In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only in (...) some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

Bitcoin is a peer-to-peer electronic payment system that operates as an independent currency. This paper is a philosophical investigation of the ontological constitution of Bitcoin. Using Slavoj Žižek’s ontological triad of the real, the symbolic and the imaginary, the paper distinguishes between three ideal typical theories of money: commodity theory, fiat theory, and credit theory. The constitution of Bitcoin is analysed by comparing the currency to each of these ideal types. It is argued that Bitcoin is commodity (...) class='Hi'>money without gold, fiat money without a state, and credit money without debt. In conclusion, it is suggested that Bitcoin poses an ideological challenge to conventional forms of money in so far as it not only provokes sedimented beliefs about money but also exposes the forms of exploitation, risk and even violence inherent in the existing system of state authorized credit money. (shrink)

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

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Ideas 62.1 (2001) 59-79 [Access article in PDF] Money and Sovereignty in Early Modern France Jotham Parsons [The mint official] must above all seek integrity in the moneys, on which our features are imprinted and on which the general good depends. For what would be safe if our image were offended, and if that which a subject ought to venerate in his heart (...) were immediately violated by a sacrilegious hand? 1Early modern French commentators on money and monetary policy were fond of quoting this very late antique chancery formula; 2 it even appears in the epigraph to one unpublished commonplace book on the subject from the early seventeenth century. 3 Its popularity was no doubt due partly to the fact that classical literature contained few other theoretical statements on the practicalities of issuing money. 4 It also showed how deeply classical humanism had shaped economic thought, as it had done to all of French political culture. This was apparent as early as 1514 in Guillaume Budé's scholarly classic, De Asse et partibus ejus. 5 By 1600 these influences had ensconced themselves so firmly that economic writers found it nearly impossible to talk about money without a [End Page 59] full panoply of classical erudition. 6 In France the second half of the sixteenth century saw the rise of a specialized, expert, and increasingly systematic tradition of monetary thought. Despite its classical vocabulary, this economic literature was in many ways "modern" in its methods, ambitions, and subject. While developing an account which aspired to a scientific explanation of commercial society and of how government and money interacted, the French commentators came to a partial realization of how radically their own society differed from those which had gone before. In this respect the prevailing climate of thought about money influenced even a writer as non-technical as Michel de Montaigne.Traditionally, scholarly treatment of early modern French economic texts has focused on a relatively small range of issues and authors. One such issue, the origins of the "quantity theory of money" (with Jean Bodin as its hero), is notable for its sterility, since that concept was not and could not have been meaningful to contemporaries. 7 The origin and development of "mercantilism" or, more broadly, of "political economy" in general, has proven a more fruitful subject of inquiry. 8 Undeniably, the changing relationships among governments, merchants, and the economy were a major public issue and, in the seventeenth century, a major site of theoretical reflection on the nature of political power generally. Even so, an excessive concentration on mercantilism is dangerous, for however one defines it, it was not the first, and for a long time not the most significant, economic discourse in France. Rather, from the 1560s well into the seventeenth century, French discussions of economic issues centered on very concrete problems brought about by the government's obligation to issue and maintain a stable currency. 9 While one would search this literature in vain for the specific doctrines of modern economics, I argue that it did represent a real achievement in the early modern understanding of commerce and the state. Though they have not received their due from scholars, the writers who took part in these debates formed a large and influential school with close ties to the actual institutions of government. 10 The French monetary theorists did an enormous amount [End Page 60] to set the stage for the mercantilist era. They developed a detailed notion of monetary economics as a specialized discipline, and above all they placed money and economic policy in the context of a multi-national system of commercial states. In so doing, they sought to comprehend and control not just money but the modern state itself.Early modern money was perched uncomfortably between commodity and fiat. Bewildering varieties of coins circulated, composed of all sorts of alloys. The government assigned a face value for each coin which it authorized to circulate in the abstract accounting unit called the "money of account." 11 This value was almost always greater than... (shrink)

Money performs its economic functions best when its value remains stable over time. This Article explores how that desideratum was achieved, or not achieved, under five identifiable monetary regimes in economic history. Transitions from one regime to another resulted from the demands of economic growth, which some regimes met better than others. The modern fiat money regime is optimal in most economic respects. Whatever amount of money needed to accommodate growth can be supplied at minimal costs. (...) But political control over money creation can be used to increase the short-term control over economic resources of those in power and their constituents. When such debasements of money have occurred, the political economy of every regime interfered with achieving optimal long-term economic outcomes by unleashing inflation. How might the modern fiat money regime avoid that result? (shrink)

