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)

This paper is a presentation and an interpretation of Murray Rothbard’s views on the relation between the fiscal necessities brought by war and interventionism in Money and Banking as read from his book A History of Money and Banking in the United States.

This article is concerned with the structure of monetary denominations of economic value. Marx and Simmel analyze this structure by means of references to objects of mere catallactic validity. These objects are ontologically atypical insofar as they are particulars of the genus commodity. Understanding money through generic particulars elucidates the conceptual link between money as a unit of account and money as a means of payment. This initially perplexing idea captures a fundamental characteristic of money (...) without committing to either a commodity theory or a claim theory of money. A modification of the notion ‘commodity’ allows for a conception of money as a generic particular that is consistent with contemporary accounts of money as abstract purchasing power residing in different forms of liabilities and claims denominated in a common quantitative scale. (shrink)

This essay responds to “Money as Art: The Form, the Material, and Capital” by the Marxist economist Costas Lapavitsas with refer-ence to the triple manifestation of crisis in the United States dur-ing the spring months of 2020. By triangulating the role of money in the COVID-19 pandemic, the ensuing mass unemployment, and the historical nationwide revolt in response to the police mur-der of George Floyd predicated on a counterfeit twenty-dollar bill, Nicholas Huber makes a three-part claim. First, that (...) acceptance of the Marxist theory of fetishism forecloses the possibility of conceiv-ing of capitalist money as art in the sense developed by Lapavitsas, insofar as the latter tends toward transhistorical concepts of both art and money. Following from this, any aesthetic function of mon-ey in the capitalist mode of production is inseparable from its total social function; that is, capitalist money is at once an economic, political, cultural, and aesthetic mediation unlike any other. Finally, Huber draws on Louis Marin’s typology of the frame in correspond-ence with Erik Olin Wright’s integrated class analytic framework to argue that the question of whether money is art or not leads us to a dead end. Huber suggests that a crisis such as the one unfolding in 2020 raises instead the more challenging question of what social system must come into being, such that a theory of capitalist money as art becomes intelligible. (shrink)

In 1947, Simone de Beauvoir traveled to the United States for a four-month stay, during which she toured the country extensively. Her copious notes taken during this time eventually became the travelogue, America Day by Day as well as a piece written for the May 25, 1947 edition of the New York Times Magazine, “An Existentialist Looks at Americans.” In both of these writings, Beauvoir offers an astute criticism of American culture from a foreign perspective. This paper explores Beauvoir’s treatment (...) of American abstraction and race with three goals in mind: first, to understand the American relationship to time and money as abstractions. Ignoring the past and projecting an idealistic future, leads to a strange kind of fatalism and lack of passion that profoundly impacts White and Black Americans but in distinctively different ways. The second part of the paper explores these differences through an analysis of how White Americans attempt to live with “good” consciences through the positing of and attachment to abstract values and things. This attitude, in turn, produces a largely instrumental and racist treatment of many populations, in particular, Black Americans. The final section focuses on how Beauvoir confronts the fact of her own whiteness, and in so doing undergoes the movement of race as an abstract theoretical category to one of lived embodiment. (shrink)

Radical analyses of money have been greatly stimulated in recent years by two interrelated developments. First, there have been a number of innovative theoretical analyses, backed up by historical detail, that have challenged the conventional view of money embedded in orthodox economics. Prominent here have been the work of sociologist Geoffrey Ingham and anthropologist David Graeber, along with a number of contributions that come under the broad heading of Post-Keynesian monetary theory. This strand of thought emphasizes the role (...) of money as a unit of account, rather than as a medium of exchange, and stresses its origin in relationships of credit and debt, its connection to social power, and its validation by the... (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)

Although Karl Polanyi is best known for his theorization of market regulation and the double movement, democratizing the economic was one of his core concerns. He believed societies need to bring labor, land, and money under collective oversight to displace the logic of market fundamentalism with the logic of human needs. In this article, the author draws on Polanyi’s vocabulary to shed light on the denial of money politics and the possibility of democratization. The author illustrates these dynamics (...) through an analysis of long-term dynamics of (de)politicization in British colonial America and the United States through the 1930s. The author developed this approach hoping that it can contribute to nudging public debates beyond regulation and monetary policy techniques and toward popular involvement and knowledge. (shrink)

We analyze conceptual patterns shared by Michael Ende’s novel about time, Momo, and examples of time conceptualization from psychology, sociology, economics, conventional language, and real social practices. We study three major mappings in the materialization of time: time as money in relation with time banking, time units as objects produced by an internal clock, and time as a substance that flows. We show that binary projections between experiential domains are not enough to model the complexity of meaning construction in (...) these widely successful examples. To account for the intricacies of time materialization in context, we use generic integration templates, models for conceptual templates based on Fauconnier and Turner’s Blending Theory. The interplay of such detailed patterns with pragmatic and cultural factors, including diachronic aspects, is crucial to identify the cognitive models at work, and the factors that guide their instantiations as a variety of surface products. The blending model for the spatialized time can be refined and extended to the materialization of time. (shrink)

Citizens United v. Federal Election Commission is a 2010 US Supreme Court decision that fundamentally transformed federal election financing. As a result, we have seen a drastic increase in the amount of so-called soft money that wealthy individuals and corporations contribute to political campaigns. Following a brief overview of the case and the precedent that formed the basis for the ruling, this chapter concerns philosophical stakes of the decision and what precisely it says about the public today and the (...) role of philosophy within it. I argue that there are three basic issues here. First is the issue of corruption. Second is the question of propaganda and the potential dangers the Citizens United case might pose for a democratic polity. Finally, I examine the dangers this poses for a democratic polity. (shrink)

Magic and religion are at the origin of the concept of money as a unit for measuring value. Actually, they determined the first forms money took: precious objects, engraved stones, amulets and talismans which conferred a special power, within a social group, on the one who possessed them. In time, this power came to include the power of acquisition in commercial terms, but its original ties with magic were never lost. Aristotle clearly saw the relationship between a (...) certain concept of money (in Politica) and a new ethical concept as a corrective for the imbalances within a social community (in Ethica Nicomachea). If we look closely, we see that this ethical concept is not in opposition to the former but emphasizes the double aspect of the idea of money in antiquity, an idea which has survived, with some modifications, in Christianity and the modern era. (shrink)

The introduction of the euro gave a unique opportunity to empirically disentangle two components of utility: intrinsic value, a rational component central in economics, and the numerosity effect (going by numbers while ignoring units), a descriptive and irrational component central in prospect theory and underlying the money illusion. We measured relative risk aversion in Belgium before and after the introduction of the euro, and could consider changes in intrinsic value while keeping numbers constant, and changes in numbers while keeping (...) intrinsic value constant. Intrinsic value significantly affected risk aversion, and the numerosity effect did not. Our study is the first to confirm the classical hypothesis of increasing relative risk aversion while avoiding irrational distortions due to the numerosity effect. (shrink)

