Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which (...) class='Hi'>debt relief proposals aim: remedying disadvantage and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

This paper analyses the demands for abolishing passports after WWI. The international regime of obligatory passports, as it exists today, is a legacy of the Great War. After the Armistice, two Passport Conferences organized by the League of Nations considered its abolition. Before the second conference, a resolution of the Sixth Assembly of the League of Nations stated that "public opinion is certainly waiting for at least one step towards the most generalized abolition of the passport system ". (...) Was this just a diplomatic figure of speech, or is there really such an "expectation" to be found, for instance, in the press? If there was such an expectation in the press, what was the political orientation of the newspapers in favor of abolishing passports: was it left-wing? This article analyzes a corpus of over 600 articles published in the French press between the World Wars to show, firstly, that interest in the "abolition of passports" was not circumstantial. It's not because the League of Nations is discussing it that the press is discussing it - the opposite is true. The issue of the "abolition of passports" gave rise to a greater number of articles than the League’s "passport conferences". secondly, and more surprisingly, the newspapers that published the most articles on the abolition of passports were center-right and mostly regional. (shrink)

This chapter argues that several aspects of Bernard Williams’s style, methodology, and metaphilosophy can be read as evolving dialectically out of Wittgenstein’s own. After considering Wittgenstein as a stylistic influence on Williams, especially as regards ideals of clarity, precision, and depth, Williams’s methodological debt to Wittgenstein is examined, in particular his anthropological interest in thick concepts and their point. The chapter then turns to Williams’s explicit association, in the 1990s, with a certain form of Wittgensteinianism, which he called ‘Left (...) Wittgensteinianism’. It is shown how this is not a sudden conversion, but the direct product of Williams’s longstanding critical engagement with Wittgenstein’s methodology and metaphilosophy: Williams arrives at this position by envisaging a Wittgensteinianism that thinks in concrete sociohistorical terms, embraces genuine explanation, and relinquishes its insistence on the purity of philosophy. When properly understood, moreover, this critique turns out to be continuous with Williams’s advocacy of a conception of philosophy as a humanistic discipline. Finally, it is shown that Williams inherits from Wittgenstein a certain understanding of how philosophy can help us to live, in particular the therapeutic ambition to liberate us from distortions in our self-understanding by assembling reminders. (shrink)

In the history of interpretations of Hegel, how one reads the chapter on “Absolute Knowing” in the Phenomenology of Spirit determines one’s whole perspective. In fact, Marx’s only comments on the Phenomenology concern this final chapter, taking it as the very “secret” of Hegel’s philosophy. But what is the secret hidden within the thicket of this impenetrable prose? My suggestion is that it turns on a very specific meaning of the “abolition of time” that Hegel describes in the very (...) last paragraphs. But the meaning of this idea is not what Marx criticized in his last Manuscript of 1844, that is, it is not simply a form of idealism which abolishes the finitude of man. Rather this relationship to time accepts such finitude, making it the central axis upon which the possibility of freedom turns. In this paper, I will present a reading of “Absolute Knowing” that focuses on the meaning of overcoming time, and connect it to some thoughts on “disposable time” that Marx discusses in the Grundrisse. (shrink)

This study assessed external debts and the financing of education in Nigeria using time series data obtained from World Bank, and CBN Statistical Bulletin covering a period of 31 years from 1988 -2018. The model of the study was derived, while the data collected were analysed using the Ordinary Least Squares. Diagnostic tests such as Augmented Dickey- Fuller (ADF) unit root test, Johansen co-integration, Vector Error Correction (VEC) techniques of estimation, and Granger Causality tests were all performed. Findings revealed a (...) significant long-run relationship between external debts and the financing of education; external debts have a significant effect (F=39.07055, p<.05) on the financing of education in Nigeria; external debt stock and external debt service payment have no significant effect on the financing of education; real GDP and Exchange rate have a significant effect on the financing of education in Nigeria respectively. Based on these findings, it was concluded that external debt is a big hindrance to the financing of education and consequently, the economic growth of Nigeria. It was recommended amongst others that the government should use borrowed funds from external sources for productive capital projects or development initiatives such as investment in education and the eradication of illiteracy. (shrink)

Illusionism claims that we are not conscious, that there is nothing it is like, in the usual sense of the word, to feel sad, or to smell lavender. According to Illusionists, we are, in a technical sense, zombies. Instead of arguing for the falsity of Illusionism directly, I will explain why the main philosophical motivations for it are mistaken – and I trust the rest will be taken care of by the extreme implausibility of the view. I want to spread (...) the good news to Illusionists that they don’t need to resort to this highly counterintuitive, strange, and as I will argue later, morally corrosive idea. One can be a physicalist and phenomenal realist since neither of the two types of arguments Illusionists rely on – the conceivability arguments, and the debunking arguments against physicalist phenomenal realism – work. In the last part of the paper, I will say something about the corrosive effect this metaphysics has on our moral and evaluative outlook. (shrink)

contents -/- i. death and the mask ii. shifts in the TTC ad-space iii. a virus in a superposition iv. this virus has totally hacked us v. a test of Bayesian competence vi. a siege on the Local, by the Global vii. re lab-leak theory: God did it viii. we held ourselves apart by this telescope ix. Google knows we'll all be dead x. Uber gets us all to surveil xi. Netflix pretends to be my friend xii. can teleCOMM map (...) my interior? xiii. Library's a hi-rise, in lockdown xiv. so could the A.I. announce itself xv. N_BossTRON, Surveillance Daemon xvi. prediction markets make War Profiteers xvii. hide Fish in sea, Bird in forest xviii. the DJ and the human, too much credit xix. dumb TV, an ingenious production xx. WE THE NORTH xxi. Debt: The First 5,000 Years xxii. Theses on Kingship xxiii. when i google Zeus xxiv. your Hardcore History xxv. consumerism a pacification campaign xxvi. fascism is quiet now xxvii. a Chomsky need keep record. (shrink)

