This paper presents a short classroom exercise to stimulate student discussion about the rights of shareholders versus the rights of stakeholders. Students are challenged to identify and evaluate their preconceived notions of what constitutes excessive profits. The exercise illustrates why the realization of a large return on investment cannot be used as prima facie evidence that a firm exploited employees, customers, or other stakeholders. This concept is illustrated using datafrom the pharmaceutical industry.

The profit motive refers to what is generally taken to be the underlying motivation of business and commercial activity: to collect revenues in excess of costs or, more simply, to make money. While both “profit” and “profit motive” may be given more technical definitions in economics, the latter's meaning is typically broader in philosophical discussions and so, for example, even managers of nonprofit organizations may be accused of sometimes acting from a profit motive. The (...) class='Hi'>profit motive is typically the object of ambivalent moral attitudes in present-day society: on the one hand, the plethora of commodities and services made possible by the modern market economy, fuelled to a large extent by the profit motive, are easily recognizable. On the other hand, it is generally regarded as a serious moral criticism to say of a certain commercial agent that he or she is motivated by profit alone, and pecuniary motives are often associated with selfishness and greed (see Egoism). (Compare comments like: “While it perhaps was a good thing that company X supported this social venture, they are not to be trusted – they only did it for the money!”). (shrink)

Although microfinance organizations are generally considered as inherently ethical, recent events have challenged the legitimacy of the sector. High interest rates and the excessive profitability of some market leaders have raised the question of how to define a fair profit level for social enterprise. In this article, we construct a fair profit framework based on four dimensions: profitability, social mission, pricing, and surplus distribution. We then apply this framework using an empirical sample of 496 microfinance institutions. Results indicate (...) that satisfying all four criteria is a difficult, although not impossible, task. According to our framework, 24 MFIs emerge as true double bottom line organizations. These MFIs are characterized by higher outreach to women, lower portfolio risk, and higher productivity in high-density environments such as South Asia. We argue that excessive profits can be better understood relative to pricing, the outreach of the MFI, and organizational commitment to clients in the form of reduced interest rates. (shrink)

The modern orthodoxy is that compensatory and gain-based damages are ‘alternative remedies’ for civil wrongdoing. As such, a claimant can only have judgment for one or other, and must elect which it is to be. This article prepares the ground for a re-examination of that rule by exploring its origins in patent cases, where the election requirement was firmly established in the 1870s by the House of Lords in Neilson v Betts and De Vitre v Betts. Closer examination of early (...) practice offers two important insights. The first is that the explanation given for the election requirement in Neilson v Betts, the ‘condonement theory’, was novel, and not orthodox. Pre-Neilson v Betts, courts had generally refused to allow a claimant to have both compensatory damages (as ‘damages’) and gain-based damages (as an ‘account of profits’). Nevertheless, that practice had more contingent, practical foundations than the Neilson v Betts orthodoxy suggests. It is best viewed as a practical response, in the prevailing institutional context, to the risk of excessive remedial cumulations. The second insight is that the relationship between the remedies is fundamentally determined by two factors: the prevailing conceptions of the remedies' nature and basis, and the procedural and institutional context within which the remedies are claimed and awarded. (shrink)

Part of the Renaissance genius was to look at familiar things in unfamiliar ways.1 Although a variety of approaches to the study of leadership are becoming familiar, it still helps to consider new ones. Of use in such moments are the works of unfamiliar writers who have spent considerable energy thinking from an alien perspective. One does not have to accept their assertions uncritically in order to profit from reading them, yet it does take courage sometimes to start down (...) a strange path. In the spirit of applying new ideas to familiar themes, this article interprets volume one of Georges Bataille’s The Accursed Share2 in the light of the phenomenon we refer to as leadership. Bataille, who was born in 1897 and died in 1962, certainly qualifies as a writer with an alien perspective. He has the potential to offend. At times, he becomes positively cryptic, as in asserting ‘that the sexual act is in time what the tiger is in space’. Nonetheless, the book itself develops a plausible line of reasoning. Society, it argues, is determined by how it disposes of energy. And since energy that cannot be used will be squandered, it matters how a society chooses to do this. Bataille argues further that moments of true ‘sovereignty’ occur when we squander what would otherwise have been useful. This paper summarizes the argument of The Accursed Share and applies it to the outpourings that followers make to leaders. Rather than regard these uneven relationships as examples of utilitarian reciprocity, perhaps we can tap into the idea that attentiveness to leadership is more in the form of an offering or sacrifice to something that expresses us, as an excuse to display exuberance. This approach promises insight into issues of charisma, followership as self-denial, and mass psychology. It also pertains to the tendency of followers to turn against leaders in ritual sacrifice as meaningful superfluity.3. (shrink)

A decomposition model of Net Final Values (NFV), named Systemic Value Added (SVA), is proposed for decision-making purposes, based on a systemic approach introduced in Magni [Magni, C. A. (2003), Bulletin of Economic Research 55(2), 149–176; Magni, C. A. (2004) Economic Modelling 21, 595–617]. The model translates the notion of excess profit giving formal expression to a counterfactual alternative available to the decision maker. Relations with other decomposition models are studied, among which Stewart’s [Stewart, G.B. (1991), The Quest (...) for Value: The EVA™ Management Guide, Harper Collins, Publishers Inc]. The index here introduced differs from Stewart’s Economic Value Added (EVA) in that it rests on a different interpretation of the notion of excess profit and is formally connected with the EVA model by means of a shadow project. The SVA is formally and conceptually threefold, in that it is economic, financial, accounting-flavoured. Some results are offered, providing sufficient and necessary conditions for decomposing NFV. Relations between a project’s SVA and its shadow project’s EVA are shown, all results of Pressacco and Stucchi [Pressacco, F. and Stucchi, P. (1997), Rivista di Matematica per le Scienze Economiche e Sociali 20, 165–185] are proved by making use of the systemic approach and the shadow counterparts of those results are also shown. (shrink)

Catholic Social Teaching, in considering economic and patient justice, calls for “participating in patient care.” Corporations often are accused of not paying their fair share, which in turn has led to demands for government regulation to lower drug prices in the United States. Meanwhile, the millions of dollars spent by pharmaceutical foundations to help lower-income patients is not seen as corporations’ taking such responsibility to assist patients. The view that CST demands lower costs for prescription pharmaceuticals from corporations that make (...) excess profits misapplies CST principles and does not consider the pricing structure for drugs on a global scale. While a preferential option for the poor is needed, there needs to be a better definition of the poor. This paper looks to broaden the view of CST in regard to corporations and the preferential option for the poor when applied to the current cost of pharmaceuticals. (shrink)

This paper aims to offer a definition of excessive profit for cases of exploitation. Most of the literature that aims to identify cases of exploitation focus on determining a fixed price, and suggests that profit is excessive when individuals deviate from this price. More recently, Joe Horton has proposed an indifferent benchmark between transacting with a vulnerable party and not transacting with her. After arguing against the existing focus on prices, the paper proposes an alternative approach to exploitation (...) which focuses on the profit made by the purported exploiter party. It suggests that profit is excessive when an agent makes more profit than the profit that a non-vulnerable purported exploiter would have made when transacting with a non-vulnerable second party. The focus on profit leads to the conclusion that different prices may be non-exploitative depending on the situation of the agents involved. (shrink)

This paper presents a short classroom exercise to stimulate student discussion about the rights of shareholders versus the rights of stakeholders. Students are challenged to identify and evaluate their preconceived notions of what constitutes excessive profits. The exercise illustrates why the realization of a large return on investment cannot be used as prima facie evidence that a firm exploited employees, customers, or other stakeholders. This concept is illustrated using datafrom the pharmaceutical industry.

