The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a (...) nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

The magnitude of public concerns about agricultural innovations has often been underestimated, as past examples, such as pesticides, nanotechnology, and cloning, demonstrate. Indeed, studies have proven that the agricultural sector presents an area of tension and often attracts skepticism concerning new technologies. Digital technologies have become increasingly popular in agriculture. Yet there are almost no investigations on the public acceptance of digitalization in agriculture so far. Our online survey provides initial insights to reduce this knowledge gap. The sample represents the (...) German population in terms of gender, age, education and size of place of residence. Results showed that if the potential of digital farming technologies regarding animal welfare and environmental protection was described, respondents reacted positively. Thus, the general attitudes of respondents toward the benefits of DFT were mostly positive. The approval to increasing adoption rates of particular DFT by providing subsidies was also high. Linear regression models showed that the dominant positive influences on respondents’ attitudes toward the benefits of DFT were a generally positive attitude toward farming and a strong trust in farmers in Germany. Confronting respondents with pictures showing DFT resulted in many spontaneous negative associations and general criticism of agricultural production. The latter holds true for DFT in animal husbandry in particular. However, as agriculture as a whole is criticized by many groups in Germany, it is unlikely that benefits from digitalization will significantly increase the public acceptance of agriculture as a whole. (shrink)

Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article, we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds, and callable loans. Securities lending in particular creates rights violations analogous to those in fractional-reserve (...) banking. Both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic, though we herein clarify what these obligations are. Finally, we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts, and that perceived parallels between the two products underestimate these differences. (shrink)

An effective formalism is developed to handle decaying two-state systems. Herewith, observables of such systems can be described by a single operator in the Heisenberg picture. This allows for using the usual framework in quantum information theory and, hence, to enlighten the quantum features of such systems compared to non-decaying systems. We apply it to systems in high energy physics, i.e. to oscillating meson–antimeson systems. In particular, we discuss the entropic Heisenberg uncertainty relation for observables measured at different times at (...) accelerator facilities including the effect of \documentclass[12pt]{minimal} \usepackage{amsmath} \usepackage{wasysym} \usepackage{amsfonts} \usepackage{amssymb} \usepackage{amsbsy} \usepackage{mathrsfs} \usepackage{upgreek} \setlength{\oddsidemargin}{-69pt} \begin{document}$\mathcal{CP}$\end{document} violation, i.e. the imbalance of matter and antimatter. An operator-form of Bell inequalities for systems in high energy physics is presented, i.e. a Bell-witness operator, which allows for simple analysis of unstable systems. (shrink)

In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans as we clarify our position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. As a result, (...) it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?”. (shrink)

What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main conclusions. First, a financial contract similar (...) to a demand deposit cannot substitute for money. Second, full agreement to a financial contract does not create a perfect substitute for money unless it provides money’s two key characteristics: on demand and par value redemption. Finally, the demand for fractional-reserve demand deposits is fostered by an exogenous source and that demand for a good or service is not a sufficient condition to justify its legality or ethicality. (shrink)

Keine ausführliche Beschreibung für "Im weltfernen Orient" verfügbar.

The study discusses the paradox of the failure of the Romanian Church United with Rome, Greek-Catholic (RCUR) to assert itself after 1990, in the context of a revival of the life of all other religious communities. The significant decrease in the number of Greek-Catholic believers and the difficulties in exercising their rights are germane to the limits of democracy in Romania. No other vulnerable communities, neither immigrants, gays, Roma,nor Jehovah's Witnesses, have been denied, all this time, the protection of the (...) Romanian state, as Greek-Catholics have been. The systematic denial of the rights of the Romanian Church United with Rome (Greek-Catholic) is explained by the feature which distinguishes RCUR faithful from the members of other vulnerable communities: their organisation is perceived by the Romanian Orthodox Church (ROC) as an adversary. The Romanian Orthodox Church constantly proclaimed the illegitimacy of the RCUR in the first half of the twentieth century, and participated in its dissolution when the opportunity arose in 1948. It holds today the same explicit goal. The societal circumstances, specific to anarchic democracy, allow a major player like the ROC to impose its policy of undermining the RCUR. In accordance with Bruce Bueno de Mesquita and Alastair Smith's concept, the material and symbolic competition between the RCUR and the ROC is interpreted as an example of "bad behavior as good politics". The ROC strategy finds an optimal framework for maximizing gain in the circumstances of the Romanian anarchic democracy. (shrink)