Only ten to twelve percent of Americans would voluntarily live within a mile of a nuclear plant or hazardous waste facility. But industry spokespersons claim that such risk aversion represents ignorance and paranoia, and they lament that citizen protests have delayed valuable projects and increased their costs. Who is right? In _Risk and Rationality_, Kristin Shrader-Frechette argues that neither charges of irresponsible endangerment nor countercharges of scientific illiteracy frame the issues properly. She examines the debate over methodological norms for risk (...) evaluation and finds analysts arrayed in a spectrum. Points of view extend from cultural relativists who believe that any risk can be justified to naive positivists who believe that risk evaluation can be objective, neutral, and value free. Both camps, she argues, are wrong, because risk evaluation as a social process is rational and objective, even though all risk-evaluation rules are value-laden. Shrader-Frechette defends a middle position called "scientific proceduralism." She shows why extremist views are unreliable, reveals misconceptions underlying current risk-evaluation methods and strategies, and sketches the reforms needed to set hazard assessment and risk evaluation on a publicly defensible foundation. These reforms involve mathematical, economic, ethical, and legal procedures. They constitute a new paradigm for assessment when acceptance of public hazards is rational, recognizing that laypersons are often more rational in their evaluation of societal risks than either experts or governments have acknowledged. Such reforms would provide citizens with more influence in risk decisions and focus on mediating ethical conflicts, rather than seeking to impose the will of experts. Science, she argues, need not preclude democracy. (shrink)

Comprehensive regulatory changes brought on by recent corporate governance reforms have broadly redefined and re-emphasized the roles and responsibilities of all the participants in a public company’s financial reporting process. Most notably, these reforms have intensified scrutiny of corporate audit committees, whose role as protectors of investors’ interests now attracts substantially higher visibility and expectations. As a result, audit committees face the formidable challenge of effectively overseeing the company’s financial reporting process in a dramatically changed – and highly (...) charged – corporate governance environment. This paper discusses the new expectations of audit committee responsibilities and effectiveness in the wake of corporate governance reforms, key challenges, “whistleblower” provisions and shortcomings, and provides some directions for future research. (shrink)

Tolstoy became acquainted with the works of Henry George as he was writing his treatise “What Then Should We Do?” George’s economic ideas fascinated him so much that he stepped away from the treati...

Nowadays, almost everyone seems to agree that science is facing an epistemological crisis – namely the replicability crisis – and that we need to take action. But as to precisely what to do or how...

After distinguishing three conceptions of virtue and its impact on ordinary attachments to external goods such as social status, power, friends, and wealth, this paper argues that the Confucian Analects is most charitably interpreted as endorsing the wholehearted internalization conception, on which virtue reforms but does not completely extinguish ordinary attachments to external goods. I begin by building on Amy Olberding’s attack on the extinguishing attachments conception, but go on to criticize her alternative, resolute sacrifice conception, on which the (...) virtuous retain their ordinary attachments to external goods but are able to master them and willingly settle for virtue. I argue that we should reject this view because, unlike the wholehearted internalization conception, it cannot capture the facts that virtue silences or attenuates attachment to viciously obtained external goods and that virtue grounds positive emotional and cognitive self-assessments that are incompatible with some ordinary attachments to external goods. (shrink)

India is a party to several international laws which speak of the duty to prosecute, investigate, and punish crimes. In light of India’s commitments to international law, the scope of its criminal laws appears to be failing on several counts. The following are a few general and specific recommendations for penal law reforms in India. These have been framed in light of several international developments, international laws, and relevant Indian laws and judgments. The recommendations concern the following themes: 1. (...) gaps in criminal law, 2. harmonization of standards 3. liabilities for derogations from fundamental duties (cultural heritage), and 4. a project for decolonization. (shrink)

