AbstractDuring the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim (...) that the Aristotelian distinction between natural chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, (...) by Marinus Ossewaarde; Two Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

Name der Zeitschrift: Jahrbuch für Wissenschaft und Ethik Jahrgang: 20 Heft: 1 Seiten: 293-302.

Name der Zeitschrift: Jahrbuch für Wissenschaft und Ethik Jahrgang: 20 Heft: 1 Seiten: 237-240.

Current attention directed at ethical dimensions of data and Artificial Intelligence have led to increasing recognition of the need to secure and maintain public support for uses of people’s data. This is essential to establish a “Social Licence” for current and future practices. The notion of a “Social Licence” recognises that there can be meaningful differences between what is legally permissible and what is socially acceptable. Establishing a Social Licence entails public engagement to build relationships of trust and ensure that (...) practices align with public values. While the concept of the Social Licence is well-established in other sectors – notably in relation to extractive industries – it has only very recently begun to be discussed in relation to digital innovation and data-intensive industries. This article therefore draws on existing literature relating to the Social Licence in extractive industries to explore the potential approaches needed to establish a Social Licence for emerging data-intensive industries. Additionally, it draws on well-established literature relating to trust to examine the relevance of trust, and trustworthiness, for emerging practices in data-intensive industries. In doing so the article considers the extent to which pursuing a Social Licence might complement regulation and inform codes of practice to place ethical and social considerations at the heart of industry practice. We focus on one key industry: Financial Technology. We demonstrate the importance of combining technical and social approaches to address ethical challenges in data-intensive innovation and to establish relationships of trust to underpin a Social Licence for Financial Technology. Such approaches are needed across all areas and industries of data-intensive innovation to complement regulation and inform the development of ethical codes of practice. This is important to underpin culture change and to move beyond rhetorical commitments to develop best practice putting ethics at the heart of innovation. (shrink)

This book review critically analyzes Mark Coecelbergh’s newest work: “Money Machines”. In his book, Coeckelbergh discusses the epistemic, social and moral distances that are created by modern financial technologies. It consists of a historical analysis of financial technologies from cowrie shells to digital money, a theoretical analysis of the distancing effects of financial technologies which revolves around the theories of Simmel and McLuhan and a discussion of the empirical instances of modern money machines within (...) the framework of distancing. Two problems and one missed opportunity of the book are discussed in this review: the underdeveloped nature of the theory of distancing which leaves the reader with multiple open questions, the absence of established theories of money and the sometimes uncritical comparison of different theories applied to analyse financial technologies. Nevertheless, the book convincingly manages to open up a novel branch of research in the field philosophy and ethics of technology. Its highly original discussion of financial technologies and embracement of Simmel as a philosopher of technology provide for interesting prospects for future work. (shrink)

This book on the psychology of white collar criminals discusses various cases of financial crime, while also attempting to delve into the minds of the criminals in question. The literature on this topic is growing as it gains momentum in the scientific field, as a result of the extremely negative impact white collar crime has on its victims. Because there is considerable damage and vulnerability from these crimes, it is important to begin to classify them, and to understand the (...) minds of those that commit these offenses. While the current literature is not extensive, this work provides a closer look into the various ethical and legal facets of financial crime, and helps to uncover the social, psychological and neurobiological factors that intersect in the minds of those criminals. (shrink)

