In this article we reply to George Selgin’s counterarguments to our article “Fractional Reserve Free Banking: Some Quibbles”. Selgin regards holding cash as saving while we focus on the real savings necessary to maintain investment projects. Real savings are unconsumed real income. Variations in real savings are not [...].

Barnett and Block (J Bus Ethics 18(2):179–194, 2011 ) argue that one cannot distinguish between deposits and loans due to the continuum problem of maturities and because future goods do not exist—both essential characteristics that distinguish deposit from loan contracts. In a similar way but leading to opposite conclusions (Cachanosky, forthcoming) maintains that both maturity mismatching and fractional reserve banking are ethically justified as these contracts are equivalent. We argue herein that the economic and legal differences between genuine deposit and (...) loan contracts are clear. This implies different legal obligations for these contracts, a necessary step in assessing the ethics of both fractional reserve banking and maturity mismatching. While the former is economically, legally, and perhaps most importantly ethically problematic, there are no such troubles with the latter. (shrink)

Background: Compassion fatigue and professional quality of life are important in health and professional ethics. Aim: This study aimed to determine the relationship between compassion satisfaction, compassion fatigue, secondary traumatic stress, and moral injury in nurses. Research design: This research is a cross-sectional descriptive-analytical study. The research community of this research was all the nurses of the teaching hospitals of Ardabil city. Three questionnaires on demographic characteristics, the Professional Quality of Life Scale (ProQOL), and the Moral Injury Events Scale were (...) used to collect data. SPSS (version 22) software was used for data analysis. Participants and research context: The study recruited 297 nurses randomly selected from five teaching hospitals in Ardabil city. Ethical considerations: Ethical approval was obtained from the Ardabil University of Medical Sciences ethics committee (with the code of ethics IR.ARUMS.REC.1401.198). Informed consent was obtained from the participants. Results: The results showed that the mean compassion satisfaction score of this study’s participants was 37.61 ± 8.86, the mean compassion fatigue score of this study’s participants was 28.73 ± 7.04, and the mean secondary traumatic stress score of this study’s participants was 29.95 ± 7.84. The mean score of moral injury among nurses was 31.19 ± 8.54. The results showed a negative significant relationship between compassion satisfaction and moral injury ( p < 0.001). Also, there is a positive significant relationship between compassion fatigue and secondary traumatic stress with moral injury ( p < 0.001). Conclusion: The results of this study show a negative relationship between compassion satisfaction and moral injury. According to the results of the present study, nurse managers should implement educational interventions, create ethical processes, and clear ethical guidelines to reduce moral injury and increase compassion satisfaction. (shrink)

Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article, we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds, and callable loans. Securities lending in particular creates rights violations analogous to those in fractional-reserve (...) banking. Both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic, though we herein clarify what these obligations are. Finally, we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts, and that perceived parallels between the two products underestimate these differences. (shrink)

Barnett and Block (Journal of Business Ethics, 2009 ) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic Cycles, 2006 ). A combined legal and economic analysis shows that while lending deposits (...) can be regarded as illicit, the maturity mismatching of loans is legitimate contrary to Barnett and Block’s claim. No over-issuance of property rights is involved with this practice once the distinction between present and future goods is taken into account. However, while the practice is not illicit per se , it is greatly assisted and developed through the presence of a fractional reserve banking system, and can sometimes breed detrimental effects. (shrink)

How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The foundation of the (...) modern banking system – the holding of fractional reserves against deposits – is, however, problematic from economic, legal and ethical perspectives. Starting from a microanalysis of money's function, a reassessment of the current laws concerning the practice is encouraged, with the aim not only to rectify economic irregularities but also to realign depositors' rights with the obligations of the banking sector. (shrink)

How ethical have recent banking practices been? We answer this question via an economic analysis. We assess the two dominant practices of the modern banking system – fractional reserves and maturity transformation – by gauging the respective rights of the relevant parties. By distinguishing the legal and economic differences between deposit and loan contracts, we determine that the practice of maturity transformation (in its various guises) is not only ethical but also serves a positive social function. The foundation of the (...) modern banking system – the holding of fractional reserves against deposits – is, however, problematic from economic, legal and ethical perspectives. Starting from a microanalysis of money's function, a reassessment of the current laws concerning the practice is encouraged, with the aim not only to rectify economic irregularities but also to realign depositors' rights with the obligations of the banking sector. (shrink)

