One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On the (...) other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

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)

There are two different ways in which one can connect the declarations of a worldwide financial crisis and a worldwide climate crisis. The first way has relatively clear legal aspects and requires just a bit of extra thought to see the connection. Insofar as institutions and sources of law have attempted to address climate change to date, states have come to regard the United Nations Convention on Climate Change (UNFCCC) and the Protocol thereto, signed during a regular annual (...) Conference of the Parties in 1997 at Kyoto, as the organizing force of all serious legal actions. There are two foci of the UNFCCC and Protocol - mitigation of the causes of climate change and adaption to the effects of climate change. In the first ten years of life with the UNFCCC, much of the focus was upon mitigation. During that period, adaptation was regarded as only a regrettable fallback position to be considered if we were unable (or as it turns out, unwilling) to mitigate. (shrink)

The current economic crisis caused by the COVID-19 pandemic has created new changes and challenges for society, which has led to a deeper identification of pressing problems and to develop strategies and models for overcoming crises in various countries, industries and businesses. The formation and improvement of modern strategies and models of crisis management is impossible without optimizing the resources of economic entities, providing assistance at various levels of government to support priority sectors of the economy, finding additional (...) sources of funding to combat the COVID-19 pandemic. To ensure the effective develop and implementation of modern strategies and models of crisis management it is necessary to have information about the state of economic entities, relevant commodity, raw materials, financial markets, explore the internal and external environment, determine the impact of risks on current activities business entities or industries. The effectiveness of crisis management strategies and models is determined by the ability of the management system to ensure the support of business activity of economic entities in the relevant market and to stimulate effective consumer demand. The purpose of writing this scientific monograph is to substantiate the theoretical and methodological foundations and to form and improve strategies and models of crisis management taking into account new changes and challenges for society related to the COVID-19 pandemic and declining business activity of economic entities. The object of the author’s research was the process of formation and improvement of crisis management strategies and models in the conditions of market imbalance and change of the external environment, reduction of activity volumes of economic entities, growth of budget expenditures to combat the COVID-19, formation of new forms of activities and penetration of information technology into various spheres of life to optimize the negative consequences of a pandemic. The subject of the study were socio-economic, organizational and institutional processes of formation and effective implementation of strategies and models of crisis management in various areas of economic activity; substantiation of mechanisms for ensuring the competitiveness of economic entities and the formation new forms of entrepreneurship; development of modern information technologies; consideration of best practices in business process management and digitalization using world experience in various sectors of the economy caused by the COVID-19. (shrink)

I argue that epistemic failings are a significant and underappreciated moral hazard in the financial services industry. I argue further that an analysis of these epistemic failings and their means of redress is best developed by identifying policies and procedures that are likely to facilitate good judgment. These policies and procedures are “best epistemic practices.” I explain how best epistemic practices support good reasoning, thereby facilitating accurate judgments about risk and reward. Failures to promote and adhere to best epistemic practices (...) contributed to the 2008 financial crisis. I identify and discuss some of the ways in which best epistemic practices were violated in the events that led to the crisis, with a focus on the role of the credit rating agencies. I go on to discuss some of the ways in which these failings have been redressed. I conclude by observing how proactive regulation for best epistemic practices might help us to anticipate and avoid future crises. (shrink)

On September 7, 2008 the executive administration of American President George W. Bush announced that his government would take over the giant mortgage finance companies Fannie Mae and Freddie Mac, costing the citizens $200 billion. One week later, the 160 year-old American investment bank Lehman Brothers filed for the largest bankruptcy in U.S. history. What would soon be known worldwide as “the financial crisis” had begun. In response to that crisis, less than a month later, on October (...) 3, 2008, the United States Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief Program and authorized the use of $700 billion in taxpayer funds to bail out the banking and finance industry. As a result, the U.S. Treasury reports that the total bailout gave Bank of America $45 billion, Citigroup Bank $45 billion, AIG Bank $40 billion, J. P Morgan $25 billion, Wells Fargo $25 billion, General Motors $10.4 billion, Goldman Sachs $10 billion, Morgan Stanley $10 billion, GMAC $5 billion, and Chrysler corporation, a mere $4 billion. This response to a perceived crisis was not limited to the United States. On October 12, 2008—in one day alone—the United Kingdom coughed up the equivalent of €679 billion in bank relief. And in Germany, Der Spiegel reported on December 23, 2008 “The German government whipped its €480 billion bank bailout package through parliament in record time.". (shrink)

Islamic Banking and Financial Crisis, edited by Habib Ahmed, Mehmet Asutay, and Rodney Wilson, definitely has merit. The book comes at a time when conventional financial institutions face stress and, in many instances, utter failure as a result of the 2008 global financial crisis. While the book is not designed primarily as a retrospective, it does offer an opportunity for reflection.

