The eighties and nineties have seen much debate about CEO compensation. Critics of CEO compensation support their contention of excessive and inequitable CEO pay based on a number of factors and premises. This paper examines the validity of these arguments. We show why many of these arguments fail to persuade, in part, because they attempt to determine propriety of CEO pay without having a definitive standard for comparison. Arguments based on comparisons between CEO pay and the pay (...) of other individuals or jobs or between CEO pay and firm performance are shown to be an insufficient mechanism to determine the appropriateness of CEO compensation. (shrink)

The debate over compensation packages for top executives is discussed. Particular emphasis is placed on the decoupling of CEO pay and organizational performance. A contrast is drawn between firms that are owner-controlled and those that are manager-controlled. Owner-controlled firms tend to be more market-driven. In manager-controlled firms, however, ownership can become diluted to the point where decisions may not always be in the best interest of shareholders. The process of determining CEO compensation packages is examined, and special attention (...) is given to the handling of stock options. In order to stem the threat of increased government intervention, suggestions are made for increasing the leverage of compensation committees and of shareholders in general. (shrink)

How is the (il)legitimacy of manager compensation constructed in social interaction? This study investigated discursive processes through which heavily contested executive pay schemes of the Finnish energy giant Fortum were constructed as (il)legitimate in public during 2005–2009. The critical discursive analysis of media texts identified five legitimation strategies through which politicians, journalists, and other social actors contested these schemes and, at the same time, constructed subject positions for managers, politicians, and citizens. The comparison of two debate periods surrounding the (...) 2007–2008 financial crisis revealed significant differences in the discursive strategies and the corresponding moral struggles linked to legitimation of executive compensation. The analysis highlights a change in moral reasoning by social actors as they adapt their justifications to a changing social context. This study has important implications for our understanding of the ethical aspects and socio-political embeddedness of manager compensation. In particular, it adds to our knowledge of organizational legitimacy by showing how discursive strategies and the corresponding morality constructions used to (de)legitimate business activities can shift quickly as a result of a change in the social and political climate surrounding the legitimation struggle. (shrink)

ABSTRACT:Debates about the ethics of executive compensation are dominated by familiar themes. Many writers consider whether the amount of pay CEOs receive is too large—relative to firm performance, foreign CEO pay, or employee pay. Many others consider whether the process by which CEOs are paid is compromised by weak or self-serving boards of directors. This paper examines the issue from a new perspective. I focus on the dutiesexecutives themselveshave with respect totheir owncompensation. I argue that CEOs’ fiduciary duties place (...) a moral limit on how much compensation they can accept, and hence seek in negotiation, from their firms. Accepting excessive compensation leaves the beneficiaries of their duties (e.g., shareholders) worse off, and thus is inconsistent with observing those duties. (shrink)

The controversial issue of whether Chief Executive Officer (CEO) compensation is excessive or appropriate is examined in terms of two competing claims: that CEOs are overpaid for the value they provide to an enterprise, and that CEO compensation is inherently equitable. Various arguments and perspectives on both sides of the issue are assessed. Little evidence supports the claim that CEO performance justifies very high compensation. Further, the complex interactive alliance between boards of directors and CEOs compromises (...) rational decision-making about CEO compensation, with the Enron affair offered as an illustration of what can go wrong when dishonest CEO actions combine with lax board oversight. Recommendations for restoring trust in the system include continuing current regulatory actions, using different metrics for determining CEO compensation, making board member-CEO relationships transparent to all company stakeholders, and several more radical ideas for change. Stakeholders must resist being distracted by other social, economic, or political issues from pursuing serious, lasting reform. (shrink)

Several areas of expanding corporate responsibilities are evident from current practices. This article penetrates one such field, economic compensation through litigation, and discusses the possibility and desirability of reversing the trend. In court, companies are fined increasing amounts for an ever wider range of faults, or they settle out of court under this legal threat. This is not a local American problem, but European companies are increasingly involved because of globalization. The development in Europe is also driven by the (...) same factors as in America – the mechanics of litigation and conventional ethics. The greed of plaintiffs and lawyers can mobilize the perceived virtue of sympathizing with a victim. Therefore it seems likely that a precondition for tort reform is an ethical reevaluation. Is it desirable and politically possible to make the individual more responsible for his own fate? (shrink)

While different positions on the permissibility of organ markets enjoy support, there is widespread agreement that some benefits to living organ donors are acceptable and do not raise the same moral concerns associated with organ markets, such as exploitation and commodification. We argue on the basis of two distinctions that some benefit packages offered to donors can defensibly surpass conventional reimbursement while stopping short of controversial cash payouts. The first distinction is between benefits that defray the costs of donating an (...) organ and benefits that incentivize donation by offer- ing something in excess of defraying. The second distinction is between benefits that compensate donors and benefits that are non-compensating. We argue that non-compensating benefits are innocent of moral concerns typically associated with controversial cash payouts, and thus may be a morally promising avenue for increasing rates of kidney donation to address the tragic results of undersupply. (shrink)

We examine the association between gender-diverse compensation committees and CEO pay and find that CEO compensation levels are negatively associated with gender-diversity of the compensation committee, but not gender-diversity of the board. Furthermore, we find that excess CEO compensation is negatively related to subsequent return on assets for firms with an all-male compensation committee but not for firms with a gender-diverse compensation committee. These results suggest that CEOs do receive some level of excess (...) class='Hi'>compensation which can be mitigated by having one or more females on the compensation committee. (shrink)

