Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of these currencies before (...) analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by these currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research. (shrink)

Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money's purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may contribute to building sustainable local economies, supporting local businesses and creating “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits of these currencies are not sufficient to (...) justify the restrictions they impose on money's purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money's purchasing power are, therefore, undesirable. (shrink)

The idea of a common currency underlying our choice behaviour has played an important role in sciences of behaviour, from neurobiology to psychology and economics. However, while it has been mainly investigated in terms of values, with a common scale on which goods would be evaluated and compared, the question of a common scale for subjective probabilities and confidence in particular has received only little empirical investigation so far. The present study extends previous work addressing this question, by showing (...) that confidence can be compared across visual and auditory decisions, with the same precision as for the comparison of two trials within the same task. We discuss the possibility that confidence could serve as a common currency when describing our choices to ourselves and to others. others. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses the (...) claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

This article proposes a term structure model for dual-currency interest rate markets. The model assumes that volatility is a deterministic function of time alone. This volatility structure can reduce the dimension of the required state variables. An important special case is presented, which corresponds essentially to a Vasicek/Hull-White yield curve model in each currency. The model is very useful for pricing cross-currency derivatives.

The production of sound by the machinery of change is a viral element in the problems of civilization. Conceptual historical paradox involving mind and matter as the recurring source of the problems of civilization is elaborated to expose a space reducing friction residing at the border of conceptual and empirical interpretation involving cause and effect rather than physical form. A visually based mathematical-physical form, is elaborated and discussion, based on a philosophy of motion, volume and processes that is indivisible, unmoved (...) by the willed power of the discourse, is evolved in an analogy to interpreted ancient mathematics of Euclid. (shrink)

A recurring claim in a number of behavioural, cognitive and neuro-scientific literatures is that there is, or must be, a unidimensional ‘common currency’ in which the values of different available options are represented. There is striking variety in the quantities or properties that have been proposed as determinants of the ordering in motivational strength. Among those seriously suggested are pain and pleasure, biological fitness, reward and reinforcement, and utility among economists, who have regimented the notion of utility in a (...) variety of ways, some of them incompatible. This topic deserves philosophical attention for at least the following reasons. Repeated invocation of the ‘common currency’ idiom isn’t merely terminological coincidence because most of the claims are competing explanations either of manifest pattern in choices, or of order in the processes producing choice. We can’t suppose that the different currency claims within each area are compatible, because there are significant obstacles to identifying pairs of members of either the ‘pattern’ or ‘process’ group. There are, finally, seriously opposed positions about the relationships between the pattern facts and the process facts. There are philosophical positions both favouring and opposing a common currency. But direct consideration of the abstract relationships between claims about common currencies across scientific settings, and the arguments for and against these claims, is relatively rare. There is, though, much of philosophical interest to be found here. (shrink)

Status of the national currency of Ukraine exchange rate has been characterized as unstable in recent years. Herewith, the Government has not implemented decisive measures on its stabilization, as a rule, underestimating the importance of the Hryvnia exchange rate stability for the successful economic growth in terms of socio-economic transformations. It should also be noted that in modern conditions among scientific and methodical approaches to the State exchange rate formation mechanisms some uncertainty regarding basic and additional tools for such (...) regulatory activities allocation is still persist. The problem relevance is exacerbated by the lack of effective policy (coordination between the NBU and the Government actions) regarding the national currency stabilization as an indispensable prerequisite for an effective macroeconomic development. These circumstances determine the importance of factors influencing the national currency exchange rate and its regulation tools research, as well as new organizational and economic mechanisms for the national currency exchange rate in Ukraine stabilization identification. In the emerging market economy conditions formation of the efficient State currency exchange-rate regulation system provides an opportunity not only to stabilize its exchange rate in different socio-economic conditions, but to create the basis for improvement the country economic development as a whole. Given this, the issue of effective tools for the national currency exchange-rate regulation by the state determination is of theoretical, practical and methodological significance. This emphasizes the relevance of further scientific-methodological and practical principles in-depth development for the national currency exchange-rate regulation. (shrink)

An impressive variety of new forms of money has aroused in recent decades from various groups of people and various kinds of institutions. These currencies are at the heart of intense debates, which raise important, but often neglected, normative issues. The diversity of their goals, uses and charac-teristics is so large that it makes some preliminary distinctions necessary. This paper aims at provid-ing a proper background for the discussion of the possible merits and drawbacks of different kinds of currencies. It (...) proposes a classification that demarcates currencies according to how they relate to several crucial normative issues. Its aim is to show, for every type of currency, and as unambiguously as possible, to which side of these controversies it lies. (shrink)

Clearing algorithms are at the core of modern payment systems, facilitating the settling of multilateral credit messages with (near) minimum transfers of currency. Traditional clearing procedures use batch processing based on MILP - mixed-integer linear programming algorithms. The MILP approach demands intensive computational resources; moreover, it is also vulnerable to operational risks generated by possible defaults during the inter-batch period. This paper presents TORC3 - the Token-Ring Clearing Algorithm for Currency Circulation. In contrast to the MILP approach, TORC3 (...) is a real time heuristic procedure, demanding modest computational resources, and able to completely shield the clearing operation against the participating agents’ risk of default. (shrink)

