There has recently been much debate about the idea of levying a tax on particular transactions on international financial markets. Economists have argued about how much revenue such an international financial transaction tax would raise and they disagree about what effects it would have on trade volumes, financial stability, and overall growth. Politicians have argued about the feasibility of introducing such a tax internationally and they disagree on its adequacy as a policy response to the (...) current financial and economic crisis. This article contributes to the debate about international financial transaction taxation by bringing the perspective of political philosophy to bear on the politicians’ and economists’ arguments about policy. I shall outline a framework for thinking about justice in finance, and defend the idea of an international financial transaction tax as an instrument for making the international financial system more just. (shrink)

The paper describes the main features of financial stability and the preparation of the reform of the global financial system. The mortgage crisis in the USA brought about the global financial crisis. This crisis was the result of the failure of financial regulation, including supervision, and the failure of the management of the banking industry. Therefore, the international community, including Group 20, urged the appropriate institutions to introduce a comprehensive reform of the financial (...) sector. To avoid a potential financial crisis, the creation of the framework for financial stability would be needed. In line with this, the paper examines the interaction between both monetary and fiscal policies, including micro-and macroprudential policies and their instruments. Although still is going on discussion on definition of macroprudential policy, there is a generally accepted opinion that macroprudential policy should limit systemic risk. In addition, this policy should focus on interaction between the financial system and the real economy. Furthermore, micro- andmacroprudential policy should use appropriate instruments in dealing with the systemic risk. In this regard, the article undescores that put in a place the frameworkfor financial stability will create favorable conditions for decision-makers how they should to respond to financial imbalances. The paper also pointed out some potential economic costs related to the implementation of the overall international reform of the financial sector. Based on comprehensive literature study, the author came to the conclusion that despite the fact that there will be some economic costs related to implementing the overall regulatory reform of the financial sector, the main benefit from the long-term perspective will be avoiding the potential financial crisis in the future. To fulfill all the requirements for global financial reform, international cooperation will be needed. (shrink)

The early twenty-first century will be remembered as a time of constant crisis. These crises have created repeated global states of emergency, revealing gaps, and inadequacies in social protection systems worldwide. Alongside these crises, and as a response to them, social protection has grown into a paradigm of global governance. This development is also noticeable in the practices of the World Bank and the International Monetary Fund. At the heart of all social protection policies is the protection of vulnerable (...) groups. Crises create new vulnerabilities and deteriorate the situation of those already vulnerable. The article explores the social protection endorsement of the World Bank and the International Monetary Fund through the financial crisis and the COVID-19 pandemic. It shows how crises have fueled their social protection endorsement, making protection of vulnerable groups a central outspoken policy preference. The article asks whether the policies adopted in response to the pandemic confirm their social protection commitment and what challenges remain. (shrink)

Households and banks have increasingly displaced non-financial businesses and governments as the primary debtors in modern capitalist economies, resulting in more severe economic cycles, increased inequality, and external macroeconomic imbalances. Yet while the trend is nearly universal among developed economies, its intensity varies a great deal from country to country. This article highlights the common international causes behind the global expansion of household and financial sector debt; the divergent national approaches to household credit that cause household and (...) financial sector indebtedness to vary from country to country; and the likely causes of these disparate approaches. National approaches to interest rate restrictions, property transfer taxation, high loan-to-value mortgages, mortgage interest taxation, and secondary markets for consumer debt can either encourage or mitigate household and financial sector borrowing. Whether a country encourages or mitigates such credit is determined by an idiosyncratic mix of institutional, political, and ideational factors. Especially important are the size of domestic pension funds, banks’ preferred business models, the political power of financial firms, and whether policymakers are more sensitive to the gains promised by a credit-fueled expansion or to the risks posed by an overleveraged collapse. (shrink)

In this paper the co-responsibility of the North for the development of the South, the chance of an authentic developmentand Rawls’s maximin rule are indicated as the ethical perspectives from which the financial integration of developing countries will beevaluated. It follows a brief economic analysis of possible problems of high inflows of portfolio investments for developing countries. They become more vulnerable to financial and monetary crises and their domestic banking systems are weakened by a higher risk of devaluation. (...) This will lead to an outline of the goals for reshaping the financial integration: among others limitation of capital inflows,strengthening of the domestic banking system and further development of the country’s particular economic style. Finally someregulations of external financial relations and the proposal of a cooperative monetary arrangement between the South and the Northare discussed as possible measures to improve this integration. (shrink)

Both healthcare professionals and the healthcare system must defend each patient's health individually while simultaneously seeking to protect the population's health in general. Nowadays, there is an important increase in the cost of healthcare supply, mainly due to the developments of medical science, the public's expectations and the demographic ageing. Since healthcare resources are not unlimited, it is obvious that immoderate consumption of them by certain patients limits the use of the same funds by others. Therefore, we have to (...) seek an optimal distribution of the existing resources in order to manage a constriction of expenses, especially under the circumstances of the modern economic crisis. The criteria of effectiveness and efficiency should be used. Health policies focus on both the public's behaviour and the rules of medical practice. Under the modern challenges the physician's role is particularly important for the protection of the patient's health and the promotion of public health. (shrink)

This book constitutes the thoroughly refereed post-proceedings of the International Conference on Artificial Intelligence and Symbolic Computation, AISC 2000, held in Madrid, Spain in July 2000. The 17 revised full papers presented together with three invited papers were carefully reviewed and revised for inclusion in the book. Among the topics addressed are automated theorem proving, logical reasoning, mathematical modeling of multi-agent systems, expert systems and machine learning, computational mathematics, engineering, and industrial applications.

