Pancreatitis is a complex, progressively destructive inflammatory disorder. Alcohol was long thought to be the primary causative agent, but genetic contributions have been of interest since the discovery that rare PRSS1, CFTR and SPINK1 variants were associated with pancreatitis risk. We now report two associations at genome-wide significance identified and replicated at PRSS1-PRSS2 and X-linked CLDN2 through a two-stage genome-wide study. The PRSS1 variant likely affects disease susceptibility by altering expression of the primary trypsinogen gene. The CLDN2 risk allele is (...) associated with atypical localization of claudin-2 in pancreatic acinar cells. The homozygous CLDN2 genotype confers the greatest risk, and its alleles interact with alcohol consumption to amplify risk. These results could partially explain the high frequency of alcohol-related pancreatitis in men. © 2012 Nature America, Inc. All rights reserved. (shrink)

Introducing and implementing corporate sustainability poses many challenges to business organizations. In this longitudinal, inductive study, we focus on how such challenges are handled in a Dutch bank that is developing its sustainability policies. We examine why there is such a high degree of tension and conflict within the organization and identify how the development of these policies is affected by the interplay between subcultures and institutional logics. We show how different subcultures affect the enactment of logics by infusing the (...) rational and mindful behavior coming from logics with (sub)cultural values, beliefs, and assumptions. In turn, conflicting logics amplify subcultural characteristics between groups by shaping different behavior and practices. Together, this leads to a magnification of subcultural differences while, at the same time, logics are increasingly being perceived as incompatible. (shrink)

The Central Bank of China is testing its Digital Currency Electronic Payment (DCEP) in the cities of Shenzhen, Suzhou, Chengdu and Xunan with the involvement of four large state-owned banks in the...

ABSTRACT The underlying cause of the financial meltdown was much more mundane than a “crisis of capitalism”: The real origins lay in mostly obscure housing, tax, and regulatory policies of the U.S. government. The Community Reinvestment Act, the affordable‐housing “mission” of Fannie Mae and Freddie Mac, penalty‐free refinancing of home loans, penalty‐free defaults on home loans, tax preferences for home‐equity borrowing, and reduced capital requirements for banks that held mortgages and mortgage‐backed securities combined with each other to create the (...) incentives for both subprime lending and the housing bubble that eventually led to the financial collapse. (shrink)

It is argued that causal understanding originates in experiences of acting on objects. Such experiences have consistent features that can be used as clues to causal identification and judgment. These are singular clues, meaning that they can be detected in single instances. A catalog of 14 singular clues is proposed. The clues function as heuristics for generating causal judgments under uncertainty and are a pervasive source of bias in causal judgment. More sophisticated clues such as mechanism clues and repeated interventions (...) are derived from the 14. Research on the use of empirical information and conditional probabilities to identify causes has used scenarios in which several of the clues are present, and the use of empirical association information for causal judgment depends on the presence of singular clues. It is the singular clues and their origin that are basic to causal understanding, not multiple instance clues such as empirical association, contingency, and conditional probabilities. (shrink)

What is the relation between monetary policy and inequalities in income and wealth? This question has received insufficient attention, especially in light of the unconventional policies introduced since the 2008 financial crisis. The article analyzes three ways in which the concern central banks show for inequalities in their official statements remains incomplete and underdeveloped. First, central banks tend to care about inequality for instrumental reasons only. When they do assign intrinsic value to containing inequalities, they shy away from (...) trade-offs with the standard objectives of monetary policy that such a position entails. Second, central banks play down the causal impact monetary policy has on inequalities. When they do acknowledge it, they defend their actions by claiming that it is an unintended side effect, that it is temporary, and/or that any alternative policy would fare even worse. The article appeals to the doctrine of double effect to criticize these arguments. Third, even if one accepts that inequalities should be contained and that today’s monetary policies exacerbate them, is it both desirable and feasible to make containing inequalities part of the mandate of central banks? The article analyzes and rejects three attempts on the part of central banks to answer this question negatively. (shrink)

For decades, policy-makers in government, development banks and foundations, NGOs, researchers and students have struggled with the problem of how to protect people who are displaced from their homes and livelihoods by development projects. This book addresses these concerns and explores how debates often become deadlocked between 'managerial' and 'movementist' perspectives. Using development ethics to determine the rights and responsibilities of various stakeholders, the authors find that displaced people must be empowered so as to share equitably in benefits rather (...) than being victimized. They propose a governance model for development projects that would transform conflict over displacement into a more manageable collective bargaining process and would empower displaced people to achieve equitable results. Their book will be valuable for readers in a wide range of fields including ethics, development studies, politics and international relations as well as policy making, project management and community development. (shrink)

