U.S. corporations have long tried to enact a favorable business environment via political activities such as lobbying and campaign contributions. This particular strategy is receiving increased attention due to the recent Supreme Court decision, Citizens United v. Federal Election Commission, which establishes that corporations have the same rights with regard to political activities as individuals. In this work, we examine the nature of corporate political activity and the need for accountability; define transparency in the context of corporate (...) political activity; and examine the antecedents for corporate political disclosure. We then test our model on the S&P 100 using an index of corporate political disclosure that we developed. We find that opportunities to participate in political activities, dependence on government contracts and prior disclosure on other topics such as the environment lead to more disclosure. The intensity of the regulatory environment appears to have no influence. (shrink)

International political economy identifies declining nominal interest rates, securitization, and financial liberalization as drivers of rising housing prices. Despite witnessing these common credit shocks, however, developed economies experienced divergent trends in housing inflation since the 1980s. We offer a comparative political economy explanation of variation in house prices, arguing that by restraining household incomes, wage-setting institutions can blunt financial liberalization’s inflationary impact on housing markets. Employing quantitative analysis and a comparative study of Ireland and the Netherlands, we uncover (...) two findings. First, countries where political coalitions in the export sector held veto powers over those in the nontraded sector in national wage setting realized lower housing inflation. Second, the impact of sectoral coalitions on housing prices in OECD countries is similar to that of financial variables. Our results suggest that the organization of labor politics continues to play an important role in mitigating the destabilizing effects of global finance on developed economies. (shrink)

Through empirical investigation of the Eurozone and Greek debt crisis 2010–12, this article demonstrates how a peak organization of financial firms—the Institute of International Finance —was able to mobilize its members transnationally to secure several key political and economic objectives. At the height of the crisis, large European banking firms were threatened by the prospect of a disorderly Greek default, coercive intervention by governments, and, potentially, a regional banking collapse. In this context, representatives from the IIF entered the (...) policymaking process to facilitate concerted private sector action, assisting EU officials with the negotiation of a substantial and orderly creditor writedown, and cooperating with legal action by the Greek government to sideline a minority of financial firms hostile to the deal. The article shows that the IIF’s disproportionate influence over policymaking was a result of their technical expertise, their ability to recruit individuals with long-standing experience of sovereign debt restructuring from the public and private sector, and the operation of elite revolving-door processes. In contrast to recent studies showing that financial actors are able to exercise more power at the national level by remaining collectively inactive, these findings suggest that, at the transnational level, financial actors can be most effective at securing their preferences when they are well organized and when they coordinate politically on the basis of collective interests. (shrink)

How can finance be durably democratized? In the centers of financial power in both the United States and the United Kingdom, proposals now circulate to give workers and the public more say over how flows of credit are allocated. This article examines five democratization proposals: credit union franchises, public investment banks, sovereign wealth funds, inclusive ownership funds, and bank nationalization. It considers how these plans might activate worker and public engagement in decision making about finance by focusing on (...) three modes of public participation: representative democracy, direct democracy, and deliberative minipublics. It then considers the degree to which democratization plans might be resilient to de-democratization threats from business. It argues that of the five, bank nationalization goes furthest in guarding against de-democratization threats but is still pocked with pitfalls if it relies solely on representative democracy. It argues that two criteria appear necessary for democratically durable alternatives: the active direct participation of workers and citizens and the weakening of businesses’ capacity for democratic retrenchment. (shrink)

A striking paradox underlies corporate governance reform during the past fifteen years: center-left political parties have pushed for pro-shareholder corporate governance reforms, while the historically pro-business right has generally resisted them to protect established forms of organized capitalism, concentrated corporate stock ownership, and managerialism. Case studies of Germany, France, Italy, and the United States reveal that center-left parties used corporate governance reform to attack the legitimacy of existing political economic elites, present themselves as pro-growth and pro-modernization, strike (...) class='Hi'>political alliances with segments of the financial sector, and appeal to middle-class voters. Conservative parties’ established alliances with managers constrained them from endorsing corporate governance reform. (shrink)

