Individuals and businesses make numerous payments every day. They sometimes have choices about what forms of payment to make or accept, and at other times are effectively forced to use a particular form. Often there is an asymmetric power relationship between payer and payee that raises the issue of whether one side unfairly exploits the other. Is it unethical exploitation for an employer to pay employees with a fee-laden payroll card over other more convenient forms of payment? Does the fee (...) structure of payment networks such as Visa and MasterCard unfairly exploit merchants? The bitcoin payment system is an ethical as well as technological evolution as it was designed to be an electronic payment system that does not rely upon trust. Can an entire payment system like bitcoin be “evil,” as charged by Krugman? Payment tools as such are ethically neutral, but can be used in an ethical or unethical manner. (shrink)

Recently there has been an outpouring of consumer frustration over rising food and energy prices. Many politicians railed against “speculators” who allegedly drove up the prices of key necessities. Is speculation unethical? This article reviews the traditional arguments against speculation. Many of the standard criticisms confuse speculation with gambling. In much the same way as ethicists now draw distinctions between usury and normal business interest, we draw a distinction between socially useful speculation and gambling. Gambling involves taking on risk with (...) no plausible expectation of making a profit. Gambling may provide entertainment value to some people, but like other addictive activities causes grave harm to a subset of users. Speculation involves taking on a business risk with a plausible expectation that a profit will result. Speculators provide an important risk bearing service by taking on risks that others do not want. They help markets to function better by helping to incorporate information into prices as well as providing liquidity. Speculators may actually reduce shortages by causing quicker price increases that motivate producers to increase production and consumers to conserve. But even socially useful speculation may have an ethical dark side. Does such speculation cause damage by adding excess volatility to prices? Speculators may contribute to price bubbles. At what point does legitimate speculation become odious “price gouging?” We also draw an ethical distinction between speculation, which seeks to benefit from changing prices, and manipulation, actions taken to push prices away from their economically appropriate levels. (shrink)

This paper examines the ethics of contemporary managerial compensation in the context of executive stock options. Economic considerations would dictate that executive stock options should be adjusted to eliminate the effect of overall stock market movements which are beyond the control of the executive. However, in practice, most executive stock options are not adjusted to control for these outside factors. Agency considerations are the most likely culprit. Adjusting for the influence of outside factors, such as a generally rising stock market, (...) from executive stock options sets a higher bar for managers to reach. Furthermore, traditional accounting standards permitted firms that did not adjust options to avoid reporting options as expenses. This presents CEOs and boards of directors with a major ethical dilemma. On the one hand, their duty to their shareholders and stakeholders dictates that executive stock options should be adjusted to eliminate outside noise from unrelated movements in the overall stock market. However, financial statements are presented in the language of accounting. If the overwhelming majority of the users of a language define a particular item in one way, then to deviate from the norm implies that the recipient of such a deviant statement may not properly interpret the statement. Likewise, if the standard practice is for firms to use unadjusted options and thus under-report expenses, to deviate from this industry norm risks that users of financial statements would not properly interpret the financial statements, with perhaps negative consequences for the shareholders. In short, if "everyone else does it," then it could be wrong for an individual firm to deviate from the norm as that would harm the shareholders. (shrink)

The controversy over short selling has continued unabated from the introduction of modern equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics literature has not really addressed short selling. Short sellers not only profit from the misery of others, they also create it through their selling activities. However, they also provide a socially useful service by making prices better reflect true values, protecting other investors from purchasing overpriced securities. Short sellers can also help to provide (...) liquidity in the markets. Recently, there has been a hue and cry against so called "naked" short selling, which involves not delivering the shares that have been sold. This gives manipulators a tool for depressing stock prices and deprives purchasers of voting rights and potential stock lending revenue. Naked short selling creates ethical issues for short sellers, buyers, brokers, market makers, and regulators. Is it ethical to exploit a legal loophole that permits sellers to sell stock and delay delivering shares indefinitely? (shrink)

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in (...) which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness. (shrink)

