The concept of organizational stigma has received significant attention in recent years. The theoretical literature suggests that for a stigma to emerge over a category of organizations, a “critical mass” of actors sharing the same beliefs should be reached. Scholars have yet to empirically examine the techniques used to diffuse this negative judgment. This study is aimed at bridging this gap by investigating Goffman’s notion of “stigma-theory”: how do stigmatizing actors rationalize and emotionalize their beliefs to convince their audience? We (...) answer this question by studying the stigma over the finance industry since 2007. After the subprime crisis, a succession of events put the industry under greater scrutiny, and the behaviors and values observed within this field began to be publicly questioned. As an empirical strategy, we collected opinion articles and editorials that specifically targeted the finance industry. Building on rhetorical analysis and other mixed methods of media content analysis, we explain how the stigmatizing rhetoric targets the origins of deviant organizational behaviors in the finance industry, that is, the shareholder value maximization logic. We bridge the gap between rhetorical strategies applied to discredit organizations and ones used to delegitimize institutional logics by drawing a parallel between these two literatures. Taking an abductive approach, we argue that institutional contradiction between field and societal-level logics is sufficient, but not necessary to generate organizational stigma. (shrink)

This article examines the principle of wealth maximization, as developed by Richard Posner, seeking to dispel misunderstandings, address criticisms, and contextualize its role in legal and political philosophy. The paper first delineates the distinction between the concepts of experienced utility and decision utility, elucidating how the latter is fundamental to the principle of wealth maximization. Next, the authors engage with criticisms of wealth maximization, including issues relating to basic needs, individual rights, and distributive justice. (...) The paper contends that these aspects of ‘justice’ can be understood as emergent properties of efficiency. The article then presents affirmative arguments for wealth maximization by connecting it to social contract theory and demonstrating its consistency with the tenets of liberal democracy. By analyzing the concept from both Hobbesian and Rawlsian perspectives, the paper illustrates the merits of the wealth maximization principle in relation to social contract theory. In conclusion, the article argues that wealth maximization serves as a robust and justifiable framework for legal and philosophical analysis, ultimately offering a better fit with the principles of liberal democracy than competing normative theories. (shrink)

Strudler rejects shareholder primacy and argues that, once contractual obligations have been fulfilled and shareholders have received a reasonable return on investment, corporate executives may use corporate wealth for the general good. He seeks to establish this claim via an argument that, contrary to the received view, shareholders do not own corporations. After raising some questions about the latter argument, this commentary goes on to argue that the question of corporate ownership is a red herring. The argument for (...) shareholder primacy that Strudler wants to reject does not rely on the premise that shareholders own the firm. (shrink)

The Epicureans advocate a moderately ascetic lifestyle on instrumental grounds, as the most effective means to securing tranquility. The virtuous person will reduce his desires to what is natural and necessary in order to avoid the trouble and anxiety caused by excessive desire. So much is clear from Epicurus' general ethics. But the later Epicurean Philodemus fills in far more detail about the attitude a wise Epicurean will take toward wealth in his treatise On Property Management. This paper explores (...) some of Philodemus' distinctive doctrines and argues that Philodemus' position on crafts is an improvement on the Socratic and Aristotelian positions that he is reacting against. Philodemus rejects both constraints on what counts as a genuine craft proposed by Socrates in the Gorgias: that a craft aims at a genuine good, and that it is based on a grasp of the nature of its subject. Philodemus also rejects the attempts of Xenophon and Theophrastus to preserve an important place for the craft of property management, conceived of as aiming at maximizing your wealth, within the Socratic and Aristotelian ethical tradition that puts virtue and virtuous activity at the center of the happy life. According to Philodemus, cultivating and exercising the traditional technê of property management is actually incompatible with being a virtuous person and obtaining happiness. (shrink)

A short (about 1,000 words) overview of adjudication, describing the standard view (judges should just apply the law, when possible) and two goal-oriented views: wealth maximization and the maximization of well-being – i.e., utilitarian adjudication.

This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a "same-yardstick" fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the wealth-maximization approach to law and economics, and other parts of applied welfare economics--as well as for the whole vision of economics based on the "production and distribution of social wealth.".