Usury is a concept often associated more with religiously based financial ethics, whether Christian or Islamic, than with the secular world of contemporary finance. The problem is compounded by a tendency to interpret riba, prohibited within Islam, as both usury and interest, without adequately distinguishing these concepts. This paper argues that in Christian tradition usury has always evoked the notion of money demanded in excess of what is owed on a loan, disrupting a relationship of equality between people, whereas interest (...) was seen as referring to just compensation to the lender. Although it is often claimed that hostility towards ‘usury’ has been in retreat in the West since the protestant Reformation, we would argue that the crucial break came not with Calvin, but with Jeremy Bentham, whose critique of the arguments of Adam Smith, upholding the reasonableness of the laws against usury, led to the abolition of the usury laws in England in 1854. There has to be a role for law, whether Islamic or secular, in regulating financial relationships. We argue that by retrieving the necessary distinction between demanding usury as illegitimate predatory lending and interest as legitimate compensation, we can discover common ground behind the driving principles of financial ethics within both Islamic and Christian tradition that may still be of relevance today. By re-examining past ethical discussions of the distinction between usury and just compensation, we argue that the world’s religious traditions can make significant contributions to contemporary debate. (shrink)

The pregnancy compensation hypothesis provides a mechanistic explanation for the evolution of sex differences in immune system functioning, the excess of women experiencing autoimmune disease, and why this is observed only in industrialized nations; none of which can be explained by the staying alive theory, as proposed by the authors of the target article.

Performance-contingent compensation by means of stock options may induce risk-taking in agents that is excessive from the point of view of the company or the shareholders. We test whether increasing shareholder control may be an effective checking mechanism to rein in such excessive risk-taking. We thus tell one group of experimental CEOs that they may have to justify their decision-making processes in front of their shareholders. This indeed reduces risk-taking and increases the performance of the companies they (...) manage. Implications are discussed. (shrink)

While numerous studies have examined the impact that powerful CEOs have on their compensation and overall firm decisions, relatively little is known about how powerful CFOs influence their compensation and important firm financial reporting and operational outcomes. This is somewhat surprising given the critical role CFOs play in the financial reporting process of a firm. Using managerial power theory and the theory of power and self-focus :635–658, 2013), we predict that powerful CFOs employ a two-part strategy to camouflage (...) excessive incentive compensation above what efficient contracting would dictate. First, powerful CFOs use their power and influence to negotiate shorter incentive pay duration to maximize the present value of their performance—based compensation. Second, when their incentive equity compensation vests, we suggest that CFOs manage earnings to further enhance their personal income. Consistent with our theoretical expectations, we find higher levels of income-increasing accrual-based earnings management and real transactions management, a potentially unethical practice, in firms with powerful CFOs who have short pay durations. We discuss the implications of our analysis in the context of mitigating CFO power and managing the ethical environment “tone at the top.”. (shrink)

Previous research has shown that moral failures increase compensatory behaviors, such as prosociality and even self-punishment, because they are strategies to re-establish one’s positive moral self-image. Do similar compensatory behaviors result from violations in normative eating practices? Three experiments explored the moral consequences of recalling instances of perceived excessive food consumption. In Experiment 1 we showed that women recalling an overeating (vs. neutral) experience reported more guilt and a desire to engage in prosocial behavior in the form of so-called (...) self-sacrificing. In Experimental 2 this logic was applied to actual spontaneous helping behaviors towards an experimenter, with participants who recalled an overeating (vs. neutral) experience exhibiting more such helping in the laboratory. Experimental 3 expanded the investigation to self-inflicted pain: Overeating (vs. neutral) recall led to higher levels of self-punishment as indicted by longer time periods spent engaging in the cold-pressor task. In sum, failures in normative food consumption can be viewed as moral transgressions that elicits both interpersonal and intrapersonal compensatory behaviors aimed at restoring a positive moral self-image. (shrink)

When politicians feel popular pressure to act, but are unwilling or unable to address the root cause of the problem, they resort to symbolic policymaking. In this paper, I examine excessive executive compensation as an issue that rose to the top of the political agenda during both the Great Depression and the Great Recession. Presidential candidates, members of Congress, the media, and the public alike blamed corporate greed for the economic downturn. In both instances, however, enacted legislation stopped (...) short of changing the way in which executive pay was determined or placing effective, enforceable limits on it. I analyze the nature of the democratic process and contend that public policy scholars need to pay more attention to the occurrence of symbolic policies. The category of symbolic policies offers a more accurate approach to understanding the politics of executive compensation in the United States during the two crises and helps explain why, in spite of the recent legislative efforts, it continues to rise. (shrink)

After the 2008 financial panic, long-term compensation measures have gained favor as a way to limit managerial opportunism and excessive risk-taking. These measures, which may become mandatory for systemically important institutions, include restriction of stock grants for a period of years, and, in the event of performance reversals, divestment of deferred stock and clawbacks of bonus compensation. These measures are considered uncontroversial enough that some have suggested that all public companies, not just systemically important firms, should adopt (...) them. In this Article, I argue that the benefits of long-term compensation have been overstated while the potential downsides have been largely ignored. Restricted periods for equity grants must be large compared to the executive’s tenure in order to have a significant effect upon behavior overall, and mandatory clawback provisions end up transferring what would have been bonus pay into salary. Furthermore, to the extent that long-term compensation does affect behavior, these consequences are not necessarily good. I show that given fairly reasonable assumptions of executive risk aversion, the information content of long-term and short-term price signals, and managerial control over the timing of project execution and disclosure, a long-term focus can have significant negative effects. (shrink)

Golden parachutes are often viewed as a form of excessive compensation because they provide senior management with substantial payouts following an acquisition while other stakeholders are subjected to layoffs, disrupted business relationships and other negative externalities. Using a sample of S&P 500 firms, an economic and ethical justification for this type of contract is given. Golden parachutes ensure effective corporate governance that, in turn, preserve the firm's value for all stakeholders. Boards of directors enter into parachute agreements to (...) protect recently hired CEOs' human capital during periods of financial uncertainty and, thus, potential takeover activity. From an ethics viewpoint, golden parachutes are valuable to all stakeholders because they encourage merger or acquisition in lieu of bankruptcy. (shrink)