While Philosophy for/with Children (P4wC) provides a better alternative to the usual ‘banking’ model of education, questions have been raised regarding its applicability in non-western contexts. Despite its adherence to the ideals of democratic dialogue, not all members of a Community of Inquiry (COI) will be disposed to participate in the inquiry, not because they are incapable of doing so, but because they are positioned inferiorly within the group thereby affecting their efforts to speak out on topics that are meaningful (...) to them. In this article, I claim that it is essential to integrate positionality in P4wC research/practice. Aside from its role in helping a practitioner/researcher choose the appropriate method and materials that match the unique contexts of children, it also increases one’s awareness of the subtle forms of epistemic injustice that could leak in the COI, as well as the other subtle ways in which children are marginalized. In this regard, a P4wC researcher/practitioner must have a higher degree of sensitivity towards her positionality as this inevitably gets entangled with the positionality of children. I present some ‘areas’ in which the importance of positionality in the COI manifests, namely, restructuring classroom power relations, navigating a multi-ethnic classroom, facilitating meaning-making, and modeling reflective thinking. (shrink)

The finance industry is required to respond to public criticism of perceived immoral behaviour. To create legitimacy, financial firms not only undertake corporate social responsibility activities, but also support such activities with precise justifications. In this paper, we study CSR justifications appearing in annual and sustainability reports from the Swedish finance industry. Our objective is to investigate the ethical character of CSR justifications in the finance industry. This is an interesting topic, both because CSR carries ethical meaning and because CSR (...) justifications play a role in actual business activities. A secondary aim of this article is to test whether decoupled corporate claims about CSR can be recoupled, which would potentially help companies to act responsibly. The observed CSR justifications avoided the fundamental question of whether the finance industry does in fact have responsibilities, and they did not manifest awareness of stakeholders’ demands for CSR. Seemingly value-based CSR activities often lacked ethical justifications. These characteristics do not harmonize with the responsible image that the contemporary finance industry wants to portray. Our counterintuitive finding is that amorality prevails in the justifications that banks give for undertaking CSR activities. (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)

The global financial crisis of 2008 brought the risk involved in the international banking business to everybody’s attention. It made clear that risk, despite the claims of banks, cannot be hedged away. The risk inherent in the banking business has been realised. It was realised to a larger extent and in different dimensions than assumed by risk management, quantitatively and qualitatively, and it had more severe effects than imagined before. This paper takes this event as an opportunity to reconsider (...) the term ‘risk’ itself from an unusual perspective. Aspects from the philosophy of Jacques Derrida, his considerations of the event, the im-possible or the horizon are used to interrogate the term ‘risk’ and to propose a ‘risk to come’. (shrink)

While Philosophy for/with Children provides a better alternative to the usual ‘banking’ model of education, questions have been raised regarding its applicability in non-western contexts. Despite its adherence to the ideals of democratic dialogue, not all members of a Community of Inquiry will be disposed to participate in the inquiry, not because they are incapable of doing so, but because they are positioned inferiorly within the group thereby affecting their efforts to speak out on topics that are meaningful to them. (...) In this article, I claim that it is essential to integrate positionality in P4wC research/practice. Aside from its role in helping a practitioner/researcher choose the appropriate method and materials that match the unique contexts of children, it also increases one’s awareness of the subtle forms of epistemic injustice that could leak in the COI, as well as the other subtle ways in which children are marginalized. In this regard, a P4wC researcher/practitioner must have a higher degree of sensitivity towards her positionality as this inevitably gets entangled with the positionality of children. I present some ‘areas’ in which the importance of positionality in the COI manifests, namely, restructuring classroom power relations, navigating a multi-ethnic classroom, facilitating meaning-making, and modeling reflective thinking. (shrink)

The paper documents the post-war retrenchment and failure of the post-war British Consumer Co-operative Movement. In contrast to the general failure one CEO, Terry Thomas stands out both for his success in co-operative rebranding and returning to profitability the UK Co-operative Bank and because he alone amongst the top echelons of the Co-operative Groups Management based his strategies on a clearly articulated philosophy based on his understanding of the values and purpose of the co-operative movement rooted in its historical traditions (...) grounded in the writings and achievements of Robert Owen, The paper goes on to provide a case study of the bank’s process of transformation from loss-making subsidiary to the first positive co-operative national brand in the post-war period of its history. The author argues that lack of appropriate vision based on the founding values and purposes of the Co-operative Movement is the principal reason for the management’s and governance failures that have beset the UK Co-operative Group. Instead of using the past to help in understanding the present and planning for the future, the UK Co-operative Group Leadership ignored it or worse used the past successes to congratulate itself and disguise its manifest failures. In this, they were supported by an uncritical Co-operative Union. Davis argues large co-operatives cannot be managed by a civil service responsible to an elected board. Co-operatives need a servant-leadership model of professional management dedicated to the transformational goals set by the founders of the co-operative movement. This needs a radical rethink and promotion of co-operative management education and a dedicated executive recruitment that seeks out value-based professionals whose attitudes and values are compatible with Co-operative values, ownership and purpose. (shrink)

