The debate over the benefits of female representation in top management is ongoing, with some arguing it enhances decision-making quality by bringing diverse perspectives, while others seeing it as symbolic or even detrimental. To make progress on the debate, this study takes an institutional perspective to develop a theoretical account examining the gender norms that constraining the effect of female representation in top management teams (TMTs) on corporate financial fraud. We offer two main insights: (a) female TMT (...) representation is associated with lower incidence of corporate fraud, and (b) the relationship becomes weaker for firms domiciled in regions with gender inegalitarian norms or gender stereotypical norms that are more gender stratified. Results based on archival data about Chinese public firms, and simultaneous estimation of fraud commitment and detection probabilities, support our predictions. Several alternative econometric specifications, including (but not limited to), instrumental variable analysis and matched sample analysis, enhance confidence in the robustness of our findings. The findings of this study make important contributions to the literatures of managerial diversity, corporate fraud, and institutional norms. (shrink)

Volume 20, Issue 4, May 2020, Page 59-61.

This paper is an examination of the role of trust in the previous seven papers in this issue of the Journal. Trust and trustworthiness are briefly characterized; their importance in business itself and in business ethics is briefly described; and each paper is discussed in relation to how trust figures in the ethical issues it raises. The overall discussion brings out the need for further work on the nature of trust and on the elements in business, such as transparency, that (...) apparently help to sustain it. (shrink)

By discussing a selection of socially engaged street artworks from the Frankfurt-based project ‘Under Art Construction’, this essay sheds light on street art’s possibilities as a form of resistance against the power of globalizing finance. The author argues that through the use of carnivalesque strategies of irony and appropriation, street art can challenge the pretense of rationality of recent policies of austerity in the eurozone. Such a challenge exposes the contingency of spending cut programs. He finally suggests that, in debunking (...) the myth of economic rationality, street art can change people’s experience of finance, while opening up a space for imagining alternative economic scenarios. (shrink)

Although non-profit organisations typically have high representation of females on their boards, relatively little is known about the effects of gender diversity in these organisations particularly in relation to financial management. In this archival study, resource dependency theory and agency analysis are combined to provide theoretical insight and empirical analysis of gender diversity on effective financial management in member-governed, community financial institutions. The investigation is possible due to the unique characteristics of the organisational form and region (...) being examined—credit unions in Northern Ireland. The sector has not been subject to external regulation on board gender, yet a wide array of gender mix on boards ranging from 100 % male to 100 % female are in existence. In addition, effective financial management is crucial to their survival and their ability to meet member objectives. Boards with higher female representation exhibit superior financial management first, in respect of loan book quality in the period of austerity following the financial crisis and second when measured against return on assets. (shrink)

At present, there are more and more frauds in the financial field. The detection and prevention of financial frauds are of great significance for regulating and maintaining a reasonable financial order. Deep learning algorithms are widely used because of their high recognition rate, good robustness, and strong implementation. Therefore, in the context of e-commerce big data, this paper proposes a quantitative detection algorithm for financial fraud based on deep learning. First, the encoders are used to extract (...) the features of the behaviour. At the same time, in order to reduce the computational complexity, the feature extraction is restricted to the space-time volume of the dense trajectory. Second, the neural network model is used to transform features into behavioural visual word representations, and feature fusion is performed using weighted correlation methods to improve feature classification capabilities. Finally, sparse reconstruction errors are used to judge and detect financial fraud. This method builds a deep neural network model with multiple hidden layers, learns the characteristic expression of the data, and fully depicts the rich internal information of the data, thereby improving the accuracy of financial fraud detection. Experimental results show that this method can effectively learn the essential characteristics of the data, and significantly improve the detection rate of fraud detection algorithms. (shrink)

In the present world order unbridled forces of free market capitalism are frequently cited for much of the social injustice, inequity, and disparity of wealth between the rich and the poor. Although history''s verdict in favor of the free markets could hardly be harsher or clearer, it is clear that after the initial wave of triumph, the free market paradigm has developed some cracks in its façade. What marks the trail of such sustained and pronounced move toward free markets in (...) terms of ethics, morality, social welfare and social justice? How does one keep a social score in this seemingly relentless and irreversible move all over the world toward free market capitalism?In this paper we shall attempt to address these and related questions. Drawing on concepts from organization theory and social philosophy and using publicly available financial information, we shall illustrate how, amidst the myriad and mixed noises, some sense of order and signal can be discerned in addressing issues of equity and social justice. Toward this end, first, we provide a broad contrast between two models of financial markets: the command model and the free market model and proceed to examine publicly available financial information and analyze the trends and patterns with graphical representations using publicly available data from Handbook of International Economic Statistics. Next, we explore the implications of financial performance measures for social welfare and social justice and discuss the social perils of free markets using the Mexican and Asian Financial crises as the focal points. Finally, we present a set of recommendations for smoother structural transition. (shrink)

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to (...) those without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance. (shrink)

In recent years, several countries have enacted guidelines and/or mandatory laws to increase the presence of women on the boards of companies. Through these regulatory interventions, the aim is to eradicate the social and labor grievances that women have traditionally experienced and which has relegated them to smaller-scale jobs. Nevertheless, and despite the advances achieved, the female representation in the boardroom remains far from the desired levels. In this context, it is now necessary to enhance the advantages of board (...) gender diversity from both ethical and economic points of view. This article examines the relation between board gender diversity and economic results in Spain: the second country in the world to legally require gender quotas in boardrooms and historically characterized by a minimal female participation in the workforce. Based on a sample of 125 non-financial firms listed on the Madrid Stock Exchange from 2005 to 2009, our findings show that in the period analyzed the increase of the number of women on boards was over 98 %. This suggests that compulsory legislation offers an efficient framework to execute the recommendation of Spanish codes of good governance by means of the increase in the number of women in the boards of firms. Furthermore, we find that the increase in the number of women on the boards is positively related to higher economic results. Therefore, both results suggest that gender diversity in boardrooms should be incremented, mandatory laws being a key factor to do so. (shrink)

Hertwig and Ortmann suggest paying participants contingent upon performance in order to increase the thoroughness they devote to a decision task. We argue that monetary incentives can yield a number of unintended effects including distortions of the subjective representation of the task and impaired performance. Therefore, we conclude that performance-contingent payment should not be generally employed in judgment and decision research.