Historical chapters show how understanding the workings of complex systems allowed statesmen to devise the Concert of Europe and how the collapse of the Concert in the Crimean War was triggered by the tsar's failure to comprehend the indirect impact his strategies would have on British public opinion. Another chapter highlights the feedback processes between domestic politics and the international monetary system that led to the rise and fall of the gold standard and to the creation of the (...) European monetary system. The diplomacy of the Moroccan crisis of 1905 is used to show that conventional wisdom places unwarranted weight on a state's reputation for standing firm in the interconnected international system. The discussions also explore the systemic causes of World War II: Contributors examine how the international financial system unwittingly helped destroy Weimar democracy and offer a challenging reinterpretation of the workings of the balance of power in the 1930s. (shrink)

Financial crises have become an all-too-common occurrence over the past twenty years, largely as a result of changes in finance brought about by increasing internationalization and integration. As domestic financial systems and economies become more interlinked, weaknesses can significantly impact not only individual economies but also markets, financial intermediaries and economies around the world. This volume addresses the twin objectives of financial development in the context of financial stability and the role of law in supporting (...) both. Financial stability (frequently seen as the avoidance of financial crisis) has become an objective of the international financial architecture as well as individual economies and central banks. At the same time, financial development is now seen to play an important role in economic growth. In both financial stability and financial development, law and related institutions have a central role. (shrink)

Increasingly in economics what had been considered to be unusual and unacceptable has come to be considered usual and acceptable, if not necessarily desirable. Whereas it had been widely believed that economic reality could be reasonably described by sets of pairs of linear supply and demand curves intersecting in single equilibrium points to which markets easily and automatically moved, now it is understood that many markets and situations do not behave so well. Economic reality is rife with nonlinearity, discontinuity, and (...) a variety of phenomena that are not so easily predicted or understood. At the same time the broad coherence of economic systems is more impressive than ever in the face of such phenomena. The order of the economy appears to emerge from the complex interactions that constitute the evolutionary process of the economy. These phenomena have come to be labeled as complexity in economics. Even what seems simple in economics generally arises from behavior not reflecting rational expectations; we live in a world that reflects the enormous variety and diversity of humanity in their knowledge, attitudes, and behaviors, interacting with each other in an enormous range of institutional frameworks. What emerges in the aggregate may have little to do with what happens at the individual level. But this aggregate cannot be simply described by some set of aggregate equations. It emerges out of the soup of the individual and particular with all its multiform interactions and peculiarities. (shrink)

The Islamic finance industry is relatively new and vibrant. It is becoming a mainstream industry in the MENA. The industry is based on a number of Sharia’a maxims and in particular the prohibition of Riba. Islamic law scholars’ emphasis on the ethical dimension of this industry and how it can be seen as a solution to existing capitalism. The current financial crisis presented this industry with an unprecedented test and an opportunity to influence and merge into main stream finance. (...) This paper presents an evaluation of Islamic finance industry in the current financial crisis and whether the governance and ethical foundation of Islamic finance institutions distinguished itself from conventional finance. Thus, this paper begins with an overview of Islamic finance, then it discusses the governance framework structure of Islamic finance institutions and the role of its organs. In addition, this paper will compare between the ethical framework of the Islamic finance institutions and the conventional institutions. Finally, this paper will discover the ethical failure of the current global financial system and its relation with the current financial crisis. (shrink)

Based on the research of currency crisis pressure index, bank crisis pressure index, and asset bubble crisis pressure index, this paper introduces an external shock pressure index reflecting the impact of global economic changes on economy and synthesizes systemic financial crisis pressure based on the above four pressure indexes; then, all the alternative early warning indicators and the systemic risk pressure index constructed in this paper were tested for Granger causality. We build financial systemic risk pressure indexes, including (...) currency crisis pressure banking crisis pressure index, bubble crisis pressure index, and external shock pressure index to predict financial crises. Finally, four indicators that have a significant impact on the systemic financial crisis pressure index were selected, namely, the stock price index change rate, industrial added value growth rate, domestic and foreign real deposit interest rate differential, and foreign direct investment as a percentage of GDP. A dynamic Logit model with lagging binary variables is constructed, and compared with the traditional static Logit line, the actual dynamic fitting effect is better than the static Logit model. The dynamic Logit model is used to predict the early warning status of systemic financial crisis in 2020, and the forecast of various early warning indicators is realized by the ARIMA model. The final prediction results show that the probability of a systemic financial crisis in China in 2020 is extremely low, almost zero. This is in line with the overall improvement in the international economic situation in 2020 and the steady growth of the domestic economy. (shrink)

Partial proceedings of the 17th World Congress, International Association for Philosophy of Law and Social Philosophy, Bologna, 1995.

