Two key questions lie at the heart of the business challenge for business ethics: is it possible for business and investors to do well while doing good; and if so, how can this be achieved? This paper adopts an international investment perspective to address these questions. It demonstrates that it is possible for business and investors to achieve a triple bottom line of environmental, social and financial performance.A new integrated model of Ethical Business including an Ethical Scorecard performance measurement (...) technology is presented based on international ethical investment criteria and case studies of businesses rated highly by ethical investors. Ethical Performance Scores are presented for these businesses and New Zealand business. Examples from New Zealand are presented to illustrate the Ethical Scorecard and ethical business practice. The model and scoring system provide a basis for international benchmarking of ethical business to assist investors, managers and researchers. (shrink)
The increasing popularity of socially responsible investment among individual investors throughout Europe reveals the need for a framework that allows the comparison of socially responsible retail markets in different European countries. This article proposes such a framework, containing 16 different characteristics of socially responsible retail markets describing the size, institutionalization and nature of this market and correcting for differences in the size of countries and financial markets. When this framework was applied to the Dutch and Belgian socially responsible retail (...) markets, differences were found with respect to the nature of both markets (specifically the use of non-financial criteria, the asset allocation, the number of solidarity funds and investors' preferences for socially responsible savings products). Similarities were found with respect to the (absolute and relative) size and the degree of institutionalization of the socially responsible retail markets. (shrink)
A large part of the debate around the right to refuse life-prolonging treatment of anorexia nervosa sufferers centers on the issue of competence. Whether or not the anorexic should be allowed to refuse life-saving treatment does not depend solely or primarily on competence. It also depends on whether the anorexic’s suffering is bearable or tractable, and on the degree of involvement of the family in the therapeutic process. Anorexics could be competent to refuse lifesaving treatment (Giordano 2008). However, the (...) anorexic’s refusal of life-saving treatment should not be respected purely because it is a competent decision. In fact, anorexia has two characteristics that weaken the strength of the principle .. (shrink)
Kristin Shrader-Frechette: Taking Action, Saving Lives: Our Duties to Protect Environmental and Public Health Content Type Journal Article Pages 1-4 DOI 10.1007/s11948-011-9267-1 Authors Matthew Benjamin Reisman, Environmental Studies, The University of Colorado at Boulder, Boulder, USA Journal Science and Engineering Ethics Online ISSN 1471-5546 Print ISSN 1353-3452.
Squeezed between increasing entitlement expenditures and static or declining real revenues, state-funded urban development is increasingly perceived as an unaffordable luxury. At the same time, the power and significance of the banking sector is giving way to new kinds of financial institutions that have little or no interest in community development. Not surprisingly, it is often argued that pension funds ought to be more sensitive to community needs. However, some analysts argue that pension funds are properly only the agents of (...) plan beneficiaries; any investment that took into account community needs would be, in effect, an unjustified tax on individuals' future welfare. Furthermore, analysts are very doubtful about the integrity of public pension plan investment decision-making. In this paper, I set out a morally informed justification of public pension plan investment in community development. In doing so, I develop a model of community development that stresses the reciprocal nature of the obligations embedded in the relationship between the community and pension plan beneficiaries. This approach also has significant implications for a wide variety of private sponsored plans. The paper begins with an assessment of pension fund decision-making and the practices of the investment management industry, drawing upon related research on pension fund capitalism. It goes on to issues of social obligation, referencing recent research on the nature of social contracts. To give the analysis empirical relevance I refer to the much disputed decision of the West Virginia legislature to require their public pension funds' Investment Management Board to invest in the state government's corrections authority. (shrink)
This paper provides a summary of the symposium on the institutional and social construction of Responsible Investment (RI), held at the 22nd IABS conference. In the context of the symposium, we propose to move beyond the dominant focus on the financial impact of RI to consider the potential of emergent institutional and sociological perspectives to explain the practices and concepts related to RI. In doing so, our aim is to explore in greater detail the current changes in the RI (...) infrastructure and the impact of these changes on wider issues of corporate sustainability and social responsibility. (shrink)
Selecting, applying and reporting on investment screens for socially responsible investing (SRI) presents challenges for companies, investors and fund managers. This article seeks to clarify the nature of these challenges in developing an understanding of the foundations of ethical investment screens. At a conceptual level this work argues that there is a common element to the ethical foundations of SRI, even with very different apparent motivations and investment restrictions. Establishing this commonality assists in explaining the information asymmetry (...) problem inherent in SRI. A market-facilitated solution illustrates how these insights might foster the development of socially responsible investment. (shrink)