In 2017, Ukraine’s Parliament passed legislation establishing a single health benefit package for the entire population called the Programme of Medical Guarantees,‎ financed through general taxes and administered by a single national purchasing agency. This legislation was in line with key principles for financing universal health coverage. However, health professionals and some policymakers have been critical of elements of the reform, including its reliance on general taxes as the source of funding. Using qualitative methods and drawing on deliberative democratic theory (...) and criteria for procedural fairness, this study argues that the acceptance and sustainability of these reforms could have been strengthened by making the decision-making process fairer. It suggests that three factors limited the extent of stakeholders’ participation in this process: first, a perception among reformers that fast-paced decision-making was required because there was only a short political window for much needed reforms; second, a lack of trust among reformers in the motives, representativeness, and knowledge of some stakeholders; and third, an under-appreciation of the importance of dialogic engagement with the public. These findings highlight a profound challenge for policymakers. In retrospect, some of those involved in the reform’s design and implementation believe that a more meaningful engagement with the public and stakeholders who opposed the reform might have strengthened its legitimacy and durability. At the same time, the study shows how difficult it is to have an inclusive process in settings where some actors may be driven by unconstrained self-interest or lack the capacity to be representative or knowledgeable interlocutors. It suggests that investments in deliberative capital (the attitudes and behaviours that facilitate good deliberation) and in civil society capacity may help overcome this difficulty. (shrink)

Over the course of only a few decades during the late nineteenth to early twentieth centuries, part of mainstream Buddhist education underwent a striking shift in China. From being a secluded practice within monastery walls taught by monastics for monastics with a strict focus on Buddhist scripture, it became one where monastics and laypeople study together, guided by teachers, both monastic and lay, studying a curriculum of both Buddhist and secular subjects. Although general reforms within the Buddhist community of (...) the times received considerable scholarly attention, the topic of education development was discussed in only a few instances. Therefore, the present article sets out to explore why this radical methodological shift happened, and more concretely, how the individual learning trajectories of the reforms’ leading actors, and their involvement in specific communities, influenced the way the reforms unfolded. The author analyses the work and life of three generations of Buddhist reformers, namely the layman Yang Wenhui, and the monastic masters Taixu, Hsing Yun and Cheng Yen, employing Étienne Wenger’s social theory of learning. The theory’s main assertion that communities of practice provide the main fora of learning for individuals, and its description of the concrete ways in which this learning takes place can provide new insights regarding the specific unfolding of late-nineteenth to early-twentieth-century Buddhist education reforms in China. (shrink)

This paper explores whether the Clean Development Mechanism (CDM), a flexibility mechanism under the Kyoto Protocol, has contributed to poverty alleviation in countries that host CDM projects. We argue that the CDM should deliver pro-poor benefits to the communities in which projects are established, since poverty alleviation is integral to sustainable development, which is one of the main purposes of the CDM. After briefly discussing the background of the CDM, we discuss assessment difficulties to which research is prone when evaluating (...) CDM projects for alleged sustainable development contributions. Section 4 brings together and analyses available empirical research on the pro-poor benefits the CDM purportedly delivers to host country communities, concluding that the CDM has failed to deliver poverty alleviation. Therefore, without attempting to be exhaustive, we suggest policy reforms that aim to redirect the CDM to those most in need of assistance. (shrink)

History in this age needs to record and analyze the events in the light of modern concept of contemporary world. When the historians narrate the brutal condition of Indo-Pak history, they never forget the work and services of Shaykh Ahmad Sirhindi to transform the society according to the current values. For his services, he is hailed as Mujaddid Alf-I-Thani. The Muslim society had degenerated when Mujaddid Alf-I-Thani appeared on the horizon. A number of Hindu customs and practices had become the (...) part of their creed. The commandments of Shariat and Sunnah were being floated. Moreover, the Mughal emperor Akbar had adopted controversial policies detrimental to the very existence of Muslim society. Mujaddid Alf -Thani made strenuous and constant efforts to turn the tide. When Mujadded-Alf-Thani started his social reform movement, he found that the Muslim society was embracing un-Islamic practices such as widespread belief in Karamat had developed under the influence of Hindu thinking. Moreover, the Islamic teachings had been vitiated by adopting customs and practices of other religions such as inter marriages between Hindus and Muslims and ban on cow slaughter etc. Shaykh Ahmad Sirhindi never entered into any political conflict directly. He endeavored to restore pure doctrine to Islamic thought and to compel the Muslims to follow Shariat and Sunnah in letter and spirit. He was a social reformer, great Alim, Sufi and Mujaddid. He initiated a process of social change, inspired by Islamic Ideal, in an age, which was becoming secular. This research paper is an attempt to mention the role of Shaykh Ahmad Sirhindi for saving the society from un-Islamic values and customs in the sub-continent and its impact on society. By utilizing the historical method, this paper aims at analyzing the effect of social reforms of Shaykh Ahmed Sirhindi on Muslim society. (shrink)