When it comes to the discussions of ancient economic thought, the Stoics rarely come to the forefront. By and large, the lack of focus on this Hellenistic philosophical school is understandable: there is no evidence of the Stoics writing treatises entitled oikonomikos or similar or, in fact, showing any substantial interest in the matters pertaining to wealth management or money acquisition. There is an extant fragment, however, depicting a debate between Diogenes of Babylon and Antipater of Tarsus in which (...) the latter advocates for the moral permissibility of the behaviour that comes very close to exhibiting economic rationality. In this paper, I analyse this passage and, noting its complex transmission history, I argue that it reveals an engagement with various ideas pertaining to the oikonomia genre. Although some of them resemble the contemporary notion of economic rationality, ultimately, the Stoic argument is embedded in ethical debates with the Peripatetics and it concerns moral value rather than the homo economicus style of reasoning about maximizing gains. (shrink)

Nozick argues, in “Anarchy, State, and Utopia”, correctly I think, that we can go from an equal distribution of wealth to an unequal one through just means. Nozick then asks: If people voluntarily move from a just distribution of wealth, D1, to a different distribution, D2, “isn’t D2 also just?” While Nozick thinks the new distribution of wealth, D2, is just, I think that it is at least possible to go from a just state of affairs to (...) an un-just state of affairs by just means. I then argue that any unequal distribution of wealth cannot maximize the good derived from wealth. Therefore, on the basis of plausible utilitarian ideas, any distribution of wealth that isn’t at least roughly equal is un-just, even if it was arrived at by just means from an equal and just distribution of wealth. (shrink)

Every organization, as they grow has many stakeholders like shareholders, employees, customers, vendors, community, etc. For survival and growth, they have to rely upon healthy relations with all these stockholders. Hence organizations need to provide good returns for shareholders but also good jobs for employees, reliable products for consumers, responsible relations with the community and a clean environment. -/- Business ethics is the application of general ethical principles to business dilemmas and encompasses a broader range of issues and concerns than (...) laws do, as everything that is legal is not ethical. Ethics involves learning what is right or wrong, and then doing the right thing -- but "the right thing" is not nearly as straightforward. -/- Business Ethics has the following purposes: - To give people the tools for dealing with moral complexity in business - Business decisions have an ethical component - Ethical implications must be weighed before acting -/- Corporate governance is concerned with the ownership, control and accountability of companies, and how the corporate pursuit of economic objectives relates to a number of wider ethical and societal considerations. It is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders. -/- Good Corporate Governance is key to Growing Profits and Reputation. It represents the relationship among stakeholders that is used to determine and control the strategic direction and performance of organizations. Accountability is a key element as well as requirement for corporate governance, fortifying the latter in such a way that it provides a transparent template for governing critical decisions, procedures, and activities. -/- Corporate Governance deals with the questions: (1) Who benefits from corporate decisions/senior management actions? (2) Who should benefit from corporate decisions/senior management actions? -/- There are a number of reasons why businesses should act ethically .As behavior is based on values priorities, a mutual effort at all levels to deal with corporate ethics begins with a clear understanding of core values, both individually and organizationally. -/- Good corporate governance begins with a company's own internal practices and policies. While corporate governance issues are common across organizations, each company requires governance principles that are unique in their approach. Good governance is, ultimately, the sine qua non for continued growth and prosperity. -/- Corporate governance ensures that long term strategic objectives and plans are established and that the proper management structure is in place. Companies that provide good governance, both in terms of practices and results can expect the backing not only of investors but of customers too. -/- Corporate Governance represents the moral framework, the ethical framework and the value framework under which an enterprise takes decisions. In the long run ethical behavior has a positive impact on the company's performance. -/- This paper discusses the elements of corporate governance, inter-relationship between business ethics and corporate governance with reference to some of the Indian companies over the years and their impact in this era of globalization and liberalization. (shrink)

This paper draws on Friedrich Nietzsche’s work to defend the (admittedly non-Nietzschean) conclusion that a non-liberal egalitarian society is superior in two ways: first, as a moral ideal, it does not rest on questionable claims about essential human equality and, second, such a society would provide the optimal psychological and political conditions for individual wellbeing, social stability, and cultural achievement. I first explain Nietzsche’s distinction between forms of egalitarianism: noble and slavish. The slavish form promotes equality, defined negatively as the (...) elimination of privilege. It is non-liberal in its prioritization of equality over the interests of the advantaged. Nietzsche rejects both slavish egalitarianism and liberalism for the same reasons: they questionably assume the equal value of all persons, and they harm cultural achievement, sacrificing the potential of those who are most valuable to cultural development to the interests of the majority. Noble egalitarianism, in contrast, exemplifies Nietzsche’s conception of justice as ‘equality among equals’. It demands that individuals of equal worth or power (such as members of an artistic or political elite) treat each other as what they, in fact, are: equals. It avoids asserting essential equality, demanding instead—against both slavish and liberal forms—respect on the basis of shared superiority. And it escapes the charge of harm to cultural development, commanding respect only where equality already exists. Although Nietzsche quickly assumes that ‘noble egalitarianism’ requires the rejection of all forms of universal egalitarianism, concluding that we should ‘never make equal what is unequal’, in fact it only entails the rejection of slavish methods: equalization through harm to the advantaged. However, non-liberal forms of egalitarianism can be ‘noble’, promoting equality without harm to the advantaged—through, for example, unequal distribution of resources, the equalization of economic opportunities, and economic regulation to prevent the creation of substantial wealth disparities. If egalitarianism can ‘make equal’ without slavish methods, then Nietzsche’s demand for ‘equality for equals’ applies to the newly equal, too. More importantly, his moral psychology of power—the view that our source of happiness and incentive to self-development is the feeling of power in relation to equal resistance or ‘opponents who are our equals’ —supports the superiority of a nobly-achieved, non-liberal egalitarian society. For achieved, practical equality of wealth and opportunity would optimize conditions for the feeling of power: a balance of equal, oppositional powers serving as mutual limitation and resistance. Such a society is superior in three ways. First, it maximizes social happiness by promoting and maintaining the feeling of power in all. Liberal and aristocratic societies, in contrast, allow radical inequalities that not only diminish the power of the disadvantaged, but diminish the opportunities of the advantaged to encounter equal resistance, thus undermining the happiness of all. Second, it promotes social stability by preserving a balance of powers that prevents domination and exploitation, in contrast to the inevitable class conflicts of aristocratic and liberal societies. Finally, it promotes cultural achievement, since the feeling of power in relation to proportional resistance is the psychological incentive for self-development and cultural achievement. (shrink)