The aim of this study was to reflect on the origins and meanings of names describing investment practices that integrate a consideration of environmental, social and corporate governance issues in the academic literature. A review of 190 academic papers spanning the period from 1975 to mid-2009 was conducted. This exploratory study evaluated the associations and disassociations of the primary name assigned to this genre of investment with variables grouped into five domains, namely Primary Ethical Position, Investment Strategy, (...) Publication Date, Regions Covered and Periodical Type. The study indicated that papers coded as expressing a deontological ethical position were more frequently associated with the name Ethical Investment , whereas those with an ambiguous ethical position were less frequently associated with Ethical Investment . Three investment strategies (positive screening, best-in-class and cause-based investing) were unusually associated with the primary name Responsible Investment . A strong preference for the name Ethical Investment was noted in the United Kingdom, and contrasted starkly with an apparent aversion for this name in the United States. The name Ethical Investment is significantly more frequently used in journals dealing with ethics, business ethics and philosophy than in finance, economic and investment journals. Finally, the study yielded some weak hints that the name Responsible Investment might perhaps be linked to an egoist ethical position. On the basis of this, and because these have already been substantively linked through the Principles for Responsible Investment in the popular discourse, we follow the heuristic tradition set by Sparkes (Business Ethics Eur Rev 10:194–201, 2001 ), and propose that Responsible Investment be defined as ‘Investment practices that integrate a consideration of ESG issues with the primary purpose of delivering higher-risk-adjusted financial returns’. (shrink)
Concentrated attention on institutional investors' activism has been perceived in the last few decades and further intensified in the post-Enron era. A new area of particular significance that has emerged is institutional investors' growing awareness and practice of socially responsible investment (SRI). This article starts by reviewing the importance of institutional investor activism and the historical implication of SRI. Significantly, various elements that give rise to the growth of SRI in the modern business world are considered in detail. It (...) is recognized that, although current empirical evidence suggests ambiguous effects of SRI, the positive impact of institutional investors' activism on SRI is likely to have been undermined due to the underdevelopment of evaluation systems, and SRI should stand out as a good investment option for its joint financial and societal concerns. Nevertheless, obstructions still exist in the exercise of investor activism and the pursuit of SRI strategy, which implies that, at least in the near future, SRI strategy will remain as a minor investment trend for institutional investors in Anglo-American countries. Additional regulatory methods and awarding schemes are, therefore, expected to motivate institutional investors' activism on SRI, and subsequently to promote global sustainability. (shrink)
This article addresses the growing industry of retail socially responsible investment (SRI) profiled mutual funds. Very few previous studies have examined the final consumer of SRI profiled mutual funds. Therefore, the purpose of this study was to, in an exploratory manner, examine the impact of a number of pro-social, financial performance, and socio-demographic variables on SRI behavior in order to explain why investors choose to invest different proportions of their investment portfolio in SRI profiled funds. An ordinal logistic (...) regression analysis on 528 private investors revealed that two of the three pro-social variables had a positive impact on how much the consumer invested in SRI profiled funds. Moreover, there was proof of a non-altruistic motive for investing in SRI as consumers who perceive that financial return of SRI is equal or better than "regular" mutual funds, invested a greater proportion of their portfolio in SRI profiled mutual funds. Furthermore, the results showed that women and better-educated investors were more likely to invest a greater proportion of their investment portfolio in SRI. Overall, the findings indicate that both financial perceptions and pro-social attitudes are connected to consumer investment in SRI. (shrink)
This paper empirically examines the financial performance of a UK unit trust that was initially “conventional” and later adopted socially responsible investment (SRI) principles (ethical investment principles). Comparison is made with three similar conventional funds whose investment objectives remained unchanged. Analysis techniques employed in previous studies find similar results: mean risk-adjusted performance is unchanged by the switch to SRI, with no evidence of over-or under-performance relative to the benchmark market index by any of the four funds. More (...) interestingly, changes in variability of returns over time are also modelled using generalised autoregressive conditional heteroscedasticity models, not previously applied to SRI funds so far as is known. Results show a temporary increase in variability of returns, followed by a return to previous levels after around 4 years. Evidence shows the increased variability to be associated with the adoption of SRI rather than with a change in fund management. Possible explanations for the subsequent reduction in variability include the spread of corporate social responsibility activities by firms and learning by fund managers. In addition to reporting on a previously unobserved phenomenon, this paper raises questions for further research. (shrink)
There appears to be a growing disquiet amongst academics surrounding the ascendancy of ‘responsible’ investment that is egoist or self-interested in character – ‘business case’ responsible investment. This ascendancy has in no small measure been associated with the uptake of United Nations Principles for Responsible Investment (PRI) as a de facto standard for mainstream responsible investment. This article contributes to this disquiet. It does this by examining how egoist ‘responsible’ investors (as endorsed by the PRI) might (...) have behaved had they been around in the 1970s, 1980s and early 1990s during days of the anti-apartheid socially responsible investment (SRI) movement. Armed with near perfect (hindsight grade) enhanced analytics, it is clear that the signals that such egoist ‘responsible’ investors would have sent to company management in terms of the apartheid issue would have been highly muddled and therefore ineffective. The net conclusion is that there is nothing inherently or inevitably ‘responsible’ about egoist investment and that the aversion to behaving ethically amongst institutional investors must be challenged and not swept under a carpet of rhetoric. (shrink)
