ABSTRACT Imagine, as most economists do, that financial-market participants understand the basic structure of the world: While they cannot predict the future with certainty, they are endowed with knowledge of the possible outcomes of their actions and the probability that each of those outcomes will occur. Given these assumptions, if bankers, regulators, investors, and rating agencies were rational, we may conclude that the financial crisis was caused by poor incentives: These actors must have knowingly jeopardized their institutions and (...) the global economy to pursue private gain. Alternatively, market participants, caught up in the mania of crowds, may have irrationally ignored risks of which they were aware and of which they knew the correct probability. Neither of these explanations for the financial crisis stands up to the evidence, since both explanations assume that the participants knew the U.S. housing market was about to crash. A fresh look at the data five years later suggests that they were ignorant of this fact, and that they acted rationally (or at least reasonably) in light of what they (thought that they) knew. This allows a more nuanced understanding of how financial institutions ended up in bedlam, why credit markets collapsed, and why they took so long to recover. (shrink)

In this chapter we consider economic systems, and in particular financial systems, from the perspective of the physics of complex systems (i.e. statistical physics, the theory of critical phenomena, and their cognates). This field of research is known as econophysics—alternative names are ‘financial physics’ and ‘statistical phynance.’ This title was coined in 1995 by Eugene Stanley, and since then its researchers have attempted to forge it as an independent and important field, one that stands in opposition to standard (...) (‘Neo-Classical’) economic theory. Econophysicists argue that the empirical data is best explained in terms flowing out of statistical physics, according to which the (stylized) facts of economics are best understood as emergent properties of a complex system. However, some economists argue that the methods used by econophysics are not sufficient to prove the existence of underlying complexity in economic systems. The complexity claim can nonetheless be defended as a good example of an inference to the best explanation rather than a definitive deduction. (shrink)

This study investigates how abnormally hot temperatures affect firms’ environmental behaviors in China. We find that firms exposed to abnormally hot temperatures participate in more environmental engagement. We also find that this improvement effect is driven mainly by environmental concerns, including public concerns, CEOs, and governments. Our results remain intact after an array of robustness tests. Further analysis shows that the effect of abnormally hot temperatures on corporate environmental engagement is more pronounced in SOEs, heavily polluting firms, and firms located (...) closer to local environmental protection agencies. Based on the political pressure channel, our results indicate that the improvement effect is more prominent in politically connected firms, cities where local officials can wield more influence, local governments have larger financial slack, and local governments disclose their environmental targets. Moreover, the positive impact of environmental engagement on firm value is stronger when firms are exposed to abnormally hot temperatures. Overall, this study sheds light on the potential stimulation of firms’ environmental actions by global warming, which is yet to be fully understood. (shrink)

Background Financial compensation of research participants has been standard practice for centuries, however, there is an ongoing debate among researchers and ethicists regarding the ethical nature of this practice. While these debates develop ethical arguments and theories, they fail to incorporate input from those most affected by financial compensation: potential research participants. Methods To identify attitudes surrounding clinical research, participants of a long-standing cohort completed a one-time interview. Open-ended questions stimulated a participant-driven discussion surrounding medical research. Following (...) a grounded theory methodology, 58 semistructured interview transcripts were coded, focusing on attitudes surrounding financial compensation of research participants. Results Of the interviews coded, the majority of participants identified as Black/African American and were women. Five major themes emerged. In support of financial compensation, participants felt that study participants should be compensated for time, effort and risk. However, participants were concerned that compensation may differentially impact low-income populations and entice them to hide potentially harmful side effects. Participants also mentioned that financial compensation may invalidate study results if participants knowingly provide false information to subvert inclusion/exclusion criteria. Conclusion The emergence of both positive and negative themes reiterates the complicated issue of providing financial compensation for study participation. While compensation as a motivator for research participation raises ethical concerns, participants discussed weighing the benefits with the risks in order to make an informed decision. To avoid paternalistic behaviours, research staff must allow potential research participants to review the available information and make the decision that best reflects their wishes. (shrink)

The considerable attention to financial interests in clinical research has focused mostly on academic medical centers, even though the majority of clinical research is conducted in community practice settings. To fill this gap, this article maps the practices and policies in 73 community hospitals and several hundred specialized facilities around the country for reviewing clinical investigators’ financial relationships with research sponsors. Community hospitals face a substantially different mix of issues than academic medical centers do because their physician researchers (...) are usually not employees, and more of their studies are later-phase, multicenter trials. Accordingly, community physicians stand to benefit personally from per capita payments, but they tend to have less direct influence over research findings when compared with their academic peers. These and other contrasts require separate guidance for community-based organizations that takes into account their particular needs, circumstances, and institutional capacities. (shrink)

This paper investigates how deans and directors at the top 50 global MBA programs (as rated by the "Financial Times" in their 2006 Global MBA rankings) respond to questions about the inclusion and coverage of the topics of ethics, corporate social responsibility, and sustainability at their respective institutions. This work purposely investigates each of the three topics separately. Our findings reveal that: (1) a majority of the schools require that one or more of these topics be covered in their (...) MBA curriculum and one-third of the schools require coverage of all three topics as part of the MBA curriculum, (2) there is a trend toward the inclusion of sustainability-related courses, (3) there is a higher percentage of student interest in these topics (as measured by the presence of a Net Impact club) in the top 10 schools, and (4) several schools are teaching these topics using experiential learning and immersion techniques. We note a fivefold increase in the number of stand-alone ethics courses since a 1988 investigation on ethics, and we include other findings about institutional support of centers or special programs; as well as a discussion of integration, teaching techniques, and notable practices in relation to all three topics. (shrink)

The current financial crisis demonstrated, once again, the need for deep reforms of the international monetary and financial architecture. This article argues that reforms under way are insufficient, as they are partial in scope and rely excessively on an ad hoc body, the G20. It thus calls for an international architecture that meets two basic criteria. First, it should be comprehensive. This means that a broad range of reforms should be undertaken: better macroeconomic policy coordination; regulatory reform, including (...) cross-border capital flows; ample countercyclical IMF and development financing with limited conditionality; global monetary reform; and the creation of an international debt court. Second, inclusive institutions should stand at the center of the new architecture, structured as a multilayered network of global, regional, and national financial institutions. (shrink)

