In Atlas Shrugged, the observations of the character Francisco d'Anconia are used to illustrate the connection between Objectivism, morality, and economics. In response, the author demonstrates how today's socioeconomic movements not only are inconsistent with d'Anconia's view but will likely lead to further large-scale economic and moral crises, unless an economic system is established that will protect the individual's right to worthwhile production, income, and ownership.

It is well known that the concept of play is employed on a cosmic scale as an explanatory device in certain quarters of classical Indian metaphysics. What is less well known is that in the theory of drama, which explicitly appeals to this ‘playelement’ in the human imagination, the tension and play between different competing rasas is made a requirement of good theater: na hy ekarasajaṃ kāvyam kiṃcid asti — “from one rasa alone, no artwork can be,” says Bharata.1 In (...) other words, there can be no play without contradiction. What is even less widely known is that one of the most frequently staged and widely commented upon Sanskrit plays, Śūdraka’s Little Clay Cart, combines.. (shrink)

This is a book grounded in the real ethical challenges of modern business practice, with a world-religious perspective so necessary in an era of globalization.

This book, first published in 1985, presents a key collection of essays on Berkeley's moral and political philosophy. They form an introduction to, and analysis of, Berkeley's immaterialist arguments, part of his consciously adopted strategy to subvert Enlightenment thought, which he saw as a danger to civil society.

Although traditional economic models posit that money is fungible, psychological research abounds with examples that deviate from this assumption. Across eight experiments, we provide evidence that people construe physical currency as carrying traces of its moral history. In Experiments 1 and 2, people report being less likely to want money with negative moral history. Experiments 3–5 provide evidence against an alternative account that people's judgments merely reflect beliefs about the consequences of accepting stolen money rather than moral (...) sensitivity. Experiment 6 examines whether an aversion to stolen money may reflect contamination concerns, and Experiment 7 indicates that people report they would donate stolen money, thereby counteracting its negative history with a positive act. Finally, Experiment 8 demonstrates that, even in their recall of actual events, people report a reduced tendency to accept tainted money. Altogether, these findings suggest a robust tendency to evaluate money based on its moral history, even though it is designed to participate in exchanges that effectively erase its origins. (shrink)

Conflicts of interest are rampant in the American medical community. Today it is not uncommon for doctors to refer patients to clinics or labs in which they have a financial interest (40% of physicians in Florida invest in medical centers); for hospitals to offer incentives to physicians who refer patients (a practice that can lead to unnecessary hospitalization); or for drug companies to provide lucrative give-aways to entice doctors to use their "brand name" drugs (which are much more expensive than (...) generic drugs). In Medicine, Money and Morals, Marc A. Rodwin draws on his own experience as a health lawyer--and his research in health ethics, law, and policy--to reveal how financial conflicts of interest can and do negatively affect the quality of patient care. He shows that the problem has become worse over the last century and provides many actual examples of how doctors' decisions are influenced by financial considerations. We learn how two California physicians, for example, resumed referrals to Pasadena General Hospital only after the hospital started paying $70 per patient (their referrals grew from 14 in one month to 82 in the next). As Rodwin writes, incentives such as this can inhibit a doctor from taking action when a hospital fails to provide proper service, and may also lead to the unnecessary hospitalization of patients. We also learn of a Wyeth-Ayerst Labs promotion in which physicians who started patients on INDERAL (a drug for high blood pressure, angina, and migraines) received 1000 mileage points on American Airlines for each patient (studies show that promotions such as this have a direct effect on a doctor's choice of drug). Rodwin reveals why the medical community has failed to regulate conflicts of interest: peer review has little authority, state licensing boards are usually ignorant of abuses, and the AMA code of ethics has historically been recommended rather than required. He examines what can be learned from the way society has coped with the conflicts of interest of other professionals --lawyers, government officials, and businessmen--all of which are held to higher standards of accountability than doctors. And he recommends that efforts be made to prohibit and regulate certain kinds of activity (such as kickbacks and self-referrals), to monitor and regulate conduct, and to provide penalties for improper conduct. Our failure to face physicians' conflicts of interest has distorted the way medicine is practiced, compromised the loyalty of doctors to patients, and harmed society, the integrity of the medical profession, and patients. For those concerned with the quality of health care or medical ethics, Medicine, Money and Morals is a provocative look into the current health care crisis and a powerful prescription for change. (shrink)

A talk on the morality of money lending, which looks at three different approaches to the problem of usury: political regulation, religious prohibition and economic toleration.