Katerina Kolozova is a Macedonian philosopher whose publications from last two decades aim to analyze various topics using François Laruelle’s “non-philosophy” or “non-standard philosophy.” Non-philosophy could be roughly described as radicalized deconstruction: Laruelle claims that not everything can be grasped by a philosophy: for Laruelle, “philosophy is too serious an affair to be left to the philosophers alone.”1 Non-philosophy opposes the “principle of sufficient philosophy” through which philosophy determines and decides what is real. According to Laruelle, the ultimate limit of (...) philosophical thought and its self-proclaimed sufficiency lies in its inherent tendency to close itself in a transcendental system of autofetishist conceptions, which presume that one can grasp the Real (“The Real is neither capable of being known or even ‘thought,’ but can be described in axioms. [...] Even ‘immanence’ only serves to name the Real which tolerates nothing but axiomatic descriptions or formulations.”) by a philosophical thought, or that the Real could be mediated only through human thought. Laruelle criticizes this tendency of philosophy, which is usually expressing itself through the structure of “philosophical Decision.” (“To philosophize is to decide Reality and the thoughts that result from this, i.e. to believe to be able to order them in the universal order of the Principle of Reason [Logos].”) Katerina Kolozova use Laruelle’s non-philosophy to explore more explicitly political topics. In the Cut Of Th e Real (2014), she criticized certain dogmatism of poststructuralist philosophy and feminist theory, namely their symptomatic rejection of the Real and the One. In Toward a Radical Metaphysics of Socialism (2015) and The Lived Revolution (2016) Kolozova presented a rereading of Marx, whose work she found relevant for the critique of speculative philosophical dimension of the capitalist economy, embodied in the 2008 global finance crisis, and in the latter book, she explored the possibility of a new political solidarity, based on “bodies in pain.” Kolozova doesn’t call to philosophically reconstruct Marx’s thought for the current situation, but she goes back to Marx with the help of Laruelle’s non-Marxism, contrary to the usual approach of Marxist philosophers, who often try to create certain philosophical system of Marx’s work. Together with Eileen A. Joy, Kolozova edited the anthology After the “Speculative Turn” (2016), which addressed recent realist and materialist tendencies in feminist philosophy. In her most recent book, Capitalism’s Holocaust of Animals (2019), Kolozova aimed to explore broader philosophical foundations of neoliberal capitalism, and its dealing with nonhuman animals and their suffering. According to Kolozova, “We have to start by coming to terms with what we did to the animals in the constitutive act of philosophy and via proxy to all those dehumanised that belong to the species of man ‘by courtesy’ only.” . (shrink)

In this chapter, one considers finance at its very foundations, namely, at the place where assumptions are being made about the ways to measure the two key ingredients of finance: risk and return. It is well known that returns for a large class of assets display a number of stylized facts that cannot be squared with the traditional views of 1960s financial economics (normality and continuity assumptions, i.e. Brownian representation of market dynamics). Despite the empirical counterevidence, normality and (...) continuity assumptions were part and parcel of financial theory and practice, embedded in all financial practices and beliefs. Our aim is to build on this puzzle for extracting some clues revealing the use of one research strategy in academic community, model tinkering defined as a particular research habit. We choose to focus on one specific moment of the scientific controversies in academic finance: the ‘leptokurtic crisis’ opened by Mandelbrot in 1962. The profoundness of the crisis came from the angle of the Mandelbrot’s attack: not only he emphasized an empirical inadequacy of the Brownian representation, but also he argued for an inadequate grounding of this representation. We give some insights in this crisis and display the model tinkering strategies of the financial academic community in the 1970s and the 1980s. (shrink)

This is an introduction to a special number of Midwest Studies discussing the 2008 global financial crisis and the ethical issues it raised. The immediate origins of the crisis are discussed, as are some of the exotic financial instruments involved, and some of the strategies for valuing and trading these instruments. This is necessary background for attributions of moral responsibility and blame to both individuals and institutions in the American financial system and its counterparts elsewhere in the developed (...) world. (shrink)

