The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, (...) however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism. (shrink)

In times of crisis and social turbulence, the mass media play a crucial role. This becomes particularly evident in economic crises within the European Union. The (biased) way the crisis is reported shapes people’s understanding of the crisis and the parties involved. In this study, the coverage of the Greek sovereign debt crisis in the German newspapersBILD,Die Welt,Frankfurter Allgemeine Zeitung,Süddeutsche Zeitung,tageszeitungandDer Spiegel (online)is examined for the quality criteria relevance, neutrality, balance, and analytical quality. The (...) results show that the reporting is appropriate to the relevance of the topic, but shows deficits in the criteria of balance, neutrality, and analytical quality. During the study period, coverage focuses on a small number of topics, journalists include their value judgments in news and reports. Overall, there is an obvious media bias against the Greek government’s position. (shrink)

Through empirical investigation of the Eurozone and Greek debt crisis 2010–12, this article demonstrates how a peak organization of financial firms—the Institute of International Finance —was able to mobilize its members transnationally to secure several key political and economic objectives. At the height of the crisis, large European banking firms were threatened by the prospect of a disorderly Greek default, coercive intervention by governments, and, potentially, a regional banking collapse. In this context, representatives from the IIF (...) entered the policymaking process to facilitate concerted private sector action, assisting EU officials with the negotiation of a substantial and orderly creditor writedown, and cooperating with legal action by the Greek government to sideline a minority of financial firms hostile to the deal. The article shows that the IIF’s disproportionate influence over policymaking was a result of their technical expertise, their ability to recruit individuals with long-standing experience of sovereign debt restructuring from the public and private sector, and the operation of elite revolving-door processes. In contrast to recent studies showing that financial actors are able to exercise more power at the national level by remaining collectively inactive, these findings suggest that, at the transnational level, financial actors can be most effective at securing their preferences when they are well organized and when they coordinate politically on the basis of collective interests. (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)

In the wake of the financial crisis of 2008 and ongoing debt-related troubles there have been widespread calls to put banking and economic activity on a secure ethical foundation, either by regulation or through voluntary reform. In this volume a distinguished set of authors explore various economic, philosophical, and ethical ideas from historical, contemporary, and future-looking perspectives. At the core are two related ideas much mentioned but far more rarely examined: the idea of natural law and (...) that of the common good.In these essays the foundations and meaning of these notions are carefully studied and put to work in examining the nature and scope of ethics in relation to global economics. (shrink)

Carl Schmitt’s critical insights into ‘economic-technical thinking’ and the dominant role that a ‘magical technicity’ is said to assume in the social horizon of his times offers an opportunity to reframe contemporary debates on political and economic theology, exposing a theological core behind technocratic administration. Starting from this premise, the article engages with recent inquiries into so-called ‘debt economy’, assessing the affective function that ‘deferment’ and ‘confession’ perform as dominant operators in the social imaginary of neoliberal governance.

The 2008 housing and financial crisis brought to light many ethically questionable lending and borrowing practices. As we learn more about what caused this crisis, it has become apparent that we need to think more carefully about the conditions under which can loans be ethically offered and accepted, but also about when it might be morally permissible to default on debts. I critique two distinct philosophical approaches to assessing the ethics of debt, arguing that bothapproaches are too (...) simplistic because they focus only on individual borrowers and lenders. As a result, neither approach can adequately grasp the moral implications of the social and economic failures that frame actual dilemmas of debt facing many individuals today. (shrink)

Analyses of household urban agriculture have demonstrated a wealth of personal, economic, social, moral or political uses for self-provisioned food, yet have often understood the practice itself as merely a production process. This ‘means-to-an-end’ perspective is especially pronounced in studies of locations undergoing economic hardship. Urban gardening in postsocialist Central and Eastern Europe and the former Soviet Union has been framed as an element of an informal economy, enabling household savings, access to informal networks and avoidance of industrial (...) goods deemed ethically dubious. In this article, I present evidence from participant observation and interviews with urban gardeners conducted in 2014–2015 in Ljubljana, Slovenia, where urban agriculture proliferated during the European debt crisis that began in 2009. I interpret the material through an ecological perspective that focuses on labour in nature and highlights the interconnected, situated role of the gardener. My analysis of gardening styles, behaviours, attitudes and life-narratives of long-term urban growers challenges the utilitarian interpretation by arguing that urban agriculture in Ljubljana is in fact a means in itself—not an informal economy, but a narrative practice. While undertaken to ameliorate the effects of economic hardship, household urban agriculture first and foremost promotes individual wellbeing and restores a stable sense of self. I outline a series of self-making benefits of working with cultivated, edible nature that helped gardeners reconstruct their biographies after their previously established self-making processes collapsed in the economic downturn. (shrink)

