Money represents a future commodity ownership. However, the only way of keeping this ownership rightful, hence decentralized, is to price commodities in metarepresented money. Any otherwise priced future ownership will not remain rightfully decentralized. This article explains why, by deriving the concepts, first of generic money, then of privately concrete money, and finally of metarepresented money from direct commodity exchange.

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)

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 paper tackles the current challenges to private sector unionism in the United States in light of Catholic social teaching (CST). The focus of the study is unionism in the private sector where the fall-off in membership is observed. CST is contained in a wide variety of official documents of the Catholic Church, in particular papal encyclicals, which present ethical norms for economic life in response to the changing realities of the modern world. The study begins with an analysis of (...) the concrete situation: the causes of decline in union membership. It is followed by an ethical reflection on CST’s perspectives and exploration of practices, strategies, and policies that can help reverse the ongoing trend of union decline and revitalize the labor movement in the country. The paper argues that unions are good in themselves as an expression of the workers’ right to associate and instrumentally good as they invoke such values as the dignity of work, solidarity, subsidiarity, common good, and economic equality. While it has been proven that workers and society as a whole gain material benefits from effective unionization, focus on intangible benefits and moral principles offered by CST may give labor organizing a new impetus and inspiration. (shrink)

Seventeenth century scholastics had a rich debate about the ontological status and nature of lacks, negations, and privations. Realists in this debate posit irreducible negative entities responsible for the non-existence of positive entities. One of the first scholastics to develop a realist position on negative entities was Thomas Compton Carleton. In this paper I explain Carleton's theory of negative entities, including what it is for something to be negative, how negative entities are individuated, whether they are abstract or concrete, (...) and how they affect their subjects. I argue that for Carleton, negative entities are conceived as spatially extended simples that affect their subjects by means of spatial overlap. I also show how Carleton responds to some theological worries about his realism concerning negative entities. (shrink)

Kant has a number of harsh-sounding things to say about beggars and giving to beggars. He describes begging as “closely akin to robbery”, and says that it exhibits self-contempt. In this paper I argue that on a particular interpretation of his political philosophy his critique of giving to beggars can be seen as part of a concern with social justice, and that his analysis makes sense of some troubling aspects of the phenomenology of being confronted with beggars. On Kant's view, (...) without absolute poverty relief, the poor persons' external freedom is subject to the arbitrary choices of those who have means. But the legitimacy of the state is based on ensuring that no one's basic freedom is subject to the arbitrary choices of another. This means that in a legitimate state public structures must ensure that there is unconditional poverty relief. Having your basic needs met through private charity wrongs you. Kant's analysis is that when you encounter someone in a public space who asks you for money to meet their basic survival needs, you are being asked to solve a public problem in a private interaction, and there is no rightful way for you to do this. (shrink)

This introductory chapter provides a general framework for thinking about the relationship between wealth and power. It begins by situating the topic in the history of political thought, modern social science, and recent political philosophy, before putting forward an analytical framework. This has three elements: first, the idea of liberalism's public/private divide: a division between a power-wielding state from which wealth should be absent, and a market economy from which power should be absent; second, the two ways the division can (...) be transgressed by the power of the wealthy: by the wealthy subverting the power of the state and by directly exercising power within the economy; and third, the four different approaches to responding to the transgression, either aiming to reassert the public/private divide or to move beyond it. (shrink)

Mirvac chief executive Susan Lloyd-Hurwitz, not one usually associated with sympathy for tenants on the rental market, said earlier this year that ‘renting in Australia is generally a very miserable customer experience…the whole industry is set up to serve the owner not the tenant’ Her observation is basically correct and the solution she offers is to change the current situation where small investors, supported by generous government tax concessions, provide effectively all of the country’s private rental housing. Lloyd-Hurwitz wants Mirvac, (...) a property group currently managing over $15 billion of assets, to become an apartment landlord that would own not one or several properties like small investors currently do but rather thousands of properties to rent out. The proposal is for Mirvac to build apartment blocks and then, instead of selling individual apartments, rent them out on long-term or indefinite leases. This build-to-rent housing scheme would of course make the real estate–investment company a great deal of money. At the same time it would do very little to alleviate the current housing crisis. Such schemes are a nonstarter for people who want the security, stability and independence of home ownership, which is a very Australian aspiration that is increasingly becoming unobtainable not only for those experiencing homelessness, but also for the poor and middle-class. Those of us who care about finding a real solution to the housing crisis would do well to consider how we got into this situation in the first place, and then consider how this might inform what we do next. The following then, traces some of the historical and philosophical roots of our understanding of property and their institutionalisation via various levels of government, especially in the Australian context. (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)