In the book “A Theory of Justice”, John Rawls examines the notion of a just society. More specifically, he develops a conception of justice—Justice as Fairness—derived from his novel interpretation of the social contract. Central to his account are two lexically-ordered principles of justice by which primary social institutions, or the basic structure of society, are ideally to be organized and regulated. Broadly speaking, the second of Rawls’ two principles pertains to “the distribution of income and wealth”, and its (...) formulation is to be understood as an expression of Rawls’ Difference Principle—roughly, the principle that “inequality in expectation is permissible only if lowering it would make the [worst-off] class even more worse off.”1 2 I want to suggest that Rawls’ Difference Principle (DP) entails the following worrisome outcome: Because DP maximizes the absolute level of expectation (and disregards the relative level), it authorizes potentially immense levels of inequality, such that this inequality itself can become a source of social discord and injustice. This paper will (§2) present Rawls’ formulation of DP, (§3) motivate the worrisome outcome entailed by DP, and (§4) offer a prima facie plausible solution in the form of an addendum to DP. (shrink)

Despite all controversies that might otherwise divide them, most phenomenologists agree that consciousness entails some form of self-consciousness. In fact, they go even further, as they virtually all agree on the necessity of fleshing out this insight in bodily terms: from the phenomenological point of view, self-consciousness is primarily experienced as a form of bodily self-consciousness (or self-awareness). Following Edmund Husserl's insight that the lived body (Leib), i.e. the body as it is subjectively felt or experienced, must necessarily be presupposed (...) by all object consciousness, including the thematic consciousness of me as a body, there is a long-standing discussion within the phenomenological movement on how to conceive of this self-relation. This entry focuses on the French reception of Husserl and highlights the distinctive ways in which French phenomenologists such as Maurice Merleau-Ponty, Michel Henry, Jean-Paul Sartre and Jacques Derrida have elaborated on and disputed this key insight. It will be shown that discussions on this question have open onto two further debates: one revolves around the paradigmatic role Husserl grants to touch in the analysis of consciousness, while the other concerns the differences between the experience of one's own body and the experience of the body of others. Finally, we point to the fact that one's body can be experienced and evaluated as other, as is shown in the critical analyses of Frantz Fanon, Simone de Beauvoir, Michel Foucault, and recent critical phenomenology. Here, it becomes clear that the bodily self-awareness of concrete subjects is shaped by the material conditions, norms, and discourses of their respective situation. (shrink)

The recognition of a meaningful sensory foundation of perception is central to Maurice Merleau-Ponty’s philosophy. If some commentators do not hesitate to see in the notion of perceptual Gestalt a notion applicable to all domains of being, it is not a priori easy to see how it must be conceived in the more specific context of the perception of others (autrui). However, Merleau-Ponty is very clear on this point: all perception manifests itself in the form of a Gestalt, including the (...) perception of other people. The ambition of this short study is to spell out in rough strokes how this injunction should be heard and thus to explain how others manifest themselves as Gestalts to perceptual consciousness. (shrink)

An influential critique of anger holds that anger comes at an important epistemic cost. In particular, feeling angry typically makes risk less visible to us. This is anger’s ‘red mist.’ These epistemic costs, critics suggest, arguably outweigh the epistemic benefits commonly ascribed to anger. This essay argues that the epistemic critique of anger is importantly misleading. This is not because it underestimates anger’s epistemic benefits, but rather because it overlooks the fact that anger’s red mist performs a crucial moral function. (...) By concealing risk, the red mist helps protect the dignity and self-respect of those who live under severe and unchosen risk. This function is vitally important in non-ideal circumstances, where many are unjustly subjected to dignity-impairing risk. And it is irreplaceable, in that it cannot readily be performed by other political emotions, such as hope. Beyond providing a novel defence of anger, this argument has a broader upshot. Anger’s red mist reveals that ignorance is not always problematic in politics. Accordingly, it should not be treated—as has standardly been the case—as an unmitigated political evil. In the first instance, our efforts are better spent ascertaining when ignorance is a problem, and when, instead, it performs a felicitous function. (shrink)