The article turns to Deleuze and Guattari’s concept of state capitalism and their theorization of money and debt in their critique of capitalism to develop an analysis of the governmental management of the current crisis determined by ordo- and neoliberalism. The paper argues that analyses which fail to properly recognize the power of capital to determine both state apparatuses and economic policy thereby fail to grasp the real functioning of money, debt and the Euro in the (...) crisis and end up unwittingly supporting liberalism. This is true of positions such as heterodox theory that, though critical of conventional and neoliberal political economy, nevertheless continue to uphold the state as an independent or mediating mechanism in relation to the power of capital. The neglect of the role which money plays in the strategies of capital to control both the creation of value and the functioning of the state is to be found even in Foucault’s genealogy of neoliberalism, a neglect which undermines his analysis of power. The paper highlights the implications of the standpoint of state capitalism for a more incisive analysis of the current crisis that reveals what is at stake for political struggles. (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 author posits that the value of individual freedom is best realized within the context of the Moral Imagination concept of philosopher Rudolph Steiner and that when freedom is seen more as a licence for deception and exploitation not only does the greater community suffer but also the party itself suffers character destruction. Thus, laissez-faire capitalism, as exemplified by the mortgage banking meltdown of 2008 and subsequent debt-based unemployment crisis, has not only impoverished millions, destroyed savings and bankrupted (...) long-established investment firms, but also has further bonded the perpetrators to the morally undeveloped self-centredness of Lawrence Kohlberg’s least advanced moral stage. Following a discussion of the folly and futility of the consumerist culture, the author argues that the solution lies in practicing the time tested values of caring and social responsibility on the part of government and mortgage bankers coupled with self-restraint and moderation on the part of investors and borrowers. (shrink)

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

Introduction -- Overview of the contemporary global context : life stories -- Data on poverty, hunger, and inequality in an age of globalization -- The goals and structure of this book -- Development theory and practice : an overview -- Origins of the concept of development -- Modernization theory -- Modernization theory and U.S. aid policy -- The impact of modernizationist development -- Structuralist economic theories -- Dependency theories -- Basic needs approach -- New international economic order -- (...) Alternative development -- The impact of reformist thought on development policy -- Neoliberal resurgence and structural adjustment policies -- Current debates in development studies -- The failures of modernizationist development : a closer look -- The impacts of colonialism and slavery -- Post-WW II development policies and the third world debt crisis -- Consequences of debt and structural adjustment -- Responses to the debt crisis -- United States opposition to social change in the third world -- Summary of major structural influences on the third world -- Catholic social teaching and development -- CST prior to Pope John XXIII -- Early reflections on development : John XXIII and Vatican II -- The pivotal contributions of Paul VI, the Latin American bishops, and justice in the world -- John Paul II : the centrality of solidarity -- The social ethics of Benedict XVI -- Summary of catholic social teaching on development issues -- Catholic social teaching and political economy : neoconservative and radical critiques -- Neoconservative reflections on CST -- Radical reflections on CST -- Evaluation of neoconservative, radical, and CST views -- Grassroots critics of development and neoliberal globalization -- Rejecting the quest for development - Vandana shiva : the violence of development and reductionist science -- Further issues in the development/globalization debates -- Reclaiming the commons : the positive visions of development critics -- Catholic social teaching, the radical tradition, and development critics -- Grassroots action and policy alternatives -- Grassroots organizations in the third world : an overview -- The impact of grassroots organizations -- Development policies : follow the nic model -- Alternative development policies -- Differing visions : alternative development vs. regeneration -- Prospects for the adoption of alternative policies -- Re-envisioning C atholic social teaching -- The contributions of CST to the development debate -- Enhancing Catholic social teaching -- Structural analysis of capitalism -- Women, development, and CST -- CST, modernization, and cultural diversity -- CST and ecology - CST, grassroots movements, and social struggle -- The church and social change -- Social criticism and pioneering creativity : how Christians can constructively address issues of development and globalization -- Education -- Lifestyle choices -- Responsible purchasing -- Responsible investment -- Organizing, activism, and aid provision -- Direct service/solidarity -- Responsible parenting -- Applying CST in the life of the church -- Concluding reflections -- Theological epilogue: The path of discipleship. (shrink)

