Although finance is ubiquitous in modern life, its ontological foundation is rarely discussed. This essay considers some key characteristics of finance from a social ontological perspective. It initially argues that money requires some sort of representation, and that financial institutions rely on various forms of cognition as well as documents anchoring representations. From that standpoint, one of the crucial aspects of finance is that it provides reference points through the process of quantification. These reference points are numerical representations that allow (...) people to make comparisons. Comparing numbers inevitably creates different hierarchies. However, a specific hierarchy can become outdated or less significant. In such situations, a heterarchy can be created outside the hierarchy. This essay illustrates the appearance of heterarchy in the recent shift toward impact finance, in which financial hierarchies encompass heterarchical systems that are finally replaced by quantifiable hierarchical metrics. With this example, the present research demonstrates that finance tends to convert heterarchical systems into hierarchical ones by quantification through monetary units. (shrink)

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

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

A project conceiving of political assemblages as anything larger than just an object of intellectual history will have to face a question—what is the potential scope and entailments of the idea of political assemblages outside of the very specific late twentieth-century milieu that it was conceived in? And given the present moment, there is also is much more specific question that should well be taken up: what place any project organized as a political assemblage could have in an era of (...) global capitalist accelerated economic inequalities and anthropocentric warming? Drawing on debates in contemporary social and cultural anthropology about Dumont, hierarchy, actor-network theory, and ontology, this essay... (shrink)

This paper analyses how the so-called metallist theory of money gave way to functionalism in early modernity. Theoretical metallism held that something, in order to perform the role of money, must bear some intrinsic value. Functionalism, on the contrary, endorsed a social ontology of money claiming that anything could perform that role as long as it was accepted as a means of payment. The paper argues that the early modern discovery of the so-called quantity theory of money played a (...) key role in this transition, since this was the idea to question the inherent valueproofness of commodity money for the first time in history. According to our claim, commodity money was gradually replaced by fiat currencies after the former was no longer was regarded as more valueproof than the latter, and this theoretical struggle is clearly documented by Hume’s and Smith’s respective remarks on the subject. (shrink)

In this paper we propose an Ontology of Commercial Exchange (OCE) based on Basic Formal Ontology. OCE is designed for re-use in the Industrial Ontologies Foundry (IOF) and in other ontologies addressing different aspects of human social behavior involving purchasing, selling, marketing, and so forth. We first evaluate some of the design patterns used in the Financial Industry Business Ontology (FIBO) and Product Types Ontology (PTO). We then propose terms and definitions that we believe will improve (...) the representation of contractual obligations, sales processes, and their associated documents. A commercial exchange, for instance, involves mutual agreement to reciprocate actions, such as transferring money, performing a service, or transferring goods. (shrink)

This chapter provides an introduction to the emerging field of the philosophy of money and finance. The field addresses philosophical issues about the nature of money and the normative foundations of financial systems. Although philosophical theorizing about money and finance dates back to Antiquity, the topic has only recently emerged as a central research focus. The chapter also introduces the present anthology and locates its parts and chapters in the broader field. More specifically, the anthology is divided into four main (...) parts: Metaphysics, Epistemology, Ethics, and Political Philosophy. Each part contains four chapters on different but interrelated topics, which are all introduced here. (shrink)

The idea of finance -- Theological-ethical critique of accounting -- The ontology of moral hazard in finance -- Faith has a rate of return -- The knot of finance -- A political theology of market miracles -- Care of the soul: resistance to finance capital as virtue.

Presenting legal and philosophical essays on money, this book explores the conditions according to which an object like a piece of paper, or an electronic signal, has come to be seen as having a value. Money plays a crucial role in the regulation of social relationships and their normative determination. It is thus integral to the very nature of the "social," and the question of how society is kept together by a network of agreements, conventions, exchanges, and codes. All of (...) which must be traced down. The technologies of money discussed here by Searle, Ferraris, and Condello show how we conceive the category of the social at the intersection of individual and collective intentionality, documentality, and materiality. All of these dimensions, as the introduction to this volume demonstrates, are of vital importance for legal theory and for a whole set of legal concepts that are crucial in reflections on the relationship between law, philosophy, and society. (shrink)