This paper analyzes the proposal that central banks should issue digital currencies (CBDC) to provide a public alternative to private digital accounts and cryptocurrencies. We build on some The promises and perils of central bank digital currencies recent themes in political economy research to give a broader and more balanced perspective than the existing literature, highlighting both the promises and perils of CBDC. We argue that, on the one hand, the present state of the private financial sector is problematic and (...) regulators should seek to tackle the issues of financial power, financial instability and lack of adequate monetary policy options. On the other hand, implementing CBDC comes with risks of its own, such as that of creating a “Frankenstein scenario” where too much power is given to unelected technocrats. Our tentative conclusion is therefore that CBDC should be seen as a second-best option, while the primary focus of policy makers should be on the possibility of financial re-regulation. (shrink)

In addition to having an institutional site or scope, a theory of distributive justice might also have an institutional ‘reach’ or currency. It has the first when it applies to only social phenomena. It has the second when it distributes only socially produced goods. One objection to luck egalitarianism is that it has absurd implications. In response, Tan has defended a luck egalitarian account that has a strictly institutional reach. I argue, first, that Tan’s view contains two fatal ambiguities (...) and, second, that, to be sound, it requires an institutional currency. This second argument implies that virtually all extant luck egalitarian currencies are incompatible with his approach. I argue, third, that the alleged absurd implications often have little to do with the extent of luck egalitarianism’s reach. (shrink)

The advent of virtual currencies such as bitcoin raises a pressing question for lawmakers, regulators, and judges: should bitcoin and other virtual currencies be classified as money or currency for legal and regulatory purposes? I examine two different approaches to answering this question—a descriptive approach and a normative approach. The descriptive approach says that bitcoin and other virtual currencies should be classified as money or currency just in case they really are money or currency, whereas the normative (...) approach says that this question of classification should be answered on the basis of substantive normative considerations. I argue against the descriptive approach and in favor of the normative approach. (shrink)

The article aims to assess a change in the EU’s soft power in the Western Balkan and Eastern Partnership states in the light of the crises the bloc has undergone in recent years. Generally agreeing with the common argument that the EU’s attractiveness for those countries has decreased, the author challenges the popular wisdom that such a decrease is likely to reverse those states’ pro-EU foreign policy orientations. To prove it, the author applies Joseph Nye’s and Alexander Vuving’s “power currencies” (...) approach to operationalize soft power, considering the bloc’s attraction as a combination of “brilliance” (the actor’s relationship with its work), “benignity” (the actor’s relationship with other actors) and “beauty” (the actor’s relationship with values and ideas). Elaborating on the crises’ influence on each of these currencies, the author shows that their lessening, first, has mainly taken place in absolute rather than relative terms, so the EU’s attractiveness remains strong compared to that of its competitors, and second, it has primarily affected the bloc’s soft power potential rather than its actual behavior towards the target countries. (shrink)

The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything intrinsic to this (...) form of local community currency that leads it to be more inclusive, egalitarian and fair. (shrink)

Immanuel Kant’s moral philosophy is organized around an exclusive disjunction of dignity or price, equality or equivalence. In his 1797 Doctrine of Right, however, Kant places enslaved black people on the wrong side of this disjunction when he speculates that their status as currency may offer insight into the origins of money. Recent work in black studies has begun to speculate on the link between blackness and money in modernity, and this paper draws attention to Kant’s role as an (...) unlikely and unwitting precursor for monetary theories of blackness. Precisely in his attempt to secure the priceless and unconditional character of freedom and dignity, it argues, Kant ends up demonstrating the positional value of both. (shrink)

A complete theory of harming must have both a substantive component and a formal component. The substantive component, which Victor Tadros (2014) calls the “currency” of harm, tells us what I interfere with when I harm you. The formal component, which Tadros calls the “measure” of harm, tells us how the harm to you is related to my action. In this chapter I survey the literature on both the currency and the measure of harm. I argue that the (...) currency of harm is well-being and that the measure of harming is best captured by a causal account on which harming is causing a harm. A harm for you is the presence of something intrinsically bad for you or the absence of something intrinsically good for you. Thus, although a counterfactual account of the measure of harm need not distinguish between an harm and a harmful event, the causal account reserves the term ‘harm’, not for a harmful event, but only for its effect. Finally, I show how a complete theory of harming can help us to answer questions about whether we can harm people with speech, whether we can harm the dead, and how it is possible to harm future generations. (shrink)

Under what conditions are two utterances utterances of the same word? What are words? That these questions have not received much attention is rather surprising: after all, philosophers and linguists frequently appeal to considerations about word and sentence identity in connection with a variety of puzzles and problems that are foundational to the very subject matter of philosophy of language and linguistics.1 Kaplan’s attention to words is thus to be applauded. And there is no doubt that his discussion contains many (...) useful insights. Nevertheless, we find his picture deeply flawed for a variety of crosscutting reasons. Our aim in this paper is to further advance an understanding of the nature of words, both by remedying the problems with Kaplan’s account, and also by achieving a suitable perspective on what the metaphysical investigation of word identity can hope to achieve. Our discussion divides into four parts. In Part One, we examine and critique Kaplan’s discussion of a contrast integral to his own account: that between the type-token and the stage-continuant conceptions of words. In Part Two, we present three constraints on any account of words and two further themes in Kaplan’s discussion central to his conception of words – the role of repetition and the constitutive authority of intentions. While these ideas have laudable motivations, we argue they are far from the best way of making good on the insights that drive them. The final two sections take a skeptical turn. In Part Three, we express doubt about Kaplan’s presumption of the importance of what he calls ‘common currency names’, thus raising a suspicion that he may be in pursuit of chimera. Finally, in Part Four, we express pessimism about whether interesting answers to question above will be forthcoming, and suggest that the legitimacy of our word ontology need not depend on the availability of such answers. Along the way, we tease apart a number of metaphysical questions in the vicinity of the topic of word individuation – questions that are often not disentangled – and consider how the discussion of the previous parts bears on them.. (shrink)