Medieval coin plays an essential role in the imagined history of money: it figures as the primal "commodity money" — a natural medium, spontaneously adopted by parties in exchange who converge upon a metal like silver to represent the value of other goods. As a natural medium with a price objectively established through trade, commodity money appears to offer an independent means of measure in the market. But as the history offered here reveals, medieval money was (...) nothing like its imagined alternative. England’s early coin became a medium when the government began to spend and tax in that unit of account, took coin as a mode of payment, and allowed it to be transferred between people in the meantime. Individuals participated in the arrangement, paying for coin in exchange for the unique quality — liquidity — that set money apart from a commodity. That quality was orchestrated by the very channels that brought public and private together in the project of making a medium. In fact, insofar as the English equated money with the commodity it contained, they engineered instability into the heart of their medium. Depreciating coin — diluting its commodity content — offered a cure. It also confirmed that coin had never been the "commodity money" imagined in later accounts. Coin was, instead, a constitutional medium, one that related the government to its participants and thus helped to configure the world it appeared merely to measure. (shrink)

In this paper, we will use Ricoeur's philosophy in order to present money laundering as a metaphor and a narrative. We will firstly analyze the corporate moral discourse of 10 banks about money laundering. We have selected 10 banks that have codes of ethics and a corporate moral discourse about money laundering. The banks come from six countries: United States (2), Canada (2), Switzerland (2), Spain (2), Germany (1), and Belgium (1). We will see how their moral (...) discourse about money laundering contributes to deepen the understanding of money laundering as a narrative. Then, we will see to what extent Ricoeur's philosophy could help us to better understand the moral discourse of banks. We will describe the main components of money laundering as a narrative. (shrink)

This paper reports an experimental comparison of attitudes toward time and toward money in experience-based decisions. Preferences were elicited under rank-dependent utility for prospects with two or three consequences expressed either in time or in monetary units. Probabilities were unknown but learned through sampling. More specifically, time and money were compared under two conditions. In a first experiment, both consequences and probabilities of prospects were unknown and learned through sequential sampling. In a second experiment, the possible consequences were (...) revealed after the sampling. A real incentive system was implemented for both time and money. The heterogeneity of preferences was assessed for time and for money through individual and mixed modeling estimations. We observe that the nature of consequences (time or money) modifies probability weighting in terms of elevation and sensitivity. Subjects exhibit more optimism and less sensitivity to probability changes when deciding about time than about money. Revealing the consequences impacts the shape of the utility function and leaves probability weighting unchanged. We also observe that the real incentives have no effect except for the reduction in decision errors. This effect is stronger for money than for time. (shrink)

Since 1997 there has been a significant increase in the number and percentage of Kansas farmers who are women. Using Reskin and Roos’ model of “job queues and gender queues” I analyze changes in the agricultural industry in Kansas that resulted in more women becoming “principal farm operators” in the state. I find there are three changes largely responsible for women increasing their representation in the occupation: an increase in the demand for niche products, a decrease in the average farm (...) size, and greater societal acceptance of women as farmers. This study adds to the growing literature on women principal farm operators in developed countries, and is among the first to explore why women are becoming a larger percentage of the occupation in the United States. (shrink)

This paper reconsiders Rubinstein's alternating-offer bargaining game with complete information. We define rationalizability and trembling- hand rationalizability (THR) for multi-stage games with observed actions. We show that rationalizability does not exclude perpetual disagreement or delay, but that THR implies a unique solution. Moreover, this unique solution is the unique subgame perfect equilibrium (SPE). Also, we reconsider an extension of Rubinstein's game where a smallest money unit is introduced: THR rules out the non-uniqueness of SPE in some particular case. (...) Finally, we investigate the assumption of boundedly rational players. Perpetual disagreement is excluded, but not delay. Furthermore, we cannot use the asymmetric Nash bargaining solution as an approximation of the alternating-offer bargaining model once the players are boundedly rational ones. (shrink)

Recent cases in the United States and Australia have catapulted surrogacy into the forefront of debates and public policy regarding new procreative technologies, even though gestating and birthing a baby for another woman does not necessarily involve artificial insemination or in vitro fertilization. Feminists have condemned commercial surrogacy because it borders on baby selling and exploits women. Similar criticism has appeared in the mass media, but these forums, as well as the medical profession, have considered noncommercial surrogacy as more acceptable (...) because of the absence of monetary exchange. Using two cases of surrogacy, this article argues that the distinction between commercial and altruistic surrogacy is socially constructed rather than based on self-evident or intrinsic differences. Both types of surrogacy involve the application of pervasive gender norms specifying that women's motivations to have children should be based on emotion, selflessness, and caring, not on self-interest, financial incentives, or pragmatism. Applying these norms renders commercial surrogacy deviant, but altruistic arrangements more acceptable. However, the article's central argument is that both types of agreement can entail exploitation, the denial of the birth mother's rights, and the severe reduction of her autonomy. (shrink)

The purpose of this coauthored research is to develop a Christian ethical argument that better addresses the various social ills of financial neoliberalism, especially the growing wealth gap between the haves—the top 1%—and the have-nots—the bottom 50%. We find that a more progressive and integrative approach to monetary and fiscal policy is necessary. First, we critically review the histories of United States and Swedish monetary policies. We then provide a theological perspective regarding how Christian ethicists should engage with neoliberal structural (...) injustice. Finally, we propose an ethical principle of justice for use in the state's macroeconomic management of money: the accumulation of financial capital should also promote the increase of social capital. Put negatively, the accumulation of financial capital should not be achieved at the expense of depleting social capital. (shrink)

This paper challenges the conventional wisdom concerning the impact of the Citizens United v. FEC decision by examining the flow of corporate money into the 2012 election. The decision, which is consistent with most prior case law and was not a radical departure, promoted the use of super PACs and 501-c committees for political money that were not widely used by corporations, and the super PACs and c-4 committees were largely ineffective in the 2012 election. They also did (...) not produce a marked advantage for the Republican Party, especially in the presidential election. The Citizens United decision did, however, lead to other legal and regulatory developments in an effort to promote greater disclosure, though those developments have not been successful. Investors have been somewhat more successful in promoting limits on corporate political spending through shareholder proposals. Some state laws and upcoming court cases maylimit other restrictions on political contributions. (shrink)

In the wake of Trump’s misguided decision to pull the United States out of the Paris Climate Agreement, there has been a groundswell of sub-national US support for climate action. Governors Brown (...

The potato blight that struck Ireland in 1845 led to ineffable suffering that sent shockwaves throughout the Anglosphere. The Irish Famine is deemed to be the first national calamity to attract extensive help and support from all around the world. Even though the Irish did not receive adequate support from the British government, their ordeal was mitigated by private charity. Without the donations from a great number of individuals, the death toll among the famished Irishmen and Irishwomen would have been (...) definitely higher. The greatest and most generous amount of assistance came from the United States. In spite of the fact that the U.S. Congress did not decide to earmark any money for the support of famine-stricken Ireland, the horrors taking place in this part of the British Empire pulled at American citizens’ heartstrings and they contributed munificently to the help of the Irish people. Aiding Ireland was embraced by the American press, which, unlike major British newspapers, lauded private efforts to bring succour to the Irish. Such American newspapers as the Daily National Intelligencer, the New York Herald and the Liberator encouraged their readers to contribute to the relief of Ireland and applauded efforts to help the Irish. The aim of this essay is to argue that the American press, in general, played a significant role in encouraging private charity in the United States towards the Irish at the time of An Gorta Mór and, thus, helped to save many lives. (shrink)

There are currently more than 2,000,000 inmates in jails and prisons in the United States, or about 1 person in every 138 of the population (to say nothing of the large number on probation and on p...

