Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...) be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

Insider trading has received a bad name in recent decades. The popular press makes it sound like an evil practice where those who engage in it are totally devoid of ethical principles. Yet not all insider trading is unethical and some studies have concluded that certain kinds of insider trading are actually beneficial to the greater investment community. Some scholars in philosophy, law and economics have disputed whether insider trading should be punished at all while others assert that it should (...) be illegal in all cases. This paper explores the nature of insider trading and analyzes the issues to determine the positive and negative aspects of insider trading, and how policy should be changed. The best hope would be for studies to be made that isolate the individuals or groups who are fraudulently harmed by insider trading. If any such groups exist, then clearly worded legislation could be passed to prevent any fraud from being committed against these individuals and groups, while allowing non-fraudulent transactions to be completed without fear of prosecution. Until it can be clearly determined that someone is fraudulently harmed by insider trading, there should be no law or regulation restricting the practice, since such restrictions violate individual rights and will likely have a negative market reaction. (shrink)

In 1944, Martin Crowe, a Catholic priest, wrote a doctoral dissertation titled The Moral Obligation of Paying Just Taxes. His dissertation summarized and analyzed 500 years of theological and philosophical debate on this topic, much of which took place in Latin. Since Crowe’s dissertation, not much has been written on the topic of tax evasion from an ethical perspective, with a few exceptions. In 1998 and 1999, a few articles were published on the ethics of tax evasion in the Journal (...) of Accounting, Ethics & Public Policy. An edited book on this topic was published in 1998. The present paper summarizes, updates and expands on Crowe’s work and the other more recent work that has been published on this topic. Three basic views on the ethics of tax evasion have emerged over the centuries. This article presents and critiques those three views and raises some questions about points that have not yet been explored in the literature. (shrink)

The common view is that insider trading is always unethical and illegal. But such is not the case. Some forms of insider trading are legal. Furthermore, applying ethical principles to insider trading causes one to conclude that it is also sometimes ethical. This paper attempts to get past the hype, the press reports, and the political grandstanding to get to the truth of the matter. The author applies two sets of ethical principles – utilitarianism and rights theory – in an (...) attempt to determine when, and in what circumstances, insider trading is ethical. The views of Henry Manne, an early proponent of insider trading, are critically examined, as are the major arguments against insider trading. Is insider trading good for the company if it is used as a form of executive compensation which makes it possible to pay lower salaries than would otherwise be the case? Does insider trading cause the stock market to work more efficiently? If insider trading does increase efficiency, is that sufficient to call for its total legalization, or are there other things to be considered? Several arguments against insider trading have been put forth over the last few decades but there are problems with all of them. One of the main arguments is the fairness argument. The problem with this argument is that different people have different definitions of unfairness. A closely related argument is the level playing field argument, which advocates wider dissemination of information so that it is less asymmetric. One problem with the level playing field argument is that it is better applied to sporting competitions than to trading in information. Some economists argue that forcing the disclosure of nonpublic information can actually result in more harm than good and must necessarily involve the violation of property rights. Other arguments examined in this chapter include the fiduciary duty argument, the problem of outside traders, the misappropriation doctrine and the restrictions that insider trading laws place on freedom of speech and press. The article concludes by setting forth some principles or guidelines to determine when insider trading should be punished and when it should not. (shrink)

This article begins with a review of the literature on the ethics of tax evasion and identifies the three main views that have emerged over the centuries, namely always ethical, sometimes ethical, and never or almost never ethical. It then reports on the results of a survey of HK and U.S. university business students who were asked to express their opinions on the 15 statements covering the three main views. The data are then analyzed to determine which of the three (...) viewpoints is dominant among the sample population. Although it was found that HK scores were significantly different from the U.S. scores, both HK and U.S. respondents were opposed to the view that tax evasion is always or almost always ethical. The strongest arguments justifying tax evasion were in cases where the government was corrupt, the tax system was unfair and unaffordable. The weakest arguments for justifying tax evasion were in cases where there was a selfish motive. The underlying cultural differences are further explored in hope of accounting for differing perceptions of ethics of tax evasion. Policy implications for increasing people’s awareness of ethics on tax evasion are also highlighted. (shrink)

