This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate (...) “an eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a (...) value-added negative tax (VANT) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

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

People have said for generations that money is based on "trust," or "shared fiction." But that doesn't explain why cultures all eventually come to value the same metals or items as money. Others have said that the value of money depends on the way it facilitates trade, but even that doesn't explain where the value emerges before people agree to use money to trade. In actuality, there's a real value to gold, silver, and other forms of (...) money that makes them reliably gain worth to people, and will emerge eventually even if everyone in a society does not like or believe in those precious metals or possessions. This is because possessing scarce objects has real reputational value among people, since having those objects indicates that we can go outside the known territory, and we instinctively collect and want things that have known scarcity. When that scarcity combines with other traits like transferability, durability and so on, we can see that money naturally emerges in society. We can use this idea to also see the real value and desire that people have for new forms of money like cryptocurrencies, and to know what will or won't emerge and last as a form of money in the future. (shrink)

There are many explanations for the value of money, but they all seem to depend on things like "trust," "shared fiction," "agreement" or even potentially circular logic like that money's value is based on its usefulness as money. But there is a full process by which money, the desire we feel for it, and even how we end up trading it, can emerge naturally from the dynamics of natural selection and human interaction, with a basis in real (...) class='Hi'>value, and happening repeatedly and reliably, even if a group of people all agree that money or precious metals are worthless. We discuss this fully in the paper "The Monetary Instinct," but here, for accessibility's sake, the entire concept is described in one-page. (shrink)

Research on preference reversals has demonstrated a disproportionate influence of outcome probability on choices between monetary gambles. The aim was to investigate the hypothesis that this is a prominence effect originally demonstrated for riskless choice. Another aim was to test the structure compatibility hypothesis as an explanation of the effect. The hypothesis implies that probability should be the prominent attribute when compared with value attributes both in a choice and a preference rating procedure. In Experiment 1, two groups (...) of undergraduates were presented with medical treatments described by two value attributes (effectiveness and pain-relief). All participants performed both a matching task and made preference ratings. In the latter task, outcome probabilities were added to the descriptions of the medical treatments for one of the groups. In line with the hypothesis, this reduced the prominence effect on the preference ratings observed for effectiveness. In Experiment 2, a matching task was used to demonstrate that probability was considered more important by a group of participating undergraduates than the value attributes. Furthermore, in both choices and preference ratings the expected prominence effect was found for probability. (shrink)

Economic policy decisions require comparisons of the gains and losses from policy choices to different people. If those gains can be valued in monetary terms, than all that is needed is a comparison of the value of income to different persons, which can be weights in cost-benefit analysis. An objective comparison of the value of income to different people has been long sought but never found. I propose that when money to be allocated is controlled by a (...) group of people with equal control over that money, then a hypothetical auction for transfers of income between people can produce a collective judgment about the value of income that provides suitable weights, and is morally defensible in cases where the decision is made by the group collectively, e.g. when making government policy choices. I provide a method for calculating such weights from observed choices about distributing income, and discuss several desirable properties that they have. (shrink)

The notion of “worth” and “value” throughout human history was only partly dependent on economic reasons. Arrangements about what is considered an equivalent value/measure of wealth are the result of complex interdependencies of economic, social and cultural factors. For thousands of years people have used precious metals as universal equivalent and main measure of wealth; full-value metal money was, in fact, only reinforced by the authority of state (ruler) evidence of presence certain amount of precious metal. The (...) rejection of valuable coins and the provision of banknotes with precious metals (that is, the rejection of the gold and the silver standard) led to the fact that the circulating money signs in the society ceased to denote a concrete value, becoming an abstraction, putting the population in dependence on state’s monetary policy and financial stability of national economy. Bitcoin and its numerous alternatives arose as a response to the challenge of informatization, globalization and individualization of economic activity. This is an attempt to escape from control of state structures that are inclined to abuse their right to issue banknotes and to voluntaristic methods of managing the economy. To some extent, the cryptocurrencies reflect the nostalgia of market participants on the gold standard, which is surprisingly transformed into a complete denial of the materiality (including the metal substance) of money. This situation stimulates the search for new models for designation the equivalent value in the information society. (shrink)