Aus dem Inhalt: Views from the North: Hans Petter Graver: Law, Justice and the State: Nordic Perspectives u Jacob Dahl Rendtorff: The Danish Welfare State: Philosophical Ideals and Systemic Reality u Sigri!Dur *orgeirsdottir: Feminist Ethics and Feminist Politics u Kuellike Lengi: The Situation of Human Rights in Estonia u Einar Palsson: Pythagoras and Early Icelandic Law u Law, Discourse and Rationality: Mats Flodin: Internal and External Rationality of Legal Systems u Logi Gunnarsson: A Discourse About Discourse u Hjordi!s Hakonardottir: Legal (...) Language: A Tool of Justice u Ghita Holmstrom-Hintikka: On the Use of Expert Witness in Legal Reasoning and Inquiry u Law, State and Nation: Agust H. Ing*orsson: Democracy, Bureaucracy and Marginalization of the State u Aleksander Peczenik: Law-State, Legal Certainty and Legitimacy of Law u Ove K. Pedersen/Sverre Raffnsoe: Reorganizing Society u Juha Raikka: Mill on National Sentiment u Pall Skulason: Concepts of the State and Classes of Value u Problems of Law and Rights: Britt-Mari Blegvad: How to Cope With Uncertainty: Trust and Law u Jon Wetlesen: Animal Rights or Human Duties?. (shrink)

In a 2015 article entitled “The Irrelevance of Ethics,” MacIntyre argues that acquiring the moral virtues would undermine someone’s capacity to be a good trader in the financial system and, conversely, that a proper training in the virtues of good trading directly militates against the acquisition of the moral virtues. In this paper, we reconsider MacIntyre’s rather damning indictment of financial trading, arguing that his negative assessment is overstated. The financial system is in fact more (...) internally diverse and dynamic, and more reformable, than suggested by MacIntyre’s treatment. The challenge at the heart of MacIntyre’s claims can be crystallized in the question, “under which conditions, if any, can a person be an effective trader and simultaneously live a worthy human life?” We conclude that there are realistic possibilities of integrity and growth in moral virtue for those who work in the financial sector, at least for those operating in a work environment minimally permissive toward virtue, provided they possess characters of integrity and genuine aptitude for the skills and attitudes required in their professional tasks. (shrink)

Critical analyses of international financial markets tend to explain changes over recent decades in terms of a resurgent liberalism. This paper employs a systems theoretical approach to argue that there has been a far more fundamental transformation in the operations of these financial markets than simply a shift towards more liberalized regimes of regulation. The use of risk as resource and the systematic randomness of these new operational trends have perverse implications not only for the integrity of (...) political systems but also for the neoliberal promoters and players inside the new complex system of global finance. (shrink)

"The Bush administration and Congress are in concert on the goal of developing a fleet of unmanned aircraft that can reduce both defense costs and aircrew losses in combat by taking on at least the most dangerous combat missions. Unmanned combat aerial vehicles (UCAVs) will be neither inexpensive enough to be readily expendable nor-- at least in early development-- capable of performing every combat mission alongside or in lieu of manned sorties. Yet the tremendous potential of such systems is widely (...) recognized, and allies as well as potential adversaries are moving quickly to mount their own research and development programs. The United States is committed to fielding UCAV capabilities by 2010, principally for the missions of suppression of enemy air defense and deep strike, which are among the highest risk tasks for the Air Force and naval aviation."--Overview. (shrink)

This book presents a thorough and critical evaluation of the monetary and financial system prevalent in Western economies. Further, it seeks to explain why this system so often leads to financial crises and why they have been dealt with unsatisfactorily in the past. In order to provide answers to these questions, the book investigates the monetary and financial system from a multidisciplinary perspective, with a strong focus on the ethical value choices which throughout history (...) have shaped the monetary and financial legal system. In the closing chapters, the book also advances a detailed proposal for a New Global Monetary Order, one based on altruism, as an alternative to the neoliberal values dominant today. (shrink)

Banking firms are becoming increasingly aware that their clients’ management of environmental and social risks may in term threaten their own business as lenders and investors. In addition, stakeholders are requiring banks to improve their social performance. As a result, some banks are developing corporate social responsibility (CSR) policies and management systems to reduce potential risks and improve their performance. In the Spanish financial system, half of the banking firms are savings banks, most of which have always used (...) some Corporate Social Responsibility (CSR) criteria in their management. Private Banks have only recently started to integrate social aspects in their performance. However, no formal analysis has been carried out on the impact of CSR strategies. Various initiatives have been launched nationally and internationally to include the social dimension in management systems. The purpose of this research is to analyse the social performance of the main Spanish financial companies through public data such as social or sustainability reports and media sources. In order to do this, we need to determine which CSR criteria most greatly affect banking firms and to choose the most accurate quantitative and qualitative indicators to measure social performance. (shrink)