The UK's personal financial services sector has been the site of controversy over alleged professional malpractice. Financial advisers’ status as professionals is in question, and their claim to knowledge and expertise is apparently challenged by an extensive consumer literature on personal finance. This article analyses a corpus of seventeen consumer guides to personal finance and money management published in the UK, together with a range of financial material available on the internet. These guides urge readers to give (...) high priority to their finances, given the irreversible global retreat of the state from welfare provision. They argue that expert professional advice is indispensable. They prepare readers to play their part as clients in mutually profitable collaboration with professional advisers. They offer reassurance about the effectiveness of industry regulation and consumer protection. The guides are reflexively implicated in the promotional culture of personal financial services. They support financial advisers’ claim to professional standing, and contribute to the cultural work of creating a clientele for them. (shrink)

The question of whether activism should be overtly embraced as part of the bioethicist's role deserves serious consideration. Like others, we agree that bioethics is inescapably partisan; bioethical deliberation is based on trying to determine morally relevant features of situations and morally justifiable outcomes. Where disagreement arises is over the degree to which bioethicists should be activists. Meyers argues for a somewhat circumscribed role, limited to action on ethically concerning institutional matters, for those who are financially independent of the institutions. (...) We take a broader view, arguing that some issues are so morally egregious that there is a duty to take a stand against them, even if the prospects of success are dim. There is a need for further debate, sharing of experiences, and analysis of case studies, to support bioethicists who take a stand. (shrink)

Love and money, according to the intuitive logic of Christian political theology, stand in opposition to each other. Where economic relations obtain, relations of love are understood to be absent or distorted. The opposition between the two has led social theorists and political theologians—including John Milbank, Kathryn Tanner, and Daniel M. Bell—to understand Christian love as a reservoir of opposition to the politics of contemporary financialized capital. This opposition, however, ignores the complex interrelationship that has characterized Christian thought about love (...) and money. Love and money—and their apparent competitive relationship—have been understood throughout the history of Christian thought on the basis of a relationship both maintain to the notion of indebtedness. This paper argues that any apparent tension between Christian theological caritas and oikonomia must to be contextualized in terms of a shared relationship between both of these concepts and the organization and administration of relations of debt and obligation. (shrink)

BackgroundFinancial compensation of research participants has been standard practice for centuries, however, there is an ongoing debate among researchers and ethicists regarding the ethical nature of this practice. While these debates develop ethical arguments and theories, they fail to incorporate input from those most affected by financial compensation: potential research participants.MethodsTo identify attitudes surrounding clinical research, participants of a long-standing cohort completed a one-time interview. Open-ended questions stimulated a participant-driven discussion surrounding medical research. Following a grounded theory methodology, (...) 58 semistructured interview transcripts were coded, focusing on attitudes surrounding financial compensation of research participants.ResultsOf the interviews coded, the majority of participants identified as Black/African American and were women. Five major themes emerged. In support of financial compensation, participants felt that study participants should be compensated for time, effort and risk. However, participants were concerned that compensation may differentially impact low-income populations and entice them to hide potentially harmful side effects. Participants also mentioned that financial compensation may invalidate study results if participants knowingly provide false information to subvert inclusion/exclusion criteria.ConclusionThe emergence of both positive and negative themes reiterates the complicated issue of providing financial compensation for study participation. While compensation as a motivator for research participation raises ethical concerns, participants discussed weighing the benefits with the risks in order to make an informed decision. To avoid paternalistic behaviours, research staff must allow potential research participants to review the available information and make the decision that best reflects their wishes. (shrink)

Background Much like academic-industry partnerships, industry financial support of patient advocacy organizations has become very common in recent years. While financial conflicts of interest between PAOs and industry have received more attention in recent years, robust efforts to mitigate these conflicts are still limited. Main body The authors outline the possible benefits and ethical concerns that can result from financial interactions between biomedical companies and PAOs. They argue that the use of novel strategies, such as the creation (...) of a standing ethics committee, could be helpful in managing FCOIs and ensuring the warranted trust of PAO’s constituents. Although ethics committees to address FCOIs are common in the academic context, its use by PAOs is still limited. The authors conclude by describing the process of development and implementation of such an ethics committee at the Crohn’s & Colitis Foundation. Conclusions While collaborations with industry can result in conflicts of interest, PAOs can develop strategies to address those conflicts. One such strategy is the creation of a standing independent ethics committee to guide PAOs on new and/or existing programs and protocols as they pertain to their industry relationships. (shrink)

It examines the context of the referendum in Greece in the summer of 2015 in view of theories of sovereignty and theories of judgment.

Swedish welfare has for decades served as a role model foruniversalistic welfare. When the economic recession hit Swedish economyin the beginning of the 1990s, a period of more than 50 years ofcontinuous expansion and reforms in the welfare sector came to an end.Summing up the past decade, we can see that the economic downturnenforced rationing measures in most parts of the welfare state, althoughmost of this took place in the beginning of the decade. Today, most ofthe retrenchment has stopped and (...) in some areas we can see tendencies ofrestoration – but more so in financial benefits than in the caringsectors. In the article this process is discussed as a process ofreallocation where general principles of solidarity become manifest.Various levels of decision making are discussed within the context ofsocio-political action. Current transitions in Swedish health care aredescribed with respect to coverage rates, content, marketisation anddistribution. Basic principles of distribution are highlighted in orderto analyse the meaning of social solidarity in a concrete allocativesetting. The significance of popular opinion – it's shifts anddeterminants – is also considered. The article concludes with adiscussion of how the (once salient) features of universalism inwelfare and health care provision have been affected by the developmentsin the past decade in Sweden. (shrink)

The United Network for Organ Sharing (UNOS) waiting list was designed as a just and equitable system through which the limited number of organs is allocated to the millions of Americans in need of a transplant. People have trusted the system because of the belief that everyone on the list has an equal opportunity to receive an organ and also that allocation is blind to matters of financial standing, celebrity or political power. Recent events have revealed that certain (...) practices and policies have the potential to be exploited. The policies addressed in this paper enable those on the list with the proper resources to gain an advantage over other less fortunate members, creating a system that benefits not the individual most in medical need, but the one with the best resources. These policies are not only unethical but threaten the balance and success of the entire UNOS system. This paper proposes one possible solution, which seeks to balance the concepts of justice and utility. (shrink)

