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Many argue that an important goal ofcampaignfinance reform should be to ensure that competing candidates have roughly equal financial resources with which to contest campaigns. Although there are...

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This paper explains and criticizes the definition of corruption used by the U.S. Supreme Court in itscampaignfinance 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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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 article develops a framework for analyzing and comparing privacy and privacy protections across (inter alia) time, place, and polity and for examining factors that affect privacy and privacy protection. This framework provides a method to describe precisely aspects of privacy and context and a flexible vocabulary and notation for such descriptions and comparisons. Moreover, it links philosophical and conceptual work on privacy to social science and policy work and accommodates different conceptions of the nature and value of privacy. The (...) article begins with an outline of the framework. It then refines the view by describing a hypothetical application. Finally, it applies the framework to a real‐world privacy issue—campaignfinance disclosure laws in the United States and France. The article concludes with an argument that the framework offers important advantages to privacy scholarship and for privacy policy makers. (shrink)

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The complexity and inefficiency of the U.S. health care system complicates the distribution of life-saving medical technologies. When the public health is at stake, however, there are alternatives. The proposal for a national PrEP program published in this issue of the Journal applies some of the lessons of the national COVID vaccinecampaign to HIV prevention. In doing so, it draws on other examples of public health approaches to the financing of medical technology, from vaccines for children to hepatitis (...) C treatment. (shrink)

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U.S. corporations have long tried to enact a favorable business environment via political activities such as lobbying andcampaign contributions. This particular strategy is receiving increased attention due to the recent Supreme Court decision, Citizens United v. Federal Election Commission, which establishes that corporations have the same rights with regard to political activities as individuals. In this work, we examine the nature of corporate political activity and the need for accountability; define transparency in the context of corporate political activity; (...) and examine the antecedents for corporate political disclosure. We then test our model on the S&P 100 using an index of corporate political disclosure that we developed. We find that opportunities to participate in political activities, dependence on government contracts and prior disclosure on other topics such as the environment lead to more disclosure. The intensity of the regulatory environment appears to have no influence. (shrink)

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This article discusses the ways in which the ambiguous concept of equality has been used in the British debate regarding the financing of political election campaigns. It identifies three concepts of equality commonly used in that debate: ‘equality of arms’ between political parties, ‘equality of influence’ between citizens, and ‘equality of access’ to the so‐called ‘marketplace of ideas’. The article than discusses each of these concepts of equality in greater detail, and, in doing so, identifies four broader principles underlying the (...) use of these concepts in the election financing debate. The article concludes that, although the language of equality is used often and with great effect in the election financing debate, the concepts of equality being invoked are rarely independently valuable concepts. Instead, the concepts of equality used are valued in the election financing debate because they promote one of the four underlying principles. These principles themselves, however, involve complex questions of democracy and distributional fairness, and are not uncontroversial. I thus suggest that future debates regarding election financing could be enhanced by a more direct discussion of the merits of these underlying principles. (shrink)

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Introduction. The trial; the right to a lawyer; double jeopardy; the electoral college; the senate; presidential pardon; judicial review; lifetime appointment;campaignfinance reform; the right to political leave; the democratized corporation -- The right to a lawyer -- Abolish double jeopardy -- Empower the jury -- The electoral college -- Abolish presidential pardon -- Abolish the Senate -- Limit the power of the Supreme Court -- Abolish lifetime tenure of Supreme Court justices -- Reduce private money in (...) election campaigns -- Expand the right to run for political office -- Expand employee rights -- The contradictions of libertarianism. (shrink)

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Whether free speech is defended as a fundamental right that inheres in each individual, or as a guarantee that all of society's members will have a voice in democratic decision-making, the central role of expressive freedom in liberating the human spirit is undeniable. Freedom of expression will, as the essays in this volume illuminate, encounter new and continuing controversies in the twenty-first century. Advances in digital technology raise pressing questions regarding freedom of speech and, with it, intellectual property and privacy (...) rights.Campaignfinance reform limits the formerly sacrosanct category of 'political speech'. Expressive liberties may face their greatest challenge from government efforts to thwart terrorism. The twelve legal scholars and philosophers whose work appears in this volume examine the history of free speech doctrine, its relevance to other social and personal values, and the radical critiques it has withstood in recent years. (shrink)

