The widespread and elaborate use of new financial instruments among corporate entities and financial institutions requires justification. It faces the charge of increasing both the level and complexity of risk in the financial system under the pretext of reducing it. It is a prodigious user of management resources and IT. It obscures the integrity of the nature of the non-financial user.It is not mere academic argument to question the ethics of certain instruments. Both in the US and the UK certain (...) forms of financial instrument are deemed too risky to be used by all and sundry. Other forms of instrument may be banned outright, even though many financial professionals will be perfectly capable of measuring the risk involved. The force of this attack is recognized in the financial industry. One defence frequently put forward is similar to that of the National Rifle Association in the US about guns. It is the users, not the product, that are the problem. “One misconception is that derivatives are risky instruments that are used for speculation. It is more accurate to say that derivatives are instruments that can be used to alter risk profiles”. The mere fact of an instrument existing is no reason to use it. The biggest advocates of exotic options are bankers. Practising Treasurers spend much time seeking to distinguish between the fascinating idea which the bank’s rocket scientist wants to try, and the derivative that will genuinely benefit the company. The fact that many of these instruments are harmful or spurious does not mean they should be banned, but neither does the absence of a ban make them ethical.The ethical question to ask for the non-financial corporation has to do with the proper balance of courage and prudence. Will this instrument enable the company to carry out its proper task with more focus and self-awareness, or is it an attempt to neutralize the proper risks that we are paid to take? For financial corporations the inevitable presence of derivatives poses two issues. First, are they intrinsically valuable or simply so complicated that no client could use them and monitor the new exposures involved? Secondly, will the active management of our positions created by this activity result in a change in the nature of our business, and if so, has this been clearly communicated to the world around?On reading this again I am once more struck by a remark made to me by a clergyman long before I was ordained. “What is an ethical Treasurer?” One of the major challenges in the field of financial ethics is the development of an adequate, and clearly communicated, measure of the intrinsic ethics of finance.This paper is not arguing that derivatives are wrong, but that they are powerful, and power needs monitoring and controlling. The events of October 1987 are often referred to as the meltdown of the markets. My clear memory is of the whole executive board of directors standing in my office gazing in awe at a Topic Screen as waves of red chased across the screen. The use of nuclear metaphors was apt. A system that seemed safe had assumed a life of its own. There is little doubt that derivatives fuelled the reaction. (shrink)
Idealism, Pragmatism, and Feminism provides an account of the life and writings of Ella Lyman Cabot (1866-1934), a woman who received formal training, but not formal recognition, in the field of classical American philosophy. It highlights the themes of idealism, pragmatism and feminism as they emerged in the course of career as an educational reformer and ethicist that spanned nearly four decades. Cabot's writings, developed in graduate seminars at Harvard and Radcliffe at the turn of the century complement, and (...) in many cases anticipate, the thinking of the "fathers" of the American philosophical cannon: Charles Sanders Peirce, Josiah Royce, William James, and John Dewey. Her formal philosophical writing focuses on the concepts of growth, creativity, and the moral imagination—a fact that is especially interesting given that these concepts are developed by a woman who faced serious obstacles in her personal and intellectual development. Indeed, these concepts are not merely philosophical ideals, but practical tools that Ella Lyman Cabot used to negotiate the gender roles and intellectual marginalization that she faces at the turn of the century. The discipline of philosophy was very slow to incorporate the insights of women into its self-definition. An analysis of the writings of Ella Lyman Cabot reveals this point, but also the pointed ways in which she sought to express her genuinely creative insights. (shrink)
This article teases out Ella Sykes’ responses to the differences she encounters in the contact zone in Persia in her much-neglected travel narrative Through Persia on a Side-Saddle. The authors argue that Ella Sykes’ position/self-positioning in relation to difference is shaped by various, and at times opposing, factors, which contribute to the ambivalent nature of her representations of Persia and its people in her travel narrative. The paper proposes that even though Through Persia seems to be moulded by (...) and moulds hegemonic Orientalist perspectives, it has its own specificities, as Ella Sykes’ representations of difference are also informed by implications of English gender ideology. It further shows how Ella Sykes’ representations of the differences she encounters in Persia offer her an empowering medium through which she can indulge in self-criticism and self-assertion. (shrink)
This paper recovers and investigates the work of two forgotten figures in the history of American philosophy: Ella Lyman Cabot and Mary Parker Follett. It focuses on Cabot's work, developed between 1889 and 1906. During this period, Cabot took several classes given by Josiah Royce at Radcliffe College. Cabot's work creatively extends Royce's early thinking on the issues of growth, unity, and loyalty. This paper claims that Cabot's writing serves as a valuable type of Roycean interpretation—an interpretation that sheds (...) light on Royce's philosophy while redeploying his thinking in ways that explore its ethical and social implications. Cabot is an important figure in the community of classical American thinkers, a figure who deserves greater attention. This analysis concludes with a brief discussion of Cabot's legacy as it is carried on by Mary Parker Follett's progressive and feminist writings published in the early decades of the 1900s. Follett's contribution to the field of organizational management reveals her affinity with Cabot and variety of other American thinkers. (shrink)
In this definitive overview of Victoria Welby's contributions to sign theory through the Significs Movement, Susan Petrilli utilizes her extraordinary interpretive abilities to provide the reader with an overview of Welby's research and her contribution to the study of signs. In order to bring this monumental work to fruition, Petrilli spent time at the Welby Collection of the York University Archives in Toronto, Ontario, Canada, the Lady Welby Library, University of London, and The British Library in (...) London. In addition to Petrilli's insightful analysis and elucidation of Welby's original works, she also provides the reader with selections from Welby's published writings as well the a significant amount of previously unpublished material located in the Welby Collection at York University. Petrilli's careful editing and cross-referencing of these materials contributes to a logical and revealing account of Welby's influential and voluminous work and the Significs Movement. (shrink)
“Losing Thomas & Ella” presents a research comic about one father’s perinatal loss of twins. The comic recounts Paul’s experience of the hospital and the babies’ deaths, and it details the complex grieving process afterward, including themes of anger, distance, relationship stress, self-blame, religious challenges, and resignation. A methodological appendix explains the process of constructing the comic and provides a rationale for the use of comics-based research for illness, death, and grief among practitioners, policy makers, and the bereaved.
This is an intellectual biography in the most literal sense; at no point in the history of American philosophy has an individual embodied the ideals that they wrote about at length. Philosophical idealism, pragmatism and feminism served as guides for Ella Lyman Cabot as she entered the discipline of philosophy, a discipline that continues to marginalize the work of women to this very day.
En este comentario se ofrece una explicación alternativa a la que dio Guillermo Hurtado en su diagnóstico de la filosofía analítica actual en general y de su ejercicio en el mundo latinoamericano, y, por consiguiente, se concluye con una muy diferente apreciación de los méritos de la filosofía analítica. This note provides an alternative explanation to the one offered by Guillermo Hurtado in his diagnostics of present-day Analytic Philosophy and its practice in the Latin-American world, and as a result offers (...) a very different appraisal of its merits. (shrink)
We have all heard a refrain much like this one over the last decade, increasingly so, as the cost of genetic sequencing has been drastically reduced with improvements in associated techniques and technologies. Already, discoveries are being made in laboratories that can help doctors determine from which drug a particular patient will receive the most efficacious treatment. The working presumption is that, eventually, individuals’ genetic sequence information will be included in each of their personal medical records.