This article explains how the private equity-leveraged buyout type of financial institution (PE-LBO) operates as a form of finance capitalism. PE-LBO capitalism is described and compared with other types of capitalism such as family business capitalism, managerial capitalism, and other forms of finance capitalism such as shareholder value capitalism. Ethical and social issues structurally related to the PE-LBO form are analyzed. Potential reforms and/or solutions are considered.

One of the central issues in comparative law and political economy is whether the forces of globalization will result in the convergence of public policies across countries. Noting in particular that taxes collected still cover a considerable range across industrialized countries — from a low of 20% of GDP to a high of 50% — some have argued that globalization has not resulted in a loss of tax sovereignty. However, following a review of the evidence, in this Article we conclude (...) that globalization has had significant but subtle effects on tax levels and structures. Moreover, these pressures will make it increasingly difficult for countries to raise revenue to finance new public needs and to structure their tax systems in order to achieve a more socially acceptable distribution of income than what market forces dictate. Tax levels in most countries have remained essentially flat over the past twenty years, but there is a host of reasons for thinking they would have continued to rise were it not for the pressures of globalization. Statutory corporate tax rates have declined dramatically and, although corporate tax revenues have remained robust, this has been due to factors unrelated to deliberate tax policy choices. Personal marginal tax rates have also declined sharply and tax revenues have been increasingly raised by regressive consumption taxes. These trends stem from tax competition brought on by the forces of globalization, not from changing ideas or other political variables. In this Article we conclude that in order to prevent tax competition from completely eroding the ability of countries to fashion their own tax systems, there will have to be considerable cooperation among the major countries and some harmonization of aspects of their tax systems, particularly as they apply to footloose factors of production. (shrink)

In recent years India has been moving further in the direction of adopting an Anglo-American model of corporate governance. This decision, the result more of international economic and political pressures than public debate, in effect represents a new development strategy for the world's most populous democracy. In light of this situation, it is important to ask two basic questions: 1) why has the Anglo-American model of corporate governance been adopted? and; 2) can it be justified? This paper addresses the first (...) of these questions by distinguish and examining three historical models of governance in India: 1) the managing agency model in the colonial period; 2) the business house model that emerged after independence, and; 3) the Anglo-American model which has recently been adopted (and is still emerging). The second question is approached through an examination of the "development impact" of the new model, as indicated by such measures as growth, employment and respect for shareholder rights. (shrink)

In recent years India has been moving further in the direction of adopting an Anglo-American model of corporate governance. This decision, the result more of international economic and political pressures than public debate, in effect represents a new development strategy for the world's most populous democracy. In light of this situation, it is important to ask two basic questions: 1) why has the Anglo-American model of corporate governance been adopted? and; 2) can it be justified? This paper addresses the first (...) of these questions by distinguish and examining three historical models of governance in India: 1) the managing agency model in the colonial period; 2) the business house model that emerged after independence, and; 3) the Anglo-American model which has recently been adopted (and is still emerging). The second question is approached through an examination of the "development impact" of the new model, as indicated by such measures as growth, employment and respect for shareholder rights. (shrink)

This study examines the impact of bank corporate governance reforms in the wake of the financial crisis. These reforms correspond to criticism of shareholder-focused agency-based corporate governance practices and a renewed focus on the stakeholder impact of corporate governance lapses in the financial sector. This study differs from previous studies of corporate governance in the financial sector in using performance indicators that proxy the interests of customers and the community. Drawing on data from 134 countries over an eight-year (...) period from 2004 to 2011, we find that the post-crisis corporate governance reforms in the banking sector appear to be effective in promoting greater bank attention to non-shareholder stakeholders’ interests. This study provides a means to conceptualize measures of bank performance from a stakeholder perspective in order to test emerging ideas about governance effectiveness in the financial sector. (shrink)