The aim of this paper is to propose a new perspective on the difficulty and meaning of ethical work for financial controllers. This is achieved by drawing on concepts from Michel Henry’s phenomenology of life in the field of business ethics. The French philosopher Michel Henry is distinguished by his identifying two modes of appearing: ‘intentionality’ and ‘affectivity’ . Henry suggests that relying only on abstract representations constitutes a specific ideology that causes individuals at work to ignore the actual (...) experience of being affected, and hinders the appearance of life to guide their actions, in turn hindering ethics. Empirical illustrations are provided by a case study that explores the practices of management accountants in a travel retail corporation. By observing the empirical practices of management accountants, a body of professionals whose role is largely dependent on information technology, abstraction and technical expertise to trace organisational flows and transactions, we shed light on the difficult ethical issues associated with their role of surveillance and control of other managers’ work. The case study illustrates a wide range of everyday working practices among management accountants. Some convey the impression that they lack empathy and consideration for other individuals, while others engage in close cooperation and ethical practices despite the constraining configuration of their role. A significant result of this research is that it illustrates and interprets, based on Henry’s phenomenology, a wide range of working practices. Consistent with Henry, we argue that the source of business ethics lies beyond professional standards, codes and values. (shrink)

The evidence for a positive, direct link between the representation of women on boards of directors and financial performance is tenuous. Given the importance of the gender diversity–financial performance debate, researchers are left to examine how, if at all, the two are linked. The present study takes the position that the link is indirect. Specifically, following stakeholder theory, an argument is made that women on boards’ attunement to stakeholder interests leads them to influence firms’ prosocial actions, which (...) results in higher levels of corporate social responsibility. In turn, following the extant literature, CSR is expected to be positively linked to financial performance. Relying on a sample of Australia’s largest publicly traded firms, the results demonstrate that women on boards are linked to CSR and that CSR is linked to financial performance. However, in the mediation test, CSR appears to fully mediate the link between women on boards and financial performance. The results are discussed along with limitations and future research directions. (shrink)

In this chapter, one considers finance at its very foundations, namely, at the place where assumptions are being made about the ways to measure the two key ingredients of finance: risk and return. It is well known that returns for a large class of assets display a number of stylized facts that cannot be squared with the traditional views of 1960s financial economics (normality and continuity assumptions, i.e. Brownian representation of market dynamics). Despite the empirical counterevidence, normality and (...) continuity assumptions were part and parcel of financial theory and practice, embedded in all financial practices and beliefs. Our aim is to build on this puzzle for extracting some clues revealing the use of one research strategy in academic community, model tinkering defined as a particular research habit. We choose to focus on one specific moment of the scientific controversies in academic finance: the ‘leptokurtic crisis’ opened by Mandelbrot in 1962. The profoundness of the crisis came from the angle of the Mandelbrot’s attack: not only he emphasized an empirical inadequacy of the Brownian representation, but also he argued for an inadequate grounding of this representation. We give some insights in this crisis and display the model tinkering strategies of the financial academic community in the 1970s and the 1980s. (shrink)

The European Commission has recently proposed the introduction of legally binding quotas for women on corporate boards of European companies. This proposal has put the spotlight on the question of whether increasing female representation on the board brings economic benefits to the firm. In order to shed light on the issue, this study investigates the direct and indirect effects of women on the board on firm value. We use a simultaneous equation model to estimate the effects of women on (...) the board on firm value, financial performance, and compliance with ethical and social principles adopted by the firm. We find no evidence that a higher female representation on the board directly affects firm’s value. However, we find indirect effects. Women on the board are positively related with financial performance (measured in terms of return on assets and return on sales) and with ethical and social compliance, which in turn are positively related with firm value. The findings in this study suggest that greater female representation on corporate boards of large European firms can increase firm value indirectly. Further, part of the indirect effect comes from stronger compliance with ethical principles, something that is not captured by accounting-based financial performance. (shrink)

Ethical issues in physician-industry and academia-industry relationships have focused largely on the financial nature of these relationships. It took very little time after solutions to transparenc...

In recent years, several countries have enacted guidelines and/or mandatory laws to increase the presence of women on the boards of companies. Through these regulatory interventions, the aim is to eradicate the social and labor grievances that women have traditionally experienced and which has relegated them to smaller-scale jobs. Nevertheless, and despite the advances achieved, the female representation in the boardroom remains far from the desired levels. In this context, it is now necessary to enhance the advantages of board (...) gender diversity from both ethical and economic points of view. This article examines the relation between board gender diversity and economic results in Spain: the second country in the world to legally require gender quotas in boardrooms and historically characterized by a minimal female participation in the workforce. Based on a sample of 125 non-financial firms listed on the Madrid Stock Exchange from 2005 to 2009, our findings show that in the period analyzed the increase of the number of women on boards was over 98 %. This suggests that compulsory legislation offers an efficient framework to execute the recommendation of Spanish codes of good governance by means of the increase in the number of women in the boards of firms. Furthermore, we find that the increase in the number of women on the boards is positively related to higher economic results. Therefore, both results suggest that gender diversity in boardrooms should be incremented, mandatory laws being a key factor to do so. (shrink)