Nicholas Biddle, the president of the Second Bank of the United States during its fateful battle with the Jackson Administration, was the nation’s first true central banker. He was also a prolific writer whose widely followed speeches, reports, and expository letters to editors and legislators made him the nation’s leading spokesperson for the rising power of finance capital. Relating Biddle’s little-studied legal, legislative, and literary experience to his better-known banking career, this paper considers in turn two fundamental problems of early (...) American finance that Biddle confronted. One was a problem of regulation: while they were entrusted with quasi-sovereign authority over the money standard in the early United States, commercial banks could not actually control the circulation and value of the competing currencies they produced. Central banking, as Biddle conceived it, came partly in answer to bankers’ need to regulate the money supply as sovereigns once had. The second problem was one of representation: just when men of little or no property were gaining political power in the United States, and just when ordinary people were coming to rely on monetary transactions in qualitatively new ways, control over the supply of cash and credit was ceded to unelected bankers and faceless corporations. The logic of popular sovereignty appeared increasingly in tension with the sovereign privileges bestowed on state-chartered banks. Biddle’s vision of central banking arose, in large measure, in response to the ideological challenge of justifying the growing authority of banks and bankers in Jacksonian America. (shrink)

Concerns about energy security have dramatically increased since the terrorist attacks on September 11, 2001. If U.S. energy use follows business-as-usual projections, the energy system will become increasingly vulnerable. No quick fixes are available to make the United States energy independent. However, there are energy policies that promote efficiency and the use of renewable energy sources such as wind, biomass, geothermal, and solar can gradually reduce dependence on imported oil and natural gas and reduce the vulnerability of the U.S. energy (...) infrastructure to disruption of supplies or to attack. This article reviews recent analyses by the U.S. Energy Information Administration’s and by the Union of Concerned Scientists. These studies showthat efficiency and renewable energy investments can increase energy security while lowering consumer energy bills and reducing local and global environmental hazards. (shrink)

This essay recounts the early history of the development of Chinese studies in the United States undertaken by the American Council of Learned Societies, starting in 1928 under the leadership of its newly appointed Assistant Secretary, Mortimer Graves, in collaboration with key members of the American Oriental Society. Through planning conferences, surveys, and reports, he ascertained the needs of the field and secured funding to meet them. These included seed money for faculty positions, fellowships for graduate students and scholars, (...) programs to spark interest in Asian studies curricula, the creation of bibliographical and journal resources and a new scholarly society, and the development of intensive language training methods. Subsequent philanthropic and government support continued this trajectory, but Graves’s thirty-year campaign succeeded in laying the foundation for the field as we know it today. (shrink)

Muraskas et al. and Hefferman and Heilig present the painfully elusive ethical questions regarding decisionmaking in the care of the extremely low birth weight infants in the intensive care nursery. At what gestation or size do we resuscitate? Can we stop resuscitation after we have started? How much money is too much to spend? Is the distress of the parents of the ELBW infant, the anguish of their caregivers, and the moral and ethical uncertainty of the approach to these (...) infants too much to pay? Who speaks for the neonate: the parent, nurse, attorney, or physician? Ideally these questions should have been answered 30 years ago when modern neonatology embarked on a journey from where it could not return. A new breed of physician, called seduced by the high-tech lure and the promise of saving lives previously unsavable pioneered a lucrative and life-saving technological revolution in the care of premature newborns. This rapid advancement in neonatology occurred a few years after the death of a premature infant named Patrick Kennedy in 1963. While the country mourned, medical scientists vowed that this would not happen again. First continuous positive airway pressure, then mechanical ventilation, changed medical care of premature newborns forever. It began an era of euphoria and excitement. Neonatologists raced to push to the edge of newborn viability. What was the youngest salvageable gestational age? What was the smallest that could be saved? Yes, we dreamed, and still do dream of artificial placentas. Ethical questions took a back seat in the search for the edge because the waters were uncharted and the tough questions could not be answered without experience. WhatwastobethecostindollarsandinanguishtosavethePatrickKennedysoftheworld?Triumphsledtograveconcerns asweapproachedtheedge.However,noadvancementinneonatologyhaseverchangedtheultimatequestions. (shrink)

A previous study has shown that the degree of trust into others might be biased by inducing either a more “inclusive” or “exclusive” cognitive-control mode. Here, we investigated whether the degree of interpersonal trust can be biased by environmental factors, such as odors, that are likely to impact cognitive-control states. Arousing olfactory fragrances (e.g., peppermint) are supposed to induce a more exclusive, and calming olfactory fragrances (e.g., lavender) a more inclusive state. Participants performed the Trust Game, which provides an index (...) of interpersonal trust by assessing the money units one participant (the trustor) transfers to another participant (the trustee), while being exposed to either peppermint or lavender aroma. All participants played the role of trustor. As expected, participants transferred significantly more money to the alleged trustee in the lavender as compared to the peppermint and no aroma conditions. This observation might have various serious implications for a broad range of situations in which interpersonal trust is an essential element, such as cooperation (e.g., mixed-motives situations), bargaining and negotiation, consumer behavior, and group performance. (shrink)

Managers often ask why their firm should have an ethics program, especially if no one has complained about unethical behavior. The pursuit of business ethics can cost money, they say. It can lose sales to less scrupulous competitors and can drain management time and energy. But as Harvard business professor Francis Aguilar points out, ethics scandals (such as over Beech-Nut's erzatz "apple juice" or Sears's padded car repair bills) can severely damage a firm, with punishing legal penalties, bad publicity, (...) and irreparably injured customer relations. Equally important if less obvious, unethical behavior can undermine a firm's organizational spirit. On the other hand, Aguilar argues, in a well run firm, ethical programs can actually enhance corporate performance, strengthening the company at every level and supercharging employee risk taking and innovation. In Managing Corporate Ethics, Aguilar shows managers how to create ethical programs within their organizations that not only discourage large-scale wrongdoing, but can contribute substantially to the achievement of corporate excellence. Aguilar's program is down-to-earth and comprehensive, and based on his extensive research on highly successful, ethical companies, both large and small. He recommends action on three fronts: first, get senior management to provide effective ethical leadership; second, set up an ethics program that promotes concern for the interests of people affected by the firm's operations and that provides safeguards against corrupting business pressures; and third, staff the company with ethical people and surround the organization with ethical advisors (including legal, financial, accounting, tax, and marketing consultants). To illuminate this three-step program, Aguilar incorporates the lessons learned in his in-depth study of ten prominent firms with proven successful ethics programs--among them Hewlett-Packard, Johnson & Johnson, Nucor Steel, Cray Research, ServiceMaster, and Texas Instruments. He examines Lincoln Electric's attention to compensation and job security to ensure quality products and to reduce the pressure or temptation to act unethically. He shows how General Mills, while pushing product line managers to compete aggressively, uses corporate staff units to guard against illegal or unacceptable claims (testing cake recipes, for example, to see if a product's quality fails under the less-than-perfect conditions of a normal kitchen). And he details how Armstrong World Industries uses pep talks, inspirational stories, role models, and ready access to management to promote ethical standards among employees. Throughout, Aguilar demonstrates convincingly that an ethical program pays dividends: that employees, suppliers, customers, and the community at large know when they are being treated in a positive and constructive manner, and are likely to respond in kind. Packed with real life examples of successful (and failed) ethical programs, Managing Corporate Ethics is a valuable roadmap to an often overlooked source of business success. (shrink)