In the fifth century before the Christian era, the Chinese philosopher Mozi, appalled at the damage caused by war in his time, asked: "What is the way of universal love and mutual benefit?" He answered his own question: "It is to regard other people's countries as one's own." The ancient Greek iconoclast Diogenes, when asked what country he came from, is said to have replied: "I am a citizen of the world." In the late 20th century John Lennon sang that (...) it isn't hard to "Imagine there's no countries . . . Imagine all the people/Sharing all the world." Until recently, such thoughts have been the dreams of idealists, devoid of practical impact on the hard realities of a world of nation states. But now we are beginning to live in a global community. Almost all the nations of the world have reached a binding agreement about their greenhouse gas emissions. The global economy has given rise to the World Trade Organisation, the World Bank and the International Monetary Fund; institutions that take on, if imperfectly, some functions of global economic governance. An international criminal court is beginning its work. Changing ideas about military intervention for humanitarian purposes shows we are in the process of developing a global community prepared to accept its responsibility to protect the citizens of states that cannot or will not protect them from massacre or genocide. In ringing declarations and resolutions, most recently at the United Nations Millennium Summit, the world's leaders have recognised that relieving the plight of the world's poorest nations is a global responsibility - although their deeds are yet to match their words. (shrink)

For those who fought "the battle of Seattle", and the various other battles that have become routine whenever the World Trade Organisation, the World Bank, or the World Economic Forum meet, transnational corporations are clearly the bad guys.