Despite what you have heard over the years, the famous evil deceiver argument in Meditation One is not original to Descartes. Early modern meditators often struggle with deceptive demons. The author of the Meditations is merely giving a new spin to a common rhetorical device. Equally surprising is the fact that Descartes’ epistemological rendering of the demon trope is probably inspired by a Spanish nun, Teresa of Ávila, whose works have been ignored by historians of philosophy, although they were a (...) global phenomenon during Descartes’ formative years. In this paper, I first answer the obvious question as to why previous early modernists have missed something so important as the fact that Descartes’ most famous publication relies on a well-established genre and that his deceiver argument bears a striking similarity to ideas in Teresa’s final work, El Castillo Interior? I discuss the meditative tradition at the end of which Descartes’ Meditations stands, present evidence to support the claim that Descartes was familiar with Teresa’s proposals, contrast their meditative goals, and make a point-by-point comparison between the meditative steps in Teresa’s Interior Castle and those in Descartes’ Meditations which constitute their common deceiver strategy. My conclusion makes a case for a broader and more inclusive history of philosophy. (shrink)

This essay argues that a black radical Kantianism proposes a Kantian theory of justice in the circumstances of injustice. First, I describe BRK’s method of political critique and explain how it builds on Kant’s republicanism. Second, I argue that Kant’s original account of public right is incomplete because it neglects that a situated citizenry’s adoption of an ideal contributes to its refinement. Lastly, with the aid of W.E.B. Du Bois’s analysis of American Reconstruction and his proposal of an “abolition (...) democracy,” I offer my refined universalizable standard for political critique. Du Bois reconceptualizes the requirements of justice to protect the political liberties and productive powers of black freedmen and the working poor. While originating with the political demands of black freedmen during the Reconstruction era, the universal protection of political liberties and productive powers offers a novel public standard for political judgment that should still anchor deliberation today. (shrink)

If the present generation refuses to bear the burden of mitigating global heating, could we motivate sufficient action by shifting that burden to our descendants? Several writers have proposed breaking the political impasse by funding mitigation through public debt. Critics attack such proposals as both unjust and infeasible. In fact, there is reason to think that some debt financing may be more equitable than placing the whole burden of mitigation on the present generation. While it might not be (...) viable for all countries to take this route simultaneously, a vanguard state, or group of states, could use public debt to fund an ambitious programme to develop inexpensive forms of clean low- or no-emission technology. This would ensure that vanguard actor or set of actors a leading role in those sectors while at the same time benefiting future generations around the world. -/- Key policy insights: (a) Debt-financed clean technology research can shift part of the burden of greenhouse gas mitigation to our descendants, breaking the political impasse of inaction or delayed action. (b) Far from being an injustice to future generations, this could actually be fairer than expecting the present generation to bear the full burden of mitigation. (c) Such an initiative may be most feasible if pursued by a vanguard actor. (shrink)

There is a fundamental disconnect between the public discourse about sovereign and external debt in comparison to private domestic debt. The latter is predominantly viewed through a Humean lens, which sees economic morality in terms of contingent social institutions, justified by the valuable goods they realize; while sovereign and external debt is viewed through a Lockean lens, which sees property, contract, and debt as possessing an intrinsic moral quality, independent of social context or consequences. This Article (...) examines whether this Lockean perspective on sovereign and external debt is compatible with the dominance of Humean approaches to the domestic economy. It considers and rejects the most plausible argument for reconciling these views, which emphasizes the different qualities of cooperation in the international and domestic economies. It further argues that many standard objections to a Humean approach to sovereign debt suggest, not the Lockean approach, but rather a Hobbesian international moral skepticism. Concluding that the Lockean approach is unmotivated, this Article instead advances a Humean account of sovereign debt and default. It shows how taking seriously the demand for institutional justification and the idea of persons and peoples as free and equal provides an account of the duties of states—whether creditors, debtors or third parties—in sovereign debt crises. It further examines the implications of each approach for democratic choice about sovereign default. (shrink)

What effects are produced in an encounter between what Gilles Deleuze calls Spinoza’s ‘practical philosophy’ and abolition? Closely following Deleuze’s account of Spinoza, this essay moves from the reifying and weakening punitive moralism of carceral state thought towards a joyful materialist abolitionist ethic. It starts with the three theses for which, Deleuze argues, Spinoza was denounced in his own lifetime: materialism (devaluation of consciousness), immoralism (devaluation of all values) and atheism (devaluation of the sad passions). From these three, it (...) derives three parallel abolitionist theses: (1) Spinozan materialism undermines the reifications of carceral state thought; (2) Spinozan ethics undermines the punitivism of the carceral state; and (3) Spinozan joy is inversely proportional to the power of the carceral state. While Spinoza’s corpus may not give us an adequate account of the complex dynamics of the carceral state and racial capitalism today, this essay argues that in the infinite streams of the Ethics we nonetheless find some vital strategies through which we might compose an anomalous alliance between this condemned philosopher and abolition. (shrink)

One prominent argument in international law and religious thought for abolishing capital punishment is that it violates individuals’ right to life. Notably, this _right-to-life argument_ emerged from normative and legal frameworks that recognize deadly force against aggressors as justified when necessary to stop their unjust threat of grave harm. Can capital punishment be necessary in this sense—and thus justified defensive killing? If so, the right-to-life argument would have to admit certain exceptions where executions are justified. Drawing on work by Hugo (...) Bedau, I identify a thought experiment where executions are justified defensive killing but explain why they cannot be in our world. A state’s obligations to its prisoners include the _obligation to use nonlethal incapacitation_ (ONI), which applies as long as prisoners pose no imminent threat. ONI precludes executions for reasons of future dangerousness. By subjecting the right-to-life argument to closer scrutiny, this article ultimately places it on firmer ground. (shrink)

Active and targeted reforms at the local and state levels have had success reducing youth incarceration rates. While most agree the work is not done, reform of the youth incarceration system has had important successes. At the same time, activists and advocates have increasingly rejected the goal of reforming youth prisons in favor of abolishing them. I outline some objections to prominent abolitionist arguments. Specifically, I show why arguments that focus on the racist historical origins of the incarceration system, structural (...) injustices within that system, or the inefficiency or harms of the current system justify reform of youth imprisonment practices, not complete elimination of them. By advancing these critiques, I do not claim to show that the reformist perspective is superior to the abolitionist one. Instead, I aim to identify an argumentative burden that abolitionists must address if they are to give reformers good reason to become abolitionists. (shrink)

In this article a reference to Jacques Lacan’s ‘capitalist discourse’ will help highlight the bio-political workings of neo-liberalism in times of austerity, detecting the transition from so-called ‘debt economy’ to an ‘economy of anxiety.’ An ‘il-liberal’ turn at the core of neoliberal discourses will be examined in particular, which pivots on an ‘astute’ intersecting between outbursts of renunciation; irreducible circularity of guilt and satisfaction; persistent attachment to forms of dissipative enjoyment; and a pervasive blackmail under the register of all-encompassing (...) regulations and evaluations — all of which elevates the production of success up to the point of a production and consumption of failure. (shrink)

Vietnam has seen fast-rising debts, both domestic and external, in recent years. This paperreviews the literature on credit market in Vietnam, providing an up-to-date take on the domesticlending and borrowing landscape. The study highlights the strong demand for credit in both therural and urban areas, the ubiquity of informal lenders, the recent popularity of consumer financecompanies, as well as the government’s attempts to rein in its swelling public debt. Given thehigh level of borrowing, which is fueled by consumerism and (...) geopolitics, it is inevitable that theamount of debt will soon be higher than the saving of the borrowers. Unlike the conventional wisdom that creditors have more bargaining power over the borrowers, we suggest that—albeitlacking a quantitative estimation—when the debts pile up so high that the borrowers could not repay, the power dynamics may reverse. In this new politics of debt, the lenders fear to lose the money's worth and continue to lend and feed the insolvent debtors. The result is a toxic lending/borrowing market and profound lessons, from which the developing world could learn. (shrink)

Abstract: Contemporary analytic philosophers of the “reactive attitudes” tend to share a simple conception of guilt as “self-directed blame”—roughly, an “unpleasant affect” felt in combination with, or in response to, the thought that one has violated a moral requirement, evinced substandard “quality of will,” or is blameworthy. I believe that this simple conception is inadequate. As an alternative, I offer my own theory of guilt’s logic and its connection to morality. In doing so, I attempt to articulate guilt’s defining thought (...) or proposition through an extended investigation and analysis of guilt’s many competing metaphors, which I trace from the Hebrew Bible to the New Testament to Shakespeare to contemporary vernacular. My interpretation of this literary genealogy offers a way to understand guilt’s seemingly disparate metaphors in terms of a single master-image that illuminates our self-conceptions and our relationship to morality. I conclude by making a very brief start toward a moral vindication of guilt against the backdrop of Nietzschean and Freudian analyses that explicitly call guilt’s place in a healthy social and personal life into question. I suggest that once guilt’s logic is made explicit, we can see that it makes sense of, honors, and addresses some of our deepest aspirations and needs. (shrink)

In this article, I argue that Immanuel Kant fails to provide a satisfactory account of ‘moral debt’ in Religion within the Boundaries of Mere Reason. More precisely, he fails to answer the question of why we should assume that a debt exists in the first place. In light of recent scholarship on this area of his thought, I sketch some possible readings of Kant on the nature of moral transformation that suggest how he might account for this (...) class='Hi'>debt. I then argue that these accounts fail to justify its existence within Kant's project. (shrink)