The public sphere should be regulated so the distribution of political speech does not correlate with the distribution of income or wealth. A public sphere where people can fund any political speech from their private holdings is epistemically defective. The argument has four steps. First, if political speech is unregulated, the rich predictably contribute a disproportionate share. Second, wealth tends to correlate with substantive political perspectives. Third, greater quantities of speech by the rich can “drown out” the speech of the (...) poor, because of citizens’ limited attention span for politics. Finally, the normative problem with all this is that it reduces the diversity of arguments and evidence citizens become familiar with, reducing the quality of their political knowledge. The clearest implication of the argument is in favour of strict contribution limits and/or public funding for formal political campaigns, but it also has implications for more informal aspects of the public sphere. (shrink)

Cynicism is a unique philosophy. You could even say that they took their principles a little too far, perhaps. Diogenes' core idea was that Man should live in accordance with nature, as simply as possible. He along with his students were missionaries of a sort, traveling city-to-city preaching about the life of simplicity. To Diogenes, material things like money and lavish accessories corrupted nature. Not only did he despise concrete things, but he also disapproved of social conventions. Like (...) every philosopher in the Hellenistic period, Diogenes believed that virtue was the highest good. Virtue was the rejection of desires and the pursuit of goods earned by the individual, according to Diogenes. What he meant by goods earned by the individual was that things granted by other people and nature happen purely by chance. Diogenes said that everything we own should come from ourselves: confidence, happiness, et cetera. Diogenes said that everything we own should come from ourselves: confidence, happiness, et cetera. Two of the key principles of Cynicism were freedom (eleutheria, ελευθερια) and free speech (parrhesia, παρρησια). To be a Cynic, you must be free from society's and life's constraints and you must also speak without fear. Desires of wealth and reputation were unnatural and made us less human, property and social classes dehumanized us, and conventional, man-made norms limited our freedom. (shrink)

Must privacy and freedom of expression conflict? To witness recent debates in Britain, you might think so. Anything other than self-regulation by the press is met by howls of anguish from journalists across the political spectrum, to the effect that efforts to protect people’s privacy will threaten press freedom, promote self-censorship and prevent the press from fulfilling its vital function of informing the public and keeping a watchful eye on the activities and antics of the powerful.[Brown, 2009, 13 January]1 Effective (...) protections for privacy, from such a perspective, inevitably pose a threat to democratic government via the constraints that they place on the press. Such concerns with privacy must be taken seriously by anyone who cares about democratic government, and the freedom, equality and wellbeing of individuals. But if it is one thing to say that privacy and freedom of expression cannot always be fully protected, it is another to suppose that protections for the one must always come at the expense of the other. After all, the economics of contemporary politics and journalism would seem to be partly responsible for our difficulties in protecting personal privacy while sustaining robust and informative forms of public discourse. [Moore, 2010, 10 -141]2 Most newspapers are loss-making businesses and the need to reduce those losses and, if possible, to turn a profit, make investigative journalism an increasingly expensive proposition as compared to both “comment” and more or less elevated forms of gossip. At the same time, politics has increasingly become the prerogative of a narrow group of people with access to the large sums of money necessary successfully to compete for high office. In those circumstances, the need for critical scrutiny is as important as it is difficult. Revising our ideas about privacy and its protection cannot alone reduce the tensions between freedom of expression and personal privacy typical of our societies, necessary though such revision may be. Moreover, this paper can only touch on some aspects of the ways in which we need to rethink our interests in privacy, in order adequately to reflect people’s diverse interests in freedom of expression, and the important role of a free press to democratic government. Nonetheless, I hope to suggest ways of thinking about people’s claims to privacy which can be generalised fairly readily, and can help us to think constructively about the nature, causes and solutions to some important social and political problems, even if, in its nature, philosophical analysis rarely tells us what to do. More specifically, this paper argues that people are entitled to keep some true facts about themselves to themselves, should they so wish, as a sign of respect for their moral and political status, and in order to protect themselves from being used as a public example in order to educate or to entertain other people. The “outing” - or non-consensual public disclosure - of people’s health records or status, or their sexual behaviour or orientation is usually unjustified, even when its consequences seem to be beneficial. Indeed, the paper claims, the reasons to reject outing, as inconsistent with democratic commitments to freedom and equality, are reasons to insist on the importance of privacy to freedom of expression. While a free press is of the utmost importance to democratic government, it is not identical with the free expression of individuals and, on occasion, the former may have to be constrained in order to protect the latter. [Barendt, 2007, 231]. Hence, the paper concludes, we should distinguish the claims of individuals to publish reports about their lives – even if this necessarily involves revealing the private lives of others – from journalistic claims to publish information about the sex lives of consenting adults. I will start by briefly situating my argument within a democratic approach to privacy, before using the “outing” of Oliver Sipple to examine people’s claims to privacy and their implications for freedom of expression and of the press. I will be assuming that some forms of privacy are legitimate, in order to focus more closely on the question of what information, if any, people may keep to themselves. (shrink)