By employing the theoretical template provided by agency theory, this article contributes a detailed clinical analysis of a large multinational Canada-headquartered telecommunications company, Nortel. Our analysis reveals a twenty-first century norm of usual suspects: a CEO whose compensation is well above those of his peers, a dysfunctional board of directors, acts of income smoothing to preserve the confidence of volatile investors, and revelations of financial irregularities followed by a downfall. In many ways, the spectacular rise and – sudden – (...) fall of Nortel illustrates excesses of actors within, and contradictions of the system of corporate governance implied by the agency model. Furthermore, this case illustrates limitations of the agency framework in complex situations with short-term oriented investors. (shrink)

According to an existing “environmental” narrative, the financial crisis of 2007-2009 was due in part to executive compensation packages in the financial services industry that incentivized excessive risk-taking. Also according to this narrative, those who have a duty to protect society – principally, government regulators, but also firms themselves – are open to blame for how executives were paid, and must take steps to change executive compensation. This narrative is important but incomplete. I offer a supplementary “agential” (...) narrative. According to this narrative, executives are open to blame for the financial crisis for taking socially excessive risks. Moreover, since executives can play a role in shaping their compensation, they have an obligation to ensure that it does not incentivize them to take such risks. (shrink)

When faced with an urgent and credible threat of grave harm, we should take proportionate precautions. This maxim captures the core commitments of the “precautionary principle”. But what is it for a precaution to be “proportionate”? I construct an account of proportionality (the “ARCANE” account) that consists of five fundamental conditions (absolute rights compatibility, reasonable compensation, consistency, adequacy and non- excessiveness) and a tie-breaker (efficiency). I apply this account to two examples from the COVID-19 pandemic (border closures and school (...) closures), arguing that my account captures the key questions on which it is both feasible and important to integrate expert input with democratic input. I close by considering how we might try to manage the risk of future pandemics in a proportionate way. (shrink)

Forgiveness as a positive response to wrongdoing is a widespread phenomenon that plays a role in the moral lives of most persons. Surprisingly, Kant has very little to say on the matter. Although Kant dedicates considerable space to discussing punishment, wrongdoing and grace, he addresses the issues of human forgiveness directly only in some short passages in the Lectures on Ethics and in one passage of the Metaphysics of Morals. As noted by Sussman, the TL passage, however, betrays some ambivalence. (...) Kant establishes a duty of virtue to be forgiving (TL, 6:460), yet he immediately warns against its excess: meek toleration of recurrent wrongs could manifest a lack of self-respect and a violation of a duty to oneself (TL, 6:461). Sussman claims that this ambivalence ultimately arises from the fact that forgiveness sits uncomfortably in Kant’s moral thought. First, forgiveness has an ‘ineluctably elective aspect’ that makes it, to a certain extent, arbitrary and dependent on particular features of the forgiver’s psychology and, as such, in tension with Kant’s central claims that human beings are autonomous agents capable of determining their own moral status. Second, according to Sussman, Kant’s moral retributivism, i.e. ‘the particular moral position that every moral wrong against another deserves punishment of the wrongdoer’ seems to be in tension with the possibility of a ‘truly redemptive forgiveness’. Moreover, forgiveness also seems to be in tension with a passage of the Religion in which Kant argues that the moral guilt from our original evil disposition cannot be understood as a debt or liability that can be compensated, erased, transferred or otherwise wiped out by others (Rel, 6:72). Thus, to the extent that forgiveness might be thought to involve the forgoing of moral guilt, it seems incompatible with Kant’s views on culpability and punishment. This chapter seeks to clarify Kant’s views on forgiveness in order to show that, although not often appreciated, personal forgiveness plays an important role in the lives of ordinary human agents as understood by Kant. In particular, I aim to show there is a conception of forgiveness available to Kant that is not incompatible with Kant’s views of punishment and culpability. In Section 1, I argue that, for Kant, far from being merely ‘elective,’ forgiveness is, under certain conditions, morally required. I provide a brief summary of an interpretation of Kant’s theory of forgiveness that I have defended in recently published work , in order to argue that Kant’s duty to be forgiving should be understood as an imperfect duty of virtue which is conditional on repentance. Kant is not ambivalent about this duty because he maintains that when the relevant conditions are not met, we have a perfect duty to ourselves not to forgive unrepentant wrongdoers. The TL passage thus identifies two different duties. In Section 2, I show that forgiveness, as conceptualised by Kant, does not require the forgoing of punishment or the overcoming of moral guilt and that this could, in fact, be seen as an attractive feature of Kant’s position. I end by offering a very brief assessment of Kant’s views. (shrink)

We largely agree with Grimwade et al ’s1 conclusion that challenge trial participants may ethically be paid, including for risk. Here, we add further arguments, clarify some points from the perspective of economics and indicate areas where economists can support the development of a framework for ethically justifiable payment. Our arguments apply to carefully constructed and monitored controlled human infection model trials that have been appropriately reviewed and approved. Participants in medical studies perform a service. Outside the domain of research (...) participation, there is nearly universal agreement that workers providing a service should be compensated fairly, and that work involving more discomfort and risk should be compensated more generously. Accordingly, labour regulations impose floors, not caps on compensation. Caps, even if intended to protect against undue inducement, also raise concerns about illegal price-fixing that disadvantages workers. Such limits on payment for egg donors have successfully been challenged in court.i Moreover, caps on compensation may harm everyone at risk of infection, not just potential participants. Insufficient compensation may impede the recruitment of enough suitable subjects, for example, when representativeness of the subject sample is required. Delays in vaccine development not only prolong disruption of social, educational and economic activity but also lead to excess infections and deaths. Unlike paid CHIM participants, individuals exposed to such infection do not accept it voluntarily, are not compensated for it, and are unlikely to receive the level of medical supervision afforded to closely monitored CHIM participants. Payment caps can lead to attempts to circumvent the regulation. For example, many countries …. (shrink)

