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Invasive measures, as special investigative measures are defined, are ante delictum measures. They are applied only in situations in which the evidence cannot be obtained by conventional methods, and are needed for the smooth conduct of criminal proceedings. The financial means for the application of these invasive measures for the needs of defence and security are allocated with a budget by the legislative authority. The main hypothesis of this paper states that: supervision over the application and financing of the implementation (...) of special investigative measures has a positive impact / or is in direct correlation with the effective construction/development and functioning of the security-defence system, especially from the aspect of the principles of: good governance, transparency, accountability, proportionality, and efficient application of financial resources. Starting from the indicated hypothesis, the research in the paper is based on two variables: independent variable, i.e., the supervision over the application and financing of the implementation of the special investigative measures, and a dependent variable, i.e., the effective development and proper and efficient functioning of the security-defence system. From a methodological point of view, the paper uses a combined approach of qualitative and quantitative analysis, through research, measurement, and comparison of: adopted international standards regarding the application of special investigative measures, the regulations in the Macedonian normative framework, the content of the instructions and the implementation manuals of the special investigative measures by the relevant institutions in the Macedoniansociety. (shrink)

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All offinance is now automated, most notably high frequency trading. This paper examines the ethical implications of this fact. As automation is an interdisciplinary endeavor, we argue that the interfaces between the respective disciplines can lead to conflicting ethical perspectives; we also argue that existing disciplinary standards do not pay enough attention to the ethical problems automation generates. Conflicting perspectives undermine the protection those who rely on trading should have. Ethics infinance can be expanded to include (...) organizational and industry-wide responsibilities to external market participants andsociety. As a starting point, quality management techniques can provide a foundation for a new cross-disciplinary ethical standard in the age of automation. (shrink)

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Civic food networks increasingly seek to increase their impact in building fairer and more sustainable food systems through solidarity financing. This represents a counterpoint to financialisation in industrialised food systems through alignment with the values and practices of solidarity economy such as localisation, reciprocity, cooperation, resilience and food justice. Of growing interest is the potential for sourcingfinance from the wider community; people who may be willing to contribute to civic initiatives’ goals and share in their risks and opportunities. (...) Crowdfunding is one such approach in solidarityfinance, appealing to both new and seasoned investors interested in supporting local sustainable food initiatives. This paper considers two case studies of equity crowdfunding in Australia to examine the relationships emerging between solidarity financing and food producers, consumers and investors in civic food networks, and the implications for progressing food democracy. Our findings describe the investors and their financial and non-financial motivations to participate in solidarity financing, and specifically to support crowdfunding; and the goals, strategies, and governance structures that characterise the experiments under study. These themes reveal how crowdfunding financiers assess the potential impacts of investments, especially on ecologies and food justice outcomes. We argue that these cases of solidarity financing are producing new forms of ‘citizen-financiers’, in parallel to the growing networks of ‘citizen-consumers’ and ‘citizen-producers’ that underscore shifts towards food democracy. Understanding the characteristics of this emerging category of civic actors contributes new understandings of the potential for food system transformation through solidarity economy, alternativefinance and civilsociety. (shrink)

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Corporations play a historic role in generating wealth but sometimes have a contentious impact on the environment andsociety as a whole. In recent years, corporations have become more sensitive to social issues and stakeholder concerns, and are collectively striving to become better corporate citizens. Business schools must prepare their graduates for success within these organizations by ensuring they are exposed to the best practices for implementing corporate sustainability initiatives and for measuring the social and financial impacts of these (...) activities. This article provides implications for curriculum by examining recent editions of CorporateFinance/Financial Management and Financial and Managerial Accounting textbooks commonly used by undergraduate students in North America to see how much space is devoted to these topics. The study finds that Cost/Managerial Accounting textbooks have the highest coverage related to sustainability and environmental topics. (shrink)

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All offinance is now automated, most notably high frequency trading. This paper examines the ethical implications of this fact. As automation is an interdisciplinary endeavor, we argue that the interfaces between the respective disciplines can lead to conflicting ethical perspectives; we also argue that existing disciplinary standards do not pay enough attention to the ethical problems automation generates. Conflicting perspectives undermine the protection those who rely on trading should have. Ethics infinance can be expanded to include (...) organizational and industry-wide responsibilities to external market participants andsociety. As a starting point, quality management techniques can provide a foundation for a new cross-disciplinary ethical standard in the age of automation. (shrink)