This essay is a contribution to social ontology, drawing on the work of John Searle and of Hernando de Soto. At the center of the argument is the proposition advanced by de Soto in his Mystery of Capital to the effect that many of the entities which structure our contemporary social reality are entities which exist in virtue of the fact that there are (paper or digital) documents which support their existence. I here develop de Soto’s argument further, focusing (...) specifically on the ontological problems raised by a family of new types of social phenomena – exemplified most dramatically in the domain of finance for example in the form of what are called ‘structured investment vehicles’ – made possible as a result of the employment of computer technology in entity creation. I address also Searle’s most recent work on social ontology, and conclude with an appendix on the theory of documentality advanced by Maurizio Ferraris. (shrink)

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

The suggestions outlined here include the following. Money is a bundle of institutionally sustained causal powers. Money is an institutional universal instantiated in generic currencies and particular money tokens. John Searle’s account of institutional facts is not helpful for understanding the nature of money as an institution (while it may help to illuminate aspects of the nature of currencies and money particulars). The money universal is not a social convention in David Lewis’s sense (while currencies and money particulars are characterized (...) by high degrees of conventionality). The existence of the money universal is dependent on a larger institutional structure and cannot be understood in terms of collective belief or acceptance or agreement separately focusing on money. These claims have important implications for realism about money. (shrink)

This paper considers in detail the ontological and normative presuppositions of the state-contingent approach to pricing commodities first introduced by Arrow in his model of general equilibrium under uncertainty, which became a milestone in the theory of finance. By contextualizing Arrow’s fundamental contribution and subsequent developments in finance, it demonstrates how this new conceptual framework implied certain technologies—both intellectual and financial. In showing how theoretical thinking about finance was underlying institutional developments in finance, this paper complements the familiar narrative of (...) the performativity of economics. (shrink)

Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we offer reasons (...) why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

As is well known, speech acts such as acts of promising can have ontological consequences. For example an act of promising can give rise to a mutually correlated claim and obligation. Increasingly, speech acts in the narrow sense are being augmented by the use of documents of multiple different sorts. In this paper we analyze the results of this augmenta-tion from the ontological point of view, considering especially the domains of law and com-merce. We show how document acts are not (...) isolated phenomena, but rather form large and complex systems with other entities, including occurrent entities such as acts of signing and inspecting, as well as speech acts for example of instructing people to sign or complete a doc-ument. The paper concludes with a consideration of some of the special problems associated with the use of digital documents, for example as concerns issues of security and provenance. (shrink)

Among the notions of levels invoked in accounts of biological phenomena, I focus on two: levels of production mechanisms and levels of control mechanisms. I argue that these two notions of level exhibit different characteristics: production mechanisms are organized hierarchically while control mechanisms are often organized heterarchically. I illustrate the differences in these modes of organization by examining production and control mechanisms involved in cell division in Escherichia coli and in circulation of blood in mammals. I conclude by exploring how (...) these two notions of levels can be integrated by adopting a perspective in which organisms are autonomous systems maintaining themselves far from equilibrium. (shrink)

John Searle has proposed one of the most influential contemporary accounts of social ontology. According to Searle, institutional facts are created by the collective assignment of a specific kind of function —status-function— to pre-existing objects. Thus, a piece of paper counts as money in a certain context because people collectively recognize it as money, and impose a status upon it, which in turn enables that piece of paper to deliver certain functions (means of payment, etc.). The first part of (...) this essay presents Searle’s theory of social ontology and summarizes his views on money. The second part centers on criticisms of his views and compares his theory with its main competitors, including the theories of Tuomela, Guala and Hindriks, and Smit, Buekens and Duplessis. The conclusion attempts to see what may remain of Searle’s theory after careful examination. (shrink)

This (somewhat polemical) paper focuses on the ontological nature of money and draws comparisons to the ontological status of gauge freedom in physics. The parallels allow us to move beyond the social constructivist theories of Searle et al., and thereby avoid some pitfalls with such views. Since we have a reasonably good grasp of the ontological features in the physics context, we can pull back lessons from there onto the economic domain. In general, we find that this approach offers a (...) nice lens through which to view the ontological peculiarities of money. (shrink)