The proliferation of conspiracy theories poses a significant threat to democratic decision-making. To counter this threat, many political theorists advocate countering conspiracy theories with ‘more speech’ (or ‘counterspeech’). Yet conspiracy theories are notoriously resistant to counterspeech. This article aims to conceptualise and defend a novel form of counterspeech – narrative counterspeech – that is singularly well-placed to overcome this resistance. My argument proceeds in three steps. First, I argue that conspiracy theories pose a special problem for counterspeech for three interconnected (...) reasons relating to salience, emotion and internal coherence. Drawing on recent work in social epistemology, philosophy of emotion and cognitive science, I then demonstrate that narrative forms of counterspeech constitute an apt response to this diagnosis. Finally, I forestall two objections: the first questions the likely effectiveness of narrative counterspeech; the second insists that, even if it were effective, it would remain unacceptably manipulative. Neither objection, I contend, is ultimately compelling. (shrink)

Public opinion research has shown that voters accept many falsehoods about politics. This observation is widely considered troubling for democracy—and especially participatory ideals of democracy. I argue that this influential narrative is nevertheless flawed, because it misunderstands the nature of political understanding. Drawing on philosophical examinations of scientific modelling, I demonstrate that accepting falsehoods within one’s model of political reality is compatible with—and indeed can positively enhance—one’s understanding of that reality. Thus, the observation that voters accept many political falsehoods does (...) not necessarily establish that they lack political understanding. I then address three worries: that voters cannot generally engage in such political modelling; that political modelling obscures facts that are crucial to political understanding; and that successful political modelling would require knowing that one’s model contains falsehoods. My responses reveal how, going forward, we should measure political ignorance; and they highlight the standing importance of participatory democracy. (shrink)

Does intellectual property satisfy the requirements of the Lockean proviso, that the appropriator leave “enough and as good” or that he at least not “deprive others”? If an author's appropriation of a work he has just created is analogous to a drinker “taking a good draught” in the flow of an inexhaustible river, or to someone magically “causing springs of water to flow in the desert,” how could it not satisfy the Lockean proviso?

How promising is Bitcoin as a currency? This paper discusses four claims on the advantages of Bitcoin: a more stable currency than state-backed ones; a secure and efficient payment system; a credible alternative to the central management of money; and a better protection of transaction privacy. We discuss these arguments by relating them to their philosophical roots in libertarian and neoliberal theories, and assess whether Bitcoin can effectively meet these expectations. We conclude that despite its advocates’ enthusiasm, there are good (...) reasons to doubt that Bitcoin can fulfill its promises and act as a functioning currency, rather than as a mere speculative asset. (shrink)

Contemporary public discourse is saturated with speech that vilifies and incites hatred or violence against vulnerable groups. The term “hate speech” has emerged in legal circles and in ordinary language to refer to these communicative acts. But legal theorists and philosophers disagree over how to define this term. This paper makes the case for, and subsequently develops, the first corpus-based analysis of the ordinary meaning of “hate speech.” We begin by demonstrating that key interpretive and moral disputes surrounding hate speech (...) laws—in particular, surrounding their compatibility with the rule of law, democracy, and free speech—depend crucially on the ordinary meaning of “hate speech.” Next, we argue, drawing on recent developments in legal philosophy, that corpus linguistics constitutes a distinctively promising tool for ascertaining the ordinary meaning of “hate speech.” Finally, we offer a proof of concept, by outlining, and analyzing the interpretive and moral implications of, the first such study. (shrink)

Counterspeech is communication that tries to counteract potential harm brought about by other speech. Theoretical interest in counterspeech partly derives from a libertarian ideal – as captured in the claim that the solution to bad speech is more speech – and partly from a recognition that well-meaning attempts to counteract harm through speech can easily misfire or backfire. Here we survey recent work on the question of what makes counterspeech effective at remedying or preventing harm, in those cases where it (...) is effective, as well as work investigating when and why there is a duty to engage in counterspeech. We suggest that the most fruitful area for philosophical inquiry on this topic, currently, relates to the questions about efficacy. Specifically, we argue that there is a need for better frameworks for conceptualizing the efficacy of counterspeech. Philosophers have collaborative work to do, alongside social scientists, in developing these frameworks. (shrink)