Rorty regards himself as furthering the project of the Enlightenment by separating Enlightenment liberalism from Enlightenment rationalism. To do so, he rejects the very need for explicit metaphysical theorizing. Yet his commitments to naturalism, nominalism, and the irreducibility of the normative come from the metaphysics of Wilfrid Sellars. Rorty's debt to Sellars is concealed by his use of Davidsonian arguments against the scheme/content distinction and the nonsemantic concept of truth. The Davidsonian arguments are used for Deweyan ends: to advance (...) secularization and anti-authoritarianism. However, Rorty's conflation of theology and metaphysics conceals the possibility of post-theological metaphysics. The key distinction lies between “metaphysics” and “Metaphysics.” The former provisionally models the relations between different vocabularies; the latter continues theology by other means. Sellars shows how to do metaphysics without Metaphysics. This approach complements Rorty's prioritization of cultural politics over ontology and his vision of Enlightenment liberalism without Enlightenment rationalism. (shrink)

The Black Lives Matter movement has called for the abolition of capital punishment in response to what it calls “the war against Black people” and “Black communities.” This article defends the two central contentions in the movement’s abolitionist stance: first, that US capital punishment practices represent a wrong to black communities rather than simply a wrong to particular black capital defendants or particular black victims of murder, and second, that the most defensible remedy for this wrong is the (...) class='Hi'>abolition of the death penalty. (shrink)

Debt to a friend, debt to the humaniny, there's the destiny of a young anthropology trying to succeed.

Seneca asserts in Letter 121 that we mature by exercising self-care as we pass through successive psychosomatic “constitutions.” These are babyhood (infantia), childhood (pueritia), adolescence (adulescentia), and young adulthood (iuventus). The self-care described by Seneca is 'self-affiliation' (oikeiōsis, conciliatio) the linchpin of the Stoic ethical system, which defines living well as living in harmony with nature, posits that altruism develops from self-interest, and allows that pleasure and pain are indicators of well-being while denying that happiness consists in pleasure and that (...) pain is misery. Augustine divides the narrative of his own development into the stages of babyhood (infantia), childhood (pueritia), adolescence (adulescentia), and young adulthood (iuventus) in the Confessions, a text wherein he claims familiarity with more than a few works of Seneca (Conf. 5.6.11). Furthermore, he had access to Stoic accounts of affiliation not only in Seneca’s Letter 121, but also in Cicero’s On Goals, and in non-extant sources of Stoic ethical theory. After pointing out that Augustine endorsed the notion of self-affiliation outside of the Confessions, I raise the question of whether he also makes the notion of affiliation thematic in his philosophical autobiography. I argue that he does indeed present himself and some of his primary relationships – with his mother and his long-term girlfriend – in terms of personal and social oikeiōsis. In addition, his self-critiques in the early books of the Confessions can be more fully understood if compared to Stoic developmental theory. He depicts himself as failing to progress intellectually, socially, and morally: although he passed through the successive constitutions, becoming physically larger and cognitively capable, he did not mature correctly by the standards of his Stoic sources. (shrink)

Abstract: The concept of debt financing has assumed considerable importance in recent years given the fundamental role debts now play in forming the financial structure of corporate firms. Quite evident in the debt finance literature is the juxtaposition between debt financing and corporate performance which suggests that debt financing can influence corporate performance. Against the narrow measures of debt financing which are common with most studies that have been carried out on the debt finance-performance (...) dynamics; we attempted a more robust combination of debt finance choices in modelling for corporate performance. Based on data gleaned from the audited annual reports of fifteen (15) consumer goods firms listed in the Nigerian Stock Exchange (NSE) for the period 2006 to 2017, results of the panel regression technique revealed that total debt, long-term debt and short-term debt to asset ratios positively influence the performance of consumer goods firms in Nigeria. Based on the findings of the study, we recommend, among others, that there is need for the Nigerian firms to rely less on short-term debts, which forms the major part of their leverage, and focus more on developing internal strategies that can help improve their performance. (shrink)

Karl Popper has often been cast as one of the most solitary figures of twentieth-century philosophy. The received image is of a thinker who developed his scientific philosophy virtually alone and in opposition to a crowd of brilliant members of the Vienna Circle. This paper challenges the received view and undertakes to correctly situate on the map of the history of philosophy Popper’s contribution, in particular, his renowned fallibilist theory of knowledge. The motive for doing so is the conviction that (...) the mainstream perspective on Popper’s philosophy makes him more difficult to understand than might otherwise be the case. The thinker who figures most significantly in the account of Popper developed in these pages is Leonard Nelson. Both a neo-Friesian and neo-Kantian, this philosopher deeply influenced Popper through his student Julius Kraft, who met with Popper on numerous occasions in the mid 1920s. It is in the light of this influence that we understand Popper’s recollection that when he criticized the Vienna Circle in the early 1930s, he looked upon himself “as an unorthodox Kantian”. (shrink)

Carl Stumpf (1848–1937) is a key figure in the fin de siècle germanophone philosophy. Unfortunately, after the World War One, the interest towards Stumpf as a philosopher waned. One of the reasons was that already in the 1920s the attention of the mainstream philosophers shifted in direction of the rising rivalry between analytic and continental philosophy. The interest towards Carl Stumpf’s philosophy was revived only in the last twenty years or so. Great service in this provided the Neo-Brentanists. But while (...) the association of Carl Stumpf with Franz Brentano fostered Stumpf studies, it also gave rise of one-sided interpretations of Stumpf as a philosopher. In this way his importance and idiosyncrasy as philosopher remained in shadow. (shrink)

