In light of recent doctrinal changes, we examine the confused state of U.S. insider trading law, identifying gaps that permit certain market participants to trade on the basis of material nonpublic information, and contrast U.S. insider trading doctrine with the European approach. We then explore the ethical implications of the status quo in the U.S., explaining why the dominant legal justifications for prohibiting classical insider trading and misappropriation—the fiduciary duty and property rights theories—fail to account for the wrongfulness of insider (...) trading by eavesdroppers and certain tippees. We refute common arguments for legalizing insider trading, including arguments that insider trading is a victimless crime and that the practice promotes efficiency. We explain why insider trading constitutes the moral wrong of cheating, grounding our theory in the legitimate expectations of market participants. Having considered Kantian deontology in other work, we find that virtue ethics theory offers a helpful albeit rough framework for assessing the morality of insider trading independent of its legality. We also find that social contract theories, with norms of equality of opportunity and moral desert, provide a compelling ethical basis for retaining, clarifying and broadening current legal prohibitions against insider trading. (shrink)

Continuing his quest to bring American philosophy back to its roots, Bruce Wilshire connects the work of such thinkers as Thoreau, Emerson, Dewey, and James with Native American beliefs and practices. His search is not for exact parallels, but rather for fundamental affinities between the equally "organismic" thought systems of indigenous peoples and classic American philosophers. Wilshire gives particular emphasis to the affinities between Black Elk’s view of the hoop of the world and Emerson’s notion of horizon, and also (...) between a shaman’s healing practices and James’s ideas of pure experience, willingness to believe, and a pluralistic universe. As these connections come into focus, the book shows how European phenomenology was inspired and influenced by the classic American philosophers, whose own work reveals the inspiration and influence of indigenous thought. Wilshire’s book also reveals how artificial are the walls that separate the sciences and the humanities in academia, and that separate Continental from Anglo-American thought within the single discipline of philosophy. (shrink)

Though the word "atonement" does not appear in King Lear, the concept is present, along with related ones, like sin, justice, redemption, and sacrifice. Like other plays, Lear alludes to various atonement theories, setting them in dramatic conflict or cooperation and subjecting some to critique. Besides revealing the inadequacy of models based on payment or punishment, the play reinterprets the sacrificial theory of atonement by presenting sacrifice (especially that of Cordelia) as gracious and redemptive self-offering, not as a punishment or (...) payment that satisfies anger or offended honor. Though the play’s religious references, including to Christ, are pervasive, ultimately atonement takes place at a human level, in the healing of relationships and inner maladies. Yet such atonement involves what may be called “ethical transcendence,” a transcendence consisting not in an ascent beyond the human condition, but rather in the offering of oneself in relationship and service to others. (shrink)

This book offers an in-depth exploration of the work of Alasdair MacIntyre, one of the leading social and ethical philosophers of our time. Because MacIntyre's historical and philosophical arguments exhibit great erudition and a dense style, his work is sometimes not so accessible to readers who might otherwise find his thought enlightening. Bruce Ballard provides a great service in Understanding MacIntyre, clearly explaining the philosopher's basic tenets as set forth in the works After Virtue, Whose Justice? Which Rationality? and (...) Three Rival Versions of Moral Enquiry. A thorough summary of MacIntyre's philosophy is followed by a critical discussion of his ideas and a comparison of his work with that of other philosophers. Understanding MacIntyre is a seminal study that will contribute greatly to our understanding of contemporary philosophy. (shrink)

Does reliance on reason require an unreasonable faith in reason? In The Reasonableness of Reason, Professor Hauptli argues that naturalized epistemology enables us to explain the reasonableness of the rationalist commitment. Examining different forms of rationalism in turn, the author exposes their limitations. Traditional (justificatory) rationalists are indeed caught in a paradox, and those contemporary rationalists who simply affirm that we should be rational without attempting to argue for it (kerygmatic rationalists, as Hauptli terms them) cannot successfully defend rationalism. Another (...) school of rationalists (realistic rationalists) manages to avoid the paradox which besets justificatory rationalism but, Hauptli shows, this approach rests on a maxim as arbitrary as that of the kerygmatic rationalists. What of naturalized epistemology? A discussion of several naturalistic orientations yields the distinction between descriptive and explanatory naturalism. While descriptive naturalists are reduced to offering no more than an arbitrary commitment, explanatory naturalists can supply a satisfactory response to the challenges raised by conceptual diversity and change. They offer a therapy argument, designed to show how an understanding of our roles as theory-holders and theory-changers undercuts much of the force of traditional challenges to rationality. Explanatory naturalism can successfully defend the reasonableness of reason. (shrink)

This paper argues for an intrinsic connection between Logic-Based Therapy (LBT) and empirical psychology, a connection that suggests the need to employ both philo­sophical and psychological theories in the clinical setting. This link is established by arguing that LBT is conceptually grounded in naturalized epistemology, the view introduced and defended by W. V. O. Quine in the aftermath of his attack on the Analytic-Synthetic dis­tinction. Naturalized epistemology places empirical psychology and logic on the same epis­temic foundation, and, it is argued, (...) it is this foundation that both supports the application of logic in the clinical setting and connects logic to empirical psychology. One consequence of this view is that LBT should be understood as providing a theoretical framework for other forms of philosophical counseling, an idea that establishes the logic-based approach to therapy as the sine qua non of the counseling enterprise. (shrink)

Two main questions are addressed: (1) What standard defines the nonmoral good for humans, the prudentially rational life? (2) How is this standard applied in guiding and in assessing lives? The standard presented is “The Worthwhileness Principle,” which asserts that if one’s life situation is sufficiently fortunate, the aim is to maximize worthwhileness, the net balance of benefits over costs; but if one’s life situation is chronically, and substantially unfortunate, the aim is to minimize nonworthwhileness, the net balance of costs (...) over benefits. The principle is based on a two-sided, positivity and negativity, or cost-and-benefit-centered viewpoint, rather than a one-sided, good-centered viewpoint. Specifically, it includes negative ends, harms to be avoided, negative means, resource costs to be minimized, and negative luck, misfortune, unfortunate lives.Regarding the second question, the standard is applied prospectively in guiding lives and activities by means of prudential deliberation, prudential habits, and prudential spontaneity. It is applied retrospectively in assessing whole or partial lives using the Worthwhileness Scale. (shrink)

A study of Philo and Paul and the first-century sophistic movement.

These comments on Cohen’s paper (IJPP, this issue) focus on the question of whether Cohen’s attempt to derive antidotes from incompatible or contradictory philosophical camps— such as Hume’s subjective theory of beauty, on the one hand, and Augustine’s objectivist account—present a fatal problem for Cohen’s LBT. The paper concludes with suggesting a constructive way around the problem.

Why do groups become genocidal and try to incapacitate all members of an alien group, even sometimes killing fetuses? Prematurely alluding to evil or to the Devil blocks the possibility for further inquiry. Get 'Em All! Kill 'Em! is the first systematic attempt to explain what, up until now, has seemed to be inexplicable phenomena.

The Academy of Management formally adopted a Code of Ethical Conduct in 1990. During the subsequent 15 years, almost nothing had been published about it and its value as a formal document meant to guide professional practice. Rather surprisingly then, in December 2005 an entirely new Code of Ethics was introduced by the Academy’s Board, to take effect in February 2006. Why was a new code promulgated? More broadly, what do the contents of these codes, the processes of their promulgation, (...) and their expressed purposes, suggest about the value of such codes for similarly situated professional associations, in general? This article seeks to identify key strengths and weaknesses of the original code, begin an assessment of the potential value of the new code, and so stimulate debate. Further, not only is this a call to the members of the Academy to engage in some thoughtful debate and possible amendment of its new code, but also a caution to all such associations to take seriously the hurdles that must be jumped before any code can be developed and promulgated to worthwhile effect. (shrink)

Ranging chronologically from the twelfth to the fifteenth century and thematically from Latin to vernacular literary modes, this book challenges standard assumptions about the musical cultures and philosophies of the European Middle Ages. Engaging a wide range of premodern texts and contexts, from the musicality of sodomy in twelfth-century polyphony to Chaucer's representation of pedagogical violence in the Prioress's Tale, from early Christian writings on the music of the body to the plainchant and poetry of Hildegard of Bingen, the author (...) argues that medieval music was quintessentially a practice of the flesh. The book reveals a medieval world in which erotic desire, sexual practice, torture, flagellation, and even death itself resonated with musical significance and meaning. In its insistence on music as an integral part of the material cultures of the Middle Ages, the book presents a revisionist account of an important aspect of premodern European civilization. (shrink)

This book offers an in-depth exploration of the work of Alasdair MacIntyre, one of the leading social and ethical philosophers of our time. Because MacIntyre's historical and philosophical arguments exhibit great erudition and a dense style, his work is sometimes not so accessible to readers who might otherwise find his thought enlightening. Bruce Ballard provides a great service in Understanding MacIntyre, clearly explaining the philosopher's basic tenets as set forth in the works After Virtue, Whose Justice? Which Rationality? and (...) Three Rival Versions of Moral Enquiry. A thorough summary of MacIntyre's philosophy is followed by a critical discussion of his ideas and a comparison of his work with that of other philosophers. Understanding MacIntyre is a seminal study that will contribute greatly to our understanding of contemporary philosophy. (shrink)

Two main questions are addressed: (1) What standard defines the nonmoral good for humans, the prudentially rational life? (2) How is this standard applied in guiding and in assessing lives? The standard presented is “The Worthwhileness Principle,” which asserts that if one’s life situation is sufficiently fortunate, the aim is to maximize worthwhileness, the net balance of benefits over costs; but if one’s life situation is chronically, and substantially unfortunate, the aim is to minimize nonworthwhileness, the net balance of costs (...) over benefits. The principle is based on a two-sided, positivity and negativity, or cost-and-benefit-centered viewpoint, rather than a one-sided, good-centered viewpoint. Specifically, it includes negative ends, harms to be avoided, negative means, resource costs to be minimized, and negative luck, misfortune, unfortunate lives.Regarding the second question, the standard is applied prospectively in guiding lives and activities by means of prudential deliberation, prudential habits, and prudential spontaneity. It is applied retrospectively in assessing whole or partial lives using the Worthwhileness Scale. (shrink)