Synthetic biology (SynBio) covers two main areas: application engineering, exemplified by metabolic engi- neering, and the design of life from artificial building blocks. As the general public is often reluctant to embrace synthetic approaches, preferring nature to artifice, its immediate future will depend very much on the public’s reaction to the unmet needs created by the pervasive demands of sustainability. On the other hand, this reluctance should not have a negative impact on research that will now take into account the (...) existence of the multiple transitions that cells face over time. The ages of life—birth, development, maturation, senescence and death—reflect specific key transitions and have, until now, rarely been taken into account in SynBio designs. This results in a mismatch between novelty and the very long evolutionary time that led to the existing chassis [remember that this is the common term used to describe the cellular framework as seen by synthetic biologists (de Lorenzo & Danchin, 2008)]. It also implies that, in general, transitions between growth stages will be taken into account with the appro- priate embodiment of highly specific processes. This is particularly important when adapting new models to their host, whether natural or artificial. Adaptation fol- lows two stages, short-term accommodation of new entities and long-term assimilation into the cell as a whole. This requires discrimination between classes of entities. We suggest that proteins playing the essential role of Maxwell’ demons, here named Maxwell’s dis- criminators (MxDs) to refer to their original function, will permit the assimilation and accommodation of artificial constructs. As a consequence, we can foresee that class discrimination, beyond mere recognition, will be implemented in SynBio 2.0, leading to an authentic par- adigm shift (Kuhn, 1996), based on conceptions that embody information as a genuine currency of reality. (shrink)

This essay is dedicated to the memory of Katherine Hawley.1Bitcoin was invented to serve as a digital currency that demands no trust in financial institutions, such as commercial and central banks. This paper discusses metaphysical aspects of bitcoin, in particular the view that bitcoin is socially constructed, non-concrete, and genuinely exists. If bitcoin is socially constructed, then one may worry that this reintroduces trust in the communities responsible for the social construction. Although we may have to rely on certain (...) communities, I argue that social construction doesn’t imply a demand for trust because the relevant communities don’t take on any relevant commitments. Bitcoin is indeed trust-free. (shrink)

A piece of folklore enjoys some currency among philosophical Bayesians, according to which Bayesian agents that, intuitively speaking, spread their credence over the entire space of available hypotheses are certain to converge to the truth. The goals of the present discussion are to show that kernel of truth in this folklore is in some ways fairly small and to argue that Bayesian convergence-to-the-truth results are a liability for Bayesianism as an account of rationality, since they render a certain sort (...) of arrogance rationally mandatory. (shrink)

In arguing against the likelihood of consciousness in non-human animals, Descartes advances a slippery slope argument that if thought were attributed to any one animal, it would have to be attributed to all, which is absurd. This paper examines the foundations of Thomas Willis’ comparative neuroanatomy against the background of Descartes’ slippery slope argument against animal consciousness. Inspired by Gassendi’s ideas about the corporeal soul, Thomas Willis distinguished between neural circuitry responsible for reflex behaviour and that responsible for cognitively or (...) consciously mediated behaviour. This afforded Willis a non-arbitrary basis for distinguishing between animals with thought and consciousness and those without, a methodology which retains currency for neuroscience today. (shrink)

The concept of ‘Ethnicity’ still enjoys some currency in the historical and social science literature. However, the cogency of the idea remains disputed. First coming to prominence in the 1980s, the word is often used to depict the character of social relations in the context of conflicts over sovereignty. The case of Northern Ireland presents a paradigmatic example. This article is a rejoinder to Ian McBride’s contention that my scepticism about the notion lacks justification. With reference to disputes over (...) the state, I show in response that ‘ethnicity’ in effect means nationality. I further claim that the nation state is a successor to the dynastic state. In clarifying the meaning of this arrangement, the article brings out how the nation is a juridical rather than empirical category. More specifically, it derives from the notion of corporate personality in law. For this reason, its retrospective integrity is a matter of fabrication, depending on the fiction of ancestral continuity. At the same time, its future-oriented cohesiveness means that it must be invested with a unifying will. I conclude that the legitimacy of a nation state rests on its democratic will, whose coherence is expressed in the action of its government. (shrink)

This chapter discusses cryptocurrency, distributed ledger technology and blockchain tokens within the context of technological innovation, the history of money and accounting practices, and their multiple functionalities beyond those of standard currencies. This discussion is motivated by the design of cryptocurrencies for specific community needs, and to reflect anti-rival, positive sum value.

In ‘What Has Philosophy to Learn from Tort Law?’, Bernard Williams reaffirms J. L. Austin’s suggestion that philosophy might learn from tort law ‘the difference between practical reality and philosophical frivolity’. Yet while Austin regarded tort law as just another repository of time-tested concepts, on a par with common sense as represented by a dictionary, Williams argues that ‘the use of certain ideas in the law does more to show that those ideas have strength than is done by the mere (...) fact that they are part of the currency of common sense’. But what does it mean to show that ideas or concepts ‘have strength’? How does conceptual strength relate to the distinction between practical reality and philosophical frivolity? And what special features of the law are supposed to make it a better test of conceptual strength than common sense? In this chapter, I reconstruct and develop Williams’s answers to these questions. I show why Williams believes that we need to test the concepts forming the currency of common sense against practical reality as embodied by legal practice; I identify seven features of tort law that make it particularly suitable to act as such a test; I distinguish three respects in which concepts can show strength, and unpack Williams’s metaphor of microwave-resistant concepts: concepts capable of holding and presenting material for intense critical scrutiny without succumbing to it themselves; lastly, I show how philosophy can learn to identify systematically weak concepts, and the limits of otherwise valuable concepts, by considering which concepts fail the test. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and (...) Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