In recent years, several countries have enacted guidelines and/or mandatory laws to increase the presence of women on the boards of companies. Through these regulatory interventions, the aim is to eradicate the social and labor grievances that women have traditionally experienced and which has relegated them to smaller-scale jobs. Nevertheless, and despite the advances achieved, the female representation in the boardroom remains far from the desired levels. In this context, it is now necessary to enhance the advantages of board (...) gender diversity from both ethical and economic points of view. This article examines the relation between board gender diversity and economic results in Spain: the second country in the world to legally require gender quotas in boardrooms and historically characterized by a minimal female participation in the workforce. Based on a sample of 125 non-financial firms listed on the Madrid Stock Exchange from 2005 to 2009, our findings show that in the period analyzed the increase of the number of women on boards was over 98 %. This suggests that compulsory legislation offers an efficient framework to execute the recommendation of Spanish codes of good governance by means of the increase in the number of women in the boards of firms. Furthermore, we find that the increase in the number of women on the boards is positively related to higher economic results. Therefore, both results suggest that gender diversity in boardrooms should be incremented, mandatory laws being a key factor to do so. (shrink)

This paper makes an analysis of the recent collapse of Fortis, a major European bank, from the perspective of shareholder activism and social movement theory to illustrate the limits of corporate governance. Some specific issues of the Fortis affair – and more especially the chaotic events at the general assembly - illustrate the application of social movement theory to shareholder activism, besides agency theory problems and conflicts of interests. Paradoxes between legal constraints and principles of good corporate governance are presented. (...) The Fortis case illustrates the limits of the juridical bureaucracy in situations of urgency. The case illustrates the limits of corporate governance. Governance systems need to find appropriate mechanisms to align the voting rights with the long-term interests of the company. We argue for new criteria that will restrict representation to loyal shareholders with a long-term commitment. Good governance mechanisms should prevent opportunistic behaviour and encourage a responsible attitude. (shrink)

We investigate whether female board representation and firms’ financial performance are related and whether the relationship differs for firms located in more prejudicial environments. As a proxy for prejudicial environment, we use two geographical indicators: whether a firm is headquartered in a conservative “red” state or in a liberal “blue” state and whether the firm is located in regions where residents possess more stereotypical attitudes about gender equality. We find that both financial performance and female board (...) class='Hi'>representation are lower for firms headquartered in red states when compared to those in blue states, and we find similar results for firms located in regions where residents hold more gender-stereotypical views. However, financial performance improves when female directors are present regardless of the firm’s location. Evidence also shows that the incremental improvement in performance measured by Tobin’s q is greater in red-state than in blue-state companies and in regions where residents hold more gender-stereotypical views. The overall results imply that gender stereotyping holds back financial performance and that female directors help improve financial performance. (shrink)

The scale of know­ledge is growing rapidly in the big data environment, and traditional know­ledge organization and services have faced the dilemma of semantic inaccuracy and untimeliness. From a know­ledge fusion perspective-combining the precise semantic superiority of traditional ontology with the large-scale graph processing power and the predicate attribute expression ability of property graph-this paper presents an ontology and property graph fusion framework (OPGFF). The fusion process is divided into content layer fusion and constraint layer fusion. The result of the (...) fusion, that is, the know­ledge representation model is called know­ledge big graph. In addition, this paper applies the know­ledge big graph model to the ownership network in the China’s financial field and builds a financial ownership know­ledge big graph. Furthermore, this paper designs and implements six consistency inference algorithms for finding contradictory data and filling in missing data in the financial ownership know­ledge big graph, five of which are completely domain agnostic. The correctness and validity of the algorithms have been experimentally verified with actual data. The fusion OPGFF framework and the implementation method of the know­ledge big graph could provide technical reference for big data know­ledge organization and services. (shrink)

Using the history of political thought and real-world political contexts, including South Africa and the recent global financial crisis, this book argues that power is integral to freedom. It demonstrates how freedom depends upon power, and contends that liberty for all citizens is best maintained if conceived as power through political representation. Against those who de-politicise freedom through a romantic conception of 'the people' and faith in supposedly independent judicial and political institutions, Lawrence Hamilton argues that real modern (...) freedom can only be achieved through representative and participative mechanisms that limit domination and empower classes and groups who become disempowered in the conflicts that inevitably pervade politics. This is a sophisticated contribution to contemporary political theory that will be of interest to scholars and students of history, politics, philosophy, economics, sociology, development studies and Southern African studies. (shrink)

This paper intends to bring Austinian themes into methodological discussion about models. Using Austinian conceptual vocabulary, I argue that models perform actions in and outside of the academic field. This multiplicity of fields induces a variety of felicity conditions and types of performed actions. If for example, an inference from a model is judged according to some epistemological criteria in the scientific field, the representation of the world which the model carries will not be judged by the same criteria (...) outside the scientific field. A model can be considered as a standard in a strict scientific framework, while not being used as part of public policies, or vice versa. However, we focus on the dynamics between different fields. (shrink)

Using Fredric Jameson’s theory of the ideologeme to trace representations of working- and white working-class characters through a selection of contemporary literary texts, this article shows how t...