Located in Kleinbasel close to the Rhine, the Kaskadenkondensator is a place of mediation and experimental, research-and process-based art production with a focus on performance and performative expression. The gallery, founded in 1994, and located on the third floor of the former Sudhaus Warteck Brewery (hence cascade condenser), seeks to develop interactions between artists, theorists and audiences. Eight, maybe, nine or ten 40 litre bags of potting compost lie strewn about the floor of a high-ceilinged white washed hall. Dumped, split (...) open, the soil mixed with iridescent specks of green, blue and red glitter. On the walls hang large black and white photographic images—negative and positive prints barely clean, hardly sharp, scavenged from the world and presented half processed. On a third wall, hangs a framed golden and charcoal surface. Finally, a huge stain of black dye runs down a wall that descends into a sunken quarter of the Kaskadenkondensator gallery space. The results of a collaboration between Oliver Minder and Walter Derungs reflect on themes addressed in the recent Aesthetics in the 21st Century conference held by the department of English, University of Basel. In particular, the joint show questions how an aesthetic experience may be other than a human-world interaction, hinting at the withdrawal and veiling that objects perform, while demanding that different works engage with each other and play out this game under the non-supervisory eyes of a human audience. Things here are becoming—sometimes it’s a movement towards a more complete ontic whole in a projection of finality, other times it’s a dispersal, an atrophy to rather disarrayed entities. Yet, in the moment and place in which the objects are, we take them as here and now. Let’s get to the material of the stuff that Minder and Derungs have assembled. Oliver Minder employs organic materials—potting earth, cuttlefish ink secretion, rice, and insects; yet his works hardly seem natural in the sense of a harmonic relation between material and the form they are constrained into, the objects they are compelled to occupy. For the substrates on, through, or within which these natural materials are mediated are harshly inorganic substances—Plexiglas, safety glass, acrylic resin, boat varnish, spray paint. Minder, thus, generates a conflict within the materiality of his work between two polar opposites—from the human perspective—in the contiguity of materials engaging with each other in a thrown together formation that nonetheless appears to keep the materials and the objects they make in happy accidental relation to each other. Let me expand a little: on the one hand, the things Minder makes query our belief in substance as belonging in a particular domain, an environment suited to precisely that stuff. We are focused on thinking categorically where things belong, both in terms of natural place and natural relations they might extend to each other. Hence, we are driven to think of environment and order. On the other hand, while extracting things from their conventional place and arranging them within awkward constellations that we as observers feel isn’t quite right, Minder manages to persuade the viewer that the materials are nonetheless “doing alright.” So, simultaneous to our awareness of the appropriateness of the world according to our global notions of accord and uniformity, we are forced to accept the local discrepancies of disassociation, inappropriateness and misplacement. The tension between these two vectors generates a vacillation that intensifies Minder’s work. In the Kaskadenkondensator works, then, it is vital to first consider the material of Minder’s works: potting compost—what is it doing here in the first place?—seems to enjoy being “polluted” by sparkly glitter. Glitter has a long history, used in cosmetics by the Egyptians, and in cave paintings, too, earlier made of beetle shells and mica, nowadays glitter is made of plastic cut to minute sizes down to 50 microns. So what’s the point here? Well shiny bits of dust-like material are actually generated from ultra-thin plastic sheets and are normally cut into shapes that fit contiguously on a two-dimensional surface: squares, triangles, hexagons etc. What then appears to be totally random, chaotic decoration, is actually an array of extremely regular identifiable objects. 1 Of course scale has a role to play here. The minuteness of the dimensions means the regularity is beyond our recognition—all we see are the twinkling surfaces of the multi-coloured grains of plastic. In contrast, potting compost, which appears to be unary in its dull unresponsive lumpen disposition, is in fact an amalgam of a variety of organic and inorganic materials: peat, bark, mushroom compost, and sand and perlite, and should perhaps be more proactively exciting to the viewer because of this complexity. Yes; we can (if we care to) identify different textures, different sizes in the mixture of the medium, but I claim that we tend to treat this organic/inorganic assemblage as just a simple substance. Further and crucially important to our consideration here is that the medium is partially contained, but also partially spilling from the split plastic bags in which it is sold in garden centres. That the compost spills out gives it a movement suggesting life; that the bags are cast here and there in a random fashion by Oliver Minder, lying like discarded carcasses, hacked torsos, dismembered bodies, suggests a horrific murder scene, a Tatort. 2 The glitter flourishes in the medium, lies happy and decorative; that is simply what it does, how it is—always already broken, made-for-scattering, designed to be incomplete; the taken-to-be-natural compost, in contrast, cannot rest content but is forced to speak to us metaphorically in its abject overflowing of violence and rupture. While Oliver Minder’s elements in the installation direct our attention to material, Walter Derungs’ works raise questions around seeing and making in photography. There is a simultaneous flicker between the materials and their use in the production of a sense making representation, on the one hand, and on the other the very notion of what is worthy of picturing, framing, representing on the other. Derungs' images are of non-places. Ranging from archaic decaying monster buildings, buildings that have gone far beyond the ravages of a time that we can safely associate with the genteel preservation of a Bernd and Hill Belcher post-industrial decline, to the background “noise” of an urban world that is falling apart, and to which we most of the time seem to pay little attention, and habitually just pass by. In this respect, their non-ness differs somewhat from the conventional association of the term with Marc Augé 3 , where emphasis is on the specifics (if we do care to examine them for their non-placedness) of the spatial or place containment in which movement between multimodal coordinates occurs in supermodern late capitalist post-urban spaces. In other words, we might be in an Augéian non-place and (not) experience—be impervious to—that environment, or we might in Derungs’ manner look out from such a position at the “scenery” around us. I claim scenery, as this is what Derungs seems to do with his partial photography—construct a very purposefully