Case study for Business Ethics, 5000 words. Considers the state of the payday lending market in USA and Canada as of March 2018. Suitable for undergraduate or business school use. Includes the discussion of: Storefront and online payday lending in state/province and national contexts. Applicability of the concept of exploitation to payday lending. Alternatives to payday lending ("Payday Alternative Loans" provided through credit unions, and savings incentive programs that reduce demand for payday lending). U.S. government regulation of 2017 (...) that was rescinded shortly before it was to have effects on business, specifically due to change of Presidential administration (January 2018). Class discussion questions. References. (shrink)

What constitutes a scientific discovery? What role do discoveries play in science, its dynamics and social practices? Must every discovery be attributed to an individual discoverer (or a small number of discoverers)? The paper explores these questions by first critically examining extant philosophical explications of scientific discovery—the models of scientific discovery, propounded by Kuhn, McArthur, Hudson, and Schindler. As a simple, natural and powerful alternative, we proffer the “change-driver model”: in a nutshell, it takes discoveries to be cognitive scientific results (...) that have epistemically advanced science. The model overcomes the shortcomings of its precursors, whilst preserving their insights. We demonstrate its intensional and extensional superiority, especially with respect to the link between scientific discoveries and the dynamics of science, as well as the award system of science. Both as an illustration, and as an application to a recent scientific and political controversy, we apply the considered models of discovery to one of the most momentous discoveries of science: the expansion of the universe. We oppose the 2018 proposal of the International Astronomers’ Union as too simplistic vis-`a-vis the historical complexity of the episode. The change- driver model yields a more nuanced and circumspect verdict: (i) The redshift-distance relation shouldn’t be named the “Hubble-Lemaître Law”, but “Slipher-Lundmark-Hubble-Humason Law”; (ii) Its interpretation in terms of an expanding universe, however, Lemaître ought to be given credit for; but (iii) The establishment of the expansion of the universe, as an evidentially sufficiently warranted result, is a communal achievement, emerging in the 1950s or 1960s. (shrink)

There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I (...) argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

This study contributes to the micro-credit literature by addressing the lack of philosophical dialogue concerning the issue of trust between micro-credit NGOs and rural poor women. The study demonstrates that one of the root causes of NGOs’ contested roles in Bangladesh is the norm that they use (i.e., trust) to rationalize their micro-credit activities. I argue that Bangladeshi micro-credit NGOs’ trust in poor village women is not genuine because they resort to group responsibility sustained through aggressive (...) surveillance. I maintain so by drawing on a trust-based theoretical framework that uses various philosophical insights. Drawing on the same conceptual framework, I also contend, somewhat softening the previous claim, that if micro-credit trust is trust at all, it is at most strategic, not generalized. For being strategic, it has many undermining effects on local social solidarity norms, rendering Bangladeshi micro-credit NGOs and strategic trust an odd couple with no moral compass. To bring forth the moral impetus in micro-credit activities, I lay out some recommendations intended for organizations, managers, and policymakers, consistent with normative corporate social responsibility initiatives. However, further studies can be initiated based on this paper, suggesting its importance for future research. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced-form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that (...) a person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

‘The Union of Cause and Effect in Aristotle : Physics III 3’, Oxford Studies in Ancient Philosophy, 32, pp. 205-232, May 2007.: I argue that Aristotle introduced a unique realist account of causation, which has not hitherto been appreciated in the history of philosophy: causal realism without a causal relation. In his account, cause and effect are unified by the ectopic actualization of the agent’s potentiality in the patient. His solution consists in the introduction of a property that belongs to (...) one subject but is realized in another subject on whose state this realization depends. I identify and analyze the multiple ontological dependencies between the causal state of the agent and that of the patient during their causal activity. (shrink)

Vietnam’s forests are at risk - carbon offset schemes could be the best chance of saving them, say Dr. Quan-Hoang Vuong and Minh-Hoang Nguyen. The value of forests is deeply ingrained in Vietnamese culture. Rừng vàng, biển bạc” [“forests of gold and seas of silver”] is both a metaphor for Vietnam, and a description of its natural wealth. The phrase is everywhere, from political speeches to daily conversation, as is Nhất phá sơn lâm, nhì đâm hà bá [“the worst crime (...) is to destroy the mountains and forests, the second worst is to kill the river”]. Deforestation is a Vietnamese taboo. (shrink)

