In the third century AD, under the pressure of plagues, external invasion, rising army costs, and usurpation, the Roman emperors incrementally debased the silver coinage that was produced at their imperial mints and incrementally took over civic mints. The debasement, from 2.7 g of silver to 0.04 g of silver in the equivalent of a denarius from 160–274 ad, was accompanied by worries from emperors, mint-workers, and bankers about the value of the currency; however, the total loss of purchasing power (...) of the Roman coinage from the same era was 50–70 %, far less than would be expected from the change in metallic content, if it were the primary source of value. The currency reform of Aurelian in 274 ad, despite raising metallic values of coins, was followed by at least a 90 % reduction in the purchasing power of the silver coinage from 274–301 ad, the year of Diocletian’s Edict on Maximum Prices, showing a paradoxically inverse relationship between metallic value and purchasing power. Based on this quandary, I argue that the Roman silver coinage of the third century CE became a fiat currency in some respects, deriving its guarantee from imperial iconography and assurances rather than from bullion value. The fiat nature of the silver coinage was largely present in usage as a medium of exchange for those without as much long-term interest in maintaining liquid stores of value; this is indicated by the differential debasement of the denarius and aureus; imperial actions and hoarding practices indicate the extent to which the currency was accepted at nominal value. I examine the reactions of different social groups in order to determine the perceived value of the Roman coinage during this time, and in order to understand the paradoxical collapse in the currency’s value in the late third century. To demonstrate this, I will present the applicable elements of the modern concept of “fiat” to this context through portrayal of emperors and usurpers on coins, use coin hoard data to determine the effect of Gresham’s Law, and examine historical and papyrological accounts of currency reforms. I will also use evidence of the expansion of taxes in kind and the rejection of nominal value by both emperor and subjects to argue that the inflation following Aurelian’s reform resulted from an invalidation of the trust in imperial fiat. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much to the (...) dynamism of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (shrink)

Extreme monetary policies successfully prevented the “Great Recession” of 2007–2009 from turning into a global depression. However, they did not address the underlying problems in global capitalism. In recent years prominent “insiders” of global capitalism have proposed reforms designed to remedy these defects. I argue that these proposals are inadequate, due in great part to a failure to acknowledge a profound change in the “deep structure” of capitalism. Technological change, which in the past has contributed so much to the (...) dynamism of capitalism development, no longer does so. The need for extreme monetary policies in the aftermath of the Great Recession of 2007–2009, the failure of these policies, and the lack of plausible alternatives to them, are all symptoms of an underlying disease beyond cure. A path towards a democratic form of socialism must be forged for the simple yet compelling reason Rosa Luxemburg articulated: it is a matter of socialism or barbarism. (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 paper describes the main features of financial stability and the preparation of the reform of the global financial system. The mortgage crisis in the USA brought about the global financial crisis. This crisis was the result of the failure of financial regulation, including supervision, and the failure of the management of the banking industry. Therefore, the international community, including Group 20, urged the appropriate institutions to introduce a comprehensive reform of the financial sector. To avoid a potential (...) financial crisis, the creation of the framework for financial stability would be needed. In line with this, the paper examines the interaction between both monetary and fiscal policies, including micro-and macroprudential policies and their instruments. Although still is going on discussion on definition of macroprudential policy, there is a generally accepted opinion that macroprudential policy should limit systemic risk. In addition, this policy should focus on interaction between the financial system and the real economy. Furthermore, micro- andmacroprudential policy should use appropriate instruments in dealing with the systemic risk. In this regard, the article undescores that put in a place the frameworkfor financial stability will create favorable conditions for decision-makers how they should to respond to financial imbalances. The paper also pointed out some potential economic costs related to the implementation of the overall international reform of the financial sector. Based on comprehensive literature study, the author came to the conclusion that despite the fact that there will be some economic costs related to implementing the overall regulatory reform of the financial sector, the main benefit from the long-term perspective will be avoiding the potential financial crisis in the future. To fulfill all the requirements for global financial reform, international cooperation will be needed. (shrink)