What are the ethical obligations of the sellers of financial products to their customers? Stockbrokers in the U.S. have a legal and ethical requirement to recommend only “suitable” investments to their customers. This is a fairly weak standard. Currently, there are proposals to raise the standard to a fiduciary one in which the recommendations would have to be in the best interests of the clients. Brokers sell solutions to financial problems. Similar to an auto mechanic or a doctor, the product (...) often consists of both the professional advice and its implementation. There are numerous conflicts of interest between brokerage firms and their customers in that the products that pay the highest commissions may not be the best ones for the customers. The societal perspective adds complications, however. Society depends on modern financial markets to raise capital for productive enterprises and to spread risk. Issuers of financial products need distribution channels for their products just like the producers of any other products. Commissions create powerful incentives for the distribution channels, but at the same time produce conflicts of interest—a type of ethical pollution. Just as our society tolerates some pollution as a byproduct of other useful activities, it may be useful to tolerate some of these financial conflicts of interest. The nature of the relationship should govern the ethical standard. Those selling advice, regardless of how they label themselves, should adhere to a best-interest fiduciary standard. More limited relationships should be limited to the mandate involved in the relationship. (shrink)

Nowadays in certain scientific gatherings the mention of the Name of God seems to produce a feeling of tension and hostility among the audience, and it is as if something extraneous and unscientific had been introduced. Hence it is heartening to see a scientist of the stature of Professor Coulson effectively taking up the cudgels on the side of the angels.

In lieu of an abstract, here is a brief excerpt of the content:Buddhist-Christian Studies 22.1 (2002) 251-254 [Access article in PDF] James Fredericks Interview The 2002 winner of the Frederick J.Streng Book Award is James Fredericks, professor ofTheological Studies at Loyola Marymount University in Los Angeles, California. Professor Fredericks received the award for his book, Faith Among Faiths: Christian Theology and the Non-Christian Religions, published by Paulist Press (New York) in 2001. Buddhist-Christian Studies asked James about his (...) writing of the volume.Buddhist-Christian Studies: Why did you write Faith Among Faiths?James Fredericks: I wanted to help Christians think about the problems that the "pluralist" view of religious diversity poses for inter-religious dialogue.How does the book do that?By making a sustained criticism of the claim that religions are differing interpretations of the same transcendent "Reality." This notion is a problem for a religion of revelation, like Christianity, but also for a religion like Buddhism that has a sophisticated critique of metaphysics. Pluralist thinkers impose a meta-religious grand narrative on all the religions and demand that the religions conform to this grand narrative in the name of "tolerance."This kind of thinking has roots in the European Enlightenment and has affinities with some strands of Hindu thought, especially the "neo-Hindu" thinkers. I do not think that this approach fosters dialogue in depth. If Buddhism and Christianity are varying interpretations of the same ultimate "Reality," then what does Buddhism have to teach Christians that is of genuine theological importance? The obvious differences that distinguish Buddhism from Christianity are of little theological interest to Christians because they are of no soteriological consequence. The pluralist approach is a dead end for dialogue.And the way forward?What I call "comparative theology." I think of this as an alternative to what Christians call the "theology of religions."What's the difference?Theologies of religion interpret the meaning of other religious traditions from within the perspective of Christian tradition. Karl Rahner's theology of the anonymous Christian and Karl Barth's rejection of all religions as "unbelief" are both examples of a theology of religion. John Hick's pluralist model of religions is also a kind of theology of religions. This entire project has reached an impasse within Christianity. As an alternative, I propose that Christians recognize that Buddhism and Christianity [End Page 251] are linked by some significant similarities and distinguished from each other by significant differences.How does that break the impasse?Christians have something of genuine value to learn by entering humbly into dialogue with Buddhists. By taking differences seriously, dialogue becomes a way for Christians to do their own theology collaboratively with Buddhists. In the medieval period, Christians did theology in dialogue with Aristotle and Plato. Today, I want Christians to do theology in dialogue with Nagarjuna and Dogen. Therefore doing theology comparatively is to step beyond the notion of a theology of religions. Comparative theology does not begin with the assumption that Buddhism is a relatively obscured form of the same truth Christians affirm (Rahner) or that Buddhism and Christianity are relatively equal expressions of a truth that transcends them both (Hick). The purpose of dialogue is not to show how we are all really trying to say the same thing. ForChristians, at least, dialogue with Buddhists is a genuinely demanding way of doing theology.Any other reasons for the book?Yes. To promote friendships among Buddhists and Christians. These "inter-religious friendships" are a good way for Christians to practice their faith. My own friendships with Buddhists, both here in the USA and in Asia, are central to my spirituality and my work as a theologian. In a sense, I have never been in dialogue with "Buddhism." All my dialogues have been with actual Buddhists, with all their personal strengths and weaknesses, successes and failures. I am happy to say that, over the years, I have had some skillful teachers who have taught me not only the Dharma, but also taught me new ways to think about Christianity.Was it a difficult book to write?My book was written after years of dialogue with Buddhists and much research and... (shrink)