The conjoining of civic republicanism and green politics is a new but timely response to understanding and navigating a path through and beyond our turbulent times. A green republican analysis our contemporary condition–climate breakdown, rising inequality, the crisis of representative democracy–sees the structural and ideological imperative of endless economic growth as one root cause. From a green republican perspective economic growth has now passed a threshold where it has become a threat, both to the sustainability/longevity of the (...) polity, but also common goods and human flourishing. This paper identifies and analyses key components of the growth imperative, such as debt-based consumerism and non-democratic workplaces, as well as more widely discussed requirements of growth to externalise ecological and social costs, and growth’s dependence on cheap and secure sources of fossil resources. It argues that these components of growth pose serious risks to liberty as nondomination, the securing and protecting of common goods, rough equality and securing the ecological conditions for the republic. Therefore, these ‘green’ concerns should be also concerns for republicans. The paper looks at one recent strategy that has been proposed to help move societies beyond climate breakdown and carbon-addiction–namely the ‘Just Transition’ discourse and set of policy proposals. The paper offers a green republican account of the Just Transition strategy for a post-or low carbon economy in which equality, justice and democratic participation are central. (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)

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)

This essay review of Margaret Atwood's Payback shows how the book's accomplishment is to provide a Jungian analysis of the “shadow” of wealth: the primitive meanings attached to debt deriving from ancient cultural configurations of a proper balance in the order of things. Debt is conceived in terms of social obligations, of guilt and sin, of revenge, and as a plot that structures the narrative of human life. Instead of simply looking to the archaic meanings of debt (...) for its shadow side, this review attempts to take stock of what the recent credit crisis can teach us about the place of debt in our lives. It is a question of seeking out shadows that belong specifically to our global financial system, rather than belonging to ways of accounting order, honor, and revenge from a repressed past. If financial institutions, governments, businesses, and individuals were all exposed to high levels of debt, to whom was all this wealth owed? How does the shadow of debt affect economic behavior? Since debt forms the basis of further lending, debt increases through a multiplier effect without corresponding assets, which leads to an unstable system of virtuous or vicious cycles, and debt takes over some of the social, practical, and theoretical functions formerly held by God. (shrink)

Nine years before the fall of Constantinople, in 1444, cardinal Bessarion in his third and last letter addressed to Constantine Palaeologus, Despot of Mystra, expressed his deep concern about the economic, political, cultural, social and moral crisis, maintaining that the multidimensional crisis would inevitably lead to Byzantium’s decline. Bessarion stresses that the aristocracy’s biased policy, the burdensome taxation, the low level of business activity, the complete lack of technological advancements and the deficient education system not only shaped (...) the Peloponnesian state but also transformed the once brave, conscientious and studious Greeks into a cowardly, indolent and ignorant people. Realizing that the constitution of Greek society and the behavior of its citizens are impediments to modernization and to cultural progress, Bessarion proposes a series of reforms based on a revival of Ancient Greek culture and on technological advances of West that would lead to a well-governed, self-sufficient and independent Greek state. On 23 April 2010, 566 years after Bessarion’s letter, the Greek government requested financial assistance from the European Support Mechanism in order to avert the probability of default in Greece. The fiscal deficit, the swelling sovereign debt and the global financial recession shape Greece in crisis. The aim of this paper is to give an interpretative presentation of Bessarion’s letter with reference to modern Greece; to analyze the causes of the Byzantine Empire’s decline and the recommended reforms in comparison to the causes of the financial crisis in Greece and the implementation of austerity measures. I will prove that nowadays modern Greeks face the same problems with the Greeks of Peloponnese such as political corruption, administrative incompetence, excessive taxation, economic impoverishment, class inequality, unemployment, reduced business activity and inability to exploit natural resources. In this sense, I will show that the identity crisis of modern Hellenism was first cultivated and formed gradually from the Renaissance to modern Greece. (shrink)

