This research addresses equity in geographic access to financial services. As financial products and services continue to become more accessible and affordable, many low‐ to moderate‐income Americans remain unbanked and underbanked, relying instead upon informal, alternative financial service providers, including check cashing outlets and payday lenders. While geographic access to affordable financial products and services assists in the successful asset building strategies of economically vulnerable households, concerns that access to financial services is uneven persist. This (...) article uses geographic information systems and spatial binary logistic regression analysis to test the hypothesis that sociodemographic characteristics and mortgage lending variables have a predictive relationship on the presence of financial deserts—census tracts where check cashing outlets are more prevalent than banks—in southeastern Pennsylvania. Results of comparison of means and regression analysis reveal that these tracts are associated with higher than average population density, lower levels of median household income, a higher proportion of Black and Latinx residents, and higher levels of mortgage application denial. This article contributes to the ongoing debate over the emergence of a two‐tiered or dual financial service delivery system, whereby financial products and services are bifurcated based on socioeconomic status and geography. (shrink)

In the beginning of the 1970s, