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)

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)

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)

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)

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)

According to what may be called the Debt Model, blameworthiness is defined in terms of deserved suffering. The Debt Model has a significant implication: one is less blameworthy if one has experienced some of the suffering one deserves, and no longer blameworthy once one has experienced the full amount of suffering one deserves. Blameworthiness, according to the Debt Model, is not forever. In recent papers, Clarke (2022) and Howard (2022) independently criticize the Debt Model and argue for the opposite conclusion: (...) if one is blameworthy, one will remain blameworthy forever. In this paper, I respond to this criticism as well as a recent argument against the Debt Model from Tierney (2022). I then present a prima facie case for the Debt Model. I argue that Clarke’s attempt to accommodate the intuitions elicited by this and similar cases has unwelcome implications. I will end the paper with some remarks about what roles we want our conceptions of blameworthiness to play. If Clarke’s account were right, the fact that an agent is blameworthy would play a far less significant role in our moral life than we often tend to assume. The Debt Model, I will suggest, makes better sense of our blaming practices. (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 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)

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)

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 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 investigates the relationship between external debt, population growth, and inflation with unemployment in 26 developing countries. The study uses data from 2010 to 2021 and panel data models (fixed, random, and pooled) to analyze the relationship between the variables. Results show that external debt has a significant and positive impact on unemployment across all three models. Similarly, GDP growth has a reducing and significant impact on the unemployment rate, which shows high employment elasticity of growth in the case (...) of these 26 developing countries. Another important finding of the study is that foreign direct investment, inflation, and population growth have a non-significant impact on unemployment. The paper suggests robust macroeconomic policies and effective debt management in these developing countries to address the issue of unemployment. (shrink)

Despite of the fact that Reichenbach clearly acknowledged his indebtedness to Hilbert, the influence of this leading mathematician of the time on him is grossly neglected. The present paper demonstrates that the decisive years of the development of Reichenbach as a philosopher of science coincide with, and also partly followed the “philosophical” turn of Hilbert’s mathematics after 1917 that was fixed in the so called “Hilbert’s program”. The paper specifically addresses the fact that after 1917, Hilbert saw the axiomatic method (...) as an instrument for providing the foundations not only of mathematics but also of other sciences. In particular, Hilbert’s axiomatic program was closely connected with the theoretical physics and arguably helped Einstein to discover the general theory of relativity. In this context, one can see Reichenbach’s project to axiomatize Einstein’s theory of relativity as a continuation of this project. Under Russell’s influence, after 1914 Hilbert also developed an interest in mathematical logic. Reichenbach experienced similar transition from axiomatics to logic which went together with turn of his interest from Hilbert to Russell. Reichenbach’s rapprochement to Russell also supported the transition of his interests from epistemology to ontology. (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 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)

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

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)

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)

This article argues that the dominant “nonconventionalist” theories of promising cannot account for the moral impact of two basic commercial practices: the transfer of contractual rights and the discharge of contractual debt in bankruptcy. In particular, nonconventionalism’s insensitivity to certain features of social context precludes it from registering the moral significance of these social phenomena. As prelude, I demonstrate that Seana Shiffrin’s influential position concerning the divergence between promise and contract commits her to impugning these features of the modern economy. (...) Finally, I examine the importance of promising for friendship and why we resist the commodification of promissory rights in this domain. (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)

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)

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)

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)

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)

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)

RÉSUMÉL'interprétation de la philosophie pratique de Donald Davidson proposée par Robert Myers représente correctement maints aspects fondamentaux de sa pensée. Myers soutient à juste titre que Davidson évite les incohérences entre la position internaliste, l'objectivité éthique et le modèle croyance-désir en modifiant des éléments centraux de ce modèle, et que l'alternative proposée par Davidson rend légitime l'extension des arguments de l'interprétation et de la triangulation dans la sphère pratique. Cependant, Myers s’égare à une bifurcation cruciale de la route interprétative. Davidson (...) suit G.E.M. Anscombe sur une voie différente, une voie qui considère les désirs individuels comme constitués en partie par des jugements évaluatifs. (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)

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)

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)

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)

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)

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)

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)

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)

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 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)

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)

Having started with a harsh critique of the “contemptible money economy” (UM III, SE 4), Nietzsche subsequently travelled back in time in order to discern the origins of its values and to formulate goals that would “transcend money and money-making” (UM III, SE 6). Having traced the “greed of the moneymaker” back to the ressentiment of the “ascetic priest” (GM III 10–5), Nietzsche’s genealogical inquiry culminated in his discussion of the slave revolt in morality. A particular feature per-taining respectively to (...) the domains of material debts and moral guilt was their reli-ance on an enduring revaluation of values. The manner in which Nietzsche connects the moneymaker’s world of material debts to the priest’s domain of the slave morality reveals a number of striking structural parallels to Plato’s, and to some extent Aris to-tle’s, discussion of the uneasy accommodation between democracy and moneymak-ing. Highlighting and exploring these similarities, which remain largely overlooked in the current scholarship, adds to our understanding of Nietzsche’s undertaking. (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.