This article examines the organization, location, technology employed, and the price-setting strategies entertained by the olive oil mill industry in Byzantium. The methods and mechanical devices employed in the process of decorticating the olives, extraction of the oil from the pulp, and its refinement are analyzed in depth. Particular emphasis is placed on the challenges and the attendant price-setting calculus the oil press industry faced as a capital-intensive, seasonal, and topography bound activity. In monopolistic situations, the oil millers’ situational monopoly (...) was nominal compelling them to seek satisfactory rather than maximum profits, albeit likely above normal levels. In oligopolistic situations, the limited number of suppliers of the service, mutually recognized interdependence, the unpredictable outcome of confrontational pricing tactics and the ensuing costly cutthroat competition, and the fragility and illegality of collusive arrangements would tend to produce uniform and rather stable fees, albeit at levels possibly allowing for some excess profits. The state did not interfere with the oil miller’s pricing policies, appreciating the impracticality of such interventions and preferring to relegate the task to the operative market forces and the price mechanism. (shrink)

This paper considers the arguments that could support the proposition that intellectual property rights as applied to softwarehave a moral basis. Undeniably, ownership rights were first applied to chattels and land and so we begin by considering the moral basis of these rights. We then consider if these arguments make moral sense when they are extended to intellectual phenomenon. We identified two principal moral defenses: one based on utilitarian concerns relating to human welfare, the other appeals to issues of individual (...) autonomy and private control. We conclude that intellectual property rights could not be defended from a moral perspective that emphasizes autonomy and individual control because copyright and patent restrict fundamental freedoms to transfer and redistribute one’s property. We also find it difficult to defend intellectual property in software from a utilitarian perspective because of the current structure of the market. We mention two characteristics of the software market that make it distinct and promote monopolistic conditions and excessive profit taking: the facility of replication, and the need for compatibility in operating systems. We conclude that there are good reasons to reverse the current market’s structure. We suggest three possible remedies. The government could rigorously enforce antitrust legislation, impose greater monitoring and price controls, or obviate the commercial aspect altogether by denying the application of intellectual property rights to software. (shrink)

There is no lack of criticisms frequently levelled against the international pharmaceutical industry (Big Pharma): excessive profits, dubious or even dishonest practices, exploiting the sick and selective use of research data. Neither is there a shortage of examples used to support such opinions. A recent book by Brody (Hooked: Ethics, the Medical Profession and the Pharmaceutical Industry, 2008) provides a précis of the main areas of criticism, adopting a twofold strategy: (1) An assumption that the special nature and human need (...) for pharmaceutical medicines requires that such products should not be treated like other commodities and (2) A multilevel descriptive approach that facilitates an ethical analysis of relationships and practices. At the same time, Brody is fully aware of the nature of the fundamental dilemma: the apparent addiction to (and denial of) the widespread availability of gifts and financial support for conferences etc., but recognises that ‘Remove the industry and its products, and a considerable portion of scientific medicine’s power to help the patient vanishes’ (Brody 2008, p. 5). The paper explores some of the relevant issues, and argues that despite the identified shortcomings and a need for rigorous and perhaps enhanced regulation, and realistic price control, the commercially competitive pharmaceutical industry remains the best option for developing safer and more effective medicinal treatments. At the same time, adoption of a broader ethical basis for the industry’s activities, such as a triple bottom line policy, would register an important move in the right direction and go some way toward answering critics. (shrink)

A decomposition model of Net Final Values (NFV), named Systemic Value Added (SVA), is proposed for decision-making purposes, based on a systemic approach introduced in Magni [Magni, C. A. (2003), Bulletin of Economic Research 55(2), 149–176; Magni, C. A. (2004) Economic Modelling 21, 595–617]. The model translates the notion of excess profit giving formal expression to a counterfactual alternative available to the decision maker. Relations with other decomposition models are studied, among which Stewart’s [Stewart, G.B. (1991), The Quest (...) for Value: The EVA™ Management Guide, Harper Collins, Publishers Inc]. The index here introduced differs from Stewart’s Economic Value Added (EVA) in that it rests on a different interpretation of the notion of excess profit and is formally connected with the EVA model by means of a shadow project. The SVA is formally and conceptually threefold, in that it is economic, financial, accounting-flavoured. Some results are offered, providing sufficient and necessary conditions for decomposing NFV. Relations between a project’s SVA and its shadow project’s EVA are shown, all results of Pressacco and Stucchi [Pressacco, F. and Stucchi, P. (1997), Rivista di Matematica per le Scienze Economiche e Sociali 20, 165–185] are proved by making use of the systemic approach and the shadow counterparts of those results are also shown. (shrink)

The problem of charging interest has been discussed since the time of Aristotle. It was condemned in the Christian religion in the Middle Ages. Only when the interest was specified as a payment for productive capital was it considered that the borrower, enriched by the money lent, should let the lender benefit in accordance with the principle of fairness. The borrower should share the profit with the lender, and from this moment the percentage is no longer something shameful and (...) neglected. Religious beliefs and accepted moral values have changed over time, adapting to the circumstances, so has the approach to collecting interest from the capital lent. However, there is still a great deal of criticism of excessive interest rates. The purpose of this paper is to present a discussion related to the charging of interest presented in the tradition of economics and also to show some aspects of the problem in relation to the present times, such as excessive debt and responsible lending. (shrink)

Due to excessive greenhouse gas emissions, carbon emission-reducing measures are urgently needed. Important emission-reduction measures mainly include carbon trading and low-carbon cost subsidies. Comprehensive consideration of these two policies is a research hotspot in the field of low-carbon technology investment. Based on this background, this paper considers the impact of consumer low-carbon preferences on market demand and the impact of uncertainty in carbon emission-reduction behaviour. We construct a stochastic differential game model with upstream and downstream enterprises based on cost-sharing coordination (...) under a cost subsidy. From a dynamic perspective, this paper researches the optimal equilibrium strategy and evolution characteristics of the joint emission-reduction mechanism in a supply chain. This paper discusses the sensitivity of the parameters and uses numerical simulation to verify the impact of each parameter on the emission-reduction decision-making activities of stakeholders after introducing the cost subsidy. The results show that a cost subsidy policy can promote carbon emission-reduction investment and supply chain profit. Thus, it is important to strengthen technical cooperation and exchange among enterprises. (shrink)

We study behind-the-scenes investor activism promoting environmental, social, and governance improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings experience a (...) ratings increase after complying with the activist’s demands, whereas firms with high ex ante ESG ratings experience a ratings decrease following the revelation of their ESG problems. Activism that is focused on environmental and social issues is more likely to succeed if targets are ESG-sensitive. Successful engagements boost targets’ sales. Risk-adjusted excess stock returns of successful engagements outperform those of unsuccessful engagements by 2.7%. Results are especially strong for firms with low ex ante ESG scores. Specifically, targeted firms in the lowest ex ante ESG quartile outperform matched peers by 7.5% in the year after the end of the engagement. Our results thus suggest that the activism regarding corporate social responsibility generally improves ESG practices and corporate sales and is profitable to the activist. Taken together, we provide direct evidence that ethical investing and strong financial performance, both from the activist’s and the targeted firm’s perspective, can go hand-in-hand together. (shrink)

Some scholars have argued that CEOs may have excessive influence on their foundation's trustees to give away a portion of company profits to charitable causes in order to gain access to elite circles or support the CEO's personal causes. This may result in charitable contributions that ultimately serve the personal interests of the CEOs without regard to corporate interests or social needs. We examine the extent that CEOs appear to direct charitable giving to be compatible with their own personal interests, (...) and if CEO participation on the foundation board affects the relationship between CEO personal interests and charitable giving. Using a sample of 160 corporate foundations, our results showed that CEOs' interests, as measured by membership in different non-profit organizations, was associated with foundation charitable giving. This association decreased, but was not eliminated, when CEOs were absent from the foundation board. Implications of these findings for researchers and managers are discussed in regards to both agency theory and stewardship theory. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet their (...) aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

The 2008 global financial crisis raises ethical as much as financial questions. Moral outrage centered on the imbalance between banks profiting from excessive risk-taking in good times and taxpayers suffering the costs in bad times. The paper analyzes this imbalance in terms of ethical theory. It first develops a rights-based framework to answer questions about the moral obligations of states and banks towards each other. It then criticizes standard economic thinking, which de-moralizes the phenomenon of moral hazard. Moral hazard between (...) states and banks arises in a context that cannot be interpreted as normal economic contracting, but should rather be characterized as governed by an implicit social contract giving rise to moral obligations. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet their (...) aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

Banks face a dilemma in choosing between maximising profits and facilitating the sustainable use of resources within a carbon-constrained future. This study provides empirical evidence on this dilemma, investigating whether a bank loan announcement for a firm with high carbon risk conveys information to investors about the firm’s carbon risk exposure collected through a bank’s pre-loan screening and ongoing monitoring. We use a sample of 120 bank loan announcements for ASX-listed firms over the period 2009–2015. We measure high carbon risk (...) exposure based on whether firms meet the reporting threshold of the NGER scheme. We document positive and significant excess loan announcement returns for loan renewals for high carbon risk firms, but not for loan initiations. Further, we document a more significant loan announcement return for renewals with favourable term revisions. Finally, we find no evidence that the market differentiates between domestic and foreign lenders. Taken together, our results suggest that investors perceive that banks incorporate carbon risk considerations into their lending decisions. Our results highlight the value of banks as financial intermediaries given the information asymmetry surrounding firms’ carbon risk exposure, and more generally the need to extend modern banking theory to consider issues such as the impact of banks’ CSR reputation on lending decisions. (shrink)