In discussions about responsibility for climate change, it is often suggested that the historical use of natural resources is in some way relevant to our current attempts to address this problem fairly. In particular, both theorists and actors in the public realm have argued that historical high-emitters of greenhouse gases (GHGs) – or the beneficiaries of those emissions – are in possession of some form of debt, deriving from their overuse of a natural resource that should have been shared more (...) equitably. These accounts of what might be termed ‘natural debt’ generally focus on one particular natural resource (global GHG sink capacity); invoke a principle of justice by which rights to consume this resource should have been allocated (most commonly, equal per capita shares); and then argue that historical violations of this principle give rise to certain rectificatory duties in the present (generally, duties on the part of those who have historically consumed an excessive amount of the world’s GHG sink capacity, or who have benefitted from such excess consumption, to offer some form of compensation to those who have not – such compensation usually taking the form of emission credits or cash). Though many seem to find it intuitively plausible that historical high-emissions have incurred some form of debt, significant challenges arise in rendering the concept of natural debt both coherent and defensible. Such problems are not, however, my focus in this piece. Instead, I here suggest that discussions about historical responsibility for climate change commonly fail to recognise certain other past injustices concerning natural resources that appear to hold contemporary relevance. In particular, I argue that it is not just the unequal consumption of global GHG sink capacity that may be of moral significance here; but also the way in which the world’s resources have more generally been governed. (shrink)

Many companies offer their customers voluntary carbon ‘offset’ certificates to compensate for greenhouse gas emissions. Voluntary offset certificates are cheap because the demand for them is low, allowing consumers to compensate for their emissions without significant sacrifices. Regarding the distribution of emission reduction responsibilities I argue that excess emissions are permissible if they are offset properly. However, if individuals buy offsets only because they are cheap, they fail to be robustly motivated to choose a permissible course of action.This suspected lack (...) of robust motivation raises both pragmatic questions about the functioning of offsetting schemes and moral questions about the worth of such unstable motives. The analysis provided here also has wider implications for the normative analysis of partial compliance and ‘many hands’ problems, especially for those cases where compliance levels and costs interact. (shrink)

The coronavirus pandemic has resulted in the recommended/required use of face masks in public. The use of a face mask compromises communication, especially in the presence of competing noise. It is crucial to measure the potential effects of wearing face masks on speech intelligibility in noisy environments where excessive background noise can create communication challenges. The effects of wearing transparent face masks and using clear speech to facilitate better verbal communication were evaluated in this study. We evaluated listener word (...) identification scores in the following four conditions: (1) type of mask condition (i.e., no mask, transparent mask, and disposable face mask), (2) presentation mode (i.e., auditory only and audiovisual), (3) speaking style (i.e., conversational speech and clear speech), and (4) with two types of background noise (i.e., speech shaped noise and four-talker babble at −5 signal-to-noise ratio). Results indicate that in the presence of noise, listeners performed less well when the speaker wore a disposable face mask or a transparent mask compared to wearing no mask. Listeners correctly identified more words in the audiovisual presentation when listening to clear speech. Results indicate the combination of face masks and the presence of background noise negatively impact speech intelligibility for listeners. Transparent masks facilitate the ability to understand target sentences by providing visual information. Use of clear speech was shown to alleviate challenging communication situations including compensating for a lack of visual cues and reduced acoustic signals. (shrink)

By employing the theoretical template provided by agency theory, this article contributes a detailed clinical analysis of a large multinational Canada-headquartered telecommunications company, Nortel. Our analysis reveals a twenty-first century norm of usual suspects: a CEO whose compensation is well above those of his peers, a dysfunctional board of directors, acts of income smoothing to preserve the confidence of volatile investors, and revelations of financial irregularities followed by a downfall. In many ways, the spectacular rise and – sudden – (...) fall of Nortel illustrates excesses of actors within, and contradictions of the system of corporate governance implied by the agency model. Furthermore, this case illustrates limitations of the agency framework in complex situations with short-term oriented investors. (shrink)

Possible environmental and related impacts of human activity are shown to include the extinction of humanity and other sentient species, excessive human numbers, and a deteriorating quality of life (I). I proceed to argue that neither future rights, nor Kantian respect for future people's autonomy, nor a contract between the generations supplies a plausible basis of obligations with regard to future generations. Obligations concern rather promoting the well-being of the members of future generations, whoever they may be, as well (...) as of current generations. Future benefits and costs should only be discounted where there are special reasons for doing do so (e.g. relevant opportunity costs) (II). A sustainable economy is held to be necessary for intergenerational equity. This granted, principles of equity are introduced concerning: compensation for long-term risks and for resource depletion; conserving the stock of resources, resource diversity, and assimilative capacity; equal options and opportunities for each generation; and remedying past failures to conserve environmental quality. Rules and policies considered include: an efficient, diversified, and ecologically sustainable economy; no increase of risk of irreversible environmental change; and action despite uncertainty to avert serious future outcomes (the Precautionary Principle). These policies are argued to require rectification of current injustices within and between current generations (III). Finally, the recently resuscitated metaphysical model of society as a partnership between generations is held to imply the view of each generation as trustees rather than owners of the planet. This trusteeship view is independently credible, and supportive of the principles and policies earlier introduced; and its adoption by successive generations could turn the partnership model into a reality (IV). (shrink)