A range of developing countries and international advocacy organizations have argued that wealthy countries, as a result of their greater historical contribution to human-induced climate change, owe a ?climate debt? to poor countries. Critics of this argument have claimed that it is incoherent or morally objectionable. In this essay we clarify the concept of climate debt and assess its value for conceptualizing responsibilities associated with global climate change and for guiding international climate negotiations. We conclude that the idea (...) of a climate debt can be coherently formulated, and that while some understandings of the idea of climate debt could lead to morally objectionable conclusions, other accounts would not. However, we argue that climate debt nevertheless provides an unhelpful frame for advancing global justice through international climate negotiations ? the only existing means of resolving political conflict over the collective action problems posed by human-induced climate change ? due to its retrospective and potentially adversarial emphasis, and to problems of measurement. (shrink)

Robert Myers’ interpretation of Davidson’s practical philosophy gets Davidson right in many fundamental respects. He rightly argues that Davidson avoids inconsistencies among internalism, ethical objectivity, and the belief-desire theory by modifying central elements of the Humean belief-desire theory, and that Davidson’s alternative legitimizes the extension of his interpretation and triangulation arguments into the practical sphere. But at a crucial fork in the interpretive road Myers loses his way. Davidson follows Anscombe down a different path, one that takes individual desires to (...) be constituted in part by evaluative judgements. (shrink)

Hume’s account of causation is often regarded a challenge Kant must overcome if the Critical philosophy is to be successful. But from Kant’s time to the present, Hume’s denial of our ability to cognize supersensible objects, a denial that relies heavily on his account of causation, has also been regarded as a forerunner to Kant’s critique of metaphysics. After identifying reasons for rejecting Wayne Waxman’s recent account of Kant’s debt to Hume, I present my own, more modest account of (...) this debt, an account that seeks to unite the two very different pictures of Kant’s relationship to Hume sketched above. (shrink)

The study aims to determine the socio-demographic and debt profile of the public-school teachers in the Schools Division of Aklan, Philippines, their reasons on acquiring debt and perceived ways to avoid debts. This study utilized descriptive correlational research design utilizing a researcher-made instrument on socio-demographic profile, pattern of expenditures, debt profile covering the type of debts, total cost of debts, reasons for having debts and perceived ways to manage debts. The data gathered were tabulated and analyzed using (...) the IBM Statistical Package for Social Sciences (SPSS) version 26. The take-home pay of the teachers was only more than half of their gross income. Most of the spouses of the married teachers were employed but many of them have relatively lower income. Their monthly family income was higher than the reported average family income for 2022 and their expenditures are also relatively higher than the average family expenditures in provinces for 2022. Almost one-half of the income of the teachers was used to pay their debts – both thru automatic payroll deduction and thru personal transactions. The bigger the household size, the higher the expenditure because there were more needs and there were many people consuming commodities. The higher the family income, the bigger the expenditure since lifestyle often adjusts with income. Young; married teachers; those occupying higher position and longer tenure have higher cumulative debts. Increase in family expenditure could cause increase in the number of debts as linked to the Theory of Reasoned Action and Theory of Planned Behavior. High regard for education, health, and safety triggered teachers to have debts, which can only be avoided thru better money and lifestyle management and having additional source of income. (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)

Thomas Hobbes wrote in his Leviathan that money exchanging hands, monetary policies, activities, and transactions are the blood of the “Leviathan” - the eponymous subject of the book. Hobbes writes that this Leviathan's “blood” includes the “collectors, receivers, and treasurers; of the second are the treasurers again, and the officers appointed for payment of several public or private ministers.” Hobbes, follows this with an analogy of a living man, stating that this “artificial man maintains his resemblance with the natural [man]; (...) whose veins, receiving the blood from the several parts of the body, carry it to the heart; where, being made vital, the heart by the arteries sends it out again, to enliven and enable for motion all the members of the same.” Hobbes maintains a parallel between the natural man and what he calls the “artificial man”, the state throughout his Leviathan. -/- Ultimately, the mechanisms of finance in the United States are the accumulation of historical precedents - both legal and non-legal (such as economic, but also social). These precedents have led to the current system, on a continuing and settled basis. The legal and economic systems merging for the best system of an international monetary order can represent a balance of legal realism and legal formalism. -/- “Money” is printed by the U.S. government, designated as an official note. Value is correlated with how many of those printed pieces of paper exist. This is the basic concept of inflation. This concept of value and inflation is said to be connected to a commodity - such as how much gold or silver existed in the Federal Reserve's physical locations or Fort Knox. Such systems have been in place since at least Mesopotamia, where clay tablets were used to represent credit, or comparable contracts that seem to resemble modern forms of fiat currency. (shrink)