Like the rest of the developed world, African nations are now subject to consumerist tendencies of the global economic architecture and activities, which excessively exploit natural resources for profits and are at the centre of what this article describes as ‘disharmony between nature and humanity’. The exploitative nature of consumerist tendencies requires healing and restoration as it leads towards unpredictable and destructive weather patterns in which the relationships between human activity and the environment have created patterns and feedback mechanisms that (...) govern the presence, distribution and abundance of species assemblages. Disharmony is employed to describe the exploitative nature of consumerist tendencies that lead to unpredictable weather patterns. The consequences include climate change and natural disasters such as floods, drought and environmental pollution, which have been severely experienced in Southern Africa recently. This article provides a qualitative literature review on recent religious and ecumenical responses to climate change crisis and draws on the notions of ‘cultural landscapes’ and ‘ecotheology’ to highlight an exploitative relationship, which is characterised by disharmony in the relationship between humanity and nature. This illustration demonstrates how the concept of unity between ‘self and the entire Kosmos’ in African worldview presents a potentially constructive African theology of ecology. Amongst other recommendations, the article proposed that in order for humanity to restore harmony and attain fullness of life – oikodome – with nature the notions of healing, reconciliation, liberation and restoration should be extended to human relations or interactions with nature and all of God’s creation.Contribution: This article represents a contextual and systematic reflection on climate challenges facing the African context within a paradigm in which the intersection of philosophy, religious studies, social sciences, humanities and natural sciences generates an interdisciplinary, multidisciplinary and transdisciplinary contested discourse. (shrink)

: he commercialization of biotechnology, especially research and development by transnational pharmaceutical companies, is already excessive and is increasingly dangerous to distributive justice, human rights, and access of marginal populations to basic human goods. Focusing on gene patenting, this article employs the work of Margaret Jane Radin and others to argue that gene patenting ought to be more highly regulated and that it ought to be regulated with international participation and in view of concerns about solidarity and the common good. (...) The mode of argument called for on this issue is more pragmatic than logical, emphasizing persuasion based on evidence about the reality and effects of control of genetic research by profit-driven biotech companies. (shrink)

: This paper argues that three salient corrupt practices that mark contemporary Chinese health care, namely the over-prescription of indicated drugs, the prescription of more expensive forms of medication and more expensive diagnostic work-ups than needed, and illegal cash payments to physicians—i.e., red packages—result not from the introduction of the market to China, but from two clusters of circumstances. First, there has been a loss of the Confucian appreciation of the proper role of financial reward for good health care. Second, (...) misguided governmental policies have distorted the behavior of physicians and hospitals. The distorting policies include (1) setting very low salaries for physicians, (2) providing bonuses to physicians and profits to hospitals from the excessive prescription of drugs and the use of more expensive drugs and unnecessary expensive diagnostic procedures, and (3) prohibiting payments by patients to physicians for higher quality care. The latter problem is complicated by policies that do not allow the use of governmental insurance and funds from medical savings accounts in private hospitals as well as other policies that fail to create a level playing field for both private and government hospitals. The corrupt practices currently characterizing Chinese health care will require not only abolishing the distorting governmental policies but also drawing on Confucian moral resources to establish a rightly directed appreciation of the proper place of financial reward in the practice of medicine. (shrink)

One of the leading explanations for Canadian banking stability through the global financial crisis of 2007–08 is the Concentration-Stability Hypothesis (CSH), according to which the oligopoly of Canadian finance stabilised the credit system by cushioning it with above-average profits. These provided a buffer against fragility and incentives against excessive risk-taking. In this article, I critically examine CSH and show that classical Marxian analysis more effectively illuminates Canadian banking stability. I demonstrate that robust corporate profitability and capital accumulation before the crisis (...) strengthened the balance sheets of the banks and supported them through those turbulent years. Thus, financial stability is linked explicitly to broader economic stability, and the latter is linked to the profitability of business enterprise. (shrink)

This paper examines the perceptions of Russian executives toward the relationship between legal and ethical conduct. The focus is on questions of tax evasion attitudes and corporate illegal behavior. Forty Russian managers and entrepreneurs from a variety of organizations were interviewed. Their actions are aimed at gaining corporate income and profit from operations through hiding corporate activity from state and local authorities in a context where these authorities levy excessive taxes and other types of payment from businesses. Tax evasion (...) methods are presented and analyzed along with other varieties of illegal corporate behavior. The research results show that executives believe business could not perform in a completely legal way under Russia’s existing conditions. Illegal performance is thus viewed as legitimate and ethical. (shrink)

This paper examines the perceptions of Russian executives toward the relationship between legal and ethical conduct. The focus is on questions of tax evasion attitudes and corporate illegal behavior. Forty Russian managers and entrepreneurs from a variety of organizations were interviewed. Their actions are aimed at gaining corporate income and profit from operations through hiding corporate activity from state and local authorities in a context where these authorities levy excessive taxes and other types of payment from businesses. Tax evasion (...) methods are presented and analyzed along with other varieties of illegal corporate behavior. The research results show that executives believe business could not perform in a completely legal way under Russia’s existing conditions. Illegal performance is thus viewed as legitimate and ethical. (shrink)

This article provides a review of what we know, what we do not know, and what we need to know about the relationship between industrial clusters and corporate social responsibility in developing countries. In addition to the drivers of and barriers to the adoption of CSR initiatives, this study highlights key lessons learned from empirical studies of CSR initiatives that aimed to improve environmental management and work conditions and reduce poverty in local industrial districts. Academic work in this area remains (...) embryonic, lacking in empirical evidence about the effects of CSR interventions on the profitability on local enterprises, workers, and the environment. Nor do theoretical frameworks offer clear explanations of the institutionalization and effects of CSR in local industrial districts in the developing world. Other key limitations in this research stream include an excessive focus on export-oriented industrial clusters, the risk that CSR becomes a form of economic and cultural imperialism, and the potential for joint-action CSR initiatives in clusters of small and medium-sized enterprises to offer a new form of greenwashing. From this review, the authors develop a theoretical model to explain why CSR has not become institutionalized in many developing country clusters, which in turn suggests that the vast majority of industrial clusters in developing countries are likely to engage in socially irresponsible behavior. (shrink)

Chance inevitably plays a role in law but it is not often that we consciously try to import an element of randomness into a legal process. Random Justice: On Lotteries and Legal Decision-Making explores the potential for the use of lotteries in social, and particularly legal, decision-making contexts. Utilizing a variety of disciplines and materials, Neil Duxbury considers in detail the history, advantages, and drawbacks of deciding issues of social significance by lot and argues that the value of the lottery (...) as a legal decision-making device has generally been underestimated. The very fact that there exists widespread resistance to the use of lotteries for legal decision-making purposes betrays a commonly held belief that legal processes are generally more important than are legal outcomes. Where, owing to the existence of indeterminacy, the process of reasoning is likely to be excessively protracted and the reasons provided strongly contestable, the most cost-efficient and impartial decision-making strategy may well be recourse to lot. Aversion to this strategy, while generally understandable, is not necessarily rational. Yet in law, as Professor Duxbury demonstrates, reason is generally valued more highly than is rationality. The lottery is often conceived to be a decision-making device that operates in isolation. Yet lotteries can frequently and profitably be incorporated into other decision-frameworks. The book concludes by controversially considering how lotteries might be so incorporated and also advances the thesis that it may sometimes be sensible to require that adjudication takes place in the shadow of a lottery. (shrink)

Recently there has been an outpouring of consumer frustration over rising food and energy prices. Many politicians railed against “speculators” who allegedly drove up the prices of key necessities. Is speculation unethical? This article reviews the traditional arguments against speculation. Many of the standard criticisms confuse speculation with gambling. In much the same way as ethicists now draw distinctions between usury and normal business interest, we draw a distinction between socially useful speculation and gambling. Gambling involves taking on risk with (...) no plausible expectation of making a profit. Gambling may provide entertainment value to some people, but like other addictive activities causes grave harm to a subset of users. Speculation involves taking on a business risk with a plausible expectation that a profit will result. Speculators provide an important risk bearing service by taking on risks that others do not want. They help markets to function better by helping to incorporate information into prices as well as providing liquidity. Speculators may actually reduce shortages by causing quicker price increases that motivate producers to increase production and consumers to conserve. But even socially useful speculation may have an ethical dark side. Does such speculation cause damage by adding excess volatility to prices? Speculators may contribute to price bubbles. At what point does legitimate speculation become odious “price gouging?” We also draw an ethical distinction between speculation, which seeks to benefit from changing prices, and manipulation, actions taken to push prices away from their economically appropriate levels. (shrink)