This article examines the emergence of a ‘financial subject’ in the transformation of the UK economy since 1979, using a critical realist approach to subjectivity that investigates underlying causal mechanisms and structures as they affect daily life. Financial restructuring, including widespread borrowing and increasing personal investment, has forged links between finance markets and personal finance, as workers’ wages are financialized. This engenders entrepreneurial subjectivity, with individuals interpellated to be self-reliant in managing possible risks. It argues that the process (...) of subjectivation, where individuals recognize themselves and their goals relative to financial markets, exemplifies the development of financialization itself, since it gives an insight into the successful reproduction of social relations of finance. It illustrates the instability related to wages and inequality, as some subjects have to contend with unpredictable employment prospects as potential future risks that complicate the practices of personal investment and borrowing, creating new hierarchies bound up with the financialization of the economy. (shrink)

The Demise of California's “Master Plan for Higher Education”After buying a home, a university education is the largest financial investment that most Americans ever make. Universities provide the learning environment to produce an informed electorate, support basic research and train professionals. A college education prepares a skilled workforce but, above all, the main purpose of higher education is to create and transmit knowledge, promote critical thinking and literacy, and prepare students to be enlightened, active citizens. California taxpayers generally considered public (...) higher education one of the best investments they could make in the future of their state. Since 1960…. (shrink)

Financing Public Schools moves beyond the basics of financing public elementary and secondary education to explore the historical, philosophical, and legal underpinnings of a viable public school system. Coverage includes the operational aspects of school finance, including issues regarding teacher salaries and pensions, budgeting for instructional programs, school transportation, and risk management. Diving deeper than other school finance books, the authors explore the political framework within which the schools must function, discuss the privatization of education and its (...) effects on public schools, offer perspectives regarding education as an investment in human capital, and expertly explain complex financial and economic issues. This comprehensive text provides the tools to apply the many and varied fiscal concepts and practices that are essential for aspiring public school administrators who aim to provide responsible stewardship for their students. (shrink)

This article concerns freedom and financial markets. First, I consider the republican case for liberalization, extending Robert Taylor’s economic model of republicanism to financial markets. This case adopts what I call a “philosopher-king” approach to political theory, arguing by reference an ideal or first-best set of policies or reforms. Then, I investigate the negative externalities of several decades of financial market liberalization, including the erosion of political accountability and the growing concentration of political and economic power in (...) the hands of those best suited to profit from the rise of finance. From this “political economy” perspective, the impact of liberalization is clear: we paid for greater access to credit with political and economic domination. In republican terms, we traded freedom for credit. My analysis, moreover, has implications for republican debates on freedom and the market. In second-best worlds, where reforms will almost certainly be incremental, shaping the balance of power in ways that impact future policy, judging reforms by reference to a vision of domination-free markets will often suggest policies that make individuals less free. The political economy approach is far more relevant to debates about which economic institutions further or hinder freedom as non-domination. (shrink)

The first baby has successfully been born by uterus transplantation (UTx) in the United States and the procedure is swiftly becoming a viable clinical option for patients with uterine factor infertility (UFI). This raises a practical ethical question: should health insurers finance UTx and what issues should they consider in coming to this decision? The article lays forth some of the factors that shape the decision over whether to finance UTx in the United States, including what procedures must (...) be covered, whether UTx is more like organ transplantation or infertility treatment (which are treated differently in the United States), and the benefits and alternatives of the procedure. Then, the article explores arguments around why UTx should be financed, or at least considered along with other important medical needs. The paper argues that UTx ought to be considered along with other competing claims for healthcare services. In countries that generously cover other infertility services, it may logically follow that medical services that enable gestation should be insured when the healthcare system covers services to conceive. In the United States, however, many groups have long suffered inadequate access to medical care, in the context of infertility and more broadly. U.S. healthcare may need to be made more widely equitable, before covering UTx is seen as financially or politically possible. (shrink)

There has recently been much debate about the idea of levying a tax on particular transactions on international financial markets. Economists have argued about how much revenue such an international financial transaction tax would raise and they disagree about what effects it would have on trade volumes, financial stability, and overall growth. Politicians have argued about the feasibility of introducing such a tax internationally and they disagree on its adequacy as a policy response to the current financial and economic crisis. (...) This article contributes to the debate about international financial transaction taxation by bringing the perspective of political philosophy to bear on the politicians’ and economists’ arguments about policy. I shall outline a framework for thinking about justice in finance, and defend the idea of an international financial transaction tax as an instrument for making the international financial system more just. (shrink)