To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Given that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. I argue that they cannot. I first offer an interpretation of the commodity and (...) credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. I then argue that thus understood, neither theory can accommodate cryptocurrency. Finally, I develop a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and I argue that this hybrid account can accommodate cryptocurrency. (shrink)

This article examines the historically contentious relationship between the financial market and the public as discussed in academic literature, financial journalism and prescriptive how-to invest handbooks during the late 19th and early 20th centuries. Although financial markets thrive off active public participation, speculating at stock and commodity exchanges has been a sanctioned ritual reserved for a privileged minority. We argue that the financial establishment’s intent to control market access through financial entry-barriers (such as exchange membership fees and margin requirements) has (...) been part of a bigger story we need to understand: a history of delegitimating uninitiated ‘lay speculators’ through the construction of exclusionary narratives about unfit amateur investors and morally corrupt publics. We conceptualize this process as an ongoing and delicate boundary-making exercise contributing to a market participation discourse that has been characterized by a set of reductive binaries, such as those of insider–outsider, professional–amateur and speculator–gambler. We show, however, that attempts to delineate popular participation in financial markets through these binaries have been complicated by the idea that besides being a force of market instability and collective irrationality, the public was a largely untapped source of liquidity. We argue that today’s discourse on public participation in financial markets resuscitates these simplified narratives and propose a more nuanced view of non-professional market participants being both destabilizers and liquidity-providers. (shrink)

This paper considers the boundary that separates marketable from non-marketable items. First, it examines the issue of blocked exchanges, that is, exchanges that cannot and/or should not take place. Second, it proposes to synthesise the seemingly separate issues of blocked exchanges from a single perspective based on critical realist ontology. Finally, it tackles some scepticism and criticism that has been levelled against the idea that ontology can be useful in determining a market boundary.

The paper reviews the basics of development and implementation of the debt policy of Ukraine, outlines its formation principles and establishes requirements to normative legal documents which specify administrative measures in the field of the public debt. The research conducted shows that the main normative legal documents which govern activities of state administration bodies responsible for the debt policy implementation are the State Budget and the Program for State Debt Management of the Ministry of Finance of Ukraine. An analysis of (...) the structure of the above documents and ensuing governmental regulations of Ukraine indicates that the national debt policy is not a separate link of the public financial administration, it is shaped subsequent to the results of managerial decisions in the field of monetary relations, changes in the taxation system, operation of the efficiency control system of national taxes, the government deficit level, impacts of foreign economic factors etc. It is proved that debt operations in Ukraine are becoming a factor of economic risk for the state budget whereas the debt budget itself is becoming a destabilization factor. The budgetary policy of Ukraine, which is primarily aimed at maximization of tax collection, results in distortion of the public finance system and aggravates the economic status of numerous industries. The public debt service expenses are however still increasing and require public borrowings which keep growing year by year. The author indicates that the most unsuccessful decisions of the national leadership, which brought about a higher public debt, are the issue of internal public bonds for capitalization of the Privatbank PJSC in 2017 and poor state control over quasi-fiscal operations which may result in default of national Compulsory Social Insurance Funds on their obligations, accumulation of debts on VAT refund, remission of dead tax debts, instalment payment and deferral of money liabilities or tax debts of taxpayers, attraction of sovereign credits by resident economic entities, debt restructuring of such entities with public guarantees, supply of natural gas to heat-and-power engineering companies for generation of thermal energy at preferential prices, accrued receivables of the National Joint-Stock Company 'Naftogaz Ukrainy' for sale of natural gas to the population and heat-and-power engineering companies. (shrink)

This essay explores the correspondence between cinema and money through an investigation of what I call the 'financialization of the image.' Drawing from the tradition of psychoanalytic film criticism and the cinematic ontology of Gilles Deleuze, it argues that the 'camera-eye' and the 'brain-screen' are distinct modes of organizing cinematic perception in capital. Furthermore, it argues that Gilles Deleuze's understanding of the brain-screen is the most adequate mode of thinking of the organization of subjective vision within control societies and (...) the financialization of life itself. (shrink)