This paper focuses specifically on how religions shape attitudes towards ethics of tax evasion. Firstly, the paper begins with an overview of the four views on the ethics of tax evasion that have emerged over the centuries, then goes on to review some of the theoretical and empirical literature on the subject. The empirical part of the study examines attitudes toward tax evasion in 57 countries from the perspectives of six religions using the data from Wave 6 of the World (...) Values Survey. The sample population is more than 52,000. More than a dozen demographic variables were examined. The results study found that attitude toward cheating on taxes does differ by religion. (shrink)

This article examines the question of whether it is ethical for company officials to use the force of government to reduce or eliminate foreign competition, using the antidumping laws as a case study. This article begins with a brief examination of the U.S. antidumping laws and then examines several ethical questions related to the antidumping laws. The main question to be addressed is whether, and under what circumstances, it is ethical for domestic producers to ask government to launch an antidumping (...) investigation against a foreign competitor. Related questions to be examined include (1) Whether it is ethical to ask the government to launch an antidumping investigation even when the domestic company making the request knows that dumping has not occurred; (2) Whether it is ethical to ask for an antidumping investigation in cases where dumping (according to the definition of dumping) has occurred, where the effect is to help domestic producers at the expense of the general public. This article examines these questions by applying both utilitarian and non-utilitarian approaches. (shrink)

This book takes a different approach to business ethics. Some of the contributors take a more popular collectivist approach, but many of them do not. Thus, the book offers a more balanced presentation of business ethics than that found in most books on the subject.

In lieu of an abstract, here is a brief excerpt of the content:184 THE ECONOMIC THOUGHT OF DAVID HUME David Hume's views on economics are expressed in his Essays, Moral, Political and Literary, Part II (1752). He was a contemporary of Adam Smith and read Smith's The Wealth of Nations shortly before his death. Some commentators have suggested that Hume exercised some influence over Smith's views on economics; others are not so sure. Hume's commentators over the last 200 years have (...) emphasized his theory of knowledge, doctrine of causality and belief, theory of morals and historical writing. His views on economics have been relatively neglected. The purpose of this essay is to summarize and clarify Hume's views on economics. Commerce and Trade Hume's essay "Of Commerce" is an extension of his view of property rights. Just as government should not impair property rights, it should not impair commerce, which is the freedom to contract between consenting parties. But Hume was not a 'pure' advocate of laissez-faire. He supported the infant industry argument: A tax on German linen encourages home manufacturers, and thereby multiplies our people and industry. A tax on brandy encreases the sale of rum, and supports our southern colonies. The bulk of workers are employed either in argiculture or manufacturing. In the more primitive societies, almost everyone is employed in agriculture (husbandry), and as agricultural techniques are improved, the land becomes able to support more nonagricultural workers, including artisans and providers of luxuries as well as manufacturers. Some of these 185 surplus (i.e., nonagricultural or manufacturing) workers are sometimes appropriated by the sovereign for use in the army or navy (OC 256), which prevents them from producing luxury goods and services, and leads to a different kind of state than would exist if their labor were not so appropriated. Increases in industry, the arts and trade generally increase both the power of the sovereign and the happiness of the people (OC 260). Trade is something that is mutually beneficial -- both parties gain. Hume spends a great deal of time refuting the idea that one nation's gain is another's trade loss. Thus, trade is a win-win rather than a win-lose situation, as some modern-day mercantilists (such as Thurow fThe Zero Sum Gamel and Batra G The Great Crash of 1989l)would have us believe. Hume views everything in the world as purchased by labor, and sees labor as being caused by people's passions (OC 261). In modern language, one could say that wealth is produced either from physical or mental labor, and that it is individual incentive that causes the human action to begin in the first place. Of course, this view overlooks the fact that labor does not exist in a vacuum, but is mixed with land and perhaps capital (which can be seen as the result of accumulated labor). Exchange occurs when producers of a commodity produce more than they can consume. At that point, they trade their surplus for other goods and services (OC 261). In peacetime, the farmers' surplus goes toward the acquisition of manufactures or the cultivation of the liberal arts. In war, the surplus can go toward the support of an army or navy. The state becomes more powerful as it can produce increasingly beyond subsistence, what Hume refers to as employment beyond mere necessities (OC 186 262). But rather than encouraging the increase in state power by force, such increase is best accomplished by allowing individuals to produce as much as they want, which they will do automatically in the absence of coercion, and then appropriate part of the surplus: It is a violent method, and in most cases impracticable, to oblige the labourer to toil, in order to raise from the land more than what subsists himself and family. Furnish him with manufactures and commodities, and he will do it himself. Afterwards you will find it easy to seize some part of his superfluous labour, and employ it in the public service, without giving him his wonted return. Being accustomed to industry, he will think this less grievous, than if, at once, you obliged him to an argumentation of labour without any reward. (OC 262) Countries that engage in... (shrink)