This chapter discusses major theories of domestic justice in the context of South African Constitutional, statutory and case law. It begins by considering when it is permissible for legislators to restrict civil liberty. South Africa's Parliament has criminalised prostitution, liquor sales on Sundays and marijuana use, actions that few liberals would say should be illegal. However, South African law permits abortion, gambling and homosexual relationships, which many conservatives would criminalise. Is there any deep inconsistency here? Should South Africa become more (...) liberal or less? Then, this essay takes up the issue of the way the law ought to govern the distribution of personal property such as houses, TVs and money. Is it permissible for the state to force those who have acquired wealth without using force or fraud to give some of it to those with less? Libertarians say that it is not permissible, while redistributivists say that it is. If the latter are correct, are wealthy South Africans giving their fair share, and is the South African state redistributing it in the right way? Next, the discussion considers whether the law should protect private property, something that capitalists affirm and socialists deny. Despite its socialist disposition before the end of apartheid, the ANC has decisively promoted private ownership of the means of production. Has this been appropriate? Is there a 'third way' between the communism of the East and the capitalism of the West that South Africa should pursue? The chapter concludes by providing a brief summary of the use of legal coercion in the new South Africa along with readings for further consideration. (shrink)

The paper is an analysis of Rousseau’s concept of property. It shows that Rousseau wants to draft a new system of politics that will not forbid private property but will limit its scale. It aims to clarify that Rousseau owes much to John Locke’s theory and even adopts Locke’s definition that it is a basic purpose of the social contract to protect the citizen’s property. It is argued that in spite of these similarities Rousseau’s account differs fundamentally from Locke’s. Having (...) a right of ownership to something for Locke means to be entitled to exclude anybody else from it: to say “this is mine” in Locke is synonymous to “it is not yours”. For Rousseau having a right of ownership to something implies a self-limitation by the proprietor: to say “this is mine” in Rousseau signifies “everything else is not mine”. While property rights in Locke have the purpose of legitimizing “pleonexia” and economic inequality, Rousseau tries to use them as restrictions to citizens’ desires and greed. (shrink)

This essay discusses Hegel’s theory of “abstract” respect for “abstract” personhood and its relation to the fuller, concrete account of human personhood. Hegel defines (abstract) personhood as an abstract, formal category with the help of his account of free will. For Hegel, personhood is defined in terms of powers, relations to self and to others. After analyzing what according to the first part of Philosophy of Right it is to (abstractly) respect someone as a person, the essay discusses the (...) implications for private property and market. Then the paper turns to discuss pathologies of ideologies that stress these aspects only. Finally, the essay discusses the way inwhich Hegel’s full social theory aims to overcome such pathological tendencies; most notably in his theory of Family and the State. (shrink)

While Hume had a favorable opinion of the new commercial society, Reid envisioned a utopian system that would eliminate private property and substitute the profit incentive with a system of state-conferred honors. Reid’s predilection for a centralized command economy cannot be explained by his alleged discovery of market failures, and has to be considered in the context of his moral psychology. Hume tried to explain how the desire for gain that motivates the merchant leads to industry and frugality. These, in (...) their turn, benefit all society. Reid still saw the desire for money as a degenerate form of the desire for power. The contrast between Hume and Reid, however, has not to be taken too far. On some particular matters of economic policy, such as paper credit, Hume and Reid eventually came to similar views. (shrink)

The attempt to define meaning arouses numerous questions, such as whether life can be meaningful without actions devoted to a central purpose or whether the latter guarantee a meaningful life. Communities of inquiry are relevant in this context because they create relationships within and between people and the environment. The more they address relations—social, cognitive, emotional, etc.—that tie-in with the children’s world even if not in a concrete fashion, the more they enable young people to search for and find (...) meaning. Examining the way in which philosophical communities of inquiry serve as a dialogical space that enables a search for meaning on the personal and collective plane, this article seeks to expand the discussion of how/whether finding meaning on a private or communal level can promote recognition of the existential uniqueness of each individual and the development of a sense of responsibility for him or her. Grounded in the writings of Matthew Lipman, it links his ideas about finding meaning in philosophical communities of inquiry with those of Jean-Paul Sartre, Viktor Frankl, and Emmanuel Levinas, in particular with regard to the association between meaning and responsibility. (shrink)

