Credit distribution is uneven in the domestic financial market since it is relatively easy for listed companies, mainly state-owned enterprises, to obtain banks’ funds. Unbalanced credit distribution has caused some listed companies to participate in “Borrow to Lend” activities. Based on the traditional “financing priority” theory and credit rationing theory, this paper studies the “Borrow to Lend” shadow banking activities of China’s non-financial listed companies based on the 2007–2018 financial statement data of Chinese-listed companies and discusses the micro-level and macro-level (...) related factors behind this activity. The empirical results show that China’s non-financial listed companies, especially the state-owned enterprises, are participating in obvious “Borrow to Lend” activities. The real economy’s rate of return shows a negative relationship with “Borrow to Lend” activities at the level of individual companies and their industries. This article uses the exogenous growth part of M2 growth to measure monetary policy tightness in terms of macro and credit policies. It uses the ratio of state-owned enterprise loans to total corporate loans as an approximate indicator of the credit distribution structure. The empirical results indicate that state-owned enterprises’ “Borrow to Lend” activities have shifted in the same direction as the tightening of monetary policy after the financial crisis. The proportion of state-owned enterprise loans positively correlates with state-owned enterprises’ “Borrow to Lend” activities. (shrink)

In this article Mare liberum is placed within the context of seventeenth-century European politics. It focuses on the development of conventional relations between European States regarding their interests outside of Europe and their importance concerning the status of Asian and African 'actors'. It turns out that in spite of Mare liberum's high-sounding proclamation of equality of non-European sovereigns with European States, Grotius's position as well as Dutch policy was inspired by self-interest and was essentially opportunistic. The Dutch Republic – as (...) well as other European States – used the 'liberal' principles of Freedom of trade and the Universality of the Law of Nations to attack the Portuguese/Spanish claims of monopoly. However, as the Dutch Republic, Great Britain and France developed their own 'Spheres of Interest' in Asia, Africa and the Americas, they effectively excluded would-be competitors. Indeed, in the eighteenth century the 'pacte colonial' constituted a distinctive characteristic of the conventional and customary 'European Law of Nations'. As non-European political actors in the eighteenth century relatively lost military and political power, the European States finally relegated them to an inferior position, beyond the charmed circle of full 'subjects of Public International Law'. The article also is a contribution to the ongoing discussion about the relation between European imperialism and the development of the doctrine of European International Law. (shrink)

The phenomenology of inner temporalizing developed by Edmund Husserl provides a helpful framework for understanding a type of experiencing that can be part of the Post-Traumatic Stress Disorder (PTSD). My paper extrapolates hints from Husserl's work in order to describe those memories — flashbacks — that come so strongly to consciousness as to overtake the experiencer. Husserl's work offers several clues: his view of inner temporalization by which conscious experiences flow in both a serial and a nonserial manner; a characterization (...) of process memory as distinct from representational memory; and the notion of telos, which takes human subjectivity as intrinsically changeable, for example, by means of a retroactive cancellation that would allow the PTSD experiencer to re-process the original meaning of the traumatic experience into a meaning that fits the current situation and thus allows a recovery. (shrink)

Inter-level mechanistic explanations in the sciences have long been a focus of philosophical interest, but attention has recently turned to the compositional character of these explanations which work by explaining higher level entities, whether processes, individuals or properties, using the lower level entities they take to compose them. However, we still have no theoretical account of the constitution or parthood relations between individuals deployed in such explanations, nor any accounts of multiple constitution. My primary focus in this paper is to (...) outline a positive account of the constitution/part-whole relations between individuals posited in inter-level mechanistic explanations that takes constituents in the sciences to be ‘working parts’. Using this account, I then go on to illuminate the nature, and varieties, of multiple constitution that we find in the sciences and provide a starting theoretical framework for multiple constitution as well. (shrink)

U ovom radu razmatramo dvije različite kritike liberalne demokracije. Kroz analizu suvremene slovenske političke misli Slavoja Žižeka i nekih njegovih sljedbenika, koji u zadnje vrijeme revitaliziraju »ideju komunizma«, prvo ćemo kritički promisliti emancipacijski potencijal ove struje suvremene slovenske filozofije. Interludij se fokusira na uporabe i logiku nasilja te se zalaže za novu političko-etičku kulturu nenasilja. U drugome dijelu rada, uzimajući u obzir Levinasovu etičku kritiku liberalne demokracije i fokusirajući se na njegov pojam različite vremenitosti unutar političke etike, razmotrit ćemo neke (...) alternativne mogućnosti za budući napredak demokracije. (shrink)