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This paper examines the rise of socially responsible investment (SRI) as a sustainablefinance mechanism and discusses the potential of SRI to contribute toward a more socially responsible and environmentally sound model of commerce in the Asia-Pacific region. Using a case study approach, I argue in this paper that the potential of SRI to accelerate the private sector toward greater sustainability has been to date largely explored within the North American and European regional contexts and that the future global (...) development of SRI is likely to depend on whether and to what degree SRI becomes a viable financial instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia-Pacific region. (shrink)

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After decades of deregulation and innovation, contemporary financial markets remain firmly anchored in law and legal institutions. The idea that private financial actors simply want to escape government oversight and regulation is simplistic as private interests find the coercive powers of the state too useful to forgo. Instead, such actors engage law selectively to create a more certain environment for themselves and their profit-seeking activities. Contract law adds certainty to financial transactions; law shapes how financial actors use information and exploit (...) information technology; law constitutes financial values; and law allows financial institutions to be turned into assets. Law’s application is shaped by changing conceptions of risk, as well as by new business models for financial institutions. (shrink)

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With the growth in income inequality now regarded as a crucial social issue, business andsociety scholars need to prepare themselves for the ambitious task of studying how corporate practices, intentionally or not, contribute to this trend. This article offers starting points for scholars wishing to explore this topic but lacking the necessary background for doing so. First, it offers suggestions as to finding the extant empirical work necessary for informed analysis. This is followed by an examination of alternate (...) methods of theory construction relevant to this topic, which transcend the limitations of the experimental science model of theory building. It then provides an example of a social science theory that exemplifies how empirically informed open theory can illuminate the dynamics behind growing inequality. The article concludes by suggesting that progress in this area requires embracing the spirit of earlier approaches to business andsociety scholarship while abandoning some outdated assumptions. (shrink)

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The "Ibercorp affair" was front-page news in Spain at various times between 1992 and 1995. In itself, there was nothing particularly new about it: a newly formed financial group engaged in legally and ethically reprehensible behaviour that eventually came to light in the media, ruining the company (and the careers of those involved). What aroused public interest at the time was the fact that it involved individuals connected with Spanish public and political life, the media and certain business circles. Above (...) all, it demonstrated the personal, economic, social and political consequences of a business culture based on the pursuit of easy profits at any price (what came to be known as the cultura del pelotazo or "culture of the fast buck"). Again, this is all too familiar in business ethics. But it served to goad Spanishsociety into a rejection of such behaviour. This article describes the facts and their ethical implications. (shrink)

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Among the principal targets of criticism in recent American politics has been the alleged corruption, inequity, overall cost, and regulatory complexity of the U.S. campaign‐finance system. Scholarship has not borne out any of these criticisms, and, if anything, empirical investigation suggests that the current system does a fair job in addressing—as much as this is possible under modern conditions—the problem of public ignorance in mass democracies.

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This special section explores the intersection of socialfinance and financial innovation in contemporary technologies of relationalfinance. The articles that follow study detailed cases of contemporary experiments in payments, money and credit-debt relations. By way of introduction, in this short piece we outline three paradoxes at the heart of these experiments: the feudal life of capitalist financial innovation; the social life of supposedly asocial crypto-currencies; and the market life of relational financial dissent.

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Mankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a selection of eight of Muhammad Umer Chapra's essays--four on Islamic economics and four on Islamicfinance--this timely book raises the question of what can be done to not only minimize the frequency and severity of the financial crises, but (...) also make the financial system more equitable. The author considers the origins of Islamic economics and outlines its development and underlying principles. He compares the approach taken to ethics and economics in Islam with that taken in the West, considering whether lessons can be applied to the global financial architecture in order to mitigate against financial crises. The book also examines the case against interest and looks at both innovation in Islamicfinance, as well as challenges facing the industry. Written by a leading authority in the field, this book will be a stimulating resource for students and researchers in Islamic economics andfinance, as well as providing valuable insight to all of those with an interest in financial systems and their interaction withsociety. (shrink)