Hymenoplasty, practiced in societies wherein a woman's virginity signifies honour, is a controversial surgery raising a multitude of ethical issues. There is a dearth of research uncovering the views of physicians who perform hymenoplasty, especially in sexually conservative cultures, such as Iran. Interviews were conducted with five Iranian physicians who perform hymenoplasty to determine their ethical views on the surgery. The interview findings suggest that Iranian physicians risk punitive consequences if they are discovered to be offering hymenoplasty. However, some continue (...) to cautiously perform the procedure out of a moral obligation to protect the welfare of women seeking it, even if they are personally conflicted about the surgery. (shrink)

The financial crisis has led to new interest in the ethics of financial markets. In this article, we further the debate on the nature of banking contracts by showing that the fundamental subjective purposes of loan and deposit contracts are irreconcilable. Any resultant mixture of the two contracts is a legal aberration. We consider a mutual fund as an important and legitimate alternative to the common demand deposit to provide high liquidity and some yield without offering full availability of a (...) nominal sum. Besides being a close substitute for how many deposit accounts function today, the mutual fund has the additional benefit of satisfying all legal and ethical requirements. Loan and investment contracts allow for the “bank” to make use of their clients’ funds while the intents of money owners are clearly classified without running into legal or ethical problems. (shrink)

Science is critical and thrives on discourse. However, new challenges for science and academic freedom have arisen from an often-discussed cancel culture and an increasing demand for safe spaces, which are justified by their assumed protection against microaggressions. These phenomena can impede scientific progress and innovation by prohibiting certain thought processes and heterodox ideas that eventually result in new ideas, publications, statements, etc. In this paper, we use the approach of property rights ethics to shed light on these phenomena, especially (...) in academia. First, we argue that microaggressions must be generally tolerated according to property rights ethics as the starting point for discussion. Then, we analyze cancel culture and safe spaces in academia. To this end, we distinguish between two basic cases in the educational system. We show that cancel culture and safe spaces seem justifiable in a private education system but have no place in public, tax-funded universities from the perspective of property ethics. Our essay contributes, on the one hand, to the economic analysis of science and, on the other hand, to the ethical study of new phenomena in modern societies. (shrink)

The present study aimed at investigating the status of cheating on exams in the Iranian EFL context. One hundred thirty two university students were surveyed to this end. They were selected through convenient sampling. The results indicated that cheating is quite common among the Iranian language students. The most important reasons for this behavior were found to be “not being ready for the exam”, “difficulty of the exam”, “lack of time to study” and “careless and lenient instructors”. The study also (...) indicated that the most common methods of cheating are “talking to the adjacent individuals”, “copying from others' test papers”, and “using gestures to get the answers from others”. It was also found that the student’s field of study, academic level, and occupational status had a significant effect on cheating whereas gender and marital status had no effect in this regard. Furthermore, it became clear that field of study and occupational status had a significant effect on students’ attitude toward cheating whereas gender, academic level and marital status had no effect. Finally, the study indicated that age significantly correlated with cheating and attitude toward cheating. (shrink)

What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main conclusions. First, a financial contract similar (...) to a demand deposit cannot substitute for money. Second, full agreement to a financial contract does not create a perfect substitute for money unless it provides money’s two key characteristics: on demand and par value redemption. Finally, the demand for fractional-reserve demand deposits is fostered by an exogenous source and that demand for a good or service is not a sufficient condition to justify its legality or ethicality. (shrink)