Over the past 5 years, a series of articles in leading American newspapers has revealed the extent to which the conduct of clinical trials may be affected by inducements offered by corporate research sponsors and accepted by some unscrupulous physicians. The cases described were disturbing. They involved physicians engaged in excessive “enrollment activities” in exchange for money. Some of these physicians perpetrated fraud, falsifying their recruitment records in order to increase their profits. Others ignored exclusion criteria designed to ensure the (...) safety of subjects and the validity of research results, referring their patients to research investigating treatments for conditions from which they did not suffer. One of the articles reports that physicians focusing exclusively on commercial research regularly divulge annual incomes upwards of $1,000,000 with profits in excess of $300,000. Two physicians accumulated well over $10,000,000 through clinical trials activities in less than a decade. (shrink)

The benefits of implementing the methodology of Philosophy for/with Children are clear. Nevertheless, an excessive emphasis on critical thinking skills weakness its application in groups at risk of social exclusion. These groups require a profound transformation and not just a better way of thinking. This is due to the cognitive dissonance provoked when one only works with discourse: session participants can learn to give good answers without becoming able to apply them outside of philosophical settings. One way to address this (...) limitation is to design an experiential reason, something described, in part, by Mathew Lipman. If life experience determines children’s identity construction, it is crucial to investigate its meaning and how it is articulated. Therefore, an Experiential Philosophy with Children, the topic of this paper, does not focus exclusively on the discursive work rooted in critical thinking. Rather, it is based on three pillars: the creation of experiential exercises, the promotion of provisions that encourage the transformative capacity of these exercises, and the design of experiential scenarios and metaphors that promote the attainment of transformative truths. This article describes the limitations of the cognitive approach of philosophical work with children, summarizes the bases of experientiality, and adds a brief appendix on the work done at the University of Seville in non-profit associations like the Maparra Project of Caritas. (shrink)

This essay is an occasion to discuss the critical trajectories of a now common field of enquiry concerned with the impact of biomediatic technologies on politics and culture. Thacker's book The Global Genome importantly sits between debates about biopower as the governance of life and biopolitics as the transformation of what life can be. In particular, the book advances the hypothesis that as information produces `life itself', so it has become central to a political economy of excess and surplus (...) value. In other words, information does not dematerialize biology. Bioinformatics and biotech informationalize the living and rematerialize biology. As biotech becomes central to biopower, the global genome comes to reigning profit, labour, racism, biocolonialism, biosecurity, and bioart. However, Thacker's reliance on a bio-ontology of life grounding all relations of power leaves no space for process-events to break the chain of life's perpetual reproduction. (shrink)

The ageing society has profound consequences for accumulation in each state and region because pensions represent a claim on future income and output. Today's United States and United Kingdom pension crisis stems from a failing private sector with excessive costs and risk. Public provision using pay-asyou-go payroll taxes has, by contrast, proved highly cost-effective and equitable. However, aging and unequal cohorts create a need for extra resources. Retirement incomes should total 12 to 14 percent of gross domestic product if older (...) people's relative incomes are to be maintained. Raising such a sum solely from payroll taxes would generate the unemployment seen in continental Europe. The alternative is to redistribute capital to a regional network of social funds by requiring each corporation to issue shares equivalent to 10 percent of their profits annually to those funds. The share levy does not subtract from the corporation's cash flow and therefore protects employment and investment, but it does dilute the value of shareholding each year by a small amount. The social funds would not sell their shares but would keep them to generate income for future pensions. The social funds would supply a universal second pension; they could establish criteria of socially responsible governance in their use of shareholder power, and they would be subject to expert and democratic audit. (shrink)

In June 2002, Arthur Andersen LLP became the first accounting firm in history to be criminally convicted. The repercussions were immense. From a position as one of the leading professional services firms in the world, with 85,000 staff in 84 countries and revenues in excess of $9 billion, Andersen effectively ceased to exist within a matter of months. Although Andersen’s conviction related specifically to a charge of obstructing justice, public attention focused on the audit relationship between Andersen and its (...) major client, Enron Corporation, particularly the actions (and inactions) that had allowed Enron to post spectacular year-on-year earnings and profit growth. As well as examining events leading up to the demise of Andersen, the case provides an opportunity to consider the broader controversy over accounting and corporate governance practices and, more generally, the pressures found within organisations that can foster unethical conduct. The case was prepared from public sources. (shrink)

It is often argued that multinational companies and other foreign developers have a responsibility to improve the material conditions of the people in whose territories they operate. As a matter of distributive justice it is thought that these companies should be sharing the acquired wealth with these people through the creation of ‘collective goods’ , infrastructure development and compensation disbursements aimed at their benefit. Recently “stakeholder theory” and even legislative changes in the first world have sought to impress on the (...) corporate world the necessity to share the profits with affected “non‐shareholder” groups. Many see these developments as possible advancements for indigenous peoples, indigenous rights and the cause of distributive justice for aboriginal groups. However, it can be shown that the attribution of such ‘imperfect’ duties to corporations results in the generation of excessive costs and of unrealistic expectations on the part of stakeholders. Distributive justice is more efficiently achieved by public sector involvement at the level of policy and project management. (shrink)

Over the past 5 years, a series of articles in leading American newspapers has revealed the extent to which the conduct of clinical trials may be affected by inducements offered by corporate research sponsors and accepted by some unscrupulous physicians. The cases described were disturbing. They involved physicians engaged in excessive “enrollment activities” in exchange for money. Some of these physicians perpetrated fraud, falsifying their recruitment records in order to increase their profits. Others ignored exclusion criteria designed to ensure the (...) safety of subjects and the validity of research results, referring their patients to research investigating treatments for conditions from which they did not suffer. One of the articles reports that physicians focusing exclusively on commercial research regularly divulge annual incomes upwards of $1,000,000 with profits in excess of $300,000. Two physicians accumulated well over $10,000,000 through clinical trials activities in less than a decade. (shrink)

We argue that although halal certification could potentially reduce the high transaction costs related to buying Islamic financial products, in practice these costs are just replaced by transaction costs relating to the certification itself. It takes considerable time (2–3 months) and money (USD 122.000) to obtain a halal certification. Partially, this is because the market is highly concentrated and non-contestable. About 20 individual Sharia scholars control more than half the market, with the top 3 earning an estimated USD 4.5 million (...) in fees per year. Moreover, this market seems plagued with problems, most notably a strong incentive for excessively lenient certification, lack of consensus on what is considered halal and sub-standard governance practices. We discuss solutions to these problems and conclude that a neutral non-profit government entity should assume the role of halal certifiers. (shrink)