This chapter focuses on the psychological mechanisms behind the construction of preference, especially the actual processes used by humans when they make decisions in their everyday lives or in business situations. The chapter uses cognitive psychological techniques to break down these processes and set them in their social context. When attributes are compatible with the response scale, they are assigned greater weight because they are most easily mapped onto the response. For instance, when subjects are asked to set a price (...) for a gamble this task is compatible with the information about the gamble payoff, which is also expressed in monetary values (e.g., dollars). Conversely, when the task requires a choice the payoff information is not easily mapped onto the response anymore and loses some of its salience. In fact, Slovic, Griffin, and Tversky (1990) could show that using non-monetary outcomes attenuates preference reversals when no compatibility between the pricing task and the outcome attribute was possible. An assumption of the compatibility effect is that response modes compatible with specific characteristics of the options (e.g., payoffs) draw attention to them. One of the main themes that has emerged from behavioral decision research during the past decades is the view that people's preferences are often constructed—not merely revealed—in the process of elicitation (see e.g. Slovic). This conception is derived in part from studies demonstrating that normatively equivalent methods of elicitation often give rise to systematically different responses. These "preference reversals" violate the principle of procedure invariance fundamental to theories of rational choice and raise difficult questions about the nature of human values. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? Describing and explaining such failures of invariance will require choice models of far greater complexity than the traditional models -/- . (shrink)

Much public policy analysis requires us to place a monetary value on the bad- ness of a premature human death. Currently dominant approaches to determining this ‘value of a life’ focus exclusively on the ‘self-regarding’ value of life — that is, the value of a person’s life to the person whose death is in question — and altogether ignore effects on other people. This procedure would be justified if, as seems intuitively plausible, other-regarding effects were (...) negligible in comparison with self-regarding ones. I argue that in the light of the issue of overpopulation, that intuitively plausible condition is at best highly questionable. Unless the world is in fact underpopulated, the social disvalue of a premature death is likely to be significantly lower than the current estimates. (shrink)

The Australian Federal Government has announced a two-year trial scheme to compensate living organ donors. The compensation will be the equivalent of six weeks paid leave at the rate of the national minimum wage. In this article I analyse the ethics of compensating living organ donors taking the Australian scheme as a reference point. Considering the long waiting lists for organ transplantations and the related costs on the healthcare system of treating patients waiting for an organ, the 1.3 million AUD (...) the Australian Government has committed might represent a very worthwhile investment. I argue that a scheme like the Australian one is sufficiently well designed to avoid all the ethical problems traditionally associated with attaching a monetary value to the human body or to parts of it, namely commodification, inducement, exploitation, and equality issues. Therefore, I suggest that the Australian scheme, if cost-effective, should represent a model for other countries to follow. Nonetheless, although I endorse this scheme, I will also argue that this kind of scheme raises issues of justice in regard to the distribution of organs. Thus, I propose that other policies would be needed to supplement the scheme in order to guarantee not only a higher number of organs available, but also a fair distribution. (shrink)

This paper uses Shachar’s conception of jus nexi to explore three interrelated ideas. I first contend that Shachar’s analysis of the monetary value of birthright citizenship may be applied to temporary workers, lawful permanent residents and naturalized citizens as an exposé of inherited privilege in diverse communities and as a means of identifying which forms of membership and belonging are worth owning. Second, I use the idea of jus nexi to question which additional work relationships and identity networks (...) that might qualify as genuine connections to a given state. Finally, I question whether an operationalized version of jus nexi, that is an alternative category of citizenship, would supplant or complement existing jus soli and jus sanguinis rules. Here, I seek to apply Shachar’s theoretical contributions to current political debates and warn that a genuine connection test is increasingly being misused to support a nativist agenda. (shrink)

The article presents an analysis of global trends in setting the inflation target and the acceptable corridor of inflation target fluctuations. Inflation targeting is an important attribute of the monetary regime of inflation targeting, its main quantitative parameter. The tendency of the inflation targeting regime in 70 countries all over the world are considered, of which 41 countries have official recognition by the International Monetary Fund (IMF) regarding the inflation targeting regime. It was found that most countries set (...) the inflation target at 5% or below, and the level of the corridor of fluctuations in relative terms hovers around 20-50% of the target value. The latest trends related to changes in the monetary policy of the European Central Bank have been studied, recommendations for determining the acceptable corridor of fluctuations of the inflation target in small and open economies on the example of Ukraine are provided. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