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What is democracy really? What do we mean when we use the term? And can it ever truly exist? Astra Taylor, hailed as a "New Civil Rights Leader" (LA Times), provides surprising answers. There is no shortage of democracy, at least in name, and yet it is in crisis everywhere we look. From a cabal of thieving plutocrats in the White House tocampaignfinance and gerrymandering, it is clear that democracy--specifically the principle of government by and for (...) the people--is not living up to its promise. In Democracy Might Not Exist, Astra Taylor shows that real democracy--fully inclusive and completely egalitarian--has in fact never existed. In a tone that is both philosophical and anecdotal, weaving together history, theory, the stories of individuals, and interviews with such leading thinkers as Cornel West, Danielle Allen, and Slavoj Zizek, Taylor invites us to reexamine the term. Is democracy a means or an end, a process or a set of desired outcomes? What if the those outcomes, whatever they may be--peace, prosperity, equality, liberty, an engaged citizenry--can be achieved by non-democratic means? Or if an election leads to a terrible outcome? If democracy means rule by the people, what does it mean to rule and who counts as the people? The inherent paradoxes are unnamed and unrecognized. By teasing them, Democracy Might not Exist offers a better understanding of what is possible, what we want, and why democracy is so hard to realize. (shrink)

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Many of our inherited civic institutions are dead or dying. We need an ambitious reform program to revive democratic life. This essay advances a four-pronged “citizenship agenda”: acampaignfinance initiative granting each voter fifty “patriot dollars” to fund candidates and political parties of his or her choice; a proposal for a new national holiday, Deliberation Day, held before each national election, enabling citizens to deliberate on the merits of rival candidates; a system of federally financed electronic news-vouchers (...) to permit professional journalism to survive the destruction of its traditional business model; and a new form of citizenship inheritance, which provides $80,000 to all Americans as they start off life as adults. Working with collaborators, I have developed each of these initiatives at book length. This essay suggests how the “citizenship agenda” yields a whole that is larger than the sum of its parts. (shrink)

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Are public officials morally justified in threatening violence, engaging in deception, or forcing citizens to act for their own good? Can individual officials be held morally accountable for the wrongs that governments commit? Dennis Thompson addresses these questions by developing a conception of political ethics that respects the demands of both morality and politics. He criticizes conventional conceptions for failing to appreciate the difference democracy makes, and for ascribing responsibility only to isolated leaders or to impersonal organizations. His book seeks (...) to recapture the sense that men and women, acting for us and together with us in a democratic process, make the moral choices that govern our public life. Thompson surveys ethical conflicts of public officials over a range of political issues, including nuclear deterrence, foreign intervention, undercover investigation, bureaucratic negligence,campaignfinance, the privacy of officials, health care, welfare paternalism, drug and safety regulation, and social experimentation. He views these conflicts from the perspectives of many different kinds of public officials - elected and appointed executives at several levels of government, administrators, judges, legislators, governmental advisers, and even doctors, lawyers, social workers, and journalists whose professional roles often thrust them into public life. In clarifying the ethical problems faced by officials, Thompson combines theoretical analysis with practical prescription, and begins to define a field of inquiry for which many have said there is a need but to which few have yet contributed. Philosophers, political scientists, policy analysts, sociologists, lawyers, and other professionals interested in ethics in government will gain insight from this book. (shrink)

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In Brennan and Democracy, a leading thinker in U.S. constitutional law offers some powerful reflections on the idea of "constitutional democracy," a concept in which many have seen the makings of paradox. Here Frank Michelman explores the apparently conflicting commitments of a democratic governmental system where key aspects of such important social issues as affirmative action,campaignfinance reform, and abortion rights are settled not by a legislative vote but by the decisions of unelected judges. Can we--or should (...) we--embrace the values of democracy together with constitutionalism, judicial supervision, and the rule of law? To answer this question, Michelman calls into service the judicial career of Supreme Court Justice William Brennan, the country's model "activist" judge for the past forty years. Michelman draws on Brennan's record and writings to suggest how the Justice himself might have understood the judiciary's role in the simultaneous promotion of both democratic and constitutional government.The first chapter prompts us to reflect on how tough and delicate an act it is for the members of a society to attempt living together as a people devoted to self-government. The second chapter seeks to renew our appreciation for democratic liberal political ideals, and includes an extensive treatment of Brennan's judicial opinions, which places them in relation to opposing communitarian and libertarian positions. Michelman also draws on the views of two other prominent constitutional theorists, Robert Post and Ronald Dworkin, to build a provocative discussion of whether democracy is best conceived as a "procedural" or a "substantive" ideal. (shrink)