A majority opinion seems to have emerged in scholarly analysis of the assortment of technologies that have been given the label “synthetic biology.” According to this view, society should allow the technology to proceed and even provide it some financial support, while monitor­ing its progress and attempting to ensure that the development leads to good outcomes. The near‐consensus is captured by the U.S. Presidential Commission for the Study of Bioethical Issues in its report New Directions: The Ethics (...) of Synthetic Biology and Emerging Technologies, which arguably marked the end of a preliminary round of analysis about the ethical and policy questions raised by synthetic bi­ology. Like a number of other, earlier documents issued by various groups around the world, the re­port called attention to questions about how the technology will be used; whether it might be mis­used; what sorts of accidents might happen along the way; the economic, environmental, and social impacts of the eventual applications; whether the very idea of “synthetic biology” should be trou­bling; and how the debate over all of these ques­tions will be conducted. Also like most similar documents, however, while it called for careful monitoring and oversight of technology, it did not recommend any significant new constraints on its development and use. The commission's stance was that it would be “imprudent either to declare a moratorium on synthetic biology until all risks can be determined and mitigated, or to simply ‘let science rip,’ regardless of the likely risks.”In this report, we will take stock of the current consensus, comment on some of the major points of disagreement, and identify the next steps for the debate. In part I, we offer a brief overview of the research and applications commonly grouped together under the heading of synthetic biology, partly in order to set the stage for the rest of the discussion and partly because we want to highlight some conceptual problems that attend the very la­bel given this field. In parts II, III, and IV, we take up, respectively, three broad classes of concerns that arise in the context of synthetic biology: con­cerns about the intrinsic or inherent value of do­ing synthetic biology, concerns about the concrete harms and benefits of doing synthetic biology, and concerns about justice. Addressing these concerns requires a method for bringing the public's values to bear on policy‐making concerning emerging biotechnologies; in part V, we discuss the chal­lenges in developing such a method. (shrink)

Our study considers the governance, ethics and operational challenges associated with the acquisition, manipulation and commodification of ‘big data’ in the financial services sector. To the best of our knowledge, there are no published studies describing empirical research undertaken within companies in this sector to understand how they are responding to such challenges: our field-based research is a significant initial contribution in this respect. We describe the results of a micro-ethnographic study undertaken in a small-to-medium-sized company developing disruptive, (...) technology-related platforms and services in the banking and retail sectors based on big data and associated analytics: these are used to derive commercially valuable insights from personal customer data in exchange for cash back and targeted rewards. The company was found to employ a multi-level innovation governance approach, underpinned by an ethical strategy based on a principle of mutual benefit. Opt-in and informed consent for using data for specific purposes was supported by principles of data minimisation and anonymisation, with unrestricted use of secondary, anonymised and aggregated data to develop insights. Governance, which included contextual data protection legislation, payment-card industry data usage standards and internal corporate controls, presented as bespoke organisational practices relating to data security and privacy. These in total set the governance and ethics frame for big data innovation at the company within which it has had to be both adaptive and responsive under conditions of normative and regulatory uncertainty. (shrink)

This licentiate thesis consists of three essays which all concern the ethics of imprisonment and what constitutes an ethically defensible treatment of criminal offenders. Paper 1 defends the claim that prisoners have a right to privacy. I argue that the right to privacy is important because of its connection to moral agency. For that reasons is the protection of inmates’ right to privacy also warranted by different established philosophical theories about the justification of legal punishment. I discuss the practical (...) implications of this argument. Ultimately I argue the invasion of privacy should be minimized to the greatest extent possible without compromising other important values and rights to safety and security. In defending this position, I argue that respect for inmates’ privacy should be part of the objective of creating and upholding a secure environment to better effect in the long run. Paper 2 discusses whether the collateral harm of imprisonment to the close family members and children of prison inmates may give rise to special moral obligations towards them. Several collateral harms, including decreased psychological wellbeing, financial costs, loss of economic opportunities, and intrusion and control over their private lives, are identified. Two competing perspectives in moral philosophy are applied in order to assess whether the harms are permissible. The first is consequentialist and the second is deontological, and it is argued that both of them fails and therefore it is hard to defend the position that allowing for these harms would be morally permissible, even for the sake of the overall aims of incarceration. Instead, it is argued that these harms imply that imprisonment should only be used as a last resort. Where it is necessary, imprisonment should give rise to special moral obligations towards families of prisoners. Using the notion of residual obligation, these obligations are defended, categorized and clarified. Paper 3 evaluates electronic monitoring from an ethical perspective and discusses whether it could be a promising alternative to imprisonment as a criminal sanction for a series of criminal offenses. EM evaluated from an ethical perspective as six initial ethical challenges are addressed and discussed. It is argued that since EM is developing as a technology and a punitive means, it is urgent to discuss its ethical implications and incorporate moral values into its design and development. (shrink)