articulated, symmetric, flat world of image. Mostly depopulated, his images construct a space in which the direction of time is uncertain: are these partial structures falling apart, or perhaps terminated in a never-to-be-completed state, or are they a few steps from final completion? Temporal and spatial dimensions figure large in Derungs’ image-making: his world, and perhaps this is in fact the only way for it to be registered photographically, is already image before it is photographed. A key combination of images in this show is a matrix of six black and white negative prints measuring 300 x 215 cm that form the image of a semi-derelict (or is it yet incomplete) church, and adjacent on a perpendicular wall, a single black and white positive print 150 x 250 cm of two bricked-up windows of a late-Victorian industrial building. What are we led to believe that we see here? In the negative print, the conditions of perception 4 are sufficiently reproduced for us to recognise the structure of the building, to distinguish ground and form, to relate some partial elements of narrative, and to recognize symbols such as the alter cross and figure of Christ, a looming crane, a traffic cone, and banks of tiered seating. We piece the image together both from the individual forms which we recognize despite the tonal reversal, and we piece the six prints together as a whole, the matrix of lines between them emphasizing our purview onto the world. While we recognise the forms at work in the image and might possibly relate the negative reversals to other figurations such as Vera Lutter’s camera obscura exposures, we cannot but avoid seeing the partialness of the image in the sponge marks of the developer that was spread by hand across the prints. 5 Derungs’ thus intervenes with our usual conception of photography as the mimetic realist vehicle sine qua non , by exposing the viewer to tonal reversal and incomplete or over developed areas of the print. We thus confront both the idiom of such image making and its raw (chemical) materiality at once in the simultaneity of the recognition of what the image pictures and the recognition that it is in the act of picturing. The church image, taken from the series “BW Negativs 2011,” thus orients us towards how we see things in the world via photographs. The single image of the bricked-up wall presents us with a completely different visuality that relates to a faciality 6 which we cannot easily escape from. We look, or rather try to look with no success, through the face of the windows, through the classic Albertian screen 7 which has already been given to us in the church matrix beside. Yet although we should be able to make more of these concealed windows because they are a positive print, because they are complete, because they approach us on a more realistic scale, reproduced at life size, we cannot. The objects pictured here withdraw from us; furthermore, they merely mock our blindness at not seeing how we look. Blocked up with quite a hint of paned glass behind, one window is blanked out with a white blind, the other simply blankly dark. The apertures look like eyes with teeth in them, or a Dogon mask, or even Man Ray’s Noire et Blanche (1926) if we want to get really perverse. The height of elegant modernist chauvinist beauty thrown against the vacuity of post-industrial decline. Derungs thus catapults us consciously into a world enfolded with and through images, but in such a way that the images themselves become objects that stand resistant to us, impervious to our gaze, indifferent. We—and indeed they—do not attempt to reach out to a real that is beyond, rather the images play in a world that is just theirs, and we can only enter that world if we too submit to their regime: tonal reversal, segmented, partial, inadequate, still, wrenched out of time. In contemplation, in the flood of the image “falling” off the wall, we too become image-object. Perhaps enough has now been said about the works, yet enough can never really be said, we know the image will always exceed the word—let’s accelerate the critique: Derungs’ work continues in a second space partially partitioned from this first room. Opposing three more “BW Negativs” which figure yet more quotidian aspects of the world is Minder’s gold spray paint and cuttlefish secretion mix: things that just shouldn’t work together do in the dialogue between stuff that Derungs and Minder have constructed. Minder makes things; Derungs makes images; together they make objects which inhabit their own world which we can approach and sensually engage with and come to grips with only on those objects’ own terms. This is best summarised by a final work made by Oliver Minder which on a third wall faces these two semi-partitioned spaces. A deep black stain about 100 X 200 cm with streak marks running down a further 2 metres hovers positioned to observe the whole work, and also to be part of this installation, too. This liminal flat suzerain lies in/out of the whole work. The stain of cuttlefish secretion resonates with Derungs’ sponge strokes on the church image; it mirrors the iris of an all-seeing eye; it combines material in situ with the situation itself. Where Minder’s other works have material and medium or substrate upon which the material is exercised, this single black hole is image which sucks everything up into itself. It draws the viewer, who must otherwise look away attentively at the floor work, and imagine horror, or smile at the ironic play of glitter. Look away at the image constructions that suggest how it is we too look to our world. See the play of thing and image in a third area. Or, finally return to the base of the pyramid that triangulates, to realise the stuff-image that unlocks it all for us. Black on white, organic on inorganic, material to substrate, that which in the falling out of one on the other, in its running down the wall simply gives form to both content and expression in one direction, and content and expression to form in another. NOTES In fact, glitter is used as associative forensic evidence: the 20,000 or so varieties are all uniquely identifiable. Joel Sternfeld, Tatorte: Bilder gegen das Vergessen (München: Schirmer/Mosel, 1996). Marc Augé, Non­places: Introduction to an Anthropology of Supermodernity trans. John Howe (London: Verso, 2006). An echo of the uneven paint strokes of light­sensitive chemicals in the paper preparations made by Henry Talbot some 170 years ago in the first sun drawings that also often pictured architectural forms. It was Talbot’s surprising discovery that where a weaker chemical solution was more thinly spread, greater light sensitivity was actualized, yet this virtual image had then to be chemically developed in a second step. Thus, Derungs unevenly finished spongings suggestively trace back to this originary technology (although his sweeps are the stains of uneven development and not those of the initial preparation of light–sensitive material). Umberto Eco, “Critique of the Image” in “Articulations of Cinematic Code” Cinematics 1, 1970. Gilles Deleuze and Felix Guattari, A Thousand Plateaus: Capitalism and Schizophrenia trans. Brian Massumi (Minneapolis: University of Minnesota Press, 2007). Geoffrey Batchen, Burning With Desire: the Conception of Photography (Cambridge, Mass: MIT Press, 1999). (shrink)