In 1997, the Japanese Diet revised the Bank of Japan law thereby granting the central bank greater independence in monetary policy making. The revision was an attempt by Japan's political class to weaken the authority of the powerful Ministry of Finance over the central bank and augment its own influence. The Bank of Japan, however, gained more autonomy than politicians ever intended, leading to frequent confrontations between the government and the central bank over monetary policy. This paper explores (...) the new strategic relationship that emerged between the Bank of Japan and government and the nature of monetary policy implemented in the post-reform period. We demonstrate that several factors contributed to the Bank's unexpected ability to enhance its independence: the astute leadership of the first post-reform governor Hayami Masaru; the Bank's ability to turn politicization of monetary policy to its advantage; and its pursuit of a strategy achieved by augmenting its own research capacity. On a theoretical level, our findings show that the passage of a new legal framework only marks the completion of one stage of institutional change and the start of the next; post-enactment politics have as much importance as pre-enactment politics in shaping outcomes. In the post-enactment phase, various factors, including the state of the economy and informal institutions or processes, matter greatly and may shift the direction of institutional change away from the intended path. (shrink)

Medical technology, specialization, and the corporatization of health delivery systems in the late twentieth century have all helped give birth to an unwelcome but unavoidable responsibility for individuals with family or friends—serving as a health care proxy. The responsibility comes without monetary compensation, is often involuntary, and lacks any real guidelines beyond the duty to make life-and-death decisions in circumstances over which the proxy has little control.The parameters of the proxy's job have evolved somewhat awkwardly in statutes and case (...) law, as lawmakers and judges have tried to apply conventional concepts to novel circumstances. This article examines the legal and functional status of the proxy, as well as the strengths and weaknesses of current public policy as reflected by state advance directive and surrogate decision-making laws. The first section of the article provides a historical perspective of our current notions of agency law as relevant to health care proxies. (shrink)

Medical technology, specialization, and the corporatization of health delivery systems in the late twentieth century have all helped give birth to an unwelcome but unavoidable responsibility for individuals with family or friends—serving as a health care proxy. The responsibility comes without monetary compensation, is often involuntary, and lacks any real guidelines beyond the duty to make life-and-death decisions in circumstances over which the proxy has little control.The parameters of the proxy's job have evolved somewhat awkwardly in statutes and case (...) law, as lawmakers and judges have tried to apply conventional concepts to novel circumstances. This article examines the legal and functional status of the proxy, as well as the strengths and weaknesses of current public policy as reflected by state advance directive and surrogate decision-making laws. The first section of the article provides a historical perspective of our current notions of agency law as relevant to health care proxies. (shrink)

In the year 1970, during excavations at Aphrodisias in Caria, fragments of an inscription were discovered, beginning with the words: BICHARACTA Mİ [—, The editors suggest this should be read: BICHARACTA MONETA. The inscription may be dated to the year 301, and is part of an edict of the Emperor Diocletian dealing with his monetary reforms. The editors further suggest that ‘Bicharacta moneta’ perhaps refers to ‘the new coinage of A.D. 294, created by a grand recoinage of old pieces’.

Frederick Soddy , one of the foremost radiochemists of his day, was awarded the 1921 Nobel Prize in chemistry. Soddy was also among the first of the scientific leaders of his age, along with Blackett , Bernal , and others, to become interested in the social implications of their work. In 1950 his colleague Paneth wrote that currently ‘there is widespread discussion on the responsibility towards the community of men of science and particularly experts in radioactivity; but a perusal of (...) Prof. Soddy's non-chemical writings of no less than thirty years ago [viz., during and after the first world war] shows how strongly he felt the duty to fight for a better order of things'. Soddy was a complex iconoclast often derided for dealing with what seemed to be disparate interests. What, it could be asked, could monetary reform possibly have to do with radiochemistry? But to make sense of Soddy, the question must rather be formulated in the other direction: What fundamental concern did Soddy have that enabled him to embrace holistically a variety of seemingly diverse activities? The answer can be given in a word: energy. And the way in which Soddy dealt with this issue involved him directly with social economics as well as with the social responsibility of scientists. (shrink)

John Maynard Keynes, heralded in his own time by the press as "our greatest living economist", is acknowledged as one of the most influential thinkers of the 20th Century. This set presents contemporary responses to Keynes and provides a range of reviews, academic assessments and scholarly essays on Keynes' published works. This important collection draws upon an enormous range of sources, from the popular press to academic journals, and includes responses from Germany, Italy, and France as well as the UK (...) and North America. * Volume One contains reviews of _Indian Currency and Finance_, _The Economic Consequences of Peace_, _The Revision of the Treaty_, _A Treatise on Probability_, _A Tract on Monetary Reform_, _The End of Laissez-Faire_ and _Laissez-Faire and Communism_ * Volume Two contains reviews of _A Treatise on Money_, _Unemployment as a World Problem_, _Essays in Persuasion_, _Essays in Biography_ and _The Means of Prosperity_ * Volume Three contains reviews of _The General Theory of Unemployment, Interest and Money_ and _How to Pay for the War_ * Volume Four includes obituaries and final assessments. (shrink)