Does individual desert matter for distributive justice? Is it relevant, for purposes of justice, that the pattern of distribution of justice’s “currency” (be it well-being, resources, preference-satisfaction, capabilities, or something else) is aligned in one or another way with the pattern of individual desert? -/- This paper examines the nexus between desert and distributive justice through the lens of individual claims. The concept of claims (specifically “claims across outcomes”) is a fruitful way to flesh out the content of distributive (...) justice so as to be grounded in the separateness of persons. A claim is a relation between a person and a pair of outcomes. If someone is better off in one outcome than a second, she has a claim in favor of the first. If she is equally well off in the two outcomes, she has a null claim between the two. In turn, whether one outcome is more just than a second depends upon the pattern of claims between them. -/- In prior work, I have elaborated the concept of claims across outcomes, and have used it to provide a unified defense of the Pareto and Pigou-Dalton axioms. Adding some further, plausible, axioms, we arrive at prioritarianism. -/- Here, I consider the possibility of desert-modulated claims—whereby the strength of an individual’s claim between two outcomes is determined not only by her well-being levels in the two outcomes, and her well-being difference between them, but also by her desert. This generalization of the notion of claims suggests a new axiom of justice: Priority for the More Deserving, requiring that, as between two individuals at the same well-being level, a given increment in well-being be allocated to the more deserving one. -/- If individual desert is intrapersonally fixed, this new axiom, together with a desert-modulated version of the Pigou-Dalton principle, and the Pareto axioms, yields a desert-modulated prioritarian account of distributive justice. Trouble arises, however, if an individual’s desert level can be different in different outcomes. In this case of intrapersonally variable desert, Priority for the More Deserving can conflict with the Pareto axioms (both Pareto indifference and strong Pareto). -/- This conflict, I believe, is sufficient reason to abandon the proposal to make claim strength a function of individual desert on top of well-being levels and differences. If distributive justice is truly sensitive to each individual’s separate perspective—if the justice ranking of outcomes is built up from the totality of individual rankings—we should embrace the Pareto axioms as axioms of justice and reject Priority for the More Deserving. In short: desert-modulated prioritarianism is a nonstarter. Rawls was right to sever distributive justice from desert. (shrink)

Our planet contains 194 independent states and much more nations. They share membership of the United Nations and in consequence they subscribed the Universal Declaration of Rights. These are rooted in the modern universal conception of states and human rights formulated by philosophers of the Enlighten Age like Locke, Kant., Montesquieu, Voltaire and Rousseau. Concepts like democracy are mirrored to the organization of the political life as it was developed in North America and Europe at the end of the 18th (...) and the 19th century. Universality was deeply rooted in the Western intellectual, moral and religious tradition of that part of the world. Even globalization of the economic and social life is governed by the same Western standards and worldwide consumed basic goods like prime matter,. food and energy is expressed in terms of Western currency like dollar, pound sterling or euro. Despite this economic globalization there were two contradictory political evolution to discern: At the one hand more than 70 new states where created and on the other hand 28 European states started to integrate to a political European Union. The latter trend was based on a deep economic integration and since the creation of the euro also a financial integration. Basic idea was the creation of a free economic market as bases for a political unified Europe. Euro criticism is not only identified with conservatism, nationalism, narrow mind and even racism, euro criticism is deprived from any intellectual significance. However other trends put some shadow on the European project. First the Soviet experience around Marxism, Leninism and Stalinism unified more different nations than the European Union but ended in a complete political and economic chaos. Secondly the financial euro crisis involves only the tacit undermining of the national political independence of the member states, but does not make room for a deep analysis what the fundamentals are of this crisis such as lack of confidence of the citizen in the created unified political and financial market and its main instruments like banks that we consider as the fundamental boundary conditions of the worldwide globalization of goods, power and all aspects of human life. Furthermore we claim that this market in al its aspects is the worst answer to the inconvenient yet unavoidable truth that Western way of life of consumption includes a ecological footprint that exceeds since many years the sustainability of our planet. -/- . (shrink)

ABSTRACTThe Assistance Principle is common currency to a wide range of moral theories. Roughly, this principle states: if you can fulfil important interests, at not too high a cost, then you have a moral duty to do so. I argue that, in determining whether the ‘not too high a cost’ clause of this principle is met, we must consider three distinct costs: ‘agent-relative costs’, ‘recipient-relative costs’ and ‘ideal-relative costs’.