How are core social phenomena to be understood as modes of being? This book offers an alternative approach to social ontology. Recent interest in social ontology on the part of mainstream philosophy and the social sciences presupposes from the outset that the human being can be cast as a conscious subject whose intentionality can be collective. By contrast, the present study insistently poses the crucial question of who the human being is and how they sociate as whos. Such (...) whoness is a clean-cut departure from the venerable tradition of questioning whatness in philosophical thinking. Casting human being hermeneutically as whoness opens up new insights into how human beings sociate in interplays of mutual estimation that are simultaneously social power plays. Hitherto, the ontology of social power in all its various guises, has only ever been implicit. This book makes it explicit. The kind of social power prevalent in capitalist societies is that of the reified value embodied in commodities, money, capital, & co. Reified value itself is constituted through an interplay of mutual estimation among things that reflects back on the power interplay among whos. In this way a new critique of capitalism becomes possible. (shrink)

John Searle’s The Construction of Social Reality and Hernando de Soto’s The Mystery of Capital shifted the focus of current thought on capital and economic development to the cultural and conceptual ideas that underpin market economies and that are taken for granted in developed nations. This collection of essays assembles 21 philosophers, economists, and political scientists to help readers understand these exciting new theories.

In this thesis I determine what is required in an account of money. I compare John’s Searle’s idea of institutions, as ontologically subjective, to Francesco Guala’s idea of an institution as a functional, rule-based equilibrium. I find both, as accounts of money, to be inadequate on their own. In response, I develop a new account of money which has functional components akin to Guala’s but with the addition of intentionality. This adds mind-dependence back into the account of money but, if (...) Khalidi’s theory of social kinds is correct, my account of money is still open to scientific investigation, because it might be kind of natural. (shrink)

How do we theorize and analyze the structural power of finance when global capitalism itself undergoes constant and profound structural transformation? The literature continues to assume that the source of financial structural power is its unique ability to provide credit to the real economy, playing a crucial role in meeting the investment imperative. But recent research documents that most financial market activities no longer facilitate productive investment and can even be a drag on economic development. If the financial sector's primary (...) role is not to support productive investments, then on what basis does it continue to hold structural power? The contributions to this special issue engage with how decades of financialization have transformed the basis of structural power toward alternative functions that have gone unnoticed in the existing literature. These include household and real estate lending that fuels consumption-led growth, concentration and expansion of financial institutions as tools of geo-economic strategy, financing current account deficits that facilitate global imbalances, and wealth preservation that bolsters inequality. (shrink)

What does being money consist in? We argue that something is money if, and only if, it is typically acquired in order to realise the reduction in transaction costs that accrues in virtue of agents coordinating on acquiring the same thing when deciding what thing to acquire in order to exchange. What kinds of things can be money? We argue against the common view that a variety of things (notes, coins, gold, cigarettes, etc.) can be money. All monetary systems are (...) best interpreted as implementing the same basic protocol. Money, i.e. the thing that we coordinate on acquiring in order to lower our transaction costs, is, in all cases, a set of positions on an abstract mathematical object, namely a relative ratio scale. The things that we ordinarily call ‘money’ are merely records of positions on such a scale. (shrink)

I feel deeply honored and privileged to have the opportunity of giving the first Baffi Lecture at the Bank of Italy. Paolo Baffi was not only a distinguished banker and financial expert, he was also a remarkable economist and a visionary social thinker. He had outstanding technical expertise in many different fields, but combined his intellectual eminence with a profound sense of values. As Governor Ciampi put it at the general meeting of the Bank of Italy last May, Paolo Baffi (...) represented “an extraordinary combination of penetrating logic, erudition and moral strength … [he was] not only a gifted student of economics, he had a deep-seated commitment to act for the common good.”1 In remembering Baffi today, we must keep in mind both his intellectual contributions and his general evaluative concerns. (shrink)