Cryptocurrencies such as Bitcoin, SETLcoin, Ether, Solar Coin, or Liberty Reserve exist since 2009. Because of their decentralized control, they are often considered a threat or alternative to the conventional centralized banking system. While the technological implication of some such currencies, especially of Bitcoin, has attracted much attention, so far there is little discussion about the entire field of cryptocurrencies and very little academic literature addressing its ethical significance. In this article, we thus address the impact of “blockchain technology” on (...) the nature of financial transactions from a business ethics perspective. We begin with a survey on relevant literature from neighboring disciplines. Next, we work towards a 3 × 3 framework for current debates on the ethics of cryptocurrencies : we combine the micro, meso, and macro levels of business and society with assessments of the potential ethical impact of cryptocurrencies as morally beneficial, detrimental, and ambiguous. In addition, we highlight possible avenues for future research, such as the changing roles of the miners and regulators, the prosocial use of cryptocurrencies, the antisocial use for shadow banking and transactions in the ‘dark net’ and cryptocurrencies’ effect on inflation and deflation. (shrink)

All capitalist economies experience fluctuations in employment and economic activity around a long-term growth rate. How is this cyclical pattern of growth to be explained? Are the causes of fluctuations in output and employment to be found outside the system or are they intrinsic to the system? Will the long-term growth rate correspond to the growth of the labour force? It is the search for answers to these questions which motivates Peter Skott's analysis. The book develops a theory of (...) dynamic interaction between three types of agent: firms, households and banks. Firms are profit-maximisers operating under conditions of imperfect competition and their production and investment decisions are influenced by monetary and financial factors as well as by the state of the labour market. Households hold financial assets, supply labour and have a direct influence on nominal wage rates. Banks set interest rates on bank loans and deposits. No assumptions are made about nominal price rigidities and the capital-output ratio is determined endogenously. Using a framework of analysis which is rigorous and which does not exclude traditional neoclassical mechanisms, this book demonstrates the validity of important Marxian and Keynesian insights into the growth process. (shrink)

Phishing is a fraudulent form of email that solicits personal or financial information from the recipient, such as a password, username, or social security or bank account number. The scammer may use the illicitly obtained information to steal the victim’s money or identity or sell the information to another party. The direct costs of phishing on consumers are exceptionally high and have risen substantially over the past 12 years. Phishing experiments that simulate real world conditions can provide cybersecurity experts with (...) valuable knowledge they can use to develop effective countermeasures and prevent people from being duped by phishing emails. Although these experiments contravene widely accepted informed consent requirements and involve deception, we argue that they can be conducted ethically if risks are minimized, confidentiality and privacy are protected, potential participants have an opportunity to opt out of the research before it begins, and human subjects are debriefed after their participation ends. (shrink)

Following the financial crisis of 2008, the Treasury Committee of the UK House of Commons undertook an inquiry into the lessons that might be learned from the banking crisis. Paul Moore, head of group regulatory risk at Halifax Bank of Scotland during 2002–2005, provided evidence of his experience of questioning HBOS policies which resulted in his dismissal from HBOS. The problems that surfaced at HBOS during the financial crisis were so serious that it was forced to merge with Lloyds TSB, (...) another UK bank, to form the Lloyds Banking Group in which the government took a significant stake. Moore’s evidence to the Treasury Committee revealed that long before the financial crisis, he had raised major concerns with the management of HBOS and with the Financial Services Authority, the UK financial services regulator. Moore’s evidence led to the submission of further disclosures, replies and rejoinders as evidence to the Treasury Committee. Moore’s case is therefore of considerable interest to researchers of whistleblowing because it is a rare instance of high-level whistleblowing, the details of which subsequently entered the public domain. The information revealed in evidence to the Treasury Committee sheds light on the process of whistleblowing in the context of the governance and regulation of a major UK bank that subsequently had to be rescued by government intervention during the financial crisis. The paper makes a contribution to the wider literature on whistleblowing, and to a greater understanding of aspects of the financial crisis. (shrink)

Banks face a dilemma in choosing between maximising profits and facilitating the sustainable use of resources within a carbon-constrained future. This study provides empirical evidence on this dilemma, investigating whether a bank loan announcement for a firm with high carbon risk conveys information to investors about the firm’s carbon risk exposure collected through a bank’s pre-loan screening and ongoing monitoring. We use a sample of 120 bank loan announcements for ASX-listed firms over the period 2009–2015. We measure high carbon (...) risk exposure based on whether firms meet the reporting threshold of the NGER scheme. We document positive and significant excess loan announcement returns for loan renewals for high carbon risk firms, but not for loan initiations. Further, we document a more significant loan announcement return for renewals with favourable term revisions. Finally, we find no evidence that the market differentiates between domestic and foreign lenders. Taken together, our results suggest that investors perceive that banks incorporate carbon risk considerations into their lending decisions. Our results highlight the value of banks as financial intermediaries given the information asymmetry surrounding firms’ carbon risk exposure, and more generally the need to extend modern banking theory to consider issues such as the impact of banks’ CSR reputation on lending decisions. (shrink)

The protection of human research subjects in clinical studies is regulated by international guidelines and national laws. Research Ethics Committees play an important role here, as they review the documentation for clinical studies under consideration of ethical aspects. This documentation includes an exclusion or wash-out period which designates when study subjects may not have participated in another study or be allowed to take part in a future one within a specified time period. However not all research subjects comply with their (...) applicable exclusion period. This prohibited multi-participation in clinical studies is known as ‘research subject tourism,’ ‘clinical study overlapping’, or ‘guinea-pigging’. This practice brings with it additional risks for the research subject and the integrity of the research being conducted. No comprehensive data are available to demonstrate exactly how many research subjects participate in overlapping multiple studies. However, the number of them who ‘travel’ from one study to another seems to be significant. Preventing this practice is a matter of concern for ethics committees, but the responsibility for protecting research subjects in this respect apart from approving the ethics of a wash-out period and recruiting from a specific pool or database of patients is solely that of the investigating physician. But how can the investigating physician be certain that a research subject complies with their exclusion period? An international data bank for research subjects who have participated, or are participating, in clinical studies, is a measure that would serve to prevent prohibited multi-participation in clinical studies and thereby protect the research subject, the investigating physician and their institution. VIP Check, International, which was founded by the author in 1990, is an example of such a data bank. This article examines the existence of prohibited multi-participation in clinical studies, the additional risk this practice of itself poses to the research subjects and the integrity of clinical studies, and how this practice might best be reduce or even eliminated through use of an international data bank of research subjects such as that of VIP Check. (shrink)