In the wake of the global financial crisis of 2008, the greatest economic disaster since the Great Depression, the cover story of the July 18th 2009 issue of The Economist, entitled “What went wrong with economics,” opened with an unequivocally incriminating statement: “Of all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself.” In the months surrounding this indictment, many influential economists, including several Nobel laureates, were drawn to the same (...) embarrassing conclusion. Despite the existence of a handful of Cassandras, economists, as a group, had failed to foresee the crash. This short essay reviews the criticisms addressed to modern economic theory in the immediate aftermath of the crash. Overall, the main issues raised by critics were that (a) economists versed in the dominant models in macroeconomics and finance have been blinded to the possibility that we live in an uncertain and complex world; and (b) that the content of current economics education has sidelined many of the relevant insights to be found in the history of the discipline. This has led the critics to call for changes in the institutional structure of discipline, with a particular emphasis on the promotion of interdisciplinarity, and theoretical and methodological pluralism. (shrink)

In the past years, many students had problems with their finances, especially their expenses for education. Many of the students are affected by the crisis financially, emotionally, and by their wellbeing. That is why the government provides programs that will help the students with their problems with school expenses, and that is through the Tertiary Education Subsidy (TES) of the Commission on Higher Education (CHED). Further, the primary goal of this study is to explore the TES Grantees' lived experiences, (...) challenges, and coping mechanisms. Furthermore, these are the study's findings: (1) The grantees find the TES very helpful regarding finances that will tackle their academic needs, such as tuition fees and school learning materials. (2) Many students value government assistance that motivates them to maintain their grades. (shrink)

In accordance with Order No. 548 of the Ministry of Infrastructure dated December 21, 2015 “On measures for the development of road transport and the road economy for the period until 2020”, strategic directions and strategic development goals were developed. This is necessary to ensure the implementation of plans and the implementation of EU legislation in accordance with the Association Agreement. In accordance with the Order, the priorities were to reform the road sector and to ensure the development and maintenance (...) of the road network in good condition. It was also proposed to modify the existing road financing system. (shrink)

Since the sharing economy is a rather new phenomenon, there is still no official definition of it in the legal framework of Croatia. The continuous development of sharing economy started a few years after the 1998 global and domestic economic crisis stroked Croatia. Namely, a total of eight platforms in the sectors of transportation, accommodation, finance, and online skills could be identified. The total market share of these platforms amounts to estimated market revenue of roughly 106 million EUR. (...) When compared to the other EU Member States, it could be noticed that Croatia falls within the group of countries with a below-average performance by a number of platforms per 1 million population, as well as in the level of revenues compared to national GDP. Figures that are more promising can be detected regarding the collaborative economy’s contribution to national employment, which positions Croatia within the EU average. Future studies should explain in greater depth how the sharing economy poses several new challenges for regulators in Croatia and countries across the EU. In particular, policymakers must comprehend the big picture and provide regulatory guidelines to manage the long-term changes in job markets, public safety, competition, and digital trust. (shrink)

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation - is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the emergence of systemic (...) instability in the banking sector always has a negative impact on financial stability in general and has extremely negative socio - economic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined. (shrink)

This Research Topic focuses on both strengths and weaknesses of social innovation, technological innovation, and health innovation that are increasingly recognized as crucial concepts related to the formulation of responses to the social, health, and environmental challenges. Goals of this Research Topic: (1) to identify and share the best recent practices and innovations related to social, environmental and health policies; (2) to debate on relevant governance modes, management tools as well as evaluation and impact assessment techniques; (3) to discuss dilemmas (...) in the fields of management, financing, designing, implementing, testing, and maintaining the sustainability of innovative models of delivering social, health and care services; and (4) to recognize and analyze social, technological and health innovation that has emerged or has been scaled-up to respond to crisis situations, for example, a pandemic of the COVID-19 coronavirus disease. (shrink)

Of the Contract is a version of a text that is as old as any memory, or a form of legal instrument that constitutes the basis of the world in which its terms have been translated. The text remains as open to renewal as that world remains to future alteration, and the terms are both already past, and always yet to come. The notion of the debt that is presented by the contract corresponds to a conception of accountancy and (...) class='Hi'>finance that provide a new approach to the contemporary problem of the sense of that external to the terms of human access.A reinterpretation of the philosophical tradition that runs through Levinas and Heidegger to Kant, Of the Contract is also grounded in the medieval tradition that was centered on the notion of ¿contraction,¿ and its writing was inspired by forms of life such as those found in the development of monastic constitutions, and the novels of knight errantry. It is also an oblique contribution to the recent discussions on the nature of debt, and is deeply marked by an awareness of climate change, and the insufficiencies of capital to overcome this crisis.All of these concerns however were contracted in a more acute awareness of the process of expression, and the work is given first of all as literature. It is the nature of the terms that they are open to untold interpretations. (shrink)