As foreign direct investment in the U.S. continues to become both more visible and controversial, the general public remains skeptical about the corporate citizenship of these foreign affiliates. Four dimensions of corporate citizenship — orientations, organizational stakeholders, issues, and decision-making autonomy — were used to compare the inclinations of foreign affiliates with the domestic firms operating in the U.S. chemical industry. The only significant differences between the U.S. sample and those firms headquartered in other countries-of-origin were found in the (...) area of corporate citizenship decision making autonomy. (shrink)
A critical issue for the future growth and impact of socially responsible investment (SRI) is whether institutional investors are legally permitted to engage in it – in particular whether it is compatible with the fiduciary duties of trustees. An ambitious report from the United Nations Environment Programme’s Finance Initiative (UNEP FI), commonly referred to as the ‘Freshfields report’, has recently given rise to considerable optimism on this issue among proponents of SRI. The present article puts the arguments of the (...) Freshfields report into some further both empirical and critical perspective, however, and suggests that its findings do not call for very much optimism. The general argument is that while the understanding of fiduciary duty outlined by the Freshfields report seems to allow institutional investors to at least sometimes take some social or environmental considerations into account, the support it gives for SRI is notably contingent and, furthermore, it rules out exactly the kind of SRI which proponents of social responsibility and environmental sustainability should hold in highest regard – proactive cases and socially effective investment strategies. If SRI is to become an important force for corporate social responsibility through its adoption by institutional investors, then, it is suggested that legal reform is needed. (shrink)
Do foreign direct investment (FDI) and international business ventures promote positive social and economic development in emerging nations? This question will always prove contentious. First, the impacts differ according to context. Second, the social consequences and spillover effects of knowledge diffusion and technology-sharing may be limited and hard to measure. Third, contributions to enhancing social responsibility and improving living standards in host countries are delayed in effect, causally complex, and also hard to measure. Outcomes often critically depend on collaboration (...) of governments, international institutions, the business world, and non-governmental organizations (NGOs). Research in this area is challenging and requires interdisciplinary collaboration between economists, financial experts, sociologists, ethicists, and other specialists. This paper explores: (1) the evidence to support the proposition that FDI and international business improve social conditions in less-developed countries, and: (2) how these improvements are linked to strategies of corporate social responsibility (CSR) and ethical business practice. The paper draws insights from development, FDI, poverty alleviation, and bottom-of-the-pyramid (BOP) literature. Applications are demonstrated using examples from poverty-stricken areas of Sub-Saharan Africa. The paper attempts not only to argue theoretically but also to provide practical evidence. The approach is simultaneously descriptive, analytical, and prescriptive in order to address a wide audience. It also highlights issues and trends for further academic research and presents the viewpoint that some limitations lie in the nature of ethics frameworks widely referenced in business and that these often fail to consider the compatibility of ethical constructs with relevant incentives. In this vein, we explore the application of Homann’s framework for advantage and incentive-based ethics. (shrink)
The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism’s effect on the sensitivity of the investment policies of a company in the face of financial variables (such as cash flow and liquidity ratio) and market variables (ownership concentration and value creation index). To test our (...) assertions, we analyze firm-level data for United Kingdom (U.K.), Germany, France, Denmark, and Spain during the period 1995–2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)
Saving the City provides a detailed analysis of the attempts of ancient writers and thinkers, from Homer to Cicero, to construct and recommend political ideals of statesmanship and ruling, of the political community and of how it should be founded in justice. Also, Malcolm Schofield debates to what extent the Greeks and Romans deal with the same issues as modern political thinkers.
There is a growing body of literature on ethical or socially responsible investment across a range of disciplines. This paper highlights the key themes in the field and identifies some of the major theoretical and practical challenges facing both scholars and practitioners. One of these challenges is understanding better the complexity of the relationship between such investment practices and corporate behaviour. Noting that ethical investment is seldom characterised by agreement about what it actully constitutes, and that much (...) of the extant research focuses on a narrow set of issues, the paper argues that there are benefits associated with examining ethical investment as a process. (shrink)
Increased concern for the environment has increased the number of investment opportunities in mutual funds specialized in promoting responsible environmental attitudes. This article examines the performance and risk sensitivities of US green mutual funds vis-à-vis their conventional peers. We also analyze and compare this performance relative to other socially responsible investing (SRI) mutual funds. In order to implement this analysis, we apply a CAPM-based methodology and find that in the 1987–2009 period, environ- mental funds had lower performance than conventional (...) funds with similar characteristics. However, if we focus on a more recent period (2001–2009), green funds achieved adjusted returns not significantly different from the rest of SRI and conventional mutual funds. (shrink)