Purpose This study aims to understand how fake news can cause an impact on consumer behavioral intentions in today’s era when fake news is prevalent and common. Brands have not only faced reputational losses but also got a dip in their share prices and sales, which affected their financial standing. Hence, it is significant for brands to understand the impact of fake news on behavioral intentions and to strategize to manage the impact. Design/methodology/approach This study uses several branding (...) and marketing concepts such as brand experience, brand trust, brand credibility, consumer behavioral intentions along with variables suggested by Elaboration Likelihood Model and Heuristic Systematic Model such as personal relevance/involvement. For fake news, news truthfulness, news credibility and source credibility are used. Findings The results of this study shows that positive brand experience, brand trust, brand credibility help in creating positive behavioral intentions for brands. This study shows that brands focusing on providing positive brand experience have a stronger brand trust and credibility and are affected less by fake news than those brands which do not emphasize on these factors. Practical implications This paper can assist brand managers in understanding the impact fake news can have on behavioral intentions of consumers. The managers can strategize such that the fake news affects their brands the least. Originality/value The authors in this paper attempt to fill in the gap in literature, which is to study how the fake news impacts the brands considering the credibility, trust and experience they establish with their customers. The existing literature discusses the generation and dissemination of fake news on social media and its impact on political scenarios and personalities. Also, studies explain the impact of fake news on the financial position of brands, but marketing facets are not tested empirically. (shrink)

Regulation must target the financial sector, which often funds and profits from environmentally unsustainable development. In an era of global financial markets, the financial sector has a crucial impact on the state of the environment. The long-standing movement for ethically and socially responsible investment (SRI) has recently begun to advocate environmental standards for financiers. While this movement is gaining more adherents, it has increasingly justified responsible financing as a path to be prosperous, rather than virtuous. This (...) trend partly owes to how financial institutions view their legal responsibilities. The business case motivations that now predominantly drive SRI are not sufficient to make the financial sector a means to sustainable development. Some modest legal reforms to improve the quality and extent of SRI have yet to make a tangible difference. A more ambitious strategy to promote SRI for environmental sustainability is possible, based on reforming the fiduciary duties of financial institutions. Such duties, tied to concrete performance standards, could make financiers invest in more ethically responsible ways. Other collateral reforms to financial markets, including improved corporate environmental reporting, are required to promote sustainability. (shrink)

How do tweets reflect the long-standing disparities between the northern and southern regions of Nigeria? This study presents a qualitative analysis of Twitter users' responses (n = 101,518) to the tweets of the Economic and Financial Crimes Commission (EFCC) regarding the production and prosecution of cybercrime. The article uses postcolonial perspectives to shed light on the legacies of British colonial efforts in Nigeria, such as the amalgamation of the northern and southern protectorates in 1914. The results revealed significant (...) discrepancies between Nigeria's northern and southern regions regarding cybercriminal arrest, conviction, and sentencing. Specifically, the results showed that the EFCC's criminalization of Southerners differs substantially from that of Northerners. The contemporary manifestation of inequalities concerning the production and prosecution of cybercrime on Twitter reflects long-standing contestations (e.g., economic, political, cultural, geological) between the northern and southern parts of Nigerian society. Therefore, since the North-South divide in present-day Nigeria originated from British colonization, colonialism is the base that shaped the superstructure comprising political, religious, historical, geological (e.g., crude oil), and economic factors. In turn, the article spotlights that regional differences in educational attainment, originating from differing experiences of Christianization and colonization, interact with regional disparities in the production of cybercrime. More research is required to better understand how these contextual disparities in society interact with the production and prosecution of cybercrime, given that Nigerian cybercriminals defraud victims all over the world. (shrink)

A slight stabilization of some macroeconomic indicators Ukraine in conditions of long-term preservation of structural imbalances in the domestic economy against the background of global economic recovery, reduce consumer demand in the global markets combined with the devaluation of the hryvnia no reason to conclude that ensure the sustainability of enterprises to the likely financial and economic turmoil. Given this situation, the article identifies the main problems of accounting of foreign exchange transactions in Ukraine through the prism of foreign (...) software security. At present actualized issue integration into the European economic space, which leads to aggravation of the issue of financial payments in foreign currency and their reflection in the accounting business. Stand unstable economic situation in the domestic market of Ukraine leads the majority of domestic enterprises to shift to foreign markets. Foreign trade enterprises directly related to the riskiness and exposure to foreign shocks her, so constantly need to monitor the status of foreign security. Based on empirical research using the software package MS Excel, articles in the research and forecasting of external economic security of Ukraine and brought a further increase of this indicator in a strategic perspective. However, foreign financial and payment transactions engaged in enterprise involving consideration of exchange rate fluctuations, in which there are exchange differences significantly affect the financial results of the company. In order to improve the accounting currency transactions in the context of foreign trade enterprises proposed harmonization of national and international accounting systems using international standards in national accounting system and financial reporting. (shrink)

Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and (...) ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research. (shrink)

Methodological changes within the study of man are inspired not only through new scientific insights and discoveries, but also through crises, wars, and the appearance of new political masters. Within the study of economics, the edifice of neoclassical economics is now standing on the scaffold seeking pardon among the spectators and hoping the executioner has been called away and the verdict redrawn. The critique is not new, but has been continuous and gaining in strength especially over the past three (...) decades, particularly after the recent financial crisis. In the wake of this devastating event, more people are questioning the usefulness…. (shrink)