The authors of the book have come to the conclusion that it is necessary to effectively use the methodological tools for assessing the competitiveness of financial and insurance markets, methodological approaches to assessing the effectiveness of regional policy, internal audit of resources. Basic research is aimed at researching the main trends in the international economy, socialization of global economic development, investment aspects of development countries, functioning of consumer market in the international economic system, trends of international population migration, processes of (...) European integration in the field of energy efficiency. The research results have been implemented in the different models of the behavior of the economic system in the conditions of crisis, provision competitiveness of national economy in the face of increasing burden of public debt. The results of the study can be used in decision-making at the level of international business, ministries and departments that regulate international relations, ensuring security and overcoming risks. The results can also be used by students and young scientists in modern concepts of the formation of international economic relations in the context of strengthening European integration processes and globalization of the economy. (shrink)

My research is a result of accumulated provocation of obsolete and paralyzing education that has been frozen since the middle ages. We have to admit that before the pandemic, education was already in crisis. Governments have been ignoring to adopt any comprehensive plan to reform the educational systems till it has been unprecedently disrupted by COVID-19. I try through this paper to make a global call for governments to immediately start cooperating together for setting international qualifications framework that best (...) suit future competencies. This call should be prioritized on the world agenda. It would be more plausible for governments, UNESCO and other education stakeholders to seize the opportunity of the 2020 disruption of life cycle for the maximum benefit of humanity. For this to happen we need exceptional leaders with extraordinary vision to transform education instead of ensuring children can keep learning and that every single child returns to school after the pandemic. Another challenge to be expected is the reduction in education budgets being under pressure as governments shift spending towards the health and economic response to the pandemic. The impact of schools closing on a generation of children will be immense on the long term. We must act now to save the education and life chances of generations of youth. At this time of unprecedented crisis, the world must come together to protect education and put it at the very heart of the global recovery effort. Recovery, not as before but as convenient and sustainable with the perspective requirements. It is time to expose youth to real life experiences; we need our children to learn about finance from characters like Jef Bezos or Bill Gates or Mukesh Ambani; to learn about psychology from John Anderson, Eliot Aronson and Ahmed Ukasha; to know approaches of math and physics as Elon Musk and Steve Wozniak. We shouldn't settle for less when it comes to building minds and souls of our children. With all due respect to teachers and university professors, they are not the only best option for qualifying and training our youth for tomorrow's challenges. However, those entrepreneurs are not teachers or willing to be, education specialists and strategists are required to set the vision and the procedures required to pave the way for highly practical competencies framework. Analgesics are no longer feasible. (shrink)

Public parks play important roles in conserving biodiversity, promoting environmental sustainability, fostering community engagement, and enhancing the overall well-being of residents in urban areas. Nevertheless, finance is needed to maintain and expand the greenspaces in the parks. The current study aims to examine how perceptions of biodiversity loss consequences and park visitation frequency influence the residents’ willingness to contribute financially to tree-planting projects in public parks. Employing the Bayesian Mindsponge Framework analytics on a dataset of 535 Vietnamese urban residents, (...) we discovered that perceived health loss and knowledge erosion as consequences of biodiversity loss and park visitation frequency are directly positively associated with financial donation willingness. Meanwhile, the perceived economic growth loss was found to be indirectly positively associated with donation willingness through park visitation frequency, whereas the perceived loss of nature-based recreation opportunities exhibits the opposite indirect association. Based on these results, communication strategies focusing on the multifaceted benefits of biodiversity preservation and investments in public parks are recommended to improve urban residents’ financial support to park panting initiatives, accessibility to greenspaces, and connections with nature. These are crucial for promoting an eco-surplus culture that enhances biodiversity conservation and human well-being. (shrink)

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in (...) developing nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

The study aimed to measure the effect of Crowdfunding financing on entrepreneurship aspirations in Arabic region. Population consists of members in (15) Crowdfunding Arabic platforms which are working with all models and online at (2018). Descriptive approach and a questionnaire used as a tool for this research. The results showed that Crowdfunding financing effect positively on entrepreneurship aspirations, Crowdfunding used mostly to finance small business or microfinance and charity. Add to that, Crowdfunding leads to financial efficiency and costs reduction, (...) more flexible payments methods and more opportunities for entrepreneurs. The study recommended the importance of entrepreneurship culture and its role in promoting entrepreneurs, the effect off Fintech and various e-banking and e-payments methods, and the need of more interest in innovation and creativity. (shrink)

Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Journal of Risk and Financial Management (ISSN 1911-8074: SI Entrepreneurial Finance).