The present study was an attempt to shed light on the status of plagiarism in the Iranian academic context. It tried to survey the EFL learners’ perceptions of and reasons for different types of plagiarism. To this end, 132 EFL learners from different Iranian universities took part in the study. The data were collected through using a questionnaire specifically designed to gather information on plagiarism. The results indicated that plagiarism is quite common in the Iranian EFL context as different types (...) of plagiarism are employed by the students. Many students were found not to have a negative attitude toward plagiarism. The results also indicated that gender, marital status and occupational status did not have a significant effect on plagiarism, whereas academic level, field of study, and age played a significant role in this regard. (shrink)

Background:Spiritual development is one of the most important aspects of socialization that has attracted the attention of researchers. It is needed to train nursing student and novice nurses to provide high-quality care for patients. There is ambiguity in the definition of spiritual development and its relations, especially in the eastern countries.Research objectives::To explore the concept of spiritual development in Iranian nurses.Research design:Qualitative content analysis approach. Data were gathered from semi-structured interviews. Participants and research context: The participants were 17 Iranian Muslim (...) nurses selected using a purposeful sampling. The place of interviews was on their choice.Ethical considerations:Based on the principles of the Helsinki declaration, the focus was on preserving the participants’ autonomy, confidentiality, and anonymity. The participants were told the study purposes and trends, and their rights were emphasized; they were then asked to sign written consent forms. Formal research approval was obtained from Kerman University of Medical Sciences. Ethical approval was granted by the University Ethics Committee before the study was conducted.Findings:Three themes for spiritual development were defined: obligation to religion, commitment to ethics, and commitment to law. From the results, factors such as connection to the limitless divine power, personal and society-oriented ethical codes, and commitment to the law are proposed.Discussion:There are some differences between these findings and previous study, especially in the relation of the spirituality, religion, and law. Some studies, mostly Iranian, support these findings partially.Conclusion:The results suggest that it is better to teach nursing education based on humanistic principles, ethics, and law to the new generation of nurses to improve community health and development. More studies are needed to examine the relation between these themes. (shrink)

Reviving the works of Persian Empire’s writers and grandees, both in terms of the newly discovered points in books and discourses and also including indications of their era’s social, political and cultural state, is highly essential and valuable; so much so that if no efforts are made on their correction and restoration, a vast part of this extremely rich cultural heritage will be buried among the manuscripts. It is incumbent on the scientific community to take steps, however brief, in order (...) to stimulate such precious works which in turn represent a cultural legacy.One of these works is Bayani Kermani’s Monsha’at, dated back to Iran’s Timurid and early Safavid period. Since he was a Timurid court clerk later becoming the Chancellor and has mentioned many important literary and political figures in his work, the correction of this book greatly contributes to the recognition the individuals and understanding the social culture and customs of the Timurid era.This paper briefly introduces Bayani, his works, and the remaining manuscripts of Monsha’at, hoping for it to be of some benefit. (shrink)

Background: Past research has highlighted the role of trauma in social adjustment problems, but little is known about the underlying process. This is a barrier to developing effective interventions for social adjustment of traumatized individuals. The present study addressed this research gap through a cognitive model.Methods: A total of 604 young adults from different backgrounds were assessed through self-report questionnaires. The data were analyzed through path analysis and multivariate analysis of variance. Two path analyses were conducted separately for migrant and (...) Australian groups.Results: Analyses indicated that cognitive avoidance and social problem solving can significantly mediate the relation between trauma and social adjustment. According to the model, reacting to trauma by cognitive avoidance can disturb the cognitive capacities that are required for social problem solving. Consequently, a lack of effective social problem solving significantly hinders social adjustment. There were no significant differences among the Australian, non-refugee immigrant and refugee participants on the dependent variables. Moreover, the hypothesized links between the variables was confirmed similarly for both migrant and Australian groups.Conclusion: The findings have important implications for interventions targeting the social adjustment of young individuals. We assert that overlooking the processes identified in this study, can hinder the improvement of social adjustment in young adults with a history of trauma. Recommendations for future research and practice are discussed. (shrink)