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The recent history offinance has been widely portrayed, by both critics and practitioners, as a story about risk. As pointed out by Mary Poovey, focusing on risk entails forgetting uncertainty. In this paper, I argue forgetting uncertainty leads to an inability to distinguish between rational and mystical modes of financial thinking. Using literary-theoretical analysis, I read three exemplary texts across each other: Frank Knight’s seminal 1921 treatise, Risk, Uncertainty, and Profit, which helped justify the modern corporate financial form; (...) Elie Ayache’s 2010 The Blank Swan, a philosophical account of derivatives trading that exemplifies more recent developments infinance; and Don DeLillo’s 2013 Cosmopolis, a novel that remediates the structures of thought implied by the other texts’ philosophical commitments. This textual nexus allows me to explicate the characteristic form of financial mysticism, rendering it visible against claims that derivatives and financial theory have fully rationalizedfinance. (shrink)

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This book focuses on how new technologies are raising and reshaping ethical questions and practices which aim to automate ethics into program outputs. With new powerful technologies come enhanced capacities to act, which in turn require new ethical concepts for guiding just and fair actions in the use of these new capabilities. The new algorithmic regimes, for their ethical articulation, build on prior ethics discourses in computer and information ethics, as well as the philosophical traditions of ethics generally. Especially as (...) our technologies become more autonomous, operating alongside us in the home, workplace or on the roads, ethics has the potential to limit negative effects and shape the new technical terrains in a more humanly recognizable way. The volume covers a critique of human-centered AI, the effects of AI and the internet of things in the domain of human resource management, how decentralizedfinance applications on the blockchain encode ethical norms into 'smart contracts,' and the personal surveillance risks of audio beacon technology operating invisibly in our cellphones. Scholars and students from many backgrounds, as well as policy makers, journalists and the general reading public will find a multidisciplinary approach to questions posed by research in algorithmic ethics from the fields of Management, Sociology, Social Policy, Public Service, Religion and Interactive Media. (shrink)

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This book discusses recent developments relating to ethical and sustainable issues in accounting andfinance. Accounting is often seen as a technical discipline that records, classifies and reports financial transactions. However, since the financial information produced concerns all interest groups both within and outside the enterprise, accounting also has social characteristics and involves multi-faceted duties and responsibilities. As such, in addition to basic principles and accepted rules and standards in the field, this book focuses on the ethical aspects and (...) fundamentals of this profession that accountants should also take into consideration, as this is the only way to build and preservesociety's confidence in accounting and increase its social credibility. Kıymet Tunca Çalıyurt graduated from the Faculty of Business Administration and Economics, Marmara University, Istanbul Turkey. She also has Masters and Ph.D. degrees in Accounting andFinance from the Social Graduate School at Marmara University. She pursued her postdoc studies on "Accounting and Corporate Social Responsibility" with Prof. David Crowther at London Metropolitan University in 2003. Her research interests are in accounting, auditing, fraud, social responsibility, corporate governance,finance, business ethics with a special interest in NGOs, and aviation management. She has business experience as a management trainee at McDonald's, as a member of thefinance staff at Singapore Airlines, and as an auditor at Horwath Auditing. She is external auditor and trainer at Consulta Auditing Company, INAA in Istanbul under the presidency Prof Dr. Emre Burckin. (shrink)

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All entrepreneurs try to be timely unlimited, constant and successful in their business. In doing so, their company founding, running operations and development all depend on adequate and quality financing. The goal is to ensure a stable financing and growth and the question is how, when and from which sources should the financing be ensured. When talking of financing, it is primarily meant ensuring the money or the capital, a synonym of the entrepreneurship and its main moving strength. In order (...) to be successful, it is of high importance to meet optimal business decisions and specially investing decisions. Even though the focus of the financing process is not solely limited to money, money plays a central role and is also the basis and the requirement for business activity and the very existence and the end goal of a business as well. One important focus of entrepreneurs is the question of an optimal financial structure for their own enterprise. The specifics of every individual company together with the industry they are in and macroeconomic environment they operate in do not allow for a uniform and generally applicable solution to this problem. The focus of this problem lies in the ratio between the size and structure of assets on one side and the size and structure of equity and debt on the other side. Every entrepreneur should also know which amount and structure of long-term assets, fixed assets is necessary for his enterprise. The function of investment planning defines these requirements before the actual investment takes place. An entrepreneur who is already longer in business will at this point analyze his actual financial structure with a focus on capital accumulation and conditions of raising debt. (shrink)

