This article examines the ways in which Adam Smith and G. W. F Hegel conceptualize the identity of workers in a market economy. Although both see human beings as shaped in and through social rela- tionships, the relation between the worker and his work is seen in different ways. For Smith, workers “have” human capital, while for Hegel workers “are” brewers, butchers or bakers;; their profession is part of their identity. This conceptual difference, which is reflected in different “varieties of (...) capitalism” today, shows that not only degrees, but also kinds of embeddedness need to be taken into account in discussions of the relation between individual and society. (shrink)

In many Western capitalist economies, private indebtedness is pervasive, but it has received little attention from political philosophers. Economic theory emphasizes the liberating potential of debt contracts, but its picture is based on assumptions that do not always hold, especially when there is a background of structural injustice. Private debt contracts are likely to miss their liberating potential if there is deception or lack of information, if there is insufficient access to (regular forms of) credit, or if credit is overly (...) expensive. Markets for private debt can be mechanisms of structural injustice: rather than playing a neutral role, they reinforce injustices, because the failures of debt to be liberating disproportionately hit individuals in disadvantaged positions. By individualizing what are in fact structural problems, private debt can contribute to stigmatization, social exclusion and oppression. What is at stake, from a perspective of structural justice, is not only the distribution of income, but also the distribution of risk. The problems of private debt markets therefore require political attention. In addition to fighting the structural injustices that form the background condititions of private debt, it is also worth addressing private debt markets themselves. (shrink)

Inventing the Market explores two paradigms of the market in the thought of Adam Smith and G.W.F. Hegel, bridging the gap between economics and philosophy, it shows that both disciplines can profit from a broader, more historically situated ...

The paper develops a responsibility-based account of professional ethics in banking. From this perspective, bankers have duties not only toward clients—the traditional focus of professional ethics—but also regarding the prevention of systemic harms to whole societies. When trying to fulfill these duties, bankers have to meet three challenges: epistemic challenges, motivational challenges, and a coordination challenge. These challenges can best be met by a combination of regulation and ethics that aligns responsibilities, recognition, and incentives and creates what Parsons has called (...) “integrated situations”. Professional associations play an important role for this purpose, especially as spaces in which peer recognition is earned. But financial incentives equally need to be brought in line, for example, through deferred bonuses or claw backs. Such measures can create a new culture of accountability in banking. (shrink)

This article analyses a hitherto neglected problem at the transition from ideal to non‐ideal theory: the problem of knowledge. Ideal theories often make idealising assumptions about the availability of knowledge, for example knowledge of social scientific facts. This can lead to problems when this knowledge turns out not to be available at the non‐ideal level. Knowledge can be unavailable in a number of ways: in principle, for practical reasons, or because there are normative reasons not to use it. This can (...) make it necessary to revise ideal theories, because the principle of ‘ought implies can’ rules out certain theories, at least insofar as they are understood as action‐guiding. I discuss a number of examples and argue that there are two tendencies that will increase the relevance of this problem in the future: the availability of large amounts of sensitive data whose use is problematic from a normative point of view, and the increasing complexity of an interrelated world that makes it harder to predict the effects of institutional changes. To address these issues, philosophers need to cooperate with social scientists and philosophers of the social sciences. Normative theorising can then be understood as one step in a long process that includes thinkers from different disciplines. Ideal theory can respond to many of the charges raised against it if it is understood along these lines and if it takes the problem of knowledge and its implications seriously. (shrink)

In this paper, I analyze the moral responsibili- ties that companies have with regard to the development of their sector, especially when there are path dependences that can lead sectors on more or less morally accept- able paths, e.g., with regard to market access for disad- vantaged groups. The interdependencies between companies in a sector are underexplored in the literature on corporate social responsibility (CSR). Reflections on the normative status of profit-seeking and on the normative bases of CSR, however, provide (...) us with reasons for seeing sector-related responsibilities as an important component of CSR. Based on a case study of a financial institution, I analyze various morally relevant ways in which the strategic decisions of companies relate to those of other companies in their sector. I argue that companies have a co-responsibility to contribute to the development of the moral dimensions of their sectors, especially when they deal with vulnerable customers. (shrink)