This paper contends that Marx develops in Volume III of Capital an incisive conceptual framework in which excessive credit creation, indebtedness and speculation play a critical and growing role in the reproduction of social capital on an extended basis; however, given the decentralised and anarchic nature of capitalist production, the credit system does so in a highly erratic and contradictory manner which only postpones the inevitable day of reckoning. The paper also highlights Marx's relatively neglected but highly important analysis of (...) the separation of ownership from management in the advanced capitalism of his day, England, and its modern-day implications for excessive risk-taking and debt-fuelled speculation up until the eve of the crash. More importantly, the paper argues that in Volumes II and III, Marx implicitly connected the expanding role of credit (which he associated with the development of capitalism) to a significant reduction in the turnover period of capital, thereby boosting the rate of surplus-value, and countering in a highly erratic and contradictory manner, the fall in the rate of profit. The growing role of credit has been relatively ignored in the Marxian literature as an important counteracting factor to the law of the declining rate of profit. It is not mentioned at all by Marx in his famous Chapter XIV, Vol. III of Capital where he discusses other important counteracting forces to the falling rate of profit, nor by Engels (in this particular context) who edited both Volumes II and III. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Feminist Studies 44, no. 3. © 2018 by Feminist Studies, Inc. 699 Jennifer C. Nash The Political Life of Black Motherhood In 1976, Adrienne Rich wrote, “We know more about the air we breathe, the seas we travel, than about the nature and meaning of motherhood.”1 In the four decades since the publication of Rich’s now-canonical Of Woman Born, Andrea O’Reilly has argued for the advent of “maternal theory” (...) as an academic discipline, the maternal memoir has become a highly popular (and profitable) literary genre, and there has been sustained attention to maternal activism with scholarly analyses of such organizations as Mothers Against Drunk Driving and Mothers of the Movement.2 If Mamie Till Bradley boldly “let the world see” her son’s mutilated body in a 1955 public plea to make visible black suffering and antiblack violence, Valerie Castile’s statement after a jury found a police officer not guilty in the death of her son continued in the tradition of 1. Adrienne Rich, Of Woman Born: Motherhood as Experience and Institution (New York: W. W. Norton, 1995), 11. 2. See Andrea O’Reilly, ed., Maternal Theory: A Reader (New York: Demeter Press, 2007); Ann Hulbert, “The Real Myth of Motherhood,” Slate, March 8, 2005; Jennifer C. Nash and Samantha Pinto, “Strange Intimacies: Reading Black Mothering Memoirs,” Public Culture (forthcoming); Danielle Poe, Maternal Activism: Mothers Confronting Injustice (Albany: SUNY Press, 2016); and Ruth Feldstein, Motherhood in Black and White: Race and Sex in American Liberalism, 1930–1965 (Ithaca, NY: Cornell University Press, 2000). 700 Jennifer C. Nash Books Discussed in This Essay Revolutionary Mothering: Love on the Front Lines. Edited by Alexis Pauline Gumbs, China Martens, and Mai’a Williams. Oakland, CA: PM Press, 2016. Laboring Positions: Black Women, Mothering and the Academy. Edited by Sekile Nzinga-Johnson. Bradford, ON: Demeter Press, 2013. How All Politics Became Reproductive Politics: From Welfare Reform to Foreclosure to Trump. By Laura Briggs. Oakland: University of California Press, 2017. Birthing Justice: Black Women, Pregnancy, and Childbirth. Edited by Julia Oparah and Alicia Bonaparte. New York: Routledge, 2016. making black (male) pain visible through grief-stricken black motherhood. Castile said, My son loved this state. He had one tattoo on his body and it was of the twin cities, the state of Minnesota with “TC” on it. My son loved this city, and this city killed my son and the murderer gets away.... We’re not evolving as a civilization, we’re devolving, we have taken steps forward, people have died for us to have these rights and now we’re devolving, we’re going back to 1969.3 Her emotional plea reveals the political currency of black maternal suffering, one of the few spaces in which black pain is readily culturally visible. Indeed, there has been intensified scholarly and popular interest in representing black motherhood as both a site constituted by grief and expected loss and as a political position made visible (only) because of its proximity to death. It is certainly the case that a cultural inattention to motherhood has been replaced by an intense investment in representing at least some aspects of “the nature and meaning of motherhood” and 3. “Philando Castile’s Mother Reacts to Verdict,” Washington Post video on YouTube, posted on June 16, 2017, https://www.youtube.com/watch?v=RJsD4cCpUA. Jennifer C. Nash 701 in representing certain mothers—particularly black mothers—as symbols of trauma and injury, of pain that can be mobilized for “legitimate” political ends and social change. If, as O’Reilly suggests, maternal theory is now a distinct field, it has been fundamentally shaped by the intellectual and political labor of black feminists—Dorothy Roberts, bell hooks, Alice Walker, Patricia Hill Collins, Hortense Spillers, and Audre Lorde—who have captured the myriad ways that black maternity is cast as pathological, excessive, and marked by aberrant performances of gender and heterosexuality that threaten both the nuclear family and the heterosexual state. Drawing on a varied archive from the Moynihan Report to cultural panics about “kids having kids,” from ongoing representations of black women’s “failure” to breastfeed as a public health crisis to the racialized underpinnings of birth control, black feminist theory... (shrink)

It is not only the physical digital media that pile waste upon waste in an era of built-in obsolescence driven by over-production attempting to balance the falling rate of profit. Energy used in the manufacture, employment and recycling of devices belongs to a system where waste is not merely accidental but integral to the operation of cognitive capitalism. Oil and gas, uranium and hydroelectricity all prey disproportionately on indigenous peoples, who are turned into economic externalities along with their lands. (...) A parallel is drawn between the waste of power in generation and transmission, and the exploitation of human energy as excess under a cyborg capital that increasingly treats all humanity as external. (shrink)