Do laypeople think that moral responsibility is compatible with determinism? Recently, philosophers and psychologists trying to answer this question have found contradictory results: while some experiments reveal people to have compatibilist intuitions, others suggest that people could in fact be incompatibilist. To account for this contradictory answers, Nichols and Knobe (2007) have advanced a ‘performance error model’ according to which people are genuine incompatibilist that are sometimes biased to give compatibilist answers by emotional reactions. To test for this hypothesis, we (...) investigated intuitions about determinism and moral responsibility in patients suffering from behavioural frontotemporal dementia. Patients suffering from bvFTD have impoverished emotional reaction. Thus, the ‘performance error model’ should predict that bvFTD patients will give less compatibilist answers. However, we found that bvFTD patients give answers quite similar to subjects in control group and were mostly compatibilist. Thus, we conclude that the ‘performance error model’ should be abandoned in favour of other available model that best fit our data. (shrink)

This paper analyses three centuries of developing German-language philosophy journals, from the first journals published in 1665 to those from the first decade of post-WWII recovery. Relying upon two bibliographies of philosophical journals collected in the 1970s, one by Joachim Kirchner and one by Wolfram Hogrebe, Rudolf Kamp, and Gert König, we attained a dataset of 607 journals. To analyse the population of periodicals, we identified three key components: the longevity of each journal and the growth rate and the continuity (...) of the body of the journal population. The most puzzling finding is that there was a rapid growth in the number of journals at the end of the eighteenth century followed by a long decline in numbers that lasted almost a century. This paper analyses the structure of the boom in philosophical periodicals after 1888, followed by the effects of both World Wars, and identifies the communication crisis that occurred at the height of the Weimar Republic. (shrink)

Yefremov’s personal characteristics exemplify the characteristic features of the Ukrainian revolution. He was an argumentative, pugnacious man, and the revolution was characterized by infighting. He was an institution builder, and that’s a key element of the Ukrainian revolution. He was ideologically an advocate of Ukrainian identity (sooner than social rights or state building) and that too was a feature of the Ukrainian revolution. His diaries and ego writing offer a variety of evidence of these aspects of his personality.

The modern university and the academic profession itself are facing new challenges: First, the increasing complexity of labor markets and globalization are undermining the structure of the academic profession, and secondly, the rise in cost of university research calls into question the autonomy of the university. The internationalization of the academic labor market encourages rethinking the structure of academic professions that have historically been focused on national (regional) contexts. The university is too expensive for the state and/or for students. One (...) way to preserve the autonomy of the university is to offer society, the state, and businesses a wide range of services. This study seeks to answer the following questions: Can bureaucratic (self-)management effectively regulate the growing body of the university? Is it necessary to relinquish part of the university’s autonomy to a hired manager? Can “soft managerialism” and new economic instruments help unleash the modern university’s potential for society and sustain its autonomy? (shrink)

A thought experiment demonstrates that physicalism about consciousness entails a para- doxical duplication of physical information. Moreover, objective existence acquires the status of a physical property. To avoid this paradox, one requires a concept of objectivity in which individuation is finite and incomplete. Finite individuation requires objective uncertainty and is thus corroborated by the contemporary sciences. Finite individuation and objective uncer- tainty prevent existence from becoming a physical property, thus defeating physicalism about consciousness and resolving the paradox.

Two-step proportionality-balancing [TSPB] has become the standard method for human and constitutional rights decision-making. The first step consists in determining whether a rights-provision has been infringed/limited; if the answer to that first question is positive, the second step consists in determining whether the infringement/limit is reasonable or justified according to a proportionality analysis. TSPB has regularly been the target of some criticism. Critiques have argued that both its ‘two-step’ and ‘proportionality’ elements distort reality by promoting a false picture of rights (...) and constitutional decision-making. This would cause negative moral consequences. This article seeks to defend TSPB against these criticisms and to depict it in a more appropriate and favourable light. First, it is argued that both aspects of TSPB do not have the dire moral consequences that opponents suggest they have. Second, it is argued that TSPB, deploying notions such as burdens, presumptions and prima facie/defeasible propositions, constitutes a valuable framework for public argumentation and authoritative decision-making. (shrink)

Abstract. Death seems to be a permanent event, but there is no actual proof of its irreversibility. Here we list all known ways to resurrect the dead that do not contradict our current scientific understanding of the world. While no method is currently possible, many of those listed here may become feasible with future technological development, and it may even be possible to act now to increase their probability. The most well-known such approach to technological resurrection is cryonics. Another method (...) is indirect mind uploading, or digital immortality, namely the preservation of data about a person to allow for future reconstruction by powerful AI. More speculative ways to immortality include combinations of future superintelligence on a galactic scale, which could use simulation to resurrect all possible people, and new physical laws, which may include time-travel or obtaining information from the past. Acausal trade with parallel worlds could help combine random resurrection and reconstruction based on known data without loss of share of worlds where I exist (known as existence measure). Quantum immortality could help to increase the probability of success for cryonics and digital immortality. There many possible approaches to technological resurrection and thus if large-scale future technological development occurs, some form of resurrection is inevitable. (shrink)