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The paper examines connections between ontology andfinance. The ontological debates concerning the role offinance are examined between two opposing schools of thought that can be labelled, very broadly, ‘instrumentalist’ and ‘realist’. These two schools of thought have had momentous repercussions in understanding what is a goodsociety. Each school defines Nature in particular ways which can be explored using ontology and philosophical insight. Our theoretical investigation aims to accommodate Nature in community financial deliberations. A positive (...) role for government is advocated tofinance environmental infrastructure initiatives. For example, precautionary strategies to address climate change must be funded. New roles forfinance and government are proposed to align human relationships with Nature. Environmental precautionary principles must be developed in conjunction withfinance theory to maintain decent standards of living for all. Reliance on impersonal market forces will not be enough to save the planet given the power of some over the many in the neoliberal arena. (shrink)

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What would it mean for the institutions offinance to be democratized? I explore this question from a broadly Rawlsian conception of justice. In the first part of the paper I outline Rawls’s theory of justice. In the second part I briefly review what Rawls had to say about justice in the economic sphere. Notably, he thought that his conception of justice can only be realized in either “Property-Owning Democracy” or “Liberal Socialism.” I briefly explore the nature of these (...) two “regimes,” before turning my attention to the institutions offinance, and in particular banking. In the third part I discuss the role offinance in contemporary liberal democracies, the social and political power that private banks are endowed with in such societies, and what problems this engenders from the perspective of justice. In the fourth part I argue that, among other things, the democratization offinance would entail wide dispersal of power and control over decisions aboutfinance and investment. In the fifth and final part of the paper, I argue that there are reasons to believe that both of Rawls’s just economic regimes would fail with respect to the distribution of power and control in the economy. (shrink)

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Whether out of an understandable reluctance to neglect any of the scarce available sources or simply for want of more trustworthy evidence, classical scholars nolentes volentes tend to rely to a large extent on references to amounts of money in the ancient literary sources whenever they aim at quantifying, however roughly and shielded by appropriate disclaimers, some fundamental features of Roman economy andsociety. In view of this, the almost complete lack of systematic enquiries into the very nature of (...) these particular data is almost as inexplicable as it seems inexcusable. While several studies have been devoted to the use of rounded numbers in Greek and Roman literature in general, none of these has specifically addressed the stylization of monetary valuations. The only notable exception is provided by the work of Richard Duncan-Jones who in a pioneering survey of prices in the Latin novel above all showed beyond reasonable doubt that in this genre, prices expressed in multiples of thirty should best be understood as purely conventional valuations. In his latest book, he has subjected the ancient numerical evidence for two areas of major concern—the public treasury and state expenditure during the Principate—to an analogous examination that has highlighted the stylized character of many relevant references and has thus largely confirmed his previous findings. Even so, owing to the limitation of these studies to a small number of authors and subject matters, a vast pool of similar data from ancient literature has hitherto been left virtually untapped. What is more, Duncan-Jones did not attempt to complement his re-evaluation of multiples of thirty with a systematic exposition of complementary patterns of stylization. In this paper, I hope to demonstrate the need for a more extensive and much more radical reassessment of much of the available evidence. (shrink)

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This volume brings together leading scholars from political theory, law, and economics in order to discuss the relationship between financial markets and justice, and invites us to rethink the place and role of financial markets in our societies.

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The church is called to be a tangible messenger of hope insociety. Communities of poverty, especially, need a church that carries its mandate both through proclamation and through deed. This research is a case study of a team located in South Africa that is part of an international missional order called InnerCHANGE. The latter focuses on discipleship and the nurturing of local leaders who are community builders in areas of poverty. This focus is expressed through practical ministry initiatives. (...) The latter necessitates finances through the team does not always have. A desire to overcome its financial challenges led it to decide to get some training in financial literacy, so that it can improve its fundraising efforts. This training was provided by afinance broker. The latter started his teaching with personal finances before going into organisational finances. He believed that good personal financial stewardship leads to good corporate financial stewardship. The outcome of this training led ICSA staff and the board of directors to diversify their fundraising efforts and to set the target of saving 15% of its income. The work is still in progress for reaching this target. However, for 2 years in a row, ICSA has been making some good progress in increasing its income and savings. This article concludes by advising the body of Christ serving from below to pursue training in financial management so that it can strengthen its checks and balance system which could lead to sustainability.Contribution: This article contributes to the on-going discussions about financially sustainable models of the church from below in Africa so that the church can remain an important role player in serving local communities practically. It uses InnerCHANGE South Africa as a case study of such efforts. (shrink)