This article extends the critique of finance to money itself. It argues that our understanding of money has been distorted by a series of myths about its origin and nature, in particular, the claim that money emerged from the adoption of precious metal coinage in market systems. These myths obscure the social and political history of money and the role of states in money creation and circulation. Neoliberal ideology, by contrast, adopts a “handbag economics” that treats the state (...) as a dependent household rather than an economic actor in its own right. An alternative view of money is put forward that sees money as a social and political construct and not just a passive reflection of market activity. It is argued that the sovereign power to create money should be recognized, reclaimed, and democratized as a public resource. (shrink)

Finance orthodoxy views finance capital as privately supplied, inherently scarce, and limited to assets accumulated by rentiers and held in financial institutions to be “intermediated” between virtuous savers and needful end users. But this “intermediated scarce private capital” orthodoxy is false and profoundly antagonistic to both democracy and productive investment. This article offers a more accurate portrayal that captures the critical role the public plays in generating and allocating its own full faith and credit in monetized form. The (...) financial system then looks like a franchise arrangement in which the public is franchiser and the institutions dispensing its full faith and credit are its franchisees. A post-capital-scarcity account of publicly underwritten finance explicitly recognizes both the propriety and the necessity of the public’s taking an active role in modulating and allocating its credit aggregates across the economy it constitutes. (shrink)

One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely (...) a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study. (shrink)

Many argue that an important goal of campaign finance reform should be to ensure that competing candidates have roughly equal financial resources with which to contest campaigns. Although there are...

While financial institutions have not figured prominently in utopian thinking, the democratization of finance is central to any vision of bringing contemporary economies under democratic control. This paper is an initial effort to conceptualize a series of feasible reforms that could incrementally weaken the power of incumbent financial institutions while helping to facilitate economic development that is more egalitarian and sustainable. While the focus is on the US economy, the specific ideas have relevance in other national contexts. The core (...) of the reform idea is to mobilize a combination of governmental supports and grassroots entrepreneurialism to create an expanding network of nonprofit financial institutions that would redirect household savings to finance clean energy, growth of small and medium-sized enterprises, and infrastructure. (shrink)

Built environments, and social and legal interactions through them, are powerfully shaped by the arrangements by which their making and remaking are financed. There is a rich literature analysing shifts towards private and/or offshore financing of infrastructure in broad terms and their implications for governmental accountability and so-called public interest values. At the level of mundane regulatory decision and technique, however, the ways in which governance may be affected by such financing arrangements have not been well mapped. The article considers (...) some governance implications of the practice of funding urban infrastructure projects by recourse to global financial markets. It focuses, in particular, upon how regulatory decision-making may be shaped by technical practices of financial deal-making, financial modelling and related re-configurations of institutional or jurisdictional space. These implications are explored by reference to some recent examples of urban toll-road financing in Sydney, Australia and decision-making and analysis surrounding those examples. As such, it joins with other recent scholarship in probing political dimensions of technical forms of knowledge and practice that have frequently fallen between the cracks of legal scholarship's interdisciplinary inquiries to date. (shrink)

This article politicises the discourse of emerging markets in global finance. The black-boxed appearance of credit markets easily obscures the significant amount of subjective evaluation and cultural work that underpins capital flows. This article reveals the colonial, masculine, and racial imagination that informs the articulation of emerging markets as geographies of risk and profit. This brings into view the postcolonial nature of contemporary finance and how colonialism’s regimes of power and knowledge remain crucial for the reproduction of the (...) global political economy. To illustrate this point, the article highlights the sociality of credit practices. Contrary to their mathematical appearance, credit is a relationship with the future, mediated by social imaginations of trust. Focusing on emerging markets as ‘risk-versus-reward’ investments, this article examines the long-term colonial histories embedded in modern investment discourses. The article aims to show the continuing relevance this history plays for emerging market economies in modern financial markets and their political economies. (shrink)