This volume presents a collection of refereed papers reflecting the state of the art in the area of over-constrained systems. Besides 11 revised full papers, selected from the 24 submissions to the OCS workshop held in conjunction with the First International Conference on Principles and Practice of Constraint Programming, CP '95, held in Marseilles in September 1995, the book includes three comprehensive background papers of central importance for the workshop papers and the whole field. Also included is an introduction (...) by one of the volume editors together with a bibliography listing 243 entries. All in all this is a very useful reference book relevant for all researchers and practitioners interested in hierarchical, partial, and over-constrained systems. (shrink)

Banking firms are becoming increasingly aware that their clients’ management of environmental and social risks may in term threaten their own business as lenders and investors. In addition, stakeholders are requiring banks to improve their social performance. As a result, some banks are developing corporate social responsibility (CSR) policies and management systems to reduce potential risks and improve their performance. In the Spanish financial system, half of the banking firms are savings banks, most of which have always used (...) some Corporate Social Responsibility (CSR) criteria in their management. Private Banks have only recently started to integrate social aspects in their performance. However, no formal analysis has been carried out on the impact of CSR strategies. Various initiatives have been launched nationally and internationally to include the social dimension in management systems. The purpose of this research is to analyse the social performance of the main Spanish financial companies through public data such as social or sustainability reports and media sources. In order to do this, we need to determine which CSR criteria most greatly affect banking firms and to choose the most accurate quantitative and qualitative indicators to measure social performance. (shrink)

It is of practical significance to introduce the Internet of Things technology into the financial service industry and find the driving factors and mechanisms of financial innovation to accelerate the promotion of financial innovation. This article starts from the perspective of banks and other supply chain financial institutions, takes mainstream trading products in the commodity trading market as the research object, uses the LA-VAR model, and fully considers the market price fluctuations and liquidity factors of supply (...) chain financial inventory products. It analyzes the theoretical basis of the continuous innovation of rural financial products. On the basis of analyzing the basic characteristics and types of rural financial product innovation, we explore the connotation of sustainable innovation of rural financial products, clarify the evaluation criteria, and lay a theoretical foundation for continuous dynamic evaluation. Based on technical innovation evaluation theoretical models such as Schumpeter’s innovation model, technical specifications-technological track model, and NR relationship model market, we analyze the innovation elements of rural financial products from the external and internal aspects of innovation and discuss the relationship between the factors. The interaction mechanism of rural financial products has established a dynamic mechanism model for the continuous innovation of rural financial products. A fuzzy comprehensive evaluation was made on the continuous innovation power of financial service industry products in a certain area. Using a combination of remote surveys and on-site visits, a questionnaire survey was conducted on financial service industry institutions in a certain region’s financial system. Each survey object was required to conduct 120 × 1067 index comparisons and use the data after processing the arithmetic average Matlab carries out the objective processing of programming. The results show that the LA-VAR model with liquidity indicators can measure the liquidity risk well and more comprehensively evaluate the risk of the inventory pledge financing model. According to the index weights determined by AHP, the development of the financial service industry will be promoted in a targeted manner from the internal construction of financial institutions and the optimization of the external innovation environment. (shrink)

Singapore's strategic play to secure international wealth management market share has been very successful. Serious questions, however, were raised in relation to this ascendency as the Global Financial Crisis drove the European Union and the United States of America to become proactive in clamping down on tax evasion and other areas deemed by them to be undesirable within the international financial system. This paper will examine the Singapore government's decade-long growth policy of its wealth management (...) sector, and how it has been impacted upon by international regulatory responses. Further, it examines how in stark contrast to the EU and the US, Indonesia has been far less successful in its diplomatic efforts to have Singapore address financial diplomacy issues in relation to Indonesian citizens residing in Singapore. This article will argue, however, that Singapore's less than robust response to Indonesia's constant requests for action maybe to the long-term detriment of Singapore itself. (shrink)

This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, (...) the pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

This article argues that the key crisis that has overtaken today’s global economy is the classical capitalist crisis of over-accumulation. Reaganism and structural adjustment were efforts to overcome this crisis in the 1980s, with little success, followed by globalization in the 1990s. The Clinton administration embraced globalization as the “Grand Strategy” of the United States, its two key prongs being the accelerated integration of markets and production by transnational corporations and the creation of a multilateral system of global governance, (...) the pillars of which were the World Trade Organization, the International Monetary Fund and the World Bank. The goal of creating a functionally integrated global economy, however, stalled, and the multilateral system began to unravel,thanks among other things to the multiple crises created by the globalization of finance, which was the main trend of the period. In response partly to these crises, partly to increasing competition with traditionally subservient centre economies, and partly to political resistance in the South, Washington under the Bush administration has retreated from the globalist project, adopting a nationalist strategy consisting of disciplining the South through unilateralist military adventures, reverting to methods of primitive accumulation in exploiting the developing world, and making other centre economies bear the brunt of global adjustments necessitated by the crisis of over-accumulation. (shrink)