The academic standing of the staff working in vocational higher education must be judged as unsatisfactory according to two possible criteria: the traditional criteria, which are derived from the universities operating within the previous unitary higher education system; and the criteria outlined by the bill of the Law of Higher Education Institutions. The latter derive from the same historical institutional pattern.There are many reasons to conclude that, academically, in most fields of study, the new institutions do not reach the (...) level of the old ones. However, the mission of the new sector—the second-rank academic institutions in the eyes of the traditional academic community—is at least debatable, if not mistaken. The public university sector appears to be in deep crisis, with academics so attached to the Humboldtian university that they ignore the claims for social relevance in education.8 This is further complicated by deepening financial hardship.Using traditional criteria, it is possible that Estonia will be left with two socially irrelevant higher education sectors, instead of one functioning sector. It is also possible that the second sector, which does not fit these criteria, will be eliminated. However, the fault does not lie wholly with the dominance of traditional university attitudes. It also lies in a lack of vision on the part of the new institutions. As children of the proletariat society, they fail to recognise their vocational orientation as a benefit, and instead try to hide it. They are developing theoretically overloaded four- to five-year study programmes. None of these institutions has solved the problem of balancing the requirement of employing 50 per cent faculty full time and maintaining a satisfactory academic level. The need to demonstrate that part-time employees may actually benefit the vocational sector has not yet been understood.9As long as the sector continues to accept the rules forced upon it by the old universities, it probably has no useful role in Estonia. Its institutions, especially the public institutions, cannot compete with the traditional universities in academic fields. The universities, on the other hand, are beginning to understand that the policy they proclaimed some years ago, which was based on the clear distinction between two sectors on the German pattern, does not work in a small country with very limited resources, and an inheritance from the previous regime of a large university sector with an enrolment rate of more than 20 per cent of the age group. The universities have agreed to offer their own non-degree courses at diploma level, and now seriously threaten the small new institutions. From the financial point of view, the universities' expressed desire to swallow the small vocational institutions is beneficial since the small institutions have no clearly distinct role of their own.The private vocational higher education institutions do not conceal the fact that, according to their own vision, they have little place in the vocational sector. Some of them would like an official status equal to that of the universities, the right to offer graduate and postgraduate courses as well as diploma courses, and the registration of their diplomas and certificates on an equal basis with the public universities in the Register of Diplomas and Certificates at the Ministry of Culture and Education. In other words, they are interested in becoming fully accredited universities. This increases competition for students and—given the Estonian mechanism of public financing of higher education based on the number of students admitted provided by the Ministry of Culture and Education10—there will be less money for public universities. Here lies the origin of the principle that the universities are established by parliament and the vocational higher education institutions by executive action by the government.The existence of the new sector is seriously threatened. The current pattern of postgraduate studies has blocked the preparation of a sufficient number of research-degree holders, even at master's level.11 The new institutions cannot train their own faculty. The recent experience of Concordia International University—which depends greatly on staff with bachelor's and master's degrees from the United States, who form some 80 per cent of the faculty—demonstrates that the participation of first- or even second-rank Western academics in Estonian higher education can never be very high. If the system cannot accept experienced local staff for legal appointments in the vocational sector, unless they have a research degree, these institutions will not survive for long. Society will be back to the position where there are a large number of underpaid or unemployed academics, but a shortage of qualified individuals who could be self-employed and capable of running small and medium-size enterprises. (shrink)

Concentrated attention on institutional investors' activism has been perceived in the last few decades and further intensified in the post‐Enron era. A new area of particular significance that has emerged is institutional investors' growing awareness and practice of socially responsible investment (SRI). This article starts by reviewing the importance of institutional investor activism and the historical implication of SRI. Significantly, various elements that give rise to the growth of SRI in the modern business world are considered in detail. It is (...) recognized that, although current empirical evidence suggests ambiguous effects of SRI, the positive impact of institutional investors' activism on SRI is likely to have been undermined due to the underdevelopment of evaluation systems, and SRI should stand out as a good investment option for its joint financial and societal concerns. Nevertheless, obstructions still exist in the exercise of investor activism and the pursuit of SRI strategy, which implies that, at least in the near future, SRI strategy will remain as a minor investment trend for institutional investors in Anglo‐American countries. Additional regulatory methods and awarding schemes are, therefore, expected to motivate institutional investors' activism on SRI, and subsequently to promote global sustainability. (shrink)

When confronted with an ethical dilemma, most of us like to think we would stand up for our principles. But we are not as ethical as we think we are. In Blind Spots, leading business ethicists Max Bazerman and Ann Tenbrunsel examine the ways we overestimate our ability to do what is right and how we act unethically without meaning to. From the collapse of Enron and corruption in the tobacco industry, to sales of the defective Ford Pinto, the downfall (...) of Bernard Madoff, and the Challenger space shuttle disaster, the authors investigate the nature of ethical failures in the business world and beyond, and illustrate how we can become more ethical, bridging the gap between who we are and who we want to be. Explaining why traditional approaches to ethics don't work, the book considers how blind spots like ethical fading--the removal of ethics from the decision--making process--have led to tragedies and scandals such as the Challenger space shuttle disaster, steroid use in Major League Baseball, the crash in the financial markets, and the energy crisis. The authors demonstrate how ethical standards shift, how we neglect to notice and act on the unethical behavior of others, and how compliance initiatives can actually promote unethical behavior. They argue that scandals will continue to emerge unless such approaches take into account the psychology of individuals faced with ethical dilemmas. Distinguishing our "should self" from our "want self", the authors point out ethical sinkholes that create questionable actions. Suggesting innovative individual and group tactics for improving human judgment, Blind Spots shows us how to secure a place for ethics in our workplaces, institutions, and daily lives. (shrink)

The study contributes to building an understanding of the impact of political forces on the information environment of listed firms in a developing economy. Specifically, it investigates the tensions between politico-institutional factors and accounting regulation on the prolonged and incomplete implementation of the International Financial Reporting Standards in Bangladesh from 1998 to 2010. Two phases of interviews were conducted in 2010–2011 and IFRS-related enforcement documents from 1998 to 2010 were evaluated. The study contributes that IFRSs are being diffused to (...) developing countries like Bangladesh, but they invariably interact with local institutions, with variable outcomes. Coercive, normative and mimetic isomorphisms are low in Bangladesh. Notably, political forces have been undermining mimetic isomorphism because of the high level of government intervention and the high level of political lobbying. Political institutional pressures stand in the way of mimetic isomorphism and constitute negative forces that add further tension to accounting regulation in Bangladesh. Regarding the low level of normative isomorphism, there is evidence of a ‘blame culture’, with state institutions and professional accountancy institutions in the country blaming each other for the poor progress in IFRS implementation. Although the study focuses on Bangladesh, its results have implications for international policy makers, as well as the governments and regulators of other developing economies facing similar challenges in implementing IFRS. (shrink)

This article discusses socially responsible investing (SRI) and tobacco. SRI allows investors, both institutional and individual, to express their concerns and make their social and ethical stands known to the companies they invest in and patronize. The tobacco industry is active in every country on the globe and generates huge profits, while tobacco use is responsible for 4 million deaths every year.The authors explore past and current views on investment in tobacco, partly based on a survey conducted by the Tobacco (...) Free Initiative of the World Health Organization (WHO). There is clearly a trend toward divestment from tobacco for both ethical and financial reasons. Tobacco-free investments can be both ethically sound and financially profitable. (shrink)

This paper applies insights from behavioral economics and nudge theory to foster sustainable and responsible investment. SRI provides an opportunity to express and promote ethical values via choice of financial instruments. While policy-makers have tried to encourage greater participation in SRI, the majority of retail investors retain a conventional approach to investment. I develop a conceptual framework to improve the effectiveness of SRI policy-making. The first part of the framework comprises a transmission mechanism which emphasizes the role of SRI (...) as a driver for sustainable development. The second part is a model of the individual decision for or against SRI. The framework suggests that low SRI demand is a case of behavioral market failure, and that nudging is a suitable tool for dismantling behavioral barriers to SRI. A specific example of smart choice architecture is used to illustrate the framework’s potential in the design of an SRI nudge. Assuming the nudge stands up to the rigors of empirical testing, it may well provide a feasible alternative for policy-makers. (shrink)