Though lobbying for federal money may seem like business as usual today–with billions of dollars spent annually by companies, labor unions, and other organizations in an effort to win a piece of what has become an enormous federal pie–this was not always the case in the United States. An all-but-forgotten event, the Harrisburg Convention of 1827, may have been one of the key historical turning points in this regard, an opening of a floodgate that would transform the role of (...) the U.S. federal government forever. It was in the modest Pennsylvania capital that a hundred of the North’s most influential manufacturers and public servants–backed by legislators like Henry Clay and Daniel Webster–assembled to draft a “memorial” to Congress, imploring that body to pass a protectionist bill to save their industries from what they viewed as eventual ruin. As Jonathan J. Pincus observed and Thornton and Ekelund echoed, “it is not small cohesive individual groups but larger diverse ones that are necessary in order to effectively lobby representatives and senators to obtain majority coalitions” in comprehensive legislation. The convention would bring together this “larger diverse” group—with just such a legislative goal. Meanwhile, mostly in the South, anti-protectionist opinion continued to surge. The Harrisburg Convention of 1827 would lead to the passage of that most hated piece of protectionist legislation—the “Tariff of Abominations” of 1828–and it would do so by framing the protectionist agenda into a nationalist “cause” borne of “patriotic duty.”. (shrink)

Money markets are at the heart of financialized capitalism, as those markets that provide the funding liquidity needed for credit creation and leveraged trading. How have these markets evolved, grown, and become critical for larger financial flows? To answer this question, I distinguish an early period of financial globalization marked by regulatory arbitrage, offshoring, deregulation, and informal trading practices from a period of regime-consolidation marked by formal institutionalization. Concentrating on repo markets as the key funding sources for market-based banking, (...) I demonstrate that new institutional arrangements for these markets were initiated by private sector associations, but supported and authorized by public authorities. Bond trader groups codified new contractual arrangements and these were validated via reforms of bankruptcy codes and changes in central banks’ policy frameworks in the United States and European Union. Through these modifications and re-articulations in institutional conditions, transactions and large exposures on money markets became routine affairs—for shadow banking actors like money market funds as well as for commercial banks. The article concludes by discussing the continuity of regime-consolidation efforts after the transatlantic financial crisis and hypothesizes that they reveal “neo-patrimonial” features. (shrink)

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)

In the United Kingdom, a number of National Health Service Clinical Commissioning Groups have proposed controversial measures to restrict elective surgery for patients who either smoke or are obese. Whilst the nature of these measures varies between NHS authorities, typically, patients above a certain Body Mass Index and smokers are required to lose weight and quit smoking prior to being considered eligible for elective surgery. Patients will be supported and monitored throughout this mandatory period to ensure their clinical needs are (...) appropriately met. Controversy regarding such measures has primarily centred on the perceived unfairness of targeting certain health states and lifestyle choices to save public money. Concerns have also been raised in response to rhetoric from certain NHS authorities, which may be taken to imply that such measures punitively hold people responsible for behaviours affecting their health states, or simply for being in a particular health state. In this paper, we examine the various elective surgery rationing measures presented by NHS authorities. We argue that, where obesity and smoking have significant implications for elective surgical outcomes, bearing on effectiveness, the rationing of this surgery can be justified on prognostic grounds. It is permissible to aim to maximise the benefit provided by limited resources, especially for interventions that are not urgently required. However, we identify gaps in the empirical evidence needed to conclusively demonstrate these prognostic grounds, particularly for obese patients. Furthermore, we argue that appeals to personal responsibility, both in the prospective and retrospective sense, are insufficient in justifying this particular policy. Given the strength of an alternative justification grounded in clinical effectiveness, rhetoric from NHS authorities should avoid explicit statements, which suggest that personal responsibility is the key justificatory basis of proposed rationing measures. (shrink)

Why did the white working classes in the United States and elsewhere turn to the far right instead of uniting with the raced and gendered working class to overthrow capitalism? In this paper, I bring core concepts coined by Karl Marx in conversation with Jacques Lacan to show how the far-right exploited desires and fears around subjects' fundamental non-wholeness, which the insecurities of neo-liberal capitalism have heightened, for its political gain. I explain how the far-right offered its followers several unconscious (...) fantasy objects petit a to cover over subjects' non-wholeness: first, the money fetish, which is also at the center of the American Dream, serves to secure the illusion of wholeness on earth; second, religion offers the illusion of wholeness in the sky, producing subjects who endure rather than rebel against their suffering on earth. Finally, it brands the sexed and raced working classes as inferior to uphold the illusion of the white working-class subjects as superior and whole, which further undermines the creation of a revolutionary proletariat. (shrink)

This is the first collective study of the thinking behind the effective altruism movement. This movement comprises a growing global community of people who organise significant parts of their lives around the two key concepts represented in its name. Altruism is the idea that if we use a significant portion of the resources in our possession—whether money, time, or talents—with a view to helping others then we can improve the world considerably. When we do put such resources to altruistic (...) use, it is crucial to focus on how much good this or that intervention is reasonably expected to do per unit of resource expended (as a gauge of effectiveness). We can try to rank various possible actions against each other to establish which will do the most good with the resources expended. Thus we could aim to rank various possible kinds of action to alleviate poverty against one another, or against actions aimed at very different types of outcome, focused perhaps on animal welfare or future generations. The scale and organisation of the effective altruism movement encourage careful dialogue on questions that have perhaps long been there, throwing them into new and sharper relief, and giving rise to previously unnoticed questions. In this volume a team of internationally recognised philosophers, economists, and political theorists present refined and in-depth explorations of issues that arise once one takes seriously the twin ideas of altruistic commitment and effectiveness. (shrink)

Polish translation of "John Searle: From Speech Acts to Social Reality", -/- We provide an overview of Searle's contributions to speech act theory and the ontology of social reality, focusing on his theory of constitutive rules. In early versions of this theory, Searle proposed that all such rules have the form 'X counts as Y in context C' formula – as for example when Barack Obama (X) counts as President of the United States (Y) in the context of US political (...) affairs. Crucially, the X and the Y terms are here identical. A problem arises for this theory for cases involving 'free-standing Y terms', as for example in the case of money in a computerized bank account. Here there is no physical X to which a status function might be attached. We conclude by arguing that Searle's response to this problem creates difficulties for his naturalistic framework. (shrink)