Relatively subtle forms of exploitation of human subjects may arise from the inefficiency or incompetence of a researcher, from the existence of a power imbalance between principal and subject, or from the uneven distribution of research risks among various segments of the population. A powerful and knowledgeable person (or institution) may perpetrate the exploitation of an unempowered and ignorant individual even without intending to. There is an ethical burden on the former to protect the interests of the vulnerable. Excessive (...) or insufficient compensation may be exploitative. However, genuine economic imperatives motivating needy volunteers have to be considered. These forms of exploitation should be appreciated in the context of social and cultural factors suggesting that the relationship between researcher and subject cannot properly be appraised as a contractual undertaking. While compliance with pertinent codes and regulations minimises the exploitative potential, they cannot be enforced in a way that does not recognise a society's peculiar characteristics. The experience with some Filipino cultural traits illustrates this point. (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)

Guardians of companion animals killed wrongfully in the U.S. historically receive compensatory judgments reflecting the animal’s economic value. As animals are property in torts law, this value typically is the animal’s fair market value—which is often zero. But this is only the animal’s value, as it were, to a stranger and, in light of the fact that many guardians value their animals at rates far in excess of fair market value, legislatures and courts have begun to recognize a second value, (...) the animal’s value to her guardian. What is this noneconomic value, and how should guardians be compensated for it? In Part 1, I propose a novel method to answer this question. My method includes a third, even more controversial, value: the animal’s value to herself. The idea that an animal could invest in herself faces many criticisms. In Part 2, I defend the claim by examining the mental capacities of dogs (Canis familiaris). I rebut the central objection—that dogs lack the psychological capacities required for self-investment—by showing that dogs are autonomous, think about their futures, and inhibit their desires in light of their goals. I close by suggesting that whereas the approach has conservative implications for the valuation of companion animals, it has radical implications for the valuation of agricultural animals. -/- Keywords: companion animals, animal law, legal theory, value theory, practical ethics, economic value, noneconomic value, intrinsic value, instrumental value, animal welfare, dogs, animal rights, capital value, self-investment value, autonomy, wrongful death, philosophy of animal law, animal minds, moral standing of animals, legal standing of animals, agency, prospection, canine neurobiology, bereavement, replaceability, non-ideal ethics . (shrink)

Relatively subtle forms of exploitation of human subjects may arise from the inefficiency or incompetence of a researcher, from the existence of a power imbalance between principal and subject, or from the uneven distribution of research risks among various segments of the population. A powerful and knowledgeable person (or institution) may perpetrate the exploitation of an unempowered and ignorant individual even without intending to. There is an ethical burden on the former to protect the interests of the vulnerable. Excessive (...) or insufficient compensation may be exploitative. However, genuine economic imperatives motivating needy volunteers have to be considered. These forms of exploitation should be appreciated in the context of social and cultural factors suggesting that the relationship between researcher and subject cannot properly be appraised as a contractual undertaking. While compliance with pertinent codes and regulations minimises the exploitative potential, they cannot be enforced in a way that does not recognise a society's peculiar characteristics. The experience with some Filipino cultural traits illustrates this point. (shrink)

We investigate how firms adjust corporate pension plans in response to economic policy uncertainty (EPU). Using a sample of US-listed firms, we find that firms increase pension underfunding levels when facing higher EPU. The result is robust to controlling for pension portfolio returns, discount rates, plan sizes, pension liability, numbers of employees, other macroeconomic factors, difference-in-differences and instrumental variable estimation, and additional evidence of pension risk-shifting. Further analysis reveals that financial distress and information asymmetry induced through EPU are the potential (...) channels. The effect is stronger for firms having CEOs being excessively paid, using cash flow as a performance metric in CEO compensation, paying high dividends, and having short-term institutional investors, whereas the presence of unions, positive corporate culture, and social capital alleviate the effect. Notably, managers, not shareholders, appear to be the party reaping the benefits. Our findings suggest that firms may shift risk to employees in response to heightened uncertainty and institutional characteristics play a moderating role in this crucial business ethics issue. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Steven Fuller A FRENCH SCIENCE (WITH ENGLISH SUBTITLES) It is of no news to anyone with even a passing interest in the theoretical wranglings of literary critics that deconstruction is on the defensive. This is of special interest to an historian and philosopher of science such as myself because (with the notable exception of Frank Lentricchia's revisionist history of contemporary critical trends) ] most of the recent salvos launched (...) against deconstruction have been supplied by analytic philosophy.2 Indeed, some analytic philosophers have felt bold enough to enter the fray themselves. And as with other Anglo-American incursions into theoretical debates of continental origin, whatever is lost in subtlety and sheer ingenuity is made up for in clarity and commonsense. If there is one theme common to adi analytically inspired attacks on deconstruction, it is that critical method ought to be a systematic articulation of the intuitions of the average reflective reader. To be a literary critic is not to achieve esoteric insight into the uncommunicative nature of texts; rather, it is to become more fully aware of the many ways in which texts do communicate. While such advice may be reassuring, it is certainly not very "philosophical" in the sense of "deeply problematic" that deconstructionists would claim for the nature of texts. And the deconstructionists are right — so I believe. At least, I will try to show that the case for deconstruction, in all its radicalness, can be made with something of the clarity desired by analytic philosophers. A contentious critic might wonder, at this point, why the deconstructionists were not clear in the first place (thereby rendering this article superfluous). The reason, contrary to what certain "friends of deconstruction" in the analytic tradition would have us believe, is that there are few precedents in the recent history of philosophy for claims made by deconstructionists.3 It would indeed be faint praise to find, as Hacking and Rorty have maintained, that the theses of Barthes, Foucault, and Derrida were anticipated in the limpid prose style of a Quine, a Goodman, or a Kuhn.4 Why is the latter set of writers so clear, while the former set is so obscure? Our contentious critic might conclude diat clarity of style reflects a clarity of thought, and likewise for obscurity of style. In any case, both friends 2 Philosophy and Literature and foes of deconstruction tend to agree diat whatever is of value in the French texts may be derived with less effort by reading the American ones. The friends want to place deconstruction among several strains oftwentieth-century thought that would dissolve classical philosophy into a critical history of ideas, while the foes (more ingenuously perhaps) want to resume the business of practical criticism as usual and its attendant function (à la F. R. Leavis) of preserving Western Culture. Since the analytic devil can (and will) cite deconstructionist scripture for his own purposes, it is not clear that explicating Derrida will settle matters, especially since deconstruction gives an ironic twist to the search for what an author "had in mind" when he composed a particular text. It is, however, interesting to note that when one analytic philosopher recently presented a paradigm of literary criticism that allegedly compensated for the excesses of deconstruction, he resorted to Kantian talk about the intentions of the author being a "regulative ideal" toward which all responsible practical criticism aspires.5 This paradigm claims to owe to deconstruction the idea that, once an author is separated from his text, die reader becomes unable to verify any hypotheses about what the author meant by what he wrote. However, the evidence surrounding the text's composition (as well as the text itself) may be reconstructed so as to suggest a model of the audioes intentions. In that case, the explanatory adequacy of such a model would be relative to the evidence and methods available to the critic. And so, while the text certainly had a real audior who possessed a set of determinate intentions at the time ofwriting, mere is no reason to think that the most plausible model of the currendy available evidence picks out those intentions. What we have here is the first of two species of... (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)