continent. 1.3 (2011): 201-207. “Poetry is experience, linked to a vital approach, to a movement which is accomplished in the serious, purposeful course of life. In order to write a single line, one must have exhausted life.” —Maurice Blanchot (1982, 89) Nikos Karouzos had a communist teacher for a father and an orthodox priest for a grandfather. From his four years up to his high school graduation he was incessantly educated, reading the entire private library of his granddad, comprising mainly (...) the Orthodox Church Fathers and the ancient classics. Later on in his life he sold the library for money, only to buy a little more time before he went broke again: “I carry sorrow like a cage/ I got no birds/ as I come back from her hair/ I see the profit emptied/ cool from terror.” (1993, Ι, 101) Nowadays—and ridiculously recently—we are more than apt to speak of a certain insouciance pertaining to the Greek form of expenditure: expenditure without any type of investment, sometimes not (even) symbolic. In the vaults of the European unconscious, this imprudent stance still conjures a “capital punishment” in the form of de-capitation, reflecting back the fear of excess and the terror of its consequences.1 Thus the Greek way of living is very close to what a stranger could have termed as “the Greek way of dying.” Yet, what is not often understood is that the Greek esprit , the same one that invented the maxim μηδ?ν ?γαν (“nothing in excess”), does not experience death solely as an imminent fear of bankruptcy. For it miraculously combines its unconditional acceptance with the promise of a resurrection that is always there in the scents of Spring, from Dionysus to the orthodox Christ: “Everyone resurrects himself through dying [….] Resurrection is the switching of mortalities.” (2002, 94) Hence, if an entire library was imprudently traded for a plate with seven olives, a sliced tomato and some fresh goat cheese, let us not be fooled: this is not the meal of the pauper, but that of “an aristocrat from God” (1993, II, 491) feeding his eloquent loudmouth, ridiculously cut open in an otherwise rock-solid caput . *** To speak of the Greek experience is to speak about a half-dead language that still utters in life what is seemingly excluded from it and thus forbidden to be talked about: death. Death as anything that is out of this world, as something that will never return . Still, along with an experience of death that recently waned as a worn-out academic fashion, the Greek experience is dead too. Nearly 2300 years of written words separating Homer from the fall of Byzantium equal 500 books on a library traded for money: “I am with the killed. Hence my deepest solitude. I do not feel this tremendous macho society, beyond from the fact that it is a ruthlessly consuming one. It is me who pays all the time .” (2002, 57) Let us do the math and see how much this dealing with the Greek experience is costing the poet and how much dealing with the Greek experience might cost us today. *** “I do not guarantee a single word.” (Karouzos, 1993, II, 454) Through its various dialects and forms, the Greek language speaks through an incessant historical dissemination. Anyone who is aware of this terrifying polymorphy and still calls himself a poet, must stand against a white sheet of paper, pen-in-hand, with a very particular duty: to be as fully inconsistent as possible. In the formally ironic uniqueness of the poem, the poet functions as “a band-aid for lesser and greater antinomies.” (1993, I, 251) Of course these antinomies are not exhausted in language—they are historical, political and, alas, existential. Yet, beyond appearances , it is language that ruthlessly encodes them through history, submitting the poet to the temptation of placing them one next to the other on a single white sheet. The closer their neighboring, the greater the scattering of the writer in the ironic uniqueness of the paper. In a work where poetic license is described as a “freedom-impasse” (2002, 51), this task is undertaken in full conscience of its personal consequences: “what I am interested in is to escape my individuality (envisioning the non-ego) […] Nevertheless, my dissociations never achieve duration.” (2002, 74-75) Hence, though poetry is the “deserted direction of will,” (1998, 62) the stance of the poet is not that of a Nietzschean “great man.”2 Whereas drunkenness provides a thread between the poem and the excess it both presupposes and infuses (“Poetry always enlarges. ‘Drunkenness’ is nothing more than that,” (2002, 85)), whereas language flashes in loudmouth spurts of déraison (“When I am alone I do something else. I utter words. For example, while having my ouzo and listening to music I am most likely capable of randomly shouting ‘Electricity!’” (2002, 138)), the poet never gives in to the double affirmation that would eventually risk the “element of pleasure in discourse.” (2002, 80)” It is exactly because the gap of the antinomies is so vast that poetry is not meant to be written with a hammer. Neither does writing consist in a reevaluation of those elements. In short, poetry is not an affirmation of difference, but the surprising beauty of chiming antinomies. We might never transcend them, but it is up to us to put them together. Yet again, this voisinage is not to be identified with the necessity of chance as an eternal return.4 On the contrary it is a return from that very return : Let us treat Yes as a No to No and No as a Yes […] And let us not forget that this pissed affirmation crumbled down Nietzsche’s intellect in the dark paths of this world. (2002, 88) This return from the “vicious circle” should in no way be taken as a form of artistic prudence. Rather it can be seen as a dribble of demonic inconsistency as Dionysus transforms himself into a Christ that is in turn de-theologized: “Who can forbid that? Every man is capable of his own theology, nothing can stop him.” (2002, 73-74) This is a turn towards an existential vision of the world, historically coinciding with a particular political defeat of the Left, to which the poet devoted all his life: after the defeat of the popular front I raised the question “why do we exist?” while others were asking “why we failed.” (2002, 57)5 But most of all it is a return to poetry that exceeds the existential question itself, going beyond the issue of faith. Poetry comes in as a question of return after a defeat that is confessed in full profanity. Though it accepts the necessity of the defeat, it does not affirm it. Though it negates it, the negation is not in the name of a promise to be delivered in the kingdom of heavens. Following a historical and existential defeat, poetry is born post mortem . It signals a return to Christ as “groundless religiousness in the surprise of the real as such” (2002, 72) which is at once a return to the refuge of childhood. It is not a question of endurance towards an eternal return. Rather it is a question on the possibility of an existential return. Returning in a world as someone who cannot enjoy any returns exactly because he is averse to guarantees. A return without returns. *** PHOTOCOPY OF HAPPINESS When I was young I used to pin down cicadas and step on ant nests. I used to stand there silent for hours. With threads I decapitated bees. Now I am a dead man breathing. (Karouzos, 1993, II, 336.) The return to the “paradise of childhood” (2002, 68) constitutes the devouring refuge of its own memory when defeat becomes the synonym of adulthood. The political struggles of a young communist in a country torn up by a civil war right after World War II fraught with incarcerations and exiles. Historically they resulted in the defeat of the communist movement in Greece and opened up a long turbulent road that would peak in the dictatorship of 1967. Existentially they led to a series of disillusionments: mental breakdown, divorce, abandonment of studies in law school. To the question “why do we exist” the answer was poetry. Still this exposé should not be read as a sweeping chronography of a man. For it actually happens to coincide with the historical fate of a nation that after its modern constitution never stopped dreaming of the glories of its past youth, in a present that was (and is) sweepingly disappointing. But isn’t this return to youth finally a way of compensating for a loss of youth that necessarily results in a losing adulthood? Will Greeks, the eternal children of Plato and Nietzsche, ever learn? How to return without dying, how to remember without wasting time? WE ARE IN THE OPEN MEANING Living the coldest mauve night right across Parthenon I went to take a piss on some foliage and I was enjoying the foliage as it was steaming. (Karouzos, 1993, II, 340) Beyond the historical tragedies of modern Greece and away from any personal disappointments, the relation that this land holds with language and history is mediated through the Greek light—whose omnipresence is the very condition of its transcendence. All historical contradictions from Dionysus to Christ took place under this light; all those disseminated dialects were spoken beneath its warmth. To paraphrase Lévinas,6 light is both the condition of the world and of our withdrawal from it—a withdrawal towards the invisibility of God, of the dead, of meta-physics, resulting from the temptation that all is still here, behind this light the visibility of which they once evaded: “birds, the allurement of God.” (1993, I, 17) Under that luminous sky, if Greeks can do anything at all, it is to envision a return that will never come. All they can do is write poetry—which is doing nothing; other than lending an ear to a disseminated language whispering a unity that cannot be promised, as an adulthood in defeat is ready to recognize. Trying “to trap the invisible in visibility” (1993, II, 483) they forget that they have grown up and one day they die—with the promise of return. Hence an additional meaning must be given to this return to childhood. It does not signal salvation but rather its promise. To the ears of an aged continent it means that the return to/of poetry is a losing game, a return without returns. “Europe, Europe… you are nothing more than the continuation of Barabbas.” (1993, I, 295) *** “Life is not there to verify theories.”7 The records show that Karouzos was finally given a second-class pension from the Greek government, at the time when he was being recognized by the literary press as one of Greece’s major contemporary poets. Being neither a bourgeois nor a nobelist, he proclaimed himself to be an anarcho-communist, unconditionally faithful to the utopia of a classless society. He also drank, heavily. “Capitalism made an animal out of man/ Marxism made an animal out of truth/ Shut up.” (1993, II, 369) Perhaps one of the most scandalous divides of our times has been the one between the living and the dead, the latent prohibition that the living should not be concerned with the dead based on the mere impossibility of the dead to be concerned with the living in the first place. What adds to this scandal is that this divide abuses anything that cannot return to us by subsuming it under the same futility. Hence death is no longer “loss” in the usual sense. It no more refers to the things we lost but to our “loss” (of time, money and well-being) as we insist to dwell on them. Death is a waste —of time. It is this waste that we find in the insouciance of Greek expenditure; the waste in dealing with a language that most of its historical part is no longer spoken (a dead language); the waste in translating a poet who is ex definitio untranslatable; the waste of his vision, his money, his life. The waste of dealing with anything that cannot return and that cannot bring in any returns . But it is also the waste of life that poetry itself presupposes, the waste of dealing with invisibility, with anything that is out of this world and thus invokes the fear of death that is in turn—and surprisingly— nowhere to be found. Instead of death, what is there, beyond the light, is the being without us (to recall the Lévinasian il y a ), the mumble of our own nothingness which constitutes the price to be paid for writing poetry under an evergreek light. To understand this to-and-fro, is to realize that poetry is something out of this world that nevertheless takes place in this world, by virtue of this world. But to ridiculously equate this to-and-fro with death as non-existence, is to exile poetry along with its own possibility from this same old world: I do not believe that poetry will ever disappear from this world. […] But I am also sure that it does not have many chances of playing, as you say, a redemptive role in our vertiginous technological future. Without being endangered as a creative need, it will be placed on the side of history. (2002, 32) It is mainly there that we would like to locate the meaning of Nikos Karouzos’s poetry today. If we are willing to include the Greek original it is because we consider that it will be both a waste of time for us to do so (since most of you cannot read Greek) and because it might induce you to the even larger waste of learning it. We would additionally be glad if this small introduction served as an equally wasteful, academically useless piece of reading, gesturing towards a taboo of investing in anything Greek—that is in anything dead among the living, in anything that will never come back and maybe was never here in the first place. This is the only way to reserve for ourselves the possibility of poetry and preserve the light of its promise. “To return: that is the miracle.” (1993, I, 17) Athens, Greece July 10, 2011 NOTES 1 “ Capitale (a Late Latin word based on caput “head”) emerged in the twelfth to thirteenth centuries in the sense of funds, stock of merchandise, sum of money or money carrying interest.