Good governance, first appeared in the nineties within the United Nations, the World Bank and International Monetary Fund refers to describe how public organizations best conduct public affairs and deliver public goods and services. Today, about three decades later good governance seems to be still popular since there are still many challenges ahead for many governments especially in less-developed and developing countries. Hence the notion of good governance was emerged as a normative commencement of the principles, values and ethics (...) to realise the acts of governance. Some thoughts on good governance and related topics advocated by three great ancient philosophers, who appear to be relevant at the present time are considered herein. One of the said philosophers is Kautilya (also known as Chanakya and Vishnugupta), who lived in India around 150AD. The others are the two great Greek philosophers Plato (427- 347BC) and Aristotle (384-322 BC), who stand with Socrates as the shapers of the whole intellectual tradition of the West. The thoughts are extracted from that detailed manual of state-craft and the science of living known as the Arthashastra written by one of classical India’s greatest minds Kautilya, Plato’s great work known as ‘The Republic’ and Aristotle’s treatise titled ‘The Politics”. The objective of this paper is to study the thoughts of ancient Greek philosophers who lived many centuries ago and their ideas are still relevant today. (shrink)

Competitive quiz shows, and Jeopardy! in particular, occupy a unique place among TV game shows. The most successful Jeopardy! contestants—Ken Jennings, Brad Rutter, Frank Sparenberg, and so on—have appeared on late night talk shows, been given book contracts, and been interviewed by major newspapers. This sort of treatment is substantially different than, say, the treatment that the winners of The Price is Right or Deal or No Deal are afforded. The distinctive status of quiz shows is evidenced in other ways (...) as well; for instance, consider the widespread public outrage that accompanied the discovery of fixed quiz shows in the 1950s of the fact that, when IBM wanted to find a task to test the latest developments of artificial intelligence, they chose the game of Jeopardy. In this essay, I’ll take a look at Jeopardy! as an exemplar of a certain sort of game, and will suggest that part of what gives Jeopardy! its distinctive status is that it is a qualitatively good game—that is, it is a game that that fulfills just those functions a game is supposed to fulfill. I’ll begin by showing how Jeopardy! meets Bernard Suits’ (1967, 1988, 2005) definition of games, according to which games are characterized as activities that have certain sorts of rules and in which participants are required to have the right attitude toward these rules. Among other things, I’ll talk about the role played by some of Jeopardy’s distinctive rules (“remember to phrase your answer in the form of a question”) and about the possible differences a monetary reward makes to game players’ attitudes. I’ll then go on to talk about what distinguishes Jeopardy! from other, superficially similar sorts of games. I’ll concentrate on three factors in particular: (1) the fact that the skills required by Jeopardy! have value outside of the game, (2) the fact that observers in Jeopardy! can “play along” with the contestants on TV, and (3) the fact that success in the game is determined, to a very great extent, by the skills of the participant and not by other facts (such as luck). To close, I’ll talk more generally about the distinction between good games and not-so-good games, and will discuss why it is that good games are worth taking seriously. In this section, I’ll discuss some recent work on the value of games and sports, and will make some suggestions about how these accounts might be tailored to account for the specific virtues of a game like Jeopardy. (shrink)

As global warming is gradually pushing the Earth to the climate tipping point, the reduction of CO2 concentration in the atmosphere has become more urgent than ever. Many high-tech methods, such as Carbon Capture and Storage (CCS) technologies, have been proposed as crucial tools in the fight against climate change. However, this paper argues that the expensiveness and uncertainty of CCS technologies make them not feasibly deployed. Persistent investment in these technologies also reinforces the outdated eco-deficit mindset that prioritizes (...) class='Hi'>monetary over environmental values. In contrast, the recent flood in the Sahara desert turned barren areas green, reminding us that nature, when given the opportunity, can have an astonishing capacity to heal itself. Investing billions of dollars in deploying costly and uncertain high-tech solutions while limiting funds for local communities to take care of reliable natural carbon sinks risks depleting humanity's resources to tackle climate change, especially when the tipping points are closed. (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)