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"Populism" has long been a dirty word. To some, it suggests the tyranny of the mob, to others, a xenophobic nativism. It is sometimes considered conducive to (if not simply identical to) fascism. In this timely book, Walter Horn acquits populism by "distilling" it, in order to finally give the people the power to govern themselves, free from constraints imposed either by conservatives (or libertarians) on the right or liberals (or Marxists) on the left. Beginning with explanations of what it (...) means to vote and what makes one society better off than another, Horn progresses to issues involving what makes for fair aggregation and appropriate, deliberative representation. From suggesting solutions to contemporary problems like gerrymandering, immigration control, andcampaignfinance, to offering answers to age-old questions like why dissenters should want to obey the majority and who should have the right to vote in various elections, Horn, using his new theory of "CHOICE Voluntarism," provides solutions to some of the most perplexing problems in the history of democratic theory. -/- The Introduction and first chapter can now be read free at Amazon. (shrink)

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Free Speech in the Balance is the first comprehensive study of proportional analysis in free speech theory. This book challenges the US Supreme Court's categorical approach and explains the importance of understanding the breadth of concerns arising from regulations directly and indirectly impacting expression. The author provides in-depth analysis of some of the important social and political principles governing topics of vital concern, includingcampaign financing, university speech codes, secondary school rules, incitement, and threats. This book should be read (...) by students and scholars of free speech theory and anyone interested in learning more about the history of existing law, the issues of current importance, and trends in expressive significance. (shrink)

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This year is the centenary of the birth of philosopher John Rawls and the semi-centenary of his monumental A Theory of Justice. This essay explores the differences between political opposition and political resistance as reflected in his work. Rawls is remembered for the careful conditions he imposed in the Vietnam-War era upon justifiable civil disobedience in “nearly just” societies. It is less well known that he came to regard the United States as a fundamentally unjust society. The nation has shown (...) itself not merely unserious about political equality—the cornerstone of Rawls’s theory of justice as fairness—but hostile to it. The Supreme Court’scampaignfinance jurisprudence sanctifies spending as speech and denies Congress the power to try to level the electoral playing field. In the Supreme Court’s Constitution, substantive political equality is of no value. The upshot is that civil disobedience, conceived as an appeal to a just constitution, is no longer possible in the United States. Political resistance may be permissible, however, within the bounds of right, “in such ways as promise some success.” This essay ekes out Rawls’s suggestive remarks about the justification of political resistance and attempts to extend them to current conditions. (shrink)

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The diversity of topics discussed in this book reflects the breadth of Judith Jarvis Thomson's philosophical work. Throughout her long career at MIT, Thomson's straightforward approach and emphasis on problem-solving have shaped philosophy in significant ways. Some of the book's contributions discuss specific moral and political issues such as abortion, self-defense, the rights and obligations of prospective fathers, and politicalcampaignfinance. Other contributions concern the foundations of moral theory, focusing on hedonism, virtue ethics, the nature of nonconsequentialism, (...) and the objectivity of moral claims. Finally, contributions in metaphysics and epistemology discuss the existence of sets, the structures reflected in conditional statements, and the commitments of testimony. Contributors: Jonathan Bennett, Richard L. Cartwright, Joshua Cohen, N. Ann Davis, Catherine Z. Elgin, Gilbert Harman, Barbara Herman, Frances Myrna Kamm, Claudia Mills, T.M. Scanlon, Ernest Sosa. (shrink)