A new study of the 87 coins (29 silver and 58 bronze) of Apollonia in Illyria which comprise the Dimalla treasure. The silver coins have as types a head of Apollo on the right and three nymphs dancing around the hearth of the Nymphaeon on the reverse, with names of mint officers (which are not those of the prytaneis), and having the same weight as the Roman denier. The bronze coins revert to the types that preceded the great 1st c. (...) monetary reform, but with different mint officers, names and above all different weights, which are exactly the same as those of the Roman bronze coins, and probably struck at Corinth by the praefectus of Antonius' fleet, Atratinus. This shows that Apollonia created its own monetary system between 38 and 36 BC, adapting it to the standards of the denier and the new Roman bronze coinage. (shrink)

Based on analysis of program documents and performances of the leading actors of Social Democratic Party of Germany, this article examines economic views and conceptions of social-democrats during the period of occupation between 1945 and 1949. The article analyzes the background of these economic concepts starting from the times of Nazi regime in Germany when SDP leaders were living in exile, and describes their evolution between 1945 and 1945 during the negotiations of three post-war Party Congresses. The article substantiates how (...) two main approaches in regard of economic rehabilitation and further development of post-war Germany were formed by the leading politicians and economic experts of SDP: the first approach based on planning economy and total nationalization of enterprises, and the second one based on regulation of market economy and partial nationalization of enterprises. The article analyzes Social Democrats' participation in formation of a new representative constitutive body called Economic Council, which consisted of Germans exclusively and was created for final solving of current economic problems, as well as their work in this body. The attitude of SDP towards main economic measures of that times such as realization of Marshall Plan in Western Germany and the Monetary Reform of 1948 is described. The article indicates why the opinions of leading SDP politicians in regard of major economic measures were ambiguous, and explains that it happened because the composition of a newborn post-war SDP was heterogeneous, and because those measures were initiated and controlled by occupying states. (shrink)

Several reforms were brought into force in Belgium in the last twenty years. First of all, Belgium has become a federal state with its typical characteristics of assymetry and complexity: it consists of three regions and three communities which do not coincide completely. The federalisation process has led to linguistic agreements between the Flemish and the French community taking largely into account the specific situation of Brussels. Also budgettary agreements concerning the financing of the communities and the regions are a (...) product ofthe federalisation process. In these decades Belgian government has also significantly taken care of its public finances: The deficit has decreased and Belgium now finds itself in the European average but it has given Belgium governments a hard time. Today Belgium has reached the objectives necessary to participate at the european monetary union.Fundamental changes in society have put ethical questions on the political agenda. This has led to arrangements in one way or another on subjects like abortion and made discussions on euthanasie and the use of soft drugs at least possible.Last but not least new rules were adopted concerning democracy and the functioning of political parties. Especially the way political parties will befinanced has been take care of but also measures increasing equality between men and women and procedures for more direct democracy. The reform of the judiciary has been tackled.These changes put forward that the role of the party leaders altered considerably. At the interface of political convictions and the management ot the state, the position is loaded multifunctionally due to the several levels of policymaking and the various ways of political expression. "One bas to strive for the ideal without overlooking the real". (shrink)

In examining how reform-leading supranational institutions respond to public criticism, this article advances current theory on their institutional accountability mechanisms and extends research on this topic by focusing on their responses to public criticism of alleged reform failures. We consider the case of the International Monetary Fund’s (IMF’s) involvement in the Greek economic crisis, as the structural adjustment reforms it imposed to stabilize the economy. We show how these controversial and, by many accounts, failed policies have profoundly (...) impacted the well-being of the recipient country by reducing social cohesion and impoverishing the most vulnerable groups. In explaining the IMF’s institutional response mechanism for fending off such criticism, we offer moral regulatory appropriation (MRA) as a processual framework and present the IMF’s organizing logic of institutional legitimation processes in four domains of action: agentic mission, reform policies, institutional policy negotiations, and moral appropriation. We argue that this enables institutions to maintain moral legitimacy despite evidence of their reforms’ policy failure and various negative consequences for their populations. The proposed framework has theoretical implications for conceptualizing the rhetorical deployment of moral legitimation to secure and defend institutional accountability. We also highlight the limitations and boundaries of such an approach by the IMF and similar reform-leading institutions. (shrink)