Hedonisme merupakan permasalahan yang cukup mendasar di dalam masyarakat, khususnya di Indonesia. Terdapat beberapa dampak buruk yang dihasilkan oleh hedonisme seperti kemiskinan, permasalahan hutang-piutang, dan konflik sosial. Dengan tingkat pendapatan yang tidak sesuai dengan tingkat pengeluaran seseorang, hal ini dapat menyebabkan ketidakseimbangan kondisi finansial seseorang. Teori ekonomi marxisme—yang dipelopori oleh Karl Marx melalui salah satu bukunya yang berjudul Das Kapital—membantu kita untuk memahami lebih lanjut tentang pertimbangan logis ketika melakukan konsumsi dan memaksimalkan utilitas untuk memenuhi kepentingan kolektif. Kapitalisme menciptakan dorongan (...) yang cukup radikal di dalam aktivitas konsumsi seseorang, di mana dengan adanya analisa Law Diminishing Marginal Utility, para kapitalis akan dengan mudah untuk membuat inovasi baru sehingga dapat menghasilkan komoditas baru yang dengan sengaja diposisikan sebagai komoditas yang dibutuhkan oleh masyarakat. Debt to Income Ratio yang menjadi salah satu rasio untuk mengukur kewajiban dan pendapatan entitas dapat digunakan sebagai langkah untuk mencegah atau memperlambat perkembangan budaya hedonisme dan menimbulkan kesadaran kolektif di tengah-tengah sistem kapitalisme yang cukup kacau. (shrink)

Most readers believe that it is difficult, verging on the impossible, to extract concrete prescriptions from the ethics of Emmanuel Levinas. Although this view is largely correct, Levinas’ philosophy can, with some assistance, generate specific duties on the part of legal actors. In this paper, I argue that the fundamental premises of Levinas’ theory of justice can be used to construct a prohibition against capital punishment. After analyzing Levinas’ concepts of justice, responsibility, and interruption, I turn toward his scattered remarks (...) on legal institutions, arguing that they enable a sense of interruption specific to the legal domain. It is here that we find the conceptual resources most important to my Levinasian abolition. I argue that the interruption of legal justice by responsibility implies what I call the principle of revisability. The principle of revisability states a necessary condition of just legal institutions: To be just, legal institutions must ensure the possibility of revising any and all of their rules, principles, and judgments. From this, the argument against capital punishment easily follows. Execution is a legal act, perhaps the only legal act, that cannot be undone. An application of the principle of revisability to this fact leads to the conclusion that legal institutions cannot justly impose capital punishment. After defending these points at length, I conclude with some observations on the consequences of the principle of revisability for law more generally. (shrink)

Recent financial events, especially the subprime and the sovereign debts crises, have revived debate on debts, the necessity of debt repayment and the eventuality of debt cancellations. A milestone in this debate was reached by David Graeber’s Debt (Brooklyn: Melville House, 2011), but despite the richness of this essay, many normative questions remain unanswered. Should debt always be repaid? Who should repay it? Should government deficits be allowed or even encouraged? Alexander Douglas’ recent book aims to (...) provide an answer to all these questions. The main endeavour of the book lies in applied philosophy, that is in finding general principles able to answer such questions and to reconcile our possibly conflicting intuitions about debt and credit. However, the analysis is largely nourished by history, linguistics and economics, which makes the book highly original and multidisciplinary. The author’s general thesis is that. (shrink)

Hedonism is a basic problem in society, especially in Indonesia. There are several negative impacts produced by hedonism such as poverty, debt problems, and social conflict. With an income level that does not match one's level of spending, this can cause an imbalance in one's financial condition. The economic theory of Marxism—which was pioneered by Karl Marx through one of his books entitled The capital—helps us to understand more about logical considerations when consuming and maximizing utility to fulfill the (...) collective interest. Capitalism creates a quite radical push in one's consumption activity, where by analysis Law Diminishing Marginal Utility, capitalists will easily make new innovations so that they can produce new commodities that are deliberately positioned as commodities needed by society. Debt to Income Ratio which is one of the ratios to measure the liability and income of entities can be used as a step to prevent or slow down the development of a culture of hedonism and raise collective awareness in the midst of a fairly chaotic capitalist system. (shrink)

Defenders of intellectual property rights argue that these rights are justified because creators and inventors deserve compensation for their labour, because their ideas and expressions are their personal property and because the total amount of creative work and innovation increases when inventors and creators have a prospect of generating high income through the exploitation of their monopoly rights. This view is not only widely accepted by the general public, but also enforced through a very effective international legal framework. And it (...) is endorsed by most academic researchers and commentators in this field. In this essay, I will show that the classical arguments for the justification of private intellectual property rights can be contested, and that there are many good reasons to abolish intellectual property rights completely in favour of an intellectual commons where every person is allowed to use every cultural expression and invention in whatever way he wishes. I will first give a short overview of the classical arguments for the justification of intellectual property as they are usually stated. We will then discuss the question of whether the creator or inventor deserves his de jure monopoly, by using John Christman’s categories of income and control rights to analyse property rights. The aim here is to show that it does not make sense to create control rights for abstract objects, as they are not scarce, and that there is no logical connection between the surplus which may be generated through income rights and the labour which has been put into a cultural artefact or an invention, and therefore it is not justified to grant monopoly rights on the basis of Lockean natural rights arguments for self-ownership and the just appropriation of worldly resources. As it is possible to reject Christman’s property rights categories, I will then go on to show on the basis of Richard Dawkins’ postulation of the ‘meme’ and Ludwik Fleck’s theory of the ‘thought collective’ that creative processes should be interpreted as interpersonal or collective processes, and therefore it is not justified to grant intellectual property rights to individuals on the basis of the idea that the individual who has put labour into the creative work or the invention should be the one to whom the contents of the work belong exclusively. As it is still possible to postulate the utilitarian argument that intellectual property rights are just because they increase the amount of creative works and inventions, I will argue in the last chapter that, from a libertarian as well as from an egalitarian point of view, the justification of intellectual monopoly rights on utilitarian grounds cannot be maintained. Therefore it is time to abolish the current global intellectual property law regime in favour of an intellectual commons for the good of all human beings and societies. (shrink)