This article examines the emergence of a ‘financial subject’ in the transformation of the UK economy since 1979, using a critical realist approach to subjectivity that investigates underlying causal mechanisms and structures as they affect daily life. Financial restructuring, including widespread borrowing and increasing personal investment, has forged links between finance markets and personal finance, as workers’ wages are financialized. This engenders entrepreneurial subjectivity, with individuals interpellated to be self-reliant in managing possible risks. It argues that the process of subjectivation, (...) where individuals recognize themselves and their goals relative to financial markets, exemplifies the development of financialization itself, since it gives an insight into the successful reproduction of social relations of finance. It illustrates the instability related to wages and inequality, as some subjects have to contend with unpredictable employment prospects as potential future risks that complicate the practices of personal investment and borrowing, creating new hierarchies bound up with the financialization of the economy. (shrink)

The basic elements in the ontology of human civilization are status functions. Those are functions that can be performed not in virtue of physical structure alone but only in virtue of collective acceptance by the community of a certain status. Money, property, government and marriage are all examples of status functions. Status functions are all created by repeated applications of the same logical operation, in a preliminary formulation: X counts as Y in context C.On examination it emerges that all (...) status functions are created by a certain kind of representation that has a logical form of a speech act that I call a “Status Function Declaration.” These are explained.This lecture was delivered without notes and the current publication is very informal. I hope the reader will forgive the informality. (shrink)

Summary This article argues that commerce and the language of finance had an important influence over the interpretation of curiosities in the early modern period. It traces how learned travellers in the years around 1700 were constantly reminded to watch their purses and to limit their expenses while on the road. As a result, monetary matters also influenced their appreciation of artificialia and naturalia. They judged and compared the aesthetic value of curiosities by mentioning their price. Money offered an easy, (...) telegraphic manner of signalling intrinsic worth. Visitors of cabinets paid attention to the financial value of the collector's books, paintings, and natural specimens, and kept mentioning it in their diaries and correspondence. The keen attention of students, scholars and amateur gentlemen to money suggests that, even if the Republic of Letters operated in a gift economy, its members were much aware of their gifts’ prices. Commercial values deeply infiltrated the erudite discourse of the period. (shrink)

Release dates: 30 January 2024 (UK and Europe), 18 March 2024 (North America). This collection of essays introduces scholars and students to the emerging field of the philosophy of money and finance. The field is a relatively new subdiscipline within the subject of philosophy. Although philosophical theorizing about money and finance dates back to Antiquity, the events of the 2008 financial crisis brought new urgency to a broad array of questions about finance, and the body of philosophical research on the (...) topic is growing. To date, there is no comprehensive introduction to this body of research – especially none which acknowledges its full breadth and potential. This volume aims to provide a much-needed introduction. -/- The volume is divided into the following four sections: Metaphysics, Epistemology and Philosophy of Financial Economics, Ethics, and Political Philosophy. -/- . (shrink)

In both The Right and the Good and Foundations of Ethics, W. D. Ross maintains that any amount of the non-instrumental value of virtue outweighs any amount of the non-instrumental value of pleasure or avoidance of pain. The chapter raises two challenges to the status that Ross accords the value of virtue relative to the value of pleasure (pain). First, it argues that Ross fails to provide a good argument for thinking that virtue is always better than pleasure and that (...) it is in any case implausible to think that any amount of virtue (or avoidance of vice) is better than the avoidance of any amount of pain or suffering. Second, it argues that the inflexibility of Ross’s value theory exhibited in his claim about the relative value of virtue produces tension with and mars the attractive heterarchical structure of his theory of rightness or prima facie duties. (shrink)