Viewing animals as a disposable resource is by no means novel, but does milking the cow for all its worth now represent a previously unimaginable level of exploitation? New technology has intensified milk production fourfold over the last 50 years, rendering the cow vulnerable to various and frequent clinical interventions deemed necessary to meet the demands for dairy products. A major question is whether or not the veterinary code of practice fits, or is in ethical tension, with the administration of (...) ‘efficient’ techniques, such as artificial insemination, to enhance reproduction levels among cattle? Vets perform these interventions and their ‘success’ is measured by the maximisation of milk production, requiring perpetually pregnant cows. Our empirical research on 33 farm vets explores how their professional ethical code promising to protect the welfare of the animal ‘above all else’, is increasingly in conflict with, and subordinate to, the financial demands of clients. Since vets cannot stand outside of the productive power–knowledge relations that have intensified the consumption of animal bodily parts and secretions, we argue that a process of adiaphorization’ occurs, whereby humans become morally indifferent to cruel practices deemed necessary to our consumerist ways of life. However, this indifference reflects and reinforces a taken-for-granted anthropocentrism among vets, animal owners and the population generally. We suggest that posthumanist ideas may offer new insights for the study of human–animal relations in organisations that transcend the coercive and negative impact of discourses that deny any alternative to prevailing farm/veterinary practices. Our study has major implications in relation to climate warming and zoonotic diseases, both partly derived from our unethical relationship to animals, that are increasingly threatening our, and their, lives. (shrink)

When confronted with an ethical dilemma, most of us like to think we would stand up for our principles. But we are not as ethical as we think we are. In Blind Spots, leading business ethicists Max Bazerman and Ann Tenbrunsel examine the ways we overestimate our ability to do what is right and how we act unethically without meaning to. From the collapse of Enron and corruption in the tobacco industry, to sales of the defective Ford Pinto, the downfall (...) of Bernard Madoff, and the Challenger space shuttle disaster, the authors investigate the nature of ethical failures in the business world and beyond, and illustrate how we can become more ethical, bridging the gap between who we are and who we want to be. Explaining why traditional approaches to ethics don't work, the book considers how blind spots like ethical fading--the removal of ethics from the decision--making process--have led to tragedies and scandals such as the Challenger space shuttle disaster, steroid use in Major League Baseball, the crash in the financial markets, and the energy crisis. The authors demonstrate how ethical standards shift, how we neglect to notice and act on the unethical behavior of others, and how compliance initiatives can actually promote unethical behavior. They argue that scandals will continue to emerge unless such approaches take into account the psychology of individuals faced with ethical dilemmas. Distinguishing our "should self" from our "want self", the authors point out ethical sinkholes that create questionable actions. Suggesting innovative individual and group tactics for improving human judgment, Blind Spots shows us how to secure a place for ethics in our workplaces, institutions, and daily lives. (shrink)

This paper argues that there exists a collective epistemic state of ‘Broad Medical Uncertainty’ regarding the effectiveness of many medical interventions. We outline the features of BMU, and describe some of the main contributing factors. These include flaws in medical research methodologies, bias in publication practices, financial and other conflicts of interest, and features of how evidence is translated into practice. These result in a significant degree of uncertainty regarding the effectiveness of many medical treatments and unduly optimistic beliefs (...) about the benefit/harm profiles of such treatments. We argue for an ethical presumption in favour of openness regarding BMU as part of a ‘Corrective Response’. We then consider some objections to this position, including concerns that public honesty about flaws in medical research could undermine trust in healthcare institutions. We suggest that, as it stands, the Anti-Corrective Response is unconvincing. (shrink)

Solid state physics, the study of the physical properties of solid matter, was the most populous subfield of Cold War American physics. Despite prolific contributions to consumer and medical technology, such as the transistor and magnetic resonance imaging, it garnered less professional prestige and public attention than nuclear and particle physics. Solid State Insurrection argues that solid state physics was essential to securing the vast social, political, and financial capital Cold War physics enjoyed in the twentieth century. Solid state’s (...) technological bent, and its challenge to the “pure science” ideal many physicists cherished, helped physics as a whole respond more readily to Cold War social, political, and economic pressures. Its research kept physics economically and technologically relevant, sustaining its cultural standing and policy influence long after the sheen of the Manhattan Project had faded. (shrink)

Acts of helping others are often based on mixed motivations. Based on this claim, it has been argued that the use of a financial reward to incentivize organ donation is compatible with promoting altruism in organ donation. In its report Human Bodies: Donation for Medicine and Research, the Nuffield Council on Bioethics uses this argument to justify its suggestion to pilot a funeral payment scheme to incentivize people to register for deceased organ donation in the UK. In this article, (...) I cast a sceptical eye on the above Nuffield report's argument that its proposed funeral payment scheme would prompt deceased organ donations that remain altruistic . Specifically, I illustrate how this scheme may prompt various forms of mixed motivations which would not satisfy the report's definition of altruism. Insofar as the scheme produces an expectation of the reward, it stands diametrical to promoting an ‘altruistic perspective’. My minimal goal in this article is to argue that altruism is not motivationally compatible with reward as an incentive for donation. My broader goal is to argue that if a financial reward is used to incentivize organ donation, then we should recognize that the donation system is no longer aiming to promote altruism. Rewarded donation would not be altruistic but it may be ethical given a persistent organ shortage situation. (shrink)

BackgroundThe use of great apes (GA) in invasive biomedical research is one of the most debated topics in animal ethics. GA are, thus far, the only animal group that has frequently been banned from invasive research; yet some believe that these bans could inaugurate a broader trend towards greater restrictions on the use of primates and other animals in research. Despite ongoing academic and policy debate on this issue, there is no comprehensive overview of the reasons advanced for or against (...) restricting invasive research with GA. To address this gap, we conducted a systematic review of the reasons reported in the academic literature on this topic.MethodsSeven databases were searched for articles published in English. Two authors screened the titles, abstracts, and full texts of all articles. Two journals specialized in animal ethics, and the reference lists of included articles were subsequently also reviewed.ResultsWe included 60 articles, most of which were published between 2006 and 2016. Twenty-five articles argued for a total ban of GA research, 21 articles defended partial restrictions, and 14 articles argued against restrictions. Overall, we identified 110 reason types, 74 for, and 36 against, restricting GA research. Reasons were grouped into nine domains: moral standing, science, welfare, public and expert attitudes, retirement and conservation, respect and rights, financial costs, law and legal status, and longer-term consequences.ConclusionOur review generated five main findings. First, there is a trend in the academic debate in favor of restricting GA research that parallels worldwide policy changes in the same direction. Second, in several domains (e.g., moral standing, and respect and rights), the reasons were rather one-sided in favor of restrictions. Third, some prominent domains (e.g., science and welfare) featured considerable engagement between opposing positions. Fourth, there is low diversity and independence among authors, including frequent potential conflicts of interests in articles defending a strong position (i.e., favoring a total ban or arguing against restrictions). Fifth, scholarly discussion was not the norm, as reflected in a high proportion of non-peer-reviewed articles and authors affiliated to non-academic institutions. (shrink)