The ethics of tax evasion has been discussed sporadically in the theological and philosophical literature for at least 500 years. Martin Crowe wrote a doctoral thesis that reviewed much of that literature in 1944. The debate revolved around about 15 issues. Over the centuries, three main views evolved on the topic. But the business ethics literature has paid scant attention to this issue, perhaps because of the belief that tax evasion is always unethical. This paper reports the results of an (...) empirical study of opinion in Utah and Florida. A survey of accounting students was conducted to determine the extent of their agreement or disagreement with the 15 main issues that Crowe (1944) identified plus three more recent issues. The arguments that have been made over the centuries to justify tax evasion were ranked to determine which arguments are strongest and which are weakest. Scores were compared between samples to determine whether the responses were significantly different. (shrink)

The ethics of tax evasion has been discussed sporadically in the theological and philosophical literature for at least 500 years. Martin Crowe wrote a doctoral thesis that reviewed much of that literature in 1944. The debate revolved around about 15 issues. Over the centuries, three main views evolved on the topic. But the business ethics literature has paid scant attention to this issue, perhaps because of the belief that tax evasion is always unethical. This paper reports the results of an (...) empirical study of opinion in Utah and New Jersey. A survey of business students was conducted to determine the extent of their agreement or disagreement with the 15 main issues that Crowe (1944) identified plus three more recent issues. The arguments that have been made over the centuries to justify tax evasion were ranked to determine which arguments are strongest and which are weakest. Scores were compared between samples to determine whether the responses were significantly different. (shrink)

Remaking the Global Economy Jamie Peck & Henry Wai-chung Yeung London, Thousand Oaks and Delhi, Sage Publications, 2003, xviii + 256 pp., cloth, $109.00, paper $43.95 The Imagined Economies o...

Bioethicists are often interested mostly in national standards and institutions, but state governments have historically overseen a wide range of bioethical issues and share responsibility with the federal government for still others. States ought to have an important role. By allowing for multiple outcomes, the American federal system allows a better fit between public opinion and public policies.

Bioethicists are often interested mostly in national standards and institutions, but state governments have historically overseen a wide range of bioethical issues and share responsibility with the federal government for still others. States ought to have an important role. By allowing for multiple outcomes, the American federal system allows a better fit between public opinion and public policies.

Academic freedom and tenure, both cherished institutions of higher education, are currently under attack by many both outside and within the academy. Richard DeGeorge argues that they can be defended on ethical grounds only if they are joined with appropriate accountability, publicly articulated and defended standards, and conscientious enforcement of these standards by academic institutions and the members of the academic community.