In the last decade Open Science principles, such as Open Access, study preregistration, use of preprints, making available data and code, and open peer review, have been successfully advocated for and are being slowly adopted in many different research communities. In response to the COVID-19 pandemic many publishers and researchers have sped up their adoption of some of these Open Science practices, sometimes embracing them fully and sometimes partially or in a sub-optimal manner. In this article, we express concerns about (...) the violation of some of the Open Science principles and its potential impact on the quality of research output. We provide evidence of the misuses of these principles at different stages of the scientific process. We call for a wider adoption of Open Science practices in the hope that this work will encourage a broader endorsement of Open Science principles and serve as a reminder that science should always be a rigorous process, reliable and transparent, especially in the context of a pandemic where research findings are being translated into practice even more rapidly. (shrink)

This article argues that shareholder primacy cannot be defended on the grounds that there is something special about the position of shareholders that grounds a right to preferential treatment on part of management. The notions of property and contract, traditionally thought to ground such a right, are now widely recognized as incapable of playing that role. This leaves shareholder theorists with two options. They can either abandon the project of arguing for their view on broadly deontological grounds and (...) try to advance consequentialist arguments instead, or they can search for other morally relevant properties that could ground shareholder rights. The most sustained argument in the latter vein is Marcoux’s attempt to show that the vulnerability of shareholders mandates that managers are their fiduciaries. I show that this argument leads to the unacceptable conclusion that it would be unethical for corporations to make incomplete contracts with nonshareholding stakeholders. (shrink)

Dozens of countries have established Sovereign Wealth Funds (SWFs) in the last decade or so, in the majority of cases employing those funds to manage the large revenues gained from selling resources such as oil and gas on a tide of rapidly rising commodity prices. These funds have raised a series of ethical questions, including just how the money contained in such funds should eventually be spent. This article engages with that question, and specifically seeks to connect debates on (...) SWFs with debates onglobaljustice. Just how good are national claims to the great wealth contained in SWFs in the first place? Using the example of Norway's very large SWF – derived from selling North-Sea petroleum – I show that national claims are at least sometimes very weak, with the implication that the wealth in many such funds is ripe for redistribution in the interests of global justice. I conclude by offering some guidance for how the money contained in such funds could best be spent, with the goal of advancing global justice. (shrink)

I argue that Kant’s Categorical Imperative should be applied to individual maxim tokens rather than abstract maxim types. The article is divided into five sections. In the first, I explain my thesis. In the second, I show that my thesis disagrees with Rawls. In the third, I argue for my thesis on the basis of the wording of the Categorical Imperative and on the basis of considerations about autonomy. In the fourth, I argue for my thesis on the basis of (...) considerations about the ‘ought implies can’ principle. In the fifth, I provide a summary of the main argumentative moves and also explain some of the philosophical advantages of my thesis. (shrink)

Maximizing act consequentialism holds that actions are morally permissible if and only if they maximize the value of consequences—if and only if, that is, no alternative action in the given choice situation has more valuable consequences.[i] It is subject to two main objections. One is that it fails to recognize that morality imposes certain constraints on how we may promote value. Maximizing act consequentialism fails to recognize, I shall argue, that the ends do not always justify the means. Actions with (...) maximally valuable consequences are not always permissible. The second main objection to maximizing act consequentialism is that it mistakenly holds that morality requires us to maximize value. Morality, I shall argue, only requires that we satisfice (promote sufficiently) value, and thus leaves us a greater range of options than maximizing act consequentialism recognizes. (shrink)

One of the central controversies in normative business ethics is the question whether transactions and economic relationships can be wrongfully exploitative despite being mutually beneficial and consensual. This article argues that anyone who accepts a shareholder theory of business ethics should accept deontological constraints on mutually beneficial, consensual exploitation.

In the region where some cat sits, there are many very cat-like items that are proper parts of the cat (or otherwise mereologically overlap the cat) , but which we are inclined to think are not themselves cats, e.g. all of Tibbles minus the tail. The question is, how can something be so cat-like without itself being a cat. Some have tried to answer this “Problem of the Many” (a problem that arises for many different kinds of things we regularly (...) encounter, including desks, persons, rocks, and clouds) by relying on a mereological maximality principle, according to which, something cannot be a member of a kind K if it is a large proper part of, or otherwise greatly mereologically overlaps, a K. It has been shown, however, that a maximality constraint of this type, i.e. one that restricts mereological overlap, is open to strong objections. Inspired by the insights of, especially, Sutton and Madden, I develop a type of functional-maximality principle that avoids these objections (and has other merits), and thereby provides a better answer to the Problem of the Many. (shrink)