Microcredit, a non-profit lending approach that is often championed as a source of women’s inclusion and empowerment, has in the past decade been followed by microfinance, a forprofit sibling of a different temperament. Microfinance in India is now in turmoil, precipitated by legislation in the state of Andhra Pradesh, which has encouraged withholding of payment, which in turn has frozen the market. This paper considers one precipitating condition of the crisis: the remarkable, new, and developing burden of formal (...) class='Hi'>economic debt that poor women in the state have only recently come to hold – debt that now surpasses one year’s family income, on average. The development of this lending sector follows upon innovation in lending to the poor of the global north over the past two decades, and the practices show noteworthy parallels. Both lending schemes have produced similar disproportionate burdens upon some low-status individuals within their respective economic orders, and both may exploit a vulnerability that is born of aspiration and produces great dysfunction for borrowers. This paper introduces the two lending schemes, sketches the parallels, and introduces the claim that ethical finance arrangements for the poor require attention to vulnerability, an under-utilized category in both liberal ethical theory and in finance. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Economy, Society, Tragedy: Moral Reflections in an Age of Crisis and Austerity LOUIS A. RUPRECHT JR. Precisely their tragedies prove that the Greeks were not pessimists... In this sense, I have the right to understand myself as the first tragic philosopher—that is to say, the most extreme antithesis and antipode of a pessimistic philosopher. —Nietzsche, Ecce Homo, “The Birth of Tragedy” Orgiastic religion leads most readily to song (...) and music; ritualistic religion inclines toward the pictorial arts; religions enjoining love favor the development of poetry and music. In all of this, the one important fact for us is the significance of the marked rejection of all distinctively aesthetic devices by those religions which are rational, in our special sense. —Max Weber, The Sociology of Religion tragedy and society The title of this review essay is taken from Max Weber’s posthumous magnum opus, Economy and Society,1 an ambitious and wide-ranging comparative sociological analysis of economic orders, social orders and the normative structures that both emerge from and lend meaning to the intersecting economic, political and religious spheres in which complex human arion 28.2 fall 2020 Kathryn A. Kozaitis, Indebted: An Ethnography of Despair and Resilience in Greece’s Second City (New York, NY: Oxford University Press, 2021), 248 pages. This book is the fifteenth in Oxford’s important series, “Issues of Globalization: Case Studies in Contemporary Anthropology,” edited by Carla Freeman and Li Zhang. 138 economy, society, tragedy societies take shape. To Weber’s grand and capacious sociological categories, economy and society, I have added a third literary and philosophical term: tragedy. Now, to be sure, Weber thought a great deal about tragedy,2 and was drawn to tragic themes in many of his most salient and influential sociological studies. One need think only of his account of the bureaucratic “routinization” of prophetic charisma in The Sociology of Religion,3 or his depiction of modern humanity’s self-imposed “iron cage” in the rousing final pages of The Protestant Ethic and the Spirit of Capitalism,4 a text to which I will return at the end of this essay.5 But tragedy entails far more than systemic collapse or self-inflicted disaster. In this essay, I want to explore some of the implications of combining close attention to the lived experience of concrete individuals to the highly theoretical, systems-level analysis inspired by such Weberian categories. Put another way, how may Cultural Anthropology, and more specifically Ethnography, deepen such a globally-oriented Sociology? Here, I intend to supplement Weber’s sociological dyad, economy and society, with a conception of tragedy drawn from the cognate social sciences of Comparative Religion and Cultural Anthropology; I will be using Attic Greek tragedy as a benchmark. More specifically, I wish to highlight some of the ways in which the first book-length ethnographic study of the Greek economic crisis may add vital nuance to Weber’s more theoretical, world-systems approach. That book is Kathryn Kozaitis’s Indebted: An Ethnography of Despair and Resilience in Greece’s Second City, an ethnographic study of the lived reality of Greeks experiencing the double -whammy of a sovereign debt crisis and externally imposed austerity regimes in the Greek city of Thessaloniki; the book is the fifteenth to appear inOxford’s “Issues of Globalization: Case Studies in Contemporary Anthropology” series, edited by Carla Freeman and Li Zhang. As Kozaitis demonstrates with sensitivity and eloquence, by zeroing in on the people, rather than the economic policies or the social and administrative structures, Louis A. Ruprecht Jr. 139 certain normative categories and ethical stances become more relevant, many of them implicated in ancient Greek tragedy, and drama more broadly. tragic crises appropriately to a work of cultural ethnography, Kozaitis links the personal to her profession; further still, she weaves her own personal story into the story of the people to whom she is attempting to give voice. This, she notes, constitutes “the auto-ethnography in this ethnography” (4–6). How, then, did this professor of Cultural Anthropology, based in the United States, find her way to Greece’s “second city”? The path was circuitous, and its destination unclear for quite some time. That Kozaitis’s personal... (shrink)