One of the least studied aspects of programs of reparation, both in theory and in practice, is financing. This is odd given the fact that mobilizing resources, both domestic and foreign, is politically one of the most difficult tasks any society can undertake. This paper centers on the subject of financing reparation programs and attempts to answer the following questions: Which factors play a role in the process of mobilizing domestic and foreign resources to finance reparations? Is financing solely (...) a technical-economic problem, or does it involve political, social, and cultural factors? Why do governments prefer financing social programs instead of programs of reparation? How do the proposals made by truth commissions regarding financing affect the viability of programs of reparation? Which factors explain the efficacy of financing models of reparation programs? In order to address these questions, the paper has been divided into three main sections. In the first, programs of reparation are analyzed from the perspective of political economy, which means that both economic and non-economic factors that influence the mobilization of domestic and foreign resources by a transitional society are taken into consideration. The second section focuses on international experiences in the area of financing programs of reparation, with the purpose of extracting some lessons. The third section presents the main conclusions of the study. (shrink)

Le point de départ de cet article est d'observer comment, en France, des organismes accordent des prêts aux chômeurs pour qu'ils créent leur entreprise. Ce qui est connu sous le nom de « microcrédit » dans les programmes de développement internationaux est qualifié de « finance solidaire » en France. Dans ce cas aussi, les créanciers ne visent pas le profit. Le crédit n'est pas qu'un outil économique mais le support de liens de solidarité. Cependant la finance solidaire (...) ne peut se résumer à un moyen de lutte contre le chômage. Un grand nombre d'organismes de ce secteur ont un projet politique sous-jacent qui consiste à replacer l'homme au coeur de l'économie.The starting point of this article is to watch how, in France, some organizations give loans to unemployed people to help them create their enterprise. What is called « microcredit » in international development programs is known in France as « financial solidarity ». In this case also, creditors are not looking for benefits. With this point of view, credit isn't only an economic tool but also a medium of solidarity. But financial solidarity insn't only a tool to struggle against unemployment. A lot of organizations of this sector are trying to implement the political idea that people are in the heart of economy. (shrink)

Competitive Governments, explores in a systematic way the hypothesis that governments are internally competitive, that they are competitive in their relations with each other and in their relations with other institutions in society which, like them, supply consuming households with goods and services. Breton contends that competition not only serves to bring the political system to an equilibrium, but it also leads to a revelation of the households' true demand functions for publicly provided goods and services and to the (...) molding of a link between the quantities and the qualities demanded and supplied and the tax prices paid for these goods and services. In the real world where information is costly, the links may not be first-best, but they will be efficient if competition is vigorous. (shrink)

There is great diversity in in vitro fertilization (IVF) funding and reimbursement policies and practice throughout Europe and the rest of the world. While many existing reimbursement and regulatory frameworks address safety and legal concerns, economic factors also assume a central role. However, there are several problems with the evidence that is available on the economics of IVF. This suggests there is a need for more robust cost-effectiveness studies. It also indicates the need for alternative rationales to justify the reimbursement (...) of IVF, which might more fully account for the social, political, ethical, and philosophical considerations embedded in notions of infertility and technology-driven reproductive treatments. The merits and limitations of five alternative rationales are discussed. The review suggests that while no existing single rationale provides a complete framework with which to support funding decisions, taken together they provide guideposts which signal important issues for consideration and highlight where further research, action, and debate are needed. (shrink)

Health care resource allocation is a complex governmental task involving political decisions that are bound to be influenced by the various needs of the population and the demands of health professionals. What influence should these different interests have on the integration of new technologies into the health care system? Pharmacogenomics, a new field in the pharmacological sciences that integrates into the drug development process genomic information developed through the Human Genome Project, has been proposed as a technology that promises (...) to make medical practices more personalized. Its integration in drug development or prescription processes could help reduce the risk of adverse drug reactions characteristic of pharmaceutical treatments. Considering the actual allocation of health care resources in Quebec, should the provincial government invest in the integration of pharmacogenomics as a new tool for drug development or drug specification? This question will be addressed using the criteria previously described by Caulfield and colleagues in order to assess the justification of public financing for genetic testing[1], i.e., moral acceptability, utility, safety and the requirement of a noticeable benefit at an acceptable cost for society. Given the proximity of the fields of genetics and genomics, these criteria are applicable to our discussion. (shrink)