The evaluation of labour markets and of particular jobs ought to be sensitive to a plurality of benefits and burdens of work. We use the term 'the goods of work' to refer to those benefits of work that cannot be obtained in exchange for money and that can be enjoyed mostly or exclusively in the context of work. Drawing on empirical research and various philosophical traditions of thinking about work we identify four goods of work: 1) attaining various types of (...) excellence; 2) making a social contribution; 3) experiencing community; and 4) gaining social recognition. Our account of the goods of work can be read as unpacking the ways in which work can be meaningful. The distribution of the goods of work is a concern of justice for two conjoint reasons: First, they are part of the conception of the good of a large number of individuals. Second, in societies without an unconditional income and in which most people are not independently wealthy, paid work is non-optional and workers have few, if any, occasions to realize these goods outside their job. Taking into account the plurality of the goods of work and their importance for justice challenges the theoretical and political status quo, which focuses mostly on justice with regard to the distribution of income. We defend this account against the libertarian challenge that a free labour market gives individuals sufficient options to realise the goods of work important to them, and discuss the challenge from state neutrality. In the conclusion, we hint towards possible implications for today’s labour markets. (shrink)

Der Aufsatz untersucht, was mit der Metapher von der moralischen "Einbettung" von Märkten gemeint ist. Zunächst werden verschiedene Formen der deskriptiven Einbettung - soziologisch, rechtlich, und institutionell - unerschieden, was zu der These führt, dass kein Markt in einem deskriptiven Sinn „uneingebettet“ ist, und dass die Frage nach Einbettung nicht alleine durch die Betrachtung von Märkten beantwortet werden kann, sondern eine breitere institutionelle Analyse erfordert. Anschließend wird vorgeschlagen, Einbettung im moralischen Sinn als die Forderung nach der Vermeidung verschiedener Formen von (...) Schädigungen zu verstehen, und diese nach dem systematischen Ort der Schädigung und anhand der Kategorien materiell versus immateriell zu kategorisieren. Anschließend werden Hindernisse für die vorgeschlagene Konzeptualisierung und deren praktische Umsetzung diskutiert, nämlich die Frage nach den relevanten Vergleichsmaßstäben und das Problem der Dynamik unbeabsichtigter Folgen, das eine entsprechende Dynamik auch in den Reaktionen auf diese Folgen nötig macht. Der Aufsatz schließt mit Überlegungen zu den Bedingungen der Möglichkeit der normativen Einbettung von Märkten auf nationaler und internationaler Ebene. (shrink)

The relevance of leader ethicality has moti- vated ethical leadership theory. In this paper, we emphasize the importance of moral identity for the concept of ethical leadership. We relate ethical leadership incorporating an internalized moral identity to productive deviant workplace behavior. Using qualitative empirical data we illustrate the relevance of critical situations, i.e., situations in which hypernorms and organizational norms diverge, for the distinction of ethical leaders with or without internalized moral identities. Our paper takes a multidisciplinary approach integrating insight (...) from management as well as humanities and social sciences toward a comprehensive sense of ethical leadership. (shrink)

This paper discusses a novel kind of argument for assessing the moral significance of acts of lying and misleading. It is based on considerations about valuable social norms that might be eroded by these actions, because these actions function as signals. Given that social norms can play an important role in supporting morality, individuals have a responsibility to preserve such norms and to prevent ‘cultural slopes’ that erode them. Depending on whether there are norms against lying, misleading, or both, and (...) how likely it is that they might be eroded, these actions can thus have different moral significance. In cases in which the rule ‘do not lie’, as a relatively simple rule, functions as a ‘focal point’, acts of misleading are often morally preferable. In other words, in such cases the possibility of ‘cultural slopes’ can ground a context-dependent slippery slope argument for a moral difference between lying and misleading. (shrink)