Leising and colleagues propose a 10-step checklist that they argue will facilitate “a better personality science.” Although we agree with many of the proposed steps, whether the checklist separates “good research” from bad is an empirical matter. A critical component of Leising and colleagues’ steps toward improving scientific standards in personality center around consensus building. There are several critical ways in which the methods for building consensus in psychology could have unintended negative consequences. Creating a better science requires a shift (...) in academia’s reward structures. The current system rewards producing more publications with little reference to contributions to those publications. CRediT offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. Finally, the target article is the latest to join in calling for more formal theory. If psychology is to improve theory, then psychologists must be trained in theory. These systemic issues are pervasive and cannot be fixed without changing the evaluation system of academia and subsequently the reward system that supports it. Including the CRediT taxonomy in CVs offers a simple yet effective way of weighing the quality of researcher contributions rather than quantity alone. (shrink)

The notion of credit plays a central role in virtue epistemology and in the literature on moral worth. While virtue epistemologists and ethicists have devoted a significant amount of work to providing an account of creditable success, a unified theory of credit applicable to both epistemology and ethics, as well as a discussion of the general form it should take, are largely missing from the literature. Our goal is to lay out a theory of credit that seems (...) to underlie much of the discussion in virtue epistemology, which we dub the Cake Theory. We argue that given the goals that virtue epistemologists and ethicists who discuss moral worth have, this theory is problematic, for it makes credit depend on the wrong facts. (shrink)

The recent wave of generative AI (GAI) systems like Stable Diffusion that can produce images from human prompts raises controversial issues about creatorship, originality, creativity and copyright. This paper focuses on creatorship: who creates and should be credited with the outputs made with the help of GAI? Existing views on creatorship are mixed: some insist that GAI systems are mere tools, and human prompters are creators proper; others are more open to acknowledging more significant roles for GAI, but most conceive (...) of creatorship in an all-or-nothing fashion. We develop a novel view, called CCC (collective-centered creation), that improves on these existing positions. On CCC, GAI outputs are created by collectives in the first instance. Claims to creatorship come in degrees and depend on the nature and significance of individual contributions made by the various agents and entities involved, including users, GAI systems, developers, producers of training data and others. Importantly, CCC maintains that GAI systems can sometimes be part of a co-creating collective. We detail how CCC can advance existing debates and resolve controversies around creatorship involving GAI. (shrink)

When charitable matching occurs, both the person initially offering the matching donation and the person taking up the offer may well feel they have done something better than if they had donated on their own without matching. They may well feel they deserve some credit for the matched donation as well as their own. Can they both be right? Natural assumptions about charitable matching lead to puzzles that are challenging to resolve in a satisfactory way.

Issues of academic authorship pose few problems for philosophers or those in the humanities, yet raise a host of issues for medical researchers, engineers and scientists, where multiple authors is the norm and journal articles sometimes list hundreds of authors. At issue here are abstract questions about desert, as well as practical problems regarding the distribution of goods attached to authorship—tenure, prestige, research grants, etc. This paper defends a version of the author/contributor model, where the specific contributions of authors are (...) described in a footnote, against other models of authorial attribution. Such a model offers the best guarantee that authors will get their due, as well as providing the most reliable protection against misconduct and fraud. The paper also arguesthat it is important for this model to be institutionalized across disciplinary boundaries as the increasingly interdisciplinary nature of research will inevitably bring discipline-specific authorial norms into conflict. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types (...) of credit risk default models in this regard: structural and reduced form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

To deserve credit for doing what is morally right, we must act from the right kinds of motives. Acting from the right kinds of motives involves responding both to the morally relevant reasons, by acting on these considerations, and to the morally relevant individuals, by being guided by appropriate attitudes of regard for them. Recent theories of the right kinds of motives have tended to prioritize responding to moral reasons. I develop a theory that instead prioritizes responding to individuals (...) (through appropriate attitudes of regard for them) and argue that it better accounts for the basic features of the right kinds of motives – what we most fundamentally care about in judging whether persons deserve moral credit. (shrink)