Economies making a transition from centrally planned socialism to market capitalism can experience chaotic hysteresis. This can arise from elements of the previous system persisting even as institutions are transformed with the system possibly experiencing chaos during this conflict. A model of investment cycles accompanied by technological stagnation shows this phenomenon which can be viewed from a cusp catastrophe perspective. Empirical tests of Soviet investment and construction data provide incomplete support for the cusp structure with chaos. Nonlinear structures (...) are found with bifurcation effects for all cases and possibly chaotic dynamics for five-year lagged construction data. (shrink)
The paper explores the emergence and development of socially responsible investment (SRI) in Japan. SRI is a recent field in Japan. It is not clear which model it will follow: the European, American or its own model. Through the analysis of the historical roots of SRI, the key actors and motivations that have contributed to its diffusion, the paper provides explorative grounds to sketch the translation mechanisms of SRI in Japan and offers insight into its future path. Based on (...) primary and secondary sources of information, the paper shows that although SRI in Japan holds some similarities with the U.S. and especially with the European model, it remains unique. It highlights the importance of translation and re-interpretation in adopting a practice in a new context. SRI in Japan is still in a dynamic construction process. Although we expect it to develop further, it is difficult to depict its future shape and form. (shrink)
The concept of altruism is used in very different forms by computer scientists,economists, philosophers, social scientists, psychologists and biologists. Yet, in order to be useful in social simulations, the concept altruism requires a more precise meaning. A quantitative formulation is proposed here, based on the cost/benefit analysis of the altruist and of society at large. This formulation is applied in the analysis of the social dynamic working of behaviors that have been called altruistic punishments, using the agent based computer model (...) Sociodynamica. The simulations suggest that altruistic punishment on its own cannot maintain altruistic behaviors. Altruistic behavior is sustainable in the long term only if these behaviors trigger synergetic forces in society that eventually make them produce benefits to most individuals. The simulations suggest however that altruistic punishment may work as a social investment , and is thus better called decentralized social punishment. This behavior is very efficient in enforcing social norms. The efficiency of decentralized social punishment in enforcing norms was dependent on the type of labor structured of the virtual society. I conclude that what is called altruistic punishment emerges as a type of social investment that can evolve either through individual and/or group selection, as a successful device for changing or enforcing norms in a society. Social simulations will help us in better understanding the underlying dynamic working of such devices. (shrink)
The problem of globalization is actual nowdays that it’s necessary to understand what it is for those who is engaged in this process. It is clear that for some persons globalization is a myth which makes to adopt and to develop the strategy of surviving when all the roles are distributed and there is no opportunity to get the main roles because the aim is to servive keeping available wealth or improving it a little. Globalization as utopia theory appeares at (...) that time when a human being began to think about his place among other persons and it is connected with activity in reaching the ideal, to compromise or to oppose to those who determine ideology of the process. However understanding of globalization as ideology is the main thing but in this case it leads both to negative and positivemoments in human development. Heavy consequences are those of lost of identity and forming negative identity of whole nations. It’s the reason of appearing of irreversible consequences that is antiglobalizm in the best case and terrorism in the worst case. Globalization is eager to unite the world to keep stable unity of the world as the guarantee of the humanity saving in the whole and each person as well. So it gets into a trap of the old world arrangement according its external signs but a person and his life is out of this arrangement. That is why it is necessary to find the method which will make different the attitude to information flows and will pay attention to the problems of identity in the process of globalization. (shrink)
In this paper, we analyze the behavior of Dutch tropical timber investment funds in relation to financial regulation. These funds are a niche market within the market for socially responsible investments. During the past few years, several Dutch timber funds went bankrupt, whereas others were surrounded by scandals. Partly as a reaction to this, tighter regulation was developed and implemented. In response to the regulatory changes timber funds adjusted their operations and business strategy. The lack of supervision of timber (...) funds, the subsequent tightening of the regulation and the strategic responses of the timber funds fits into the regulatory dialectic as described by Edward Kane. Moreover, we can use Akerlofs concept of informational asymmetries to explain the underlying cause of the regulatory dialectic. The key problem with the Dutch timber funds is that there is no financial supervision with respect to the liquidity and the solvency of the timber funds. Consequently, investors are unable to verify the claims made by the timber funds, which causes major information asymmetries between the two parties. Our case study demonstrates how a lack of regulation can spoil a market that in itself has the potential to offer something useful to society. (shrink)