Lea & Webley (L&W) provide two alternative biological accounts of human monetary motivations, the Tool Theory and the Drug Theory. They argue that both are required for an adequate explanation. I explore the applicability of these models to philosophical discussions of how we might justify such motivations. I argue their approach is not entirely satisfactory for normative questions, since it precludes the possibility of rational non-instrumental attitudes towards money. (Published Online April 5 2006).

Philip Pettit’s The Birth of Ethics endeavours to illuminate the nature of morality by telling its genealogy. To help the reader appreciate the promise of this approach, Pettit begins by directing us to the case of money. If we want to understand what money is, we’re well advised to explore the social-historical conditions under which beings like us would have developed this medium of exchange. Doing so provides a more or less complete explanation of the emergence of (...) money that ‘demystifies’ its character. It is similar, Pettit suggests, with morality. If we want to understand what morality is, we should explore the ‘social conditions under which creatures of our ilk would have been more or less naturally driven, without conscious planning, to evolve and apply ethical concepts’. The reference to ‘creatures of our ilk’ is not idle. The leading idea is that we want to explain not how moral thinking in fact emerged among our actual ancestors, but rather how it more or less had to emerge among creatures like us in situations similar to ours. (shrink)

Functioning markets require a state that will enforce property rights; contracts mediated by money; and the prevalence of a certain type of morality that prevents people from cheating in complex exchange relationships. Monetary exchange abstracts from the personal loyalties that bind small groups together, but at the same time it creates an overarching commitment to norms that bind people more loosely in national societies—as long as monetary exchanges are enforced by the state. In the Soviet Union, conversely, the (...) abolition of money as a universal medium of exchange led both to a deterioration of the norms of impersonal morality and to a loss of state capacity. The state lost control of the economy to informal, personally binding economic networks, and it lost its monopoly on violence in competition with sub-state, personal enforcers of impersonal economic commitments between these networks. Thus, capitalism can be seen as diverting people from norms of loyalty to the members of the relatively small groups of which they are a part toward loyalty to the abstract norms that make it possible for anonymous people to deal with each other reliably. (shrink)

Functioning markets require a state that will enforce property rights; contracts mediated by money; and the prevalence of a certain type of morality that prevents people from cheating in complex exchange relationships. Monetary exchange abstracts from the personal loyalties that bind small groups together, but at the same time it creates an overarching commitment to norms that bind people more loosely in national societies—as long as monetary exchanges are enforced by the state. In the Soviet Union, conversely, the (...) abolition of money as a universal medium of exchange led both to a deterioration of the norms of impersonal morality and to a loss of state capacity. The state lost control of the economy to informal, personally binding economic networks, and it lost its monopoly on violence in competition with sub-state, personal enforcers of impersonal economic commitments between these networks. Thus, capitalism can be seen as diverting people from norms of loyalty to the members of the relatively small groups of which they are a part toward loyalty to the abstract norms that make it possible for anonymous people to deal with each other reliably. (shrink)

Wright, Ken Review(s) of: What money can't buy: The moral limits of markets, by Michael J. Sandel, Allen Lane, London, 20012, 244 pp., hardback $24.90.

In this paper, we will use Ricoeur's philosophy in order to present money laundering as a metaphor and a narrative. We will firstly analyze the corporate moral discourse of 10 banks about money laundering. We have selected 10 banks that have codes of ethics and a corporate moral discourse about money laundering. The banks come from six countries: United States (2), Canada (2), Switzerland (2), Spain (2), Germany (1), and Belgium (1). We will see how their moral (...) discourse about money laundering contributes to deepen the understanding of money laundering as a narrative. Then, we will see to what extent Ricoeur's philosophy could help us to better understand the moral discourse of banks. We will describe the main components of money laundering as a narrative. (shrink)

In this paper, we will use Ricoeur's philosophy in order to present money laundering as a metaphor and a narrative. We will firstly analyze the corporate moral discourse of 10 banks about money laundering. We have selected 10 banks that have codes of ethics and a corporate moral discourse about money laundering. The banks come from six countries: United States (2), Canada (2), Switzerland (2), Spain (2), Germany (1), and Belgium (1). We will see how their moral (...) discourse about money laundering contributes to deepen the understanding of money laundering as a narrative. Then, we will see to what extent Ricoeur's philosophy could help us to better understand the moral discourse of banks. We will describe the main components of money laundering as a narrative. (shrink)