The practice of assigning authorship for a scientific publication tends to raise two normative questions: 1) ‘who should be credited as an author?’; 2) ‘who should not be credited as an author but should still be acknowledged?’. With the publication of the revised version of The European Code of Conduct for Research Integrity (ECCRI), standard answers to these questions have been called into question. This article examines the ways in which the ECCRI approaches these two questions and compares these approaches (...) to standard definitions of ‘authorship’ and ‘acknowledgment’ in guidelines issued by the International Committee of Medical Journal Editors (ICMJE) and the World Association of Medical Editors (WAME). In light of two scenarios and the problems posed by these kinds of ‘real-world’ examples, we recommend specific revisions to the content of the ECCRI in order not only to provide a more detailed account of the tasks deserving of acknowledgment, but to improve the Code’s current definition of authorship. (shrink)

Union Citizenship as currently implemented in the European Union introduces a distinct concept of citizenship that necessitates an adequate normative approach. The objective of this paper is to assess EU Citizenship against the theoretical background of multilateral democracy. This approach is specifically suited for this task, as it does not rely on a nation-state paradigm or the presumption of a further transformation into a federation or union. We propose three criteria by which to assess multilevel citizenship: equal individual rights, equal (...) sovereignty of peoples and the balancing of individuals' and peoples' interests. We argue that the current practice of Union Citizenship does not fully meet the proposed standards, regarding equal rights within and equal access to, the political system. Based on our assessment, we propose reform options of access to national and supranational citizenship and argue for supranational participation rights and equal transnational rights to gradually re-establish full membership for individuals. (shrink)

This paper presents a Least Square Monte Carlo approach for accurately calculating credit value adjustment (CVA). In contrast to previous studies, the model relies on the probability distribution of a default time/jump rather than the default time itself, as the default time is usually inaccessible. As such, the model can achieve a high order of accuracy with a relatively easy implementation. We find that the valuation of a defaultable derivative is normally determined via backward induction when their payoffs could (...) be positive or negative. Moreover, the model can naturally capture wrong or right way risk. (shrink)

Drèze and Sen are not entirely right in their apparent glorification of the roles of nongovernmental organizations in Bangladesh in An Uncertain Glory: India and Its Contradictions because they leave out and/or de-emphasize some important issues, especially those that are related to the problematic trusting relationship between nongovernmental organizations in Bangladesh and rural poor women. Nongovernmental organizations’ use of trust disturbs social solidarity in rural Bangladesh mainly because of their massive supervision mechanism that they undertake to sustain the so-called trusting (...) relationship between them and their debtors. The massive supervision mechanism damages social solidarity also because it creates a tension between local norms and nongovernmental organizations’ neoliberalist values of “discipline, efficiency and competitiveness,” which nongovernmental organizations try to inject into villagers by their numerous social engineering programs, which are state’s responsibility. Nongovernmental organization monitoring has some psychological impacts on their clients that also contribute to shaking social solidarity. The absence of a proper trusting relationship between nongovernmental organizations and rural poor women reduces the capabilities of the latter as a result of which Drèze and Sen’s glorification of Bangladeshi nongovernmental organizations and Sen’s capabilities approach are in tension. However, there are strategies that Bangladeshi nongovernmental organizations should employ to address the issues raised due to their massive supervision mechanism. (shrink)

In this note, we consider a Merton model for default risk, where the firm’s value is driven by a Brownian motion and a compound Poisson process.

It is widely acknowledged in the literature in social epistemology that knowledge has a social dimension: we are epistemically dependent upon one another for most of what we know. Our knowledge can be, and very often is, grounded on the epistemic achievement of somebody else. But what about epistemic aims other than knowledge? What about understanding? Prominent authors argue that understanding is not social in the same way in which knowledge is. Others can put us in the position to understand, (...) but when we understand something, this accomplishment is to be credited mainly if not entirely to us, as it is due to the successful exercise of our own cognitive abilities. In this paper, I show that the social dimension of understanding closely resembles the social dimension of knowledge. I distinguish between three different ways in which a subject can depend upon another subject for (either the acquisition or the possession of) a certain epistemic good. I then argue that all these kinds of epistemic dependence apply to knowledge and understanding alike. If I am right, understanding is not (always) an achievement to be (mainly) credited to the single epistemic agent who understands. (shrink)