Rural, remote, and northern Indigenous communities in Canada frequently face limited access to healthcare services with ongoing physician and staff shortages, inadequate infrastructure, and resource challenges. These healthcare gaps have produced significantly poorer health outcomes for people living in remote communities than those living in southern and urban regions who have timely access to care. Telehealth has played a critical role in bridging long-standing gaps in accessing healthcare services by connecting patients and providers across distance. While the adoption of (...) telehealth in Northern Saskatchewan is growing, its initial implementation faced several barriers related to limited and stretched human and financial resources, infrastructure challenges such as unreliable broadband, and a lack of community involvement and engaged decision-making. Emerging ethical issues during the initial implementation of telehealth in community contexts have been wide ranging including concerns around privacy that have also shaped patients’ experiences and particularly the need to consider place and space within rural contexts. Drawing from a qualitative study with four Northern Saskatchewan communities, this paper offers critical perspectives on the resource challenges and place-based considerations that are shaping telehealth in the Saskatchewan context and provides recommendations and lessons learned that could inform other Canadian regions and countries. This work responds to the ethics of tele-healthcare in rural communities in Canada and contributes perspectives of community-based service providers, advisors, and researchers. (shrink)

Corporate social reporting, while not mandatory in most countries, has been adopted by many large companies around the world and there are now a variety of competing global standards for non-financial reporting, such as the Global Reporting Initiative and the UN Global Compact. However, while some companies (e. g., Henkel, BHP, Johnson and Johnson) have a long standing tradition in reporting non-financial information, other companies provide only limited information, or in some cases, no information at all. Previous (...) studies have suggested that there are, country and industry-specific, differences in the extent of CSR reports (e. g., Kolk et al.: 2001, Business Strategy and the Environment 10, 15-28; Kolk: 2005, Management International Review 45, 145-166; Maignan and Ralston: 2002, Journal of International Business Studies 33(3), 497-514). However, findings are inconclusive or contradictory and it is often difficult to compare previous studies owing to the idiosyncratic methods used in each study (Graafland et al.: 2004, Journal of Business Ethics 53, 137-152). Furthermore, previous studies have relied mainly on simple measures, such as word counts and page counts of reports, to compare the extent of reporting that may not capture significant differences in the content of the reports. In this article, we seek to overcome some of these deficiencies by using textual analysis software and a more robust statistical method to more objectively and reliably compare the CSR reports of firms in different industries and countries. We examine a sample of leading companies in four countries (US, UK, Australia, and Germany) and test whether or not membership of the Global Compact makes a difference to CSR reporting and is overcoming industry and country specific factors that limit standardization. We conclude that GlobalCompact membership is having an effect only in certain areas of CSR reporting, related to the environment and workers, and that businesses from different countries vary significantly in the extent to which they promote CSR and the CSR issues that they choose to emphasize in their reports. These country differences are argued to be related to the different institutional arrangements in each country. (shrink)

Human consumption of pharmaceuticals often leads to environmental release of residues via urine and faeces, creating environmental and public health risks. Policy responses must consider the normative question how responsibilities for managing such risks, and costs and burdens associated with that management, should be distributed between actors. Recently, the Polluter Pays Principle (PPP) has been advanced as rationale for such distribution. While recognizing some advantages of PPP, we highlight important ethical and practical limitations with applying it in this context: PPP (...) gives ambiguous and arbitrary guidance due to difficulties in identifying the salient polluter. Moreover, when PPP does identify responsible actors, these may be unable to avoid or mitigate their contribution to the pollution, only able to avoid/mitigate it at excessive cost to themselves or others, or excusably ignorant of contributing. These limitations motivate a hybrid framework where PPP, which emphasizes holding those causing large-scale problems accountable, is balanced by the Ability to Pay Principle (APP), which emphasizes efficiently managing such problems. In this framework, improving wastewater treatment and distributing associated financial costs across water consumers or taxpayers stand out as promising responses to pharmaceutical pollution from human use. However, sound policy depends on empirical considerations requiring further study. (shrink)

John Law left a remarkable legacy of economic concepts from a time when economic conceptualization was very much at an embryonic stage. Yet he is best known--and generally dismissed--today as a rake, duellist, and gambler. This intellectual biography offers a new approach to Law, one that shows him to have been a significant economic theorist with a vision that he attempted to implement as policy in early-eighteenth-century Europe. Law's style, marked by a clarity and use of modern terminology, stands out (...) starkly against the turgid prose of many of his contemporaries. His vision of a monetary and financial system was certainly one of a later age, for Law believed in an economy of banknotes and credit where specie had no role to play. Ultimately Law failed as a policy-maker, in part because of the entrenchment of the financiers and their aristocratic backers and in part because of theoretical flaws in his vision. His struggle for power took place against the background of Europe's first major stock boom and collapse. The collapse of the Mississippi System, which he had conceived, and the South Sea Bubble led to a lasting impression of Law as a failure. It is this impression that Antoin Murphy seeks to dispel. (shrink)

Since China's Reform Era began in 1979, corporations of all shapes and sizes mushroomed in the economic landscape. Among these companies, a few have distinguished themselves by their unique corporate cultures and financial performance. The Chinese state–owned enterprises (SOEs) are notorious for their inefficiency, conservatism, bloated bureaucracy, and obsoleteness. However, a few good SOEs stand out as corporations of excellence with commitment to business ethics. Very little study has been done on SOE corporate cultures and business ethics, especially in (...) the western literature. This paper provides an insight into one such organisation – the Double Star Group of Qingdao. This paper includes the results of an empirical survey on Double Star's employees’ perception of its corporate culture and business ethics. (shrink)