Agonism as a political theory emphasizes the ontological aspect of conflict in human political interaction. This article aims to shed light on the political practice of agonism – and in doing so on its limits – by viewing 'crisis discourse' as an agonistic political practice. As my analysis of the Dutch Socialist Party and the Freedom Party’s speech in the European Sovereign Debt Crisis shows, crisis discourse aimed to (re)create a ‘people’ and to justify radical change in economic and (...) social structures. Crisis discourse is employed to construct an 'other' that can be based on ethnic and nationalist terms and to justify retroactive application of the law and the stripping of Dutch citizens of their rights. This attention to crisis discourse as an agonistic political practice highlights an unease within agonism itself: where must the agonist accepts limits to the conflict and contestation she so values? The article starts with Chantal Mouffe's answer to this question - her insistence that legitimate conflict must always recognize the shared values of equality and liberty - and proceeds to show that Mouffe's view unnecessarily relies on a deliberative democratic desire for consensus. Other than Mouffe, I draw on Honig’s emphasis of perpetual contestation to propose that the issue of limits can be best answered by reference to the core of agonistic thought: the preservation of the struggle over political norms and processes. It is not shared values or even a shared political space that matters, but that the political space of the ‘people’ – however contested membership therein might be – remains a place that the 'other' can re-enter. (shrink)

The U.S. doctrine of employment-at-will, modified legislatively for protected groups, is being less harshly applied to managerial personnel. Comparable compensation is not otherwise available in the U.S. to workers displaced by technology. Nine pairs of arguments are presented to show how fundamentally management and labor disagree about a company's responsibility for its former employees. These arguments, born of years of labor-management debate, are kaleidoscopic claims about which side has what power. Ultimately, however, not even both together can solve without creative (...) public intervention the emerging problem of massive technological unemployment — the other side of the corporate dream of profit without payrolls. (Originally published as "Displaced Workers: Whose Responsibility?" in Social Policy and Conflict Resolution, eds. T. Attig, D. Callen, and R.G. Frey, Bowling Green, OH: Bowling Green Studies in Applied Philosophy VI, 1984.). (shrink)

This study examines the inner workings of credit and debt in the sex industry in Ho Chi Minh City, the megalopolis of Southern Vietnam. It argues that credit is widely available to financially excluded sex workers, but that this availability comes with tight constraints. As one sex worker put it bluntly, ‘it is easy to borrow, but it is hard to repay.’ This tension summarizes the financial lives of indoor and outdoor sex workers who borrow money from the informal (...) credit market to fund consumption and make ends meet. (shrink)

This thesis consists of three papers examining determinants and implications of related party transactions (RPTs) in Vietnam, a transitional economy in South East Asia with features of concentrated state ownership and weak minority investor protection. Specifically, these papers describe RPTs and examine (i) the association between RPTs and state ownership, (ii) the association between the cost of corporate debt and RPTs, and the moderating role of state ownership on the association between the cost of debt and RPTs, and (...) (iii) the association between corporate tax avoidance and RPTs, and the moderating role of state ownership on this potential association. The first paper describes the nature and extent of RPTs in Vietnamese listed firms and examines the association between RPTs and state ownership. The results from this paper demonstrate that related party transactions are prevalent in Vietnam. Findings show that the presence of state ownership is related to a lower extent of RPTs. However, among firms with state ownership, the extent of RPTs is positively associated with percentage of state ownership. The second paper reveals that the cost of debt is higher in firms having a higher level of RPTs, implying that RPTs are viewed as a potential risk to firms from the point of view of lenders. However, the presence of state ownership can reduce the effect of RPTs on the cost of debt. The third paper provides evidence that firms with RPTs demonstrate more tax avoidance than their counterparts without RPTs. Further, among firms with RPTs, firms with a higher extent of related net credit and related sales are found to exhibit even higher levels of tax avoidance. However, the association between tax avoidance and RPTs is moderated by the presence of state ownership. Finally, in firms with RPTs, the presence of state ownership reduces tax avoidance measured by effective tax rates. (shrink)

There is a close connection between Dante’’s portrayal of usury in the Inferno and wider scholastic argumentation on the subject. Reading Dante’’s account in light of the scholastic critique of usury reveals a conceptual depth and clarity to the former which has, in the absence of such a reading, remained unfortunately opaque. Dante’’s treatment is informed by three of the four main scholastic arguments against usury, which are cen- tered around the themes of the nature and purpose of money, the (...) relation between labor and a just recompense, and the medieval vision of society as an harmonious whole. Each of these themes are weaved by Dante into his poem in a range of diverse ways, yet the final (social) element is arguably a unifying factor. In this regard, his account of usury can be read in continuity with other critiques of ‘‘bad commerce’’ which are in evidence throughout the Inferno. (shrink)