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This article re-examines the distinction between the libertarian approach and the egalitarian approach to the regulation ofcampaignfinance. The conventional approach (as exemplified by the work of Owen Fiss and Ronald Dworkin) is to reconcile the competing values of liberty and equality. By contrast, this article advances the normative claim that democracies should seek to incorporate both the libertarian and the egalitarian approaches within constitutional law. I argue that instead of emphasizing one value over the other, the (...) ideal position is one that simultaneously recognizes the values of liberty and equality despite the irreconcilable tension between them. Rather than choosing one value over the other, or reconciling these values by redefining them, I claim that it is vital to maintain the tension between liberty and equality by instantiating the conflict in law. Democracy is better served when the law contains an explicit tension between these foundational values.After setting forth this normative framework, I then apply it to thecampaignfinance decisions of the Supreme Courts of the United States and Canada, respectively. I make two main claims. First, I argue that although the libertarian/egalitarian distinction is usually presented as a binary choice, the laws of a given jurisdiction often simultaneously display both libertarian and egalitarian characteristics. For this reason, I claim that the libertarian/egalitarian distinction is better conceived of as a “libertarian-egalitarian spectrum.” Second, I argue that in recent years, the U.S. Supreme Court and the Supreme Court of Canada, respectively, have privileged one value—liberty or equality—at the expense of the other. The U.S. Supreme Court has over-emphasized the value of liberty (most notably in itsCitizens Uniteddecision), with the result that political equality is markedly undermined. By the same token, the Supreme Court of Canada’s commitment to equality has become too one-sided in recent cases (HarperandBryan), with the result that there are significant impairments to free speech liberties. I argue that both of these approaches are detrimental to democratic participation and governance. Finally, this article offers a preliminary proposal for how courts and legislatures can allow for the conflict between liberty and equality to be instantiated in law. (shrink)

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A diverse collection of essays, which reflect the breadth of Judith Jarvis Thomson's philosophical work. The diversity of topics discussed in this book reflects the breadth of Judith Jarvis Thomson's philosophical work. Throughout her long career at MIT, Thomson's straightforward approach and emphasis on problem-solving have shaped philosophy in significant ways. Some of the book's contributions discuss specific moral and political issues such as abortion, self-defense, the rights and obligations of prospective fathers, and politicalcampaignfinance. Other contributions (...) concern the foundations of moral theory, focusing on hedonism, virtue ethics, the nature of nonconsequentialism, and the objectivity of moral claims. Finally, contributions in metaphysics and epistemology discuss the existence of sets, the structures reflected in conditional statements, and the commitments of testimony. Contributors Jonathan Bennett, Richard L. Cartwright, Joshua Cohen, N. Ann Davis, Catherine Z. Elgin, Gilbert Harman, Barbara Herman, Frances Myrna Kamm, Claudia Mills, T.M. Scanlon, Ernest Sosa. (shrink)

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The Tanner Lectures on Human Values, founded July 1, 1978, at Clare Hall, Cambridge University, was established by the American scholar, industrialist, and philanthropist Obert Clark Tanner. Lectureships are awarded to outstanding scholars or leaders in broadly defined fields of human values and transcend ethnic, national, religious, or ideological distinctions. Volume 33 features lectures given during the academic year 2012-2013 at Stanford University; the University of Michigan; the University of Oxford; the University of California, Berkeley; Harvard University; the University of (...) Utah; and the U.S. Ambassador’s Palace, Paris, France._ William G. Bowen_, “Costs and Productivity in Higher Education” and “Prospects for an Online Fix: Can We Harness Technology in the Service of Our Aspirations?”_ Craig Calhoun_, “The Problematic Public: Revisiting Dewey, Arendt, and Habermas”_ Michael Ignatieff_, “Representation and Responsibility: Ethics and Public Office”_ F. M. Kamm_,_ “_Who Turned the Trolley?” and _“_How Was the Trolley Turned?”_ Claude Lanzmann, “_Resurrection”_ Robert Post, “_Representative Democracy: The Constitutional Theory ofCampaignFinance Reform” and _“_CampaignFinance Reform and the First Amendment”_ Michael J. Sandal_, “The Moral Economy of Speculation: Gambling,Finance, and the Common Good”. (shrink)

