Although enterprise risk management (ERM) has many benefits for corporations, there has been virtually no discussion of the extent to which its practice may be said to constitute corporate social responsibility. This article presents a prima facie case for the convergence of the two and examines this case through a consideration of four possible objections or challenges. The conclusion of this article is a tempered optimism that ERM has the significant, but as yet untapped, potential to constitute socially responsible activity, (...) which, if realized, would enable Adam Smith's invisible hand of the marketplace to have an expanded sweep. (shrink)

In this paper I want to show that consumer concerns can be implemented in food chains by organizing ethical discussions of conflicting values that include them as participators. First, it is argued that there are several types of consumer concerns about food and agriculture that are multi-interpretable and often contradict each other or are at least difficult to reconcile without considerable loss. Second, these consumer concerns are inherently dynamic because they respond to difficult and complex societal and technological situations and (...) developments. For example, because of the rising concern with global warming, carbon dioxide absorption of crops is now attracting public attention, which means that new requirements are being proposed for the environmentally friendly production of crops. Third, there are different types of consumers, and their choices between conflicting values differ accordingly. Consumers use different weighing models and various types of information in making their food choices. Changing food chains more in accordance with consumer concerns should at least take into account the multi-interpretable, dynamic, and pluralist features of consumer concerns, for example, in traceability schemes. In discussing usual approaches such as codes, stakeholder analysis, and assurance schemes, I conclude that these traditional approaches can be helpful. However, in cases of dynamic, pluralistic, and uncertain developments, maintaining some pre-existing evaluating scheme or some clear cut normative hierarchy, such as codes or assurance schemes, can be disastrous in undermining new ethical desirable initiatives. Instead of considering ethical standards and targets as fixed, which is done with codes and schemes, it is more fruitful to emphasize the structure of the processes in which ethical weighing of relevant consumer concerns get shaped. The concept of “Ethical Room for Maneuver” (ERM) is constructed to specify the ethical desirable conditions under which identification and weighing of paramount values and their dilemmas can be processed. The main aims of the ERM are making room in all the links of the food chain for regulating and implementing the relevant consumer concerns by (1) balancing and negotiating, (2) supporting information systems that are relevant and communicative for various consumer groups and (3) organizing consumer involvement in the links of the food chain. The social and political context of agriculture and food production, particularly in Europe, gives ample opportunity for implementing several types of Ethical Rooms for Maneuver. Finally, I discuss several types of Ethical Rooms for Manoeuvre in the food chains that can be communicated by means of specific traceability schemes to less involved stakeholders with the potential consequence that the stakeholders will be motivated to be more involved. (shrink)