Financial statements are the main source of information showing the performance of an enterprise and its financial state. They are need for business management, analysis, internal and external audit, owners and state, investors, society. The set of financial statements is prepared by summarizing the company's financial year data. To prepare accountability, data is pre-accumulated and grouped in accounting records, synthetic and analytical accounting registers according to general principles: continuity, periodicity, permanence, prudence, monetary measure, accumulation, neutrality, relevance (...) of content, importance of information. These accounting principles are followed in the EU countries. According to A. Ivanauskienė, an annual stocktaking must be carried out before the annual financial statements are drawn up [3]. Accounting policy part includes accounting principles and a brief description of accounting methods and rules that are used by the entity in accounting and financial reporting. [2]. Accounting policies are general accounting principles, accounting methods, and rules intended for accounting management, formation and submission of financial accountability" - the definition is provided by A. Ivanauskienė [3]. For more information on accounting policies is written 6 BAS - the explanatory note of the accounting policy part should state that 'financial statements are prepared in accordance with business accounting standards. Other legal acts that have been used for accounting management and financial reporting purposes [1] are also included. At the end of the company's financial year, we have to prepare not only financial statements, but also to analyze it properly. Because only by submitting an annual analysis of financial statements we will be able to evaluate the company's performance and position. We will be able to determine whether the company's performance is profitable, whether by putting together and discussing all the reports, there is a risk for the company's future plans. Problem and Relevance - it is very important that the financial accountability reports would be prepared correctly and would perform their intended purpose. Accurate accumulation and systematization of accounting information allows to account correctly assets, capital, income and expenses. Otherwise, false information will result in distorted analysis results and its users will make wrong decisions. The aim of the work is to analyze the content of financial statements, principles of formation and use of data. Research object - financial accountability. Research objectives: 1. To analyze the essence and importance of financial accountability, to provide a systematic description of financial accountability. 2. To provide a procedure for regulating accountability and how to allocate it. 3. To set requirements for financial reporting. 4. To prove the importance of financial reporting with respect to companies. Research methods - analysis of scientific literature, including the comparison of theoretical statements, methods of generalization, logical and graphical representation. Conclusions: Financial statements should reflect fair information about the financial position and performance of the entity, as well as provide necessary information to internal and external users and disclose relevant information about significant events occurring during the reporting period. Preparation of financial statements is regulated by: Law on Accounting of the Republic of Lithuania, Law on Financial Accountability of the Republic of Lithuania, Consolidated Financial Accountability Compilation of the Republic of Lithuania, International Business Accounting Standards, National Business Accounting Standards, Accounting Policies shaped in the company. The data presented in the annual financial statements shall be prepared in accordance with the general accounting principles. The information received in the reports must be compared to the previous reporting periods and to the performance of other companies. The data obtained are needed for economic analysis, audit, planning of the company performance and forecasting. (shrink)

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

Different evocations of “crisis” create distinct categories that in turn evoke certain social reactions. Post-2008, Greece became the epicentre of the “financial crisis”; simultaneously, since 2015 with the advent of the “refugee crisis,” it became the “hotspot of Europe.” What are the different vocabularies of crisis? Moreover, how have both representations of crisis facilitated humanitarian crises to become phenomena for European and transnational institutional management? What are the hegemonically constructed subjects of the different crises? The everyday reality in the (...) crisis-ridden hotspot of Europe is invisible in these representations. It is precisely the daily, soft, lived, and unspoken realities of intersecting crises that hegemonic discourses of successive, overlapping, or “nesting crises” render invisible. By shifting the focus from who belongs to which state-devised category to an open-ended, polyvocal account of capitalist oppressions, we aim to question the state’s and supranational efforts to divide the “migrant mob” into discrete juridical categories of citizens (emigrants), refugees, and illegal immigrants, thereby undermining coalitional struggles between precaritised groups. (shrink)

The very expertise with which psychologists wield their tools for achieving laboratory control may have had the unwelcome effect of blinding psychologists to the possibilities of discovering principles of behavior without conducting experiments. When creatively interrogated, a diverse range of large, real-world data sets provides powerful diagnostic tools for revealing principles of human judgment, perception, categorization, decision-making, language use, inference, problem solving, and representation. Examples of these data sets include patterns of website links, dictionaries, logs of group interactions, collections (...) of images and image tags, text corpora, history of financial transactions, trends in twitter tag usage and propagation, patents, consumer product sales, performance in high-stakes sporting events, dialect maps, and scientific citations. The goal of this issue is to present some exemplary case studies of mining naturally existing data sets to reveal important principles and phenomena in cognitive science, and to discuss some of the underlying issues involved with conducting traditional experiments, analyses of naturally occurring data, computational modeling, and the synthesis of all three methods. (shrink)

Financial statement users must believe that external auditors are free from management control, or users will doubt the verity of auditors' representations. Although U.S.-based auditing firms claim they are independent of their corporate clients, research has demonstrated that many individuals and groups perceive the situation otherwise. A proposal for enhancing perceptions of auditor independence is offered in this article. The proposal calls for an auditor-administered educational program, complemented by corporate audit committee involvement to lend credibility to auditors' claims.

This article investigates media representations of the European financial crisis in Greece and Italy. We study the Euro crisis as an ‘emergency situation’ with domino effects, where media played a central role in shaping communication practices at the national level as well as between the two countries. Drawing upon vertical and horizontal dynamics of Europeanization, we map the convergences and divergences in media discourses that surround the period 2011–2015. In doing so, we elaborate a qualitative analysis of newspaper articles (...) focusing, in particular, on the themes of austerity and the fragmentation of Europe. Our argument suggests that national public spheres in times of transnational crisis become increasingly nationalized; yet under certain circumstances such as when the supranational infrastructure is the target of blame, they converge, opening the path toward a transnational discursive dialogue. (shrink)

Nursing has improved over the centuries from the physician's handmaiden to a recognised profession. Yet, the image of a nurse is often associated with notions of caring and nurturing‐ attributes considered feminine. Indeed, cultural, and societal biases exist that can deter men from entering the nursing profession where their sense of masculinity is questioned. Several studies have highlighted the existence of gender‐based stereotypes, stigma, rejection, loneliness and discrimination which impact the retention of men in the nursing profession. Despite the established (...) evidence regarding negative experiences, it appears limited attention has been paid to the men who decide to stay in nursing: how do they thrive in a profession wherein biases are evident within and in the wider societal context? Undoubtedly, several factors such as job security and financial incentives may contribute to men remaining in nursing. Beyond these, we borrow the notion of ‘constructive resistance’ to underscore that though the biases may be apparent, male nurses are able to construct alternatives that accommodate the image of a man in the nursing profession. Strategies such as developing the image as a ‘super nurse’ can create opportunities for male nurses to be preferred by other healthcare providers as well as female nurses. Thus, although resistance may usually appear as a negative phenomenon, constructive resistance represents hidden advantages which offers an opportunity to retain male nurses. These need to be highlighted and explored more as they can offer deeper insight into strategies that can be employed to improve retention and representation of men in nursing particularly at a time when the impact of nursing shortage remains a global issue. (shrink)

The paper aims at analyzing the production of creditworthiness within the context of commercial banking in international banks. Taking the interim financing in the Polish automobile sector as an example, the paper reconstructs the process between legal framing of the financial instrument, marketing, and risk management. Firstly, it shows that changes in the state vehicle registry function as a prerequisite upon which the bank uses the newly introduced vehicle registration document as a security. Secondly, it analyzes the change of (...) perspectives which takes place between the marketing of the product and the analysis of documents . Thirdly, it argues that creditworthiness cannot be deduced from the economic representation of the enterprise but is the very result of negotiations between the actors involved. (shrink)

In 1935, when the U.S. Supreme Court’s new building opened and displayed the phrase “Equal Justice Under Law,” racial segregation was commonplace, as were barriers limiting opportunities for men and women of all colors to participate in economic and political life. The justices on the Court and the lawyers appearing before them reflected those facts; almost all were white men. Today, the Supreme Court’s inscription has become its motto, read as if it always referenced an understanding of equality that has (...) become central to the identity and the legitimacy of courts. The judiciary “looks” somewhat different than it did and, in a sense, has become more “representative” of the range of people appearing in courts. Given the role that courts had played in sustaining discrimination, the impression that courts ought to welcome everyone is a major achievement. Yet, to assess the impact of new judicial demographics requires analysis of other major alterations in U.S. courts—the influx of diverse litigants newly entitled to pursue legal claims; the economic barriers facing many claimants; the emergence of judiciaries as agency-like promoters of agendas; and the displacement of public adjudication through the privatization of dispute resolution. Studies of women as judges focus mostly on their rulings, but probing the “difference that difference makes” requires looking beyond judicial opinions. Courts in the United States have developed structural capacities to propose rules and legislation, create education programs, commission research and task forces, and lobby for resources. When women of all colors and men of color became lawyers and judges, they created affinity organizations and pressed courts to research court-based bias and to revise rules of ethics, doctrine, and practice. Those changes are part of the impact of diversification within the legal profession, as is the backlash against affirmative efforts to reform practices. Another difference of the last decades is that new rights have brought into court many claimants with limited means. Participatory participation remains elusive, while the “justice gap” is pervasive. Worse yet, in some jurisdictions, courts have served as “revenue centers,” using court-imposed assessments as income. Failure to pay “legal financial obligations” can result in suspension of driver’s licenses, the loss of voting rights, and other sanctions levied disproportionately on people who are poor and of color. Instead of being seen as fonts of fairness, courts are coming to be identified as sites of inequality. In addition, many courts have embraced alternative forms of dispute resolution that make both processes and outcomes less visible to the public. Through doctrine and rules, U.S. courts have shifted their own practices as well as enforced mandates imposed on consumers and employers that push them out of court and out of class or joint actions. In sum, the new faces on the bench ought not to obscure that the project of representation, inclusion, and equality is far from complete. The vivid inequalities in courts are problems for courts because such disparities undermine their ability to be places of justice. (shrink)

The Shannon Matthews case was perhaps unique in British criminal history. For a period of several days, a young girl of 9 years of age was missing from home. During this period there was an unprecedented amount of both police and media attention devoted to the case, including TV appeals for her safe return and offers of financial rewards for information leading to her recovery. Ultimately, it emerged that the mother of the child had conspired with the child’s uncle, (...) who had kidnapped her and kept her captive throughout the period of supposed disappearance. This article uses a corpus of newspaper articles gathered from both the period of the search and subsequently the trial of both the mother and the uncle, which resulted in convictions for both. It examines the representations of all of the actors in this scenario, both visual and verbal, in an attempt to elucidate the ideologies inherent in the case and the ways in which the victim and perpetrators were portrayed throughout the dramatic period of her disappearance. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Diseased Body Politic, Athenian Public Finance, and the Massacre at Mykalessos (Thucydides 7.27–29)Lisa KalletIn the midst of his account of the Sicilian expedition Thucydides pauses to describe the economic and financial effects of the Spartan fortification of Dekeleia in Attica in 413 (7.27–28); one result of signal importance for the empire was Athens' decision to abolish tribute, and in its place to levy a harbor tax, the (...) eikostē. Following this digression the historian relates an episode emblematic of the atrocity of war, the wholesale slaughter of the inhabitants of the defenseless Boiotian town of Mykalessos by 1,300 Thracian mercenaries. Most scholars would not adhere to Eduard Schwartz's view that the financial/economic digression has nothing to do with the representation of the Thracians' savagery;1 nevertheless, the two sections have tended to be examined separately, the former by historians of the Athenian empire and finance2 or by Thucydidean scholars looking at the passage historiographically but as distinct from 7.29,3 and the latter by Thucydidean scholars exploring its function in the History.4 There are, however, strong grounds for reading them together: in particular, a degree of detail in each not otherwise warranted by the narrative, a framing device, and the shared use of language common to the description of disease, all suggest that Thucydides was intentionally linking the two sections. By this linkage, I propose, Thucydides not only draws a connection between Athenian public finance and human suffering, but also develops themes central to the work as a whole, namely, those of moral responsibility, human nature, [End Page 223] the conflict between reason and passion, and the nexus of finances, leadership, and military power.First, the detail in both the fiscal digression and the episode at Mykalessos immediately stands out, given their placement within the Sicilian account, the most self–contained and focused part of the History.5 Much of the substance of 7.27–28 concerns a gradual process of fiscal and economic deterioration, yet Thucydides is prompted to embed a diachronic, thematic account in the context of an event utterly trivial to the expedition and the entire course of the war, namely, the tardy arrival of Thracian mercenaries in Athens and the decision to send them home. Moreover, shocking atrocity that the massacre at Mykalessos was, it was peripheral to the war, a minor event that could have been easily omitted, or relegated to a sentence. It is relevant to note in this connection the differing treatments of Skione and Melos. What happened in those places, in 422 and 416 respectively, was identical—a siege and subsequent massacre of the males and enslavement of the women and children—yet Thucydides relates the information about Skione as a passing mention in one sentence (5.32.1), whereas he devotes pages to Melos (5.84–116).The prominence given to the fiscal digression and to what happened at Mykalessos, through such detailed narrative and especially the juxtaposition of the two sections, is in itself a sign that Thucydides intended a larger significance—through their interrelation—to be accorded to these events. The comparative example of Melos is again relevant, for its significance lies partly in its juxtaposition to the Sicilian books (which would explain why Thucydides chose to highlight it, rather than the identical case of Skione's treatment), as is similarly the case with the juxtaposition of the Funeral Oration and the plague (and Perikles' last speech).Thucydides constructs a second link between the two sections by using the subject of the Thracian mercenaries as a framing device for his digression on the economic effects of Dekeleia: in 27.1–2, the Thracians arrive in Athens too late for the expedition for which they had been intended, that of reinforcing the army in Sicily. The Athenians, Thucydides continues, decided to send them home, because "to keep them for the Dekeleian War seemed very costly; for each received a drachma a day" ( [End Page 224] ).6 Yet rather than immediately return to Sicilian events, or continue with the Thracian narrative, he instead undertakes a lengthy analysis of what was a gradual process of fiscal deterioration that could have... (shrink)