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

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 concept of social capital is a comprehensive social phenomenon consisting of social support, social integration, values, and norms. In social and economic transactions and economic and physical capital, non-monetary human, cultural, and social capital types have been accepted as neoclassical capital theories. The increase in information communication technologies, especially in economic relations, has now caused individuals to connect with weaker bonds compared with that in the past. Social capital parameters have gained importance to achieve this interaction. This article (...) reveals that the issue of providing corporate loyalty to emergency department employees with a good team spirit is considered as a strong social capital parameter. (shrink)

Given the higher advantages attributed to larger mitigation scenarios, expecting better natural conservation outcomes and economic returns from national- and global-scale impact mitigation mechanisms seems reasonable. However, such scenarios can hardly happen if the current eco-deficit cultures remain prevailing. If we can build eco-surplus mindsets among a majority of populations on Earth, especially private sectors, not only impact mitigation mechanisms at a global scale but also the semi-conducting principle of monetary and environmental values exchange will be successfully adopted and (...) implemented. (shrink)

Relying on evidence from fifteen epigraphic collections and sixty-odd ancient sources as well as discussing a literature of over five hundred titles, the essay’s highly unorthodox conclusions are a case in point of the micrological ideal of achieving novelty on any given subject by way of transcribing and studying first-hand all relevant materials – edited and unedited alike. The paper’s ambition was to shed new light on one of the most intriguing analogies of the whole Aristotelian corpus, namely the comparison (...) between words and pebbles. A review of all material evidence and virtually all extant sources made short work of two related, albeit mutually exclusive, misconception about ancient reckoning boards and their workings: (1) the idea that – for all practical purposes – the abacus’ arrangement mirrored the decimal system, its columns and rows conveniently matching units, tens, hundreds, thousands, etc. (2) the idea that the inscriptions on several surviving counting boards were a nuisance to the extent that, being inconsistent to a fault with the decimal system itself, they made actual calculations harder than they already were (as opposed to making them easier, as one would expect). The paper demonstrated that the first assumption – the « decimal » bias – is simply mistaken and betrays little or no awareness of the epigraphic and archaeological evidence. The paper also demonstrated that the second assumption – the « abacus riddled with complications » bias – simply defeats the purpose of resorting to the abacus in the first place and betrays a poor understanding of its practical vocation which, most assuredly, was not to add to the very problem it was meant to solve. After bulldozing its way through both misunderstandings, the essay focused on the abacus most distinctive features, that is positionality (i.e. the abacus being a positional system through and through) and hybridity (i.e. the abacus’ place value system being monetary in nature and purpose, as opposed to it being abstract and homogeneous). The final result is an interpretation that moves away from the received views by showing that the prologue of the Sophistici elenchi offers no support to the notion that, when Aristotle referred to counters, he was leaning on a kinship of sorts – or any kinship, for that matter – between abstract calculation and speech. Once we turns the pebble’s simile on its head and set it back upon its feet (Aristotle’s pebble analogy is about pebbles, what else?), it becomes clear that it presupposed numeracy all right, but it was not about numeracy itself. Moreover its goal was not to explain why computational and linguistic symbolisms succeed, but to explain how they fail – failure being the whole point; in this particular instance, failure to detect and prevent abusive value shifts affecting words and counters alike. (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)

Galiani discusses a subject much debated in the eighteenth century, namely, the nature of the currency. He also includes considerations of economic theory and political philosophy around the main motif. He supports the following theses of monetary theory: currency has the function of a sort of register of credits that every individual can have towards the warehouses of goods of which the society is supplied, and precisely in the measure of the contribution he has given to their supply; the (...) metallic currency has the merit, with respect to a hypothetical system of artificial accounting, to be safe from frauds and not to require a bureaucratic apparatus; the value of currency depends on the value of metals, not on legislative interventions. (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)