This paper argues that the metaphysics of financial performance in the conceptual framework employed by accounting standard-setters is incoherent: income and expenses cannot, as the framework holds, both be independent elements of financial statements, identified from underlying events, tested for recognition and measured by discrete acts, separately from the identification, testing and measurement of other elements and satisfy the analytical relationship between performance and position embraced by the framework. An alternative conceptualisation is proposed, under which income and expenses (...) are part of a wider system of classifying all changes in assets and liabilities, measured indirectly. This approach improves the metaphysical coherence, and thus the intellectual strength, of the framework project; while it leaves the measurement of financial performance unchanged, by emphasising the importance of classification, it invites further attention to the presentation of financial performance, with the potential for improving the usefulness of disclosures. (shrink)

As the critics of global financial capitalism recognize, there is excessive financial instability in today's international economy. However, this instability is due not to laissez faire, but to its absence. Comparing the current world financial system to a laissez‐faire benchmark highlights the very significant differences between the two.

Publication date: 2 May 2019 Source: Author: Zoran Mastilo Aim of this paper is to, by means of comparative analysis, demonstrate that contemporary pension systems are limitation factors of development of the Republic of Srpska, and that they should be reformed and improved. Ultimately, pension systems should be the basis for development of the Republic of Srpska. They should significantly improve strengthening of financial markets, enhancement of capital markets, higher growth rates of the Republic of Srpska, idecrease of unemployment. (...) Private pension funds are to change the habits and ideas of every future insurance holder, aiming to make the pension rights a matter of concern of every individual, instead being the obligation and ballast of the society. Today, stabile financing of pension systems and their funds is becoming increasingly questionable. A gap is emerging between the area of rights gained by law and financial possibilities for their implementation. Pay-as-you-go systems, i.e. systems of inter-generation solidarityare particularly endangered. Adequate systematization of gathered data, i.e. evidence, should provide conclusions that pension systems are a limitation todevelopment of national economy. This claim is present in underdeveloped and developing countries, with developed economies also facing grave problems. (shrink)

This paper assesses recent trends in international law regarding the availability and character of reparations. Presently, reparations issues have arisen particularly in domestic societies searching for transitional justice in the aftermath of authoritarian rule. These issues are shaped by national legal systems, but are also influenced by international practice. In these transitional settings, the search for justice is affected by political preoccupations such as the persistent influence of displaced prior authoritarian leadership as well as by real and alleged (...) limitations on the financial capabilities of transitional states. No general approach can address the interplay between national and international law at this stage. Reliance must be placed on a case by case approach, considering matters of context such as the degree of suffering and disability inflicted on particular categories of claimants, the balance of claims versus the State’s demands for resources to fund sustainable and equitable development. Remoteness in time bears on the credibility of the claimants as present victims tend to be given priority over victims in the distant past when assessing relative merits. Scale and selectivity suggests that if the total of claims overwhelms the administrative capacity of the state, there will be a tendency to substitute apology and symbolic gestures for material ones, and award reparations based on individual need associated with the prior deprivation. International law informs background moral and political thinking about reparations, but practical considerations of capability and prudence are decisive in most instances, making the influence of international law indirect and sometimes marginal. (shrink)

Amid increasing demands from students and the public, universities have recently reinvigorated their efforts to increase the number of faculty from underrepresented populations. Although a myriad of piecemeal programs targeting individual recruitment and development have been piloted at several institutions, overall growth in faculty diversity remains almost negligible and highly localized. To bring about genuine change, we hypothesize a consortia approach that links individuals to hiring opportunities within a state university system might be more effective. Here we present a (...) case study describing the progress of the NSF-funded Alliances for Graduate Education and the Professoriate PROMISE Academy Alliance, a consortium within the University System of Maryland collaborating to develop, implement, self-study, evaluate, and disseminate a unique postdoc-to-faculty conversion model in the biomedical sciences. The initiative centers on diversifying faculty across five institutions in the USM, including teaching-focused institutions, comprehensive universities, research institutions, and professional schools. Components of this approach include enhanced recruiting and hiring practices to attract outstanding postdoctoral scholars from underrepresented backgrounds, multi-institutional networking and professional development, and facilitated processes to transition postdocs into tenure-track positions at their postdoctoral institution or another institution in the state system. This model is distinct from more deficit-based approaches because it goes beyond focusing on building the individual’s skills to enter the professoriate. This program restructures the traditionally short-term nature of postdoctoral employment and incorporates a pathway to a tenure-track professorship at the same institution or within the same statewide system where the postdoc is trained. This multi-institutional model leverages collaboration and distinct institutional strengths to create cross-institutional support, advocacy, and policy. Importantly, it uses a decentralized financial structure that makes this approach distinctly replicable. Recognizing the immediate need for more collaborative approaches to diversify faculty and a lack of literature about such approaches, this case study describes the development of, and potential benefits of, a state university system, as well as the qualitative lessons learned from self-study, internal evaluation, external evaluation, and NSF site visits. The AGEP PROMISE Academy can serve as a model for replication at other university systems hoping to diversify their faculty. (shrink)