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This article suggests that Facebook embodies a new logic of capitalist governance, what has been termed the ‘social logic of the derivative’. The logic of the derivative is rooted in the now dominant financial level of the capitalist economy, and is mediated by social media and the algorithmic processing of large digital data sets. This article makes three precise claims: First, that the modus operandi of Facebook mirrors the operations of derivative financial instruments. Second, that the algorithms that Facebook uses (...) share a genealogy with those of derivative financial instruments – both are outcomes of the influence of the ‘cyber sciences’ on managerial practice in the post-war years. Third, that the future potential of Facebook lies in its ability to apply the logic of derivatives to the financial valuation of ordinary social relations, thus further extending the process of financialization of everyday life. (shrink)

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The links between the crisis of subprime mortgages and the so-called crisis of European sovereign debt are sometimes concealed, so as to create a veritable sense of shared guilt meant to sanction the legitimacy of the austerity policies that have been imposed by virtuous Northern European countries on the undeserving countries of Southern Europe. We will analyse three main aspects of the current crisis: (1) we will interpret the austerity policies that today characterize the eurozone as the result of financialization; (...) (2) we will define the state of permanent crisis as an instrument of governance characterized by specific economic policies; (3) we will show how all this unfolds at a stage of capitalist development wherein a new constituent process begins to take shape in a fragmented but nonetheless significant manner, and how this process is reclaimed by the very subjectivities upon which the accumulation of cognitive and relational skills depends in order to reproduce itself: the Welfare of the Common. (shrink)

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The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing isfinance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too slow (...) to follow the volatility of the market. In response to this conundrum Social Studies ofFinance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzarato’s theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance tofinance. (shrink)

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In the wake of successive crises, novel politics and ethics are emerging around attempts to institute a ‘new’ world offinance in the name of social relations. Financial start-ups and development organizations, often working alongside established financial institutions, are experimenting with the ‘social’ in order to create markets and scale up their activities. At the same time, people continue to advance social claims infinance out of concern for others. This article examines the rise, politics and ethics of (...) this experimentation in what we call ‘relationalfinance’. Our argument is that by rendering the social dimensions offinance explicit, contemporary relationalfinance makes sociality available for marketization and politicization. We illustrate this claim with three examples of mobilizations of the social in everyday lending and borrowing: social collateral, social lending and social debt. Relationalfinance, we conclude, is far from an unproblematic ‘alternative’ but retains ethical and political potential. (shrink)

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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 civilsociety capacity may help overcome this difficulty. (shrink)

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This paper explains and criticizes the definition of corruption used by the U.S. Supreme Court in its campaignfinance decisions and proposes components of a new definition to be applied by the Court. The paper also offers a preliminary assessment of the impact of the Citizens United v. FEC decision of 2010, and suggests that much of the analysis to date has been inaccurate or superficial. Further, given the Court’s expansive analysis and application of the First Amendment to corporate (...) political activities in its latest decisions, the paper also suggests alternative checks on corporate political power related to shareholder activism and corporate governance. (shrink)

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This article explores how Anglo-American financial firms since the 1980s have operated and acted in an increasingly deregulated, risky, and uncertain arena. I look at these firms and their actions with a particular focus on “temporality” and requisite “emotion-rules,” where variations in emotion-rules correspond with organizational definitions of uncertainty. Firms impose specific emotion-rules, depending on national policies, official duties, and interpretations of each risk. Infinance, caveat emptor (i.e., buyer or lender distrust) is an emotion-rule set in screening policies (...) and data collection for credit risks and risks of fraud by personnel, and it gives rise to actual emotions. I argue that three time-orientations are significant in creating emotion-rules. If a past, present, or a long-term future is deployed to construct a future, that creates and frames an institution’s attempts to manage uncertainty. Looking exclusively at Anglo-American corporatefinance policies and strategies (often deemed the international “one best way”), six modes of certainty constructions are presented. Each is assessed against the dispositions and emotional strategies required in highly-skilled careers, in specific organizational settings. The relative influence of individual perspectives, institutional rules and general typologies of social action is assessed and found to comprise one past view, three present views, and one future-oriented perspective towards the future. Implications are outlined for emotion-rules relevant to financial careers and office. (shrink)

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ABSTRACT:In this updated and revised version of his 2008Society 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-leveragefinance capitalism. Four types of high-leveragefinance 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-leveragefinance capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leveragefinance 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)