Governance theories impact how corporations are run, which in turn impacts societal well-being. This dynamic is commonly accepted, as evidenced by the flood of articles exploring the links between corporate governance and corporate social responsibility. This article supplements current corporate governance theories with Catholic social thought to address burgeoning societal issues such as the increasing trust gap, income inequality, and an overemphasis on financial compensation as the primary way to motivate senior managers. The authors propose a shift away from (...) agency theory and stakeholder theory, both of which, with their limited depictions of the motivations of managers, have contributed to excessive executive compensation. Instead, the authors develop an alternative—justice stewardship theory—which integrates organizational justice theory, the principles of stewardship theory, and the insights of 150 years of CST. (shrink)

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

Governance theories impact how corporations are run, which in turn impacts societal well-being. This dynamic is commonly accepted, as evidenced by the flood of articles exploring the links between corporate governance and corporate social responsibility (e.g., Hong et al. in J Bus Ethics 136:199–213, 2016). This article supplements current corporate governance theories with Catholic social thought (CST) to address burgeoning societal issues such as the increasing trust gap, income inequality (the compensation gap), and an overemphasis on financial compensation (...) as the primary way to motivate senior managers. The authors propose a shift away from agency theory and stakeholder theory, both of which, with their limited depictions of the motivations of managers, have contributed to excessive executive compensation. Instead, the authors develop an alternative—justice stewardship theory—which integrates organizational justice theory, the principles of stewardship theory, and the insights of 150 years of CST. (shrink)

Relatively subtle forms of exploitation of human subjects may arise from the inefficiency or incompetence of a researcher, from the existence of a power imbalance between principal and subject, or from the uneven distribution of research risks among various segments of the population. A powerful and knowledgeable person (or institution) may perpetrate the exploitation of an unempowered and ignorant individual even without intending to. There is an ethical burden on the former to protect the interests of the vulnerable. Excessive (...) or insufficient compensation may be exploitative. However, genuine economic imperatives motivating needy volunteers have to be considered. These forms of exploitation should be appreciated in the context of social and cultural factors suggesting that the relationship between researcher and subject cannot properly be appraised as a contractual undertaking. While compliance with pertinent codes and regulations minimises the exploitative potential, they cannot be enforced in a way that does not recognise a society's peculiar characteristics. The experience with some Filipino cultural traits illustrates this point. (shrink)

The purpose of this workshop is to share our current work-in-progress and solicit feedback and ideas from our colleagues as we begin to design a research study based on a paper we presented at the 2005 Academy of Management conference, “The Ethical Implications of Power in Organizations.” Our paper examines the nexus of power and ethics in organizations, and how they are treated in the management, sociology, and psychology literature. Our discussion assumes a wide range of uses and abuses of (...) power, including but not limited to sexual harassment, anti-labor practices, excessive executive compensation, manipulation of stock prices, discrimination, environmental degradation, etc. In addition we surface and discuss the assumptions, norms, paradoxes, and practices of power in organizations in relation to business ethics. We have clustered these into two levels: organizational and individual, while realizing the interaction effects. (shrink)

The article shows Sarmatism as an element of the Polish identity discourse in its community dimension, which mainly takes account of its civilisation and cultural aspect, defined by relations with modernity. Although this discourse includes Sarmatism in reflection on the key determinants of collective identity, such as community, Polishness and so on, it generally does so in a simplified manner, not free from prejudices and excessive bias. Liberal thought, which should have the greatest share in shaping the sphere of (...) self-ideas of modern society, shows a clear reluctance towards Sarmatian heritage, which is hardly surprising given its Enlightenment origin. However, one should understand the reasons for this reluctance, taking into account its stricter context, which is determined by the mechanism of programming Polish cultural projects in essentialist codes. Meanwhile, according to the author, the ‘post-mortem’ history of Sarmatism is part of the pan-European struggle of Tradition and modernity. When set on this plane, Sarmatism can be considered in terms of lack and compensation. The Sarmatian heritage, torn out of the vicious circle of stereotypes, myths and silences, should now be included in the debate on the foundations of Polish civic culture, because it belongs to the contingent history of the Polish habitus, and it is also characterised by the syndrome of un-working. It also needs to be made real by being located in the circle of geopolitical discourse. The perspective of the recontextualisation of Sarmatism, which neo-Sarmatism with its essentialist-nostalgic poetics has created in contemporary identity discourse and postcolonial thought with its binary schemas, seems insufficient. (shrink)