The notion that natural selection is a process of fitness maximization gets a bad press in population genetics, yet in other areas of biology the view that organisms behave as if attempting to maximize their fitness remains widespread. Here I critically appraise the prospects for reconciliation. I first distinguish four varieties of fitness maximization. I then examine two recent developments that may appear to vindicate at least one of these varieties. The first is the ‘new’ interpretation of Fisher's (...) fundamental theorem of natural selection, on which the theorem is exactly true for any evolving population that satisfies some minimal assumptions. The second is the Formal Darwinism project, which forges links between gene frequency change and optimal strategy choice. In both cases, I argue that the results fail to establish a biologically significant maximization principle. I conclude that it may be a mistake to look for universal maximization principles justified by theory alone. A more promising approach may be to find maximization principles that apply conditionally and to show that the conditions were satisfied in the evolution of particular traits. (shrink)

We investigate the association between controlling shareholders' ownership (CS_Own) and firms' leverage decisions in the Singaporean context. We examine whether the impact of ownership concentration on leverage differs across excess and lower control. We report that shareholders with excess control prefer leverage financing for an optimal capital structure and focus on value maximisation rather using leverage as a tool of minority shareholders' expropriation. Our analysis shows that firms capital structure significantly influences by the coalition of shareholders particularly decisions about leverage (...) financing in addition to the firms' specific characteristics and institutional arrangements. Our empirical evidence shows that controlling shareholders with a lower fraction of equity are more concerned about limited holding thus prefer leverage over equity financing to inflate their equity stake to protect them from the potential takeovers and mergers. We report that capital structure decisions in Singapore are linked with the trade-off between the controlling shareholders' target of mitigating firm risk and their non-dilution entrenchment needs. Further, we found an inverted U-shaped association between control ownership and leverage financing. In terms of moderating effect of family-controlled ownership, our findings exhibit that leverage financing is less pronounced for family firms in Singapore due to the under-diversified investment portfolio. (shrink)

Is political equality viable given the unequal private property holdings characteristic of a capitalist economy? This book places the wealth-politics nexus at the centre of scholarly analysis. Traditional theories of democracy and property have often ignored the ways in which the rich attempt to convert their wealth into political power, operating on the implicit assumption that politics is isolated from economic forces. This book brings the moral and political links between wealth and power into clear focus. The (...) chapters are divided into three thematic sections. Part I analyses wealth and politics from the perspective of various political traditions, such as liberalism, republicanism, anarchism, and Marxism. Part II addresses the economic sphere, and looks at the political influence of corporations, philanthropists and commons-based organizations. Finally, Part III turns to the political sphere and looks at the role of political parties and constitutions, and phenomena such as corruption and lobbying. Wealth and Power: Philosophical Perspectives will be of interest to scholars and advanced students working in political philosophy, political science, economics, and law. (shrink)

In this paper we consider the logics L(i,n) obtained from the (n+1)-valued Lukasiewicz logics L(n+1) by taking the order filter generated by i/n as the set of designated elements. In particular, the conditions of maximality and strong maximality among them are analyzed. We present a very general theorem that provides sufficient conditions for maximality between logics. As a consequence of this theorem, it is shown that L(i,n) is maximal w.r.t. CPL whenever n is prime. Concerning strong maximality (i.e. maximality w.r.t. (...) rules instead of only axioms), we provide algebraic arguments in order to show that the logics L(i,n) are not strongly maximal w.r.t. CPL, even for n prime. Indeed, in such case, we show that there is just one extension between L(i,n) and CPL obtained by adding to L(i,n) a kind of graded explosion rule. Finally, using these results, we show that the logics L(i,n) with n prime and i/n < 1/2 are ideal paraconsistent logics. (shrink)

The fields of linguistic pragmatics and legal interpretation are deeply interrelated. The purpose of this paper is to show how pragmatics and the developments in argumentation theory can contribute to the debate on legal interpretation. The relation between the pragmatic maxims and the presumptions underlying the legal canons are brought to light, unveiling the principles that underlie the types of argument usually used to justify a construction. The Gricean maxims and the arguments of legal interpretation are regarded as presumptions subject (...) to default used to justify an interpretation. This approach can allow one to trace the different legal interpretive arguments back to their basic underlying presumptions, so that they can be compared, ordered, and assessed according to their defeasibility conditions. This approach allows one to understand the difference between various types of interpretive canons, and their strength in justifying an interpretation. (shrink)

The Lockean Thesis says that you must believe p iff you’re sufficiently confident of it. On some versions, the 'must' asserts a metaphysical connection; on others, it asserts a normative one. On some versions, 'sufficiently confident' refers to a fixed threshold of credence; on others, it varies with proposition and context. Claim: the Lockean Thesis follows from epistemic utility theory—the view that rational requirements are constrained by the norm to promote accuracy. Different versions of this theory generate different versions of (...) Lockeanism; moreover, a plausible version of epistemic utility theory meshes with natural language considerations, yielding a new Lockean picture that helps to model and explain the role of beliefs in inquiry and conversation. Your beliefs are your best guesses in response to the epistemic priorities of your context. Upshot: we have a new approach to the epistemology and semantics of belief. And it has teeth. It implies that the role of beliefs is fundamentally different than many have thought, and in fact supports a metaphysical reduction of belief to credence. (shrink)