Product-harm crises can trigger product recalls or product discards, which is very likely to cause secondary pollution to the environment. Also, these crises may harm customers’ health and threaten firms’ survival. To foster low-carbon economy and green development in such complex systems, this paper studies the internal mechanism of the product crisis and its impact on the firm value. It proposes a two-stage model to avoid the endogeneity of product-harm crises. In the first stage, this paper assesses the effect of (...) firms’ leverage on their capacity to produce higher quality products. In the second stage, this paper conducts the impact of these crises on stock prices. Then, it depicts the financial effects of product-harm crises over time, and analyzes the differences of such effects based on brand equity. Results show that book leverage can positively impact firms’ capacity to produce high-quality products. In addition, the market’s response to product-harm crises is significant at 1% level, and with the increase in severity, the market reaction is more prominent. Furthermore, its negative effect is persistent for a firm experiencing a severe crisis. Luckily, brand equity can mitigate this negative impact. These findings provide some ways to improve product performance and firm value in the green context. (shrink)

All kinds of fraud are costly for the people engrossed both financially and often in terms of the time needed to clear their name when illegal use has been made of their personal details. The relationship among ethics, internal control, and fraud is important in the understanding of corporate social responsibility. This article uses an Ethical Process Throughput Model embedded in the Fraud triangle in order to better understand the interconnectedness of ethical positions and internal control systems that handle fraudulent (...) situations. Ethical positions are utilized to underscore how ethical behavioral control systems can be appropriately applied, which can provide unparalleled security, enhanced convenience, heightened accountability, better fraud detection and is very effective in depressing fraud, thereby improving CSR among organizations. (shrink)

As the impact of the financial crisis spreads worldwide, it has become a top priority of various countries, international institutions, entrepreneurs and scholars to find innovative and creative ways to face this challenge. As Hazel Henderson (2002) has pointed out, “the world has not fallen into a financial crisis, but fundamentally fell into a crisis of development paradigm.” We need to reflect seriously on this paradigm and rethink of the social and economic models and cultural values for (...) meeting the challenges of this crisis. The paper introduces key issues of development within a global context, and explores the shift of the value system from hard technology centered to soft technology-based future direction of human development. (shrink)

Despite recent critiques of agrofuels, the industry is booming, signaling transformations in the world's food and fuels systems. International financial institutions, biotechnology firms, governments, and agribusiness are restructuring control over land, genetic resources, economic space, and market power. These moves prefer transnational capital at the expense of farmers in the North and extensive areas vital to the livelihoods of small producers in the Global South. This article suggests that the agrofuels boom may be a new—and particularly destructive—stage in (...) industry's extractive transformations of agriculture. The movement-based logic of food sovereignty—people's right to define their own food and agriculture systems—suggests a rollback of the “agrofuels transition” is possible. (shrink)

_Elite Education – International Perspectives_ is the first book to systematically examine elite education in different parts of the world. Authors provide a historical analysis of the emergence of national elite education systems and consider how recent policy and economic developments are changing the configuration of elite trajectories and the social groups benefiting from these. Through country-level case studies, this book offers readers an in-depth account of elite education systems in the Anglophone world, in Europe and in the emerging (...) financial centres of Africa, Asia and Latin America. A series of commentaries highlight commonalities and differences between elite education systems, and offer insights into broader theoretical issues, with which educationalists, researchers and policy makers are engaging. With authors including Stephen J. Ball, Donald Broady, Rubén Gaztambide-Fernández, Heinz-Hermann Krüger, Maria Alice Nogueira, Julia Resnik and Agnès van Zanten, _t_he book offers a benchmark perspective on issues frequently glossed over in comparative education, including the processes by which powerful groups retain privilege and ‘elite’ status in rapidly changing societies. Elite Education – International Perspectives will appeal to policy makers and academics in the fields of education and sociology. Simultaneously it will be of special relevance to post-graduates enrolled on courses in the sociology of education, education policy, and education and international development. (shrink)

In this chapter, my main aim is to explore some of the central moral critiques of international financial institutions as well as proposals to overcome the moral problems that they face.