The Hwang affair, a dramatic and far reaching instance of scientific fraud, shocked the world. This collective national failure prompted various organizations in Korea, including universities, regulatory agencies, and research associations, to engage in self-criticism and research ethics reforms. This paper aims, first, to document and review research misconduct perpetrated by Hwang and members of his research team, with particular attention to the agencies that failed to regulate and then supervise Hwang’s research. The paper then examines the research ethics (...) reforms introduced in the wake of this international scandal. After reviewing American and European research governance structures and policies, policy makers developed a mixed model mindful of its Korean context. The third part of the paper examines how research ethics reform is proactive (a response to shocking scientific misconduct and ensuing external criticism from the press and society) as well as reactive (identification of and adherence to national or international ethics standards). The last part deals with Korean society’s response to the Hwang affair, which had the effect of a moral atomic bomb and has led to broad ethical reform in Korean society. We conceptualize this change as ethical modernization, through which the Korean public corrects the failures of a growth-oriented economic model for social progress, and attempts to create a more trustworthy and ethical society. (shrink)

The quest for freedom from hunger and repression has triggered in recent years a dramatic, worldwide reform of political and economic systems. Never have so many people enjoyed, or at least experimented with democratic institutions. However, many strategies for economic development in Eastern Europe and Latin America have failed with the result that entire economic systems on both continents are being transformed. This major book analyzes recent transitions to democracy and market-oriented economic reforms in Eastern Europe and Latin America. (...) Drawing in a quite distinctive way on models derived from political philosophy, economics, and game theory, Professor Przeworski also considers specific data on individual countries. Among the questions raised by the book are: What should we expect from these experiments in democracy and market economy? What new economic systems will emerge? Will these transitions result in new democracies or old dictatorships? (shrink)

Choudhury, elected president of the General Assembly in 1986, reviews the changes within the UN and reasserts its enduring role as a global instrument of peace.

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence ” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial intelligence (...) trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed. (shrink)

According to a standard picture in the educational policy and educational ethics literature, justice requires significant alterations to higher-education arrangements, in order to equalize opportunity and benefit badly-off social groups. I argue that, if political liberalism is correct, then a range of higher-education reforms favored by the standard picture lack support. After canvassing the standard picture (section 2), I explain why political liberalism entails that some institutions have a special status that prohibits certain kinds of interventions on them (section (...) 3), and I explain why this means that political liberalism cannot vindicate the standard picture (sections 4 and 5). (shrink)

This paper contributes to international feminist debates on shared parenting and family violence via reforms to Canada’s Divorce Act, in force since 2021. Looking backwards, it reviews parliamentary debates and early judicial discussions. The documentary review reads the reforms as an unstable compromise between calls from feminist voices and experts on family violence and from groups representing fathers. Family violence is now defined broadly and declared relevant to children’s welfare. But language in the statute may undermine its seriousness. (...) Exposing the tensions underlying these reforms is useful for Canadian participants in family justice and for scholars, practitioners, and policymakers elsewhere, exemplifying the promise and perils of reform in this area. Looking ahead, the paper offers recommendations to higher courts. Appellate judges should read rules on contact with both parents and parental cooperation in the light of the new recognition of family violence, taking the latter as an overarching objective of the statute. (shrink)

Markets have long had a whiff of sulphur about them. Plato condemned innkeepers, whose pursuit of profit he believed led them to take advantage of their customers, Aristotle believed that the pursuit of profit was indicative of moral debasement, and Cicero held that retailers are typically dishonest as this was the only path to gain. And even those who are more favorably disposed towards markets in general are frequently inclined to be suspicious of markets in medical goods and services. For (...) example, Margaret Thatcher supported the legal prohibition of markets in kidneys despite being arguably the most pro-market Prime Minister the United Kingdom saw in the 20th century. (shrink)