The rapid development of quantum technologies, such as quantum computing, quantum internet, and quantum sensing, has led to a growing awareness of the ethical issues surrounding these technologies. This literature review aims to analyze the existing research on these ethical issues using the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) literature review approach. The literature search was conducted using the following databases: Scopus ArXiv, and IEEE Xplore, and the search terms used were “quantum computing,” “quantum internet,” (...) “quantum sensing,” “quantum technology,” AND “ethics.” Inclusion criteria were: (1) articles that addressed ethical issues related to quantum technologies and (2) articles that were written in English. A total of 14 articles were included in the review. The majority of the articles (64 percent) were published in the last 5 years. The majority of the articles (78 percent) focused on the potential impact of quantum technologies on privacy and security, with a particular emphasis on the potential for quantum computers to break encryption and the subsequent impact on privacy and security. Approximately 50 percent of the articles focused on the accessibility and responsibility dimensions of quantum technologies. This scoping review has demonstrated that there is a growing awareness of the ethical issues surrounding quantum technologies and an increasing number of researchers, policymakers, and industry leaders working to address them. Future research should continue to explore these ethical issues in more depth and develop recommendations for addressing them. (shrink)

The power of technology? -- Risk and responsibility? -- The ethical anatomy of disasters? -- Remaking nature? -- Tinkering with humans? -- Information's wild frontiers? -- Whose knowledge, whose property? -- Reclaiming the future? -- The ethics of invention?

Recent finance literature attributes the development of derivative instruments to technological advances, and improved mathematical models for predicting option prices. This paper explores the role of social ethics in the acceptance of financial derivatives. The relationship between utilitarian ethical principles and the demise of turn-of-the-century bucket shops is contrasted with modern tolerance of financial derivatives based upon libertarian ethical precepts. Our conclusion is that a change in social ethics also facilitated the growth in trading in modern (...) financial derivatives. (shrink)

THE PROBLEM: MOTORCAR MORALITY AND AUTOMOBILE AGEINGAdvances in modern technology mean that cars are living longer than ever before. This raises important end-of-road-life issues, as it becomes increasingly difficult to provide leaded fuel and shelter for our hydraulically challenged, ageing automobile population. The garage is full, and off-street parking is beyond the financial scope of most low and middle income families. It is a case of rust or bust.NATURAL LAW THEORY, TRAFFIC, AND THE TRUTHSociety has long been reluctant to (...) countenance the concept of actively ending the road-life of motor vehicles, preferring to allow Nature to take its course. Simpler to let the natural phenomena of corrosion and inbuilt obsolescence take their inevitable toll, until the head gasket blows and the piston rods seize up for the last time.But can we afford to allow elderly cars to simply choke and splutter as our roads become increasingly over populated and our atmosphere ever more polluted? Old bangers demand our attention, as their paint peels, their balding tyres leave their tread at every T-junction, their suspension sags, and their chrome corrodes. Is there an alternative to the ailing alternator and the carbonised carburettor?EQUAL ROAD RIGHTSPrinciples of distributive …. (shrink)

The aim of this paper is to propose a new perspective on the difficulty and meaning of ethical work for financial controllers. This is achieved by drawing on concepts from Michel Henry’s phenomenology of life in the field of business ethics. The French philosopher Michel Henry is distinguished by his identifying two modes of appearing: ‘intentionality’ and ‘affectivity’ . Henry suggests that relying only on abstract representations constitutes a specific ideology that causes individuals at work to ignore the (...) actual experience of being affected, and hinders the appearance of life to guide their actions, in turn hindering ethics. Empirical illustrations are provided by a case study that explores the practices of management accountants in a travel retail corporation. By observing the empirical practices of management accountants, a body of professionals whose role is largely dependent on information technology, abstraction and technical expertise to trace organisational flows and transactions, we shed light on the difficult ethical issues associated with their role of surveillance and control of other managers’ work. The case study illustrates a wide range of everyday working practices among management accountants. Some convey the impression that they lack empathy and consideration for other individuals, while others engage in close cooperation and ethical practices despite the constraining configuration of their role. A significant result of this research is that it illustrates and interprets, based on Henry’s phenomenology, a wide range of working practices. Consistent with Henry, we argue that the source of business ethics lies beyond professional standards, codes and values. (shrink)