What does it mean to study places in ‘crisis’ and how does that affect the research done on the ‘rural’? To be considered to be in crisis is not really new as any literature review of rural studies indicates. And yet, we live now in a new context, with new challenges for ‘rural’ research, in particular that of sustainability. Sustainability is the new policy focus and is increasingly reflected in research on rural Europe. Although scholars are beginning to (...) theorize on what is sustainable in and for rural areas, our intention is to take this further. We theorize on what the focus on crisis and, increasingly on sustainability, means for the research we do and the knowledge we produce on rural Europe. Our aim is to bring attention to the politics of past and present knowledge production on the rural to be able to imagine just and sustainable futures. In an analysis of literature primarily from Sweden and the UK, we argue that two construals, that of a rural crisis and that of rural–urban polarization, have set the tone for rural studies and may have overshadowed a more plural approach. We outline what might be needed from rural research to meet future challenges and what the notion of sustainability, with its emphasis on the entanglements of the social, economic and environmental, might mean for the future of rural research. (shrink)

This is a collection of the abstracts of lectures given at the International Conference on Differential Equations, Approximations and Applications, which will be held at the old campus of the Vietnam National University at Hanoi December 10-15, 2001.

Despite the enormity of the financial losses flowing from the 2008 financial crisis and the outrageousness of the conduct that led up to it, almost no individual involved has been prosecuted for criminal conduct, much less actually gone to prison. What this chapter argues is that the failure to punish those in management for their role in this misconduct stems from a misunderstanding of the need to prove that they personally knew of this wrongdoing and harbored an intent to (...) defraud. But not only would negligence be a sufficient legal and moral basis for imposing terms of imprisonment in these cases, mere causal responsibility would also be enough, for causal responsibility has embed in it all we need to find those causally responsible morally responsible too, and once some basis for moral responsibility is established, the imposition of terms of imprisonment is both legally permitted and morally just. (shrink)

The rapidly declining biosphere integrity, representing one of the core planetary boundaries, is alarming. One of the most widely accepted measures to halt the rate of biodiversity loss is to maintain and expand protected areas that are effectively managed. However, it requires substantial finance derived from nature-based tourism, specifically visitors from urban areas. Using the Bayesian Mindsponge Framework (BMF) on 535 Vietnamese urban residents, the current study examined how their biodiversity loss perceptions can affect their willingness to pay for (...) the entrance fee and conservation in protected areas. We found that perceived environmental degradation, loss of economic growth, loss of nature-based recreation opportunity, and loss of knowledge as consequences of biodiversity loss has indirect effects on paying willingness through the mediation of the attitude towards conservation. Especially, the perceived knowledge loss also has a direct positive influence on the willingness to pay for the entrance fee and conservation. In contrast, perceived loss of health is negatively associated with the attitude towards conservation. Based on these findings, we suggest that building an eco-surplus culture among urban residents can be a promising way to generate more finance from nature-based tourism for conservation in protected areas and ease the domestic government's and international organizations' funding allocations problems. (shrink)

Inflationary cosmology has been widely accepted due to its successful predictions: for a “generic” initial state, inflation produces a homogeneous, flat, bubble with an appropriate spectrum of density perturbations. However, the discovery that inflation is “generically eternal,” leading to a vast multiverse of inflationary bubbles with different low-energy physics, threatens to undermine this account. There is a “predictability crisis” in eternal inflation, because extracting predictions apparently requires a well-defined measure over the multiverse. This has led to discussions of anthropic (...) predictions based on a measure over the multiverse, and an assumption that we are typical observers. I will give a pessimistic assessment of attempts to make predictions in this sense, emphasizing in particular problems that arise even if a unique measure can be found. (shrink)