This paper defends an account of moral worth. Moral worth is a status that some, but not all, morally right actions have. Unlike with merely right actions, when an agent performs a morally worthy action, she is necessarily creditworthy for doing the right thing. First, I argue that two dominant views of moral worth have been unable to fully capture this necessary connection. On one view, an action is morally worthy if and only if its agent is motivated by the (...) features of the action that make it right. On the other, an action is morally worthy if and only if its agent is motivated by the action’s rightness itself. Neither of these views captures the connection between moral worth and creditworthiness, because each view leaves room for cases of accidentally doing the right thing. Next, I develop a new account, which I call the Guise of Moral Reasons Account. On my account, morally worthy actions are right actions that are motivated by moral reasons as such. This account rules out cases of accidentally doing the right thing, thus capturing the necessary connection between moral worth and creditworthiness for doing the right thing. (shrink)

This article attempts to provide an insight about the status of Students Union in Nepal, and describes, how they are not been able to solve the problems arising in the daily life of students.

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, (...) however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

This article presents a new model for valuing a credit default swap (CDS) contract that is affected by multiple credit risks of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk (...) completely in the CDS market. (shrink)

This paper presents the design, development, and potential impact of Echoes of Union Depot, a virtual reality (VR) game aimed at promoting historic preservation and raising public awareness about El Paso's Union Depot, a building listed on the National Register of Historic Places Inventory. The game leverages the immersive capabilities of VR technology and 360° images to engage players in exploring the site's rich history and architectural evolution. Players assume the role of a time-traveling detective, guiding lost spirits to resolve (...) their past and move on. The paper outlines the development process, highlighting the use of 360° panoramic images and 3D Vista Virtual Tour Pro software to create an accessible and user-friendly experience that fosters historic preservation awareness and cultural appreciation. The study also discusses limitations and areas for future research, including expanding the scope to include other heritage sites, working with historians and cultural consultants for accurate representations, and evaluating the game's effectiveness in promoting awareness and fostering a sense of community pride. (shrink)

For years now, unionization has been under vigorous attack. Membership has been steadily declining, and with it union bargaining power. As a result, unions may soon lose their ability to protect workers from economic and personal abuse, as well as their significance as a political force. In the Name of Liberty responds to this worrying state of affairs by presenting a new argument for unionization, one that derives an argument for universal unionization in both the private and public sector (...) from concepts of liberty that we already accept. In short, In the Name of Liberty reclaims the argument for liberty from the political right, and shows how liberty not only requires the unionization of every workplace as a matter of background justice, but also supports a wide variety of other progressive policies. (shrink)

It is generally acknowledged that testifiers can play a central role in the production of knowledge and other valuable epistemic states in others. But does such a role warrant any form of epistemic credit and is an agent more successful qua epistemic agent insofar as she is a successful testifier? I here propose an affirmative answer to both questions. The core of the current paper consists in a sustained defence of this proposal against a series of objections. I further (...) argue that the proposal allows us to recognize an important additional epistemic harm that arises in cases of testimonial injustice beyond those described by Miranda Fricker. Finally, I conclude by distinguishing between four kinds of credit - distinctions that allow us to avoid inappropriately attributing epistemic credit in problematic cases. If the current proposal is correct, our understanding of successful epistemic agents needs to be significantly modified in order to take into account their role in producing epistemically valuable states in others. (shrink)

The study examined constraints to accessing micro credit loan scheme of Bank of Agriculture BOA among farmers in Enugu State, Nigeria Implications for extension service delivery. Purposive and simple random sampling techniques were used in selecting one hundred 100 respondents for the study. Data were collected using structured interview schedule questionnaire and analyzed using frequency, percentage, mean scores and standard deviation. The study revealed that micro credit loan scheme 88.6 were the most patronized among the rural farmers. Others (...) such as ECOWAS, IFAD project and ATHP programme were not patronized at all, probably because the type of projects sponsored by these credit loan scheme are not important to the respondents. The respondents farmers were highly constrained by late release of funds M= 1.27 , grace period too short M= 1. 17 , excessive bureaucracy M= 1. 14 , too short payback period M= 1. 13 , services not regular M= 1. 13 , among others. The Bank of Agriculture staff also noted that they were constrained by late release of approved funds by head quarters of the Bank of Agriculture M= 1.43 , loan diversion M= 1.27 , poor funding of field officers M= 1.20 , lack of awareness by borrowers M= 1.10 and insufficient staff M= 0.93 . The study recommends that adequate awareness campaign on the availability of micro credit loan scheme by Bank of Agriculture should be created in order for the beneficiaries to be knowledgeable about it. It highlights the need for approval of more funds under the scheme and timely release of funds when needed especially during planting season in order to enable the farmers to make judicious use of it for optimum productivity. Mbah Evangeline N | Jiriko, R | Agada, M.O. "Constraints to Accessing Micro-Credit and Loan Scheme of Bank of Agriculture among Farmers in Enugu State, Nigeria: Implications for Extension Service Delivery" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-4 , June 2017 . (shrink)