This paper contributes to the debate on the role of financial derivatives for capitalism. It responds to Bryan and Rafferty’s defence of their analysis and their critique of my own. The paper argues that their analysis confuses what a financial derivative does, and mixes together different kinds of derivative – and non-derivative – that play very different roles. After detailing these points, the paper discusses the relationship between gold, money and derivatives, rejecting their notion that derivatives are some kind (...) of new ‘commodity money’. An important theme absent from Bryan and Rafferty’s analysis is the relationship of financial trading and derivatives markets to parasitism in the imperialist world economy. To illustrate this, the paper notes advantages enjoyed by the major financial powers – the US and the UK – that are the main centres for the origination of derivatives and for derivatives trading. (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 (...) class='Hi'>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)

The traditional Lockean justification of property rights has been argued to be no longer valid in a world in which much wealth does not derive from acquisitions of natural resources, and in which much property, such as money, is intangible. This means that libertarians need to reconsider whether and why property rights are justified for objects that fall outside of the scope of the Lockean justification. This paper gives a justification of property rights in relation to modern money, (...) which uses the self-ownership principle as its central premise. Since modern money is a form of credit, I start with a justification of credit property rights. I then consider both money under gold convertibility and present-day fiat systems, showing that the justification of credit property rights remains valid under these conditions. (shrink)

In his book, Defending the Undefendable, Walter Block makes the case that an individual counterfeiter of fiat notes does not commit a natural law crime, because money issued by the government is itself counterfeit. Several authors, including Murphy, Machaj, and Davidson, have taken issue with Block’s argument. In Davidson, I maintain that while the issuance and use of fiat currency by the state violates the natural law, fiat notes are not counterfeit, and their use by ordinary (...) people is legitimate. The private counterfeiter is a thief when he exchanges his notes with these innocents, because they are rightful owners of both the fiat currency and the goods for which it is exchanged. Block, in a rejoinder, disputes this on both ethical and utilitarian grounds. The present paper is a response to Block, and an elaboration of my original article. From a natural law perspective, I explore the ethical violations surrounding counterfeiting, and the legitimacy of producing and using fiat money by both the state and the individual. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and (...) the ethical implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and (...) the ethical implications arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)

In the third century AD, under the pressure of plagues, external invasion, rising army costs, and usurpation, the Roman emperors incrementally debased the silver coinage that was produced at their imperial mints and incrementally took over civic mints. The debasement, from 2.7 g of silver to 0.04 g of silver in the equivalent of a denarius from 160–274 ad, was accompanied by worries from emperors, mint-workers, and bankers about the value of the currency; however, the total loss of purchasing power (...) of the Roman coinage from the same era was 50–70 %, far less than would be expected from the change in metallic content, if it were the primary source of value. The currency reform of Aurelian in 274 ad, despite raising metallic values of coins, was followed by at least a 90 % reduction in the purchasing power of the silver coinage from 274–301 ad, the year of Diocletian’s Edict on Maximum Prices, showing a paradoxically inverse relationship between metallic value and purchasing power. Based on this quandary, I argue that the Roman silver coinage of the third century CE became a fiat currency in some respects, deriving its guarantee from imperial iconography and assurances rather than from bullion value. The fiat nature of the silver coinage was largely present in usage as a medium of exchange for those without as much long-term interest in maintaining liquid stores of value; this is indicated by the differential debasement of the denarius and aureus; imperial actions and hoarding practices indicate the extent to which the currency was accepted at nominal value. I examine the reactions of different social groups in order to determine the perceived value of the Roman coinage during this time, and in order to understand the paradoxical collapse in the currency’s value in the late third century. To demonstrate this, I will present the applicable elements of the modern concept of “fiat” to this context through portrayal of emperors and usurpers on coins, use coin hoard data to determine the effect of Gresham’s Law, and examine historical and papyrological accounts of currency reforms. I will also use evidence of the expansion of taxes in kind and the rejection of nominal value by both emperor and subjects to argue that the inflation following Aurelian’s reform resulted from an invalidation of the trust in imperial fiat. (shrink)