Motivated by the disproportionately high incidence of fraudulent financial reporting in the IT sector where technological capability is a major source of competitive advantage, this study investigates the possible relationship between technological capability and fraud probability in the IT sector. Technological capability is measured by a firm’s technical efficiency relative to peers in transforming cumulative R&D resources into innovative output, which is a source of competitive advantage, according to the resource-based view of the firm. Technical efficiency is estimated via (...) data envelopment analysis. A sample of fraud firms taken from Accounting and Auditing Enforcement Releases is matched with control samples of non-fraud firms. Consistent with the RBV, technological capability is found to have a negative and economically significant effect on fraud probability. Moreover, fraud probability is insignificantly associated with the scale efficiency of innovative activities, as investment in R&D resources per se is not a source of sustainable competitive advantage. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, (...) by Marinus Ossewaarde; Two Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

Technology is even more than our world, our form of life, our civilization. Technology interacts with the world to change it. Philosophers need to seriously address the fluidity of a smartphone interface, the efficiency of a Dyson vacuum cleaner, or the familiar noise of an antique vacuum cleaner. Beyond their phenomenological description, the emotional experience acquires moral significance and in some cases even supplies ethical resources for the self. If we leave this dimension of modern experience unaddressed, we may miss (...) something of value in contemporary life. Combining European humanism, Anglophone pragmatism, and Asian traditions, Michel Puech pleads for an "ethical turn" in the way we understand and address technological issues in modern day society. Puech argues that the question of "power" is what needs to be reconsidered today. In doing so, he provides a three-tier distinction of power: power to modify the outer world ; power over other humans ; power over oneself. (shrink)

Disruptive technologies can be conceptualized in different ways. Depending on how they are conceptualized, different ethical issues come into play. This article contributes to a general framework to navigate the ethics of disruptive technologies. It proposes three basic distinctions to be included in such a framework. First, emerging technologies may instigate localized “first-order” disruptions, or systemic “second-order” disruptions. The ethical significance of these disruptions differs: first-order disruptions tend to be of modest ethical significance, whereas second-order disruptions (...) are highly significant. Secondly, technologies may be classified as disruptive based on their technological features or based on their societal impact. Depending on which of these classifications one adopts and takes as the starting point of ethical inquiry, different ethical questions are foregrounded. Thirdly, the ethics of disruptive technology raises concerns at four different levels of technology assessment: the technology level, the artifact level, the application level, and the society level. The respective suitability of approaches in technology ethics to address concerns about disruptive technologies co-varies with the respective level of analysis. The article clarifies these distinctions, thereby laying some of the groundwork for an ethical framework tailored for assessing disruptive technologies. (shrink)

This is the first study of business ethics to take into consideration the plethora of issues raised by the Information Age. The first study of business ethics to take into consideration the plethora of issues raised by the Information Age. Explores a wide range of topics including marketing, privacy, and the protection of personal information; employees and communication privacy; intellectual property issues; the ethical issues of e-business; Internet-related business ethics problems; and the ethical dimension of information technology (...) on society. Uncovers previous ignored ethical issues. Underlines the need for public discussion of the issues. Argues that computers and information technology have not necessarily developed in the most ethical manner possible. (shrink)

The prospect of using genome technologies to modify the human germline has raised profound moral disagreement but also emphasizes the need for wide-ranging discussion and a well-informed policy response. The Hinxton Group brought together scientists, ethicists, policymakers, and journal editors for an international, interdisciplinary meeting on this subject. This consensus statement formulated by the group calls for support of genome editing research and the development of a scientific roadmap for safety and efficacy; recognizes the ethical challenges involved in clinical (...) reproductive applications of genome editing but, importantly, rejects the idea that human reproductive germline modification is necessarily morally unacceptable; and highlights the importance of meaningful engagement in discussions of genome editing and the development of regulation and oversight mechanisms to govern future uses of such technologies. (shrink)

This book considers ethical issues arising in professional and business settings and the role of individuals making decisions and coping with moral dilemmas. It starts by elaborating on critical thinking and on normative ethical theories, subsequently presenting the structure and cinematic elements of narrative film. These two avenues are tools for evaluating films and for discussions on various ethical problems in contemporary business, including: the corporate and banking financial machinations (greed, fraud, social responsibility); workplace ethical challenges (harassment, violence, inequity, (...) inequality); professional and business ethical challenges (corruption, whistleblowing, outsourcing and downsizing); and personal responsibility and identity challenges due to career pressures, loss of privacy and cyber harassment, and job structure changes in light of changing technology. Readers can benefit from engagement in filmic narratives, as a simulated environment for developing a stance towards ethical challenges. (shrink)