In the United States alone, industrial and agricultural toxins account for about 60,000 avoidable cancer deaths annually. Pollution-related health costs to Americans are similarly staggering: $13 billion a year from asthma, $351 billion from cardiovascular disease, and $240 billion from occupational disease and injury. Most troubling, children, the poor, and minorities bear the brunt of these health tragedies. Why, asks Kristin Shrader-Frechette, has the government failed to protect us, and what can we do about it? In this book, at once (...) brilliant and accessible, Shrader-Frechette reveals how politicians, campaign contributors, and lobbyists--and their power over media, advertising, and public relations--have conspired to cover up environmental disease and death. She also shows how science and regulators themselves are frequently "captured" by well-funded polluters and special interests. But most important, the author puts both the blame--and the solution--on the shoulders of ordinary citizens. She argues that everyone, especially in a democracy, has a duty to help prevent avoidable environmental deaths, to remain informed about, and involved in, public-health and environmental decision-making. Toward this end, she outlines specific, concrete ways in which people can contribute to life-saving reforms, many of them building on recommendations of the American Public Health Association. As disturbing as it is, Shrader-Frechette's message is ultimately hopeful. Calling for a new "democratic revolution," she reminds us that while only a fraction of the early colonists supported the American Revolution, that tiny group managed to change the world. Her book embodies the conviction that we can do the same for environmental health, particularly if citizens become the change they seek. -/- "Influential and impressive. " - Nicholas A. Ashford, Massachusetts Institute of Technology "Important and compelling, clearly written, accessible. I enthusiastically recommend this book." - James F. Childress, University of Virginia "This book shakes the reader." - Avner de-Shalit, Hebrew University of Jerusalem "Powerful, perspicuous, convincing. Essential reading for today." - Inmaculada de Melo-Martin "A must-read - a book you won't want to put down." - Kevin Elliott, University of South Carolina "An eloquent and persuasive plea to scientists and citizens." - George W. Fisher, Johns Hopkins University "Engaging, compelling - deserves to be read by nearly everyone." - William R. Freudenberg, University of California, Santa Barbara "By one of America's foremost philosophers and public intellectuals; immensely readable, courageous, often startling, insightful." - Richard Hiskes, University of Connecticut "Timely, accessible, and written with enviable clarity and passion. A distinguished philosopher sounds an ethical call to arms to prevent illness and death from pollution." - Sheila Jasanoff, Harvard University "A blistering account of how advocacy must be brought to bear on issues of justice and public health." - Jeffrey Kahn, University of Minnesota "Breaks new ground in linking environmental protection with social justice. A brilliant inquiry." - Sheldon Krimsky, Tufts University "Powerful, lucid, disturbing, poignantly hopeful, lively; deserves to be widely read." - Hugh Lacey, Swarthmore College "A powerful call to action that needs to be heard by consumers and policymakers alike." - Anna C. Mastroianni, University of Washington "No other author can so forcefully bring together ethical analysis, government policy, and environmental science. Outstanding." - Colleen Moore, University of Wisconsin "Accessible, thoughtful, exceptional. It made me want to go out and slay a few dragons of my own!" - Felicity Sackville Northcott, Johns Hopkins University "Convincing, with an impressive command of scientific knowledge. No book more clearly demonstrates the need for citizen action." - Mark Sagoff, University of Maryland "Like Rachel Carson's Silent Spring - brilliant, brave." - Sylvia Hood Washington, University of Illinois, Chicago "This book is inspirational as much as it is scientific....Highly recommended." -- CHOICE. (shrink)
This article reviews the practices and differing sets of attitudes North Americans have taken with respect to fairness in international trade and proposes a set of common considerations for ongoing debates about these matters. After reviewing the asymmetrical relations between Canada, the United States, and Mexico and the impact of multilateral trade agreements on bilateral trade between these countries, the article looks at four typical normative views with respect to trade held by North Americans. These views variously emphasize concerns for (...) protectionism, liberal fair play, distributive justice, and dissent in the name of the environment or the working classes. Acknowledging that the debates over what is fair are not likely to be easily resolved, we call for open political processes that allow these debates to proceed, and we identify five common points of reference that might usefully inform these debates. These comprise (1) respect for flexibility, (2) the importance of institutions, (3) greater attention to the commutative justice principles for fair exchanges and corresponding guarantees so that all countries possess basic power to bargain on their own behalf, (4) the need to find fitting balance between local, national, regional, and international trade, and (5) more concern for the ways false pricing and abusive transfer pricing distort international trading relations. (shrink)
In recent times there has been a surge in interest on policy instruments to stimulate scientific and engineering research that is of greater consequence, advancing our knowledge in leaps rather than steps and is therefore more “creative” or, in the language of recent reports, “transformative.” Associated with the language of “transformative research” there appears to be much enthusiasm and conviction that the future of research is tied to it. However, there is very little clarity as to what exactly it is (...) and what criteria might be used to design policy instruments to make more of it happen. In this paper, we contribute to the construction of a framework within which some conceptual clarity might be gained. We develop four analogies, or metaphors, that are found in the discourse about “transformative research” and show what they imply for the meaning of the notion and, as a result, both the phenomena that might be associated with it and the levers that would be available to design policy instruments. The analogies serving as theoretical metaphors that we propose, and also document to be present either explicitly or implicitly in the discourse about “transformative research,” are the stock market highlighting risk; the process of evolution and its selection mechanisms; the process of popular culture and the power of “hot” events; and exploration of the frontier of the unknown. No single analogy covers all the relevant issues. Together they help identify a field of phenomena and the potential and challenges “transformative research” presents to policy. (shrink)