This book defends an account of justice to nonhuman beings – i.e., to animals, plants etc. – also known as ecological or interspecies justice, and which lies in the intersection of environmental political theory and environmental ethics. More specifically, against the background of the current extinction crisis this book defends a global non-ranking biocentric theory of distributive ecological/interspecies justice to wild nonhuman beings, because the extinction crisis does not only need practical solutions, but also an account of how it is (...) the outcome of large-scale injustice. This book not only provides a novel theoretical framework that supports such a claim, but it also develops the theoretical tools to find just compromises between the entitlements of intraspecies and intra-human global distributive justice to ecological space for the purpose of working towards a vision of just conservation. -/- Content: 1. Introducing Ecological Justice 2. Political Non-Ranking Biocentrism 3. The Community of Justice 4. The Currency of Distributive Justice 5. The Principles of Distributive Justice 6. Ecological Justice and the Capabilities Approach 7. Biodiversity Loss: An Injustice? 8. Who Owns the Earth? 9. Visions of Just Conservation 10. Outlook for Implementation . (shrink)

The Millian semantic view of names relies on a metaphysical view of names—often given the label ‘common currency conception’ —on which the names of distinct individuals count as distinct names. While even defenders of the Millian view admit that the CCC ‘does not agree with the most common usage’, I will argue further that the CCC makes names exceptional amongst the class of linguistic expressions: if the CCC is correct, then names must have a sui-generis metaphysical nature, distinct from (...) the metaphysics of every other kind of linguistic expression. Such metaphysical exceptionalism would be justified if the Millian view had a clear, uncontested theoretical advantage over its rivals. However, in the context of a semantic debate about names in which the closest competitors of the Millian view—the Predicate view and Indexicalism—do not result in such exceptionalism, it counts as a strike against the Millian view. (shrink)

Reshaping the neo-Aristotelian doctrines about the human soul was Descartes’s most spectacular enterprise, which gave birth to some of the sharpest debates in the Republic of Letters. Neverthe- less, it was certainly Descartes’s intention, as already expressed in the Discours de la méthode, to show that his new metaphysics could be supplemented with experimental research in the field of medicine and the conservation of life. It is no surprise then that several natural philosophers and doctors, such as Henricus Regius from (...) Utrecht, who had studied in Padua with William Harvey, rallied in support, in order to gain a more substantial theoretical basis for their research. Taking as his ground some general metaphysical assumptions, such as the existence of God, the immortality of the soul, and perhaps the separability of the pure understanding, Regius intended to secure a new philosophy of man, which was able to reflect his medical interests and complement his account of human nature. This is the story that is now gaining currency, and it is surely accurate, at least in part. Desmond Clarke has recently defended the same view1, based on the remarkable studies of the Utrecht scholars Theo Verbeek and Erik-Jan Bos. Here I would like to challenge some aspects of this view and ask how Regius, who was perceived as the philosopher most closely associated with Descartes, became a betrayer of his mentor. (shrink)

The problem of synthetic judgements touches on the question of whether philosophy can draw independent statements about reality in the first place. For Kant, the synthetic judgements a priori formulate the conditions of the possibility for objectively valid knowledge. Despite the principle fallibility of its statements, modern science aims for objective knowledge. This gives the topic of synthetic a priori unbroken currency. This paper aims to show that a modernized version of transcendental philosophy, if it is to be feasible (...) at all, must “bid farewell” to the concept of being “free of empiricism” or the “purity” of the a priori. Approaches to this end can already been found in Kant’s reflections on non-pure synthetic knowledge. Moreover, the a priori validity of knowledge does not exclude the possibility that it can be discovered empirically. In keeping with Kant, Fries and Nelson anticipated this separation (usually first attributed to Reichenbach) between the validity and discovery context of knowledge and pointed out that the a priori could be discovered empirically, but never proven. There are currently still good reasons why transcendental philosophical concepts are of fundamental importance for modern science, although it must not be overlooked that even within the framework of a modernized transcendental philosophy, several unsolved problems remain or are raised. For example, the irredeemability of the universal validity and necessary claims of the a priori, the problem of a clear demarcation between the phenomenal and noumenal world. Moreover, the “beautiful structure” or the Kantian system, which constituted its persuasive power, is lost. (shrink)

This article will be based on the concept of respect which is one of the keystone concepts of moral philosophy by Immanuel Kant who is one of the most important philosophers of the history. The Groundwork of the Metaphysics of Morals and Critique of Practical Reason by Kant will be the works to be based on throughout the article. The form of morality of the human who is a social being will be considered by means of the concepts of respect (...) and obligation which are found in these works. Respect which is a principle determines the person for the relation constituted within the realm of common will be discussed by means of its necessity and certainty linked to duty and obligation. The difference by means of context and extent between respect and love which are two basic facts of social life will be pointed out. The formal aspect of Kantian ethics and the morality of law revealed by pure reason, independent of natural causality, constitute the basis of harmonious social structuring. The indispensable importance of the form of Kant's philosophy today, with its moral formula that will continue its currency against the lack of morality, dignity and respect, the necessity of which is clearly revealed in the suffocation of the capitalist system of exploitation, has been the motivation for the disintegration in question. Throughout the study, the basic lines of Kant's ethics will be examined and at the same time, an attempt will be made to shed light on some of today's ethical problems based on these ideas. (shrink)

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)

Modern money theory is a conjecture concerning fiscal spending and the nature of money. I show that modern money theory provides two interesting insights into distributive justice that have not been addressed in the recent Anglo-American distributive justice literature: (i) that the nature of a sovereign fiat currency allows for some distributive conflicts to be avoided; and (ii) that recent Anglo- American distributive justice theories assume that the economy is at capacity. Based on this, I consider if the policy (...) results of modern money theory can help foster a sense of justice. (shrink)

The objective of this paper is to analyse, from a philosophical perspective, the 16th and 17th Century models of currency, as well as their influence on the types of society in which the models developed. For this, the author values the study by the French philosopher Michael Foucault Words and Things on this matter and the principal foundations of Ludwig von Bertalanffy´s systems theory. The 17th Century model of currency is based on the notion of a system of (...) exchange. The notion of a system of exchange represents a transformation of great significance, upon which the principal characteristics of our current globalised era are founded, not only in economic life, but also in relation to an understanding of the world that it implies. Furthermore, the notion of a system of exchange was the step before the current model of electronic payments of the digital era, in which large transactions (and also large data transfers) take place by pressing a button. The principal idea of the paper is that these economic practices hold the key to deepen a philosophical and historical comprehension of concepts such as globalisation. (shrink)