Jim Jarmusch's Dead Man is a modern myth. Like many ancient myths it seems to have the structure of a rite of passage analysed by van Gennep into three stages: separation, marginal existence and reintegration. Separation is precipitated by a traumatic event and the marginal state is characterized by extraordinary experiences and feats. However, Jarmusch's tale does not quite fit the ancient initiation pattern since the last stage, reintegration, is at least prima facie missing. This already undermines the social function (...) of initiation and warps the significance of the myth. The modern town of ?Machine?, where the marginal existence of Blake is sealed, looms in the background of the story of his final journey to the world of spirits whence he had come. But Blake cannot quite embrace the story in which he plays the protagonist. The story is cobbled together by the Native American called ?Nobody.? Blake sceptically resigns himself to his fate. Why does Blake do this? Jarmusch manipulates the generic structure of the initiation tale in order to say something culturally significant about the possibility of living a meaningful life in a world dominated by the machine. In other words, he tells a modern myth. What does his tale say? (shrink)

This article discusses the politics of local Sufi group in Indonesia, the Shiddiqiyyah. It addresses the locality of Shiddiqiyah tarekat and its politics during New Order Indonesia and following the fall of the regime. It is argued that the Shiddiqiyah, a local tarekat with its roots in East Java and later successfully welcomes national reputation, is an example of a tarekat that utilizes nationalistic slogan to expand its influence as well as to protect the tarekat from heretic accusation. Through a (...) series of intensive fieldwork, the article argues that the Shiddiqiyyah has successfully maintained ideological patronage to the New Order Indonesia through nationalistic slogan which has been a core value of the group. The doctrine of nationalism has been translated in Sufi and Javanese idioms and become fundamental doctrine of the Shiddiqiyyah. (shrink)

Anthropology in psychology under the title of "personality theories" has been able to be effective in the field of behavioral studies and interpersonal relationships. The need to explain and analyze the true nature of man in the field of "being" - contrary to psychological personality theories that generally identify human nature in the field of "appearance" - caused this article based on Sadra's anthropological opinions and view According to Allport's trait theory, which is one of the pioneers of the trait (...) approach, it should be organized by descriptive-analytical method. The individualistic approach based on traits is the main feature of Allport's and Mulla Sadra's personality theory. The foundation of personality in both theories is based on the most profound characteristics of person; However, in the analysis of Mulla Sadra's philosophical texts, the quality of the appearance of these traits and why they influence the structure of personality and, accordingly, human behavior, have been explained. "Self" or ego, contrary to its abstract concept in Alport's view, is a real and existential thing in Sadrai's system. The dynamism and unity of Alporti's personality can be rationally explained by the rule of "unity of the known and the known" and "intrinsic volitional movement". (shrink)

Peter Sloterdijk maintains that modern institutions and their fundamental ethos, namely self-discipline, training and the orientation to achievement, can be traced back to spiritual self-mastery and ancient ascetic models, exemplified in Christian monastic life. This article examines the bases of this claim and argues that Sloterdijk’s theory empties ascetic formations of their concrete content and removes them from their historical context. The ambition to derive the main features of modern society from a single matrix necessarily produces abstractions and self-serving definitions (...) with very little explanatory value. (shrink)

In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans as we clarify our position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. As a result, (...) it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?”. (shrink)

Background:Despite the growing importance of spiritual care, the delivery of spiritual care is still an area of disagreement among healthcare providers.Objective:To develop a grounded theory about spiritual care delivery based on Iranian nurses’ perceptions and experiences.A grounded theory approach:A qualitative study using the grounded theory approach.Participants and research context:Data were collected through holding 27 interviews with 25 participants. The study setting was the Imam Khomeini Hospital Complex. Sampling was started purposively and continued theoretically. Data analysis was performed by the method (...) proposed by Strauss and Corbin.Ethical consideration:The study was approved by the Ethics Committee of Tarbiat Modares University and the agreement of the administrators of the study setting was got before starting the study.Results:The core category of the study was “Trust building” which reflected the nature of spiritual care delivery by nurses. Trust building was the result of eight main categories or strategies including creating a positive mentality at hospital admission, understanding patients in care circumstances, having a caring presence, adhering to care ethics, developing meaningful relationships, promoting positive thinking and energy, establishing effective communication with patients, and attempting to create a safe therapeutic environment. Poor interprofessional coordination negatively affected this process while living toward developing greater cognizance of divinity and adhering to the principles of professional ethics facilitated it. The outcome of the process was to gain a sense of partial psychological security.Conclusion:The “Trust building” theory can be used as a guide for describing and expanding nurses’ roles in spiritual care delivery, developing care documentation systems and clinical guidelines, and planning educational programs for nursing students and staff nurses. (shrink)