[…] The word and the reality it stood for appear in the sermons of St. Bernardino of Siena (1380-1444) ‘… quamdam seminalem rationem lucrosi quam communiter capitale vocamus ’, ‘that prolific cause of wealth that we commonly call capital’” (Braudel, 1992, 232-233). 2 “A great man – a man whom nature has constructed and invented in the grand style – what is he? First : there is a long logic in all of his activity, hard to survey because of its length, and consequently misleading; he has the ability to extend his will across great stretches of his life and to despise and reject everything petty about him, including even the fairest, ‘divinest’ things in the world.” (Nietzsche, 1968, 505, §962) 3 Cf. Deleuze, 1986, 186-9. 4 “Return is the being of becoming, the unity of multiplicity, the necessity of chance: the being of difference as such or the eternal return.” (Deleuze, 189)5 In this 1982 interview Karouzos refers to the defeat of the communist movement in Greece after the civil war of 1946-1949 between the Governmental Army and the Democratic Army of Greece, the military division of the Greek communist party. Karouzos’s father was a member of the communist National Liberation front (EAM) members of which formed the mainl resistance movement (ELAS) in Greece during WWII. The poet was a member of the United Panhellenic Organization of Youth (EPON), which was a youth division of EAM. After the end of the war, ELAS was called to disarmament in view of the formation of a National Army. The members of EAM resigned from the government of national unity and a series of protests led to a 3 year civil war between ELAS and the Government Army. After the defeat of ELAS the Communist party was outlawed and many communists were exiled in deserted Greek islands. Karouzos, who took action in the Greek resistance and was active during the Greek civil war, was exiled in Icaria on 1947 and in Makronisos on 1953 where he was called two years earlier to do his military service. 6 “Existence in the world qua light, which makes desire possible, is then, in the midst of being, the possibility of detaching oneself from being. To enter into being is to link up with objects; it is in effect a bond that is already tainted with nullity. It is already to escape anonymity. In this world where everything seems to affirm our solidarity with the totality of existence, where we are caught up in the gears of a universal mechanism, our first feeling, our ineradicable illusion, is a feeling or illusion of freedom. To be in the world is this hesitation, this interval in existing, which we have seen in the analyses of fatigue and the present.” (Lévinas, 1988,43-4) 7from a TV interview. THE POETRY OF NIKOS KAROUZOS From Redwriter [ Ερυθρογρ?φος ], in Collected Works, Vol . II, Athens: Ikaros. 1993, 463-4. [Athens: Apopeira, 1990, 9-10.] JESUS ANTI-OEDIPUS* Why were we once saving till the fifth day the Paschal lamb? The scriptures say: with this victim’s meat we ought to cleanse all of our senses. To give life to the whitest wave miraculous odors in the extension of the chest. Ideals to death. For us to witness the illustrious dawns of Absinthe and for the soul to be a deeply carved ornament on the fore we named will. Then many deer running amidst the evergreen growth with watery hymns, then, the unintended angels descending with heights spiraling in their momentum offer themselves to the luminous Adventure. Whence the need for speech and our sufferings covered with flags like the glorified dead. An incorporeal finger pointing at the flamboyant and fragrant holocausts within the tired horizons and the exhausted breadths with joys of the mistletoe on fire and shivering all of the green-leaved love. Something would have chirped again had we not driven it away— maybe the ewe’s grass. Something would have called us to the eternal resurrection— maybe the grace of spring. But now our heart is fiercely blinded, withdrawn to the appearances of Hades. Silence and ice incessantly cover the Infant Spirit in thatched times. While the cherry trees are dreaming faintly glowing in absolute darkness there’s nothing the Babylonians can contemplate in labs with automatic colored lights. How to rejoice now in the fifth day of the lamb? We have forked the stars. We’ve gradually become supposedly sublime with plucked chimeras in our hands. Avenged relentlessly by science. *Though the poem appears in a 1990 collection, it was actually written in 1968. Hence the reader must be aware in not associating Karouzos’ Anti-Oedipus with the famous 1972 work of Deleuze and Guattari, given that the former precedes the latter. ΙΗΣΟΥΣ ΑΝΤΙ-ΟΙΔΙΠΟΥΣ Γιατ? κρατο?σαμε κ?ποτε ?ς την π?μπτη μ?ρα το πασχαλιν? πρ?βατο; Τα κε?μενα λ?νε: μ’ αυτο? του θ?ματος το κρ?ας ?πρεπε να καθαρ?σουμε ?λες τις αισθ?σεις. Για να δ?σουμε κ?μα στη ζω? λευκ?τατο θαυμ?σιες ευωδι?ς στην ?κταση του στ?θους. Ιδανικ? στο χ?ρο. Για να βλ?πουμε τα λαμπρ? χαρ?ματα του ?ψινθου και να ’ναι η ψυχ? στ?λισμα βαθυχ?ρακτο της πλ?ρης που την ε?παμε θ?ληση. Τ?τε πολλ?ς δορκ?δες τρ?χοντας αν?μεσα στην καταπρ?σινη φ?ση με τους υδ?τινους ?μνους, τ?τε, κατεβα?νοντας οι αθ?λητοι ?γγελοι με κυλινδο?μενο το ?ψος στην ορμ? τους χαρ?ζονται της αστραφτερ?ς Περιπ?τειας. ?θεν η μιλι? γι’ αυτ? χρει?ζεται και τα δειν? σκεπ?ζονται ωσ?ν τους τιμημ?νους νεκρο?ς με σημα?ες. Ασ?ματο δ?χτυλο δε?χνει τα φλογ?δη και μοσχοβ?λα ολοκαυτ?ματα στους κουρασμ?νους ορ?ζοντες στα εξουθενωμ?να πλ?τη καθ?ς αν?βουν οι χαρ?ς του νερα?δ?ξυλου και τρ?μει ολ?κληρη η πρασιν?φυλλη αγ?πη. Κ?τι θα κελαηδο?σε π?λι αν δεν το δι?χναμε— μπορε? της προβατ?νας το χορτ?ρι. Κ?τι θα μας καλο?σε στην απ?ραντη αν?σταση— μπορε? του ?αρος η χ?ρη. Μα η καρδι? μας ?γρια τυφλ?θηκε π?ρασε στα φαιν?μενα του ?δη. Σιγ? και π?γος αδι?κοπα σκεπ?ζει στους αχυρ?νιους καιρο?ς το Ν?πιο Πνε?μα. Την ?ρα που ονειρε?ονται οι βυσσινι?ς και λ?μπουν αμυδρ? μεσ’ στο απλ?τατο σκοτ?δι τ?ποτα δε στοχ?ζονται οι βαβυλ?νιοι στα εργαστ?ρια με τ’ αυτ?ματα χρωματιστ? φ?τα. Π?ς να χαρο?με πια την π?μπτη μ?ρα του προβ?του; Φουρκ?σαμε τ’ αστ?ρια. Γ?ναμε σιγ?-σιγ? δ?θεν υπ?ροχοι με μαδημ?νες χ?μαιρες στα χ?ρια. Μας ν?μεται σκληρ? η επιστ?μη. From: Redwriter [Ερυθρογρ?φος], in Collected Works, Vol. II, Athens: Ikaros. 1993, 472. [Athens: Apopeira, 1990, 18.] DIALECTΙCS OF SPRING Christ the straight angle; Christ the Pythagorean theorem. Christ the infinitesimal calculus from above the blessed Sets Christ. Christ the tessellation of massive particles Christ the zero mass. Hence we spray numbers and fields of lust. We are carabineers of diseased logic plus something— Observed means observer and Hekate The darkness luminous and light in the dark Astarte banqueters demons from today. ΔΙΑΛΕΚΤΙΚΗ ΤΟΥ ΕΑΡΟΣ Χριστ?ς η ορθ? γων?α· Χριστ?ς το πυθαγ?ριο θε?ρημα. Χριστ?ς ο απειροστικ?ς λογισμ?ς ?νωθεν ?λβια Χριστ?ς τα Σ?νολα. Χριστ?ς η ψηφιδογραφ?α στα μαζικ? σωμ?τια Χριστ?ς η μ?ζα μηδ?ν. ?ρα ψεκ?ζουμε αριθμο?ς και πεδ?α λαγνε?ας. Ε?μαστε τυφεκιοφ?ροι νοσο?σης λογικ?ς και κ?τι-- παρατηρο?μενο σημα?νει παρατηρητ?ς και Εκ?τη σκ?τος το π?μφωτο και φως εν τ? σκοτ?? η Αστ?ρτη συνδαιτημ?νες δα?μονες απ’ ?ρτι. From: Redwriter [Ερυθρογρ?φος], Athens: Apopeira, 1990, 18. [1993, II, 472]. CREDO (as we are used to say in Latin) Α I believe in one Poet expelled from heavens / fugitive from the god and vagabond, Empedocles / and here on earth / exile on the earth etc. of Baudelaire /. Β I believe in one Computer inside thunder and through matter. Γ Suffering undefiled / substantive / the Poet uplifts himself slow-burning suicidal implying lengthy sleeps. Δ Cutting down on prospective mistakes. Ε Of all things visible and invisible officiating the onion-peelings. Ζ The Poet has nothing / see the departed /. Η I believe in one Poet that says: madness I enjoy; he ridicules existence; let me light up from my mana. Θ Syntax he doesn’t care about when musicality commands him. Along with still more licenses, and Ts are played according to the concept sound anywhere. E.g. the winters here, he winters there; it will not come—I will not rest, etc. etc. Ι The Poet exercises thought until it’s stripped down. Κ And if he’s Greek he must always study the fineness of Attica, in light, mountains, fields and sea. For this fineness teaches language. Λ And if he’s deeply destined the Poet expresses the unexplainable of the explained; he happens to be a rightful heir to the scientist and his predecessor. Μ On the froth he does not last; the Poet blusters at the bottom of the pot. Ν Flamebred and never redeemed. Ξ The Poet must sometimes say: what a consumption of presence — be a bit lonely for a change! Ο The Poet is twilit. Π He is susceptible of deaths and resurrections. Ρ He looks from the corner of his eye and exists in a glance. Σ He follows behind the mother. Τ Eveningless when it comes to age. Υ I believe in one Poet who says: let the purities coincide. Until the Corinth of the Universe or even further. Φ In a higher despair. Χ In a brighter quintessence. Ψ In one sensation that lifts off. Ω Forgiving everyone. CREDO (ως ε?θισται να λ?με λατινιστ?) Α Πιστε?ω εις ?να Ποιητ?ν εκτ?ς ουρανο? / φυγ?ς θε?θεν και αλ?της, Εμπεδοκλ?ς / και επ? της γης / εξ?ριστος π?νω στη γη κ.λπ. του Βωδελα?ρου /. Β Πιστε?ω εις ?να Υπολογιστ?ν εντ?ς κεραυνο? και δια της ?λης. Γ Υποφ?ροντας ?χραντα / ουσιαστικ?ν / ο Ποιητ?ς ανατε?νεται βραδυφλεγ?ς αυτ?χειρας εξυπακο?οντας πολ?ωρους ?πνους. Δ Τα υποψ?φια λ?θη λιγοστε?οντας. Ε Ορατ?ν τε π?ντων και αορ?των ιερουργ?ντας την αποκρομμ?ωση. Ζ Ο Ποιτ?ς ?χει τ?ποτα / βλ?πε τους αναχωρ?σαντες /. Η Πιστε?ω εις ?να Ποιητ?ν που λ?ει: η τρ?λα μ’ αρ?σει· γελοιοποιε? την ?παρξη· ας αν?ψω απ’ τη μ?να μου. Θ Συνταχτικ? δεν το γνοι?ζεται στην προσταγ? της μουσικ?τητας. Μαζ? και μ’ ?λλες ακ?μη λευτερι?ς, και τα νυ πα?ζονται κατ? την ?ννοια ?χος οπουδ?ποτε. Π.χ. τον χειμ?να εδ?, το χειμ?να εκε?· δε θ? ’ρθει – δεν θα καταλαγι?σουμε, κ. λπ. κ.λπ. Ι Ο Ποιητ?ς γυμν?ζει τη σκ?ψη σε απογ?μνωση. Κ Κι αν ε?ναι ?λληνας οφε?λει να σπουδ?ζει π?ντοτε της Αττικ?ς τη λεπτ?τητα, σε φως, βουν?, χωρ?φια και θ?λασσα. Διδ?σκει γλ?σσα η λεπτ?τητα το?τη. Λ Κι αν ε?ναι βαθι? πεπρωμ?νος ο Ποιητ?ς εκφρ?ζει το ανεξ?γητο του εξηγητο?· τυγχ?νει ν?μιμος δι?δοχος του επιστ?μονα και προκ?τοχ?ς του. Μ Στον αφρ? δεν ?χει δι?ρκεια· στο πατοκ?ζανο μα?νεται ο Ποιητ?ς. Ν Φλογοδ?αιτος και ποτ? ξελυτρωμ?νος. Ξ Ο Ποιητ?ς κ?ποτε πρ?πει να λ?ει: μεγ?λη καταν?λωση παρουσ?ας – γενε?τε και λ?γο μοναξι?ρηδες! Ο Ο Ποιητ?ς ε?ναι αμφ?φλοξ. Π Επιδ?χεται θαν?τους και αναστ?σεις. Ρ Ακροθωρ?ζει και υπ?ρχει σε ξαφνοκο?ταγμα. Σ Ε?ναι ουραγ?ς της μητ?ρας. Τ Αν?σπερος απ? ηλικ?α. Υ Πιστε?ω εις ?να Ποιητ?ν που λ?ει: να συμπ?σουν οι αγν?τητες. Μ?χρι την Κ?ρινθο του Σ?μπαντος ? μακρ?τερα. Φ Σε αν?τερη απελπισ?α. Χ Σε φαειν?τερη πεμπτουσ?α. Ψ Σε μια α?σθηση που πτηνο?ται. Ω Συγχωρ?ντας τους π?ντες. From Large Sized Logic [ Λογικ? μεγ?λου σχ?ματος ], Athens: Erato, 1989, n.p. [1993, II, 521-3]. (shrink)