The various institutional reforms which have led since the end of the 70s to the « privatisation of currency » have formed the main base on which the subsequent power of finance has been built, and, concurently, the dismantling of Welfare could take place. Core of this was the so-called autonomy of central banks, as their « umbilical cord » to national treasuries was severed. From then on, deficit financing and « keynesian » social expenditures became near-impossible. Emphasizing the autonomy (...) of central banks from politics was mostly an institutional mutation meant to free monetary policies from social pressure and make it totally subordinate to rent creation and financial accumulation. No wonder then that « securitisation » of the public debt closely followed on the prohibition to deficit financing social expenditures. And then the outcome was not a reduction, but an explosion of public debt! And as debt servicing becomes a principal item on the budget, the « excessive costs » of welfare provisions is blamed, and a further break-down of social services is called for. It is in the same vein that price inflation is controlled, but assets inflation and speculative bubbles dominate « developped » economies. Meanwhile, in order to compensate for increasing income inequalities and diminishing welfare benefits, an exacerbated form of « private households deficit spending »has come into its own, as witnessed by the subprime crisis and mounting credit card defaults. So we are moving from an entitlements-based provision of social goods to one based on the pure logic of capital and its cycles. The only way out lies in the resocialisation of currency, profound fiscal reforms, the demise of rent-seeking, and the institution of an universal « basic income ». (shrink)

The marginal cost of public funds measures the loss incurred by society in raising additional revenues to finance government spending. The MCF has emerged as one of the most important concepts in public economics; it is a key component in evaluations of tax reforms, public expenditure programs, and other public policies. The Marginal Cost of Public Funds provides a unified treatment of the MCF, carefully developing its theoretical foundations in a variety of contexts and describing its application to a wide (...) range of policies--from excise taxes in Thailand to public sector borrowing in Canada and the United States. The Marginal Cost of Public Funds develops the basic theory of the MCF within the framework of public economics and shows how it is related to the traditional measures of the efficiency loss from distortionary taxation. The MCF concept is then applied to the major sources of revenues for governments--sales and excise taxes, taxes on labor income, taxes on the return to capital, public sector borrowing, and intergovernmental grants. This book will be an essential reference for economists and public policy analysts both in and out of government. Exercises and recommendations for further reading at the end of each main chapter highlight its usefulness as a supplementary text in advanced undergraduate or graduate courses in public economics.Bev Dahlby is Professor of Economics at the University of Alberta and a coauthor of Public Finance in Canada, second edition. He has served as a consultant for such organizations as the International Monetary Fund, the World Bank, and the Canadian government's Department of Finance. (shrink)

For the peoples who have inhabited, since time immemorial, the lands within the external borders of the U.S., remediation of genocide, land theft, and ethnocide is a pressing issue. However, monetary reparations would frustrate the reacquisition of the American Indian capacity to self-determine on ancestral lands. Because the injustice at the core of U.S. history is neither broadly acknowledged nor deeply understood, Part I provides historical foundation and sketches the factual predicate to the American Indian claim for redress. Part (...) II presents and evaluates theories of justice with respect to this claim. Part III counters the shortcomings of these theories with a theory, Justice as Indigenism, that propounds a program of land restoration and legislative reform that will accord the full measure of relief to American Indians consistent with the requirements of justice for all peoples. (shrink)

This essay reviews two recent books—Marion Laboure and Nicolas Deffrennes's Democratizing Finance and Eswar S. Prasad's The Future of Money—on financial technology (fintech) and the future of money. Both books present overviews of recent developments in fintech and assess the prospects of technological change to deliver a more accessible, equitable financial system—described in both cases as the “democratization of finance.” I raise two key concerns about the limits of the “democratization” implied here. First, the vision of democratized finance implicit in (...) both books rests on claims about widening access to financial services for individuals, households, and businesses. This contrasts with more substantive visions of democratized finance that entail the exercise of accountable, deliberative decision-making on monetary and financial questions. Second, “fintech democracy” rests on a very thin account of how finance might be democratized, stressing exogenous technological change, with little consideration of relations of power, institutional reforms, or mobilization. Both books provide eloquent and comprehensive overviews of emerging fintech debates, but in so doing ultimately reveal important limitations to achieving financial democracy through fintech. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses (...) the claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