While jurisprudence in the United States has been cast in the general mode of the English common law, modifications over time have produced enough significant variations that American law has a distinctive quality. To illustrate: The exclusionary rule in criminal cases prohibiting the use of evidence (even from reliable witnesses) acquired through illegal search, is not followed in Britain—or, for that matter, in Canada, Germany, and Israel. The punitive-damage concept (PD) in tort law is also a jurisprudential novelty. Punitive damages (...) are imposed in addition to compensatory awards given to tort victims to warn manufacturers and sellers to be careful in their safety and marketing practices. PDs are society's warning signals: Seller beware! Because they are one of society's ways to protect itself, PDs have recently been considered as fines which, to prevent excesses, should be under the rubric of the Eighth Amendment.This essay introduces new elements into the discussion on torts by hypothesizing (1) PDs are fines which belong to the public purse; (2) that expenditures from the public purse should be given to local organizations (like orphanages and inner-city hospitals) which provide vital services for those unable to pay; and (3) that the victim (or the victim's survivor) has a right to designate what local organizations should benefit from his or her punitive-damage awards.The hypotheses require reexamination of the concepts of citizenship, community, and work, respectively.Tort law is an integral part of the American law of injuries, a body of judicial doctrine and legislation and a set of legal arrangements that also include compensation systems and safety legislation. It would have been unthinkable as recently as twenty-five years ago that the tort system would become a source of bitter contention. Today, however, it generates sharp rhetoric and dramatic proposals for change to address its contested problems, as well as strong views in favor of continuing the system essentially intact so as not to disturb its contended benefits. (shrink)

While jurisprudence in the United States has been cast in the general mode of the English common law, modifications over time have produced enough significant variations that American law has a distinctive quality. To illustrate: The exclusionary rule in criminal cases prohibiting the use of evidence (even from reliable witnesses) acquired through illegal search, is not followed in Britain—or, for that matter, in Canada, Germany, and Israel. The punitive-damage concept (PD) in tort law is also a jurisprudential novelty. Punitive damages (...) are imposed in addition to compensatory awards given to tort victims to warn manufacturers and sellers to be careful in their safety and marketing practices. PDs are society's warning signals: Seller beware! Because they are one of society's ways to protect itself, PDs have recently been considered as fines which, to prevent excesses, should be under the rubric of the Eighth Amendment.This essay introduces new elements into the discussion on torts by hypothesizing (1) PDs are fines which belong to the public purse; (2) that expenditures from the public purse should be given to local organizations (like orphanages and inner-city hospitals) which provide vital services for those unable to pay; and (3) that the victim (or the victim's survivor) has a right to designate what local organizations should benefit from his or her punitive-damage awards.The hypotheses require reexamination of the concepts of citizenship, community, and work, respectively.Tort law is an integral part of the American law of injuries, a body of judicial doctrine and legislation and a set of legal arrangements that also include compensation systems and safety legislation. It would have been unthinkable as recently as twenty-five years ago that the tort system would become a source of bitter contention. Today, however, it generates sharp rhetoric and dramatic proposals for change to address its contested problems, as well as strong views in favor of continuing the system essentially intact so as not to disturb its contended benefits. (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)

This article examines the question of whether private obstetric care in South Africa can be saved in view of the escalation in medical and legal costs brought about by a dramatic increase in medical negligence litigation. This question is assessed with reference to applicable medical and legal approaches. The crux of the matter is essentially a question of affordability. From a medical perspective, it seems that the English system as well as American perspectives may be well suited to the SA (...) situation. Legal approaches are assessed in the context of the applicable medicolegal framework in SA, the present nature of damages and compensation with reference to obstetric negligence liability, as well as alternative options to the present system based on fault. It is argued, depending on constitutional considerations, that a system of damages caps for noneconomic damages seems to be the most appropriate and legally less invasive system in conjunction with the establishment of a state excess insurance fund. (shrink)

Contemporary discussions of the relationship between negligence liability and the provision of services by both public and private organizations frequently suggest the emergence of a ‘compensation culture’. Despite empirical evidence that compensation culture claims are somewhat inflated, an anxiety persists that risks of tortious liability may still undermine the implementation of public policy. Concerns about the potential negative effects of liability on public administration frame the problem in various ways. First, there is an anxiety that public authorities may (...) overreact to liability risks by becoming excessively risk averse. Secondly, there is a fear that compensation claiming will divert financial resources away from service delivery and towards the payment of insurance premiums and compensation awards. Thirdly, there is the fear that insurance companies will, as ‘risk bullies’, curtail public service activities. And, finally, there is the suggestion that risk management, including legal risk management, is becoming the dominant mode of government decision-making to the exclusion of professional judgement. This article addresses these concerns through a set of empirical case studies about the management of liability risks associated with road maintenance services. Although our findings suggest that public authorities respond to liability risks in a variety of ways, we found only limited evidence of the above concerns. In general terms, it was a case of public authorities being risk aware and responsive as opposed to risk averse. (shrink)