The growing importance of sharing economy brought criticism with it. Can a new emerging economy be more socially engaged? Given the emergence of local forms of sharing, the current study attempts to collide the authentic socially engaged forms of sharing in the form of platforms, services, and communities from Turkey. Despite intense public attention, there have been very few studies about landscapes of sharing and caring in Turkey. This gap needs to be addressed, as Turkey has great potential. Rapid urbanisation, (...) accompanied by an increasingly young population, provides unique opportunities for scalable new services. In addition to this, there has been remarkable progress in Turkey’s entrepreneurial ecosystem in recent years. To that end, this study carried out a critical review and a thematic categorisation of sharing and caring platforms in Turkey. Based on a social model of sharing, the authors show the ecological, local, and regional values of such platforms. Key findings from the initial thematical mapping indicate regional and cultural potentials. The diversity in the monetary aspects of different platforms and how they relate to the cultural components also show the importance of a variety of assets for defining the value of sharing economy in diverse cultures. (shrink)

As we enter the 2020s, global poverty is still a grave and persistent problem. Alleviating and eradicating poverty within and across the world’s societies requires a thorough understanding of its nature and extent. Although economists still standardly measure absolute and relative poverty in monetary terms, a consensus is emerging that poverty is a socially relational problem involving deprivations in multiple dimensions, including health, standard of living, education and political participation. The anthology Dimensions of Poverty advances the interdisciplinary debate on (...) multidimensional poverty, and features contributions from leading international experts and early career researchers (including from the Global South). This introductory chapter gives an overview of formative debates, central concepts and key findings. While monetary poverty measures are still dominant in public and academic debate, their explanatory power has been drawn into question. We discuss relevant criticisms before outlining the normative concepts that can inform both multidimensional poverty and monetary measures, including basic capabilities, basic needs and social primary goods. Next, we introduce several influential multidimensional poverty indices, including the Human Development Index and the Multidimensional Poverty Index. The anthology shows in detail how such measures can be improved, from a variety of disciplinary perspectives. It shows that there are different methods of poverty research that require further investigation, including participatory studies, (value) surveys, public consensus building, the constitutional approach, and financial diaries. Finally, we show that there is an ongoing problem of epistemic asymmetries in global poverty research, and discuss responsibility for addressing poverty, including the responsibilities of academics. The remainder of the chapter is dedicated to a more detailed preview of the volume’s 20 contributions, which are assembled along the following five themes: (I) poverty as a social relation; (II) epistemic injustices in poverty research; (III) the social context of poverty; (IV) measuring multidimensional poverty; and (V) country cases. (shrink)

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

This article asks how the costs and benefits of operating a monetary union should be distributed amongst its more and less competitive members, taking as an example the operation of the European Monetary Union (EMU or Eurozone). Drawing on existing domestic and transnational justice debates, I resist both a purely procedural and a purely distributive view. The former assumes treaties against a fair background can make any distribution fair and disregards how individual citizens are likely to fare depending (...) on how a monetary union is organized. The latter requires justice amongst Eurozone co-citizens, and it neglects the value of member state’s choices and attitudes towards risk. Instead, I defend a view of the EMU as an association of free self-determining states. I also argue that a variety of factors are relevant to this problem, including the need to protect less competitive states from ‘domination’, or inappropriate forms of control by their co-members, and to protect citizens from various forms of deprivation even if their own governments are willing to expose them to the relevant risks. This article asks how the costs and benefits of operating a monetary union should be distributed amongst its more and less competitive members, taking as an example the operation of the European Monetary Union (EMU or Eurozone). Drawing on existing domestic and transnational justice debates, I resist both a purely procedural and a purely distributive view. The former assumes treaties against a fair background can make any distribution fair and disregards how individual citizens are likely to fare depending on how a monetary union is organized. The latter requires justice amongst Eurozone co-citizens, and it neglects the value of member state’s choices and attitudes towards risk. Instead, I defend a view of the EMU as an association of free self-determining states. I also argue that a variety of factors are relevant to this problem, including the need to protect less competitive states from ‘domination’, or inappropriate forms of control by their co-members, and to protect citizens from various forms of deprivation even if their own governments are willing to expose them to the relevant risks. (shrink)

