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This essay explains how to use the calculus of consent framework to think more rigorously about self-governance, and applies this framework to the issue of evaluating federal regulatory agencies. Robust political economy is the idea that institutions should be designed to work well even under weak assumptions about decision-makers’ knowledge and benevolence. I show how the calculus of consent can be used to analyze both incentives and knowledge problems. The calculus is simultaneously a theory of self-governance and a tool for (...) |
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This article explores the relevance of the work of Cambridge historian of political thought István Hont to contemporary political theory. Specifically, it suggests that Hont’s work can be of great help to the recent realist revival in political theory, in particular via its lending support to the account favoured by Bernard Williams, which has been a major source for recent realist work. The article seeks to make explicit the main political theoretic implications of Hont’s historically-focused work, which in their original (...) |
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This article concerns freedom and financial markets. First, I consider the republican case for liberalization, extending Robert Taylor’s economic model of republicanism to financial markets. This case adopts what I call a “philosopher-king” approach to political theory, arguing by reference an ideal or first-best set of policies or reforms. Then, I investigate the negative externalities of several decades of financial market liberalization, including the erosion of political accountability and the growing concentration of political and economic power in the hands of (...) |
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Justin Holt argues that the Rawlsian requirements for justice are, contrary to Rawls’ own pronouncements, better met by socialism than ‘property owning democracy’, both of them preferring both to just plain capitalism, even with a welfare state tacked on. I suggest that Rawls’s ‘requirements’ are far less clear than most think, and that the only clarified version prefers the capitalist welfare state. |
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Abstract:Both the idea of feasibility and the role that it might play within political theory are controversial. Recent discussions have attempted to specify an appropriate overall conceptualization of feasibility. This essay offers a more nuanced account of a number of interrelated aspects of feasibility and argues for a more realistic view of feasibility. Four aspects of feasibility are identified and discussed: resource feasibility, value feasibility, human feasibility, and institutional feasibility. |
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Over the last few decades, there have been intense debates concerning the effects of markets on the morality of individuals’ behaviour. On the one hand, several authors argue that markets’ ongoing expansion tends to undermine individuals’ intentions for mutual benefit and virtuous character traits and actions. On the other hand, leading economists and philosophers characterize markets as a domain of intentional cooperation for mutual benefit that promotes many of the character traits and actions that traditional virtue ethics accounts classify as (...) |
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