The widespread and elaborate use of new financial instruments among corporate entities and financial institutions requires justification. It faces the charge of increasing both the level and complexity of risk in the financial system under the pretext of reducing it. It is a prodigious user of management resources and IT. It obscures the integrity of the nature of the non-financial user.It is not mere academic argument to question the ethics of certain instruments. Both in the US (...) and the UK certain forms of financial instrument are deemed too risky to be used by all and sundry. Other forms of instrument may be banned outright, even though many financial professionals will be perfectly capable of measuring the risk involved. The force of this attack is recognized in the financial industry. One defence frequently put forward is similar to that of the National Rifle Association in the US about guns. It is the users, not the product, that are the problem. “One misconception is that derivatives are risky instruments that are used for speculation. It is more accurate to say that derivatives are instruments that can be used to alter risk profiles”. The mere fact of an instrument existing is no reason to use it. The biggest advocates of exotic options are bankers. Practising Treasurers spend much time seeking to distinguish between the fascinating idea which the bank’s rocket scientist wants to try, and the derivative that will genuinely benefit the company. The fact that many of these instruments are harmful or spurious does not mean they should be banned, but neither does the absence of a ban make them ethical.The ethical question to ask for the non-financial corporation has to do with the proper balance of courage and prudence. Will this instrument enable the company to carry out its proper task with more focus and self-awareness, or is it an attempt to neutralize the proper risks that we are paid to take? For financial corporations the inevitable presence of derivatives poses two issues. First, are they intrinsically valuable or simply so complicated that no client could use them and monitor the new exposures involved? Secondly, will the active management of our positions created by this activity result in a change in the nature of our business, and if so, has this been clearly communicated to the world around?On reading this again I am once more struck by a remark made to me by a clergyman long before I was ordained. “What is an ethical Treasurer?” One of the major challenges in the field of financial ethics is the development of an adequate, and clearly communicated, measure of the intrinsic ethics of finance.This paper is not arguing that derivatives are wrong, but that they are powerful, and power needs monitoring and controlling. The events of October 1987 are often referred to as the meltdown of the markets. My clear memory is of the whole executive board of directors standing in my office gazing in awe at a Topic Screen as waves of red chased across the screen. The use of nuclear metaphors was apt. A system that seemed safe had assumed a life of its own. There is little doubt that derivatives fuelled the reaction. (shrink)

Recognising and responding to injustices that benefit us is a pervasive problem of contemporary life, and arguably a mark of moral seriousness in anyone who presumes to take moral stands at all. In response, a number of authors have defended the view that such benefits normally bring with them prima facie obligations of compensation. This ‘wrongful-benefits’ approach has considerable intuitive plausibility, much of it founded in the financial metaphor that gives it an appearance of precision. Yet while the compensation (...) scenario works reasonably well in one-off cases such as receiving stolen property, it yields incoherent results when facing ongoing structural injustices. In such cases ‘innocence’ is ambiguous and our status as beneficiaries and victims is complex. In contrast, solidarity — understood as a principle of equity requiring that we side with the least well off — provides a better account of duties to respond to structural injustice. In solidarity the agent follows the lead of organised out-groups and defers to their judgment about collective actions to overcome injustice. Solidarity leads us to support the organised group that suffers from the greatest inequity. Solidarity does not use a financial metaphor and thus it neither requires full disgorgement, nor absolves us of further action when we reach the point of net-zero benefit. Rather, solidarity is a principal means for ordinary citizens to promote equity by affirming the equal status of the victims, and to atone for having benefited from injustice, whether they did so willingly or otherwise. (shrink)

Public extension services play a key role in the implementation of strategies for rural development based on the sustainable management of natural resources. However, the sector suffers from restricted financial and human resources. Using experiences from participatory action research, a strategy for rural extension in the Amazon was defined to increase the efficiency and the relevance of external support for local resource users. This strategy considered activities initiated and coordinated by local people. Short-term facilitation visits provided continuous external support (...) for the purpose of establishing locally based planning and learning mechanisms. In collaboration with the municipality of Muaná in the Eastern Amazon, the strategy was tested in two traditional communities – Monte Moriat and Boa Esperança. Both communities recognized as most important the need to reduce their dependence on açaí (Euterpe oleracea Mart.), the principal source of food and income. This forest resource has been overexploited, seriously affecting açaí stands and diminishing the forest benefits fundamental for survival. Two local groups decided to raise chickens as a way to reduce nutritional problems and as an alternative source of income. Supported by monthly, short-term planning and evaluation visits, the groups managed to achieve significant progress in their endeavor. The groups identified (1) the control of decision-making and information, and (2) the absence of external obligations to be the greatest advantages of the development initiative. The study confirmed the potential of participatory strategies for public extension in the Amazon. Special attention was given to realistically define the role of forests for local development. However, drastic measures are necessary to smooth the way for real participation in governmental and non-governmental organizations acting in the Brazilian Amazon. (shrink)

The ethical practices of credit rating agencies, particularly following the 2008 financial crisis, have been subject to extensive analysis by economists, ethicists, and policymakers. We raise a novel issue facing CRAs that has to do with a problem concerning the transmission of epistemic status of ratings from CRAs to the beneficiaries of the ratings, and use it to provide a new challenge for regulators. Building on recent work in philosophy, we argue that since CRAs have different stakes than the (...) beneficiaries of the ratings in the ratings being accurate, what counts as knowledge concerning credit risk for a CRA may not count as knowledge for the beneficiary. Further, as it stands, many institutional investors are bound by law to make some of their investment decisions dependent on the ratings of officially recognized CRAs. We argue that the observation that the epistemic status of ratings does not transmit from CRAs to beneficiaries makes salient a new challenge for those who think current regulation regarding the CRAs is prudentially justified, namely, to show that the harm caused by acting on a rating that does not have epistemic status for beneficiaries is compensated by the benefit from them acting on a CRA rating that does have epistemic status for the CRA. Unlike most other commentators, therefore, we offer a defeasible reason to drop references to CRAs in prudential regulation of the financial industry. (shrink)

Corporate social responsibility reporting is becoming mainstream, yet there is limited research on whether and how CSR reports communicate value relevant information. We examine the effects of CSR report readability and tone on future CSR performance and the market reaction around the release of CSR reports. Using a hand-collected dataset of Fortune 500 companies that published stand-alone CSR reports from 2002 to 2014, we find that 1-year-ahead CSR performance is positively associated with the changes in both CSR report readability and (...) tone, suggesting that more readable text and more optimistic tone in a firm’s CSR report are indicative of better future CSR performance. Furthermore, consistent with the view that CSR reports communicate important value relevant information to the market, we document significant market reactions to report readability and tone around the release of CSR reports. Additional analyses suggest that CSR report readability enhances the association between the abnormal returns and the change in CSR report tone, and that the market reaction to CSR report readability is more pronounced for firms with lower analyst following and higher financial opacity. Taken together, our results substantiate the important roles of CSR report readability and tone in communicating future CSR performance and imparting value relevant information to the market. (shrink)