Marx claims that economic crisis is endemic to capitalism and will worsen as capitalism develops. The article situates Marx’s crisis theory within the discipline of political economy, explains its relationship to mainstream economics, charts economic crises that have happened since the 1840s, and explains Marx’s crisis theorem of the fall in the rate of profit. In conclusion, the 2008 economic crisis, and the notion of crisis in general, are speculatively considered. Special attention is given to (...) the affective desire to own a home, particularly as this is desire is developed by capitalism, in relation to the sub-prime mortgage credit crisis. (shrink)

World Crisis and Underdevelopment examines the impact of poverty and other global crises in generating forms of structural coercion that cause agential and societal underdevelopment. It draws from discourse ethics and recognition theory in criticizing injustices and pathologies associated with underdevelopment. Its scope is comprehensive, encompassing discussions about development science, philosophical anthropology, global migration, global capitalism and economic markets, human rights, international legal institutions, democratic politics and legitimation, world religions and secularization, and moral philosophy in its many varieties.

Drawing a sample of 135 successful African immigrant-owned businesses, this paper sets out to investigate how their owners acquired the necessary capital for start-up and growth thereafter. The paper was designed within the quantitative and qualitative research paradigms, in which a triangulation of three methods was utilised to collect and analyze the data. The paper revealed that although African immigrants are characteristically at a disadvantage when it comes to accessing capital from formal financial institutions, this does not stop them from (...) pursuing entrepreneurial activities. At the start-up stage, they typically resort to personal savings, business credit, family credit, and loans from informal financial institutions. According to the ability to raise capital, we found that a varying range of start-up capital was utilised, which tended to vary across the different ethnic groups studied. Once started, we found that the sources of additional finance available to these immigrants did not change significantly. They conventionally turned to friends, co-ethnics and self-help financial associations to ‘feed’ their need for further funding. (shrink)

The book, ‘The Crisis of World and Krishna Pure Monism: A Long Essay’, is more a cathartics of the crisis of world as viewed from the plane of Krishna pure monism than critique of hither to development of idea and philosophy. It sees a correlation of the crisis of world in praxis of objectification of subject, undermining of the knowledge and violation of Krishna pure monism-one has become all and inherence of knowledge. If objectification of subject is (...) juxtaposed with resultant objectification of women, nature, ‘other’, knowledge and idea or Reason or Dharma, it would certainly validate the hypothesis of the essay. The main hypothesis of the essay is as to how objectification of subject on the plane of sciencitization of philosophy and violation of Krishna pure monism-one has become all and inherent knowledge and , and its subversion by muses have led to the crisis of world. The objectification of subject or consciousness or spirit in sciences seems to be cause and effect of objectification of the Woman, Nature, Other, Knowledge and Reason or Idea or Dharma. When one has become all or creator has become creation, the plurality and difference is transitory which appear to have been assigned the permanent value. The transitory value has been given permanence, while the permanent has been dislodged from discourse, conveniently tucked to the abstract. This seems to be real narrative of the crisis of the world. -/- . (shrink)

The purpose of this article is to define the methods of counteracting the financing of terrorism, as well as the obligations of public and private entities in this regard. The basis for the considerations will be the analysis of EU normative acts, and the leading research method will be the dogmatic method supported by the historical method.

In times of crisis, when current theories are revealed as inadequate to task, and new physics is thought to be required—physics turns to re-evaluate its principles, and to seek new ones. This paper explores the various types, and roles of principles that feature in the problem of quantum gravity as a current crisis in physics. I illustrate the diversity of the principles being appealed to, and show that principles serve in a variety of roles in all stages of (...) the crisis, including in motivating the need for a new theory, and defining what this theory should be like. In particular, I consider: the generalised correspondence principle, UV-completion, background independence, and the holographic principle. I also explore how the current crisis fits with Friedman’s view on the roles of principles in revolutionary theory-change, finding that while many key aspects of this view are not represented in quantum gravity, the view could potentially offer a useful diagnostic, and prescriptive strategy. This paper is intended to be relatively non-technical, and to bring some of the philosophical issues from the search for quantum gravity to a more general philosophical audience interested in the roles of principles in scientific theory-change. (shrink)

The European ideals – as well as the idea of Europe per se – are faced with a serious challenge due to recent migration crisis: it is not just the reflexes, the effectiveness and the policies, but also the consistency, the principles and the justification of the notion of the European Union that is in stake. Kant’s concept of universal hospitality could probably provide a good way out of this conundrum: while hospitality has largely been viewed as a solidarity-related (...) imperfect duty towards others, that is, a less compelling duty that allows moral agents for certain latitude concerning the occasions and the degree of its implementation, Kant’s views allow for a totally different perspective, and, in my view, a much more philosophically nuanced one: hospitality might also be considered as an autonomy-based duty owed to others, and in this respect could count as a perfect, morally compelling duty. To the extent that the concept of Europe consists in humanitarian ideals that are based upon a strong philosophical humanistic tradition, I consider my claim to be in perfect harmony with the true spirit of Europe. (shrink)