The greatest intensity of “live” life is captured from as close as possible in order to be borne as far as possible away. Jacques Derrida. Echographies of Television . Rainer Ganahl has made a study of studying. As part of his extensive autobiographical art practice, he documents and presents many of the ambitious educational activities he undertakes. For example, he has been videotaping hundreds of hours of solitary study that show him struggling to learn Chinese, Arabic and a host of (...) other languages. The stacked boxes of tapes are then presented like minimalist monoliths, dense archives of effort. About fifteen years ago, Ganahl began photographing the lectures that he attends. At the time, he hadn’t seen anyone else doing it, so besides his spare selection of images of the speaker and the audience, much of the time the lectures would just pass into memory, undocumented, or recorded in writing alone. Since then, he has felt the transition to digital cause a significant shift in his process. At the same time, he has seen the habit become ubiquitous as others photograph, record, and videotape the lectures all around him. In keeping with the theme of this inaugural issue of continent. , can we propose each small grouping of photographs that result an isthmus stretching between two disparate bodies of mind? The first being the body of the lecture as spelled out in the title of each work – the experience of the event in all its constituent parts. The second is the body of the recipient, the listener, in this case an artist, who plays a minimal role just beyond the prescripted behavior of sitting and listening. He uses a gesture of documentation to draw a line between himself and the event, creating an artwork. Františka + Tim Gilman: As we mentioned before, the theme of the magazine for this issue is "isthmus." It seems like a very good way into your work, and it leads us to ask what connection you see between your photographs of the lecture and the lecture itself? Rainer Ganahl: The relationship is of course a concrete, pictorial one, or if you want a mimetic one but also an abstract one because the photographs carry the title of the lecture, the names of the lecturers, the site, the institution and the time of the lecture. Photos are fixed moments of time and can reproduce images displayed and reproduce visuals presented at a moment but they don’t come with time based recordings that video or sound takes are offering. What remains of a lecture is usually just the memory, some notes and all the announcements of it. In my case I end up with a visual product I declare as my artwork. It might not differ from any snapshot taken by any other student or member of the audience but I do this in a semi-systematic way with certain rules and procedures I have set up. While I am at a lecture I am mainly focusing on the lecture itself. Last night I went to one of Slavoj Žižek which demanded quite some concentration. I even was asking him a question at the end. I took photos as well but still didn’t lose track of the lecture. I didn’t walk around, I was not preoccupied by where I was sitting and what light I was having like some of the other photographing and filming people in the room who came and left, moved around and tried to capture him from this and that angle, from close and far. I just sat there and concentrated on the lecture and yet managed to take about 30 or so images of him, the public around me and of the film clips he presented. Once the lecture is over the story changes: it all becomes a question of the images, their selection, their visual qualities, their labeling and archiving. The function of the images also change: not only do they stand for an intellectual event in a row of lectures that become part of my intellectual history within many possible such histories but they also have to function as art, something not everybody else with images of lecturers demands of their images. This is my specific claim as an artist to impose them as artworks. And as with all artistic propositions the offer can be accepted or rejected. I basically spend my life trying to do exactly that: making what I declare as art, offering something to anybody interested in it as my art, an offer that is not and will never be accepted as such by all people. F+T: What are your criteria for selection, i.e. how do you choose which lectures to photograph, by lecturer, by topic, or do you photograph any and every lecture you can? RG: As everything in my life, I go by my interest which is the result of many factors. If I am aware of a lecturer, read his books or appreciate his works my interest of attending his much higher than if I am not aware of it. I usually don’t go to lecturers simply based on their subjects—something that can happen of course, if the subject, the title of the lecture is promising or at the heart of my interest. Sometimes I also wait for years to get a change to photograph certain people but I do that in a very low-level “keep your ears up” mentality and not in a systematic scanning of all channels and possibilities. I do not go into philosophy departments and photograph everybody teaching there. I go with the flow—and unfortunately a great deal of great talks I also miss because I hear too late of them. Often, I also stumble into them by traveling, by getting emails from friends and by simply being in the right spot at the right time. Somehow you could look at my lecture par cours as some kind of loose intellectual flâneurism . If you know of interesting lectures and events, please, let me know. F+T: Is your selection of images more of a production or post-production method? That is, do you take a lot of photos and select only a few images from each lecture, or do you take them very selectively? Do you have a particular methodology for the selection of images? RG: This all changed a bit with the arrival of digital photography. In the beginning I had to pay a lot of money for film developing. Hence, I was taking either one role - 36 images - or half a role - 13 images - depending on who talked and whether they projected images. With the unlimited capacity of digital imaging I easily end up between 30 and 150 images of one event still depending of whether images are presented or not. In the first years of that project when I wasn’t fully aware yet of what I was doing, I printed at least 2 images of any lecture and sometimes three or even four, a choice that was also constrained by costs. But again, since I have a web site and since images can easily be selected and presented on my web site without generating remarkable costs I have now more and more pain to reduce them to less than ten or eight images for an event. Now, before I have them printed which really is expensive, I can present them already as artwork on my web site without any immediate costs. Thus the economic factor is at the end of the chain which enables me to be more ‘generous’ and include more images. Over the last years I have been mostly selecting at least four photographs for a lecture unit but recently also as many as ten. But so far only one set above four images has been actually printed and sold. What might sound even more shocking is the likely fact that if a curator or a collector demands me to reduce the number of images due to costs, I might compromise at this current stage if the images have not been yet printed or published outside my own web site. This means that to a certain degree any selection that has only seen publication on my web site and not yet been produced runs the risk to change in numbers of images included. Needless to say, I am the last one that finally makes a decision and I do honor all given earlier decision if those were final. F+T: How do you feel the act of photographing the lecture affects your reception of the contents of the lecture? And your recollection afterwards, do you remember the lecture more having photographed it, or just having sat and listened? RG: As mentioned above, I get very little distraction from photographing since I can multitask well and do not obsess about the quality of the image: I photograph from where I am and listen with my ears and not my eyes. I am not sure whether the images serve as a mnemonic devise to the content of the lecture if there are no images involved but they at least remind me that the lecture existed, the title of the lecture and the name of the people and institutions involved. The titles of the hundreds of lectures I took during the past 15 years can also be read as an essay of theoretical life in that period. This will be come more and more visible as time passes by. These images age much better than I do. F+T: You mentioned at the outset of our discussions that you started this practice some time ago and have seen the practice of photographing lecturers become more commonplace. Why do you think that this shift has taken place? RG: The answer is very simple. Photographing is now free of any charge and hence omnipresent. You buy a phone or any other personal digital assistant and it has a camera integrated in it whether you want it or not. There is no need to develop images and there is no hassle to keep images, to distribute images, to organize images and save them. It is all virtual, not creating any costs and doesn’t require any efforts. You don’t spend twenty dollars for photo-developing anymore, you don’t need to walk anymore to your pharmacy or your photo shop to drop off and return to pick up and pay. You don’t need to go to the post office to send somebody a picture. You have a program like Photoshop already built into your camera. Photographing is now a thing for everybody—with functioning cameras made for two year olds. It is technically now nearly impossible to make bad images. The image quality is virtually guaranteed by cheap, high performing, mini-computers packed into miniscule cameras. With all these technological changes, we are undergoing now a cultural paradigm shift that includes permanent recording (not only still image taking) of everything. I wonder even whether babies are just born to be photographed—at least a process where the first photograph is right there. What is interesting now, is how the law is trying to catch up. I am experiencing and expecting more restrictions on photographing and recording—something already in place in many museums and in certain galleries—as the recording devices become more and more invisible and undetectable. It is an interesting cat and mouse play and will end up with some of us that are photographing the world around us in court. The world has become very transparent and everybody is contributing to it with social networking technologies—like twitter and Facebook—that are designed to monitor and communicate every step we make in our lives. F+T: Why did you start the practice? As a way to remember, or to capture the experience of the lecture and the environment there? RG: A couple of years earlier I started to photograph my own reading seminars as part of my art work with results that surprised me positively. I really liked these images of students and people discussing heavy non-fiction with me. The reading seminars justified this kind of pictorialism. Then in 1995 I had the chance to attend an entire seminar by Edward Said entitled “The Representation of Intellectuals at Columbia University,” which really gave me the idea to start this series. Why not also photograph these lectures I visit all the time since this really is a way of representing intellectuals? F+T: The constellation of images and the title seem like a kind of portrait, do you agree? If so, is it a portrait of the speaker, of yourself, or of the event? RG: Well, to follow up on the previous question the lectures are more than just portraits of lecturers since I include not only the speakers but also the audience, an audience that is not named or specifically highlighted as is the speaker. So if we stick with the metaphor of the portrait we would have to extend it also to the environment, the class room, the lecture hall, the arrangements of seats or benches, tables, lecture stands and other stuff typically seen on my images. Often the walls are decorated or even tagged with graffiti or posters and other stuff. There is a big difference between a small seminar room at the English Department of Columbia University, full with books and cabinets and a lecture room at a Paris or Frankfurt university that accommodates 50 to 150 people. We should, maybe, also distinguish between lectures that are one time events—mostly open to the public, free of charge or paid—and events that are weekly, closed to the public and held mostly in universities that can cost fortunes or be paid by the State as it is still predominantly the case in continental Europe. All this, of course, is not necessarily announced in the title of the lecture and is subject to information that isn’t visible on the images. To a certain degree we see also portraits of a general privilege when it comes to the public of certain institutions that are highly selective and extremely costly without forgetting that most of the lectures are dealing with theory, art, philosophy and other highbrow subjects. In general, I would say we see very little if we don’t know already what’s going on, who the lecturer, the institutions, the context are in which we subsequently can zoom into variants like sexual, racial, or age-related make-up without ignoring clothing fashions, hair styling, body mannerisms, gadgets and stuff. F+T: Do you see a relation between this body of work and your other work, for example your language studies? RG: Everything I do is “unfortunately” related. I say unfortunately because this makes my work not so easy to grasp. The relationship to the language studies is relatively clear since both are originally grounded in the domain of education and knowledge production. Nearly all my work comes across that nexus where knowledge and power are addressed. I was at one point wondering what the relationship was to some of my earlier indexical work where I was happy alone with footnotes from books painted on the walls: I came to understand that both are just different manifestations of knowledge and information. F+T: Do you foresee continuing the series indefinitely, or is there an end to it? RG: I think that I will continue this series indefinitely or to be more precise, as long as I go listen to lectures and want to learn something which brings me to your previous question: What do the reading seminars, language studies, historical research and lecture hopping have in common: I learn something. Further Reading Rainer Ganahl’s website William Kaizen. “ Vulgar Politics .” art&education . April 2009. Web. Smith, Roberta. “ Rainer Ganahl: ‘Language of Emigration & Pictures of Emigration .’” New York Times April 23 2010. Web. (shrink)