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The universal allowance became, in Belgium, the sole theme of the electoralcampaign of a political party. During the general elections 0f13 June 1999, Vivant, until that point a small unknown party, united around its programme, 2% of the vote. Founded in 1997 by the businessman and member of the Basic Income European Network Roland Duchâtelet, V I VA NT participated nevertheless for the first time in the electoral game. Through an enormouscampaign, financed entirely by Duchâtelet, this (...) party without an elected representative, succeeded in making its key concerns the focal point of public attention. With the slogan ’free yourself by giving yourself a basic income", VIVANT brought the universal allowance into public debate in the Low Countries. (shrink)

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This chapter contrasts his consequentialist account of democratic rights with prominent nonconsequentialist accounts, including those of Rawls, Habermas, Barry, and Waldron. He explains why majority rule itself requires a consequentialist rationale. To illustrate that the rationale for democratic rights is consequentialist, the chapter proposes an alternative to democratic rights, election by deliberative poll, that would be an improvement under the main principle, were it not for the potential for abuse. Democratic rights are a solution to a CAP. To be endorsed (...) by the main principle, democratic rights must equitably promote the life prospects of all compliers and nonresponsible noncompliers. The chapter argues that group rights or cultural rights are not fundamental rights, but rather rights that are instrumental to protecting the individual rights of members of minorities against majorities. The chapter shows that the main principle can explain why human rights, including democratic rights, should be inalienable. This is a puzzle on many nonconsequentialist views. The chapter describes one kind of problem that no form of government, not even democracy, is very good at solving, the time lag problem. Finally, the chapter discusses the inappropriateness of the U.S. Supreme Court’s overturningcampaignfinance reform laws on free speech grounds. (shrink)

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Opposition to corporate legal rights has become more visible in recent years. Activists seek ways to address the influence of corporations on the state and its ancillary institutions. The most well-known tactics range from Occupy's embrace of anarchic, leaderless horizontalism to the Mayday PAC raising money to elect representatives who support acampaignfinance amendment to the US Constitution. The spectrum of political efforts between these two approaches speaks to how the problem of corporate power resonates with many (...) people in the United States. It also, however, demonstrates how "democracy," as the ostensible opposition to corporate politics, can be interpreted as everything from... (shrink)

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The appeal to pity, orargumentum ad misericordiam, has traditionally been classified by the logic textbooks as an informal fallacy. The particular case studied in this article is a description of a series of events in 1990–91 during the occupation of Kuwait by Iraqi forces. A fifteen-year-old Kuwaiti girl named Nayirah had a pivotal effect on the U.S. decision to invade Kuwait by testifying to a senate committee (while crying) that Iraqi soldiers had pulled babies out of incubators in a hospital (...) in Kuwait, and left them to die. Subsequent investigations revealed no basis for this claim, and that it was part of a public relationscampaign, financed mainly by Kuwaitis, to get support for the invasion. The normative question studied in this case is whether or not the argument in it can correctly be evaluated as a fallacious appeal to pity. Part of the general issue is what is meant by the key word ‘fallacious.’. (shrink)

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The equal political liberties are among the basic first-principle liberties in John Rawls’s theory of Justice as fairness. Rawls insists, further, that the “fair value” of the political liberties must be guaranteed. Disavowing an interest in fair value is what disqualifies welfare-state capitalism as a possible realizer of Justice as fairness. Yet Rawls never gives a perspicuous statement of the reasoning in the original position for the fair-value guarantee. This article gathers up two distinct strands of Rawls’s argument, and presents (...) it in a straightforward sequence. Justice as fairness is contrasted to a competitor political conception of justice that is just like it but without the fair-value guarantee. A schema of the two-strand argument is presented in the Appendix. (shrink)

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_In _Broader, Bolder, Better_, authors Elaine Weiss, of the Broader, Bolder Approach to Educationcampaign, and Paul Reville, former Massachusetts secretary of education, make a compelling case for a fundamental change in the way we view education._ The authors argue for a large-scale expansion of community-school partnerships in order to provide holistic, integrated student supports (ISS) from cradle to career, including traditional wraparound services like health, mental health, nutrition, and family supports, as well as expanded access to opportunities such (...) as early childhood education, afterschool activities, and summer enrichment programs. The book builds on nearly a decade of research by the Broader, Bolder Approach to Education, a national initiative endorsed by more than sixty policy experts and leaders from across the country, and draws on the work of Harvard’s Education Redesign Lab. It pulls from case studies of effective ISS efforts in twelve diverse communities to illustrate the variety of strategies that can be adopted locally. A call to action that also provides examples of communities that are successfully leveling the playing field for poor children, this book offers a detailed vision for building—through field work, mobilization, and financing—comprehensive systems to prepare all children for success. (shrink)