By the law of the 8 August 1980 concerning the institutional reform of the state, the Belgian political system is becoming a federalistic country. Nevertheless, after three years of implementation, most of political scientists state that these constitutional reform is incomplete and inadequate to solve functionally the economical, political and cultural complexities of the relationships between Flanders, W allonia and Brussels. A confederation based on three components equally autonomous by preserving economic integration and monetary unity could be (...) a better framework to establish equitable relationships between the three regional components of the belgian political structure. These proposal of creating a Belgian confederation presents specific adaptations in allocation tasks, functions and competences that are the results of historical factorsand cultural caracteristics of the Belgian community. (shrink)

Limited research has focused on the influence of judge independence on firms' corporate social responsibility (CSR), despite extensive literature examining the impact of the legal environment on CSR. To address this gap, we analyze the staggered adoption of judicial delocalization reform in China. This reform aimed to enhance local judges' independence and our analysis shows that firms have exhibited higher CSR scores since its implementation. Our channel analysis reveals an increase in lawsuits and monetary claims against firms (...) due to the reform, indicating that firms engage in CSR activities to mitigate the negative effects of legal proceedings. The impact of the reform on CSR is stronger for high-litigation-risk firms and weaker for politically connected firms. Moreover, the positive relationship between the reform and CSR is more pronounced in regions with higher levels of government interference with judges before the reform. In summary, our findings highlight the important role of a supportive legal environment in fostering CSR, emphasizing the influence of judge independence. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses (...) the claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to (...) credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit. (shrink)

A collection of essays on economic policy in the open economy. If a country is opening up its economy, that is, allowing its domestic production to become competitive with that of the rest of the world, how do policy choices critically influence its economic performance? This book highlights the choices that can be made in several areas: monetary policy, exchange-rate policy, financial reform, protection, tax reform, and foreign capital. It includes detailed case-studies of Nigeria and Bolivia.

In 1996, Belgian politics centered around three major issues: the jobs contract, the 1997 budget and political fallout of the Dutroux affair.During the first months of the year, Prime Minister Dehaene attempted to win support for a comprehensive jobs contract, but the draft agreement was turned down by the Socialist trade union militants. Nevertheless, the measures contained in the agreement were later implemented by the cabinet, without the consent of the employers and organized labor. Together with adjustments made to the (...) social security system and implementation of budgetary measures needed to reach the conditions set by the EU for joining the Economic and Monetary Union, the jobs contract was implemented by means of special powers. The cabinet obtained these special powers from Parliament before the summer recess. After the summer, as a result ofthe Dutroux alfair, the cabinet dealt with legal reform, in the process trying to quell tensions arisen among the law enforcement agencies. (shrink)

As the aftershocks of the latest economic meltdown reverberate throughout the world, and people organize to physically occupy the major financial centers of the West, few experts and even fewer governments have dared to consider a world without the powerful markets that brought on the crash. Yet, as François Morin explains in _A World Without Wall Street?_, this is the very step that needs to be taken as quickly as possible to avoid a perpetual future of dehumanizing working conditions, devastated (...) ecosystems, and the submission of public policies to private interests. In this insightful and radical take on global finance, Morin recommends nothing less than a revolutionary reconstruction of the international monetary system. More, he recommends that the laws of societies be reformed so that the power of management may be shared among all of the actors involved in production, not concentrated in the hands of the few. This shift, argues Morin, will transform the monetary system into a common good for all of humanity, rich or poor. With Wall Street at the center of the very power structure that needs to be dismantled, Morin takes broad aim at the purely speculative financial games and arcane instruments by which the global economy and its citizens are held captive. In this very timely and provocative book, Morin bravely offers a way forward—instead of simply triaging a hemorrhaging system, he persuasively asks us to consider a subversive reinvention. (shrink)

Do states or individuals stand under duties of international justice to people who live elsewhere and to other states? How are we to assess the legitimacy of international institutions such as the International Monetary Fund and the United Nations Security Council? Should we support reforms of international institutions and how should we go about assessing alternative proposals of such reforms? The book brings together leading scholars of public international law, jurisprudence and international relations, political philosophers and political theorists to (...) explore the central notions of international legitimacy and global justice. The essays examine how these notions are related and how understanding the relationships will help us comparatively assess the validity of proposals for the reform of international institutions and public international law. (shrink)