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

In this paper we extend an argument originally developed in Hülsmann to analyze changes to the structure of production that occur when the demand for money changes. In particular, we show that Hülsmann’s argument, which contrasted such changes under commodity and fiat systems, applies as well to the case of 100% reserve systems contrasted with fractional reserve free banking systems . Specifically, we argue that under a 100% reserve system, the structure of production will change in response to (...) a change in demand for money, and that it will not under FR/FB. In fact, such changes are beneficial. Since one of the central arguments in defense of FR/FB is precisely the fact that it avoids such changes to the structure of production , we conclude that this argument amounts to comparing different mechanisms for attaining different equilibrium states, and hence is invalid as a defense of that mechanism as such. (shrink)

Libertarians and non libertarians alike agree that counterfeiting legitimate money owned by innocent people is illicit. But what about counterfeiting counterfeit money owned by the guiltless? Davidson and I, both libertarians, take the position that this would be a rights violation; that this would violate the rights of innocent owners of currency, who would be victimized by such fraudulent behavior of counterfeiters, even those who limit themselves to counterfeiting counterfeit funds. But what about counterfeiting counterfeit money owned (...) by those who are guilty of crimes? Davidson opines, in effect, that there are no such people. The counterfeiter of counterfeit money is thus himself a criminal, she avers. I argue, very much to the contrary, that the relevant population consists mostly of guilty people, and thus they are not in a logical position to object to what would otherwise be considered victimization. As for the few innocents among them, they demonstrate their innocence to a large degree by not objecting to the counterfeiting of counterfeit money. If they do object, and take actions to prevent this practice, they act in a manner incompatible with the libertarian non aggression principle and thus enter the ranks of the guilty. I find Davidson’s economic analysis impeccable; her understanding of libertarianism highly problematic. In the interests of full disclosure, I should make it clear that the present paper contains the radical suggestion that we should do away with our established monetary- and financial system. If need be, and this is by no means my first choice, we are entitled to do so by means of massive counterfeiting of established currencies. Of course, this is illegal in extant nations, and I would not want to be imprisoned for committing a crime. So, for purposes of our discussion, we will be considering only the imaginary country of Ruritania. (shrink)

À la fois philosophe et pianiste, ayant beaucoup écrit sur la musique, Jankélévitch longtemps répugna à penser les rapports entre ses deux dilections. Lorsqu’il le fit, ce fut en termes bergsoniens : une certaine impuissance du logos à saisir l’essentiel est la chance du melos ; la pensée du temps comme durée le fait préférer la rhapsodie à la sonate. Mais Jankélévitch ne fit pas qu’écrire sur la musique : il parla, écrivit musicalement. Une approche stylistique tentera de montrer que (...) c’est parce qu’il fut un philosophe du mystère et un moraliste de l’aporie qu’il lui fut impossible de philosopher autrement que more poetico. (shrink)

Comment redonner vie à ces deux notions, dont la désuétude fait penser à Baudelaire : Vois se pencher les défuntes années, Sur les balcons du ciel, en robes surannées, mais qui de ce fait méritent quelque égard, tant elles occupèrent les philosophes du passé? Faut-il choisir entre le dualiste, qui s’écrit "j’ai un corps" et affirme la séparabilité de l’âme et du corps, et le moniste qui dit leur inséparabilité, et s’écrit : "je suis mon corps"? Nous proposerons qu’entre le (...) dualisme et le monisme il soit urgent de ne pas choisir, et que le corps se situe à la limite de l’être et de l’avoir, limite toujours mouvante, tant il est vrai qu’il est des moments du jour où il nous semble que nous avons un corps, et d’autres où il nous semble que nous sommes notre corps. Car le corps en bonne santé, oubliable et silencieux, n’est pas le corps souffrant, inoubliable et auquel on est comme assigné. Car le corps regardé n’est pas le même que celui qui ne l’est pas. De sorte qu’il ne faudrait pas prendre ce qui phénoménologiquement apparaît pour des réalités ontologiques! Inspiré par les traditions aristotélicienne et chrétienne, cet essai se voudrait une contribution à une anthropologie résolument philosophique, et au fond une méditation sur la pensée de Pascal selon laquelle "l’homme n’est ni ange ni bête", ayant entre angélisme et bestialité "ses allées et venues"... (shrink)