Almost everyone allows that conditions can obtain that exempt agents from moral responsibility—that someone is not a morally responsible agent if certain conditions obtain. In his seminal Freedom and Resentment, Peter Strawson denies that the truth of determinism globally exempts agents from moral responsibility. As has been noted elsewhere, Strawson appears committed to the surprising thesis that being an evil person is an exempting condition. Less often noted is the fact that various Strawsonians—philosophers sympathetic with Strawson’s account of moral responsibility—at (...) least appear to have difficulty incorporating evil persons into their accounts of moral responsibility. In what follows, I argue that Strawson is not committed to supposing that being evil is an exempting condition—at least, that he can allow that evil persons are morally responsible agents. (shrink)
Theoretical reasoning aims to expand our knowledge of how the world is. Practical reasoning aims to expand our knowledge of how to behave in the world as we know it to be. Although this distinction between theoretical and practical reasoning is notoriously central to normative ethical theorizing, its significance has, I think, been underappreciated and misconstrued in the metaethical debate about realism. I suspect that this is the result of two aspects of that debate: (a) the realism debate has been (...) pursued (mostly) by investigating the appropriate semantic account of ethical statements, (b) all of the prominent semantic accounts on offer, both realist and irrealist, take representation rather than inference as their master concept, which leaves the distinction between ways of reasoning as explanatorily posterior to the distinction between representational and nonrepresentational items. Aspect (a) is not obviously beyond reproach—perhaps the reality of moral properties should be investigated by strictly metaphysical rather than semantic methods. However, for the purposes of this paper, I shall not reproach the methodological mindset that semanticizes the realism debate in metaethics. This is because it is by working within this mindset that I think we have best hope of correcting the mistake I see embodied in aspect (b) and gaining a fuller appreciation of the significance of the distinction between theoretical and practical reasoning to the realism debate. Thus, my overarching aim in this paper is to begin to explore what happens to that debate when we take inference rather than representation as our master concept in philosophical semantics. More specifically, I want to consider the fortunes of the most prominent form of irrealism—expressivism—and urge that a new form of this position, which takes the distinction between theoretical and practical reasoning (rather than the distinction between representational and nonrepresentational mental states) as basic, has the resources to address one of the main objections threatening contemporary versions of the view. (shrink)
Empiricists claim that in accepting a scientific theory one should not commit oneself to claims about things that are not observable in the sense of registering on human perceptual systems (according to Van Fraassen’s constructive empiricism) or experimental equipment (according to what I call liberal empiricism ). They also claim scientific theories should be accepted or rejected on the basis of how well they save the phenomena in the sense delivering unified descriptions of natural regularities among things that meet their (...) conditions for observability. I argue that empiricism is both unfaithful to real world scientific practice, and epistemically imprudent, if not incoherent. To illuminate scientific practice and save regularity phenomena one must commit oneself to claims about causal mechanisms that can be detected from data, but do not register directly on human perceptual systems or experimental equipment. I conclude by suggesting that empiricists should relax their standards for acceptable beliefs. (shrink)
Contemporary consciousness studies, where it is not explicitly religious, is mostly physicalist. Theories of self and consciousness in classical Hindu thought can easily be seen to contribute to religious issues in consciousness studies. But it is also the case that there is much in that that can be useful within broadly physicalist parameters of study as well. The Mīmāṃsā and Nyāya schools, while having (nonphysicalist) soteriological goals for the metaphysical self, nonetheless provide theories of its relationship with consciousness that allow (...) for interpretative strategies that can make their theories relevant to a broadly physicalist study of consciousness. Advaita Vedānta cannot be so interpreted, but its inquiry into the nature of consciousness can provide material for a fundamental critique of the project of objectifying consciousness. (shrink)
I argue that, because of scarcity, the right to life cannot imply an obligation on others to save the life of the right-holder, and that collectivising resources for health care not only ensures that resources are used inefficiently and inappropriately but also removes from people the authority to make decisions for themselves about matters of health, life and death.
Most people are skeptical of the claim that the expectation that a person would have a life that would be well worth living provides a reason to cause that person to exist. In this essay I argue that to cause such a person to exist would be to confer a benefit of a noncomparative kind and that there is a moral reason to bestow benefits of this kind. But this conclusion raises many problems, among which is that it must be (...) determined how the benefits conferred on people by causing them to exist weigh against comparable benefits conferred on existing people. In particular, might the reason to cause people to exist ever outweigh the reason to save the lives of existing people? (shrink)
Conflict in the testimony of religious experiences appears to seriously undercut its evidential value. Arguments that make positive appeal to the evidence of religious experience usually deal with this objection by denying evidential value to the particularistic elements in such experience as descriptive of an ultimate religious reality and an ultimate human end. Using the work of Jerome Gellman, I contend that the referential value of diverse and particular religious testimony can be saved. I suggest that the strongest form of (...) this argument requires two assumptions: the possibility of multiple religious ends and intrinsic complexity in the religious object. If the argument is valid, these assumptions may also serve as theological criteria. (shrink)