This article presents the most important strands of the philosophical debate about markets. It offers some distinctions between the concept of markets and related concepts, as well as a brief outline of historical positions vis-à-vis markets. The main focus is on presenting the most common arguments for and against markets, and on analyzing the ways in which markets are related to other social institutions. In the concluding section questions about markets are connected to two related themes, methodological questions in economics (...) and the topics of business ethics and corporate social responsibility. (shrink)

This paper discusses Adam Smith's views of social justice. It first describes Smith's optimistic view of markets, for example with regard to the absence of negative externalities, which implies that he considered certain normative problems to be the exception rather than the rule. Then, Smith's views on redistribution are discussed: although he is sympathetic to progressive taxation, his main focus remains on free markets, which can partly be explained by his distrust of politicians. If one takes a closer look as (...) Smith's views of markets, however, it turns out that one of the reasons why he endorses them is their distributive features. He saw them as an antidote to the inequalities of the feudal age, offering all individuals an opportunity to work their way up to a decent standard of living and leading to more equality in the long run. Thus, Smith's account, while out-dated in certain ways, can serve as an inspiration for thinking about distributive justice not only as a question of redistributive taxation but also as a question of the institutional design of markets. (shrink)

adam smith1 is often taken to be an heir to the natural jurisprudence tradition, to which he explicitly refers in several places in his oeuvre.2 He combines it with an account of the moral sentiments, in which he sees the origin of morality and justice.3 The moral sentiments, as explored in The Theory of Moral Sentiments, are the basis for justice, which, embodied in positive law, is the framework for commercial society, the economy of which Smith explores in the Wealth (...) of Nations. in this sense, Smith is seen by many scholars as a being a moral philosopher in the first place, and an economist in the second place.4 The challenge that remains, and which Smith addresses by a number of rhetorical strategies,5 is to .. (shrink)

This chapter discusses central strands of the modern social contract tradition. Distinguishing between moral and political theories on the one hand and contractualist and contractarian theories on the other, it presents one example of each of the ensuing categories: Gauthier’s moral contractarianism, Buchanan’s political contractarianism, Scanlon’s moral contractualism, and Rawls’ political contractualism. In the conclusion, strengths and weaknesses of social contract theories are discussed.

This paper asks how property rights in the financial system can be nor- matively justified. It argues that in the current financial system, we find property rights with very different normative bases, some of which are stronger than others. In fact, there is a systematic gap between the normative priorities (which property rights deserve protection?) and the de facto priorities (which property rights are in fact protected?). I draw on the three traditional approaches for justifying property rights, along Hegelian, Lockean (...) and consequentialist lines, and ask how relevant they are for the property rights that one finds in today’s financial system. As it will turn out, Hegelian and Lockean justifications are better suited for the “real economy” than for the financial system; whereas the most promising approach for justifying many property rights within the financial system (if they can be justified at all) is a consequentialist one. This implies that reform proposals, for example with regard to higher capital ratios for banks, cannot be countered by holding that they interfere with property rights, for the property rights that are interfered with cannot claim to have stronger normative bases than the normative principles involved in the reform proposals. (shrink)

Motivation crowding out can lead to a reduction of ‘higher’ virtues, such as altruism or public spirit, in market contexts. This article discusses the role of virtue in the moral and economic theory of Adam Smith. It argues that because Smith’s account of commercial society is based on ‘lower’ virtue, ‘higher’ virtue has a precarious place in it; this phenomenon is structurally similar to motivation crowding out. The article analyzes and systematizes the ways in which Smith builds on ‘contrivances of (...) nature’ in order to solve the problems of limited self-command and limited knowledge. As recent research has shown, a clear separation of different social spheres can help to reduce the risk of motivation crowding out and preserve a place for ‘higher virtue’ in commercial society. The conclusion reflects on the performative power of economics, arguing that the one-sided focus on models of ‘economic man’ should be embedded in a larger context. (shrink)