Contrary to the rarity of totipotent cells in animals, almost every cell formed by a fungus can function as a “stem cell”. The multicellular fruiting bodies of basidiomycete fungi consist of the same kind of filamentous hyphae that form the feeding phase, or mycelium, of the organism, and visible cellular differentiation is almost nonexistent. Mushroom primordia develop from masses of converging hyphae, and the stipe (or stem), cap, and gills are clearly demarcated within the embryonic fruiting body long before the (...) organ expands and unfolds through water uptake and cell wall loosening.aThough frequent references are made to gilled mushrooms in this article, the totipotent nature of fruiting body cells and lack of meristems is also applicable to basidiomycetes that spread their spore‐producing tissues inside tubes (e.g., boletes), over spines and rippled surfaces, or form spores in cavities within the fruiting body. Even in the mature mushroom, every hypha retains its totipotency. Among animals, only sponges exhibit a similar degree of developmental flexibility, which is interesting, because these simple metazoans may be relatively close relatives of fungi. BioEssays 24:949–952, 2002. © 2002 Wiley Periodicals, Inc. (shrink)

The diverse historical, cultural, and physiological influences that determine sexual orientation are the focus of this fascinating work by one of the foremost investigators of human sexuality. Drawing on case studies from his sexology clinic, the author explores such topics as prenatal and postnatal history, gender differentiation in childhood, and postpubertal hormonal theories. In so doing, he addresses the many enigmas of sexual orientation: What makes some children grow up to be homosexual, while others become heterosexual or bisexual? To what (...) degree is gender identity determined before birth? How do the concepts of masculine and feminine become differentiated during childhood? What do we know about the relationship between hormones and homosexuality in adulthood? A unique feature of this book is the follow-up reporting on Money's long-term studies that began over three decades ago. The studies are brought together here for comparison with one another--and with the work of others--and their full significance is systematically evaluated. Also explored here is his pioneering concepts of lovemaps, the pathways of individual sexual and erotic development, and the factors that may shape overall healthy or pathological orientation, paraphilia, and gender transposition in childhood, adolescence, and maturity. Written in accessible language for researchers and clinicians, this authoritative work is both thought-provoking and informative as it explores timely questions of sexual orientation. (shrink)

This paper provides an empirical test of a model for the strategic management of stakeholders. More specifically, it provides a methodology that linksstakeholder expectations of business with the strategic expectations of managers. This is achieved by operationalising the idea of bi-directionality in stakeholder research and by applying rigorous statistical data analysis.

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and (...) made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

First Published in 1999. Routledge is an imprint of Taylor & Francis, an informa company.

This paper addresses a gap in knowledge concerning heterogeneity in stakeholder expectations of Corporate Responsibility. Past research concentrates onprioritising stakeholders in groups, such as groups of employees, customers, investors, suppliers, etc. It has, however, been suggested that stakeholders do not consist of homogenous groups, but differ according to individual needs and expectations. A latent class model is proposed as a method to investigate heterogeneity within stakeholder groups and to identify homogenous subpopulations within stakeholder groups who share similar expectations of Corporate (...) Responsibility. Latent Class Analysis is a relatively new method being used for segmentation purposes, applied mainly by research in Sociology and the Social Sciences. The contribution is thus twofold: to identify subgroups of stakeholders with reference to their attitudes to Corporate Responsibility and the application of a research technique not widely used in the Corporate Responsibility field before. (shrink)

In response to the IABS conference theme to “advise practitioners,” this paper is framed in terms of two questions that have been found to be critical to practitioners. These are “what is Corporate Responsibility and how to do it” and “what is the value of Corporate Responsibility.” The paper uses theories from within the academic literature to develop a model to answer these two practitioner-based questions. An empirical framework based upon the model is developed and tested with a study of (...) customers of a financial service organisation in the UK. (shrink)