This paper inaugurates a discussion about the phenomenology of union decision-making. Phenomenology provides a new lens that may enable us to gain penetrating insights into how unions function in the fractious world of human resources management. The present paper is preliminary to any fieldwork that may be undertaken. Its main purposes are to identify theory that could be the foundation of further practical work, relate recent work in the phenomenology of management to union practices and to propose directions of (...) enquiry. The relevant theory is that of Edmund Husserl who provides us with a practical method of enquiry into the real world of human resource practice. Husserl’s work has already been applied in relation to local government functioning and some of the findings there appear relevant to the present enquiry. In particular, the nature and role of plebiscites. (shrink)

Eleonore Stump has argued that the fulfilment of union between God and human beings requires a mode of relatedness that can be compared to joint attention, a phenomenon studied in contemporary experimental psychology. Stump’s account of union, however, is challenged by the fact that mother Teresa, despite her apparent manifestation of the love of God to others, herself experienced an interior ”dark night of the soul’ during which God seemed to be absent and to have rejected her completely. The dark (...) night of the soul poses a problem for Stump’s account, since, if anyone had a union of divine love with God, it would seem that mother Teresa did. Nevertheless, I argue that the isolation and abandonment of mother Teresa’s dark night are contrary to the conditions assumed to be required for joint attention with God. As an alternative to Stump’s account, I suggest that the dark night of the soul might be better understood by reference to a combination of joint attention and blindsight, according to which interpersonal closeness might be realized through a consistent pattern of external actions without, however, a direct awareness of one person by the other. (shrink)

Since the disintegration of the USSR Eurasia has gained a new geopolitical and strategic significance. Fifteen Countries emerged as a result of disintegration, among which only the Russian Federation was the successor state. The post-soviet era especially the era of the 1990s was a political and economic trauma for the Russian Federation and the post-soviet space. But Eurasianists were well aware of the American unilateralism and American ‘Grand Chessboard strategy” that was solely aimed at encircling Russian geography. With these concerns, (...) the Eurasianists advised the Russian political and military elites to initiate the Eurasian Union Project. This paper briefly sketches the Russian historical Eurasian dream, which deeply rooted in Russian imperial history, and discusses the importance of Eurasian philosophy for the political and economic stability of Russia-Eurasia. The paper also illustrates the challenges and opportunities for Eurasian integration and for the establishment of multipolar world order. Moreover, the paper also briefly outlines the geopolitical rationale behind the Eurasian project as a key objective of contemporary Russian foreign policy and geopolitics. (shrink)

Il design industriale è sempre più importante come mezzo per differenziare i prodotti e aumentarne il valore. Allo stesso tempo, la velocità con cui un prodotto viene offerto nel mercato dipende dalla capacità di integrare il design nel processo di produzione. Tuttavia, molte PMI - in particolare le nuove aziende basate sulla tecnologia - mancano di competenze specialistiche nella gestione del design e spesso non prestano sufficiente attenzione a questo aspetto. L'industria automobilistica e le grandi aziende come Philips e Braun (...) gestiscono e misurano l'impatto del design come strumento innovativo. Negli ultimi anni, le aziende industriali che sono in prima linea nella produzione di determinati prodotti stanno iniziando a sperimentare una forte concorrenza che non è egualmente protetta. Subiscono gli impatti dell'esperienza offerta da quasi gli stessi prodotti a prezzi inferiori, grazie a un minore investimento in ricerca e sviluppo, che riduce la struttura dei costi. (shrink)