This is the first study of business ethics to take into consideration the plethora of issues raised by the Information Age. The first study of business ethics to take into consideration the plethora of issues raised by the Information Age. Explores a wide range of topics including marketing, privacy, and the protection of personal information; employees and communication privacy; intellectual property issues; the ethical issues of e-business; Internet-related business ethics problems; and the ethical dimension of information technology (...) on society. Uncovers previous ignored ethical issues. Underlines the need for public discussion of the issues. Argues that computers and information technology have not necessarily developed in the most ethical manner possible. (shrink)

This book approaches the question of technology from an Islamic ethical perspective. The book tries to broaden the scope of the Sharia to deal comprehensively with the ethical questions and dilemmas that arise in the midst of a postmodern technological culture due to the absence of well-defined religious-ethical ends. It looks at the maqasid as a universal ethical theory to be interpreted and applied in the global technological context. It weaves the contemporary philosophical analysis of technology within the maqasid discourse (...) and assesses modern technology through the lens of the ultimate aims and purposes of the Sharia. It works out the relationship between the various objectives and how they can be developed into an Islamic ethics of technology. Following in the recent interest in the objectives of the Sharia, the book further expands the scope of the maqasid and carries it further to encompass metaphysical and ethical debates surrounding technology. Anyone interested in finding alternatives to the existing technological model will find this book valuable. Specifically those interested in Islam and Modern World and how ijtihad is being undertaken to tackle contemporary ethical problems will find this book helpful. (shrink)

This article analyzes the present status, development trends, and problems in the ethics of nuclear technology in light of a possible revision of its conceptual foundations. First, to better recognize the current state of nuclear technology ethics and related problems, this article focuses on presenting a picture of the evolution of the concepts and recent achievements related to technoethics, based on the ethics of responsibility. The term ‘ethics of nuclear technology’ describes a multidisciplinary endeavor to examine (...) the problems associated with nuclear technology through ethical frameworks and paradigms. Second, to identify the reasons for the intensification of efforts to develop ethics in relation to nuclear technology, this article presents an analysis of the recent situation and future prospects of nuclear technology deployment. This includes contradictions that have aggravated nuclear dilemmas and debates stimulated by the shortcomings of nuclear technology, as well as the need for the further development of a nuclear culture paradigm that is able to provide a conceptual framework to overcome nuclear challenges. Third, efforts in the field of nuclear technology ethics are presented as a short overview of particular examples, and the major findings regarding obstacles to the development of nuclear technology ethics are also summarized. Finally, a potential methodological course is proposed to overcome inaction in this field; the proposed course provides for the further development of nuclear technology ethics, assuming the axiological multidisciplinary problematization of the main concepts in nuclear engineering through the basic ethical paradigms: analytical, hermeneutical, and poststructuralist. (shrink)

This is the first study of business ethics to take into consideration the plethora of issues raised by the Information Age. The first study of business ethics to take into consideration the plethora of issues raised by the Information Age. Explores a wide range of topics including marketing, privacy, and the protection of personal information; employees and communication privacy; intellectual property issues; the ethical issues of e-business; Internet-related business ethics problems; and the ethical dimension of information technology (...) on society. Uncovers previous ignored ethical issues. Underlines the need for public discussion of the issues. Argues that computers and information technology have not necessarily developed in the most ethical manner possible. (shrink)

This paper takes up recent challenges to consequentialist forms of ethically evaluating risks and explores how a non-consequentialist form of deliberation, Kantian ethics, can address questions about risk. I examine two cases concerning ethically- questionable financial risks: investing in abstruse financial instruments and investing while relying on a bailout. After challenging consequentialist evaluations of these cases, I use Kant’s distinction between morals and prudence to evaluate when the investments are immoral and when they are merely imprudent. I (...) argue that the investment practices are imprudent when they do not take adequate precautions to secure the firm’s long- term flourishing. They are immoral in a Kantian sense when they risk the destruction of the financial system upon which the firms depend. The upshot of my analysis is that moral actions require more risk aversion than prudent actions and prudent actions require more risk aversion than expected-value-maximizing actions. (shrink)