Dialogic spaces for kindness in higher education, located in the ‘critical corridor talk’ of informal leaders positioned quietly in the background in many universities, are a form of moral Resistance in an era excessively dominated by the values of some of the harsher exponents of economic rationalism. This is a secret language of dialogic resistance, to be found under the radar, tucked away in the blindspots of formally recognised Communication. It stoically challenges an arguably unhealthy obsession with efficient management, Market/marketisation (...) and economic proficiency at any cost that is, in some institutions, promoted by the harder managerial taskmasters symbolically represented in the concept of ‘homo economicus’. This chapter argues that such ‘understage’ dialogic spaces for kindness are emerging slowly but with progressively firm resistance to challenge unhealthy forms of managerial Instrumental/instrumentalism in some low Trust/trustworthiness/self-trust situations in a stratified UK higher education system. The accumulation of such spaces is occurring almost invisibly, in a subtle, persistent manner, like a soft, repetitive reminder of the need for human values, gently but relentlessly aiming to compensate for and wash away the mistakes, confusion and suffering bound up in poor management. This theoretical chapter, informed by empirical data, discusses the need to recognise this quiet form of understated kindness as a pre-eminent but under-recognised quality, currently marginalised in a higher education system more overtly focused on self-promotion, targets, outputs and League tables than on the Well-being of staff and students. Drawing from leadership data and Autoethnography observations, I argue that this informal, resistant academic critique is gradually questioning economically-driven ‘command and control’ Managerialism. The Critical Corridor Talk model proposed here and elsewhere builds on Barnett’s concept of ‘critical being’, to theorise the ways in which academic staff find relief from hard-nosed forms of management by sharing moments of truthful dialogic Communication, kindness and Empathy for colleagues in the ‘critical corridor talk’ of informal distributed leadership networks. ‘NegativeNegative capability’ is a form of self-reflexive Resistance against the ‘false necessity’ of performative goals demanded by neoliberalist economic management. Resistant informal leadership challenges the manufactured performativity of higher education environments where some in power overstep the acceptable roles of good management. Yet to foster Trust/trustworthiness/self-trust, such resistant leadership needs to ensure it continually practises both kindness and correct moral principles itself. (shrink)

Good knowledge management is important for enterprises to maintain competitive advantage; however, the knowledge hiding behavior may hinder this process. Based on the conservation of resources and psychological ownership theories, using a chain intermediary model, this study investigates the effect of justice sensitivity on knowledge hiding through perceived time pressure and territoriality, and further tests the moderating role of territoriality. For the study, we collected 436 questionnaires from China through the Wenjuanxing Sample Service, of which 391 were valid. We then (...) conducted multiple regression analysis and employed the bootstrap method for our tests. The results show that victim sensitivity has a significant effect on perceived time pressure, territoriality, and knowledge hiding, and that a chain mediating effect of perceived time pressure and territoriality is established between justice sensitivity and knowledge hiding. Further, territoriality has a positive moderating effect on perceived time pressure and knowledge hiding, while the mediating effect of perceived time pressure on justice sensitivity and knowledge hiding is also moderated by territoriality. Further, the study offers important practical implications in that enterprises should not blindly pursue results by making employees work excessively overtime. And there should have rationalized regulations in organization to ensure justice. The management should pay close attention to the psychological problems of victim and perpetrator. Instead, enterprises should have a certain degree of control, offer rationales for overtime work, and give high wages to the employees to compensate for their time, thus making the employees feel the worthiness of their overtime work and reducing the probability of engaging in knowledge hiding behaviors. (shrink)

Introduction. The increasing mediation of human life by medicine necessarily raises the question of philosophical understanding the phenomenon of culture medicalization, since today the vector of growing powerful influence of medicine on forming sociocultural processes has clearly emerged. Along with the positive phenomena of the medicalization of life, the volume of “excessive” phenomena of its medicalization is growing. The purpose of the article is to clarify the philo- sophical foundations of the progressive medicaliza- tion of modern culture. Methods. The (...) methodological basis of the study is presented by dialectical, epistemological, axiologi- cal, philosophical-anthropological, and socio-phil- osophical approaches. The study is based on E. Cassirer’s transcendental philosophy, the phenom- enological transcendentalism of E. Husserl; V.S. Stepin’s concept about the system of informational social codes; and P.D. Tishchenko’s concept on the transformation of bio-power in modern culture. Scientific novelty of the research. The author outlines fundamental foundations of modern cul- ture medicalization as a result of mutually similar processes of transforming bio-power and the progress of biomedical sciences. Results. Unfolding, culture compensated for the bodily weakness of a person with the power of his technical inventions, but today they have surpassed the intellectual capabilities of their creator - the individual has to permanently adapt to the grow- ing volume of mass technogenic innovations. The historically formed human need to master the world through its “humanization” is suppressed, and, as a result, the problem of a modern indi- vidual’s request for self-realization through the creative transformation of the social environment is actualized. In this regard, one of the philosophi- cal and anthropological foundations of modern culture can be recognized as a technogenically determined desire of a person to transform his own corporeality, aimed at expanding the capabili- ties of a natural person. Biomedical sciences, as a result of biotechnological progress, turned out to be exactly the social and scientific sphere, which, building up practical activities within the framework of healthcare, considers the person to be both the subject and the object of the biosocial transforma- tion demanded by cultural evolution. Conclusions. The process of medicalization of culture occurs on the basis of two reciprocal fundamental processes: first, the strengthening of the principles of bio-power as “care for all forms of life”; secondly, the progress and technologization of scientific medicine, which in practice provides a socio-cultural demand for a modern prosperous individual. (shrink)

Rock music, rap, and heavy metal are all forms of vulgar music. Vulgarity refers to actions and communication that are “common, noisy, and gross,” and are “untranscendent.” A technological society is a vulgar society in its base of materialism and exclusive concern with power. Its excessive rationality produces a need for escape, for ecstasy, for the release of instinctual power. Vulgar music mimics a technological society and provides compensation for its repressive impact.