"If the twentieth century was characterized by the struggle between freedom and tyranny, the great battle of the twenty-first century, Joan Smith predicts, will be between global capitalism and universal human rights. While acknowledging that there is no easy route to creating a fairer, more humane world, we do, she believes, 'have before us the opportunity to create a new kind of society whose values, because they are based on respect rather than coercion, can truly claim to be more moral (...) than anything that has gone before'."--BOOK JACKET. (shrink)

This book dispels popular understandings of Buddhism as a religion that emphasizes the renunciation of worldly goods, by examining how Buddhist temples and the monastic community (the sangha) require tangible resources in order to sustain themselves. The first book to focus on the material and financial relations of contemporary Buddhist monks, nuns, temples, and laypeople, it shows that rather than being peripheral, economic exchanges are often central to the relations between Buddhist monastics and laity, and are a key topic of (...) religious debate. Based on long-term ethnographic fieldwork from India over Russia to Japan, and including all three major Buddhist traditions, the book focuses on the flows of goods and services between clergy and laity, the management of resources, the treatment of cash, and the role of the state in temple economies. Along with documenting ritual and economic practices, these accounts engage with the anxieties and challenges facing Buddhist societies in the contemporary era and dispel the romantic notion of the Buddhist monk. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:diacritics 34.1 (2004) 3-17 [Access article in PDF] Universal Shylockery Money and Morality in The Merchant of Venice Simon Critchley Tom McCarthy What if Nietzsche were a Jew, and a mean-minded Venetian Jew at that? We'd like to begin with the thought experiment of imagining The Merchant of Venice as a genealogy of morality and imagining Shylock as Nietzsche. What is The Merchant of Venice about? (...) What is at stake in this oddly inside-out drama, where a piece of good old Elizabethan comic Jew-baiting rotates 180 degrees into a devastating study of Christian anti-Semitism only to flip back into what it seemed to deny? Our initial hypothesis is that it is nothing less than an inquiry into the origin of our moral concepts of justice, good and bad, and more particularly guilt, law, mercy, and love. It is here that a link with Nietzsche suggests itself, particularly with the Second Essay of On the Genealogy of Morals.* * *How do we breed an animal with the right to make promises? For Nietzsche, the human being is an originally forgetful creature, like a young child. To make this originally forgetful creature remember requires physical discipline; it behooves punishment. The teaching of morality is never gentle; it never droppeth from heaven like gentle rain. On the contrary, if something is to be retained in memory, it must be burned in. The origin of memory lies in pain and cruelty: "Man could never do without blood, torture and sacrifices when he felt the need to create a memory for himself" [GM 61]. Nietzsche's first, astonishing hypothesis in the Second Essay is that the origin of concepts like responsibility and conscience lies in cruelty—cruelty administered and maintained through a corporal and corporeal regime. Further, as religions are systems of cruelty, all forms of asceticism originate in the same painful place. "Consider the German punishments," Nietzsche proposes—and we all know that there's nothing quite like the German punishments: stoning, breaking on the wheel, piercing with stakes, tearing apart or trampling with horses, boiling in oil, flaying alive, cutting straps from the flesh, smearing the wrongdoer with honey and leaving him to the flies in the blazing sun. As Nietzsche quips, with magnificent understatement, "With the aid of such images and procedures one finally remembers five or six 'I will not's'" [GM 62]. It is on the basis of this burned-in memory of cruelty that good, decent, upright burghers such as ourselves acquired the habit of moral reasoning:Ah, reason, seriousness, mastery over affects, the whole sombre thing called reflection, all these prerogatives and showpieces of man: how dearly they have been bought! How much blood and cruelty lie at the bottom of all "good things." [GM 62] [End Page 3]"Dearly bought": let's hold onto that trope of purchasing. In another extraordinary passage of the Second Essay, Nietzsche explains the origin of thinking itself in terms of economic activity:Setting prices, determining values, contriving equivalences, exchanging—these preoccupied the earliest thinking of man to so great an extent that in a sense they are thinking [das Denken ist]. [GM 70] In the beginning was trade. Human activity begins with exchange, with the to and fro of buying and selling, which are forms of life older than all other social alliances and organization. It is from here, Nietzsche insists, that human beings arrive at the first moral canon of justice:"Everything has its price; all things can be paid for"—the oldest and most naïve moral canon of justice, the beginning of all "good-naturedness," all "fairness," all "good will," all "objectivity" on earth. [GM 70] Which brings us to the origin of das Bewusstsein der Schuld and schlechte Gewissen, the consciousness of guilt and bad conscience. Nietzsche's hypothesis here, and our theme is beginning to come into focus, is that the origin of guilty conscience lies in the relation between a creditor and debtor, Glaubiger und Schuldner. The spiritual concept of guilt, Schuld, originates in the very material concept of Schulden... (shrink)

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart , David Haslett , and Ronald Duska.