Interpreting others' actions is essential for understanding the intentions and goals in social interactions. Activity in the motor cortex is evoked when we see another person performing actions, which can also be influenced by the intentions and context of the observed action. No study has directly explored the influence of reward and punishment on motor cortex activity when observing others' actions, which is likely to have substantial relevance in different social contexts. In this experiment, EEG was recorded while participants watched (...) movie clips of a person performing actions that led to a monetary reward, loss or no change for the observer. Using the EEG mu rhythm as an index of motor resonance, our results demonstrate that observation of rewarding actions produce significantly greater motor cortex activity than punishing or neutral actions, with punishing actions producing greater activity than neutral ones. In addition, the dynamic change in the mu rhythm over sensorimotor cortex is modulated by reward and punishment, with punishing actions producing a prolonged suppression. These findings demonstrate that the associated reward value of an observed action may be crucial in determining the strength of the representation of the action in the observer's brain. Consequently, reward and punishment is likely to drive observational learning through changes in the action observation network, and may also influence how we interpret, understand, engage in and empathize with others' actions in social interaction. (shrink)

Within siting literature there is strong agreement that compensation for environmental risks is a necessary condition for local acceptance of waste treatment facilities. In-kind compensation is commonly pushed forward as being more effective than financial benefits in reducing local opposition. By forcusing on the siting of a sanitary landfill in Santiago, Chile, this paper explores the performance of both types of compensation and relates the analysis to the notion of social norms of exchange. These are understood as being based on (...) three main types of social relations: care, justice and freedom. Whereas monetary compensation is associated with market relations based on freedom and the offer of in-kind compensation to egalitarian relations based on justice, the absence of compensation is linked to fraternal relations based on care. It is argued that in-kind compensation is more acceptable than monetary payments or not compensation because people tend to understand siting conflicts more as matters of justice rather than as matters of freedom or care. (shrink)

The law views with suspicion statistical evidence, even evidence that is probabilistically on a par with direct, individual evidence that the law is in no way suspicious of. But it has proved remarkably hard to either justify this suspicion, or to debunk it. In this paper, we connect the discussion of statistical evidence to broader epistemological discussions of similar phenomena. We highlight Sensitivity – the requirement that a belief be counterfactually sensitive to the truth in a specific way – as (...) a way of epistemically explaining the legal suspicion towards statistical evidence. Still, we do not think of this as a satisfactory vindication of the reluctance to rely on statistical evidence. Knowledge – and Sensitivity, and indeed epistemology in general – are of little, if any, legal value. Instead, we tell an incentive-based story vindicating the suspicion towards statistical evidence. We conclude by showing that the epistemological story and the incentive-based story are closely and interestingly related, and by offering initial thoughts about the role of statistical evidence in morality. (shrink)

This paper analyses the communicative and epistemic value of retweeting (and more generally of reposting content on social media). Against a naïve view, it argues that retweets are not acts of endorsement, motivating this diagnosis with linguistic data. Retweeting is instead modelled as a peculiar form of quotation, in which the reported content is indicated rather than reproduced. A relevance-theoretic account of the communicative import of retweeting is then developed, to spell out the complex mechanisms by which retweets achieve (...) their communicative goals. The last section outlines the epistemic threats posed by the increasing prevalence of retweeting on social media, linking them to the low reputational, cognitive and practical costs linked to this emerging form of communication. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between nominal assets and real (...) assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

Recent critics (Andrew Light, Bryan Norton, Anthony Weston, and Bruce Morito, among others) have argued that we should give up talk of intrinsic value in general and that of nature in particular. While earlier theorists might have overestimated the importance of intrinsic value, these recent critics underestimate its importance. Claims about a thing’s intrinsic value are claims about the distinctive way in which we have reason to care about that thing. If we understand intrinsic value in (...) this manner, we can capture the core claims that environmentalists want to make about nature while avoiding the worries raised by contemporary critics. Since the distinction between intrinsic and extrinsic value plays a critical role in our understanding of the different ways that we do and should care about things, moral psychology, ethical theory in general, and environmental ethics in particular shouldn’t give up on the concept of intrinsic value. (shrink)

Critical-Range Utilitarianism is a variant of Total Utilitarianism which can avoid both the Repugnant Conclusion and the Sadistic Conclusion in population ethics. Yet Standard Critical-Range Utilitarianism entails the Weak Sadistic Conclusion, that is, it entails that each population consisting of lives at a bad well-being level is not worse than some population consisting of lives at a good well-being level. In this paper, I defend a version of Critical-Range Utilitarianism which does not entail the Weak Sadistic Conclusion. This is made (...) possible by a fourth category of absolute value in addition to goodness, badness, and neutrality. (shrink)

