Sociologists, economists, historians, anthropologists, political theorists, and literary critics have all turned their attention to the study of capitalism. But philosophers remain much less engaged. Why is this? And what could philosophy bring to the study of capitalism? Could it help in the development of a general theory? My main argument here is that philosophy does have an important role to play in the study of capitalism, particularly if we want to develop a general theory. Philosophers must describe something that (...) is peculiar to capitalism, in philosophical terms, which has not been explained by sociological, economic, or psychological means. This subject matter does exist: it is the nature of rationality within capitalism. I suggest that this can best be explained by using the theory of the space of reasons, which helps to show how rational human practices shape social and economic institutions, and how our form of rationality is in turn shaped by those practices and institutions. (shrink)

Should we be concerned with, or alarmed or outraged by, the insincerity and hypocrisy of politicians who apologize for historical injustice? This paper argues that the correct reply to this question is: sometimes, but not always. In order to establish what types of insincerity must be avoided, Judith Shklar?s hierarchy of ordinary vices is critically revisited. Against Shklar?s overly benign account of hypocrisy, the paper then tries to demonstrate that only institutional and harmful forms of hypocrisy must be rejected in (...) political apologies for historical injustice. Employing Melissa Nobles? ?membership theory?, this paper defends the claim that the sincerity standard for political apologies is, in stark contrast to apologies between individuals, agent independent. This means that in political apologies, rather than focusing on the remorse and regret of the agent who apologizes, we must primarily examine the apology?s consequences in terms of renegotiating the legal, political and affective dimensions of citizenship. In domestic affairs, the paper shows that apologies can only be considered sincere if they push the polity towards a more inclusive conception of membership in the political community. (shrink)

ABSTRACT The article aims at contributing to the unification of history and psychology by studying the expressions of anger and enthusiasm in several historical contexts. These mainly include France and America in the eighteenth century, but also more recent episodes of transitional justice. In addition it aims at drawing the attention of psychologist to the understudied emotion of enthusiasm. To this end, it also considers how Hume and Kant treated this emotion.

This paper argues that since the last decades of the twentieth century the discipline of modern finance has directed fiduciaries to act "rationally"—that is, in the sole financial interest of their funds--downplaying the effects of their investments on others. This approach has deemphasized a previous, more "reasonable" interpretation of fiduciary duty that drew on a conception of prudence characterized by wisdom, discretion and intelligence—one that accounts to a greater degree for the relationship between one's investments and their effects on others (...) in the world. The reasonable approach allows fiduciaries to a greater degree to assess the objective well-being of beneficiaries, to recognize fundamental sources of investment reward in the economy, and to fulfill their obligations to allocate benefits impartially between current and future generations. Reason and rationality can work in a complementary fashion to make investment long-term in its perspective and beneficial to society and the economy as well as to specific funds or portfolios. Determining how to accomplish this challenging task is part of the obligation of fiduciaries as they seek to realize the full potential of the investment assets entrusted to their care. (shrink)

Macroeconomic events often require individuals and policy-makers to make decisions that they are not accustomed to making. For example, a sovereign debt crisis makes it necessary to either default on government debt, increase taxes, cut public spending or to impose a mixture of these measures. I argue that decisions on such matters are not derived from deep preferences; they require reflections and judgement under uncertainty. Past experiences and the interaction with other individuals are likely to influence the salience of preferences (...) in the situations of decision making. Using a simple model, I illustrate how the salience of preferences changes with different degrees of individuality and conformity. Individuality is associated with the importance of private habits, while conformity is related to the perceived dissonance between initial intuitions and social opinions. The results obtained from simple simulation exercises stress that a high degree of conformity or a low degree of individuality may lead to overreactions when social opinion makers err for a short period of time. At the same time, a low degree of conformity or a high degree of individuality or leads to delayed adjustments to new circumstances. (shrink)

In his 2014 paper entitled “Reason, Rationality and Fiduciary Duty”, Lydenberg ventures into the field of the moral and political philosophy dealing with distributive justice in search of fresh perspectives on fiduciary duty. Simply by doing this, Lydenberg makes the very important contribution of drawing a little more attention to the potential that this huge field of study might have in relation to understanding socially responsible investment. There are however difficulties with Lydenberg’s paper. I describe three in particular that I (...) believe warrant critical attention. The first emerges out of Lydenberg’s treatment of the central concepts of reasonableness and rationality. The second lies in his apparent suggestion that at some earlier time fiduciary duty was somehow more generally other-considering than it is today. And finally, the third is associated with the place that impartiality occupies in Lydenberg’s storyline, and the implications of this in terms of his call for a reconciliation between reasonableness and rationality. This critical scrutiny clarifies theoretical and practical implications of the transition Lydenberg is suggesting. In doing this, it makes the realization that what Lydenberg is attempting is more than likely nothing short of resolving “The fundamental problem of ethics and politics” in the specific context of fiduciary action. (shrink)

This paper combines Alfred Shultz and Herbert Simon's theories of action in order to understand the grey area between dynamic and completely unstructured decision making better. As a result I have put together a specific scheme of how choice elements are represented from an agent's personal experience, so as to create a bridge between the phenomenological and cognitive-procedural approaches of decision making. I first look at the key points of their original models relating Alfred Schutz's “provinces of meaning” and Herbert (...) Simon's “satisficing” mechanism. I then consider the particular concept of intentionality and reasoning by analogy for different choice settings. Finally I have suggested a perspective based on creative behaviour and sense-making for ill-structured conditions. (shrink)