The Meno has traditionally been viewed as "one of Plato's earliest and most noteworthy forays into epistemology." In this dialogue, and in the course of a discussion between Socrates and his young interlocutor, Meno, about the nature of virtue and whether it can be taught, “Meno raises an epistemological question unprecedented in the Socratic dialogues.” This question - or rather, dilemma - has come to be known in the philosophical literature as Meno’s Paradox of Inquiry, due its apparently containing an (...) easy-to-detect equivocation of the word ‘know’. Immediately after the paradox, and in an apparent response to it, Socrates recounts a myth: a story told by priests and priestesses about the pre-natal existence and immortality of the soul. From this this myth, Socrates concocts the infamous theory of recollection – a theory according to which the soul has acquired knowledge of everything before it was born, while in a disincarnate state. According to the traditional reading of Meno’s paradox, this theory constitutes Plato’s response to it. The traditional reading has come under fire in recent years by advocates of the epistemological reading, who argue that the theory of recollection is not Plato’s intended response to the paradox. Instead, they suggest, Plato’s distinction between true belief and knowledge – which appears towards the end of the dialogue – is sufficient for solving the paradox; and as such, it ought to be read as Plato’s response to it. In this thesis, I argue against ERM’s claim that a mere epistemological distinction is all it takes to solve the paradox. To do so, I explore the metaphysics of change in Plato’s ontology. From this, I appeal to our everyday notion of ‘memory’ in order to show that Meno’s paradox, in fact, contains a hidden-premise, which when laid bare, reveals two distinct challenges contained within the argument: a superficial one, and a deeper one. I argue that although it appears at first blush as though the former could easily be dismissed as an equivocation, to which the epistemological distinction between belief and knowledge could provide an answer, the latter cannot. This is because the deeper challenge threatens the very preconditions of knowledge itself – that is to say, it renders cognition impossible – and, as such, it cancels out any effort to provide an epistemological response to the superficial challenge. Hence, unless the deeper-level challenge is satisfactorily disarmed, both challenges remain unanswered. I argue that although the major motivation for the theory of recollection in the Meno is indeed to provide an answer to scepticism about knowledge, nevertheless, it ought to be understood, first, as a theory of cognition – i.e. as a theory about the preconditions and atomic building blocks of knowledge – and not a theory of knowledge per se. This answer comes in the form of a radical theory of the mind and cognition – one that stands in stark opposition to our common-sense views about the mind: a view from which, Plato believed, the paradox arises. Drawing on recent debates between Nativists and Empiricists in the Cognitive Sciences, I argue that it was a great achievement of Plato’s to grasp that our common-sense view about the mind, and its concomitant process of learning, language acquisition and knowledge acquisition, might in fact be at the very root of scepticism about our ability to engage in meaningful philosophical practice, and our ability to acquire objective knowledge – especially, objective moral knowledge. The Meno’s paradox, then – so I contend - is not a puzzle whose solution rests upon merely pointing to an epistemological distinction between true belief and knowledge, as advocates of ERM have suggested. Rather, it is a puzzle about cognition. More precisely, it is a puzzle that targets the rudimentary cognitive stages of initial cognition and truth-recognition - one whose solution entails offering an account of the mind that would make these elementary cognitive processes possible. Accordingly, Plato’s theory of recollection in the Meno ought to be read as an attempt to map the structure of the mind, and as such, to provide an account of cognition. In doing so, he intended to put forward a view about the preconditions of knowledge – the sort of preconditions without which language acquisition and knowledge acquisition would simply not be possible. With this theory, Plato has the beginnings of an argument against the kind of relativism and scepticism prevalent at his time. As such, a correct interpretation of the so-called paradox of inquiry should approach it as a puzzle about mind and cognition – and not solely as an epistemological one, as it has previously been treated. (shrink)

Saturday night. 11pm. “Bingo,” he mumbles tiredly. The webpage glows blue in the nursery gloom. “Is it green like pesto or yellow like mustard?” he asks. “Erm, kind of a mixture,” she replies. “Normal!” he announces, triumphant. Then smiles. “Shall I close down Baby Poo: A Photo Gallery?” “We used to go clubbing,” she..

ABSTRACT: Although from the 2nd century BC to the 3rd AD the problems of determinism were discussed almost exclusively under the heading of fate, early Stoic determinism, as introduced by Zeno and elaborated by Chrysippus, was developed largely in Stoic writings on physics, independently of any specific "theory of fate ". Stoic determinism was firmly grounded in Stoic cosmology, and the Stoic notions of causes, as corporeal and responsible for both sustenance and change, and of effects as incorporeal and as (...) predicates, are indispensable for a full understanding of the theory. Stoic determinism was originally not presented as causal determinism, but with a strong teleological element, in the context of a theory of natural motions, which makes use of a distinction between a global and an inner-worldly perspective on events. However, Chrysippus also employed his conception of causality in order to explicate his determinism, and can be shown to have maintained a universal causal determinism in the modern sense of the erm. The teleological and mechanical elements of early Stoic determinism were brought together in Chrysippus' conception of fate, which places elements of rationality in every cause. (shrink)

After the disappointments of 1992, however a year that engendered a lot of expectations, it was not difficult for the European Union to perform better in 1993. But even then, the European Union has not been spared from serious difficulties. The economic recession raged through the old continent as never before and the stability and the survival of the ERM came under severe pressure. Only the last three months seemed to provide the first indications of a slow recovery. The Maastricht (...) Treaty came finally into force, monetary stability came back and the first signs of the end of the recession showed-up. In the light of the serious political and institutional burdens of the enlargement of1995, one can only hope that this recovery will continue further. (shrink)