This paper challenges the first Gettier counterexample to the tripartite account of knowledge. Noting that 'the man who will get the job' is a description and invoking Donnellan's distinction between their 'referential' and 'attributive' uses, I argue that Smith does not actually believe that the man who will get the job has ten coins in his pocket. Smith's ignorance about who will get the job shows that the belief cannot be understood referentially, his ignorance of the coins in his pocket (...) shows that it cannot be understood attributively. An explanation for why Smith appeared to have justified true belief is given by distinguishing between 'belief' and 'belief in truth'. Smith believes the sentence 'the man who will get the job has ten coins in his pocket' to be true (he mistakenly believes that Jones will get the job, of whom he knows that he has ten coins in his pocket) (hence his 'belief'), the sentence is true (hence 'truth'), and he has sufficient reason to assent to it (hence his 'justification'). But he does not believe the proposition expressed. Hence he does not know it either. (shrink)

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

The article addresses Europeanization of social movements in the context of the European Sovereign Debt Crisis. Europeanization occurs when movements collaborate, or make horizontal communicative linkages with movements in other countries, contest authorities beyond the state, frame issues as European and claim a European identity. The article presents a theoretical framework and research design for measuring the degree of social movement Europeanization followed by results of a pilot study on mobilization in Spain and Greece during 2011. While many (...) contentious action events studied only encompassed the domestic arena, the pilot study showed a relatively high degree of Europeanization in the Greek case, suggesting the viability of future research.El presente artículo aborda la europeización de los movimientos sociales en el contexto de la crisis de la deuda soberana europea. La europeización se produce cuando los movimientos colaboran, o establecen vínculos horizontales, con movimientos de otros países, contestan a las autoridades más allá de los límites del Estado-nación, identifican cuestiones como europeos y reclaman una identidad europea. El artículo presenta un marco teórico y un diseño investigación para medir el grado de europeización de los movimientos sociales seguido por los resultados de un estudio piloto de la movilización en España y Grecia durante el año 2011. Mientras que muchas de las acciones de protesta estudiadas solamente apelaban al ámbito doméstico, el estudio piloto muestra un relativamente alto grado de europeización en el caso griego, lo que sugiere la viabilidad de futuras investigaciones. (shrink)

In the first thirty years after World War II, the US economy performed very well. The rate of growth averaged 4—5%, the rate of unemployment was seldom above 5%, inflation was almost non-existent, and the living standards of workers improved steadily. These were the ‘good old days'. However, this long period of expansion and prosperity ended in the 1970s. Since then, both the rate of unemployment and the rate of inflation have been much higher than before, and the average real (...) wages of workers have declined some 20%. Productivity growth has also slowed down and the debt burden of both capitalist enterprises and the Federal government has increased dramatically. It is in this sense that we may refer to the ‘economic crisis’ of the US economy over the last two decades. This crisis has certainly not been as severe as the Great Depression of the 1930s, but the economic performance has been significantly worse than in the early post-war period. (shrink)

Neither Critical Theory nor western Marxism ever understood crises as being solely concerned with the economy. Both saw them rather as necessarily involving consciousness and subjectivity as well. How does Critical Theory conceptualize economy and subjectivity as inseparable? This is the crucial question. Critical Theory claims, indeed, that it shows the inner connection between the economy and subjectivity. In its first generation, at any rate, Critical Theory meant to show that the economy is a constitutive part of subjectivity, while also (...) being its blind spot; or even that the economy is its blind spot because it is essentially constructive of subjectivity. The article will specify the connection between the economy and subjectivity and then will indicate the blind spot. While Critical Theory does not fully pinpoint the blind spot in this connection, by tracing the discussion that followed its first generation we may better find out what this blind spot might be. (shrink)