In Mexico, the management of public resources has been questioned by the State, and mainly the results that the public administration at its three levels (federal, state and municipal), by the lack of transparency in the application and verification of public resources. The experience that gives us the operation of different emerging programs that focused on reducing social and economic inequality in the country, we can locate them as the first attempts in the search for a solution that is complex. (...) Moving from the role of the benefactor and welfare state to the promoter of the regions and in the recognition of the focalization of priority attention areas, the path that has been taken is not only the beginning. Recognizing the public nature of public finances as a promoter of social development, we must understand it as the one assumed by the State through social, political and economic co-responsibility to solve poverty and marginalization of its own public policy orientation and vision of solution has been made since the eighties. From the above, we can point out some preliminary conclusions including the study of the indigenous language-speaking population with a high level of social exclusion in the methodology for the definition of multidimensional poverty in Mexico, will allow the allocation of public resources in the fight against poverty to be effective since it will make it possible to identify to the target population that is subject to social exclusion and marginalization. This invites us to a final reflection: What to do to address the just social demands of the indigenous population that is immersed in poverty, marginalization and exclusion? What to do so that they do not leave their communities, and if they have already done so, how to attend to the needs of family groups that are due to the expense of a remittance that may never arrive? (shrink)

Are public officials morally justified in threatening violence, engaging in deception, or forcing citizens to act for their own good? Can individual officials be held morally accountable for the wrongs that governments commit? Dennis Thompson addresses these questions by developing a conception of political ethics that respects the demands of both morality and politics. He criticizes conventional conceptions for failing to appreciate the difference democracy makes, and for ascribing responsibility only to isolated leaders or to impersonal organizations. His book (...) seeks to recapture the sense that men and women, acting for us and together with us in a democratic process, make the moral choices that govern our public life. Thompson surveys ethical conflicts of public officials over a range of political issues, including nuclear deterrence, foreign intervention, undercover investigation, bureaucratic negligence, campaign finance, the privacy of officials, health care, welfare paternalism, drug and safety regulation, and social experimentation. He views these conflicts from the perspectives of many different kinds of public officials - elected and appointed executives at several levels of government, administrators, judges, legislators, governmental advisers, and even doctors, lawyers, social workers, and journalists whose professional roles often thrust them into public life. In clarifying the ethical problems faced by officials, Thompson combines theoretical analysis with practical prescription, and begins to define a field of inquiry for which many have said there is a need but to which few have yet contributed. Philosophers, political scientists, policy analysts, sociologists, lawyers, and other professionals interested in ethics in government will gain insight from this book. (shrink)

This chapter provides an introduction to the emerging field of the philosophy of money and finance. The field addresses philosophical issues about the nature of money and the normative foundations of financial systems. Although philosophical theorizing about money and finance dates back to Antiquity, the topic has only recently emerged as a central research focus. The chapter also introduces the present anthology and locates its parts and chapters in the broader field. More specifically, the anthology is divided into (...) four main parts: Metaphysics, Epistemology, Ethics, and Political Philosophy. Each part contains four chapters on different but interrelated topics, which are all introduced here. (shrink)

Due to constraints on institutional capacity and financial resources, the road to universal health coverage (UHC) involves difficult policy choices. To assist with these choices, scholars and policy makers have done extensive work on criteria to assess the substantive fairness of health financing policies: their impact on the distribution of rights, duties, benefits and burdens on the path towards UHC. However, less attention has been paid to the procedural fairness of health financing decisions. The Accountability for Reasonableness Framework (A4R), which (...) is widely applied to assess procedural fairness, has primarily been used in priority-setting for purchasing decisions, with revenue mobilization and pooling receiving limited attention. Furthermore, the sufficiency of the A4R framework’s four criteria (publicity, relevance, revisions and appeals, and enforcement) has been questioned. Moreover, research in political theory and public administration (including deliberative democracy), public finance, environmental management, psychology, and health financing has examined the key features of procedural fairness, but these insights have not been synthesized into a comprehensive set of criteria for fair decision-making processes in health financing. A systematic study of how these criteria have been applied in decision-making situations related to health financing and in other areas is also lacking. This paper addresses these gaps through a scoping review. It argues that the literature across many disciplines can be synthesized into 10 core criteria with common philosophical foundations. These go beyond A4R and encompass equality, impartiality, consistency over time, reason-giving, transparency, accuracy of information, participation, inclusiveness, revisability and enforcement. These criteria can be used to evaluate and guide decision-making processes for financing UHC across different country income levels and health financing arrangements. The review also presents examples of how these criteria have been applied to decisions in health financing and other sectors. (shrink)