Unlike most countries, the United States and Israel have employed the class action procedure for decades. This Article compares the two countries’ class action regimes and examines how the device has evolved in those countries. It examines the current procedures, as well as proposed reforms. It also compares class action statistics in the two countries relating to filings and outcomes. We demonstrate the many common features between the United States and Israeli class action procedures. As we illustrate, these common features (...) have led to robust class action practices in both countries. At the same time, there are profound differences between the types of class actions filed and their outcomes. Thus, while Israel has many more class actions than the United States on a per capita basis, the cases are much less consequential from a monetary and subject matter perspective. We explore possible explanations for these observations. Furthermore, this study identifies features — utilized by the United States and Israel — that can serve as models for other countries that are adopting or amending their own class action regimes. (shrink)

A drastic change in economie and monetary policy, which started in 1982, has up to now resulted in a normalisation of the rate of inflation and the balance of payments. However, the growth rate of GNP is still low and unemployment high. Budget deficits, public debt and related interest payments are in proportion to GNP between the highest in the industrialised world. Economic events and political constraints hampered the efforts of the government to restore the situation. In 1986 a (...) new plan was introduced and approved by Parliament, confirming an important cut in public expenditures. The existing burden of taxation already leads to a series of negative effects and a small open economycannot stay indifferent against the international movements towards lower taxes. So a tax reform in Belgium can only mean a restructering, leading to a decrease in personal income tax, largely compensated by an increase in indirect taxes. Further cuts in primary public expenditures will be unavoidable, but have to take into account, more than in the past, the repercussions on economie evolution in the long run. (shrink)

As the aftershocks of the latest economic meltdown reverberate throughout the world, and people organize to physically occupy the major financial centers of the West, few experts and even fewer governments have dared to consider a world without the powerful markets that brought on the crash. Yet, as François Morin explains in A World Without Wall Street?, this is the very step that needs to be taken as quickly as possible to avoid a perpetual future of dehumanizing working conditions, devastated (...) ecosystems, and the submission of public policies to private interests. In this insightful and radical take on global finance, Morin recommends nothing less than a revolutionary reconstruction of the international monetary system. More, he recommends that the laws of societies be reformed so that the power of management may be shared among all of the actors involved in production, not concentrated in the hands of the few. This shift, argues Morin, will transform the monetary system into a common good for all of humanity, rich or poor. With Wall Street at the center of the very power structure that needs to be dismantled, Morin takes broad aim at the purely speculative financial games and arcane instruments by which the global economy and its citizens are held captive. In this very timely and provocative book, Morin bravely offers a way forward—instead of simply triaging a hemorrhaging system, he persuasively asks us to consider a subversive reinvention. (shrink)

The rise of “the rest,” especially China, has triggered an inevitable transformation of the so-called liberal international order. Rising powers have started to both challenge and push for the reform of existing multilateral institutions, such as the International Monetary Fund, and to create new ones, such as the Asian Infrastructure Investment Bank. The United States under the Trump administration, on the other hand, has retreated from the international institutions that the country once led or helped to create, including (...) the Trans-Pacific Partnership ; the Paris Agreement; the Iran nuclear deal; the Intermediate-Range Nuclear Forces Treaty; the United Nations Educational, Scientific and Cultural Organization ; and the United Nations Human Rights Council. The United States has also paralyzed the ability of the World Trade Organization to settle trade disputes by blocking the appointment of judges to its appellate body. Moreover, in May 2020, President Trump announced his decision to quit the Open Skies Treaty, an arms control regime designed to promote transparency among its members regarding military activities. During the past decade or so, both Russia and the United States have been dismantling multilateral arms control treaties one by one while engaging in new nuclear buildups at home. (shrink)

While there have always been schools of religious and ethical thought favourable to poverty, or a simple life, the general opinion of mankind has always regarded the increasing wealth of an individual or a community as conducive to human happiness. Qualifications have commonly been attached to this judgment in recognition of a certain danger and deceitfulness of riches, especially when rapidly acquired and lavishly expended, but the presumption still stands that wealth in general conduces to well-being. The nature, degree or (...) conditions of this correspondence have, however, received singularly little attention from those thinkers who have given closest study to economic processes. Many of the founders of economic science in this and other countries were manifestly concerned for the general welfare of their fellowmen, and were active workers in many fields of social reform. But, in formulating the concepts and laws of their science, they deemed it unnecessary to give any close or continuous thought to the relations between economic wealth and human welfare. This was due, partly, no doubt to the natural desire to make the subject-matter and the treatment of a new science as definitely concrete and measurable as possible. It was this desire that made monetary valuation paramount in all economic estimates. (shrink)