I provide a distinctively Wittgensteinian interpretation of Hegel’s Subjective Logic, including the parts on the concept, the judgement and the syllogism. I argue that Wittgenstein implicitly recognised the moments of universality, particularity and individuality; moreover, he was sensitive to Hegel’s crucial distinction between abstract and concrete universals. More specifically, for Wittgenstein the moment of particularity has the status of a paradigmatic sample which mediates between a universal concept and its individual instances. Thus, a concrete universal is a universal (...) that includes every individual via its paradigmatic sample. Next, I provide a generic account of the emergence of concrete universals through a series of negations that follows the basic structure of Hegel’s judgement—“the individual is the universal”—and the syllogism—“the individual is the universal mediated by the particular”. This development is illustrated with examples from Hegel (a plant, Socrates, Caesar, a Stoic sage, Jesus) as well as from Wittgenstein (colour samples, the standard metre, works of art). I take Wittgenstein’s argument against private language as implying that we cannot do without paradigms in our epistemic practices. If the conclusion of the section “Subjectivity” in Hegel’s Science of Logic is that the moment of particularity cannot be ignored or dispensed with, then it would mean that we cannot do without paradigms in our epistemic practices: that is, that private rules are impossible. (shrink)

Under a policy first enacted in 1988 and expanded in 1996, federally funded public housing authorities (“PHAs”) and private landlords renting their properties to tenants receiving federal housing assistance have been required to include a provision in all leases under which drug-related criminal activity as well as criminal activity that in any way poses a threat to other tenants or nearby residents constitutes ground for initiating eviction proceedings. This strict liability eviction policy, which has become known as the “One-Strike Rule,” (...) was part of a broader congressional effort to combat the “reign of terror” that Congress believed drug dealers were imposing on public housing and assisted housing tenants. Like many of the crime-related policies enacted in the 1980s and 1990s, the One-Strike Rule has done little to reduce crime rates, but has been wildly successful in ensuring that the situation of poor households receiving federal assistance remains highly precarious. Calls for reform of the One-Strike Rule are almost as old as the policy itself, but given the political outlook of the current administration, the prospects for reform at the federal level are dim. While federal law and a combination of gridlock and unwillingness in the congressional and executive branches foreclose a range of possible strategies for reform, there is nonetheless room to mitigate the socially corrosive effects of the One-Strike Rule through legislative efforts at the state and local level. Courts in various jurisdictions have upheld state laws that protect vulnerable tenants despite the federal strict liability policy, and these holdings help to provide a framework for how state and local governments seeking to protect tenants can do so without their efforts necessarily falling prey to the Supremacy Clause. This article describes that framework and proposes three concrete measures that fit it. The article is structured as follows: after explaining the One-Strike Rule and the threat it poses to vulnerable tenants (Section II), the article discusses the burden the Rule imposes on tenants and the benefits it is supposed to bring to other parties, and argues that the resulting distribution of burdens and benefits is unjust (Section III). The article then lays out three concrete measures that state and local governments can enact to protect tenants who face eviction for criminal activity under the Rule without falling prey to a federal preemption challenge: requiring “good cause” for eviction, giving tenants the right to cure a breach of their lease, and providing tenants with free counsel in landlord-tenant court (Section IV). (shrink)

Hegel attacks Kantian morality most often without stating an opposing moral theory, tending to subsequently take up discussion of religion or the state. Commentators have variously suggested the logical consequence of Hegel's position is "the dissolution of ethics in sociology" without "room for personal morality of any kind" or that Hegel's argument is against Kantian <i>Moralitat</i>, which allows the private individual to appeal beyond social mores to universal moral standards, with Hegel insisting that concrete values come instead from <i>Sittlichkeit</i>, (...) the social order. If thinking of morality as a purely private matter of the individual's conscience seems too abstract, the Hegelian criticisms should show that moral reflections are vacuous unless they take account of the social world in which they will be realized as concrete actions. From the Hegelian's perspective on morality as seen from the more inclusive context of <i>Sittlichkeit</i>, social action that is also moral will not need to be analyzed in terms of Kant's metaphysical dualisms between reason and inclination, intentions and consequences, or the sensible and the intelligible realms. Whereas Kant thinks moral theory leads directly to religious and metaphysical postulates, Hegel deliberately leads it in another direction. He can be understood historically as going beyond Kant's effort to secularize moral philosophy. Kant begins this process by grounding moral philosophy in reason alone, not in religion. Religious postulates may follow from moral beliefs, says Kant, but morality is not derived from religious premisses. In going from private moral conscience not to religious beliefs but to social, political, and historical considerations (which could include religion seen as a social institution), Hegel extends the process of secularizing moral philosophy." Marcuse and Knox could thus both be right, since Hegel's goal is not to replace Kant's moral philosophy with another, competing moral philosophy, but to accept it, while recognizing its limitations, as a special case of a larger theory of social action. In the Hegelian jargon, from a standpoint recognizing Sittlichkeit, Moralitdt is thus <i>aufgehoben</i>, that is, Kant's formal procedures will be both "negated" (criticized for their limitations) and "preserved" (embedded in a more inclusive philosophy). (shrink)