This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics” that treats the state as a (...) dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:The Philosophy of Peter Abelard by John MarenbonConstant MewsJohn Marenbon. The Philosophy of Peter Abelard. Cambridge: Cambridge University Press, 1997. Pp. xx + 373. Cloth, £40.Peter Abelard (1079–1142) has long provoked conflicting responses from readers. Even in his own lifetime opinions varied from the adulation of loyal disciples to a chorus of hostility from St. Bernard and others. Inevitably these debates have colored subsequent perception of Abelard’s achievement. (...) It was only through the pioneering efforts of Victor Cousin that Abelard’s writings on logic, as distinct from those on theology and scriptural exegesis, first began to see the light of day. As John Marenbon documents in a fascinating appendix to a magisterial volume, Cousin’s emphasis on Abelard as a dialectician tended to reinforce existing stereotypes about him as a critical rather than as a constructive thinker.Marenbon sets out to counter such perceptions. His book is structured in three separate sections: a historical survey of Abelard’s life and writings on logic and theology; [End Page 621] an analysis of his ideas on substance, language, epistemology and universals; and a study of the ethical foundations of his thought. This tripartite structure shapes his analysis in profound ways. The initial section has the merit of synthesizing recent research (including my own) about our understanding of the chronological evolution of Abelard’s writings with lucidity and perspicacity. The real originality of this book, however, emerges in its second section with the chapter ‘Logic, philosophy and exegesis.’ Here Marenbon presents a succinct account of the ontological framework inherited by Abelard through Aristotle’s Categories and Porphyry’s introduction to it, the Isagoge, as well as Abelard’s response to it. Marenbon’s comment (109) that nominalists did not think that there was no thing which was not a particular, but instead expounded the Isagoge and Categories as having to do with words rather than things sets the tone for his analysis of Abelard’s ontology, presented as being much more subtle than a naive rejection of universal things. His thesis is that this ontology combines three separate principles: nominalism, ‘strong naturalism’ (defined as Aristotle’s belief that every member of a given natural kind has the same basic structure of genera, species and differentiae), and a strict view of the separateness of particular things.To a modern eye, these principles might seem to be mutually exclusive. Marenbon shows how Abelard constructs an ontology taking its point of departure from the particularity of things, and so transforms Porphyry’s hierarchy of being into one which is based on individuals. Unlike earlier scholars, (notably Jean Jolivet, author of a brilliant study of Abelard’s semantics and its implications for theology), Marenbon is able to profit from a far deeper awareness of the evolution of Abelard’s thinking about specific logical problems. He is thus able to describe, sometimes in minute detail, how Abelard wrestled with intellectual inconsistencies inherited from the differing strands in his own tradition. Thus he shows how, after the Dialectica and early glosses on Porphyry and Aristotle, Abelard moves away from a simplistic semantics of denomination, by which words denote corresponding forms, and starts to interpret certain accidents (like whiteness) as not having a separate reality. This evolution in Abelard’s semantic thought is mainly known only through passages revised in his Christian Theology. Marenbon suggests that Abelard may have been influenced here by transferring ideas about the three divine persons as differing in attribute to the ordinary world.One difficulty with the structure Marenbon has chosen is that the reader sometimes has to keep backtracking in Abelard’s career. Thus while he provides an outstanding exegesis of Abelard’s theory of cognition (making full use of the long neglected De intellectibus), developed in the 1120s, he then backtracks to the issue of universals. The evolution of Abelard’s thinking on this topic is related, however, to that in other domains. While Marenbon avoids historicizing interpretations (having assigned historical analysis to the first part of his book), it does seem that the evolution of Abelard’s thought was influenced by a desire to distance himself from the categories of thought of his various teachers.Marenbon... (shrink)

The current economic crisis arose in large part from financial activities in which capital was practically and logically alienated from real economy. This essay examines the exploitative logic of modern finance while considering two alternative models—microfinance and Islamic banking. These models will be considered against the backdrop of medieval arguments over usury, notably the debates between Franciscans and Dominicans surrounding the lending institutions known as monti di pietà. While noting that either model is decidedly preferable to current normative banking practices, (...) this essay argues for the interest-free logic of Islamic finance against the logic of usury insofar as usury lends itself to a double alienation—of lender from borrower and of profit from value. (shrink)

The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing is finance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too slow (...) to follow the volatility of the market. In response to this conundrum Social Studies of Finance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzarato’s theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance to finance. (shrink)