Research in the Unites States concerning the relative access of women and men to financial resources has focused on the influence of women's increasing market work but has largely overlooked the also critical issue of what happens to money after it enters couple households. To fill this gap, this article employs a typology of household allocative systems developed in Great Britain to analyze money management and control in a sample of U.S. couples drawn from the Fragile Families and (...) Child Wellbeing Study. I find that the use of these systems varies substantially across socioeconomic, racial, ethnic, and relationship status groups, as well as by partners' relative household contributions. The patterns suggest that many women, already disadvantaged in earnings, either absolutely or relative to their partners, are in couples in which men's control over or withholding of income may reproduce or exacerbate their earnings disadvantage. (shrink)

Background: Since 2010, the United States has experienced 228 disasters, affecting over 86 million people. Because of population shifts, the growing number of people living with chronic conditions or disabilities, and the growing number of older citizens living independently, access and service gaps often exist for those without money or other transferable resources. There is a lack of evidence regarding individual community members’ capacity to prepare for emergencies. Research objective: The purpose of this study is to highlight participant experiences (...) in becoming better prepared for emergencies and provide insight from a social justice perspective. Research design: This is a descriptive qualitative study, staying very close to the data as an end product rather than a beginning for interpretation. Participants and research context: A total of 13 low-income, uninsured, or under-insured attendees at a medical outreach clinic were interviewed. Ethical considerations: Institutional Review Board approval was obtained from the University of Texas at Tyler. Findings: Four themes emerged from the interview data: (a) evaluation of the emergency-preparedness education, (b) making emergency plans, (c) challenges in preparing for emergencies, and (d) facilitators of emergency preparedness. Discussion: Identifying the potential challenges to individual emergency preparedness among vulnerable populations is the first step in overcoming them. The capacity to comply with such measures, especially the ability of those with limited incomes and other vulnerable populations, must be considered. Conclusion: Synchronized, well-ordered assistance will close gaps in recovery and enhance efficiency in pre- and post-event aid. Theoretically, doing so will promote engaged and resilient members of society who are better able to withstand adverse events. The importance of the relationship between individual preparedness levels and the resiliency of nations supports the social justice imperative to address the needs of vulnerable populations in the mitigation and planning phase of the emergency management cycle. (shrink)

This chapter contains sections titled: Introduction Medical Migration and Moral Responsibility Lending Money to Developing Countries Culture and Religion Health Research and Resources Conclusions References.

Machiavelli advised us that people are so mean, small and selfish that they will only act under necessity, so the successful prince must force the population, through whatever means necessary, to follow his dictates. This book traces the influence of the Florentine thinker on American politics, from the Founders (c. 1770s) through today's rough-and-tumble political panorama. Machiavelli's ideas have been re-interpreted internationally as 'real-politik.' He proposed that the 'ends justify the means,' and that any manner of fraud, violence or corruption (...) must be utilized in attaining and retaining power. He maintained that the most powerful form of fraud was the appearance of religiosity and said that the successful prince must hold no art higher than that of war. In this disturbing, erudite and highly readable book, America is shown to be a surprising example of Machiavellian politics, utilizing all of the post-modern methods of information distribution and "legal" fraud and corruption. Lee Atwater, Karl Rove, George W. Bush, the Supreme Court's 'Citizens United v. the Federal Election Commission' (2010) and the Super PACs it spawned, the massive amounts of money ("power's master key"), the intermingling of the language of religion and war, and the 90% negative advertising of the 2012 Presidential campaign (channeling Machiavelli's dictum that the adversary must be "assassinated," though in contemporary America by character assassination) and even Barack Obama's Machiavellian machinations are looked at in light of the Renaissance political philosopher's ideas. The last section of the book offers a response to this with a specific, implementable program that will begin to devolve the power of American democracy back to the people. (shrink)

According to the Principle of Techno-Geek Proportionality, for every million times a nerd gets excited about “the latest thing” the world might change once. Central bank digital currency (CBDC) may be that once. There is nothing new about digital money, but there may be many profoundly new things about CBDC. This is especially so for “retail” CBDC – that is, CBDC freely available to the public rather than “wholesale” CBDC, which is restricted to some registered users and central bank (...) systems. At the moment, the vast majority of money in existence takes the form of deposits at Santander, Barclays and the other commercial banks. As the Bank of England makes clear, most of this is originally produced when a bank extends a loan and creates a sum as a deposit which the borrower can then spend. This money flows around our payments system and the money supply, albeit there is more to money supply than just this, grows as cumulative debt grows and shrinks as debt is paid down. In the UK (and equivalents apply in any modern economy that has commercial banks), though we rarely think about it, since the money is denominated in s and the central bank essentially guarantees that it will exchange at par for central bank money, most of what we think of as money is really Santander or Barclays etc. credit units. Retail CBDC could change this state of affairs and the issues are sufficient to require public debate – not only regarding the scope of the technology but also the role and adequacy of central banks. This, in turn, provides an opportunity to discuss the nature of process. (shrink)