This article on the evolution of economic and monetary policy in Belgium, which turned the "sick man of Europe" into one of the stronger European economies and allowed it to enter into EMU, stresses the role of the monetary authorities as a stabilising force in Belgium. It gives a detailed analysis of how these changes have allowed Belgium to regain the confidence of both monetary authorities and international investors after the devaluation of 1982. The policy responses to the oil shock (...) at the beginning of the seventies broke with the policy mix which had until then been practised. Both the wage formation process andf iscal policy clearly spiralled out of control, the chiefresult of which was a drastic loss in international competitiveness. As a consequence, the current account showed a large deficit, the traditional level at which public deficit had stood rose dramatically, unemployment exploded and the financial structure of most corporations became fragile.A drastic realignment of economic policy started with the devaluation of the Belgian franc in 1982. This devaluation was accompanied by a series of measures aimed at preventing the inflationary pressures from triggering further devaluations, and hence at restoring credibility. These measures included restrictive fiscal policies and real wage cuts. By 1987 this recovery policy had successfully restored Belgian competitiveness, reduced the government deficit and restored the balance ofpayments equilibrium. Although public policies became less restrictive during the period 1988-1993, the central bank continued to gain international credibility. Significant stepsin this process were the abolition of the dual exchange rate system, the decision to peg the Belgian franc to the most stable currency in the ERM and the reform of the money markets in Belgium. The latter in particular helped to increase the central bank's independence, since this reform implied total control by the central bank over short term interest rates, it reduced significantly the automatic credit lines of the fiscal authorities with the central bank and it stipulated that revaluations of gold reserves should no langer be used to finance government budget deficits. By 1992 international credibility had been restored to such a degree that the Belgian franc became a strong currency during the 1992 crisis, obliging the central bank to come to the rescue of the weaker currencies under attack in September 1992 with a speculative inflow of capital of about 200 billion BEF. However this restored credibility continued to be fragile, as became evident during the 1993 exchange rate crisis when the Belgian franc was vigorously attacked by international speculation.The insufficient alignment of public and monetary policies proved to be at the heart of the financial problems of the 1993 crises. The Belgian government relaunched its policies of budgetary restriction and wage moderation, brought together in what was called the 'Global Plan'. This realignment of public policies to monetary policy swiftly restored the credibility of the Belgian franc, so that as early as January 1994 the Belgian franc converged to its central parity with an interest differential vis-à-vis the German mark of only about 2 %. This differential declined progressively. Indeed the global plan restored the confidence of the investors in Belgian economic policy. Financial markets now fully believed in the entry of Belgium into EMU and from then on no major difficulties were to arise. (shrink)

Business activity can be analyzed through a ‘risk awareness’ perspective and a ‘responsibility awareness’ perspective. However, risk and responsibility are actually interdependent. Risk-taking triggers responsibility issues and taking responsibility means risking being asked critical questions. This article suggests some first steps for combining these two perspectives conceptually. After several introductory illustrations showing how risk and responsibility issues are intertwined, the article looks separately each at risk and at responsibility. Then the argument that such perspectives could be usefully combined is elaborated (...) further from a theoretical angle and from a practical angle, by looking at various ethical issues and by presenting paradigmatic examples of balancing or sharing risk and responsibility related to leadership, to ERM and to insurance. (shrink)

Recent neuroeconomic studies challenge the conventional economic logic of behavior. After an introduction to some starting points of brain research in ‘classical’ economics we discuss the final and contingent causes of rational and irrational behavior in neuroeconomics and standard economics and present the concept of expanded rationality models (ERM) which imports neuroeconomic elements like emotions, beliefs and neuroscientific constraints and exports improved testable predictions. The typical structure of neuroeconomic proof of economic models and the imprecise neuroscientific measurement let us suggest (...) a feed-back structure of economic research. We apply Hirshleifer’s conception of macro-/micro-technology and contrast it to the neuroeconomic black box critique on economic theory. Furthermore, instead of direct adjustment of preference structures we propose the auxiliary creation of neuroeconomic constraints like action-dependent or outcome-dependent neuroeconomic belief constraints (NBC) and emotion compatibility constraints (ECC). This prepares the ground for our examination of neuroeconomics and ERM as two different paths towards an analytical unification of behavioral sciences. (shrink)