The paper addresses some similarities and differences in the institutional set-up of the classical gold standard and European Monetary Union. I argue that giving up monetary nationalism and committing to the rules of either the gold standard or EMU initially seemed to restrict the scope of state action. Therefore, the euro – like previously the gold standard – provided some policy credibility. Policy credibility was a main determinant of capital market integration and low government borrowing costs in Europe under both (...) systems. However, I shall emphasize that the membership in the gold or euro club itself did not force reforms and spending cuts upon countries that faced crisis and debt problems. The article suggests that the institutional set-ups of the gold standard and EMU determined the degree of commitment to them and the way in which countries reacted to deal with debt problems. (shrink)

Following the financial crisis and recent recession, the center of gravity of global economic growth and competitiveness is shifting toward emerging economies. As a leading and increasingly influential emerging economy, China is currently attracting the attention of academics, practitioners, and policy makers. There has been an increase in research interest in and publications on issues relating to China within high-quality international academic journals. We therefore organized a special issue conference in conjunction with the Journal of Business Ethics in Lhasa, Tibet, (...) on May 19–20, 2014, on Business Ethics in Greater China: Past, Present and Future. The papers for the special issue focused on the intersection of ethics and finance, and fit within one of the three themes: environment and sustainability, corporate social responsibility, and fraud. Within these themes, issues of intellectual capital protection, gender equality, political connections, regional development, investor protection, corporate stewardship, trust and corruption, and corporate transparency each play a significant role. In this paper, we survey these studies and the related literature to provide a comprehensive coverage of business ethics and finance issues that affect China. (shrink)

The article explores a particular mode of time synthesis as carried out in the field of Islamic micro-finance in Indonesia. It approaches this financial experiment through Deleuze's tripartite division of time and the concept of promise advanced here. I argue that the analytical promise the concept of promise holds is partly related to its ability to circumscribe a field of practice that is at once theological and economic and partly to its privileging of the time of the future. What (...) the study of Islamic micro-finance offers to studies of Deleuze is a timely reminder that this explicit privileging is not adequate in and of itself for ‘relativising’ the effects of habit and memory on time, thought and politics. This is primarily because promising has a dual, ‘schizoid’ and distressed constitution: it is motivated as much by the affirmative ‘will to power’ as by the negative ‘will to improve’. (shrink)

The various institutional reforms which have led since the end of the 70s to the « privatisation of currency » have formed the main base on which the subsequent power of finance has been built, and, concurently, the dismantling of Welfare could take place. Core of this was the so-called autonomy of central banks, as their « umbilical cord » to national treasuries was severed. From then on, deficit financing and « keynesian » social expenditures became near-impossible. Emphasizing the (...) autonomy of central banks from politics was mostly an institutional mutation meant to free monetary policies from social pressure and make it totally subordinate to rent creation and financial accumulation. No wonder then that « securitisation » of the public debt closely followed on the prohibition to deficit financing social expenditures. And then the outcome was not a reduction, but an explosion of public debt! And as debt servicing becomes a principal item on the budget, the « excessive costs » of welfare provisions is blamed, and a further break-down of social services is called for. It is in the same vein that price inflation is controlled, but assets inflation and speculative bubbles dominate « developped » economies. Meanwhile, in order to compensate for increasing income inequalities and diminishing welfare benefits, an exacerbated form of « private households deficit spending »has come into its own, as witnessed by the subprime crisis and mounting credit card defaults. So we are moving from an entitlements-based provision of social goods to one based on the pure logic of capital and its cycles. The only way out lies in the resocialisation of currency, profound fiscal reforms, the demise of rent-seeking, and the institution of an universal « basic income ». (shrink)