Commentators have long remarked the influence of Lévi-Strauss on Lacan, yet they have largely ignored important philosophical parallels between Lacan and Emile Durkheim, Lévi-Strauss's predecessor in the French anthropological tradition. I suggest that we are better served by understanding Lacan as heir to Durkheim rather than Lévi-Strauss, especially when Lévi-Strauss is seen as the ambassador of a new "scientific" method ("structural anthropology") modeled on structural linguistics. Lacan's reference to linguistics is, I maintain, a red herring that has misled interpreters. Instead, (...) Durkheim's ideas offer a more fruitful interpretive lens to understand the paradigm shift that defines Lacan's mature thought: a renewed understanding of the primacy of collective categories over individual experience and of the importance of the social and "symbolic" status of the human environment as opposed to its grounding in biological or physical reality. (shrink)

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of (...) debtor-creditor power relations—a conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options. (shrink)

The pandemic has been the most vivid agent of change that many of us have known. But it has not changed everything: plenty of the institutions, norms, and practices that sustain racial capitalism, settler colonialism, and cisheteropatriarchy have either weathered the storm of the crisis or been nourished by its effects. And yet enough has changed for us to see that the pandemic has profoundly recontextualised those structures and systems of violence, bringing us into a fresh negotiation with, for example, (...) the question of how we discuss and imagine freedom. Responding in part to this unexpected provocation, activist-scholars Robyn Maynard and Leanne Betasamosake Simpson forged a collaboration from the lockdown of 2020, corresponding by letter to create their forthcoming book, Rehearsals for Living, due to be published by Haymarket Books (US) and Knopf (Canada) in 2022. In this interview, we asked them to explain the epistolary form of the book and expand on the concept of “rehearsal”, before inviting them to reflect on a series of issues that animate our current crises: the politics of recognition; the notion of apocalypse; ways to disrupt linear temporalities; practises of reciprocity against proprietary logics; the gendered violence of state apparatuses; and worldbuilding as a method of resistance. In their expansive answers, Robyn and Leanne draw on their experiences as organisers and educators, commenting on anticolonial struggles, the Movement for Black Lives, and the rise of abolition discourse. Stressing the need to build a multiplicity of shared homespaces in the face of racial/colonial capitalism and organized abandonment, they challenge us to rethink the predicaments and possibilities of the present, enabling us to imagine futures liberated of extractivist, carceral governance – “planting more liberatory futures in the present”, as Robyn puts it. The task of sowing those seeds is a collective praxis of rewriting the narratives that constitute us, refusing to hear that nothing can change and insisting that everything must. (shrink)

The current paradigm of Artificial Intelligence emerged as the result of a series of cultural innovations, some technical and some social. Among them are apparently small design decisions, that led to a subtle reframing of the field’s original goals, and are by now accepted as standard. They correspond to technical shortcuts, aimed at bypassing problems that were otherwise too complicated or too expensive to solve, while still delivering a viable version of AI. Far from being a series of separate problems, (...) recent cases of unexpected effects of AI are the consequences of those very choices that enabled the field to succeed, and this is why it will be difficult to solve them. In this chapter we review three of these choices, investigating their connection to some of today’s challenges in AI, including those relative to bias, value alignment, privacy and explainability. We introduce the notion of “ethical debt” to describe the necessity to undertake expensive rework in the future in order to address ethical problems created by a technical system. (shrink)

The second essay of Nietzsche's Genealogy of Morality (GM) offers a naturalistic and developmental account of the emergence of conscience, a faculty uniquely responsive to remembering and honoring obligations. This article attempts to solve an interpretive puzzle that is invited by the second essay's explanation of nonmoral obligation, prior to the capacity to feel guilt. Ostensibly, Nietzsche argues that the conscience and our concept of obligation originated within contractual (“creditor-debtor”) relations, when creditors punished delinquent debtors (GM II:5). However, this interpretation, (...) which I call the contractualist reading, is incoherent and subject to an insoluble bootstrapping problem. I argue instead that Nietzsche provides two accounts of nonmoral obligation in the second essay, and that the conscience originated in the morality of custom to track rule prohibitions (“I will nots” [GM II:3]), which Nietzsche conceives of as involuntary or reciprocal obligations that, unlike contractual debts, do not require the making of promises. (shrink)

Is drastic action against global warming essential to avoid impoverishing our descendants? Or does it mean robbing the poor to give to the rich? We do not yet know. Yet most of us can agree on the importance of minimising expected deprivation. Because of the vast number of future generations, if there is any significant risk of catastrophe, this implies drastic and expensive carbon abatement unless we discount the future. I argue that we should not discount. Instead, the rich countries (...) should stump up the funds to support abatement both for themselves and the poor states of the world. Yet to ask the present generation to assume all the costs of drastic mitigation.is unfair.Worse still, it is politically unrealistic.We can square the circle by shifting part of the burden to our descendants. Even if we divert investment from other parts of the economy or increase public debt, future people should be richer, so long as we avert catastrophe. If so, it is fair for them to assume much of the cost of abatement.What we must not do is to expose them to the threat of disaster by not doing enough. (shrink)

Carl Schmitt’s critical insights into ‘economic-technical thinking’ and the dominant role that a ‘magical technicity’ is said to assume in the social horizon of his times offers an opportunity to reframe contemporary debates on political and economic theology, exposing a theological core behind technocratic administration. Starting from this premise, the article engages with recent inquiries into so-called ‘debt economy’, assessing the affective function that ‘deferment’ and ‘confession’ perform as dominant operators in the social imaginary of neoliberal governance.