This book systematically addresses the issue of assessing the normative nature of visions of emerging technologies in an epistemologically robust way. In the context of democratic governance of emerging technologies, not only it is important to reflect on technologies' moral significance, but also to address their emerging and future oriented character. The book proposes an original approach to deal with the issue of "plausible" ethical evaluation of new technologies. Taking its start from current debates about Technology (...) Assessment, the proposed solution emerges as a combination of theoretical and methodological insights from the fields of Philosophy of Technology, Science and Technology Studies and a normative justification based on pragmatist ethics. The book's main contribution is to engage a diverse and interdisciplinary audience (ethicists, philosophers, social scientists, technology assessment researchers and practitioners) in a reflection concerning the epistemological challenges that are associated to the endeavour of appraising the moral significance of emerging technologies in the attempt of democratically governing them. It brings together concepts and methodologies from different disciplines and shows their synergy in applying them to two specific case studies of emerging biomedical technologies. (shrink)

Healthcare depends increasingly on advanced medical technology. In addition, other forms of technology contribute to determine how our lives are influenced by disease and disability. The extent to which persons with impaired bodily functions are forced to live their lives differently than other people depends to a large part on a variety of technologies, from wheelchairs to computer interfaces, from hearing aids to garage doors. This wide-ranging influence of technology has important ethical aspects, but has seldom been discussed in (...) bioethics, the ethics of technology, or other branches of applied ethics. (shrink)

Volume 20, Issue 7, July 2020, Page W7-W11.

Technologies shape who we are, how we organize our societies and how we relate to nature. For example, social media challenges democracy; artificial intelligence raises the question of what is unique to humans; and the possibility to create artificial wombs may affect notions of motherhood and birth. Some have suggested that we address global warming by engineering the climate, but how does this impact our responsibility to future generations and our relation to nature? This book shows how technologies (...) can be socially and conceptually disruptive and investigates how to come to terms with this disruptive potential. Four technologies are studied: social media, social robots, climate engineering and artificial wombs. The authors highlight the disruptive potential of these technologies, and the new questions this raises. The book also discusses responses to conceptual disruption, like conceptual engineering, the deliberate revision of concepts. (shrink)

The aim of this article is to provide a discussion of scholarly ‘crisis of modernity’ discourses that have developed in the field of social philosophy. Re-visiting past and present discourses can be illuminating in at least three ways: it can reveal the broader picture of the present financialized and technologized world and the rise of financial technologies; it can provide scholars with new vocabularies, concepts, and metaphors to comprehend present-day phenomena and developments; and it can reveal the variety (...) of commitments that are possible, today, too. This article starts with a discussion of the original ‘crisis of modernity’ discourses, in which the clashing arguments of Comte and Tocqueville are featured, and a discussion of a second ‘crisis of modernity’ that developed in the context of the ‘Great Depression.’ A third ‘crisis of modernity’ discourse emerged in the wake of the financial crises of the 1970s. Such crises are still ongoing and discussed within the boundaries of the third ‘crisis of modernity’ discourse. How financial technologies do and do not fit within this third discourse is discussed in the remainder of this article. (shrink)