Publication date: 22 December 2020 Source: International Letters of Social and Humanistic Sciences Vol. 89 Author: Dhikru Adewale Yagboyaju, Antonia Taiye Simbine Party system and the administration of political parties are critical factors in determining the direction of politics and democracy. Three political parties contested at the inception of Nigeria’s Fourth Republic in 1999, but the number increased to more than 91 as at 2019. This paper raises fundamental questions as to whose interest – public or private interest (...) of promoters and financiers - these parties serve, and whether the increase in the number of political parties has significantly entrenched democratic values in the country? These questions are compelling because of several events in political party operations in the 20 years of the Fourth Republic. These include controversial and vexatious party primaries preceding every major election, often leading to protracted and distractive litigations and rampant political defections. Unregulated use of money has, in particular, restrained ample participation by women and youths, while violence is almost becoming a norm and permanent characteristic of the electoral and political system. The paper draws data from secondary documentary sources for its conceptual and theoretical contents. Primary data are generated from events analyses by the authors as observers at party conventions and other meetings for the selection of candidates for political offices as well as during general elections. This is complimented by content analyses of relevant documents including electoral laws, court and law reports, and reports by special committees such as the Electoral Reform Committee. A combination of the ecological approach and conspiratorial theory is deployed for the paper’s analytic frame. (shrink)

The newly private corporation challenges scholars to re-examine corporate social responsibility under a markedly different governance system. We theorize regarding the implications of public corporations going private through use of private equity. The new governance system includes few owners and an expert, involved board of directors; combined with a greatly reduced public presence, public-to-private firms are proposed to place greater emphasis on financial performance and lesser emphasis on social performance. Several variables are proposed to moderate the lesser (...) emphasis on social performance. (shrink)

The pursuit of economic opportunity has frequently put transnational manufacturing enterprises in the spotlight, accused of contributing to, if not causing, economic hardship, social deprivation, unsustainable growth, labour exploitation, resource plundering and ecological degradation in home and host countries. A substantial part of international trade now consists of intra-firm sales, or commercial transactions between units of the same business corporation, within or beyond the national borders of the parent company. Known as transfer pricing and viewed as a legitimate business (...) opportunity by transnational corporations, it is often used to misrepresent financial success and evade taxation. This has recently instigated many fiscal agencies and governments to take more draconian measures than ever before to protect national financial interests. However, while the fiscal legality of transfer pricing practices is now carefully scrutinized, the heightened interest in its tax aspects has neglected the considerable ethical issues it entails. Unethical transfer pricing behaviour consumes scarce resources, causes costs but does not create value. This paper identifies and discusses some of these ethical issues and assesses their implications for the internalisation of trade, the design of transfer pricing systems, and international tax rules. Opportunities for future research are also outlined. (shrink)

We investigate whether the distinct nature of multinational firms (MNC) differently influence the governance-performance relationship compared to the local firms in Pakistan. We used a dynamic system GMM estimator that produces consistent and efficient estimation after controlling for dynamic endogeneity and simultaneity. Our results demonstrate that corporate governance (CG) has a significant positive impact on firm financial performance whilst CG practice of MNC firms is more effective than local firms in Pakistan. We observed two distinct financing behaviours, i.e., (...) ‘pro-active investment behaviour’ of MNC firms and ‘conservative investment behaviour’ of local firms. We conclude that a well-established corporate culture, significant financial worth and firms’ higher growth rate are key determinants of better CG practice. (shrink)

The Sarbanes–Oxley Act of 2002 requires audit committees of public companies’ boards of directors to install an anonymous reporting channel to assist in deterring and detecting accounting fraud and control weaknesses. While it is generally accepted that the availability of such a reporting channel may reduce the reporting cost of the observer of a questionable act, there is concern that the addition of such a channel may decrease the overall effectiveness compared to a system employing only non-anonymous reporting options. (...) The rationale underlying this concern involves the would-be reporter’s likelihood of reporting, the seriousness with which the organization treats an anonymous report, and the organization’s ability to thoroughly follow-up the report. Thus, we explore the extent to which the availability of an anonymous reporting channel influences intended use of non-anonymous reporting channels. Further, in response to Sarbanes–Oxley and the environment of financial scandals that led to its passage, many firms are strengthening their internal audit departments, and providing them with greater independence from upper management’s direct control. Accordingly, our examination tests whether the intended use of the internal audit department as an internal reporting channel is greater when the internal audit department is of “high” versus “low” quality. Finally, the study investigates intended reporting behavior across three different cases (e.g., settings). Results show that the existence of an anonymous channel does reduce the likelihood of reporting to non-anonymous channels, that generally the internal audit department quality does not affect reporting to non-anonymous channels, and that case-setting affects the type of channel to be used. Implications from the study are discussed. (shrink)