Kant's Religion within the Boundaries of Mere Reason is one of the great modern examinations of religion's meaning, function and impact on human affairs. In this volume, the first complete English-language commentary on the work, James J. DiCenso explains the historical context in which the book appeared, including the importance of Kant's conflict with state censorship. He shows how the Religion addresses crucial Kantian themes such as the relationship between freedom and morality, the human propensity to evil, the status (...) of historical traditions in relation to ethical principles, and the interface between individual ethics and social institutions. The major arguments are clearly and precisely explained, and the themes are highlighted and located within Kant's mature critical philosophy, especially his ethics. The commentary will be valuable for all who are interested in the continuing relevance of religion for contemporary inquiries into ethics, public institutions and religious traditions. (shrink)

This volume -- a companion to Thomas Reid: Selected Philosophical Writings (2012) -- makes available material from Thomas Reid's autograph manuscripts and student notes of his lectures. It includes an introductory essay by Nicholas Wolterstorff.

This is a book about how we see: the environment around us (its surfaces, their layout, and their colors and textures); where we are in the environment; whether or not we are moving and, if we are, where we are going; what things are good for; how to do things (to thread a needle or drive an automobile); or why things look as they do.The basic assumption is that vision depends on the eye which is connected to the brain. The (...) author suggests that natural vision depends on the eyes in the head on a body supported by the ground, the brain being only the central organ of a complete visual system. When no constraints are put on the visual system, people look around, walk up to something interesting and move around it so as to see it from all sides, and go from one vista to another. That is natural vision—and what this book is about. (shrink)

The alleged threats to human nature are at the root of many concerns about the use of nanotechnology to extend human health and capabilities. Bu the concept of human nature is illusory, selectively deployed, and does not impose any ethical constraint on human enhancement. Human nature is not only a meaningless concept, a product of our imperfect human cognition and a relic of the idea of a "soul," but, as it is deployed today against human enhancement technologies, it is also (...) a morally offensive, racist concept. The "human-racists" who deploy the concept of human nature are more inclusive than their forebears, but the make the same mistake of tying citizenship and value to biology. By setting aside the concept of human nature, we can affirm the value of the myriad aspects of human existence that we wish to preserve and extend using human enhancement technologies, including whatever genetic capacities and limits we may discover. Human enhancement technologies, such as those that may be enabled by nanotechnology and genetic engineering, enable us to define a new and more dynamic set of human capabilities, and to better achieve many moral virtues, regardless of whether they are part of "human nature" or not. (shrink)

In 2000 Bill Joy proposed that the best way to prevent technological apocalypse was to "relinquish" emerging bio-, info- and nanotechnologies. His essay introduced many watchdog groups to the dangers that futurists had been warning of for decades. One such group, ETC, has called for a moratorium on all nanotechnological research until all safety issues can be investigated and social impacts ameliorated. In this essay I discuss the differences and similarities of regulating bio- and nanotechnological innovation to the efforts to (...) regulate nuclear and biological weapons of mass destruction. I then suggest the creation of a global technology regulatory regime to ensure the safe and equitable diffusion of genetic, molecular and information technologies, and point out the principal political obstacles to implementing such a regime. (shrink)

The term “biopolitics” has four distinct but overlapping meanings in modern scholarship. According to Lemke’s history of the term (Lemke 2011), political scientists used “biopolitics” in a variety of ways as early as the 1920s, and the Third Reich used it to describe their eugenic plans. But the term really found common usage first among 1960s political scientists interested in the relationship of evolutionary biology and politics (Caldwell 1964). Forming the Association for Politics and the Life Sciences (APLS) in 1981, (...) they defined “biopolitics” as any investigation of the effect of biology on politics, from the primate origins of hierarchy, to infectious disease impacts on warfare, to the influence of the health of leaders on their decision making (Somit and Peterson 1998). (shrink)