To commemorate 40 years since the founding of the Journal of Business Ethics, the editors in chief of the journal have invited the editors to provide commentaries on the future of business ethics. This essay comprises a selection of commentaries aimed at creating dialogue around the theme Ethics at the centre of global and local challenges. For much of the history of the Journal of Business Ethics, ethics was seen within the academy as a peripheral (...) aspect of business. However, in recent years, the stakes have risen dramatically, with global and local worlds destabilized by financial crisis, climate change, internet technologies and artificial intelligence, and global health crises. The authors of these commentaries address these grand challenges by placing business ethics at their centre. What if all grand challenges were framed as grand ethical challenges? Tanusree Jain, Arno Kourula and Suhaib Riaz posit that an ethical lens allows for a humble response, in which those with greater capacity take greater responsibility but remain inclusive and cognizant of different voices and experiences. Focussing on business ethics in connection to the grand challenge of environmental emergencies, Steffen Böhm introduces the deceptively simple yet radical position that business is nature, and nature is business. His quick but profound side-step from arguments against human–nature dualism to an ontological undoing of the business–nature dichotomy should have all business ethics scholars rethinking their “business and society” assumptions. Also, singularly concerned with the climate emergency, Boudewijn de Bruin posits a scenario where, 40 years from now, our field will be evaluated by its ability to have helped humanity emerge from this emergency. He contends that Milieudefensie v. Royal Dutch Shell illustrates how human rights take centre stage in climate change litigation, and how business ethics enters the courtroom. From a consumer ethics perspective, Deirdre Shaw, Michal Carrington and Louise Hassan argue that ecologically sustainable and socially just marketplace systems demand cultural change, a reconsideration of future interpretations of “consumer society”, a challenge to the dominant “growth logic” and stimulation of alternative ways to address our consumption needs. Still concerned with global issues, but turning attention to social inequalities, Nelarine Cornelius links the capability approach to global and corporate governance, arguing that CA will continue to lie at the foundation of human development policy, and, increasingly, CSR and corporate governance. Continuing debate on the grand challenges associated with justice and equality, Laurence Romani identifies a significant shift in the centrality of business ethics in debates on managing differences, positing that dialogue between diversity management and international management can ground future debate in business ethics. Finally, the essay concludes with a commentary by Charlotte Karam and Michelle Greenwood on the possibilities of feminist-inspired theories, methods, and positionality for many spheres of business ethics, not least stakeholder theory, to broaden and deepen its capacity for nuance, responsiveness, and transformation. In the words of our commentators, grand challenges must be addressed urgently, and the Journal of Business Ethics should be at the forefront of tackling them. (shrink)

This volume presents articles which focus on the ethical evaluation of performance-enhancing technologies in sport. The collection considers whether drug doping should be banned; the rationale of not banning ethically contested innovations such as hypoxic chambers; and the implications of the prospects of human genetic engineering for the notion of sport as a development of 'natural' talent towards human excellence. The essays demonstrate the significance of the principles of preventing harm, ensuring fairness and preserving meaning to appraise whether a (...) particular performance enhancer is acceptable in the context of sport. Selected essays on various forms of human enhancement outside of sport that highlight other principles and concepts are included for comparative purpose. Sport enhancement provides a useful starting point to work through the ethics of enhancement in other human practices and endeavors, and sport enhancement ethics should track broader bioethical debates on human enhancement. As a whole, the volume points to the need to consider the values and meanings that people seek in a given sphere of human activity and their associated principles to arrive at a morally grounded and reasonable approach to enhancement ethics. (shrink)

With the development of the globalization of science and technology, innovation has become an important driving force for regional economic development. As a core element of regional innovation, financial R&D resources have also become a key element to enhance national innovation capabilities and national economic competitiveness. National and regional innovation capabilities have a direct impact. There are also many deep-seated problems behind the world-renowned achievements, such as irrational industrial structure, insufficient independent innovation capabilities, low resource utilization efficiency, and the (...) service quality and efficiency of financial institutions for the transformation of total factor productivity. These problems extremely restrict the efficiency upgrade and further development of our country’s total factor productivity. This study uses the DEA-Malmquist index model to measure the efficiency of fiscal R&D resource allocation in 28 provinces and regions in China in the past 10 years and uses Mapinfo12.0 software to analyze regional differences in the efficiency of fiscal R&D resource allocation in China from a spatial perspective. During the year, the overall R&D resource allocation efficiency of 28 provinces and autonomous regions in China has shown an upward trend. The efficiency of fiscal R&D resource allocation and the concentration of financial factors have had a positive impact on total factor productivity, transform and upgrade factors, increase total factor productivity, and provide empirical evidence for building a strong country. (shrink)

Computer-based information and communication technologies continue to transform the delivery of health care and the conception and scientific understanding of the human body and the diseases that afflict it. While information technology has the potential to improve the quality and efficiency of patient care, it also raises important ethical and social issues. This IRIE theme issue seeks to provide a forum to identify, analyse and discuss the ethical and social issues raised by various applications of information and communication technology (...) in medicine and health care. The contributions give a flavour of the extraordinarily broad landscape shaped by the intersection of medicine, computing and ethics. In fact, their diversity suggests that much more work is needed to clarify issues and approaches, and to provide practical tools for clinicians. (shrink)