In 2002, the United States federal government created the Healthy Marriage Initiative, a policy that has distributed almost $1 billion in welfare money to marriage education programs. Drawing on ethnographic fieldwork in classes for a purposive sample of 20 government-approved marriage education programs and textual analysis of more than 3,000 pages of curricular materials, I analyze how U.S. healthy marriage policy addresses issues of gendered communication and power. This case reveals the limitations of what I call ‘‘interpersonal gender interventions,’’ (...) which obscure how gendered ideologies and inequalities are often maintained through institutionalized practices and state action. Specifically, I argue that by focusing on negotiation, communication, and conflict-resolution strategies—or what marriage educators call “relationship skills”—at the interactional level, state-sponsored marriage education masks persistent institutionalized gender inequalities, namely, latent and hidden forms of marital power. More broadly, I use this case to reveal how interpersonal gender interventions will likely have limited utility if individuals learn to develop more gender-egalitarian beliefs in the absence of institutional changes that enable them to act on these values. (shrink)

Wage-earners voluntarily accept to work under the control, and for the account of, firms run by entrepreneurs1; they do not decide what, how and how much, they must produce; wage-earners are not responsible for the consequences of their activities when they comply with entrepreneurs' orders12; inside the firm, wage-earners are subordinates. Outside the firm, wage-earners freely choose the way they spend their wages in the markets for commodities and services. Such is the 'stylised fact' which characterises the wage relationship in (...) our economies. Any theory of the wage relationship should account for this 'stylised fact' by deriving it from a consistent set of assumptions and propositions. Three main propositions are advocated in this paper: Mainstream economists conceive the 'wage' as being the price of a commodity ('labour power' or 'human labour') determined by a market – as for any other commodity and service. As a consequence, the wage relationship is thought of as an exchange relation ruled by equivalence; this view cannot be derived from the usual basic assumptions without violating the very logic of mainstream theory. Following this logic: either the wage relationship should be thought of as a relation between human beings having such different conditions that it cannot be interpreted as an exchange ruled by equivalence or 'human labour' is not to be found within the commodity space. In any case, the 'stylised fact' mentioned above is not accounted for by mainstream theory. 'Wage' is the name of the payment entrepreneurs give to other people with the view to making them participate in production under their control and for their account; wage payment is neither a purchase nor a sale – it just allows wage-earners to enter the market and spend in order to acquire the commodities they desire Wage-earners are, economically speaking, a means used by entrepreneurs for their own ends; exploitation (Fleurbaey's M-exploitation) is inherent in the wage relationship. Propositions 2 and 3 do not fit general equilibrium theory (inspired by Walras and rationalised by Arrow- Debreu); they do not fit modern mainstream theory either. They have no room in the theory of prices of production (inspired by Ricardo and rationalised by Sraffa). Moreover, they are not compatible with Marx's theory of labour power. An alternative approach is needed to satisfy them. Paving the way for that alternative theory requires us to show that 'human labour' cannot belong to the commodity space from the very point of view of mainstream theory; a sharp incompatibility between assumptions and conclusions would follow, and justify resorting to an alternative approach. This is our first step. A second step is to effectively resort to a monetary analysis – the alternative approach to real analysis, according to Schumpeter in his History of economic analysis. In a nutshell, we have to discard the commodity space postulate, and to think of economic relations as money mediation. Instead of a commodity space, we presuppose money to be a unit of account ($) combined with a means of payment. Instead of a permutation of goods and services exchanged amongst people, economic relations are payments. Individuals are no longer endowments and preferences, but accounts into which payments write down quantities of $. Conditions of people may differ according to the form of money circulation – this view allows us to deal with different types of economic relations; for what matters here, the wage relationship involves a specific form of circulation not reducible to that of exchange. The final step is to suggest that exploitation is inherent in the wage relationship; such exploitation has nothing to do with justice, since there is no norm whatsoever for the level of wage; it is also quite different from the exploitation Marx thought he had unveiled. This exploitation is simply due to the special situation of wage-earners vis-a-vis the market, which a specific form of circulation makes clear. 1 'Entrepreneur' here means, following Coase, 'the person or persons who, in a competitive system, take the place of the price mechanism in the direction of resources' (Coase, 1937, p. 388). 2 David Ellerman distinguishes between factual/de facto and legal or de jure responsibility. What I mean here is economic responsibility only. Another way at looking at it may use David Ellerman's propositions. The 'Invisible Judge' market gives the entrepreneur the property of raw material and labour – and also of the finished product sold in the market. The market gives nothing to the wage-earner inside the firm; outside the firm it gives her the property of consumption of goods she acquires out of her wage. Inside the firm, the wage-earner is not economically responsible. Arguing that if she kills someone, the wage- earner is responsible has nothing to do with the 'Invisible Judge'! (shrink)

This is a story of everyday people, probably not very much unlike you or me. The young man of this story did not have any idea how his life was to be shaped by the experiences that occurred, or rather the adventure that befell him as he found his soul mate. The danger and mystery that entrapped them as they struggled to stay alive while they faced the evil and greed that stolen money, kidnapping, and attempted murder caused. Their (...) lives became anything but a dull and mundane existence, it became an adventure of a lifetime. Fresh from the battles of the war in Iraq, Joseph O Mally's enlistment in the United States Air Force was up. Back at his home base in Germany he had taken an in country discharge with plans for a little rest and relaxation' as he visited England, Scotland and Northern Ireland where he would sightsee and enjoy life before he returned home to the States to settle down. During his R and R' he found the woman of his dreams and thought his life to be as perfect as humanly possible, but instead stolen money and death awaited them, insuring that if they did manage to live through the ordeal, they would remember this vacation' for the rest of their lives.. however long that might be! The adventure that befalls Joseph Nguyên O Mally and Caiside Tharp Breasail weaves a tale of a magnificent romance that requires character that is born of courage, honorable actions, and a true attempt to be the type of person God would have them to be in spirit, body, and soul. Their adventure is global since it takes them to three different continents on this planet. The adventure begins here but the ending waits in.. the unknown! (shrink)