The quest for power is an unacknowledged central motive of human action and behaviour. Considering social relationships power structures meet daily and ubiquitous both in the private and in the public domain. They determine our life, limit our personal development and influence our thinking and experiences in everyday life. Knowledge, money, position, prestige, office and dignities, access to information, networks and teams, fortunes and much more essentially are convertible currencies of power. Some examples given in this text may illustrate (...) the aspect of power in social relationships. A plausible explanation of this phenomenon is under consideration. --- Machtbeziehungen sind alltäglich und treten ubiquitär in Erscheinung. Sie begegnen im privaten und im öffentlichen Bereich. Jedermann ist in eine Vielzahl solcher Verhältnisse eingebunden, meist ohne dass er sich dessen bewusst ist. Sie bestimmen unser Leben, setzen unserer Entfaltung Grenzen und beeinflussen unser Denken und unsere Alltagserfahrung. Wissen, Stellung, Geld, Ansehen, Amt und Würden, Zugang zu Information, der Aufbau von Netzwerken und Seilschaften, gutes Aussehen, Vermögen und vieles mehr sind im Grunde nur konvertible Währungen der Macht. Das Streben nach Macht ist ein uneingestandener, aber dennoch zentraler, Beweggrund menschlichen Handelns. Der Text beleuchtet ein Kaleidoskop von Machtbeziehungen, mit dem wir alltäglich konfrontiert werden. Unterschiedliche Beispiele illustrieren die Wirkung von Machtverhältnissen in unserem Umfeld. Ein plausibler Erklärungsansatz für das Streben nach Macht wird diskutiert. (shrink)

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics in (...) the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. (shrink)

It is difficult to advance a point beyond what Keynes himself commented about his own vision in The General Theory of Employment, Interest and Money in 1936 (hereafter TGT) in its Chapter 24. It is also difficult to express a deeper thought than what Skidelsky wrote about Chapter 24 of TGT (cf. Skidelsky, 1997). The purpose of this article is to identify whether Chapter 24 of TGT is the gist of Keynes’s legacy, having set the foundations of macroeconomics in (...) the previous 23 Chapters. Relevant topics included in Chapter 24 are the consequences of full employment, the fate of income distribution, the future of overall wealth, the socialization of investment, saving, expectations, the role of the State in economies, the future of financial markets and the interaction between economics and other disciplines. Indeed this Chapter displays Keynes’s genius as a social philosopher, following the tradition of The Economics Possibilities for our Grandchildren (1930). In Chapter 24 he was taking a glance at his product as did Phillip II when he was observing the construction of his castle El Escorial in XVII Spain. Within his vision, is this piece of work a justification of capitalism? Keynes sees the State as both the spender and the employer of last resort, thereby proposing a new role for the government (Skidelsky, 1998). He also suggests a new role for the private sector and reconsiders the interrelation between the two sectors. He is fully optimistic about this issue, which he considers as evolutionary. In addition, Keynes blurs the distinction between economics and sociology, advancing new interdisciplinary hints in his thinking. Keynes is also concerned on the epistemological role of assumptions in order to obtain defensible conclusions. Thereafter the British economist proposes new methods. He was a neo-realist and was against the inductive method. In addition, it can be stated that TGT is grounded on new psychological laws and motivations, that is, on a new vision of humankind, especially the analyzed chapter. His topics are the bypassing of Classical Economics; the destiny of macroeconomics in both theoretical and policy terms, highlighting new roles for interest rates; savers and rentiers; and the relevance of the concepts of ideas, interests and power. In all these respects Keynes is once again far ahead of his time. Finally a debatable topic dealt with by Keynes in Chapter 24 of TGT is 1 PhD in Economics, Lancaster University, UK; Professor-researcher at ISEC Universidad de Negocios, Mexico City. socialisation of investment. This is in words of Skidelsky, a shift in the balance of social power. Keynes is thus in Chapter 24 of TGT a visionary and an idealist, a reformer, and certainly a trans-generational thinker. When he talks about the passion of thriftiness and the setting of reasonable financial rewards arising from financial instruments he is advancing explications for financial crises in terms of speculation. The open conclusion is that Chapter 24 contains the gist of Keynes’s mature philosophical thinking and legacy, confirming that for him attitudes are one of the most relevant issues in life. In addition, he considers that both social and psychological elements are necessary for a thorough understanding of economic issues and their consequences, such as peace and happiness. Section 1 is an introduction. Section 2 is both a literature review and a summary of Keynes’s general philosophical insights. Section 3 is an analysis of Chapter 24 of TGT in the specific fields of Epistemology, Ethics, Ontology, and Political and Social Philosophy. Section 4 is a conclusion. References are listed at the end of the article. Keywords: Keynes, philosophy of economics, social philosophy, epistemology, method, ethics, ontology, uncertainty, full employment, income distribution, wealth, euthanasia of the rentier, saving, socialization of investment, O’Donnell, Carabelli, Fitzgibbons, Skidelsky. (shrink)