An embedded ideology of the religious-secular binary in its various forms has assumed currency in recent continental and Anglo-American political thought. This ideology highlights the difference between religion under modernization, broadly defined by the secularization thesis, and that of religious revival in a period characterized by postsecularism. It reflects the rise of new epistemologies and the dissolution of the antinomies between faith and reason characteristic of a postsecular culture. A common argument found in these writings is that enlightenment secularization, (...) which relegates the sacred to a private sphere, seems to have discovered its own parochialism as religion continues to provide…. (shrink)

A logic path between moral principles of social organization of religious rules and the economiy of belief in industrial societies. I argue that some lifes may be like currency, a Good and a Bad Side, due to the dilema betwee profit and spiritual reasons.

This paper assesses the proposal to transform the monetary system into an Ecology of money, that is, into a system made of a large diversity of complementary currencies. Its central aim is to examine whether this proposal could provide a systemic solution to both the ecological and financial crises, as several authors, most notably Lietaer and Douthwaite, have argued. To this end, it analyses the two main arguments in favour of this proposal. First, it focuses on the claim that an (...) Ecology of money would be more resilient and less prone to crisis than the present monetary system. It shows that this argument suffers from several conceptual flaws and argues that it fails to provide sufficient normative reasons to favour an Ecology of money. Second, this paper analyses the claim that an Ecology of money could help defeat the monetary growth imperative that supposedly plagues our economies. The paper raises serious doubts about the existence of such an imperative and questions the claim that an Ecology of money could contribute to weaken it in a significant way. (shrink)

Part One of Montesquieu's Idea of Justice comprises a survey of the currency in philosophical, ethical and aesthetic debate during the second half of the 17th century of the terms rapport and convenance, which are central to the enigmatic definition given to justice by Mon tesquieu in Lettres Persanes LXXXllI. In this survey, attention is concen trated on the way in which the connotations of these terms fluctuate with the divergent development of the methodological and speculative outgrowths of Cartesian (...) ism into two schools of thought, materialist and idealist, often widely at variance in their views of the nature and orga nization of the universe. In Part Two, Montesquieu's definition of justice is set against this background, whose doctrinal conflicts, because of the characteristic as sociations of its key terms, it may be taken to reflect, just as it may be held to epitomize, by virtue of its elaboration in the opening chapter of De l' Esprit des Lois and its close terminological affinities with the defini tion of law there given, an undoubtedly related conflict between the implications of causal determinism and the aspirations of idealist meta physics surviving at the heart of Montesquieu's outlook, and, remaining unresolved, often said to impair the coherence if not the validity of his theory of society. (shrink)

The word ‘equality’ often requires disambiguation, which is provided by context or by an explicit modifier. For each sort of magnitude, there is at least one sense of ‘equals’ with its correlated senses of ‘is greater than’ and ‘is less than’. Given any two magnitudes of the same sort—two line segments, two plane figures, two solids, two time intervals, two temperature intervals, two amounts of money in a single currency, and the like—the one equals the other or the one (...) is greater than the other or the one is greater than the other [sc. in appropriate correlated senses of ‘equals’, ‘is greater than’ and ‘is less than’]. In case there are two or more appropriate senses of ‘equals’, the one intended is often indicated by an adverb. For example, one plane figure may be said to be equal in area to another and, in certain cases, one plane figure may be said to be equal in length to another. Each sense of ‘equality’ is tied to a specific domain and is therefore non-logical. Notice that in every cases ‘equality’ is definable in terms of ‘is greater than’ and also in terms of ‘is less than’ both of which are routinely considered domain specific, non-logical. The word ‘identity’ in the logical sense does not require disambiguation. Moreover, it is not correlated ‘is greater than’ and ‘is less than’. If it is not the case that a certain designated triangle is [sc. is identical to] an otherwise designated triangle, it is not necessary for the one to be greater than or less than the other. Moreover, if two magnitudes are equal then a unit of measure can be chosen and, no matter what unit is chosen, each magnitude is the same multiple of the unit that the other is. But identity does not require units. In this regard, congruence is like identity and unlike equality. In arithmetic, the logical concept of identity is coextensive with the arithmetic concept of equality. The logical concept of identity admits of an analytically adequate definition in terms of logical concepts: given any number x and any number y, x is y iff x has every property that y has. The arithmetical concept of equality admits of an analytically adequate definition in terms of arithmetical concepts: given any number x and any number y, x equals y iff x is neither less than nor greater than y. As Aristotle told us and as Frege retold us, just because one relation is coextensive with another is no reason to conclude that they are one. (shrink)

Peter Geach’s distinction between logically predicative and logically attributive adjectives has gained a certain currency in philosophy. For all that, no satisfactory explanation of what an attributive adjective is has yet been provided. We argue that Geach’s discussion suggests two different ways of understanding the notion. According to one, an adjective is attributive just in case predications of it in combination with a noun fail to behave in inferences like a logical conjunction of two separate predications. According to the (...) other, an adjective is attributive just in case it cannot be applied in a truth-value-yielding fashion unless combined with a noun. The latter way of understanding the notion has been largely neglected by Geach’s critics, but we argue that taking account of it shows the misguided nature of some of their objections, and also yields a more satisfactory explanation of attributivity than does the other. (shrink)