The contributions to this special issue trace back to a conference entitled “Language: The Limits of Representation and Understanding” that was held at the University of Erfurt, August 30th to September 1st, 2012. We thank the Deutsche Forschungsgemeinschaft for financial support.

L’économie des jeux vidéo s’est progressivement développée autour d’une forme canonique qui a culminé dans les années 2000 : la commercialisation de jeux coûteux, dits « AAA », vendus en boîte dans des magasins, et appuyés par de lourdes campagnes de promotion. Ce modèle a non seulement représenté la grande majorité des ventes, mais il a aussi dicté les stratégies industrielles et façonné les mentalités professionnelles des salariés du secteur. Depuis quelques années, ce modèle est désormais en crise, crise sanctionnée (...) par un grave désaveu sur les marchés financiers, et le déplacement du centre de gravité du secteur vers des modèles nouveaux, moins bien maîtrisés, fondés sur les terminaux mobiles et les réseaux.The video games economy developed steadily on traditional lines to reach its peak in the 2000s: games were expensive, boxed and labelled “AAA” and heavily promoted for sale through retail outlets. This model not only supported the vast majority of sales, but also dictated industrial strategies and shaped the professional mentalities of employees in the sector. However, this model began to founder a few years ago, hitting a crisis that was severely sanctioned on the financial markets and shifted the sector’s centre of gravity towards new and less well-tried models based on mobile devices and networks. (shrink)

SUMMARY The apothecary occupied a liminal position in early modern society between profit and healing. Finding ways to distance their public image from trade was a common problem for apothecaries across Europe. This article uses the case of a Bolognese apothecary, Filippo Pastarino, to address the question of how early modern apothecaries chose to represent themselves to political authorities and to the wider public. ‘Mercy’, alongside ‘craft’, was a pillar of apothecaries’ social identity. By contrast, no matter how central (...) class='Hi'>financial transactions (‘money’) were to their activity, apothecaries did not want to be perceived as merchants. Thus, the assistance and advice apothecaries provided to patients and customers resulted as central aspects of their social role. In this context, Bolognese apothecaries aimed to defend their current status, which had been challenged by naturalist Ulysses Aldrovandi, city authorities and local monasteries. However, Pastarino's claims can also be seen as antecedents to the self-legitimizing strategy that seventeenth-century artisans deployed when faced with the need to enhance their new status as natural philosophers. The present study attributes a name, a date of birth and a shop to Filippo Pastarino, revising previous interpretations. More broadly, by focusing on how these artisans defended their position in the city it enriches our understanding of the self-representation of apothecaries. (shrink)

L’ouverture en juin 2010 des paris sportifs, hippiques et de poker en ligne constituait une véritable révolution culturelle auprès des joueurs et des professionnels du secteur. Il s’agissait essentiellement d’encadrer et de réguler en France les jeux d’argent et de hasard sur Internet, notamment par la création de l’Arjel , lutter contre les sites illégaux basés à l’étranger et protéger les joueurs du risque de dépendance. De très fortes retombées financières étaient également attendues par l’État. Au-delà de ces attentes économiques, (...) pas toujours tenues, un an et demi plus tard, le gouvernement semble hésiter sur sa politique de gestion de la cyberdépendance. D’un côté, en légalisant les jeux d’argent en ligne, l’État français incite implicitement les joueurs-parieurs à se connecter et à miser sur Internet massivement. Dans le même temps, les responsables politiques créent des organismes de sensibilisation face au danger que représente la dépendance informatique, fortement relayée par des médias, volontiers alarmistes. Ce paradoxe communicationnel s’inscrit alors dans l’analyse d’un double discours fortement controversé, incitant et diabolisant simultanément auprès des joueurs la pratique des jeux d’argent en ligne.The launch of online poker and betting on sports and horse-racing in June 2010 was a real cultural revolution for punters and professionals in the gambling sector. The aim was essentially to control and regulate online betting and gambling, especially with the introduction of ARJEL , to take action against illegal sites based abroad and to protect gamblers from the risk of addiction. The State also anticipated very substantial tax revenues. But over and above these financial expectations, not all of which had been realised a year and a half later, the government seems to be hesitating on its policy for managing cyber-addiction. On the one hand, by legalising online gambling, the French State is implicitly encouraging gamblers to log on and place bets on a massive scale. But at the same time, the authorities are setting up agencies to raise awareness on the dangers of Internet addiction, to a chorus of often alarmist media attention. This communicational paradox is therefore directly relevant to the analysis of a dual and highly controversial discourse that encourages online gambling while simultaneously demonising the practice. (shrink)