The point that is stressed by definitions of culture, which rely on its authenticity and considerations that it entails individuality (diversity), is its diversity. Being diverse and acknowledgement of authenticity of the diversity, involves forwardness in itself. Though the acknowledgement of diversity and the impression of integrity formed by the acknowledgement seem to pose a coherence, yet it bears a negative aspect internally. Despite so-called acknowledgement of diversity, coherence and integrity formation seem to be more important. Since coherence of the (...) integrity is based on measures of the seeking subject, forwardness aims to preserve things that are available or to simply fill the gaps. Hence complexity and diversity bear a negative meaning for available things. Because of centered approach which basically is putting familiar things into a closer circle while putting others aside. It brings concretization to the culture. To the extent of concretization endeavor, it leads us to study culture as belonging to a society (the privatization aim here even breaks down culture to a subculture level). Concretization of culture itself might seem as understanding and acknowledgement of culture, however, the aim for making a definition involves detaching the existent from existence forms and from the environment that it exists in. This article is to discuss, with philosophical terms, how different cultures embrace sincerity in exposing themselves while interacting with other cultures given our definitions of culture and eeking for multiculturalism. Thanks to developments in transportation and means of technology, different cultures and societies meet and interact easily. Though we have a heritage of drawing borders, these borders hardly preserve their existence. The issues under discussion have evolved from the endeavor to build a common identity-culture-society to acknowledgement of diversity and difference. (shrink)

Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, (...) you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. The Element also defends money-pump arguments from the standard objections to this kind of approach. This title is also available as Open Access on Cambridge Core. (shrink)

It can be hard to see where money fits in the world. Money seems both real and imaginary, since it has obvious causal powers, but is also, just as obviously, something humans have just made up. Recent philosophical accounts of money have declared it to be real, but for very different reasons. John Searle and Francesco Guala disagree over whether money is just whatever acts like money, or just whatever people believe to be money. (...) In developing their accounts of institutions as a part of social reality, each uses money as a paradigm institution, but they disagree on how institutions exist. Searle argues that the institution of money belongs to an ontological level separate from the physical world, held up by the collective intentions of a group, while Guala claims that money is a part of the ordinary physical world and is just whatever performs a “money-like function” in a group, regardless of what that group believes about it. Here, we argue that any purely functional account like Guala’s will be unable to capture the distinctive phenomenon of money, since monetary transactions are defined by the attitudes transactors hold toward them. Money will be obscured or misidentified if defined functionally. As we go on to show by examining recent work by Smit et al., belief in money does not require taking on all of Searle’s ontological commitments, but money and mental contents will stand or fall together. (shrink)

In Aristotle's account of change, lacking a form is called privation (Physics I.7 191a14). For example, someone takes on the form of being musical only from previously having the privation of being unmusical. However, he also states that “shape and nature are spoken of in two ways, for the privation too is in a way form” (Physics II.1 193b19). I will demonstrate that these seemingly contradictory statements are not actually in tension. Since all perceptible matter must be enformed, we would (...) have trouble discussing things that have yet to undergo generation, like menstrual fluid, and things that have undergone corruption, like corpses, if we did not cite the privation as a sort of form. I will argue that, given his commitment to hylomorphism, Aristotle is committed to privation being a form in a qualified sense. It cannot be a form in an unqualified sense because privation often spoils the matter such that it can no longer be reformed. The fact of the matter is we cannot draw a bright line between privation and form because the two are contraries and can be said to hold to different degrees at different points on a spectrum. (shrink)

In this chapter, I survey what I call Lewisian approaches to modality: approaches that analyze modality in terms of concrete possible worlds and their parts. I take the following four theses to be characteristic of Lewisian approaches to modality. (1) There is no primitive modality. (2) There exists a plurality of concrete possible worlds. (3) Actuality is an indexical concept. (4) Modality de re is to be analyzed in terms of counterparts, not transworld identity. After an introductory section (...) in which I motivate analyzing modality in terms of possible worlds, I devote one section to each of these four theses. For each thesis, I take Lewis’s interpretation and defense as my starting point. I then consider and endorse alternative ways of accepting the thesis, some of which disagree substantially with Lewis’s interpretation or defense. There is more than one way to be a Lewisian about modality. (shrink)