When we think of ethics in medicine or business, we typically focus on whether the dignity and autonomy of patients and stakeholders are being respected. Ethicists have devoted a great deal of energy to showing how particular practices either foster or damage healthy personal relations. It is my contention that these analyses, while sometimes insightful, do not grapple with the key question: What does it mean to act in an increasingly technological age? Is it legitimate simply to apply some (...) set of standard ethical categories to evaluate good and bad practices in medicine or business? This article argues that this type of applied ethics completely misses the larger ethical issues arising from the fact that our practices, including medicine, have become thoroughly technological in character. Technology by its very nature transforms our practices and our selves. What is more, it alters us in such a way that we simultaneously lose our capacity to judge the meaning and consequences of this transformation. (shrink)

A variety of stakeholders including investors, corporate managers, customers, suppliers, employees, researchers, and government policy makers have long been interested in the relationship between the financial performance of a corporation and its commitment to business ethics. As a subject of research, the relations between business ethics and corporate valuation has yet to be thoroughly quantified and investigated. This article is an effort to amend this inadequacy by demonstrating a statistically significant association between ethical commitment and corporate valuation (...) measures. Consistent with anecdotal evidence, we have found a significant association between the ethical commitment of Korean companies and their valuation on the Korean stock market. However, the result reveals that the association between ethical commitment and financial performance is not significantly supported. (shrink)

This volume collects key influential papers that have animated the debate about information computer ethics over the past three decades, covering issues such as privacy, online trust, anonymity, values sensitive design, machine ethics, professional conduct and moral responsibility of software developers. These previously published articles have set the tone of the discussion and bringing them together here in one volume provides lecturers and students with a one-stop resource with which to navigate the debate.

The average annual profits before fees of the $10 billion plus Renaissance Technologies’ hybrid Medallion “Leveraged, High Frequency, Artificial Intelligence ” trading hedge fund between 1988 and 2019 were about 66 percent. Total trading profits during this period were over $100 billion. The fund has never had a losing year. The fund is not open to the general public. First, distinctions among, in more or less historical order, the traditional market-maker trading model, the hedge fund trading model, the artificial (...) intelligence trading model, and the hybrid LHFAI trading model are discussed. Second, the micro components of the LHFAI trading model are explained in the context of Renaissance Technologies’ Medallion Fund. Third, key positive contributions of the model with respect to profitability, low annual volatility, market liquidity, and intellectual property development; negative ethical issues concerning exclusive access, tax fairness, financial transparency, shared responsibility for losses and systemic risk, and short vs. long-term capital allocation are discussed. Potential reforms that retain the positives, reduce the negatives, and that could positively transform the model are discussed. Fourth, potential impacts that the potential reforms might have on the macro LHFAI form of finance capitalism and the larger finance capitalism political-economic system are considered. Fifth, conclusions are offered and discussed. (shrink)

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, (...) in which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness. (shrink)

In this analytically oriented work, Peterson articulates and defends five moral principles for addressing ethical issues related to new and existing technologies: the cost-benefit principle, the precautionary principle, the sustainability principle, the autonomy principle, and the fairness principle.

Definition of the problem Biomedical research based on big data offers immense benefits. Large multisite research that integrates large amounts of personal health data, especially genomic and genetic data, might contribute to a more personalized medicine. This type of research requires the transfer and storage of highly sensitive data, which raises the question of how to protect data subjects against data harm, such as privacy breach, disempowerment, disenfranchisement, and exploitation. As a result, there is a trade-off between reaping the benefits (...) of big-data-based biomedical research and protecting data subjects’ right to informational privacy. Arguments Blockchain technologies are often discussed as a technical fix for the abovementioned trade-off due to their specific features, namely data provenance, decentralization, immutability, and access and governance system. However, implementing blockchain technologies in biomedical research also raises questions regarding consent, legal frameworks, and workflow integration. Hence, accompanying measures, which I call enablers, are necessary to unleash the potential of blockchain technologies. These enablers are innovative models of consent, data ownership models, and regulatory models. Conclusion Blockchain technologies as a technical fix alone is insufficient to resolve the aforementioned trade-off. Combining this technical fix with the enablers outlined above might be the best way to perform biomedical research based on big data and at the same time protect the informational privacy of data subjects. (shrink)