This paper explicates the influential Confucian view that “people” and not “institutional rules” are the proper sources of good governance and social order, as well as some notable Confucian objections to this position. It takes Xunzi 荀子, Hu Hong 胡宏, and Zhu Xi 朱熹 as the primary representatives of the “virtue-centered” position, which holds that people’s good character and not institutional rules bear primary credit for successful governance. And it takes Huang Zongxi 黃宗羲 as a major advocate for the (...) “institutionalist” position, which holds that institutional rules have some power to effect success independently of improvements in character. Historians have often called attention to this debate but left the major arguments and positions relatively unspecified. As I show, the Confucian virtue-centered view is best captured in two theses: first, that reforming people is far more demanding than reforming institutional rules; second, that once the rules have reached a certain threshold of viability, further improvements in those rules are unlikely to be effective on their own. Once we specify the theses in this way, we can catalogue the different respects and degrees to which the more virtue-centered political thinkers endorse virtue-centrism in governance. Zhu Xi, for example, turns out to endorse a stronger version of virtue-centrism than Hu Hong. I also use this account of the major theses to show that Huang Zongxi, who is sometimes regarded as historical Confucianism’s foremost institutionalist, has more complicated and mixed views about the power of institutional reform than scholars usually assume. (shrink)

Idea integracji europejskiej nie jest wymysłem naszych czasów. Jest to proces złożony, który dojrzewał na przestrzeni kilku wieków i który w naszym stuleciu zaczął nabierać wyrazistych kształtów. Społeczeństwa europejskie znużone bezsensem wzajemnie wyniszczających wojen, zaczęły poszukiwać takiej formy koegzystencji, która umożliwiłaby im wspólne decydowanie o polityce, gospodarce czy kulturze. W roku 1950 francuski minister spraw zagranicznych Robert Schuman zadeklarował gotowość rządu francuskiego do współpracy z rządem niemieckim w sektorze węgla i stali, w celu zagwarantowania pokoju na kontynencie. Plan Schumana urzeczywistnił (...) się z chwilą podpisania w Paryżu 18 kwietnia 1951 r. przez sześć państw zachodnioeuropejskich: Niemcy, Francję, Włochy, Luksemburg, Belgię i Holandię, układu o Europejskiej Wspólnocie Węgla i Stali (EWWiS). Kolejne dwa traktaty o utworzeniu Europejskiej Wspólnoty Gospodarczej (EWG) oraz Europejskiej Wspólnoty Energii Atomowej (Euratom) podpisane w Rzymie 25 marca 1957 r. miały na celu rozszerzenie współpracy gospodarczej na inne sektory, takie jak rolnictwo, rybołówstwo, komunikacja, handel zagraniczny oraz utworzenie wspólnego rynku gospodarczego. Aby cel ten został osiągnięty, państwa członkowskie zdecydowały się na kolejne kroki integracyjne, jakimi były unia gospodarcza i walutowa. Drogę do tego procesu otworzył podpisany 7 lutego 1992 r. w Maastricht Traktat o Unii Europejskiej. Ratyfikacja Układu z Maastricht stała się okazją dokonania pewnych zmian w niemieckiej konstytucji, do której wprowadzono nowy zapis w art. 23 o Unii Europejskiej. Unia stała się celem nadrzędnym państwa niemieckiego, a Bundestag i Bundesrat otrzymały jasne cele i zadania w sprawach dotyczących Unii Europejskiej. Fakt ten świadczy o ogromnym znaczeniu Unii dla Niemiec. Niemcy są jednym z najbogatszych państw piętnastki. Ich PKB przekracza 20 tys. ECU i jest jednym z najwyższych w Unii. Motorem niemieckiej gospodarki jest przemysł, a zwłaszcza prężnie rozwijający się przemysł samochodowy. Unia Europejska jest dla Niemiec ważnym rynkiem zbytu - 60% eksportu w ramach Unii Europejskiej zajmuje eksport niemiecki. Poziom, który Niemcy osiągnęli w przeciągu 50 lat od zakończenia drugiej wojny światowej, nie byłby możliwy bez ścisłej współpracy pozostałych państw europejskich. Zniesienie ceł oraz wszelkich barier gospodarczych stworzyło ogromne możliwości handlowe i nie tylko. Ważnym krokiem w intensyfikacji wzajemnych stosunków było utworzenie unii gospodarczej