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely (...) technical results of disciplines like computer science and economics. Note: this article is the first entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)

This article offers a novel solution to the problem of material constitution: by including non-concrete objects among the parts of material objects, we can avoid having a statue and its constituent piece of clay composed of all the same proper parts. Non-concrete objects—objects that aren’t concrete, but possibly are—have been used in defense of the claim that everything necessarily exists. But the account offered shows that non-concreta are independently useful in other domains as well. The resulting view (...) falls under a ‘nonmaterial partist’ class of views that includes, in particular, Laurie Paul’s and Kathrin Koslicki’s constitution views; ones where material objects have properties or structures as parts respectively. The article gives reasons for preferring the non-concretist solution over these other non-material partist views and defends it against objections. (shrink)

In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to the (...) class='Hi'>money pump problem in particular. I argue here that this reasoning is incorrect, and that Gustafsson’s synchronic argument is faulty on independent grounds. Specifically, it is based on a false analogy between the derivation of a synchronic ordinal ranking from a transitive series of pairwise comparisons, and the putative derivation of such a ranking from an intransitive series. The latter is not possible under the assumption of revealed preference theory, and is highly improbable even if that assumption is rejected. Moreover, Gustafsson’s argument raises issues of fidelity to the historical texts that must be addressed. I conclude that the money pump, and cyclical choice more generally, are necessarily diachronic; and therefore that the two best-known diachronic solutions to the money pump problem remain relevant. (shrink)

Mathematicians and software developers use the word "function" very differently, and yet, sometimes, things that are in practice implemented using the software developer's "function", are mathematically formalized using the mathematician's "function". This mismatch can lead to inaccurate formalisms. We consider a special case of this meta-problem. Various kinds of agents might, in actual practice, make use of private memory, reading and writing to a memory-bank invisible to the ambient environment. In some sense, we humans do this when we silently subvocalize (...) thoughts about the actions we are taking (at least when the environment we're in is too primitive to probe the contents of our brains). Mathematical function formalizations of agents often ignore this ability. We show that in a general agent-environment framework (of which reinforcement learning is a special case), in a technical sense, such private memories do not enable qualitatively different agent behavior. (shrink)

Simon Blackburn objects that Wittgenstein's private language argument overlooks the possibility that a private linguist can equip himself with a criterion of correctness by confirming generalizations about the patterns in which his private sensations occur. Crispin Wright responds that appropriate generalizations would be too few to be interesting. But I show that Wright's calculations are upset by his failure to appreciate both the richness of the data and the range of theories that would be available to the private linguist.

So-called money pump arguments aim to show that intransitive preferences are irrational because they will lead someone to accept a series of deals that leaves his/her financially worse off and better off in no respect. A common response to these arguments is the foresight response, which counters that the agent in question may see the exploitation coming, and refuse to trade at all. To obviate this response, I offer a “deluxe money pump argument” that applies dominance reasoning to (...) a modified money pump case. (shrink)

This article is part of a symposium on property-owning democracy. In A Theory of Justice John Rawls argued that people in a just society would have rights to some forms of personal property, whatever the best way to organise the economy. Without being explicit about it, he also seems to have believed that protection for at least some forms of privacy are included in the Basic Liberties, to which all are entitled. Thus, Rawls assumes that people are entitled to form (...) families, as well as personal associations which reflect their tastes as well as their beliefs and interests. He seems also to have assumed that people are entitled to seclude themselves, as well as to associate with others, and to keep some of their beliefs, knowledge, feelings and ideas to themselves, rather than having to share them with others. So, thinking of privacy as an amalgam of claims to seclusion, solitude, anonymity and intimate association, we can say that Rawls appears to include at least some forms of privacy in his account of the liberties protected by the first principle of justice. -/- However, Rawls did not say very much about how he understands people’s claims to privacy, or how those claims relate to his ideas about property-ownership. This is unfortunate, because two familiar objections to privacy seem particularly pertinent to his conception of the basic liberties. The first was articulated with customary panache by Judith Thomson, in a famous article on the moral right to privacy, in which she argued that talk of a moral right to privacy is confused and confusing, because privacy rights are really just property rights in disguise. The second objection has long been a staple of leftist politics, and is that the association of privacy with private property means that privacy rights are just a mask for coercive and exploitative relationships, and therefore at odds with democratic freedom, equality and solidarity. If the first objection implies that Rawls is wrong to think that protection for privacy can be distinguished from protection of personal property, the second objection implies that Rawls cannot hope to protect privacy without thereby committing himself to the grossest forms of capitalist inequality. -/- In this paper I will not discuss Rawls’ views of property-owning democracy. However, by clarifying the relationship between claims to privacy and claims to property-ownership, I hope to illuminate some of the conceptual, moral and political issues raised by Rawls’ ideas, and by work on the concept of a property-owning democracy, which he inspired. As we will see, privacy-based justifications of private ownership are not always unappealing, and privacy is sometimes promoted, rather than threatened, by collective ownership. The conclusion draws out the significance of these claims for the idea of a property-owning democracy. (shrink)