An ongoing crisis in Australian agriculture resulting from climate crises including drought, decreasing irrigation water, more recent catastrophic flooding, and an uncertain policy environment is reshaping gender relations in the intimate sphere of the farm family. Drawing on research conducted in the Murray-Darling Basin area of Australia we ask the question: Does extreme hardship/climate crises change highly inequitable gender relations in agriculture? As farm income declines, Australian farm women are more likely to be working off farm for critical family (...) income while men continue to work on farm often in circumstances of damaged landscapes, rising debt, and limited production. This paper examines the way gender relations are being renegotiated in a time of significant climate crisis. Our research suggests that climate crises have indeed led to changes in gender relations and that some changes are unexpected. Whereas one would logically assume that women’s enhanced economic contribution would increase their power in gender negotiations, we argue that this does not necessarily occur because their contribution is viewed as a farm survival strategy. Men are committed to prioritizing the farm and view women’s income generating work as critical to this purpose and yet, paradoxically, long for a return to traditional farm roles. We find that women are actively resisting traditional gender relations by reshaping a role for themselves beyond the farm—in the process moving physically and mentally away from a farm family ideology, questioning gender inequalities, and by extension their relationships. (shrink)

One hundred twenty years ago, to be more precise on 9 November 1891, Abraham Kuyper opened the first social congress in the Netherlands He did so with an outstanding lecture on the relationship between the so-called social question and the christian religion. He began the lecture however with a remarkable complaint : One of the pitiful fruits of state monopoly, which continues to increase in this country’s universities, is that we have not yet even produced academic specialists. None of us (...) at this Congress stands out as an expert in economics. If I look around me now, that seems to be a little bit different from what I see today. But I doubt whether that in itself is a guarantee of greater wisdom amongst us. Let us not be too hasty. Let us wait and see. (shrink)

Recent scholarship has underscored the possibility that capital-adequacy regulations may have contributed to the 2008 financial crisis by privileging highly rated asset-backed securities, such as mortgage-backed securities. The same regulations gave an even more privileged position to sovereign debt, leading to the question of whether they helped cause the European sovereign-debt crisis. There is little question that the regulations encouraged European banks to invest in European governments' bonds, but it does not appear that this encouragement led (...) to more government borrowing by significantly reducing the yield governments needed to pay on their debt. However, it does appear that capital-adequacy regulations—along with post-2008 liquidity regulations—concentrated sovereign risk in the European banking system, aggravating the sovereign-debt problem by requiring government bailouts that, in turn, required the issuance of more sovereign debt, further jeopardizing the governments' fiscal position and banks' solvency. Exacerbating the situation, in the midst of a panic, the European Banking Authority imposed new capital requirements on banks and effectively forced them to realize mark-to-market losses on sovereign exposures. (shrink)

Recent scholarship has underscored the possibility that capital-adequacy regulations may have contributed to the 2008 financial crisis by privileging highly rated asset-backed securities, such as mortgage-backed securities. The same regulations gave an even more privileged position to sovereign debt, leading to the question of whether they helped cause the European sovereign-debt crisis. There is little question that the regulations encouraged European banks to invest in European governments' bonds, but it does not appear that this encouragement led (...) to more government borrowing by significantly reducing the yield governments needed to pay on their debt. However, it does appear that capital-adequacy regulations—along with post-2008 liquidity regulations—concentrated sovereign risk in the European banking system, aggravating the sovereign-debt problem by requiring government bailouts that, in turn, required the issuance of more sovereign debt, further jeopardizing the governments' fiscal position and banks' solvency. Exacerbating the situation, in the midst of a panic, the European Banking Authority imposed new capital requirements on banks and effectively forced them to realize mark-to-market losses on sovereign exposures. (shrink)

This is a textbook with a story to tell. Discussing development from the colonial era to the present in Latin America, Asia and Africa, authors Cypher and Dietz encompass a blend of classical development ideas and current theory, helping students gain a balanced picture not currently available in other textbooks. Adopting a truly global approach throughout, the focus in this second edition is on income distribution, poverty, and social issues. Excellent pedagogy including plentiful diagrams, boxes, user-friendly summaries and end of (...) chapter questions help readers understand often complex topics. Integral to the book is a close examination of recent events and broad-ranging discussions of key issues including: the environment debt crisis export-led industrialization import substitution endogenous growth theory technological capability. Building upon the impressive and popular first edition, Cypher and Dietz have pulled off that rarity in textbook publishing: a book which will leave students with a framework of understanding which will empower them to go on to understand a broad range of ‘North-South’ issues and controversies. (shrink)