i monetarnej, mającej na celu wprowadzenie do 2002 wspólnej waluty EURO. Wraz z postępującą integracją wewnątrz Unii Europejskiej pod koniec lat osiemdziesiątych dokonały się w Europie ważne zmiany historyczne. Europa Środkowa i Wschodnia uwalnia się, w wyniku reform przeprowadzanych w Związku Radzieckim przez Michaiła Gorbaczowa, spod totalitarnych rządów komunistycznych. W roku 1991 wybucha w Moskwie pucz, który wykorzystują republiki radzieckie, ogłaszając swoją niepodległość. W Polsce i na Węgrzech odbywają się obrady okrągłego stołu, w wyniku których komuniści oddają władzę opozycji. Do ostrych konfliktów dochodzi natomiast w Czechosłowacji i Rumunii, gdzie oddanie władzy nie odbywa się bez przelewu krwi. Zmiany polityczne nie ominęły również NRD. W nocy z 9 na 10 listopada 1989 r. runął mur berliński, a 3 października 1990 r. dokonuje się zjednoczenie obu państw niemieckich. Wraz ze zjednoczeniem NRD staje się członkiem Unii Europejskiej. Proces ten odbywa się jednak na innych zasadach, niż przewidują to unijne procedury mówiące o przyjęciu nowych członków w swoje szeregi. W dniu zjednoczenia Wschodnie Niemcy przejmują prawo pierwotne oraz 80% prawa wtórnego Unii. Poza tym otrzymują znaczną pomoc w ramach funduszy strukturalnych. Wiele państw Europy Środkowo- Wschodniej chętnie podzieliłoby los NRD i szybko zintegrowałoby się z zachodnioeuropejskimi strukturami. Dlatego też od początku lat dziewięćdziesiątych zauważamy intensywne starania tych państw o przyjęcie w struktury Unii Europejskiej. W roku 1991 Polska i Węgry podpisały jako pierwsze państwa byłego Bloku Wschodniego Układy Europejskie. W ślad za nimi poszły Bułgaria, Litwa, Łotwa, Estonia, Rumunia, Słowenia, Słowacja i Czechy. Od 1994 r. kraje te wystąpiły oficjalnie o członkostwo w Unii Europejskiej. Przystąpienie do Unii spotyka się w społeczeństwie z wieloma negatywnymi reakcjami. Polacy coraz bardziej sceptycznie odnoszą się do spraw Unii Europejskiej i do przyszłego w niej członkostwa, choć z pewnością można by liczyć na wiele. Chociażby na ustabilizowanie gospodarki, młodej demokracji oraz stosunków polsko-niemieckich. Przeszkodą i problemem na drodze do integracji jest sytuacja polskiego rolnictwa, kwestia wykupu ziem polskich przez Niemców oraz utraty tożsamości narodowej. Również Niemcy obawiają się rozszerzenia. Politycy natomiast wydają się być motorem integracji europejskiej. Helmut Kohl, były kanclerz Niemiec, postawił sobie nawet za cel zintegrowanie krajów środkowoeuropejskich ze strukturami zachodnimi do 2002 r., podając za powód swej decyzji utrzymanie stabilności gospodarki i pokoju w tym regionie. Jego następca Gerhard Schröder nie jest już takim optymistą. Podczas niemieckiego przewodnictwa w Radzie Unii Europejskiej ma zamiar zająć się w pierwszej kolejności interesami niemieckimi oraz sprawami dotyczącymi wewnętrznych problemów Unii Europejskiej. Kwestia rozszerzenia zeszła na plan dalszy. Czy jest to słuszna koncepcja - pokaże czas. (shrink)

Th is work is a companion piece to "The American Worker," Karl Kautsky's reply to Werner Sombart’s Why Is There No Socialism in the United States? (1906), first published in English in the November 2003 edition of the journal Historial Materialism. In August 1909 Kautsky wrote an article on Samuel Gompers, the president of the American Federation of Labor, on the occasion of the latter's first European tour. Th e article was not only a criticism of Gompers’s anti-socialist "pure-and-simple" unionism (...) but also part of an ongoing battle between the revolutionary wing of German Social Democracy and the German trade-union officials. In this critical English edition we provide the historical background to the document as well as an overview of the issues raised by Gompers' visit to Germany, such as the bureaucratisation and increasing conservatism of the union leadership in both Germany and the United States, the role of the General Commission of Free Trade Unions in the abandonment of Marxism by the German Social-Democratic Party and the socialists’ attitude toward institutions promoting class collaboration like the National Civic Federation. (shrink)