This paper outlines seven challenges in development assistance for health, which in the current financial context, have become even more important to address. These include the following: (1) the proliferation of initiatives, focusing on specific diseases or issues, as well as (2) the lack of attention given to reforming the existing focal health institutions, the WHO and World Bank. (3) The lack of accountability of donors and their influence on priority-setting are part of the reason that there is “initiavitis,” (...) and resistance to creating a strong UN system. (4) Other than absolute quantity of aid, three other challenges linked to donors relate to the quality of aid financing particularly the pragmatic difficulties of financing horizontal interventions, (5) the marginal involvement of developing country governments as aid recipients, and (6) the heavy reliance on Northern-based organizations as managers of funds. (7) The final challenge discussed focuses on two unintended consequences of the recent linking of health and foreign policy for international development assistance. The paper then provides three suggestions for ways forward: creating new mechanisms to hold donors to account, developing national plans and strengthening national leadership in health, and South-South collaboration. (shrink)

The globalization movement in recent decades has meant rapid growth in trade, financial transactions, and cross-country ownership of economic assets. In this article, we examine how the globalization of national business systems has influenced the framing of corporate social responsibility (CSR). This is done using text analysis of CEO letters appearing in the annual reports of 15 major corporations in Sweden during a period of transformational change. The results show that the discourse about CSR in the annual reports has (...) changed from a national and communitarian view of social responsibility (cf. a negotiated view of CSR) toward an international and individualistic view of social responsibility (cf. a self-regulating view of CSR). The article contributes theoretically (1) by adding a national–global dimension to previous conceptualizations of CSR and (2) by showing that the rise of CSR discourse and activities in the last 10 years does not have to imply an increased commitment and interest in corporate responsibility per se, only that there are increased societal expectations that corporations should develop the capability to act more independently as moral agents. (shrink)

Premodern Financial Systems: A Historical Comparative sStudy describes the financial superstructure, such as the method of financing the government, and links it to the essential characteristics of the infrastructure of nearly a dozen societies ranging from Athens in the late fifth century BC to the United Provinces in the mid-seventeenth century. The main features of the financial superstructures discussed are the monetary system, the types of financial instruments and institutions, interest rates, and the methods of (...) financing agriculture, non-agricultural business, households, foreign trade, and government. Aspects of the infrastructures covered include population, urbanization, prices, national output, wealth, and their sectoral and size distribution. (shrink)

This article aims to compare the national legal systems that regulate biomedical research in an industrialized country (United States) and a developing country (Venezuela). A new international order is emerging in which Europe, Japan and the United States (US) are revising common guidelines and harmonizing standards. In this article, we analyze – as an example – the US system. This system is controlled by a federal agency structured to regulate research funded by the federal government uniformly, either (...) in the US or abroad. In contrast, in Venezuela, a developing country, the creation of a centralized system is a slow process. Different types of ethical committees review research projects using non-uniform criteria. Consequently, various parallel organizations that conduct biomedical research, such as universities, research institutes and private hospitals have diverse regulations operating at a local level. Thus, the most relevant difference between the Venezuelan and the US systems is the degree of standardization. In the US, the review process is performed by institutional review boards (IRBs), which have a similar organization and maintain relationships with a centralized agency, following standard regulations. Although new proposals for establishing national regulations are currently being considered in Venezuela, the success of these initiatives will depend on promoting governmental efforts to create a more structured centralized system supported by a national regulatory framework. This system will need governmental financial support at all levels. This article proposes an integrated system to regulate research with human participants in Venezuela and other developing countries. (shrink)

In the field of bioethics, scholars have begun to consider carefully the impact of structural issues on global population health, including socioeconomic and political factors influencing the disproportionate burden of disease throughout the world. Human rights and social justice are key considerations for both population health and biomedical research. In this paper, I will briefly explore approaches to human rights in bioethics and review guidelines for ethical conduct in international health research, focusing specifically on health research conducted in resource-poor (...) settings. I will demonstrate the potential for addressing human rights considerations in international health research with special attention to the importance of collaborative partnerships, capacity building, and respect for cultural traditions. Strengthening professional knowledge about international research ethics increases awareness of ethical concerns associated with study design and informed consent among researchers working in resource-poor settings. But this is not enough. Technological and financial resources are also necessary to build capacity for local communities to ensure that research results are integrated into existing health systems. Problematic issues surrounding the application of ethical guidelines in resource-poor settings are embedded in social history, cultural context, and the global political economy. Resolving the moral complexities requires a commitment to engaged dialogue and action among investigators, funding agencies, policy makers, governmental institutions, and private industry. (shrink)

This paper makes an analysis of the recent collapse of Fortis, a major European bank, from the perspective of shareholder activism and social movement theory to illustrate the limits of corporate governance. Some specific issues of the Fortis affair – and more especially the chaotic events at the general assembly - illustrate the application of social movement theory to shareholder activism, besides agency theory problems and conflicts of interests. Paradoxes between legal constraints and principles of good corporate governance are presented. (...) The Fortis case illustrates the limits of the juridical bureaucracy in situations of urgency. The case illustrates the limits of corporate governance. Governance systems need to find appropriate mechanisms to align the voting rights with the long-term interests of the company. We argue for new criteria that will restrict representation to loyal shareholders with a long-term commitment. Good governance mechanisms should prevent opportunistic behaviour and encourage a responsible attitude. (shrink)