A woman's right to know the contents of her own body, and to make a choice about whether to continue her pregnancy or not, should be defended against laws trying to stop prenatal sex selection, either in the developing world or in the developed world. Restrictions on women's reproductive freedom harm the interests of women and girls, and ignore myriad social policy solutions, such as education and income incentives to have girls and universal old age pensions, that provide better answers (...) to the strains of unbalanced sex ratios. The opponents of sex selection trumpet all accounts of increased discrimination against women resulting from unequal sex ratios while ignoring growing evidence of positive cultural change and women's empowerment fromwomen's enhanced marriage prospects. Opponents of sex selection reify a conservative heteronormative model of sexuality, gender roles and family structure, while arguing that unmarried men are social time bombs who can only be controlled by a wife. Eventually the social policy dilemma around sex selection will presumably be made moot since would-be parents will be able to use pre-conceptive technology to determine a conceptus's gender without abortion or in-vitro fertilization. But until the sex selection argument unravels before technological innovation, women's rights to control their bodies must be defended against laws banning - or requiring - prenatal ultrasound and abortion. (shrink)

Both the psychology of perception and the philosophy of perception seem to show a new face when the process is considered at its own level, distinct from that of sensation. Unfamiliar conceptions in physics, anatomy, physiology, psychology, and phenomenology are required to clarify the separation and make it plausible. But there have been so many dead ends in the effort to solve the theoretical problems of perception that radical proposals may now be acceptable. Scientists are often more conservative than philosophers (...) of science. I end, therefore, as I began, with a plea for help. (shrink)

We are likely to have immersive virtual reality and ubiquitous augmented reality in the coming decades. At least some people will use extended reality or “the metaverse” to work, play and shop. In order to achieve the best possible versions of this virtual future, however, we will need to learn from three decades of regulating the Internet. The new virtual world cannot consist of walled corporate fiefdoms ruled only by profitmaximization. The interests of workers, consumers and citizens in virtuality require (...) proactive legislation and oversight. -/- This white paper first addresses the central question the metaverse poses, whether virtual life is inherently more alienating and less authentic than face-to-face life experiences. This question is both a philosophical question about the nature of the good life and an empirical question about the accumulating evidence about the impacts of the digital on subjective well-being. -/- . (shrink)

This authoritative volume provides a comprehensive road map of the important and rapidly growing field of emotion regulation.

In September of 2008, the Congregation for the Doctrine of the Faith published Dignitas Personae, which addresses several newly emerging topics in thearea of biomedical ethics. One of these topics is genetic engineering, which we can define as the intentional manipulation of genetic material so as to produce some desired trait or characteristic. Genetic engineering is discussed in Dignitas Personae, but is done so relatively briefly. In this paper, I explore some of the metaphysical and ethical questions that are key (...) in assessing the morality of this practice by examining other Church documents as well as philosophical literature. Ultimately, I will argue that aside from some instrumental restrictions, questions about the moral permissibility of genetic engineering, the distinction between therapy and enhancement, and what it means to be human are not as easily answered from a Catholic perspective as one might think. (shrink)

Speakers often do not state requests directly but employ innuendos such as Would you like to see my etchings? Though such indirectness seems puzzlingly inefficient, it can be explained by a theory of the strategic speaker, who seeks plausible deniability when he or she is uncertain of whether the hearer is cooperative or antagonistic. A paradigm case is bribing a policeman who may be corrupt or honest: A veiled bribe may be accepted by the former and ignored by the latter. (...) Everyday social interactions can have a similar payoff structure (with emotional rather than legal penalties) whenever a request is implicitly forbidden by the relational model holding between speaker and hearer (e.g., bribing an honest maitre d’, where the reciprocity of the bribe clashes with his authority). Even when a hearer’s willingness is known, indirect speech offers higher-order plausible deniability by preempting certainty, gossip, and common knowledge of the request. In supporting experiments, participants judged the intentions and reactions of characters in scenarios that involved fraught requests varying in politeness and directness. (shrink)