Responsible risk management is central to banking ethics. With the 1999 publication of the Basel Committee's proposal, Basel II, for a New Capital Accord to replace the 1988 agreement, Basel I, an attempt has been made to address the problem of correlating banks' risk management with their capital requirements. The Basel II framework, finalised in June 2004, is designed to improve risk management by using models based on past performance to help set the amount of capital banks are (...) required to hold by regulators, with the purpose of improving the efficiency of capital allocation. The objectives of this study are to investigate how banks generally, but particularly those located in China, could improve their risk management systems and what the implications of these new regulations are for them. Three relevant propositions were formulated, namely, Basel II will improve risk management; Basel II will improve capital allocation efficiency; and compliance with advanced risk management systems is biased in favour of the large banks. Evidence was assembled with which to evaluate these three propositions by gathering relevant primary data by means of a representative survey of Chinese banking executives involved in risk management. The findings strongly support the first two of the above propositions and partly support the third proposition. (shrink)

Recent history reveals a series of rogue traders, jeopardizing their employers’ assets and reputation. There have been instances of unauthorized acting in concert between traders, their supervisors and/or firms’ decision makers and executives, resulting in collusive rogue trading. We explore organizational misbehaviour theory and explain three major collusive rogue trading events at National Australia Bank, JPMorgan with its London Whale and the interest reference rate manipulation/LIBOR scandal through a descriptive model of organizational/structural, individual and group forces. Our model draws conclusions (...) on how banks can set up behavioural risk management and internal control frameworks to mitigate potential collusive rogue trading. (shrink)

In this paper I sketch an account of moral blame and blameworthiness. I begin by clarifying what I take blame to be and explaining how blameworthiness is to be analyzed in terms of it. I then consider different accounts of the conditions of blameworthiness and, in the end, settle on one according to which a person is blameworthy for φ-ing just in case, in φ-ing, she violates one of a particular class of moral requirements governing the attitudes we bear, and (...) our mental orientation, toward people and other objects of significant moral worth. These requirements embody the moral stricture that we accord to these others a sufficient level of respect, one that their moral worth demands. This is a familiar theme which has its roots in P. F. Strawson’s pioneering views on moral responsibility. My development of it leads me to the conclusion that acting wrongly is not a condition of blameworthiness: violating a moral requirement to perform, or refrain from performing, an action is neither necessary nor sufficient for being blameworthy. All we are ever blameworthy for, I will argue, are certain aspects of our mental bearing toward others. We can be said to be blameworthy for our actions only derivatively, in the sense that those actions are the natural manifestations of the things for which we are strictly speaking blameworthy. (shrink)

Since the appearance of Plato’s Dialogues, philosophers have been preoccupied with the identity of Socrates and have maintained that successful interpretation of the work hinges upon a clear understanding of what thoughts and ideas can be attributed to him. In Descent of Socrates, Peter Warnek offers a new interpretation of Plato by considering the appearance of Socrates within Plato’s work as a philosophical question. Warnek reads the Dialogues as an inquiry into the nature of Socrates and in doing so (...) opens up the relationship between humankind and the natural world. Here, Socrates appears as a demonic and tragic figure whose obsession with the task of self-knowledge transforms the history of philosophy. In this uncompromising work, Warnek reveals the importance of the concept of nature in the Platonic Dialogues in light of Socratic practice and the Ancient ideas that inspire contemporary philosophy. (shrink)

Whether ethical screening affects portfolio performance is an important question that is yet to be settled in the literature. This paper aims to shed further light on this question by examining the performance of a large global sample of Islamic equity funds from 1984 to 2010. We find that IEFs underperform conventional funds by an average of 40 basis points per month, consistent with the underperformance hypothesis. In line with popular media claims that Islamic funds are a safer investment, IEFs (...) outperformed conventional funds during the recent banking crisis. However, we find no such outperformance for other crises or high volatility periods. Based on fund holdings-based data, we provide evidence of a negative curvilinear relation between fund performance and ethical screening intensity, consistent with a return trade-off to being more ethical. (shrink)

There is a debate in normative ethics about whether or not our moral obligations depend solely on either our evidence concerning, or our beliefs about, the world. Subjectivists maintain that they do and objectivists maintain that they do not. I shall offer some arguments in support of objectivism and respond to the strongest argument for subjectivism. I shall also briefly consider the significance of my discussion to the debate over whether one’s future voluntary actions are relevant to one’s current moral (...) obligations. (shrink)