Personnel Decision Making of Chosen Czech Banking Subjects During the Economic Recession The article focuses on personnel decision making of important banking subjects during the ongoing economic recession with the specialization on financial crisis in 2008. Main objective of the article is to verify the implicit contract theory and to answer the question of how the selected banks solve problem of reducing labour costs during the crisis. Four important banks in years 2005 - 2010 are examined. To identify the (...) economic crisis, is used model, which is based on the model, indicating the U. S. business cycle, which uses analytical team in Raiffeisenbank. Model used in this article is based on three variables. Employment rate is separate variable. The values of business sales are adjusted to the values of basis indices, for which the year 2005 is the basis. The development of all those three variables is similar and it is possible to determine the period from the graphical representation, in which all variables reached their maximum and reversed their trend. To support this, a trend line was added to the graphs. The trend line was determined as a moving average for the four seasons. Based on the model, the beginning of the economic recession was indentified to the turn of 2007 and 2008. The biggest slumps can be seen during the year 2009. The investigated periods are therefore the years 2008 and 2009.The calculations of other variables, describing the current condition of the studied subject, are adjusted to the values of basis indices in the same way as the business sales. The year 2005 is set as a basis. Data from chosen banks' annual reports were used to study their current condition. The basic monitored data are: labour costs, number of employees and earnings after tax. This article focuses attention on the personal decisions of banks, especially on the monitoring of costs of employees and their evolution over time in the context of economic recession. The essential conclusion is the confirmation of the implicit contract theory of the new Keynesian economics, which appeared at all observed subject. It is possible to see a year delay between the reduction of the employees and reduction of salary costs. This delay causes further costs. The reduction was observed in all subjects. (shrink)

I examine the role that mathematics plays in understanding and modelling finance, especially stock markets, and how philosophy affects it. To this end, I explore how mathematics penetrates finance via physics, constructing a ‘financial physics’, and I outline the philosophical backgrounds of this process, in particular the ‘philosophy of equilibrium’ and that of critical points or ‘out-of-equilibrium’. I discuss the main characteristics and a few weaknesses of these mathematizations of financial systems, notably econometrics and econophysics, and I compare (...) the two ways, top-down and bottom-up, of building mathematical approaches to finance. The top-down approach is the most used and the most conservative. I argue that it guarantees a mathematical account, but it is less effective than the more difficult bottom-up approach, which is more appropriate and which may end up without a mathematical account of financial phenomena. I then consider two important issues raised by a mathematical approach to finance, that is, the performative and the reversing side of mathematics, and an ethics of mathematics. In the first case I argue that mathematics not only can be a performative device, but it also enables ‘reversing’ dynamics, that is, a mathematical model may become not a representational tool, but a device of social engineering—a mathematical way of investigating what are the initial conditions and processes needed to obtain an intended result. In the second case I argue that this specific relation between mathematical modelling and prediction raises an ethical question in finance, namely, a responsible construction and use of the mathematical models provided by a financial physics. (shrink)

The readability of 10-K reports, in terms of linguistic complexity, determines the usefulness of information disclosure for stakeholders, particularly individual investors. Since investors largely depend on the financial communication in 10-K reports, firms have an ethical and legal responsibility to present disclosures in a language investors can understand. However, motivated by self-interest, managers obfuscate such disclosures to mask their own actions and hide unfavourable information. Building on the managerial obfuscation hypothesis grounded in stakeholder-agency and ethical-sensitivity theories, I hypothesize and (...) empirically test the relationship between board gender diversity and the readability of narrative disclosure in 10-K reports. Based on a relatively large sample of Russell 3000 firms for the years 2002–2018, I find a significant positive impact of BGD on 10-K reports’ readability, which in turn improves firm performance. Channel analysis reveals that the findings are driven by female independent directors, and their representation on audit and compensation committees; however, board activity does not appear to drive this relationship. Finally, I find that although gender discrimination in the appointment of directors spurs complex readability, the BGD-readability relationship is consistent in gender-biased and non-discriminant firms. I also check the robustness of our main empirical results in several ways. My study has important regulatory and managerial implications in that corporate governance is an important determinant of the readability of disclosure documents. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection (...) between monetary and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

Slavoj Žižek and Srecko Horvat combine their critical clout to emphasize the dangers of ignoring Europe's growing wealth gap and the parallel rise in right-wing nationalism, which is directly tied to the fallout from the ongoing financial crisis and its prescription of imposed austerity. To general observers, the European Union's economic woes appear to be its greatest problem, but the real peril is an ongoing ideological-political crisis that threatens an era of instability and reactionary brutality. The fall of communism (...) in 1989 seemed to end the leftist program of universal emancipation. However, nearly a quarter of a century later, the European Union has failed to produce any coherent vision that can mobilize people to action. Until recently, the only ideology receptive to European workers has been the nationalist call to "defend" against immigrant integration. Today, Europe is focused on regulating the development of capitalism and promoting a reactionary conception of its cultural heritage. Yet staying these courses, Žižek and Horvat show, only strips Europe of its power and stifles its political ingenuity. The best hope is for Europe to revive and defend its legacy of universal egalitarianism, which benefits all parties by preserving the promise of equal representation. (shrink)

