC – that is, CBDC freely available to the public rather than “wholesale” CBDC, which is restricted to some registered users and central bank systems. (...) At the moment, the vast majority of money in existence takes the form of deposits at Santander, Barclays and the other commercial banks. As the Bank of England makes clear, most of this is originally produced when a bank extends a loan and creates a sum as a deposit which the borrower can then spend. This money flows around our payments system and the money supply, albeit there is more to money supply than just this, grows as cumulative debt grows and shrinks as debt is paid down. In the UK (and equivalents apply in any modern economy that has commercial banks), though we rarely think about it, since the money is denominated in s and the central bank essentially guarantees that it will exchange at par for central bank money, most of what we think of as money is really Santander or Barclays etc. credit units. Retail CBDC could change this state of affairs and the issues are sufficient to require public debate – not only regarding the scope of the technology but also the role and adequacy of central banks. This, in turn, provides an opportunity to discuss the nature of process. (shrink)

This book approaches the problems and circumstances confronting blacks in the context of black values, the black community, and the role of government. ^BContents:: The Black Community's Values as a Basis for Action; The Community as Agent of Change; and The Government's Role in Meeting New Challenges.

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of (...) debtor-creditor power relations—a conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options. (shrink)

The paper reviews the basics of development and implementation of the debt policy of Ukraine, outlines its formation principles and establishes requirements to normative legal documents which specify administrative measures in the field of the public debt. The research conducted shows that the main normative legal documents which govern activities of state administration bodies responsible for the debt policy implementation are the State Budget and the Program for State Debt Management of the Ministry of (...) Finance of Ukraine. An analysis of the structure of the above documents and ensuing governmental regulations of Ukraine indicates that the national debt policy is not a separate link of the public financial administration, it is shaped subsequent to the results of managerial decisions in the field of monetary relations, changes in the taxation system, operation of the efficiency control system of national taxes, the government deficit level, impacts of foreign economic factors etc. It is proved that debt operations in Ukraine are becoming a factor of economic risk for the state budget whereas the debt budget itself is becoming a destabilization factor. The budgetary policy of Ukraine, which is primarily aimed at maximization of tax collection, results in distortion of the public finance system and aggravates the economic status of numerous industries. The public debt service expenses are however still increasing and require public borrowings which keep growing year by year. The author indicates that the most unsuccessful decisions of the national leadership, which brought about a higher public debt, are the issue of internal public bonds for capitalization of the Privatbank PJSC in 2017 and poor state control over quasi-fiscal operations which may result in default of national Compulsory Social Insurance Funds on their obligations, accumulation of debts on VAT refund, remission of dead tax debts, instalment payment and deferral of money liabilities or tax debts of taxpayers, attraction of sovereign credits by resident economic entities, debt restructuring of such entities with public guarantees, supply of natural gas to heat-and-power engineering companies for generation of thermal energy at preferential prices, accrued receivables of the National Joint-Stock Company 'Naftogaz Ukrainy' for sale of natural gas to the population and heat-and-power engineering companies. (shrink)