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Coastal protection is crucial to human development since the ocean has many values associated with the economy, ecosystem, and culture. However, most ocean protecting efforts are currently ineffective due to the burdens offinance, lack of appropriate management, and international cooperation regimes. For aiding bottom-up initiatives for ocean protection support, this study employed the Mindsponge Theory to examine how the public’s perceived economic and cultural values influence their willingness to support actions to protect the ocean. Analyzing the European-Union-Horizon-2020-funded dataset (...) of 709 respondents from 42 countries, we discovered that perceived economic values have negative effects on the tendency of ocean protection supports (i.e., food, transportation, renewable energy, oil and gas, and recreation). In contrast, certain perceived cultural values can help increase the willingness to do so (i.e., mental well-being and sense of identity). However, the effects of perceived cultural values are only moderately reliable. These findings suggest that designing cultural information delivery campaigns can help promote coastal reserve supports, such as fundraisings and preserving the oceans from the community. (shrink)

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The election of Barack Obama corresponding with the dramatic implosion of the neo-liberal world order offinance, represents a dramatic return of history as attempts are made to forge the new consensus of global capitalism. The financial crisis has come to represent the culmination of Third Way neo-liberalism with Obama signifying the commodity logic and emancipatory potential of the new spirit of capitalism. Obama’s biography has allowed for a self-confident re-articulation of American imperial power, while fetishizing a civil society (...) notion of transformation that has eclipsed the anti-capitalist left. Resistance to Obama’s vision of a reconciled America, leading the moral correction of capitalism, has come in the form of a right wing populistcampaign of delegitimization. The Tea Party populists speak to the return of the political and the ontological necessity of antagonism as they present themselves as the only radical alternative to actually existing neo-liberalism. (shrink)

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In 2003, the pharmaceutical company Biovail received a spate of negative publicity around a program for its heart medication Cardizem LA. For a three-month period Biovail paid US doctors US$1000 (and their office managers US$150) for patient data when at least 11 of their patients renewed a prescription to Cardizem. Doctors who signed up for the trial but who did not keep 11 patients on the drug received US$250 for participation. According to Biovail, this was a research trial, meeting US (...) federal regulations for research trials – the consulting firm that had designed the trial had guaranteed that it would meet US criteria. The trial was expected to provide data that would help ‘in designing future clinical trial programs’, according to Biovail’s vice-president offinance. In addition, the results would eventually be published. However, the program was originally presented as a marketingcampaign, and was being handled by Biovail’s sales department and sales force. According to ethicists who commented on the case, a US$1000 payment to doctors was unusually high for a post-marketing research trial, and a US$150 payment to office managers was thought to raise novel ethical conflicts. Cardizem is a drug intended for long-term use, so paying doctors to get patients started on a course of treatment could lead to substantial profits from these prescriptions. In line with this, immediate comments from professional ethicists and representatives of medical associations focused on questions about whether the Biovailcampaign amounted to paying doctors to prescribe specific drugs. And that is a concern for the obvious reason that it has the potential to compromise doctors’ decisions about best care. Payments for prescriptions place doctors in ethically difficult situations: Peter Singer, a medical ethicist, says ‘There is clearly the potential for [physicians’] conflict of interest’ (Toronto Globe and Mail, 2003). Physicians’ decision-making is the most common locus of discussion in medical ethics.. (shrink)

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Crowdfunding has created new opportunities for poor microentrepreneurs. One crucial question is the impact that the purpose of a loan—either business investment or basic necessities—may have on the success of acampaign. Investigating a prosocial crowdfunding platform, we find that loans taken out to meet basic needs are funded faster than business-related loans, especially for small amounts, which can be explained by the prosocial motivation of microlenders. Moreover, female microborrowers are funded faster than men, especially for basic needs loans. (...) Our results therefore suggest an ethical blind spot, since prosocially motivated crowdlenders may unintentionally end up producing adverse effects, replicating gender role by supporting women to a lesser extent when they apply for business loans. This finding expands prosocial motivational theory in ethicalfinance. (shrink)