This qualitative study describes ethical challenges faced by Iranian nurses in the process of pain management in surgical units. To address this issue, semistructured interviews were conducted with 26 nurses working in surgery units in three large university hospitals in Tehran. An analysis of the transcripts revealed three main categories: institutional limitations; nurses' proximity to and involvement with pain and suffering; and nurses' fallibility. Specific themes identified within the categories were: insufficient resources, medical hierarchy; difficulties with believing patients' complaints regarding (...) pain and suffering; and experiencing the consequences of poor judgments. Our findings lead us to conclude that, as nurses are much closer to patients' pain and suffering than other health professionals, being aware of their ethical problems, and being able to reflect on them and discuss and learn from them, will reduce the burden of the ethical challenges faced. The findings will help nurses in other countries to devise suitable ways to reduce the ethical burdens they bear in their daily practice. (shrink)

It is questionable whether counterfeiting in many areas of life contributes to unethical behavior to a wider extent. If the notion is supported by data, then the moral damage in a society could be prevented by reducing the counterfeit self and behavior to a bare minimum. This study aimed at empirically testing the measurement model of counterfeit self of Wood et al. (2008) among Indonesians as well as theoretically reviewing counterfeit self roles in unethical behavior. The participants of this study (...) were 1,655 high school students (764 males, 891 females; Mage = 15.76 years old; SDage = 1.08 years) recruited through a purposive sampling technique in North Sumatera and West Kalimantan, Indonesia. The data analysis technique used was Confirmatory Factor Analysis. The results showed that the counterfeit self model--comprised of counterfeit self dimensions, namely Self-alienation (ALIEN), Inauthentic Living (LIVE), and Accepting External Influence (EXT)--was supported by the empirical data. However, the dimension of EXT could not be represented by its indicators. The study contributed to the psychological body of knowledge that the EXT dimension might need to be excluded from the measurement of counterfeit self on teenagers, especially in Indonesia and other Eastern countries. (shrink)

Commentators believe that the COVID-19 pandemic reveals the inconveniences of capitalism and that the end of “neoliberalism” could be near. In this article we show that a capitalist ethics is capable to deal with the challenges of pandemics and comes with important advantages such as the prevention of overreactions. We apply both utilitarian and rights-based ethics to the case of epidemics in general and COVID-19 in particular. First a libertarian natural law ethics is used to assess the government interventions in (...) the Corona pandemic. We maintain that these interventions cannot be justified from a libertarian point of view despite of the possible objections that are discussed such as the “potential threat argument”. Moreover, the utilitarian argument in favor of government lockdowns is evaluated. The negative effects of lockdown on mental health, addictions, domestic violence, etc. have to be taken into account. The utilitarian argument in favor of lockdown is far from convincing, as economic calculation is not possible. (shrink)

Barnett and Block claim that Bagus and Howden support indirectly the concept of market failure. In this paper, we show that maturity mismatching in an unhampered market may imply entrepreneurial error but cannot be considered a market failure. We demonstrate why fractional-reserve banking leads to business cycles even if there is no central bank and why maturity mismatching does not per se lead to clusters of errors in a free market. Finally, in contrast to the examples provided by Barnett (...) and Block, we assure that maturity mismatching does not imply the creation of two incompatible contracts due to the fungible nature of money. (shrink)