What does socially responsible investing (SRI) accomplish for investors and for society? Proponents of SRI claim that the practiceyields competitive portfolio returns for investors, while at the same time achieving better outcomes for society at large. Skepticsview SRI as ineffective at best and ill-conceived marketing hype at worst. My objective in this paper is to apply mainstream finance research findings to the question of whether SRI may be expected to lead to superior social outcomes. I conclude that under the perfectmarkets (...) assumptions underlying most finance theory, SRI will not affect social outcomes. However, given well documented imperfections in equity markets, the claim that SRI “makes a difference” to society is a reasonable one that is consistent with current theoretical and empirical research in finance. (shrink)
A new economic phenomenon, in which physicians refer their patients to ancillary facilities of which they themselves are owners or substantial investors, presents a ‘laboratory’ for assessing philosophers' potential contributions to public policy issues. In this particular controversy, ‘prohibitionists’ who wish to ban all such self-referral focus on the dangers that patients and payers may receive or be billed for unnecessary or poor-quality care. ‘Laissez-fairists’, in contrast, argue that self-referral should be freely permitted, with a reliance on personal ethics and (...) internal professional monitoring to guard against abuse. Undue government regulation, they argue, infringes providers' and patients' economic freedom, and stifles the competition that can yield better quality care at lower prices. As this debate features basic values and large amounts of money, it has been marked by rancorous rhetoric, shallow argument, and muddled reasoning. The philosopher's first contribution, therefore, is to expose simplistic and fallacious arguments, whether empirical, conceptual, moral, or legal. Beyond this, the philosopher can help to identify the important values at stake and, perhaps, to identify resolutions that honor those values better than the more simplistic answers proffered previously. For abusive self-referral, as distinguished from kickbacks, the author recommends that civil remedies be favored over criminal prohibitions. She suggests that the doctrine of ‘bad faith breach of contract’ might appropriately be extended into this new area to provide a powerful means by which aggrieved patients and payers can hold physicians personally accountable for abusive self-referrals. Keywords: bad faith breach of contract, civil law, criminal law, self-referral, simplistic reasoning CiteULike Connotea Del.icio.us What's this? (shrink)
Dennett argues that the decentralized view of human cognitive organization finding increasing support in parts of cognitive science undermines talk of an inner self. On his view, the causal underpinnings of behavior are distributed across a collection of autonomous subsystems operating without any centralized supervision. Selves are fictions contrived to simplify description and facilitate prediction of behavior with no real correlate inside the mind. Dennett often uses an analogy with termite colonies whose behavior looks organized and purposeful to the external (...) eye, but which is actually the emergent product of uncoordinated activity of separate components marching to the beat of their individual drums. I examine the cognitive organization of a system steering by an internal model of self and environment, and argue that it provides a model that lies between the image of mind as termite colony and a naïve Cartesianism that views the self as inner substance. (shrink)
Martha Nussbaum has expanded the capabilities approach to defend positive duties of justice to individuals who fall below Rawls’ standard for fully cooperating members of society, including sentient nonhuman animals. Building on this, David Schlosberg has defended the extension of capabilities justice not only to individual animals but also to entire species and ecosystems. This is an attractive vision: a happy marriage of social, environmental and ecological justice, which also respects the claims of individual animals. This paper asks whether it (...) is one that the capabilities approach can really deliver. Serious obstacles are highlighted. The potential for conflict between the capability-based entitlements of humans and those of nonhuman animals or ‘nature’ is noted, but it is argued that this does not constitute a decisive objection to the expanded capabilities approach. However, intra-nature conflicts are so widespread as to do so: the situation is outside the circumstances of justice as they are standardly understood. Schlosberg attempts to reconcile such conflicts by re-examining what it means to flourish as a sentient nonhuman animal. This fails, because of the distinction between flourishing as a species, which often requires predation, and flourishing as an individual, which is as frequently incompatible with it. Finally, the paper considers how a capabilities theorist might move beyond such conflicts, identifying two possible strategies (which are not themselves unproblematic) for reconciling the demands of humans, animals and ecosystems. (shrink)
In his essay, ‘The Question of Machiavelli’, Isaiah Berlin notes the depth of Machiavelli's pluralism. Taking my cue from Berlin, I argue that much modern liberal political philosophy neglects this deep pluralism and, as a result, misunderstands modern political problems such as the phenomenon of religiously-motivated terrorism.
There has been much controversy concerning the benefits of the certification (professionalization) of financial planners and the merits of various compensation systems; this study examined the controversy insofar as it concerned ethical orientation rather than competence issues. The study was delimited to financial planners practicing in the United States of America. It was found that Certified Financial Planner (CFP) designees manifested higher ethical orientation scores than non-designees. Fee-based planners manifested no significantly different ethical orientation scores as compared to their counterparts. (...) Lower ethical orientation scores were noted among planners whose career tenure exceeded 10 years. (shrink)
Holmes Rolston, III has argued that there are times when we should save nature rather than feed people. In arguing thus, Rolston appears tacitly to share a number of assumptions with Garrett Hardin regarding the causes of human overpopulation. Those assumptions are most likely erroneous. Rather than our facing the choice between saving nature or feeding people, we will not save nature unless we feed people.