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Can SRI be a means to make investors both virtuous and prosperous? This paper argues that there can be significant tensions between these goals, and that SRI (and indeed all investment) should not allow the pursuit of maximizing investment returns to prevail over an ethical agenda of promoting social and economic justice and environmental protection. The discourse on SRI has changed dramatically in recent years to the point where its capacity to promote social emancipation, sustainable development and other ethical goals (...) is in jeopardy. Historically, SRI was a boutique sector of the market dominated by religious-based investors who sought to invest in accordance with the tenets of their faith. From the early 1970s, the aspirations of the SRI movement morphed significantly in the context of the divestmentcampaign against South Africa's apartheid regime. No longer were social investors satisfied with just avoiding profit from immoral activities; instead, they also sought to change the behavior of others. Business case SRI is a problematic SRI benchmark for several reasons: often there is a countervailing business case for financing irresponsible activities, given the failure of markets to capture all social and environmental externalities; secondly, even if investors care about such concerns, there may be no means of financially quantifying their significance for investment purposes; and, thirdly, even if such factors can be financially quantified, they may be deemed to be such long-term financial costs or benefits that they become discounted and ignored. The ethics case for SRI and ethical business practices more generally takes the view that both investors and the companies they fund have ethical responsibilities that trump the pursuit of profit maximization. Ethical investment should be grounded on this foundation. However, it may not be enough. To keep ethical investment ethical will likely require institutionalizing new norms and governance standards, in such domains as reforming fiduciary duties and the internal governance of financial organizations. SRI's own codes of conduct including the UNPRI have yet to demonstrate the robustness to move the financial community beyond business as usual. (shrink)

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Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurialfinance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Kickstartercampaign fraud allegations from 2010 through 2015. We then follow (...) up until 2018 to assess the ultimate outcome of each allegedly fraudulentcampaign. First, we construct a sample of 193 fraud cases, and categorize them into detected vs. suspected fraud, based on a set of well-defined criteria. Next, using multiple matched samples of non-fraudulent campaigns, we determine which features are associated with a higher probability of fraudulent behavior. Second, we document the short-term negative consequences of possible breaches of trust in the market, using a sample of more than 270,000 crowdfunding campaigns from 2010 through 2018 on Kickstarter. Our results show that crowdfunding projects launched around the public announcement of a late and significant misconduct detection (resulting in suspension) tend to have a lower probability of success, raise less funds, and attract fewer backers. (shrink)

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Crowdfunded microfinance provides financial resources to impoverished entrepreneurs across the globe based on online appeals describing the entrepreneur’s values and venture potential and is considered a key player in the ethicalfinance movement. Despite knowledge that the content of the appeals impacts funding success, little is known regarding the role of religious expression, which is common and consequential in socially-oriented contexts. We leverage role congruity theory to address a theoretical tension concerning the effects of religious expression on crowdfunded microfinance (...) funding outcomes. Religious expression is associated with perceptions of trustworthiness, rule-following, and ethicality—qualities that would suggest an entrepreneur would likely avoid opportunist behavior and repay the loan. However, appeals to a higher power may be incongruent with the role of an entrepreneur to the extent that such expression communicates a lack of proactiveness and self-reliance. We use a two-study design to help resolve this tension. Our field study incorporating 253,130 loans from Kiva reveals that religious expression negatively influences funding, particularly for women. Our experiment using 1,795 individual loan assessments shows that the negative influence of religious expression is attenuated when individual lenders exhibit higher levels of religiosity. Post hoc analysis suggests campaigns can mitigate the negative impact of religious expression by being careful to also include aspects highlighting an entrepreneurial orientation. Overall, our work extends prior research suggesting that language tied to ethical or virtuous behaviors is generally not rewarded by lenders as using such language may make the applicant appear inconsistent with role of a stereotypical entrepreneur. (shrink)