Place mouse over image continent. 2.1 (2012): 36–39. From an ethical and political perspective, people and property can hardly be separated. Indeed, the modern political subject – that is, the individual, the person, the self, the autonomous actor, the rational self-interest maximizer, etc. – has taken shape in and through the elaboration, institutionalization, and enactment of that which rightfully belongs to it. This thread can be traced back perhaps most directly to Locke’s notion that the origin of the political state (...) occurs when people rise above the state of nature by ceding the power to prosecute offenses. The rule of law begins then with a defense of the right to property. People become subjects by adhering to the social contract, which they do by deferring the defense of their own property to the state. In this light, the response of the United States federal government to the financial crisis of 2008 appears to many as a breach of the social contract. The chant “banks got bailed out, we got sold out” states the claim plainly. Why exactly did some subjects (e.g., the banks) have their property defended by the state (i.e., through the variety of programs including TARP, the discount window at the US Federal Reserve, etc.), when other subjects (e.g., homeowners) found themselves without protection of their property rights, forced to default on mortgage debts and face dispossession? Even if the rhetoric about “too big to fail” can be believed, and the collapse of the financial system would lead to negative consequences for people who had little or no connection to the activities that brought it about, such consequences need not call into question the notion that everyone stands equally before the law. To occupy, then, appears as a form of civil disobedience, an intentional, retaliatory breach of the social contract by those who feel that they have lost the support of the state to which they ceded their power as sovereign agents. The visible and the invisible The violation of property rights of people who have recognition, protection and power under the law destabilizes their very status as citizens and tests the limit of democracy. Does the financial system force the dematerialized victimization of individuals? Do people become numbers, or worse still, percentages of unemployed, tranches of defaulted mortgages and foreclosures? Are they perhaps instead disenfranchised prospectively from the privileged position occupied by virtual entities and actors such as those involved in the derivatives markets, always already exiled back into the physical, visible realm? The line of conflict appears to be drawn between invisibility/absence/deferral and visibility/presence/realization. The demonstrators occupy an excess property of those subjects, namely, the banks and financial elite, who did receive recognition and protection under the law. By domesticating this excess property, rendering its invisibility visible within the political economy, the protesters raise a new form of threat to the hegemonic order. To occupy, then, involves a rejection of the order under which the “99%” have been subjected to erasure. The occupation seeks creatively to establish a new means of communication and law for its subjects. In the face of an existing power structure that is increasingly disenfranchising the majority of people while consolidating nodes of power and influence, the “occupation”, or the work of the Occupy movement, involves seizing a space that refuses the rules of the existing, allegedly corrupt sovereign state. This refusal of governance extends even to include a steadfast refusal to articulate a strategy, to formulate a list of demands, to converse with the sovereign power on the grounds of its own conventions, to put forth a leader, to resolve the ambiguity of the movement into a discreet identity, face, or voice. Do these tactics provide a resolution to the problem that was its genesis? Not in such a direct and easily resolved manner, but it remains difficult to imagine a direct and simple resolution to the problematic of the breach of the social contract. The ambiguity of the situation has generated significant interest within the broader populace, though many people sympathetic to the cause appear to be frustrated because the movement has not simply put forward a short list of concrete demands, or even a set of leaders and spokespeople, much less a resolution. And yet, this lack of coherence appears as a resolution of a problem generic to protest movements in the past, where individual leaders can be removed or discredited, and lists of demands can be co-opted by others holding more political power. Meanwhile, the ambiguity has compelled imitations on a global scale, with the Occupy Wall Street participants consciously taking actions that can be replicated by anyone anywhere without significant cost. These actions have taken place not in a peripheral location such as a parking lot in New Jersey, but instead close to the centers of power and governance, adjacent to Wall Street, close to the White House, on college campuses, etc. This spontaneous archipelago of protests becomes an irritant, a negation of the accepted order of protests, but when the protesters themselves move outside of their encampments, they are escorted by the police, constantly monitored and maintained so that a permanent state of paranoid persecution takes hold. To occupy, occupying, occupation – these actions involve a variable degree of danger – are you willing to step into a different space, where the rule of law is unclear and evolving? Are you presenting yourself as a representative of the majority, the 99%? Who has a sense of belonging to the 99%? This previously invisible population becomes a focal point of political power, garners increasing public support, infects the public dialogue. The government recognizes this population by forcing it from the occupied space, removing the element of possession of property. It is at this point of conflict, in the struggle to hold the physical property, where the greatest friction and violence occurs. Scaling the rule of law While occupied, the property calls for a redress of grievances, a restoration of the rule of law. The Occupy movement does not select and put forward individuals or leaders, it puts forward places – the occupied property represents the point of conflict, not the individual. And it is this very property that the government then tries to reclaim. The movement remains faceless, anonymous, uncounted, or rather counted only as a mass, the self-labeled mass of 99%. These spaces are like refugee camps or favelas, but constructed to unite the political life and private life of the protesters. This objective is presented as a tactical necessity, as all other means of protest and communication have failed, leaving only the option of seizing, holding, occupying a property. But to what end, exactly? Can anyone deliberately return to the prior social contract, embrace, affirm, and govern in strict accordance with the earlier relationship to property, following the logic of Locke’s arguments? In this respect, the contemporary crisis indicates a new, transitional phase in the way that property operates, or rather, in the balance between real and virtual value. The roots of the crisis lay in the massive overvaluation of property caused by lax lending practices, as more people were encouraged to borrow more money, which drove up the prices of property. At the same time, these individual properties, these mortgages for homes actual families lived in and worked to support, were bundled into securities that could be bought, sold, and speculated on. The reduction of a physical house or piece of real estate to an almost incalculably small element in an investment vehicle appears as a scaling of the hedge that radically diminishes the value of any individually owned property. Moreover, a number of recently-innovated financial products allow investors to hedge in new ways, to deliberately spread risk around a portfolio in hopes of bringing returns even when the individual mortgage defaults. At the level of the ‘free’ market, these virtual negative valuations are designed to balance the physical positive valuation, though many of the biggest lenders are now being investigated for controlling both sides of this valuation, the positive and the negative, to facilitate both the creation and failure of the investments and to profit from both. The ability to benefit from both the negative and positive value of an investment is a result of a technologically enabled capacity to operate within a complex field. These layered and scaled investment vehicles and the simultaneous negation of their value together represent a commingling of the virtual and physical existence that is both complex and multiple. The valuation of a virtual property has tremendous power to change the valuation of the physical - either injecting it with or depriving it of funds, pumping in or draining life and energy. This situation has roots of its own – the notion of property advanced e.g., throughout the enclosure movement in Britain was, from the outset, an imposition of virtuality (i.e., the concept of law, the institutions associated with ownership, etc.) on the physical reality of land. 1 The difference today is that technological trading platforms combined with innovations within the financial services industry have enabled the reduction of each individual property receiving or losing value in scale to an almost atomic level. In turn, the number of properties held simultaneously and valued as a massive, multiple wholes – i.e., the derivatives market in mortgage-backed securities – is a new phenomenon made possible through the application of similar technologies and institutional structures. And those actors who can trade in these layers of complexity can then profit from the new phase of disassociation of the virtual and the physical – unconcerned with and operating at such a virtual distance from the individual residing physically on a particular piece of real estate that they no longer feel the tug of the physical tying them back to the physical, operating literally as in a video game, in a virtually distanced world. What can or should be done about this situation? Answers lie outside the scope of this current essay, but merit consideration in the near future… NOTE 1) Hernando de Soto has emphasized this dimension by empirically demonstrating its non-existence in many countries in The Mystery of Capital. (shrink)

Nobody has died yet as a result of the ongoing trials for transferring money internationally without a license of four Harrisonburg men from Kurdish parts of Iraq: Rashid Qambari, Ahmed Abdullah, Amir Rashid, and Fadhil Noroly. However, before coming here they were threatened because of their work for groups associated with the United States, and they were brought here by the United States government as part of Operation Pacific Haven. Saddam Hussein killed members of local Kurdish families. Qambari, convicted (...) on January 30, 2006, has stated, “If I get deported back to Iraq, I will be a nice gift to the insurgents. I will be dead.” Deportation is a possible outcome of his conviction. (shrink)