With his most famous question, the Being-question, the Seinsfrage — a question essentially and not incidentally obliterated by the tradition of philosophic questioning, Heidegger proposes a phenomenology of questioning. This is not counter to the project of philosophy but it calls us to our own experience as questioners, even as those who ask, who can ask 'Why the why.'(1) For Heidegger, 'only because man is in this way, can he and must he, in each case, say, not only yes or (...) no, but essentially yes and no.'. (shrink)
Latour is widely considered a critic and renewer of research in the social sciences. The ecologically minded Left has also acclaimed him as a theorist interested in bringing nature back both into sociological theory and into society and politics. To enable a more detailed discussion of Latour’s claims, I will here outline his theory and the ways in which it is related to classical theory, such as Durkheim, and the methodology of the interpretive paradigm, such as Schütz. My thesis is (...) that Latour’s empirical studies may be read as unfolding the methodological consequences of the interpretive paradigm, and that his early work is a brilliant proof of Durkheim’s theory of the morphology of social facts. Latour has now elaborated the insights he gained from concrete laboratory studies toward a general theory of the social, of society, and of politics. These generalizations have made his theory at least partly problematic. The political implication of Latour’s theory of society is a generalization of the call for equality to encompass everything; in other words, Latour criticizes the exclusion of nonhuman entities from political representation. The paper closes by discussing the political consequences of this proposal. (shrink)
Bernstein's attempt to identify a convergence in the ethical and political implications of the writings of Gadamer and Rorty is found to be inadequate on two counts. First, by accepting the extreme antifoundationalism in Rorty, Bernstein tends to undermine the humanistic ideals he wishes to defend. And, second, the important differences in the conception of history in Gadamer and Rorty are concealed. It is argued that Gadamer's view of 'effective-history' offers a basis for enduring values which would not be possible (...) given Rorty's conception of history. (shrink)
Abstract In the ideal market of general equilibrium theory, choices are made in full knowledge of one another, and all expectations are fulfilled. This pre?harmonization of individual plans does not occur in real?world markets where decisions must be taken in ignorance of one another. The Austrian school grants this, but claims that real?world price systems are nonetheless effective in coordinating saving and investment decisions, which are motivated by disparate considerations. In contrast, Keynes held that without the pre?reconciliation of (...) individual plans, investment and employment would be less than optimal, and the resulting distribution of income arbitrary and inequitable. (shrink)
Van Orden and Paap argue that subtractive functional neuroimaging is fundamentally flawed, unfalsifiable, and cannot bear upon the nature of mind. In this they are mistaken, although their criticisms interestingly illuminate the scientific problems we confront in investigating the material basis of mind. Here, I consider the criticisms of Van Orden and Paap and discuss where they are mistaken and where justified. I then consider the picture of imaging science that Van Orden and Paap seem to espouse and sketch an (...) alternative picture that is more realistic, more interesting, and consistent with the deliverances and the weaknesses of neuroimaging techniques. Finally, I identify three assumptions that I do think neuroimaging is wedded to and briefly discuss their implications. (shrink)
In the fusillade he lets fly against Foss (1984), Bourgeois (1987) sometimes hits a live target. I admit that I went beyond the letter of van Fraassen's The Scientific Image (1980), making inferences and drawing conclusions which are often absurd. I maintain, however, that the absurdities must be charged to van Fraassen's account. While I cannot redress every errant shot of Bourgeois, his essay reveals the need for further discussion of the concepts of the phenomena and the observables as used (...) by van Fraassen. (shrink)
"Active intervention" with suicidal callers to telephone crisis lines involves breaking confidentiality by dispatching emergency services, typically the police, to a suicidal person without that person's consent and sometimes without his or her knowledge.1 Those who oppose active intervention often refer to it as "nonvoluntary intervention." Active intervention is rapidly becoming the standard of practice for crisis centers and is required for certification by the American Association of Suicidology (AAS), the primary organization that certifies telephone crisis centers. A policy of (...) active intervention is also required for any crisis center affiliated with the Hope Line and the National Suicide Prevention Lifeline .. (shrink)
When a trustee makes a decision for a client, a standard objective is to decide as the client would if he had the trustee's information. How can this objective be attained when, given the trustee's information, there is still uncertainty about the consequences of alternative courses of action? A promising approach is to apply the rule to maximize expected utility using the client's utilities for consequences and the trustee's probabilities for states. But taking utilities and probabilities from different sources causes (...) a problem that has to be resolved. Briefly, the problem is that the client's utilities for consequences involve assessments of risks that are uninformed because he does not have informed probabilities. And the resolution of the problem is to reconstruct his utilities for consequences using a component due to risk that the trustee supplies for the client, and a component due to other consequences that the client supplies for himself. (shrink)
Abstract Greg Hill continues to miss my distinction between what is true of free?market capitalism and what is true of the interventionist forms of capitalism that characterize Western economies. It is central banking that triggers lower aggregate demand when the public's desire to save grows. If increases in saving occur through the holding of additional private bank liabilities, rather than central?bank created money, banks could adjust their supply of liabilities so as to keep saving and investment equal (...) and avoid reductions in aggregate demand. Hill's alternatives to market?driven financial intermediaries also fail to compare fairly the market and political processes. (shrink)
Belgium was already mired in a web of political crises for nearly a year when the full force of the bursting American credit bubble struck its seemingly robust financial system. Not surprisingly, the shockwaves from across the ocean did nothing to resolve the political stalemate. On the contrary, they set in motion a process of government intervention in the financial sector that last week resulted in another major political crisis and the resignation of the government. This came about because of (...) the near-collapse of one of the major banks, Fortis. (shrink)
Introduction : before school -- Small miracles -- Life way after preschool -- The futures market -- The imprimatur of science -- Who cares for the children? -- Jump-starting a movement -- The politics of the un-dramatic -- English lessons -- Kids-first politics.