The article investigates the main characteristics of the financial stability of Ukrainian banks, their risk profile, structure of assets, liabilities, income, expenses based on the monthly reporting data for 2004-2020 (number of observations – 3 813). The Kohonen self-organizing map (SOM) toolkit is used to form homogeneous groups of banks based on a large number of financial indicators. The selected toolkit provides a convenient visualization of the results. Each bank occupies a specific place on the SOM. The close location of (...) banks on the map indicates that these banks have many common characteristics. This study is called the method of structural and functional groups of banks. The study formed stable groups of banks with the same characteristics of business models and risk profile. The formation of consecutive maps for each reporting period allows to obtain the characteristics of each bank separately and the banking system as a whole. The trajectory of an individual bank’s activity during the observation period characterizes the development of its business strategy. The migration of a large number of banks between groups reflects the objective changes in the conditions of banking. Increasing groups of high-risk banks indicate systemic problems. The results show that after a significant reduction in the banking system of Ukraine in 2014-2016, the business models of banks have changed significantly. The resource base relies on unstable sources of current funds with no set term of use. In the assets of banks, a significant portion is invested in government securities – government bonds. Bank loan portfolios have declined and have a higher proportion of non-performing assets (NPL). Many banks have increased currency risk. Concerns are raised about the state of large state-owned banks that hold a separate high-risk group. Thus, the conducted research allows to distinguish groups of banks with specific characteristics of business models and to observe changes of risk profile inherent to these groups. For each structural-functional group, changes in the values of financial indicators are investigated and migration between groups is studied. The proposed methodology is useful for studying both macro and macro levels. (shrink)

The Levelling-Down Objection is a standard objection to monistic egalitarian theories where equality is the only thing that has intrinsic value. Most egalitarians, however, are value pluralists; they hold that, in addition to equality being intrinsically valuable, the egalitarian currency in which we are equal or unequal is also intrinsically valuable. In this paper, I shall argue that the Levelling-Down Objection still minimizes the weight that the intrinsic badness of inequality could have in the overall intrinsic evaluation of outcomes, (...) given a certain way of measuring the badness of inequality, namely, the Additive Individual-Complaints Measure. (shrink)

This paper investigates a well-known case of simultaneous discovery in twentieth-century chemistry, the origins of the concept of hybridisation, in the light of Kuhn's insights. There has been no ambiguity as to who discovered this concept, when it was "rst in print, and how important it was. The full-#edged form of the concept was published in 1931 independently by two American scientists John C. Slater (1900}1976) and Linus Pauling (1901}1994), although both of them had made their ideas public earlier: Slater (...) at the American Physical Society meetings in 1930, and Pauling in the Proceedings of the National Academy of Sciences in 1928. Slater and Pauling both argued for the necessity of using an s orbital as well as three p orbitals in the carbon atom in order to explain carbon's four valences and the tetrahedral structure of methane. The metaphor &hybridisation' for denoting this mix of s and p orbitals was "rst used by Robert S. Mulliken and J. H. Van Vleck before gaining currency with the scienti"c community around 1935.2 The concept of hybridisation was indeed indispensable for extending the quantum-mechanical interpretation of the chemical bond as an electron pairing from diatomic molecules to polyatomic ones. To be sure, the emergence of hybridisation attests to scientists' growing interest in exploring the borderland between physics and chemistry, a trend that led to the creation of physical chemistry in the late nineteenth century and of chemical physics and quantum chemistry in the 1920s and 30s. Slater and Pauling themselves experienced and on many occasions talked about the fruitfulness of interdisciplinary research; and historians have legitimately illuminated their works by examining them in this broad context.3 Yet the careful analysis of their research notes and published papers reveals that Slater and Pauling were working in quite disparate disciplinary traditions, with di!erent approaches, for di!erent audiences, and towards di!erent goals. The aim of this paper is to explore their di!erent routes to a common destination*hybridisation*and thereby to explicate tensions existing between physics and chemistry amidst the institutional and conceptual overlapping of the two disciplines. (shrink)