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart, David Haslett, and Ronald Duska.

Pressures to contain budgets and provide cost‐effective care are widespread in the American health care system, no less in psychiatry than elsewhere. The ethical implications of such economically motivated trends, however, become even more important in the area of psychiatric medicine.

The current economic crisis arose in large part from financial activities in which capital was practically and logically alienated from real economy. This essay examines the exploitative logic of modern finance while considering two alternative models—microfinance and Islamic banking. These models will be considered against the backdrop of medieval arguments over usury, notably the debates between Franciscans and Dominicans surrounding the lending institutions known as monti di pietà. While noting that either model is decidedly preferable to current normative banking practices, (...) this essay argues for the interest-free logic of Islamic finance against the logic of usury insofar as usury lends itself to a double alienation—of lender from borrower and of profit from value. (shrink)

The Invention of Market Freedom, Eric MacGilvray , 216 pp., $94 cloth, $26.99 paper.What Money Can't Buy: The Moral Limits of Markets, Michael Sandel , 256 pp., $27 cloth, $15 paper.Money: The Unauthorised Biography, Felix Martin , 336 pp., £20 cloth, £9.99 paper.Money has always inspired obsession, both in those who amass it and in those who think about it. “Man will never be able to know what money is any more than he will be able (...) to know what God is,” wrote the French financier Marcel Labordère to his friend John Maynard Keynes. The analogy is apt. Money, like God, injects infinity into human desires. To love it is to embark on a journey without end. (shrink)

Among the world richest people, who are the richest people in the world? Those with a spiritual code of ethics (highest ethics and values, and ethical behavior). In the book “The Science of Money”, Gnani Purush (embodiment of Self knowledge) Dada Bhagwan explains the spiritual science behind Money and it’s use. He describes that one’s ethical values create a spiritual balance sheet, influencing one’s financial balance sheet. Dadashri offers in-depth answers to questions such as: “How would a spiritual (...) teacher define business ethics? “In financial dealings, which moral ethics are to be followed?” “Among the ways to get rich, is it true that the simplest means is by giving away money?” “Why is it helpful to donate to charity, and what are the reasons to make an anonymous donation?” “Of the many charities to donate to, what are the best charities to donate to?” Among the myriad of spiritual books available today, it is rare to find spiritual guidance related to the use of money. For learning the hidden principles that govern one’s ultimate balance sheet (what one leaves behind or takes with him when he dies), this book will prove an invaluable resource. (shrink)

Based on the proven maxim that "money makes the world go round", this study, drawing from Shakespeare's texts, presents a lexicon of common words as well as a variety of familiar familial and cultural sitations in an economic context. Making constant recourse to well-known material from Shakespeare's plays, Turner demonstrates that terms of money and value permeate our minds and lives even in our most mundane moments. His book offers a new, humane, evolutionary economics that fully expresses the (...) moral, spiritual, and aesthetic relationships among persons, and between humans and nature. Playful and incisive, Turner's book offers a way to engage the wisdom of Shakespeare in everyday life in a trenchant prose that is accessible to scholars and to the general reader. (shrink)

: Money motivates people, lubricates the movement of resources, mobilizes talent, and breaks down some barriers. But money also has a darker side; it can distract, corrupt, distort, and cruelly exclude. Money is a useful but unruly servant; sometimes, a hard master. The professional, at least in part, belongs to the world of money. We sometimes distinguish the amateur from the professional in that the amateur does it for love; the professional, for money. The professional (...) has one foot in the marketplace, but also, purportedly, professes something else--beyond the bottom line. The following discussion explores the morally complex ties and tensions between money and the medical professions. (shrink)

There are two questions with regard to money: What can it buy? and, How is it distributed? The two must be taken up in that order, for only after we have described the sphere within which money operates, and the scope of its operations, can we sensibly address its distribution. We must figure out how important money really is. It is best to begin with the naive view, which is also the common view, that money is (...) all-important, the root of all evil, the source of all good. "Money answereth all things," as Ecclesiastes says. According to Marx, it is the universal pander, arranging scandalous couplings between people and goods, breaching every natural, every moral barrier. Marx might have discovered this by looking around in nineteenth-century Europe, but in fact he found it in a book, Shakespeare's Timon of Athens, where Timon, digging for buried gold, interrogates his object: Gold? yellow, glittering, precious gold? No, gods. (shrink)

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea (...) that access to credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit. (shrink)