Focusing on Greece, this essay aims to contribute to a philosophical understanding of Europe’s current financial crisis and, more generally, of the aporetic implications of the modern determination of freedom as such. One the one hand, I draw on Hegel’s Philosophy of Right in order to argue that modernity entails a potential conflict between a market economy and a state that is supposed to further the interests of the society as a whole. On the other hand, I draw on (...) Sophocles’ Oedipus the King as well as on Hegel’s account of tragedy in the Phenomenology of Spirit to reinterpret the conflict between the spheres of civil society and the state as a tragic conflict. Modernity threatens to undermine itself from within, I maintain, because the simultaneous development of capitalism and democracy makes it very hard to prevent the sphere of particular interests from encroaching upon the sphere of politics. (shrink)

Current theories of knowledge, art, and power are locked into sterile debates around the question of representation. This book examines the limits of antirepresentationalism in these fields and argues that the anarchist tradition can point the way beyond our contemporary crisis of representation. The author rereads the theory and practical experiences of anarchism from the nineteenth century to the present, proposing a radical revision of received notions of the subject - from the equation of anarchy with literary decadence to (...) the interpretation of anarchism as yet another discourse founded on a notion of the human essence. What emerges, instead, is a complex portrait of anarchism as a body of thought that provides the framework for a kind of critical realism, with implications for fields ranging from aesthetics to economics, from philosophy to politics. Jesse Cohn teaches English at Purdue University North Central. (shrink)

The current global economic crisis is historically unprecedented in that it began when poor groups in the United States defaulted on their mortgage-payments and spread fear of 'toxic debt' through an internationalised financial system, bringing the banking system close to collapse and highlighting the very individualised nature of contemporary financial relations. The symposium explores contemporary finance and banking practices in the context of Marxist political economy seeking to develop the notion of financialisation and arguing that banks' increasing (...) reliance on individual households as a source of profits amounts to a form of financial expropriation or additional profit generated in the sphere of circulation. (shrink)

In questo lavoro vengono sviluppate alcune considerazioni sulla funzione dell’istruzione nel presente contesto storico–culturale, in particolare riguardo alla matematica. Tra i molti aspetti che rendono l’epoca attuale diversa dalle precedenti ve ne sono due che più di altri invocano la necessità di un cambiamento nelle impostazioni didattiche. Il primo è una crisi che, per durata ed estensione, appare non più come dinamica di aggiustamento all’interno di un modello ma come irreversibile degenerazione del modello stesso. Il secondo riguarda la quantità di (...) informazione a cui l’individuo ha accesso e la facilità e velocità di tale accesso. Cambiamenti così profondi provocano una domanda: i modi e i contenuti della didattica devono rimanere gli stessi o occorre ripensare l’istruzione progettando cambiamenti altrettanto irreversibili quanto lo sono quelli dell’economia e della società? Queste considerazioni ci portano a una riflessione sul rapporto tra educazione e società e, più in generale, tra cultura e società. I prodotti scientifici e culturali sono dei codici cristallizzati come idee platoniche o piuttosto acquistano valenza e significato a partire dal contesto in cui nascono? Questa domanda poi ne richiama altre ancora sul rapporto tra individuo, sistema scolastico e società. In che misura il ruolo della scuola di standardizzare la cultura è compatibile con quello di favorire la creatività e le possibilità espressive dell’individuo? E cosa significa oggi dare all’individuo gli strumenti per sviluppare al meglio le proprie possibilità? L’insegnante dovrebbe osservare, ipotizzare, sperimentare, esplorare opportunità senza pregiudizi culturali. Egli sa che molte idee che sulla carta sembrano vincenti potrebbero rivelarsi inefficaci, ma ciò non deve costituire un alibi. Se infatti si possono nutrire dei dubbi su alcune proposte di innovazione, su una cosa vi è certezza: la didattica tradizionale ha ormai poco senso ed è totalmente inadeguata rispetto alle sfide di questi e dei prossimi anni. (shrink)