Deep brain stimulation has been of considerable interest to bioethicists, in large part because of the effects that the intervention can occasionally have on central features of the recipient’s personality. These effects raise questions regarding the philosophical concept of authenticity. In this article, we expand on our earlier work on the concept of authenticity in the context of deep brain stimulation by developing a diachronic, value-based account of authenticity. Our account draws on both existentialist and essentialist approaches to authenticity, (...) and Laura Waddell Ekstrom’s coherentist approach to personal autonomy. In developing our account, we respond to Sven Nyholm and Elizabeth O’Neill’s synchronic approach to authenticity, and explain how the diachronic approach we defend can have practical utility, contrary to Alexandre Erler and Tony Hope’s criticism of autonomy-based approaches to authenticity. Having drawn a distinction between the authenticity of an individual’s traits and the authenticity of that person’s values, we consider how our conception of authenticity applies to the context of anorexia nervosa in comparison to other prominent accounts of authenticity. We conclude with some reflections on the prudential value of authenticity, and by highlighting how the language of authenticity can be invoked to justify covert forms of paternalism that run contrary to the value of individuality that seems to be at the heart of authenticity. (shrink)

It is a noteworthy disanalogy between contemporary ethics and aesthetics that the fitting-attitude account of value, so prominent in contemporary ethics, sees comparatively little play in aesthetics. The aim of this paper is to articulate what a systematic fitting-attitude-style framework for understanding aesthetic value might look like. In the bulk of the paper, I sketch possible fitting-attitude-style accounts of three central aesthetic values – the beautiful, the sublime, and the powerful – so that the general form of the (...) framework come through. (shrink)

Near-Death Experiences (NDEs) have gripped the public imagination ever since Raymond Moody’s watershed book Life After Life brought them to widespread attention in 1975. These experiences are commonly reported to involve the sensation of leaving one’s body and watching efforts by medical per-sonnel at resuscitation or even events further afield, as well as experiences of passing through a tunnel towards a being of light and love and meeting deceased friends and relatives. Such experiences are some-times alleged to constitute evidence for (...) an afterlife, but exactly how they do so is seldom spelled out pre-cisely. The aim of this paper, then, is to carefully consider three different inferential pathways from data about NDEs to the conclusion that there is an afterlife. I shall argue that at least two of them provide moderately strong support to this conclusion. (shrink)

Many philosophers assume that, when making moral decisions under uncertainty, we should choose the option that has the greatest expected moral value, regardless of how risky it is. But their arguments for maximizing expected moral value do not support it over rival, risk-averse approaches. In this paper, I present a novel argument for maximizing expected value: when we think about larger series of decisions that each decision is a part of, all but the most risk-averse agents would (...) prefer that we consistently choose the option with the highest expected value. To the extent that what we choose on a given occasion should be guided by the entire series of choices we prefer, then on each occasion, we should choose the option with the highest expected moral value. (shrink)

In this article, I reply to a critical notice of my book, Meaning in Life: An Analytic Study, that Stephen Kershnar has published elsewhere in this issue of Science, Religion & Culture. Beyond expounding the central conclusions of the book, Kershnar advances two major criticisms of it, namely, first, that I did not provide enough evidence that meaning in life is a genuine value-theoretic category as something distinct from and competing with, say, objective well-being, and, second, that, even if (...) there were a value of meaning in life, my fundamentality theory of it would not capture it well. Here I respond to both of these criticisms, aiming to probe these underexplored issues still more deeply. I also contend that these two criticisms are in tension with each other; in order to contend that my theory of meaning is incorrect, Kershnar must draw on intuitions about the existence of meaning that undercut his suggestion that there is no such thing. (shrink)

Some prominent scientists and philosophers have stated openly that moral and political considerations should influence whether we accept or promulgate scientific theories. This widespread view has significantly influenced the development, and public perception, of intelligence research. Theories related to group differences in intelligence are often rejected a priori on explicitly moral grounds. Thus the idea, frequently expressed by commentators on science, that science is “self-correcting”—that hypotheses are simply abandoned when they are undermined by empirical evidence—may not be correct in all (...) contexts. In this paper, documentation spanning from the early 1970s to the present is collected, which reveals the influence of scientists’ moral and political commitments on the study of intelligence. It is suggested that misrepresenting findings in science to achieve desirable social goals will ultimately harm both science and society. (shrink)