This book offers both the theoretical background behind the minority effect, teachers' personal experiences as they experienced being a minority, and their analyses and insights for teaching diverse learners. This book uses real-life experiences of diverse people to illustrate that, if not understood and addressed, situational minorities at school or work are unlikely to perform at their highest potentials.

That reference is inscrutable is demonstrated, it is argued, not only by W. V. Quine's arguments but by Peter Unger's "Problem of the Many." Applied to our own language, this is a paradoxical result, since nothing could be more obvious to speakers of English than that, when they use the word "rabbit," they are talking about rabbits. The solution to this paradox is to take a disquotational view of reference for one's own language, so that "When I use 'rabbit,' I (...) refer to rabbits" is made true by the meaning of the word "refer." The reference relation is extended to other languages by translation. The explanation for this peculiarly egocentric conception of semantics-questions of others' meanings are settled by asking what I mean by words of my language-is to be found in our practice of predicting and explaining other people's behavior by empathetic identification. I understand other people's behavior by asking what I would do in their place. (shrink)

Long-standing theoretical education frameworks and methodologies have failed to provide space for the role mental health can play in mediating educational consequences. To illustrate the need for such space, Ebony McGee and David Stovall highlight the voices of black undergraduates they have served in the capacities of teacher, researcher, and mentor. Building from the theoretical contributions of intellectual giants like Frantz Fanon and W. E. B. Du Bois, the authors attempt to connect oppressive social systems to the psyche of (...) the oppressed in a way that is relevant to black students. McGee and Stovall pose a challenge to the current research trend of attributing the survival of black students at traditionally white institutions primarily to grit, perseverance, and mental toughness, noting that research on the aforementioned qualities often fails to properly acknowledge multiple forms of suffering. Utilizing the lens of Critical Race Theory, the authors also challenge the construct of grit to consider the extent to which the mental health concerns of black students go undetected. Although critical race theorists have unmasked and attacked the racial trauma experienced at all levels of the educational system, the connection of CRT to mental health and wellness research is in its embryonic stages. For these reasons, McGee and Stovall argue that CRT scholars need to incorporate praxis to address mental health and wellness in order to address a fuller spectrum of black students' racialized worlds. Ultimately, they seek interdisciplinary perspectives that can help identify and foster strategies to support black students in the project and process of healing from multiple forms of racialized trauma they experience within and beyond their educational encounters. (shrink)

Paul Horwich (1990) once suggested restricting the T-Schema to the maximally consistent set of its instances. But Vann McGee (1992) proved that there are multiple incompatible such sets, none of which, given minimal assumptions, is recursively axiomatizable. The analogous view for set theory---that Naïve Comprehension should be restricted according to consistency maxims---has recently been defended by Laurence Goldstein (2006; 2013). It can be traced back to W.V.O. Quine(1951), who held that Naïve Comprehension embodies the only really intuitive conception of (...) set and should be restricted as little as possible. The view might even have been held by Ernst Zermelo (1908), who,according to Penelope Maddy (1988), subscribed to a ‘one step back from disaster’ rule of thumb: if a natural principle leads to contra-diction, the principle should be weakened just enough to block the contradiction. We prove a generalization of McGee’s Theorem, anduse it to show that the situation for set theory is the same as that for truth: there are multiple incompatible sets of instances of Naïve Comprehension, none of which, given minimal assumptions, is recursively axiomatizable. This shows that the view adumbrated by Goldstein, Quine and perhaps Zermelo is untenable. (shrink)

To the axioms of Peano arithmetic formulated in a language with an additional unary predicate symbol T we add the rules of necessitation φ/Tφ and conecessitation T φ/φ and axioms stating that T commutes with the logical connectives and quantifiers. By a result of McGee this theory is w-inconsistent, but it can be approximated by models obtained by a kind of rule-of-revision semantics. Furthermore we prove that FS is equivalent to a system already studied by Friedman and Sheard and (...) give an analysis of its proof theory. (shrink)