We study the proof-theoretic strength and effective content of the infinite form of Ramsey's theorem for pairs. Let RT n k denote Ramsey's theorem for k-colorings of n-element sets, and let RT $^n_{ denote (∀ k)RT n k . Our main result on computability is: For any n ≥ 2 and any computable (recursive) k-coloring of the n-element sets of natural numbers, there is an infinite homogeneous set X with X'' ≤ T 0 (n) . Let IΣ n and BΣ (...) n denote the Σ n induction and bounding schemes, respectively. Adapting the case n = 2 of the above result (where X is low 2 ) to models of arithmetic enables us to show that RCA 0 + IΣ 2 + RT 2 2 is conservative over RCA 0 + IΣ 2 for Π 1 1 statements and that $RCA_0 + I\Sigma_3 + RT^2_{ , is Π 1 1 -conservative over RCA 0 + IΣ 3 . It follows that RCA 0 + RT 2 2 does not imply BΣ 3 . In contrast, J. Hirst showed that $RCA_0 + RT^2_{ does imply BΣ 3 , and we include a proof of a slightly strengthened version of this result. It follows that $RT^2_{ is strictly stronger than RT 2 2 over RCA 0. (shrink)

David Lewis has offered a reply to the standard argument for the claim that the truth of determinism is incompatible with anyone’s being able to do otherwise than she in fact does. Helen Beebee has argued that Lewis’s compatibilist strategy is untenable. In this paper I show that one recent attempt to defend Lewis’s view against this argument fails and then go on to offer my own defense of Lewis’s view.

Normative ethical theories owe us an account of how to evaluate decisions under risk and uncertainty. Deontologists seem at a disadvantage here: our best decision theories seem tailor-made for consequentialism. For example, decision theory enjoins us to always perform our best option; deontology is more permissive. In this paper, we discuss and defend the idea that, when some pro-tanto wrongful act is all-things considered permissible, because it is a ‘lesser evil’, it is often merely permissible, by the lights of deontology. (...) We show that this raises new problems for deontological decision theory, and we show that to resolve them, we need to take a more innovative approach to morally evaluating decision-making under risk and uncertainty. (shrink)

Many health care decisions depend not only upon medical facts, but also on value judgments—patient goals and preferences. Until recent decades, patients relied on doctors to tell them what to do. Then ethicists and others convinced clinicians to adopt a paradigm shift in medical practice, to recognize patient autonomy, by orienting decision making toward the unique goals of individual patients. Unfortunately, current medical practice often falls short of empowering patients. In this article, we reflect on whether the current state of (...) medical decision making effectively promotes patients' health care goals. We base our reflections, in part, on research in which we observed physicians making earnest efforts to partner with patients in making treatment decisions, but still struggling to empower patients—failing to communicate clearly to patients about decision-relevant information, overwhelming patients with irrelevant information, overlooking when patients' emotions made it hard to engage in choices, and making recommendations before discussing patients' goals. (shrink)

Philosophy and Phenomenological Research, EarlyView.

Peter Schouls examines the role played by the concepts of freedom, mastery, and progress in Descartes' writings, arguing that these ideas express a vital and ...

In this lucid and penetrating book, Peter A. Schouls considers Locke's major writings in terms of the closely related ideas of freedom, progress, mastery, reason, and education.

This volume, an expanded edition of the philosophy of language issue of the journal Midwest Studies in Philosophy (1977), includes essays by some of the ...

The Mind Argument is an argument for the incompatibility of indeterminism and anyone's having a choice about anything that happens. Peter van Inwagen rejects the Mind Argument not because he is able to point out the flaw in it, but because he accepts both that determinism is incompatible with anyone's having a choice about anything that happens and that it is possible for someone to have a choice about something that happens. In this paper I first diagnose and clear (...) up a confusion in recent discussions of the Mind Argument and then go on to show why it is a bad argument. (shrink)

Despite its current popularity, “emergence” is a concept with a venerable history and an elusive, ambiguous standing in contemporary evolutionary theory. This paper briefly recounts the history of the term and details some of its current usages. Not only are there radically varying interpretations about how to define emergence but “reductionist” and “holistic” theorists hold very different views about the issue of causation. However, these two seemingly polar positions are not irreconcilable. Reductionism, or detailed analysis of the parts and their (...) interactions, is essential for answering the “how” question in evolution—how does a complex living system work? But holism is equally necessary for answering the “why” question—why did a particular arrangement of parts evolve? In order to answer the “why” question, a broader, multi-leveled paradigm is required. The reductionist approach to explaining emergent complexity has entailed a search for underlying “laws of emergence.” In contrast, the “Synergism Hypothesis” focuses on the “economics”—the functional effects produced by emergent wholes and their selective consequences in evolutionary change. This paper also argues that emergent phenomena represent, in effect, a subset of a larger universe of cooperative, synergistic effects in the natural world. (shrink)