Drawing from a Sellarsian realist-naturalist epistemology, we trace different levels of cognitive hierarchy procedures through which a representational system learns to update its own states and improve its ‘map-making’ capabilities from pre-conscious operations which modulate base-localization functions, to patterns of epistemic revision and integration at the conceptual and theoretical levels, producing a nomological double of its world. We show how ontological theorization becomes diachronically coordinated with and constrained by empirical science, and how the formal-quantitative kernel of scientific theories corresponds to (...) qualitative-conceptual determinations at the structural level. Following Johanna Seibt’s characterization of ontology as a theory of categorial inference, we trace the preservation of inferential semantic structure across ontological theories in relation to model languages and provide provisional indications to coordinate Seibt’s account with a convergent realist assessment of systematic modeling, defining the epistemological conditions for articulating the preservation of formal structure in theories toward a limit-point of enquiry. (shrink)

In this article I try to articulate a defensible argumentation against the idea of an ontology of infinity. My position is phenomenologically motivated and in this virtue strongly influenced by the Husserlian reduction of the ontological being to a process of subjective constitution within the immanence of consciousness. However taking into account the historical charge and the depth of the question of infinity over the centuries I also include a brief review of the platonic and aristotelian views and also (...) those of Locke and Hume on the concept to the extent that they are relevant to my own discussion of infinity both in a purely philosophical and epistemological context. Concerning the latter context, I argue against Kanamori’s position, in The Infinite as Method in Set Theory and Mathematics, that the mathematical infinite can be accounted for solely in terms of epistemological articulation, that is, in the way it is approached, assimilated, and applied in the course of the construction of mathematical hierarchies. Instead I point to a subjectively constituted immanent ‘infinity’ in virtue of the a priori as well as factual characteristics of subjective constitution, underlying and conditioning any talk of infinity in an epistemological sense. From this viewpoint I also address some other positions on the question of a possible ontology of the mathematical infinite. My whole approach to the question of the infinite in an epistemological sense hinges on the assumption that the mathematical infinite subsumes the infinite of physical theories to the extent that physics and science in general deal with the infinite in terms of the corresponding mathematical language and the specific techniques involved. (shrink)

This paper investigates ontological dimensions of the blockchain by asking what kind of socio-technical object bitcoin is. It discusses both blockchain's political qualities and the political forms enabled by its emergence. It first observes recent approaches to the ontology of money and the political qualities of the ledgers used by the current fractional reserve banking model. It then directs the same questions at blockchain technology. The paper discusses an ontology proposed by Ole Bjerg and argues in favour of (...) a mixed-ontology approach to blockchains. It then questions the political qualities of the distributed ledger as a digital object and highlights the apparent absence of authority figures in the model. Finally, it argues that the political ontology of the blockchain can be framed as the displacement of authority from institutional actors into instrumental control of trust, in a dynamically distributed environment. (shrink)

This book examines the characteristics of monetary institutions and the ways in which a clear understanding of money, and a sense of what we can know about money, can improve our comprehension on monetary policy. It establishes a link between abstract and theoretical aspects of monetary theory and the problems with money and banks we face today.

Statistics play a critical role in biological and clinical research. However, most reports of scientific results in the published literature make it difficult for the reader to reproduce the statistical analyses performed in achieving those results because they provide inadequate documentation of the statistical tests and algorithms applied. The Ontology of Biological and Clinical Statistics (OBCS) is put forward here as a step towards solving this problem. Terms in OBCS, including ‘data collection’, ‘data transformation in statistics’, ‘data visualization’, ‘statistical (...) data analysis’, and ‘drawing a conclusion based on data’, cover the major types of statistical processes used in basic biological research and clinical outcome studies. OBCS is aligned with the Basic Formal Ontology (BFO) and extends the Ontology of Biomedical Investigations (OBI), an OBO (Open Biological and Biomedical Ontologies) Foundry ontology supported by over 20 research communities. We discuss two examples illustrating how the ontology is being applied. In the first (biological) use case, we describe how OBCS was applied to represent the high throughput microarray data analysis of immunological transcriptional profiles in human subjects vaccinated with an influenza vaccine. In the second (clinical outcomes) use case, we applied OBCS to represent the processing of electronic health care data to determine the associations between hospital staffing levels and patient mortality. Our case studies were designed to show how OBCS can be used for the consistent representation of statistical analysis pipelines under two different research paradigms. By representing statistics-related terms and their relations in a rigorous fashion, OBCS facilitates standard data analysis and integration, and supports reproducible biological and clinical research. (shrink)