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Since the Global Financial Crisis, a surge of interest in the use offinance as a tool to address social and economic problems suggests the potential for a generational shift in how thefinance industry operates and is perceived. J. C. de Swaan seeks to channel the forces of well-intentionedfinance professionals to improvefinance from within and help restore its focus on servingsociety. Drawing from inspiring individuals in the field, de Swaan proposes a (...) framework for pursuing a viable career infinance while benefitingsociety and upholding humanistic values. In doing so, he challenges traditional concepts of success in the industry. This will also engage readers outside offinance who are concerned about the industry's impact onsociety. (shrink)

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The United Kingdom is at the forefront of a global movement to establish a social-investment market. At the heart of social investment we findfinance – and financialisation. Specifically, we find: a financial market ; a series of financial institutions ; a financial instrument ; and a financial practice. Focusing on the UK, given its pioneering role, this paper first provides a brief history of social investment, tracing its development from the politics of the ‘Third Way’ to the social-impact (...) bond. It then maps the terrain of the social-investment market, explaining the main institutions and actors, and the social-impact bond. Finally, it proposes a framework for analysing the disciplinary logics offinance, which it uses to understand the promise or threat of social investment and the social-investment market. (shrink)

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Universal Basic Income (UBI) can serve as a beneficial public policy to reduce poverty and inequality, yet a great challenge is how to fund it. This article offers a roadmap for fully funding UBI in a manner that: eliminates poverty; bolsters the middle-class; eliminates the stigma and government bureaucracy of social welfare programs; reduces ever-expanding inequality; initiates a path to meeting climate change goals; reduces speculation; and increases fairness and opportunity in the tax code. As stand-alone policies, these revenue proposals (...) are valuable correctives in their own right. If the entire package of UBI and funding sources were in effect,society (and American capitalism) would be on a more stable, equitable, and environmentally sustainable footing. (shrink)

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International political economy identifies declining nominal interest rates, securitization, and financial liberalization as drivers of rising housing prices. Despite witnessing these common credit shocks, however, developed economies experienced divergent trends in housing inflation since the 1980s. We offer a comparative political economy explanation of variation in house prices, arguing that by restraining household incomes, wage-setting institutions can blunt financial liberalization’s inflationary impact on housing markets. Employing quantitative analysis and a comparative study of Ireland and the Netherlands, we uncover two findings. (...) First, countries where political coalitions in the export sector held veto powers over those in the nontraded sector in national wage setting realized lower housing inflation. Second, the impact of sectoral coalitions on housing prices in OECD countries is similar to that of financial variables. Our results suggest that the organization of labor politics continues to play an important role in mitigating the destabilizing effects of globalfinance on developed economies. (shrink)

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What does socially responsible investing (SRI) accomplish for investors and forsociety? Proponents of SRI claim that the practiceyields competitive portfolio returns for investors, while at the same time achieving better outcomes forsociety at large. Skepticsview SRI as ineffective at best and ill-conceived marketing hype at worst. My objective in this paper is to apply mainstreamfinance research findings to the question of whether SRI may be expected to lead to superior social outcomes. I conclude that (...) under the perfectmarkets assumptions underlying mostfinance theory, SRI will not affect social outcomes. However, given well documented imperfections in equity markets, the claim that SRI “makes a difference” tosociety is a reasonable one that is consistent with current theoretical and empirical research infinance. (shrink)

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A country must develop skills for managing the financial resources that are needed to support scientific and technological activities. With proper financial support and policy guidance, these activities can increase the stock of accumulated human resources and means that contribute to income and the satisfaction of needs.

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This handbook provides a comprehensive overview of Islamic ethical issues within a wide spectrum of philosophy of science topics, examining the development of the model of moral inclusiveness in economics, science andsociety from ontological, epistemological and analytical perspectives. This paradigm takes the view that ethics is systemically endogenous, and can be studied by the most rigorous scientific analysis pertaining to diverse issues and problems of ethicality in socio-scientific inquiry. This handbook takes a sweeping transdisciplinary approach that is deeply (...) phenomenological, to the nature and logic of scientific inquiry of, and in, the Qur’an. Such an approach invokes the episteme of the unity of knowledge in the socio-scientific systemic sense. The volumes' respective sections focus on the nature, logic, and role that ethics plays in formulating new vistas of alternative epistemic futures in Islamic economics,finance, and the social sciences. The ideas presented are situated within the broader context of the post-modernist, post-pandemic, and the post-Covid-19 epoch, while being aimed at conceptualising a distinctive new outlook of transdisciplinary intellection in Islamic philosophy. The content is rigorously conceptual, qualitative, quantitative, and applied. Covering a diversity of subject areas from philosophy of science, to economics and in socio-scientific context within the realm of Islamic philosophy, this forms a key text for scholars in these respective arenas, led by pioneering scholarship in Islamic studies. (shrink)