This paper analyzes the current crisis of the global industrial civilization as a coincidence of external and internal reasons, mainly as a coincidence of economic and environmental crises tendencies. The analysis is based on Habermas´ distinction between four types of social formation, and according to their internal organizational principles and an extent of their social and system integration, also types of crises that can occur in the given type of the social formation. The paper shows that the common reason (...) of economic and environmental crises which are a part of system crisis of industrial civilization is an imperative of growth. This imperative, as Habermas points out, is the immanent principle of institutions and systems of capitalism. Economic and demographic growth of industrial civilization based on capitalism principles has reached its limits. However, all types of social formation, institutions and civilizations are also determined by the imperative of sustainability. The current crisis is then characterized as a display of antagonism between the imperative of growth and imperative of sustainability. This antagonism creates a new category of transformation for sustainable societies or revolution conflicts in states that break environmental and economic limits of growth. These conflicts result from food and water shortages and could bring a growing instability into the world or lead into the collapse of the industrial civilization. (shrink)

In Mexico, the management of public resources has been questioned by the State, and mainly the results that the public administration at its three levels (federal, state and municipal), by the lack of transparency in the application and verification of public resources. The experience that gives us the operation of different emerging programs that focused on reducing social and economic inequality in the country, we can locate them as the first attempts in the search for a solution that is complex. (...) Moving from the role of the benefactor and welfare state to the promoter of the regions and in the recognition of the focalization of priority attention areas, the path that has been taken is not only the beginning. Recognizing the public nature of public finances as a promoter of social development, we must understand it as the one assumed by the State through social, political and economic co-responsibility to solve poverty and marginalization of its own public policy orientation and vision of solution has been made since the eighties. From the above, we can point out some preliminary conclusions including the study of the indigenous language-speaking population with a high level of social exclusion in the methodology for the definition of multidimensional poverty in Mexico, will allow the allocation of public resources in the fight against poverty to be effective since it will make it possible to identify to the target population that is subject to social exclusion and marginalization. This invites us to a final reflection: What to do to address the just social demands of the indigenous population that is immersed in poverty, marginalization and exclusion? What to do so that they do not leave their communities, and if they have already done so, how to attend to the needs of family groups that are due to the expense of a remittance that may never arrive? (shrink)

This article presents possible answers, and their respective probabilities, to the question, ‘What are the consequences of the present global crisis in the proximate future of the World System?’ It also attempts to describe the basic characteristics of the forthcoming ‘Epoch of New Coalitions’ and to forecast certain future conditions. Among the problems analyzed in this paper are the following: What does the weakening of the economic role of the USA as the World System centre mean? Will there be (...) a leader in the future World System? Will the deficit of global governance and world fragmentation continue to worsen? How can national sovereignty be transformed? (shrink)

The present crisis of truth, the "post-truth" crisis, puts the philosophy of truth in a new light. It calls for a reexamination of the tasks of the philosophy of truth and sets a new adequacy condition on this philosophy. One of the central roles of the philosophy of truth is to explain the importance of truth for human life and civilization. Among other things, it has to explain what is, or will be, lost in a post-truth era. Clearly, (...) the deflationist answer that the role of truth is to serve as a tool of generalization and oblique endorsement will not do. My account of truth in this paper addresses this task. Truth, I argue, is first and foremost a human value. Its importance to our life/civilization lies, not exclusively, but principally, in the centrality of this value to our humanity. I investigate the ramifications of this answer to the issues discussed in the contemporary philosophy of truth, and I end with a comparison of the substantivist and deflationist approaches to truth in light of this new perspective. (shrink)

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

The Crisis of Capitalism and Post-Ideology.