In Bioethics and Secular Humanism: The Search for a Common Morality, Tristram Engelhardt examines various possibilities of finding common ground for moral discourse among people from different traditions and concludes their futility. In this paper I will argue that many of the assumptions on which Engelhardt bases his conclusion about the impossibility of a content-full secular bioethics are problematic. By starting with the notion of moral strangers, there is no possibility, by definition, for a content-full moral discourse among moral strangers. (...) It means that there is circularity in starting the inquiry with a definition of moral strangers, which implies that they do not share enough moral background or commitment to an authority to allow for reaching a moral agreement, and concluding that content-full morality is impossible among moral strangers. I argue that assuming traditions as solid and immutable structures that insulate people across their boundaries is problematic. Another questionable assumption in Engelhardt’s work is the idea that religious and philosophical traditions provide content-full moralities. As the cardinal assumption in Engelhardt’s review of the various alternatives for a content-full moral discourse among moral strangers, I analyze his foundationalist account of moral reasoning and knowledge and indicate the possibility of other ways of moral knowledge, besides the foundationalist one. Then, I examine Engelhardt’s view concerning the futility of attempts at justifying a content-full secular bioethics, and indicate how the assumptions have shaped Engelhardt’s critique of the alternatives for the possibility of content-full secular bioethics. (shrink)

Bioethics mediation is increasingly used as a method in clinical ethics cases. My goal in this paper is to examine the implicit theoretical assumptions of the bioethics mediation method developed by Dubler and Liebman. According to them, the distinguishing feature of bioethics mediation is that the method is useful in most cases of clinical ethics in which conflict is the main issue, which implies that there is either no real ethical issue or if there were, they are not the key (...) to finding a resolution. I question the tacit assumption of non-normativity of the mediation method in bioethics by examining the various senses in which bioethics mediation might be non-normative or neutral. The major normative assumption of the mediation method is the existence of common morality. In addition, the four-principle formulation of the theory articulated by Beauchamp and Childress implicitly provides the normative content for the method. Full acknowledgement of the theoretical and normative assumptions of bioethics mediation helps clinical ethicists better understand the nature of their job. In addition, the need for a robust philosophical background even in what appears to be a purely practical method of mediation cannot be overemphasized. Acknowledgement of the normative nature of bioethics mediation method necessitates a more critical attitude of the bioethics mediators towards the norms they usually take for granted uncritically as valid. (shrink)

Regarding the exhaustive discussions of the fundamentality of existence versus the fundamentality of quiddity, it is a necessary preliminary to examine and analyze the first documented statement of the fundamentality of existence. Following this, we must inquire how the concept is obtained on the basis of which such a judgment could be formed. Then we must illuminate the meaning of propositions that state only that an object is or exists (ontological propositions). Finally, by explaining the meaning of the words “quiddity” (...) and “existence” and comparing them, indications are found of confusion between epistemological and ontological issues. (shrink)

There is an assumption in virtue epistemology that epistemic virtues are the same in different times and places. In this paper, however, I examine this assumption in the practice of medicine as a paradigm example. I identify two different paradigms of medical practice, one before and the other after the rise of bioethics in 1960s. I discuss the socially defined role and function of physicians and the epistemic goals of medical practice in these two periods to see how these elements (...) affect the necessary epistemic virtues for physicians. I conclude that epistemic virtues of medical practice differ in these two periods according to the differing epistemic goals and the socially defined function of physicians. In the end, I respond to the possible objections to my thesis based on the distinction between skill and virtue. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications (...) arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications (...) arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)

The growing importance of the cryptocurrency phenomenon has raised concerns about the ethical implications of a hypothetical widespread use of these new forms of digital money. In this paper, we undertake an ethical assessment of cryptocurrencies drawing upon two specific ethical theories: private property ethics and utilitarianism. Particularly, we focus on three distinctive aspects. First, we examine the advantages and disadvantages of cryptocurrencies vis‐à‐vis central bank fiat money. Second, we analyze cryptocurrencies as facilitators of tax evasion and the ethical implications (...) arising therefrom. Finally, we explore the use of cryptocurrencies for nefarious consumption. We conclude that, were cryptocurrencies to become widespread media of exchange, governments capacity to undertake monetary, fiscal, and drug policy would be undermined. We argue that this would be an ethically desirable outcome from both a private‐property‐rights and a utilitarian perspective since it would force governments to reduce their size and scope in these three areas. (shrink)