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This commentary explores the potential consequence of latent racial formation in emergent climatefinance data projects and draws from ethnographic research on climatefinance governance conducted in Fiji. Climatefinance data projects emerging in the Pacific aim to ease the flow offinance from the Global North to the South. These emergent data projects, such as renewable energy resource availability and investment mapping, are imbedded in the climatefinance organizations that fund, develop, and use them. (...) Thus, the commentary explores climatefinance organizations through the lens of Ray’s theory of racial organizations, highlighting the ways in which important climate-related resources are mediated through racial and colonial schemas. The racial mediation of two key resources are spotlighted in this discussion: thefinance itself and knowledge. Given that the Pacific region is at the coalface of climate change’s existential effects, the just allocation of resources is imperative. In interrogating the ways in which emergent data projects may deny these resources based on hidden racial schemas, the paper cautions against new and old forms of colonization that may be mobilized through even well-meaning techno-benevolent fixes. (shrink)

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The current economic crisis arose in large part from financial activities in which capital was practically and logically alienated from real economy. This essay examines the exploitative logic of modernfinance while considering two alternative models—microfinance and Islamic banking. These models will be considered against the backdrop of medieval arguments over usury, notably the debates between Franciscans and Dominicans surrounding the lending institutions known as monti di pietà. While noting that either model is decidedly preferable to current normative banking (...) practices, this essay argues for the interest-free logic of Islamicfinance against the logic of usury insofar as usury lends itself to a double alienation—of lender from borrower and of profit from value. (shrink)

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The increasing frequency and scope of financial crises has made global financial stability one of the major concerns of economic policy and decision makers. Under this highly complex environment, supervision of the financial system has to be thought of as a systemic task, focusing not only on the strength of the institutions but also on the interdependent relations among them, unraveling the structure and dynamic of the system as a whole. In recent years, network science has emerged as a leading (...) tool for the investigation of complex systems. Here we review several applications of network science infinance and economics, and discuss existing challenges and future directions which will substantiate network science as a key tool for financial academics, practitioners, and policy and decision makers. (shrink)

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The current environment of business and financial corruption in Spain has increased in recent years. In order to reduce the scope of this problem, the Spanish Criminal Code has introduced codes of conduct and ethics to encourage a new culture of respecting laws for companies and employees. An Educational Innovation Group at the University of Extremadura has proposed a cross-sectional model to study ethics, in an effort to address concerns about the consequences of illegal acts insociety and companies. (...) Students in Business,Finance and Accounting are required to practice ethical decision-making through court judgments in order to develop “ethical competences”. These competences are included in the European Higher Education Area and the Official University Education in Spain, specifically in the Royal Decree 1393/2007, of 29 October through cross-sectional competences within the academic programmes. The results of the study show that a high percentage of students validate this methodology as a way of improving ethical decision-making skills at University that will be applied to future business practices. (shrink)