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

This article on the evolution of economic and monetary policy in Belgium, which turned the "sick man of Europe" into one of the stronger European economies and allowed it to enter into EMU, stresses the role of the monetary authorities as a stabilising force in Belgium. It gives a detailed analysis of how these changes have allowed Belgium to regain the confidence of both monetary authorities and international investors after the devaluation of 1982. The policy responses to (...) the oil shock at the beginning of the seventies broke with the policy mix which had until then been practised. Both the wage formation process andf iscal policy clearly spiralled out of control, the chiefresult of which was a drastic loss in international competitiveness. As a consequence, the current account showed a large deficit, the traditional level at which public deficit had stood rose dramatically, unemployment exploded and the financial structure of most corporations became fragile.A drastic realignment of economic policy started with the devaluation of the Belgian franc in 1982. This devaluation was accompanied by a series of measures aimed at preventing the inflationary pressures from triggering further devaluations, and hence at restoring credibility. These measures included restrictive fiscal policies and real wage cuts. By 1987 this recovery policy had successfully restored Belgian competitiveness, reduced the government deficit and restored the balance ofpayments equilibrium. Although public policies became less restrictive during the period 1988-1993, the central bank continued to gain international credibility. Significant stepsin this process were the abolition of the dual exchange rate system, the decision to peg the Belgian franc to the most stable currency in the ERM and the reform of the money markets in Belgium. The latter in particular helped to increase the central bank's independence, since this reform implied total control by the central bank over short term interest rates, it reduced significantly the automatic credit lines of the fiscal authorities with the central bank and it stipulated that revaluations of gold reserves should no langer be used to finance government budget deficits. By 1992 international credibility had been restored to such a degree that the Belgian franc became a strong currency during the 1992 crisis, obliging the central bank to come to the rescue of the weaker currencies under attack in September 1992 with a speculative inflow of capital of about 200 billion BEF. However this restored credibility continued to be fragile, as became evident during the 1993 exchange rate crisis when the Belgian franc was vigorously attacked by international speculation.The insufficient alignment of public and monetary policies proved to be at the heart of the financial problems of the 1993 crises. The Belgian government relaunched its policies of budgetary restriction and wage moderation, brought together in what was called the 'Global Plan'. This realignment of public policies to monetary policy swiftly restored the credibility of the Belgian franc, so that as early as January 1994 the Belgian franc converged to its central parity with an interest differential vis-à-vis the German mark of only about 2 %. This differential declined progressively. Indeed the global plan restored the confidence of the investors in Belgian economic policy. Financial markets now fully believed in the entry of Belgium into EMU and from then on no major difficulties were to arise. (shrink)

Many developing and transitional countries have grown faster than advanced countries in the past decade, resulting in a shift in the distribution of world income in their favor. China is now the second largest economy in the world, behind the United States and ahead of Japan. As the relative economic weight of China and several others has come to match or exceed that of the middle-ranking G7 economies, the world economy has shifted from “unipolar” toward “multipolar,” less dominated by the (...) G7. How is this change being translated into changes in authority and influence within multilateral organizations like the G20, the World Bank, and the International Monetary Fund? Alarm bells are ringing in G7 capitals about G7 loss of influence. According to a WikiLeaks cable from the senior U.S. official for the G20 process, from January 2010, “It is remarkable how closely coordinated the BASIC group of countries [Brazil, South Africa, India, China] have become in international fora, taking turns to impede US/eu initiatives and playing the US and EU off against each other.” This essay suggests that the shift in power is much smaller than the headlines or private alarm bells suggest. The United States remains the dominant state, and the G7 states together continue to exercise primacy, but now more fearfully and defensively. China is split between asserting itself as “the wave of the future” and defending itself as too poor to take on global responsibilities. The combination of G7 defensiveness and emerging states’ jealous guarding of sovereignty produces a spirit of Westphalian assertion in international fora, or “every state for itself.” On the assumption that the world economy is in a transitional period, the article suggests reforms in the G20 and the World Bank that would boost their role and legitimacy as multilateral organizations in a more multipolar world. (shrink)