Near the end of 'Naming the Colours', Lewis (1997) makes an interesting claim about the relationship between linguistic and mental content; we are typically unable to read the content of a belief off the content of a sentence used to express that belief or vice versa. I call this view autonomism. I motivate and defend autonomism and discuss its importance in the philosophy of mind and language. In a nutshell, I argue that the different theoretical roles that mental and linguistic (...) content play suggest these kinds of content should be understood as sensitive to different things. (shrink)

The study of Enrici et al. (2023) in Ecology and Society [1] is one of a few in-depth discussions of the significance of money on how people (including academics, politicians, and residents) understand the impact of humans on the environment. These insights are critical, especially given the urgency of understanding anthropogenic influences on the ecosystem in the face of the unpredictable dangers of climate catastrophe.

There is a long-standing debate in philosophy about whether it is morally permissible to harm one person in order to prevent a greater harm to others and, if not, what is the moral principle underlying the prohibition. Hypothetical moral dilemmas are used in order to probe moral intuitions. Philosophers use them to achieve a reflective equilibrium between intuitions and principles, psychologists to investigate moral decision-making processes. In the dilemmas, the harms that are traded off are almost always deaths. However, the (...) moral principles and psychological processes are supposed to be broader than this, encompassing harms other than death. Further, if the standard pattern of intuitions is preserved in the domain of economic harm, then that would open up the possibility of studying behaviour in trolley problems using the tools of experimental economics. We report the results of two studies designed to test whether the standard patterns of intuitions are preserved when the domain and severity of harm are varied. Our findings show that the difference in moral intuitions between bystander and footbridge scenarios is replicated across different domains and levels of physical and non-physical harm, including economic harms. (shrink)

John White (2016) defends the UK private school system from the accusation that it allows an unfair form of ‘queue jumping’ in university admissions. He offers two responses to this accusation, one based on considerations of harm, and one based on meritocratic distribution of university places. We will argue that neither response succeeds: the queue-jumping argument remains a powerful case against the private school system in the UK. We begin by briefly outlining the queue-jumping argument (§1), before evaluating White’s no-harm (...) (§2) and meritocracy (§3) arguments. (shrink)

A review of Michael's Sandel's book, "What Money Can't Buy" (Allen Lane 2012).

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)

General perception that money can buy happiness has been refuted in this article.

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

It’s natural to think of acts of solidarity as being public acts that aim at good outcomes, particularly at social change. I argue that not all acts of solidarity fit this mold - acts of what I call ‘private solidarity’ are not public and do not aim at producing social change. After describing paradigmatic cases of private solidarity, I defend an account of why such acts are themselves morally virtuous and what role they can have in moral development.

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

Today it would be considered "bad Platonic metaphysics" to think that among all the concrete instances of a property there could be a universal instance so that all instances had the property by virtue of participating in that concrete universal. Yet there is a mathematical theory, category theory, dating from the mid-20th century that shows how to precisely model concrete universals within the "Platonic Heaven" of mathematics. This paper, written for the philosophical logician, develops this category-theoretic treatment (...) of concrete universals along with a new concept to abstractly model the functions of a brain. (shrink)

Despite the many advantages that mobile money o ers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this (...) study adopted an exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clientele, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. (shrink)

Surrogacy involves a private agreement whereby a woman who gestates a child attempts to surrender her (putative) moral right to become the parent of that child such that another person (or persons), of the woman’s choice, can acquire it. Since people lack the normative power to privately transfer custody, attempts to do so are illegitimate, and the law should reflect this fact.

Most modern writers accept that a privation theory of evil should explicitly account for the evil of pain. But pains are quintessentially real. The evil of pain does not seem to lie in an absence of good. Though many directly take on the challenges this raises, the metaphysics and axiology of their answers is often obscure. In this paper I try to straighten things out. By clarifying and categorizing the possible types of privation views, I explore the ways in which (...) privationists about evil are—or should or could be—privationists about pain’s evil. (shrink)