This discourse analysis aimed to expose the context of globalization in the face of COVID 19 pandemic. I contend to refute the notion that globalization is the same before and during the pandemic crisis. Moreover, I seek to bring out the contextual landscape of social and cultural changes as influenced by pandemic and how the conduct of globalization in terms of power struggle, digitalization, debt and geographies of blame, care, interdependence, infection, immunization, vulnerability and resilience are being redefined in its (...) optimum level. (shrink)

This chapter examines the relation between citizenship and orientalism under the new conditions of indebtedness resulting from austerity. Taking its departure from a condition of precarity under debt economy, the crisis of Europe is described as the anxiety produced by a reversal of those paradigms that have sustained the image of Europe so far. This reversal coincides with a return in Europe of that which for a long time was ejected outside in order for Europe itself to be constituted as (...) a unified symbolic reality. The chapter illustrates how this new economy has exposed a certain ‘disorienting’ effect of austerity, contributing to rekindling the ambiguities of Europe and therefore reconfiguring the image of the European self against its others. It concludes that this reconfiguration forms the background against which a new relationship between citizenship and orientalism in contemporary Europe should be examined. (shrink)

Whenever debt is itself money, this money becomes a self-inflating debt principal by already being its own interest. Hence modern inflation, deflation, and eventual monetary crises. Yet why does money become debt? The concept of representational monetary identity answers to precisely this question.

Heidegger’s debt to Aristotle is, of course, vast: Volpi went so far as to ask whether Being and Time was a translation of the Nicomachean Ethics. In this chapter, I want to investigate a fundamental divergence between the two, a rejection by early Heidegger of one of the central tenets of Aristotelian ethics. This rejection begins in the years before Being and Time and the forces behind it extend into the post-war period. I will focus in particular on Ga18, 1924’s (...) Basic Concepts of Aristotelian Philosophy: what Heidegger’s Aristotle rejects there, in effect, is the notion of character. -/- What makes this rejection so complex and so revealing is that Heidegger’s interpretative approach forces him to present disagreement as discovery, as an insight into a true Aristotle who has remained concealed. My claim here is not the familiar one that Heideggerian history of philosophy is exegetically ‘violent’ or that it frequently tells us more about Heidegger than about its supposed target. Rather, it is more specific. Texts such as Basic Concepts of Aristotelian Philosophy present a unique exegetical situation. This is because Heidegger lacks several of the interpretative tools that will justify his radical reading of Kant just a few years later: I will examine in particular his changing conception of “philology”. The result is that, whilst commentators routinely talk of Heidegger’s “appropriation” of Kant, Heidegger’s early use of Aristotle is simultaneously more complex and less refined. “Perversion” is, one might think, scarcely a rigorous term, but it is, I will argue, the best description of what follows. (shrink)

In Wilmot-Smith’s recent “Law, ‘Ought’, and ‘Can’,” he argues that legal obligation does not imply ability. In this short reply, I show that Wilmot-Smith’s arguments do not withstand critical scrutiny. In section 1, I attack Wilmot-Smith’s argument for the claim that allowing for impossible obligations makes for a better legal system, and I introduce positive grounds for thinking otherwise. In section 2, I show that, even if Wilmot-Smith had established that impossible obligations make for a better legal system, his subsequent (...) attack on OIC fails. (shrink)

Xunzi's philosophy provides a rich resource for understanding how ethical relationships between humans and nature can be articulated in terms of harmony. In this paper, I build on his ideas to develop the concept of reciprocal harmony, which requires us to reciprocate those who make our lives liveable. In the context of the environment, I argue that reciprocal harmony generates moral obligations towards nature, in return for the existential debt that humanity owes towards heaven and earth. This can be used (...) as a normative basis for an environmental ethic that enables humanity and nature to flourish together. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. Whenever (...) a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

This study investigates the debt owed by contemporary theological anthropology to the philosophical anthropology of the first half of the twentieth century (considered in its interest in interpersonal character of human identity). It should be recognized that there was a fairly complex relationship between them: sometimes anthropology ended up in some way forgetting theology, sometimes theology was sustained by anthropology and, often, invited to self-criticism. Analyzing «pneumatological» anthropology (and its Christological roots) elaborated by Ferdinand Ebner (1882- 1931) helps theological anthropology (...) not to forget that its method of investigation has to clarify both sides of the analogy between God and man in order to fully integrate the «expressive» meaning of both logics: theo-logic and anthropo-logic. (shrink)