In this article, we propose the Fair Priority Model for COVID-19 vaccine distribution, and emphasize three fundamental values we believe should be considered when distributing a COVID-19 vaccine among countries: Benefiting people and limiting harm, prioritizing the disadvantaged, and equal moral concern for all individuals. The Priority Model addresses these values by focusing on mitigating three types of harms caused by COVID-19: death and permanent organ damage, indirect health consequences, such as health care system strain and stress, as well as (...) economic destruction. It proposes proceeding in three phases: the first addresses premature death, the second long-term health issues and economic harms, and the third aims to contain viral transmission fully and restore pre-pandemic activity. -/- To those who may deem an ethical framework irrelevant because of the belief that many countries will pursue "vaccine nationalism," we argue such a framework still has broad relevance. Reasonable national partiality would permit countries to focus on vaccine distribution within their borders up until the rate of transmission is below 1, at which point there would not be sufficient vaccine-preventable harm to justify retaining a vaccine. When a government reaches the limit of national partiality, it should release vaccines for other countries. -/- We also argue against two other recent proposals. Distributing a vaccine proportional to a country's population mistakenly assumes that equality requires treating differently situated countries identically. Prioritizing countries according to the number of front-line health care workers, the proportion of the population over 65, and the number of people with comorbidities within each country may exacerbate disadvantage and end up giving the vaccine in large part to wealthy nations. (shrink)

Within the discipline of psychology, the conventional history outlines the development of two fundamental approaches to the scientific study of emotion—“basic emotion” and “appraisal” traditions. In this article, we outline the development of a third approach to emotion that exists in the psychological literature—the “psychological constructionist” tradition. In the process, we discuss a number of works that have virtually disappeared from the citation trail in psychological discussions of emotion. We also correct some misconceptions about early sources, such as work by (...) Darwin and James. Taken together, these three contributions make for a fuller and more accurate account of ideas about emotion during the century stretching from 1855 to just before 1960. (shrink)

Within the discipline of psychology, the conventional history outlines the development of two fundamental approaches to the scientific study of emotion—“basic emotion” and “appraisal” traditions. In this article, we outline the development of a third approach to emotion that exists in the psychological literature—the “psychological constructionist” tradition. In the process, we discuss a number of works that have virtually disappeared from the citation trail in psychological discussions of emotion. We also correct some misconceptions about early sources, such as work by (...) Darwin and James. Taken together, these three contributions make for a fuller and more accurate account of ideas about emotion during the century stretching from 1855 to just before 1960. (shrink)

Psychological research on emotion perception anchors heavily on an object perception analogy. We present static “cues,” such as facial expressions, as objects for perceivers to categorize. Yet in the real world, emotions play out as dynamic multidimensional events. Current theoretical approaches and research methods are limited in their ability to capture this complexity. We draw on insights from a predictive coding account of neural activity and a grounded cognition account of concept representation to conceive of emotion perception as a stream (...) of synchronized conceptualizations between two individuals, which is supported and shaped by language. We articulate how this framework can illuminate the fundamental need to study culture, as well as other sources of conceptual variation, in unpacking conceptual synchrony in emotion. We close by suggesting that the conceptual system provides the necessary flexibility to overcome gaps in emotional synchrony. (shrink)

Journal of Social Philosophy, EarlyView.

Debates about justice in political philosophy often ask which distributive end state is normatively desirable. The economic mechanisms that generate the ‘pie’ that is to be distributed are usually left unexplored. Mark R. Reiff’s new book, in contrast, asks what justice means within economic processes, and how changes in the framework of the economy could lead to more justice, including justice in the distributive sense. As such, Reiff’s account is in a line with other recent accounts such as Dietsch’s discussion (...) of competition and its effects on distribution, or the debates about property-owning democracy ; these are all attempts to open up the ‘black box’ of markets, as Dietsch puts it, and to think about justice before or while the pie is being baked.Reiff returns to an age-old idea: the idea of a just price, which he revives by developing a highly original account of exploitation as the use of intolerably unfair prices. Al .. (shrink)