ABSTRACT:In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking. The structurally related problems with the four types of high-leverage finance (...) capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leverage finance capitalism system that permitted and facilitated the economic crisis. Ethics issues and potential reforms are considered that may be able to mitigate the destructive effects of what Schumpeter referred to as the “creative destructive” effects of evolutionary forms of capitalism while realizing the Aristotelian economic ideal of creating wealth in such a way as to make us better people and the world a better place. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:IntroductionFrom the closing decades of the fourteenth century onwards, reform attempts within the various religious orders gained impetus under the banner of so-called Observant movements. In nearly all orders, these Observant movements advocated a return to the lifestyle of an imagined pristine beginning in the face of a real or perceived crisis.1Within the Clarissan world, there were a number of signs pointing towards such a crisis. Adherence to the (...) rule, as well as a viable form of communal religious life could be conspicuously absent by the later fourteenth century. This was not solely the result of failing religious stamina, due to the interference of lay benefactors or sheer lack of motivation among the choir nuns. From the later 1340s onwards, many religious houses suffered heavily from recurrent Plague epidemics and the effects of prolonged military campaigns.This was particularly visible in some areas in France that were touched by the Plague and the Hundred Years War. In Toulouse, the Clarissan monastic community was reduced from around 80 women in 1330 to just four by 1370. Other houses more or less disappeared altogether because of the Plague, as was the case in Carcassone, Lavaur, Narbonne and Samatan, and had to be refounded. The Clarissan monasteries of Auterive, Béziers, Boisset, Les Cassés, Gourdon, and Le Pouget were heavily damaged or completely destroyed by warfare, and needed rebuilding.2In many cases, surviving nuns from destroyed monasteries extra muros moved into town. They had to restart their community life under very difficult circumstances. To make ends meet, the women sometimes had to engage in forms of economic exploitation of their goods that were not in line with the requirements of their rule. To make up for extreme losses in population and revenue, they also had to resort to recruitment practices that brought in people not equipped to embrace the vows of poverty, abstinence and obedience.There was no uniformity in the ways in which reforms were initiated. Nor did they always have the same results. This becomes clear as soon as we take into account the choice for a specific rule, the implementation of additional reform constitutions and convent statutes, and the role played by nuns and abbesses, secular authorities, secular clergymen and, of course, leading Observant and non-Observant friars of the Franciscan order.The Tordesillas congregationAn early attempt at reform in Castile resulted in a congregation named after the Poor Clare monastery at Tordesillas. This royal foundation had been created around 1363 to perform intercessory prayers on behalf of Pedro I of Castile and his new wife Maria of Padiella. The house was well endowed, and papal privileges freed the house from episcopal oversight, in line with important Urbanist houses elsewhere.3 In 1377, this autonomy was augmented, when Pope Gregory XI, ‘for certain reasons’ , freed the house from control from the Franciscan provincial minister.4 This might have been motivated by thoughts towards religious reform.5In any case, the new Castilian ruler Juan I was not content with the nuns’ intercessory works for the royal family. He obtained several papal bulls from the Avignon Pope Clement VII to entice the monastery to return to its former “observance” of the rule and its prayer obligations. These bulls made the Franciscan confessor of the king, friar Fernando of Illescas, perpetual visitator of the Tordesillas house, with full powers for the duration of his life.6 He could remove the abbess from office and enter the monastic enclosure to correct abuses. He could also absolve nuns and monastic personnel from sins and excommunication, as well as appoint and dismiss confessors and deliver punishments.7From 1410 onwards, the Tordesillas reform model began to attract other monasteries, which coagulated into the reform congregation of Santa Maria la Real or Santa Clara de Tordesillas. By 1447.. (shrink)

In the mid-1990s, several state legislatures enacted a "second generation" of small group health insurance reforms that required guaranteed issue of all products and prohibited the use of health as a rating factor. We use data from two large employer surveys to compare the behavior of small business in nine states that adopted these reforms between 1993 and 1997 to the behavior of small business in 11 states and the District of Columbia, where neither of these small group (...) health insurance market reforms existed prior to 1997 (N = 8,465 in 1993; N = 12,219 in 1997). Our analyses focus on several outcomes: health insurance offer and enrollment rates in any employer plan, and in an HMO plan; turnover in offer decisions; and premiums, variability in premiums, and the rate of change in premiums. Overall, we find no effect of small group reform on any of the outcomes; the sign of the effect is not consistent across reform states, the estimates rarely attain statistical significance, and they show no consistent pattern across the outcomes within each state. Therefore, predictions of the harm these regulations might cause to the market have not come to pass. On the other hand, proponents' hopes for a solution to low coverage rates among small businesses have not materialized either. (shrink)