Understanding the policymaking process in an emerging economy in the global south, such as Bangladesh, holds significant importance. The country's remarkable socio-economic development, once the most impoverished in the region, has been facilitated by post-globalization economic transformation. While the literature on institutional change has predominantly focused on states in industrialist countries, this dissertation presents an innovative theoretical approach. It deeply explores primary case materials to illustrate how the state engages in policy evolution in a developing country's gradual shift from the (...) import substitution model towards globalization and deregulation. The central argument posited is that Bangladesh's globalization, particularly through its private sector-led garment exports, stands as a significant success story. Bangladesh is now the world's second-largest garment exporter after China. This achievement is attributed to the entrepreneurial development it fosters and its role in driving socio-economic change. Moreover, it has enabled the mobilization of resources, reducing aid dependence, enhancing climate resilience, improving public health and wellbeing, empowering women, and addressing critical needs in physical infrastructure and human development. The argument presented here diverges from the conventional explanation found in the literature, which tends to emphasize the role of external forces, particularly institutions like the World Bank, the International Monetary Fund, and donors, in triggering policy reforms in Bangladesh. These reforms, commonly linked with structural adjustment packages implemented during the balance of payments crisis, are frequently perceived as predominantly influenced by external pressures. Additionally, the influence of the business class or Bangladeshi non-governmental organizations (NGOs) is often asserted. This dissertation proposes an alternative explanation by suggesting that ideational viewpoints within the state, specifically the ideas espoused by top technocrats and political executives, played a significant role. It argues that these internal ideational factors were more influential than materialistic ones, highlighting the causal role of the policy process driven by endogenous imperatives. The introduction of the dissertation addresses the research problem and research puzzle while suggesting conjectures after problematizing existing arguments. The significant economic transformation observed in Bangladesh today is portrayed as the outcome of a gradual process spanning several decades. The transition towards promoting the private sector and embracing globalization commenced in 1991, following a series of incremental changes dating back to the 1970s and 1980s. During these periods, the institutional path progressed towards empowering the private sector and embracing globalization, laying the groundwork for a trajectory led by the private sector in the context of globalization. The theory chapter serves to establish the conceptual and theoretical foundation for analyzing both economic change and transformation by examining the evolutionary nature of the process. The study adopts an institutional change framework, drawing on the theory of gradual change and focusing on concepts such as layering and tipping points. Within this framework, causal variables such as powering and puzzling, social learning, and ideas are identified. The methodological approach is grounded in historical institutionalism, employing the process-tracing "within case" method. The selection of cases deliberately targets an important yet under-researched area—the policy process in Bangladesh concerning the success of garment-led industrialization. This dissertation fills a noticeable gap in the literature through rigorous analysis, enabling an in-depth exploration of the institutional dynamics spanning four governments from 1972 to 1991. The study relies on substantial primary materials, including interviews with key officials. Each empirical chapter not only presents data but also connects the findings to conceptual and theoretical conjectures, underscoring the significant contributions of this research. The key causal variables identified include the concepts of ‘puzzling’ and ‘social learning’ within the state capacity framework, along with a narrowly defined and developed concept of a "policy committee." The learning process entails technocrats engaging in what Hugh Heclo and Peter Hall term as "social learning," where they play a crucial role in addressing policy challenges, particularly during times of uncertainty and political turmoil, based on their learning from past experiences. Additionally, the concept of ‘powering’ is highlighted, emphasizing that while technocrats provide policy recommendations, it is ultimately the political executive who endorses policies. The interplay between ‘puzzling and powering’ and ‘social learning’ shapes the outcomes of the policy process. The first empirical chapter focusing on the Sheikh Mujibur Rahman Government (1972-1975) illustrates the emergence of policy learning during this period. Initially, this government pursued import substitution under strict government controls, with a predominant public sector. The historical context of exploitation under Pakistani rule and the centralization of industry by West Pakistan fostered socialism as an ideal for East Pakistan's economic emancipation. Additionally, close ties with India and the Soviet Union reinforced this socialist tendency. However, due to severe economic conditions resulting from stringent control on private investment and emphasis on large-scale public investment, policy puzzling and learning ensued. As a result, incremental changes were initiated, allowing limited private sector participation. The second empirical chapter explores the General Ziaur Rahman government's tenure (1975-1981) and how deregulation was consolidated within a layering step, paving the way for a shift towards globalization. General Zia and his technocrats, operating under authoritarian conditions, acknowledged the inefficacy of existing policies. Furthermore, General Zia's inclination towards the West fostered closer collaboration with donors. The Multifiber Agreement (MFA) presented an opportunity for garments, coinciding with the decline in jute exports. This government opened up industrial sectors for private participation, and banks provided funding across various sectors, with special emphasis on the burgeoning garment industry. The chapter also explores the origins of the garment industry during this period. Notably, Noorul Quader Khan, upon retiring as cabinet secretary, collaborated with a Korean multinational, Daewoo, with the support of General Zia, leading to the establishment of Desh Garments—a pioneering venture that catalyzed the export orientation of the sector. The third empirical chapter delves into the economic policies of the General Hussain Muhammad Ershad Government (1982-1990), highlighting its emphasis on greater private sector involvement. Under this administration, there was a political inclination towards globalization and deregulation, leading to the appointment of technocrats aligned with this vision. The leadership believed that promoting the private sector would be more effective in job creation. Despite facing significant political opposition, efforts towards disinvestment were made, eventually resulting in compromises like public-private partnerships. The decentralization of administration and restructuring of ministries aimed at promoting industrialization and economic globalization driven by the private sector at the regional level. Initiatives such as the Industrial Promotion and Development Company, with support from organizations like the International Finance Corporation, aimed to boost the private sector. Efforts towards globalization were synchronized with the establishment of an export processing zone in Chittagong, focusing on promoting private and foreign investment. Foreign investment promotion was encouraged through diplomatic efforts and legislative measures to safeguard investors. Currency devaluation was utilized to stimulate exports, along with some degree of import liberalization. The chapter convincingly argues that the groundwork for globalization, initiated under General Zia, came to fruition under General Ershad. The final empirical chapter contends that the system shifted towards globalization and deregulation in 1991. Although a severe balance of payments crisis occurred in 1989, it wasn't perceived as the sole cause of the industrial policy of 1991. The democratic uprising in 1990 led to the downfall of the military-backed government and the rise of a democratic government. The chapter argues that while economic and political changes may have been intertwined, the economic shift in 1991 was primarily driven by ideas within the state and driven by endogenous imperatives. It examines preceding periods to illustrate how the tipping mechanism might have operated, detailing the roles of top technocrats and political executives. The chapter provides insights into key policymakers and their ideas, as well as their interactions with industrialists, entrepreneurs, and representatives of multilateral organizations like the World Bank. Significant reform measures, including tariff reduction, the introduction of value-added tax, banking sector reform, and the adoption of floating exchange rates, are outcomes of the policy change. Additionally, sectors such as power, banks, and telecommunications, formerly monopolized by the public sector, are now deregulated. (shrink)