The purpose of this paper is to analyze the financial turmoil of the US subprime loan crisis of mid-Noughties and to compare it with the Japanese asset bubble of late 1980s. While examining the two crises, it compares the monetary policies of both countries, focusing on the excess liquidity and expansion of bank loans that were seen. This paper develops several bubble indicators, including the ratio of real estate loans to total loans, the loan-to-GDP ratio, and housing affordability. In (...) order to develop these indicators, it is necessary to compare banking behavior in both Japan and the United States, as banks in both countries were making loans beyond the point of profit maximization. Property prices and monetary policy in both countries influenced banking behavior significantly. The bubble indicators developed in this paper can be used as early warning indicators for future bubbles. (shrink)

This article provides a method for estimating the bounds of transaction costs in horizontal mergers. Consider, for example, a completed monopoly merger in linear Cournot oligopolies with 10 symmetric firms. The method shows that its transaction costs are at most 25% (78%) of total premerger profits if there is zero (100%) excess capacity. Such estimations can be extended in a straightforward manner to other mergers and other oligopoly models. The estimation is based both on the profitability precondition, and on (...) the non-empty core precondition, which postulates that the split of a merger’s profits be in its core. The article shows that the core in linear Cournot oligopolies has a non-empty interior, and indicates that the non-empty core precondition also sheds new lights on understanding important issues such as the stylized fact that mergers are likely to occur in markets plagued by excess capacities; why profitable mergers might not be formed; and why completed mergers might break up in the future. (shrink)

A vexing modern conundrum is to be solved. The use of oil, gas, and coal is extremely short-lived as a historical phenomenon: a mere blink of an eye at a little more than 1% of total urban history of 10,000 years to-date. Yet current urban civilization is almost entirely based on it. And the fossil-fuel economy poses not only a massive security risk, it also lies at the root of the vast majority of urban sustainability problems. Fresh water depletion, air (...) pollution, widespread human fatalities can be directly traced to the excessive use of these dirty energy sources. Climate change, predominantly triggered by fossil-fuel combustion, only deepens the very questions the impending petroleum peak raises about the survivability of the global urban system. The fossil disease is a complex global pandemic. To many, conquering this pandemic is an extraordinary challenge of technology: of reengineering the manner in which urban civilization is powered, advancing a future envisioned in numerous studies since the 1970s. Yet foremost, this is a cultural, psychological, and political challenge. The global economy is systematically identified with its underlying fossil supply frameworks—it is a fossil economy. It is marked by an incendiary illusion: the celebration of abundance promised as achievable by all, driving virtually all aspects of contemporary culture. Yet it is also marred with enormous pockets of deprivation, and deep cracks of disbelief, criticism, and dissent. Reinforcing this challenge is the psychoeconomical transaction cost of change, the sheer inertia of an infernal development system, however short-lived it inevitably is. Despite all lip service paid to ‘energy savings’ and ‘environmentally sustainable development’ in urban policy documents and brochures across the globe, dominant political and financial interests demand that as much fossil fuel as possible is used, and as quickly as possible, to secure the highest possible profits for the most powerful, and in the shortest period of time. Hence many national governments and international bodies find it so difficult to place fossil-fuel replacement on the global agenda. It is easier to avoid this topic and talk about buffering, mitigating what are little else than subsidiary, flow-on effects and collateral outcomes of an unsolved energy conundrum: air, water and soil pollution, public health problems, deforestation or fresh water depletion. Rarely, if ever, is petroleum abuse clearly noted as a root cause. A historical revolution is in progress: the move from fossil fuels, nuclear power, and other forms of unsustainable energy use generation to a renewable and sustainable power base for urban communities, cities, towns, and villages. Many examples of positive initiatives encourage, and are testimony to the ability of cities and towns to perform as communities, and evolve into settings of greater independence from fossil and nuclear power sources. They carry the promise of greater energy autonomy based on renewable energy, of recapturing regional productivity, advancing local resources, and enabling new industries and employment opportunities. (shrink)

In the late nineteenth and early twentieth century the name of Adam Smith was popularly associated with the sort of ‘laissez faire’ policy that is expounded with all the fervour of a religious faith. Smith, so the story ran, in his eagerness to combat the excessive mercantilist government intervention of his day, had resorted to supra-natural claims in his general onslaught against central control and planning by governments. Such intervention was ‘unnatural’ and conflicted with Deistic Design. Only through private actions (...) could mankind reach satisfying and ‘natural’ fulfillment. Action through private self-interest was twice blessed; it. blessed him who profited and his fellows who were ‘profited from’. True there was a kind of central planning that was of supreme importance; but it had a divine origin and it worked not through governments but through individual free trade. Private actions in fact were directed by an Invisible Hand which brought society into a grand and spontaneous Natural Harmony. (shrink)

I. Introduction. The debt/atonement model of punishment seeks to reconcile the criminal with his direct victim, as well as the larger community, through restorative mechanisms of restitution and atonement.[i] As a result, it has certain advantages over better known rivals.[ii] Unlike retribution, reform and deterrence, the approach does some good, first and foremost, for the victim of the crime. But it can also benefit the victimizer and indirectly victimized members of the larger community. Competing theories usually profit but one (...) of the three. They also fail to do as well in removing the tension between justice and mercy. Yet even when mercy is not an option, retribution, reform and deterrence can dictate punishments that are intuitively excessive. But the problem isn’t just that of excess. At others times, it seems they will endorse inappropriately lenient responses to crime. I will argue that a properly construed debt/atonement approach, despite its stress on punishment taking the form of restitution, can handle three common objections that it is incapable of providing appropriate punishments. The first is that it cannot justify punishing murder for the dead cannot be compensated. Even if this turns out to be true, surprisingly, it bestows no relative advantage upon rival accounts for if the dead cannot be benefited, then they cannot be harmed, and thus punishing killers who did not harm those they killed will be difficult for any theory to justify. The second objection is that it cannot accommodate our practice of publishing failed attempts where there appears to be no harm when the target didn’t even know the attempt transpired. Ironically, it turns out that only the advocated approach can justify our practice of punishing failed attempts less severely than successes. The third objection is that the theory sometimes advocates making criminals suffer in order to satisfy the vindictive desires of their victims. I’ll argue that so harming criminals is a defensible way to extract the debt payment they owe their victims.. (shrink)