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In the decades after the Second World War, learned society publishers struggled to cope with the expanding output of scientific research and the increased involvement of commercial publishers in the business of publishing research journals. Could learned society journals survive economically in the postwar world, against this competition? Or was the emergence of a sales-based commercial model of publishing – in contrast to the traditional model of subsidized journal publishing – an opportunity to transform the often-fragile finances of learned societies? (...) But there was also an existential threat: if commercial firms could successfully publish scientific journals, were learned society publishers no longer needed? This paper investigates how British learned society publishers adjusted to the new economic realities of the postwar world, through an investigation of the activities organized by the Royal Society of London and the Nuffield Foundation, culminating in the 1963 report Self-Help for Learned Journals. It reveals the postwar decades as the time when scientific research became something to be commodified and sold to libraries, rather than circulated as part of a scholarly mission. It will be essential reading for all those campaigning to transition academic publishing – including learned society publishing – away from the sales-based model once again. (shrink)

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Background: Using the power of Internet, crowdfunding platforms are currently changing the traditional landscape of fundraising. Social media-based IT platforms in particular are bringing the creators of crowdfunding projects closer than ever to potential investors. A large variety of factors function as determinants of individuals' intention to participate in crowdfunding and have an intertwined impact on funding as the ultimate project goal.Objectives: For a better understanding of investor behavior in social media-based crowdfunding projects, this paper covers identifying, analyzing, and classifying (...) general and specific factors of investor motivation, based on the literature in the field.The main focus is the relationship between the affordances provided by social media-based crowdfunding platforms and the psychological determinants of investor motivation in innovative start-up projects.Methods: Using IEEE Explore, Clarivate Web of Science, ScienceDirect, and Scopus, we conducted a systematic review of the existing research on the emerging role of crowdfunding as a disruptive technology in financing the start-up innovative projects. The paper explores the main determinants of investor motivation and aims to streamline the success factors in crowdfunding campaigns.Results: A total of 1,216 publications were identified after searching the aforementioned databases and, upon refining the results, 515 articles were considered for the final sample. After reading the titles and abstracts, the sample was reduced to 78 articles that were read in-depth and synthesized in accordance with the defined research questions. The selected articles were clustered into three main categories: general studies, determinants of investor behavior, and success factors.Conclusions: In the new global economy, crowdfunding platforms have become the nexus between the emerging creators of innovative products and services and the necessary funding sources. This connection is possible via a cumulative collection of contributions from multiple investors recruited from the audience of the selected platform, without time or space constraints. However, the determinants of the investment decision are very different in the case of social media-based crowdfunding platforms compared to determinants in the mainstream environment. This paper surveys these motivators and reveals how platform features can be used to persuade individuals to make a financial contribution toward the success of a project. (shrink)

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Patients are increasingly turning to medical crowdfunding as a way to cover their healthcare costs. In the case of Charlie Gard, an infant born with encephalomyopathic mitochondrial DNA depletion syndrome, crowdfunding was used tofinance experimental nucleoside therapy. Although this treatment was not provided in the end, we will argue that the success of the Gard family’s crowdfundingcampaign reveals a number of potential ethical concerns. First, this case shows that crowdfunding can change the way in which communal (...) healthcare resources are allocated. Second, within the UK’s National Health Service, healthcare is ostensibly not a market resource; thus, permitting crowdfunding introduces market norms that could commodify healthcare. Third, pressures inherent to receiving funds from external parties may threaten the ability of patients-cum-recipients to voluntarily consent to treatment. We conclude that while crowdfunding itself is not unethical, its use can have unforeseen consequences that may influence conceptions of healthcare and how it is delivered. (shrink)

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Medical crowdfunding has raised many ethical concerns, among them that it may undermine privacy, widen health inequities, and commodify health care. One motivation for medical crowdfunding has received particular attention among ethicists. Recent studies have shown that many individuals are using crowdfunding tofinance access to scientifically unsupported medical treatments. Recently, GoFundMe prohibited campaigns for antivaccination groups on the grounds that they “promote misinformation about vaccines” and for treatment at a German clinic offering unproven cancer treatments due to “the (...) need to make sure people are equipped to make well‐informed decisions.” GoFundMe has not taken any additional actions to regulate the much larger presence of campaigns seeking to fund unproven medical interventions on the platform. In this article, we make the ethical case for intervention by GoFundMe and other crowdfunding platforms. (shrink)

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