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In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:A World for All? Global CivilSociety in Political Theology and Trinitarian Theology ed. by William Storrar, Peter Casarella, and Paul Louis Metzger, and: Public Theology for a GlobalSociety: Essays in Honor of Max L. Stackhouse ed. by Deirdre King Hainsworth and Scott PaethJonathan RothchildA World for All? Global CivilSociety in Political Theology and Trinitarian Theology Edited by William Storrar, Peter Casarella, and (...) Paul Louis Metzger Grand Rapids, Mich.: Eerdmans, 2011. 346 pp. $35.00Public Theology for a GlobalSociety: Essays in Honor of Max L. Stackhouse Edited by Deirdre King Hainsworth and Scott Paeth Grand Rapids, Mich.: Eerdmans, 2010. 264 pp. $45.00The intersections of globalization, civilsociety, and public theological reflection remain fluid, contested, and complicated. Two edited volumes that have shared connections to Princeton’s Center of Theological Inquiry celebrate the contributions of Max Stackhouse (Public Theology for GlobalSociety as a festschrift and A World for All? as a dedication) toward these intersections. Public Theology for a GlobalSociety attends to neo-Calvinist debates about public theology and its applicability to family,finance, and technology, while A World For All? explores religious beliefs and practices in their contexts, the meanings of the Trinity, and the prospects for cultural, political, and religious dialogue within civilsociety.In Public Theology for a GlobalSociety, the contributors engage Stackhouse’s work in terms of its “global reach and its ecclesial concern” (ix). The essays consider five overarching themes: covenant, natural law, and human rights; social pluralism and social justice; Christian responsibility forsociety; economic and political realism; and Christian ethics in a global era. One of the book’s strengths is that it ambitiously probes—as Stackhouse’s own work does—the substantive interrelationships of these themes. Harold Breitenberg’s opening essay clarifies the meanings of public theology, but it does not account for recent developments, including comparative interventions that reconstruct modes of public theology.In the second section on key issues in public theology, John Witte speculates on whether Stackhouse would accept sixteenth-century Calvinist thinker Johannes Althusius’s “‘different and ‘even dangerous’” (36) theory of natural law. [End Page 205] Witte’s query, which begs comparisons vis-à-vis Catholic models of public theology frequently neglected in the book, is critically addressed by Don Browning’s essay. Browning’s theology of covenant includes a subordinate theory of natural law because “the concept of covenant cannot stand alone” (49). Other essays include reflections on covenant by Hak Joon Lee (which reconstructs Abraham Kuyper’s theory of sphere sovereignty) and Richard Mouw (which analyzes neo-Calvinist conceptions of law, covenant, and common morality). Similar to Browning’s caution to Stackhouse, Mouw censures a complete rejection of natural law (104); pace Browning’s critique, Mouw applauds Stackhouse’s insistence on the prominence of covenant in neo-Calvinist ethical and social theory. Interrogation of these disagreements by either the editors or the contributors would have strengthened the book.The book’s third section examines public theology in a global context. Differing from Stackhouse, William Schweiker charts the basic anthropological and existential components of a cosmopolitan conscience to overcome the universalist and particularist difficulties within public theology (134–38). Other thinkers appropriate interreligious dialogue as constructive models. Mark Heim contends that, in the face of massive global suffering, interreligious dialogue must promote human flourishing. Scott Paeth similarly sees dialogue as a mechanism for overcoming religiously motivated violence (166). Peter Paris, Shirley Roels, and Deirdre King Hainsworth all point to various features of technology as pathways to new articulations of public theology. In the concluding section, the contributors fittingly focus on the legacy of Stackhouse, namely, his long-standing interests in justification, justice, congregational life, and a “sobered version of Reformed theology vis-à-vis institutional responsibility and the retrieval of its theological substance” (Gabriel Fackre, 247).A World for All?, borne out of a 2005 conference in Edinburgh, approaches globalization within the modern ecumenical movement as illustrated by the affiliations of its three editors: William Storrar (ecumenical Protestant), Peter Casarella (Catholic), and Paul Metzger (Evangelical). The book examines the broader trajectories of globalization in conversation with “examples of churches around the world... playing a vital part... (shrink)

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_The Uprising_ is an Autonomist manifesto for today's precarious times, and a rallying cry in the face of the catastrophic and irreversible crisis that neoliberalism and the financial sphere have established over the globe. In his newest book, Franco "Bifo" Berardi argues that the notion of economic recovery is complete mythology. The coming years will inevitably see new surges of protest and violence, but the old models of resistance no longer apply.Society can either stick with the prescriptions and (...) "rescues" that the economic and financial sectors have demanded at the expense of social happiness, culture, and the public good; or it can formulate an alternative. For Berardi, this alternative lies in understanding the current crisis as something more fundamental than an economic crisis: it is a crisis of the social imagination, and demands a new language by which to address it. This is a manifesto against the idea of growth, and against the concept of debt, the financial sector's two primary linguistic means of manipulatingsociety. It is a call for exhaustion, and for resistance to the cult of energy on which today's economic free-floating market depends. To this end, Berardi introduces an unexpected linguistic political weapon--poetry: poetry as the insolvency of language, as the sensuous birth of meaning and desire, as that which cannot be reduced to information and exchanged like currency. If the protests now stirring about the world are to take shape and direction, then the revolution will be neither peaceful nor violent--it will be linguistic, or will not be at all. (shrink)

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