Since the publication in 1975 of Paul Virilio's Bunker Archeology, the range of Virilio's critical works and their impact have now become clear within a variety of subjects. Making astonishing interventions into art and architecture, geography, cultural studies, media, literature, aesthetics and sociology, the momentous implications of which have yet to be entirely understood, Virilio is the cultural theorist for our troubled twenty-first century. Responding to this growing interdisciplinary interest, Virilio Now: Current Perspectives in Virilio Studies comprises Sean Cubitt's critical (...) overview of Virilio's aesthetics of disappearance, an important newly translated text by Virilio interrogating the impact of contemporary art, and eight other major original essays by noted scholars on the wide scope of Virilio's writings, inclusive of Adam Sharr on Virilio and the architect Peter Zumthor's Bruder Klaus chapel, and Nigel Thrift's crucial assessment of Virilio's City of Panic. Substantial coverage of Virilio's essential texts such as The Information Bomb is presented alongside his hypermodern conjectures on television and speed, globalization, media and representation. Navigating Virilio's 'accident of art', the 'aesthetics of disappearance' and widespread cultural devastation, additional essays bring together considerations of financial adversity, war, calamity and the apocalypse. Dazzling yet perceptive, these texts on the 'post-nuclear imagination', terror and dread are simultaneously creative and theoretical extrapolations from Virilio's 'scenic imagination' and companion essays to his most contemporary, highly original and powerful books such as The Original Accident and The University of Disaster. Clearly introduced by the editor, Virilio Now is the preeminent single volume on Virilio's work and world available today."--Page 4 of cover. (shrink)

In recent years, applied ethics has taken on board the various dimensions of public reason that can no longer be reduced to the political construction of a common will. While the question of a just society has traditionally been found in the political dimension, the state and its institutions, current globalization has broken this state monopoly over what is public, opening the way for other institutional actors with the same or greater power to intervene in the public space, actors that (...) have little or nothing to do with representation, majority rule, etc. As the current financial downturn clearly demonstrates, states are pandering to the markets, striving to ‘get their houses in order’ to meet the demands imposed by the global financial magnates. It seems, at least to most citizens, that public politics, like the state’s capacity to deal with social and economic rights, no longer depends on either governments or their ability to govern. So should they be left out of a public reason that is capable of explaining whether they are just or otherwise? The ethical perspective –known to be a critical perspective– cannot remain silent about this new scenario. The present proposal attempts to combine applied ethics, which takes in the logic of social practices, with new contributions from institutional design theories that set out to analyse the power and responsibility of these institutions from ‘inside’, as institutional actors. In this short paper my analysis focuses on the ethical dimension of institutional design, specifically in a proposal for an institutional ethics that is a fundamental part of any applied ethics. The paper aims to explain in what way we can speak of an institutional morality to demonstrate that these civil society institutional actors hold some of the responsibility for facing the problems of defining and managing what is public. (shrink)

Over the past 50 years the diversity of higher education faculty in the mathematical, physical, computer, and engineering sciences has advanced very little at 4-year universities in the United States. This is despite laws and policies such as affirmative action, interventions by universities, and enormous financial investment by federal agencies to diversify science, technology, mathematics, and engineering career pathways into academia. Data comparing the fraction of underrepresented minority postdoctoral scholars to the fraction of faculty at these institutions offer a (...) straightforward empirical explanation for this state of affairs. URM postdoc appointments lag significantly behind progress in terms of both undergraduate and Ph.D.-level STEM student populations. Indeed, URM postdoc appointments lag well-behind faculty diversity itself in the MPCES fields, most of which draw their faculty heavily from the postdoctoral ranks, particularly at research-intensive universities. Thus, a sea-change in how postdocs are recruited, how their careers are developed, and how they are identified as potential faculty is required in order to diversify the nation’s faculty, and particularly the R1 MPCES professoriate. Our research shows that both Ph.D. students and postdocs benefit from intentional structure at various levels of their respective “apprentice” experiences, a factor that we believe has been neglected. Several key structural approaches are highly effective in these regards: A collaborative approach in which leading research universities collectively identify outstanding URM candidates; Faculty engagement in recruiting and supporting these postdocs; Inter-institutional exchange programs to heighten the visibility and broaden the professional experiences of these postdocs; Community-building activities that create a sense of belonging and encourage continuing in academia for each cohort; and Continuing research based on outcomes and new experimental approaches. The California Alliance, consisting of UC Berkeley, UCLA, Caltech, and Stanford, has been engaged in such a program for almost a decade now, with most of the California Alliance URM postdocs now in tenure track positions or on the path toward careers as faculty at research intensive institutions. If this approach was brought to scale by involving the top 25 or so URM Ph.D.-producing R1 institutions in the MPCES fields, about 40% of the national URM postdoctoral population in these fields could be affected. Although this impact would fall short of bringing URM MPCES faculty ranks up to full representation of the United States population as a whole, it would vastly improve the outlook for URM students and their aspirations to take on leadership roles as scientists and engineers. (shrink)

The recent financial crisis and Great Recession have been compared to other historical moments during which significant shifts in regimes of market governance have occurred. Here, we engage with the pieces that follow in this special section of Politics & Society as we consider three dimensions along which global market governance might be transformed in the direction of greater democracy. First, given that problems of market governance often extend across national boundaries, enhanced intergovernmental coordination could play a key role (...) in promoting the public interest. Second, broader country representation would help to ensure that the interests of different national publics are more fully addressed. Third, wider social participation would expand the definition of the public interest at both the national and global levels, allowing a range of social groups to enhance the quality of their representation by governments and IGOs, and to engage more directly in the project of market governance. (shrink)