Organizational corruption has recently attracted considerable scholarly attention, especially since its devastating effects following recent major corporate scandals, the worldwide economic crisis of 2009, and the current European Union monetary crisis. This paper is based on the analysis of three distinct, yet contextually related, case studies in a European Union member state: (a) an incident of corruption by a minister in an adjudicative role, (b) widespread financial misreporting and perjury within an organization, and (c) abuse of due process and (...) obstruction of justice by civil servants within a ministry. These cases serve to illustrate, for the first time, Aguilera and Vadera’s (in J Bus Ethics 77:431–449, 2008 ) framework of organizational corruption, which relates distinct types of a corrupter’s opportunity, motivation, and justification with the type of corruption present in the organization. Furthermore, the data suggest how the framework may be extended and reveal conceptual issues that require reconciliation. This study attempts such reconciliations and offers some suggestions on how the findings may be utilized by policy reformers or corruption controllers. (shrink)

This article examines women’s rights to property in marriage, upon divorce, and upon the death of a spouse in Uganda, highlighting the problematic aspects in both the state-made (statutory) and non-state-made (customary and religious) laws. It argues that, with the exception of the 1995 Constitution, the subordinate laws that regulate the distribution, management, and ownership of property during marriage, upon divorce, and death of a spouse are discriminatory of women. It is shown that even where the relevant statutory laws are (...) protective of women’s rights to property, their implementation is hindered by customary law practices, socialization, and the generally weak economic capacity of many women in the country. The article delves into the even weaker position of women’s rights to matrimonial property at customary and religious laws. In many homes, wives provide labor to support their husbands without having a stake in the use or monetary benefit from it. Under Islamic law regulating intestate succession to property, the entitlements for widows fall short of the constitutional standards on equality and non-discrimination. Polygyny is widely practiced by Muslims implying that the widows share the one eighth whenever there are children or one fourth in cases when there are no children. Radical reforms such as adopting an immediate community property regime instead of the present separate property regime are inevitable if women’s rights to property are to advance. (shrink)

In Study 1, we test a theoretical model involving temptation, monetary intelligence (MI), a mediator, and unethical intentions and investigate the direct and indirect paths simultaneously based on multiple-wave panel data collected in open classrooms from 492 American and 256 Chinese students. For the whole sample, temptation is related to low unethical intentions indirectly. Multi-group analyses reveal that temptation predicts unethical intentions both indirectly and directly for male American students only; but not for female American students. For Chinese students, (...) both paths are non-significant. Love of money contributes significantly to MI for all students. In Study 2, using money as a temptation and giving them opportunities to cheat on a matrix task, most Chinese students (78.4 %) do not cheat in open classrooms; supporting survey and structural equation modeling (SEM) results in Study 1. However, students in private cubicles cheat significantly more (53.4 %) than those in open classrooms (21.6 %). Finally, students’ love of money attitude predicts cheating. Factor rich predicts the cheating amount, whereas factor motivator predicts the cheating percentage. Our results shed new light on the impact of temptation and love of money as dispositional traits, money as a temptation, and environmental context (public vs. private) on unethical intentions and cheating behaviors. (shrink)

Religion inspires honesty. The love of money incites dishonesty. Religious and monetary values apply to all religions. We develop a formative theoretical model of monetary wisdom, treat religiosity (God) and the love of money (mammon), as two yoked antecedents—competing moral issues (Time 1), and frame the latent construct in good barrels (performance or humane contexts, Time 2), which leads to (dis)honesty (Time 3). We explore the direct and indirect paths and the model across genders. Our three-wave panel data (...) (411 participants) show that religious and monetary values are negatively correlated. Directly, religiosity consistently curbs dishonesty; surprisingly, the love of money has no impact on dishonesty. In the performance context, the two mediation effects reduce dishonesty. Across genders, this mediation effect is nonsignificant for males but significantly excites females' honesty. In the humane context, the two mediation effects are nonsignificant. Across genders, for the love of money, males passively curb dishonesty by omission, and females actively engage in honesty by commission. Decision-makers must challenge people's moral issues, frame them in good barrels, and help people become good apples, choice architects, and moral and ethical decision-makers, promoting the Matthew effect in religion. We offer practical implications to individuals and organizations. (shrink)

This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate “an (...) eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)