In “Non-self, Agency, and Women: Buddhism’s Modern Transformation,” Ann A. Pang-White argues that “non-self (anātman 無我)” and “emptiness (śūnyatā 空)” necessarily entail nonduality. Buddha nature is neither male nor female. Nonetheless, conflicting teachings are found in various Theravada and Mahayana texts. The more conservative texts have historically resulted in long-standing patriarchal practices: Buddhist nuns receive much less respect and financial support than monks, often facing the possibility of extinction. In Taiwan, however, in a complete reversal, Buddhist nuns outnumber (...) male monks in an astonishing 75 percent to 25 percent ratio, with the largest number of Buddhist nuns in the world. Many Taiwanese nuns are highly educated and socially engaged activists. Nonetheless, to assert one’s autonomy to become a nun is extremely difficult in a Confucian society. How do Taiwanese women, society, and Buddhism mutually transform each other? In addition to an analysis of selected essential Buddhist texts, Pang-White investigates two Buddhist communities of women to shed light on Buddhism’s modern transformation. She concludes that to reform Buddhism from within is not only theoretically possible but also practically achievable. (shrink)

There is a long-standing debate in philosophy about whether it is morally permissible to harm one person in order to prevent a greater harm to others and, if not, what is the moral principle underlying the prohibition. Hypothetical moral dilemmas are used in order to probe moral intuitions. Philosophers use them to achieve a reflective equilibrium between intuitions and principles, psychologists to investigate moral decision-making processes. In the dilemmas, the harms that are traded off are almost always deaths. However, (...) the moral principles and psychological processes are supposed to be broader than this, encompassing harms other than death. Further, if the standard pattern of intuitions is preserved in the domain of economic harm, then that would open up the possibility of studying behaviour in trolley problems using the tools of experimental economics. We report the results of two studies designed to test whether the standard patterns of intuitions are preserved when the domain and severity of harm are varied. Our findings show that the difference in moral intuitions between bystander and footbridge scenarios is replicated across different domains and levels of physical and non-physical harm, including economic harms. (shrink)

The current economic crisis, unsustainable growth, and financial scandals invite reflection on the role of universities in professional training, particularly those who have to manage businesses. This study analyzes the main factors that might determine the extent to which Spanish organizational management educators use corporate social responsibility (CSR) or business ethics stand-alone subjects to equip students with alternative views on business. A web content analysis and non-parametric mean comparison statistics of the curricula of undergraduate degrees in all universities in (...) Spain were conducted. The main conclusion of this paper is related to the Bologna effect in Spanish universities. Comparing our results with prior research in this matter, it is demonstrated that the main reason that explains the increase of CSR and ethical education in Spain is the Bologna process and its adaptation to the European Higher Education Area. Also, private universities in Spain are more likely to require an ethics course than public universities. Other factors, such as size, political orientation, or related to CSR chairs are not statistically explanatory of CSR and ethical education. (shrink)

In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans as we clarify our position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. (...) As a result, it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?”. (shrink)

As the assumptions of perpetual economic and population growth no longer stand, the welfare systems built on such promises are in peril. Policymakers must reallocate the responsibility for providing care between generations. Democratic theories can help establish procedures for finding solutions, particularly in ageing democratic countries. By analysing existing representative and deliberative democratic theories, this paper explores how the interests of future generations could be included in such procedures. A hypothetical social health insurance scheme with the pay-as-you-go financial arrangement (...) is selected as an illustrative case. This paper argues that due to the intrinsic bias towards the current generation, both representative and deliberative democratic health policymaking are limited in making decisions that account for future generations. Instead, their interests could be at best represented by benevolent representatives. (shrink)

The movement advocating the formal certification of clinical ethics consultants may result in major changes to the field of clinical ethics consultation by creating a new standard of care. The actual certification process is still in the development phase, but unanswered questions include: What will certification cost, and, Who will pay? Currently there is little salary support for ethics consultants and no regulation requiring healthcare institutions to offer clinical ethics consultation. Without the support of healthcare administrators and accreditation bodies, this (...) may remain unchanged.Healthcare administrators may be unwilling to pay for certification or professional services if accreditation bodies do not require healthcare institutions to provide certified ethics consultants’ services. If consultants will not be reimbursed or paid, they may not seek certification. If certified consultants are required, healthcare administrators may look for ways to cover the costs for providing this service, including insurance or third-party reimbursement and direct billing of patients for consultations, which may affect who performs and who participates in ethics consultation. However, this is less than ideal, as bioethicists believe ethics consultation should be available to all as part of providing safe, quality ethical care and support and guidance for patients, families, and healthcare staff.Going forward, bioethicists should study quality improvement, patient safety, and cost-savings resulting from certification-eligible clinical ethics consultants’ activities. Administrators and financial personnel can be surveyed regarding their support for the certification process. Bioethicists should enlist the help of patient rights and safety advocacy groups, professional medical associations, and healthcare administrators. Bioethicists should invite accreditation bodies, healthcare administrators, and financial personnel to collaborate in the development of the certification process. Without their support, certification may be of value only to the bioethics community, and may have little standing in actual clinical healthcare institution settings. (shrink)

Many of the reasons offered for outsourcing security involve costs and benefits – a consequentialist way of reasoning. Thus, I will explore a consequentialist argument against the use of private security contractors (PSCs) in counterinsurgencies. Discussing the benefits and costs of employing PSCs in these kinds of operations will demonstrate that the hiring of PSCs in many cases (perhaps in most) is consequentially unsound. More precisely, the overall negative consequences of hiring PSCs during counterinsurgencies should preclude their use unless in (...) extreme emergencies. Defenders of the use of PSCs readily point to their financial benefits and expected increase in efficiency as the starting point for their argumentation. On my account, if the benefits really do outweigh the foreseeable and expected costs, then hiring PSCs may, in that case, be a morally viable option. However, I contend that, unless we institute broad contractual control and oversight reform, unless we truly understand the costs and benefits, we should have a standing, prima facie prohibition against employing PSCs in counterinsurgencies. (shrink)