This paper makes an argument for the democratic value of distrust. It begins by analyzing distrust, since distrust is not merely the negation of trust. The account that it develops is based primarily on Martin Luther King Jr.’s work in Why We Can’t Wait. On this view, distrust is the confident belief that another individual or group of individuals or an institution will not act justly or as justice requires. It is a narrow normative account of distrust, since it (...) concerns a specific normative task. Distinctions between vertical and horizontal distrust, as well as trust and agnostic trust are also discussed. This paper argues that distrust’s democratic value lies in its ability to secure democracy by protecting political minorities from having their voices ignored. As such, distrust can be viewed as a kind of Madisonian “check and balance” that works to prevent tyranny. Distrust also works to secure democracy by forging new or alternative forms of democratic participation. The main example discussed in this paper is King’s involvement in the Birmingham Campaign during the Black Civil Rights movement in America. In this case, King and his supporters’ distrust of fellow White citizens and political institutions led to alternative forms of political expression such as non-violent protests, boycotts, and other forms of civil disobedience, all of which led to greater racial justice by working to alleviate White tyranny. (shrink)

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

Those who wish to defend the role of aesthetic values in science face a dilemma: Either aesthetic language is used metaphorically for what are ultimately epistemic features, or aesthetic language is used literally but it is difficult to see the importance of such values in science. I introduce a new account that gets around this problem by looking to an overlooked source of aesthetic value in science: the relation between form and content. I argue that a fit between the (...) content of a thought experiment, and the way in which that content is formulated, can have important epistemic pay offs through contributing to scientific understanding. (shrink)

This paper explores the epistemological significance of the view that we can literally see, hear, and touch evaluative properties (the high-level theory of value perception). My central contention is that, from the perspective of epistemology, the question of whether there are such high-level experiences doesn’t matter. Insofar as there are such experiences, they most plausibly emerged through the right kind of interaction with evaluative capacities that are not literally perceptual (e.g., of the sort involved in imaginative evaluative reflection). But (...) even if these other evaluative capacities turn out not to alter the content of perceptual experience, they would still be sufficient to do all of the justificatory work that high-level experiences are meant to do. I close by observing that it may matter a great deal whether a certain other picture of value perception is true. This alternative picture has it that desires and/or emotions are perceptual-like experiences of value. (shrink)

This article considers two different ways of formulating a desire-satisfaction theory of prudential value. The first version of the theory (the object view) assigns basic prudential value to the state of affairs that is the object of a person’s desire. The second version (the combo view) assigns basic prudential value to the compound state of affairs in which (a) a person desires some state of affairs and (b) this state of affairs obtains. My aims in this article (...) are twofold. First, I aim to highlight that these are not mere notational variants, but in fact have quite different implications, so that this distinction is not one that the theorist of prudential value should ignore. More positively, I argue that the object view is better able to capture what is distinctive and appealing about subjective theories of prudential value, on any plausible account of what the central subjectivist insight is. (shrink)

Nietzsche criticizes Stoicism for overstating the significance of its ethical ideal of rational self-sufficiency and for undervaluing pain and passion when pursuing an unconditional acceptance of fate. Apparent affinities between Stoicism and Nietzsche’s philosophy, especially his celebration of self-mastery and his pursuit of amor fati, lead some scholars to conclude that Nietzsche cannot advance these criticisms without contradicting himself. In this article, I narrow the target and scope of Nietzsche’s complaints against Stoicism before showing how they follow from his other (...) philosophic commitments. I suggest that the first line of criticism follows from his denial of teleology and his skepticism toward moral values’ descriptive objectivity. I then suggest that the second line of criticism follows from Nietzsche’s account of overcoming as bestowing contributory value upon pain and suffering. Explaining Nietzsche’s criticisms of Stoicism in this way substantially qualifies similarities between his philosophy and that of Stoicism while absolving him of the charge of inconsistency. (shrink)