Many political theorists think about how to make societies more just. In recent years, with interests shifting from principles to their institutional realization, there has been much debate about feasibility and the role it should play in theorizing. What has been underexplored, however, is how feasibility depends on the attitudes and perceptions of individuals, not only with regard to their own behaviour, but also with regard to the behaviour of others. This can create coordination problems, which can be described as (...) “feasibility gridlocks”. These problems are interesting from a normative perspective, not only because they arguably play an important role for the feasibility of institutions, but also because they contain a normative element themselves: individual might be willing to cooperate in order change the “feasibility frontier” Political ideals and the feasibility frontier. Econ Philos), but only if others are also willing to do their bit, which contains a judgment about the fair distribution of burdens. Beliefs about the selfish nature of human beings, however, can make feasibility gridlocks more likely. This is why what I call, for the sake of brevity, “economic ideology”, i.e. an account of human nature as fundamentally self-interested, can be harmful. Finding a way out of such equilibriums therefore is an important task for political theorists and social reformers. (shrink)

This paper takes a social epistemology perspective on markets in general and trade deals in particular. Normatively, it is based on considerations of democratic accountability and contestation. Empirically, it is based on the assumption that all markets are embedded in institutional frameworks. Knowledge plays an important role in the institutional framework of markets: it matters both at the level of content – which knowledge has to be processed in what way, according to the market rules? – and at the level (...) of process – whose knowledge counts in setting the rules? While these considerations apply to both domestic and international markets, there are good reasons to allocate certain epistemic tasks to the frameworks of international markets, for example trade deals. While the TTIP and CETA negotiations fell short of democratic standards about transparency, the debate about them indicates growing public awareness of the importance of the institutional frameworks for international trade. (shrink)

The chapter provides an overview of Hegel's account of the market in his chapter on "civil society.

This is a book review. Summary: I'm not a fan.

It is not clear what the intellectual history of the last 200 years would have looked like without the philosophy of G.W.F. Hegel, but it is clear that it would have looked different. His vast intellectual system was taken up by thinkers from left to right, and from very different philosophical schools. This volume brings together accessible, concise essays from leading scholars that present important currents of Hegelian thought in different European countries, including pre-revolutionary Russia, from the 19th to the (...) 21st century. It unites a range of very different forms of (Non-Marxian) Hegelianisms and Anti-Hegelianisms, showing similarities as well as differences. Embedding them in their cultural and intellectual contexts, it demonstrates the various encounters between philosophy, politics and personal lives that Hegel's philosophy inspired. (shrink)

This volume brings together leading scholars from political theory, law, and economics in order to discuss the relationship between financial markets and justice, and invites us to rethink the place and role of financial markets in our societies.

A case of Moral Luck occurs whenever we normatively assess agents for things that depend on factors beyond their control. The paper takes a comparative approach and examines how morality and law deal with such cases. The comparative perspective allows us to explain the problem of Moral Luck as a tension inherent in normative orders: While normative orders are based on a strong connection between responsibility and voluntariness, this idealist assumption is at least partly at odds with their functional requirements (...) as social orders. The paper examines how law and morality converge and differ in resolving this tension in cases of Moral Luck. Finally, the paper concludes with a brief discussion of some more general features of the normative orders of morality and the law that follow from this "bottom-up" analysis of Moral Luck. (shrink)

A case of Moral Luck occurs whenever we normatively assess agents for things that depend on factors beyond their control. The paper takes a comparative approach and examines how morality and law deal with such cases. The comparative perspective allows us to explain the problem of Moral Luck as a tension inherent in normative orders: While normative orders are based on a strong connection between responsibility and voluntariness, this idealist assumption is at least partly at odds with their functional requirements (...) as social orders. The paper examines how law and morality converge and differ in resolving this tension in cases of Moral Luck. Finally, the paper concludes with a brief discussion of some more general features of the normative orders of morality and the law that follow from this "bottom-up" analysis of Moral Luck. (shrink)