Pretendemos acercarnos a la posición que el Tribunal Constitucional ha desarrollado en su jurisprudencia respecto al Derecho de la Unión Europea. -/- La postura del Tribunal Constitucional español es compleja en sí misma por las dudas que plantea, dejando traslucir, se podría decir, cierta indecisión en cuanto a su propia naturaleza de juez comunitario. -/- Considerando la diferente perspectiva que mantiene el Tribunal de Justicia de la Unión Europea, se puede deducir una especie de relación en la arquitectura judicial europea (...) que está llamada a ser dialéctica y de equilibrio, máxime en una Unión Europea donde también el poder político reside en un sistema de equilibrios en diferentes direcciones. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect (...) of collateralization on valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

Considering the axiom of infinity, then N and Peano axioms, together a list of N subsets, inclusion relation and union operation, a contradiction is obtained.

The essay proceeds from the assumptions that for a economic/political integration group to succeed, first, its participants’ motives should ideally be as alike as possible and not oppose one another and, second, their expectations from integration should correspond to the organisation’s capabilities. In light of these assumptions, the study endeavours to assess the Eurasian Economic Union’s (EAEU) potential for stability and development. First, the author analyses the key motives that were driving its member states’ decisions to enter the organisation, compares (...) them with one another and discusses how the countries’ motives influence their conduct in the union. Second, the author confronts those motives against the EAEU’s activities and the general logic of interstate politics on the post-Soviet space to reckon up whether the bloc’s capabilities fit with the expectations of its member countries. Finally, based on that discussion, the author speculates on how the divergence/convergence of EAEU member states’ goals, as well as the (in-)feasibility of their expectations, affect the organisation’s development. (shrink)

This was abstracted from a lengthier article titled "A Genuine Monotheism for Christians, Muslims, Jews, and All" originally published in the JOURNAL OF ECUMENICAL STUDIES, 52:575-586. Thanks to Paul Chase at Penn Press Journals for permission to use it here. This article proposes an understanding of the identity of God and Jesus that might be attractive and even plausible to persons of all monotheistic faiths. The basic thesis is that Jesus (as both "fully God and fully human") is best understood (...) to mean that Jesus fully identified with God experientially, psychologically, evaluationally, morally, and spiritually; and God fully identified with Jesus in similar ways. Read the article to get the full explanation of this. Might the founders and saints of non-Christian religions also have also thus identified with God, and God with them? (shrink)

A multilevel consultative approach to governmental decision-making is increasingly being adopted in the European Union. On the back of this shift, it is prudent to consider the use of such consultative approaches in reforming digital copyright law. The adoption of a multilevel consultative approach has the potential to significantly benefit European Member States and increase political integration in Europe. Such an approach can address the complex dispersion of power amongst different levels of public institutions in the European Union and support (...) effective decision-making. The 2014 Charter for Multilevel Governance (‘Charter’) established a sophisticated governance framework to enhance operational and institutional cooperation and decision-making mechanisms among European Member States. Subsequently, the Charter and the concept of multilevel consultation formed an important facet of the European Union’s review of copyright regulation. The objective of this article is to evaluate the merits of a multilevel consultative approach by analysing its use in the European Union digital copyright law review process. (shrink)

This article discusses the management of cycli- cal dynamics of the credit sphere. Considering the fact that conventional methods of monetary policy proved to be vulnerable to the process of accumula- tion and realization of risk in the credit sector, we aim to study heterodox methods of credit market regula- tion – administrative (direct) methods of control over fluctuations on the credit market. In particular, based on the analysis of credit limits used in the Socialist (...) Republic of Vietnam, we come to conclusion about comparative effectiveness of this method in curbing excessive amplitude of the credit cycle. However, the price of using this method may be connected with re- duction in the rate of economic growth and a shift in the accumulation of risk to other areas of the credit market. (shrink)