En este artı́culo se examinan los usos, significados y la actualidad de la noción de crisis. Esta revisión se basa en el análisis de la polisemia del concepto (I), ası́ como en una revisión no exhaustiva del tratamiento que hacen de este concepto algunos autores como Jürgen Habermas y Bolı́var Echeverria (II). Finalmente, en base a las lecturas de Foucault y Butler, se sostiene la potencialidad de la noción de crisis como herramienta analı́tica para comprender nuestro presente marcado (...) en Chile por la revuelta de octubre de 2019 y luego por la pandemia mundial (III). (shrink)

The paper studies, within the framework of Martin Heidegger's narrative of the history of metaphysics, two perspectives on the unity of being: the "protometaphysical" perspective of Parmenides, the thinker of the "first beginning" of Western philosophy, and the postmetaphysical perspective of Heidegger, situated in the ongoing transition from the Hegelian and Nietzschean end of metaphysics to a forthcoming "other beginning" of Western thought. Both perspectives involve a certain "crisis", in the literal sense of the Greek krisis, "distinction," "decision." Parmenides' (...) goddess exhorts the thinker to decide for being in the sense of pure intelligible accessibility or presence and to exclude all references to non-accessibility and non-presence. This is the foundation of the Parmenidean thesis of the unity of being. In the Heideggerian perspective, by contrast, meaningful presence is seen as constituted precisely by references to a withdrawing meaning-context, to background dimensions that in themselves are not immediately present. Since presence is constituted only in terms of non-presence, the "decision" or "crisis" between presence and non-presence is an unresolvable and irreducible feature of postmetaphysical thinking. (shrink)

In recent debates about the replication crisis, two positions have been dominant: one that focuses on methodological reforms and one that focuses on theory building. This paper takes up the suggestion that there might be a deeper difference in play, concerning the ways the very subject matter of psychology is construed by opposing camps, i.e., in terms of stable effects versus in terms of complexity. I argue that each gets something right, but neither is sufficient. My analysis suggests that (...) the context sensitivity of the psychological subject matter needs to be front and center of methodological and theoretical efforts. (shrink)

The crisis of our times is science in a world without wisdom. The immense intellectual success of modern science and technology have given some of us unprecedented powers to act, which has led to all the great benefits of the modern world, and to the grave global crises we now face. Before modern science, we lacked the power to do too much damage to ourselves or the planet; now we have science, wisdom has become, not a private luxury but (...) a public necessity. Unless we learn to become a bit wiser, sooner or later we will destroy ourselves. But how can we learn to become wiser? We can learn from the last place many would look - namely science! We can learn from scientific progress how to achieve social progress towards a wiser world. This is in fact an old idea. It goes back to the 18th century French Enlightenment. But, in developing the idea, the philosophes of the Enlightenment made three gross blunders. They failed to capture correctly the nature of the progress-achieving methods of science; they failed to generalize these methods properly; and, most disastrously of all, they applied their misconstrued scientific method, not to the social world directly, not to the task of making social progress towards an enlightened world, but instead to the task of improving knowledge of social phenomena, to the task of developing social science. This botched version of the profound Enlightenment idea was developed throughout the 19th century, and built into universities in the early 20th century with the creation of disciplines of social science. As a result, academic inquiry today is a botched version of what we need. Instead of giving priority to problems of living, and devoting itself to helping humanity acquire a bit more wisdom, academia today devotes itself to the pursuit of knowledge. That is the key disaster of our times. Our institutions of learning seek knowledge, but fail disastrously to devote themselves to helping humanity acquire a bit more wisdom. If the world is to acquire global wisdom, it needs institutions of learning rationally devoted to the task. As a matter of supreme urgency, we need to bring about a revolution in academia so that the basic task becomes, not just to acquire knowledge, but to seek and promote social wisdom. (shrink)

Before the 2007–2008 global financial crisis, the vast majority of social scientists were not paying much attention to the politics of central banking, despite the fact that, since their creation, central banks have been pivotal institutions between private financial institutions and public authorities (Singleton, 2010). During the past decades, central banks acquired considerable independence from public officials under the Central Bank Independence (CBI) template (McNamara, 2002). Governments justified their decisions to delegate monetary competences by relying on a narrow conception (...) of monetary policy, in which central bankers should only seek to control inflation and ignore the implications of their policies on other economic issues such as financial stability or wealth inequalities (Issing et al., 2001; Marcussen, 2009). Heterodox economists and critical political economists opposed this view by declaring that monetary policy is fundamentally political as it deals with complicated policy trade-offs, which generates winners and losers (Epstein & Gintis, 1995; Forder, 2005). However, until 2007, their concerns were very marginal and remained at the fringes of the political debate. The vast majority of policy-makers, economists, and central bankers themselves agreed on the fact that the CBI template was the optimal institutional arrangement between fiscal and monetary authorities. (shrink)