The richer you are, the less equally rich or richer people. The richest is only one (=unique). Maximization of richness or leisure (=classic utility), maximizes the uniqueness (=improbability) that can be maximized also by: extreme sport, suicide, tattoo, count of views... The richest seem unique as the poorest, but the rich can easily become poor, while the poor can hardly get rich. So the aim of maximization reflects IQ and options. Few options increase irrationality, regardless of IQ. I (...) also present the law of values' equality, Utility of Suicide, motivation to support the better, and overview the economics as such. Presented as PhD thesis at CERGE-EI, 2000, exhibited in Holland Park, W8 6LU, 2013, presented at conferences in Santorini 2016, Daejon 2016, Adelaide 2016. (shrink)

One main challenge of non-platonist philosophy of mathematics is to account for the apparent objectivity of mathematical knowledge. Cole and Feferman have proposed accounts that aim to explain objectivity through the intersubjectivity of mathematical knowledge. In this paper, focusing on arithmetic, I will argue that these accounts as such cannot explain the apparent objectivity of mathematical knowledge. However, with support from recent progress in the empirical study of the development of arithmetical cognition, a stronger argument can be provided. I will (...) show that since the development of arithmetic is (partly) determined by biologically evolved proto-arithmetical abilities, arithmetical knowledge can be understood as maximally intersubjective. This maximal intersubjectivity, I argue, can lead to the experience of objectivity, thus providing a solution to the problem of reconciling non-platonist philosophy of mathematics with the (apparent) objectivity of mathematical knowledge. (shrink)

ABSTRACT:The distinction between what I call nonelective obligations and discretionary obligations, a distinction that focuses on one particular thread of the distinction between perfect and imperfect duties, helps us to identify the obligations that carry over from principals to agents. Clarity on this issue is necessary to identify the moral obligations within “shareholder primacy”, which conceives of managers as agents of shareholders. My main claim is that the principal-agent relation requires agents to fulfill nonelective obligations, but it does not (...) always require discharging discretionary obligations. I show that the requirement to fulfill nonelective obligations is more far-reaching than has been acknowledged by most defenders and critics of shareholder primacy. But I also show that managers are not bound by certain discretionary obligations like charity, showing that their moral obligations are more circumscribed than the obligations that apply to human beings in general. (shrink)

Although written in Japanese, 意志・格率・道徳法則（Will, Maxim and the Moral Law）pursues the logical connection of these Kantian tools in ethics. Note: the structure of the uploaded document is not the same as the published one.

Discussion of new axioms for set theory has often focused on conceptions of maximality, and how these might relate to the iterative conception of set. This paper provides critical appraisal of how certain maximality axioms behave on different conceptions of ontology concerning the iterative conception. In particular, we argue that forms of multiversism (the view that any universe of a certain kind can be extended) and actualism (the view that there are universes that cannot be extended in particular ways) face (...) complementary problems. The latter view is unable to use maximality axioms that make use of extensions, where the former has to contend with the existence of extensions violating maximality axioms. An analysis of two kinds of multiversism, a Zermelian form and Skolemite form, leads to the conclusion that the kind of maximality captured by an axiom differs substantially according to background ontology. (shrink)

In this paper, I confront Parfit’s Mixed Maxims Objection. I argue that recent attempts to respond to this objection fail, and I argue that their failure is compounded by the failure of recent attempts to show how the Formula of Universal Law can be used to demarcate the category of obligatory maxims. I then set out my own response to the objection, drawing on remarks from Kant’s Metaphysics of Morals for inspiration and developing a novel account of how the Formula (...) of Universal Law can be employed to determine the deontic status of action tokens, action types, and maxims. (shrink)

Deontic constraints prohibit an agent performing acts of a certain type even when doing so will prevent more instances of that act being performed by others. In this article I show how deontic constraints can be interpreted as either maximizing or non-maximizing rules. I then argue that they should be interpreted as maximizing rules because interpreting them as non-maximizing rules results in a problem with moral advice. Given this conclusion, a strong case can be made that consequentialism provides the best (...) account of deontic constraints. (shrink)

Greaves and Wallace argue that conditionalization maximizes expected accuracy. In this paper I show that their result only applies to a restricted range of cases. I then show that the update procedure that maximizes expected accuracy in general is one in which, upon learning P, we conditionalize, not on P, but on the proposition that we learned P. After proving this result, I provide further generalizations and show that much of the accuracy-first epistemology program is committed to KK-like iteration principles (...) and to the existence of a class of propositions that rational agents will be certain of if and only if they are true. (shrink)