Although many historians of science acknowledge the extent to which Greek and Roman ideals framed eighteenth-century thought, many classical references in the texts they study remain obscure. Poems played an important role not only in spreading ideas about natural philosophy, but also in changing people’s perceptions of its value; they contributed to Newton’s swelling reputation as an English hero. By writing about Latin poetry, we focus on the intersection of two literary genres that were significant for eighteenth-century natural philosophy, but (...) seem alien to modern science. We classify Augustan Latinate scientific poetry by considering the audiences for whom the poems were intended. We distinguish three broad categories. One type of poetry was circulated amongst gentlemanly scholars. A second group comprised poetry written specifically to promote or criticise Newton and his books, particularly the Principia. After Newton’s death, a third type of poetry became increasingly significant, included in collections of poems rather than in texts of natural philosophy. Overall, we show how the classical past was vital for creating the scientific future.Author Keywords: Isaac Newton; Neo-Latin; Lucretius; Oxford and Cambridge verse; Edmond Halley; Queen Caroline. (shrink)

This paper presents a study that identifies a stakeholder-defined concept of Corporate Responsibility (CR) in the context of a UK financial service organisation in the immediate pre-credit crunch era. From qualitative analysis of interviews and focus groups with employees and customers, we identify, in a wide-ranging stakeholder-defined concept of CR, six themes that together imply two necessary conditions for a firm to be regarded as responsible—both corporate actions and character must be consonant with CR. This provides both empirical support for (...) a notable, recent theoretical contribution by Godfrey (in Acad Manag Rev 30:777–798, 2005 ) and novel lessons for reputation management practice. (shrink)

Motivated by the ongoing controversy surrounding corporate tax, this article presents a study that explores stakeholder expectations of corporate tax in the context of UK business. We conduct a qualitative analysis of in-depth interviews with representatives of community groups, as well as interviews with those representing business groups. We then identify eight themes that together describe “what” companies need to do, “how” they need to do it, and “why” they need to do it, if they wish to appeal to a (...) wide group of interested parties. We discuss our findings based on the corporate social responsibility literature and propose novel ways for community groups and business groups to connect on the topic of corporate tax, suggesting opportunities and themes for dialogue and potential steps to co-create solutions in a stakeholder society. (shrink)

It is the aim of this piece of research to provide a conceptualisation of Corporate Responsibility from a stakeholder perspective and to investigate if and how Corporate Responsibility can be expressed in terms of beliefs of stakeholders. The paper reports on a qualitative research study into customer and employee understanding of Corporate Responsibility in the context of a financial service organisation.

Theorists and practitioners in the fields of both Corporate Responsibility and Corporate Reputation have recently stressed the importance of taking a stakeholderperspective when researching the nature, development and impact of these concepts. While models of Corporate Reputation, such as the Reputation Quotient and SPIRIT were developed by actively engaging stakeholders in research, models of Corporate Responsibility have been developed in a more theoretical manner. There have thus been calls for the research approaches taken in reputation research to be applied to (...) the field of responsibility. This paper answers these calls and thereby provides two related outcomes: First, a conceptualisation of Corporate Responsibility is developed that draws directly upon stakeholder perceptions (in this case customers and employees of a financial institution). Secondly, a comparison between this conceptualisation and two existing models of Corporate Reputation is conducted. A formal comparison between the model of Corporate Responsibility developed in this paper and the RQ and SPIRIT models of Corporate Reputation suggests that there are considerable similarities between stakeholder conceptualisations of responsibility and models of reputation.Stakeholders may therefore not view responsibility separate from reputation, but rather as a largely overlapping concept. Questions about the causal relationship between the two concepts are also discussed. (shrink)

In Britain, substantial cuts in police budgets alongside controversial handling of incidents such as politically sensitive enquiries, public disorder and relations with the media have recently triggered much debate about public knowledge and trust in the police. To date, however, little academic research has investigated how knowledge of police performance impacts citizens’ trust. We address this long-standing lacuna by exploring citizens’ trust before and after exposure to real performance data in the context of a British police force. The results reveal (...) that being informed of performance data affects citizens’ trust significantly. Furthermore, direction and degree of change in trust are related to variations across the different elements of the reported performance criteria. Interestingly, the volatility of citizens’ trust is related to initial performance perceptions, and citizens’ intentions to support the police do not always correlate with their cognitive and affective trust towards the police. In discussing our findings, we explore the implications of how being transparent with performance data can both hinder and be helpful in developing citizens’ trust towards a public organisation such as the police. From our study, we pose a number of ethical challenges that practitioners face when deciding what data to highlight, to whom, and for what purpose. (shrink)