A complete translation of Aristotle's classic that is both faithful and readable, along with an introduction that provides the modern reader with a means of understanding this seminal work and its impact on our culture. In this volume, Joe Sachs (translator of Aristotle's _Physics, Metaphysics,_ and the _Nicomachean Ethics _)also supplements his excellent translation with well-chosen notes and glossary of important terms. Focus Philosophical Library translations are close to and are non-interpretative of the original text, with the notes and a (...) glossary intending to provide the reader with some sense of the terms and the concepts as they were understood by Aristotle’s immediate audience. (shrink)

If □ is conceived as an operator, i.e., an expression that gives applied to a formula another formula, the expressive power of the language is severely restricted when compared to a language where □ is conceived as a predicate, i.e., an expression that yields a formula if it is applied to a term. This consideration favours the predicate approach. The predicate view, however, is threatened mainly by two problems: Some obvious predicate systems are inconsistent, and possible-worlds semantics for predicates of (...) sentences has not been developed very far. By introducing possible-worlds semantics for the language of arithmetic plus the unary predicate □, we tackle both problems. Given a frame (W, R) consisting of a set W of worlds and a binary relation R on W, we investigate whether we can interpret □ at every world in such a way that □ $\ulcorner A \ulcorner$ holds at a world ᵆ ∊ W if and only if A holds at every world $\upsilon$ ∊ W such that ᵆR $\upsilon$ . The arithmetical vocabulary is interpreted by the standard model at every world. Several 'paradoxes' (like Montague's Theorem, Gödel's Second Incompleteness Theorem, McGee's Theorem on the ω-inconsistency of certain truth theories, etc.) show that many frames, e.g., reflexive frames, do not allow for such an interpretation. We present sufficient and necessary conditions for the existence of a suitable interpretation of □ at any world. Sound and complete semi-formal systems, corresponding to the modal systems K and K4, for the class of all possible-worlds models for predicates and all transitive possible-worlds models are presented. We apply our account also to nonstandard models of arithmetic and other languages than the language of arithmetic. (shrink)

It has been suggested that water and social values were divorced in modernity. This paper argues otherwise. First, it demonstrates the historical link between ethics and politics using the case of American water governance. It engages theories regarding state-centric water planning under ‘high modernism’ and the claim that water was seen as a neutral resource that could be objectively governed. By developing an alternate view from the writings of early American water leaders, J.W. Powell and W.J. McGee, the paper (...) offers a way to understand the project of state-centred governance without the claim that water falls to the latter half of a society/nature dualism. Second, the paper reviews how the emerging ‘water ethics’ discourse helps organise both the ethical and legal norms at play within contemporary political shifts towards decentralised governance. The review identifies how McGee's early influence may warrant more attention, both in terms of water governance and environmental ethics. The paper concludes by arguing that, given the arguments presented, success in decentralising water governance turns not only on political considerations, but also on fairly ordering normative claims as part of fostering and extending the reach of coordinated water governance. (shrink)

"Aristotle was a systematic writer who often cross-referred to the definitions of terms given elsewhere in his work. Book 5 of the Metaphysics is important because it consists of definitions of the main uses of key terms in Aristotle's philosophy, and it is extremely valuable to have a commentary on this important text by Alexander of Aphrodisias, the leading commentator of his school. Alexander provides a detailed commentary on all of the thirty terms analysed in Book 5, weighing alternative interpretations (...) of what Aristotle says one against another, defending Peripatetic views against actual and possible criticisms, and attempting to integrate what is said in Book 5 into the context of the Metaphysics as a whole."--Bloomsbury Publishing. (shrink)

vol. I. Logic: Categoriae. De interpretatione. Analytica priora. Analytica posteriora.--vol. II. Natural philosophy: Physica. De caelo. De generatione et corruptione.--vol. III. Psychology: De anima. Parva Naturalia.--vol. IV. Metaphysics: Metaphysica.--vol. V. Ethics: Ethica Nicomachea.--vol. VI. Politics and poetics: Politica. De poetica.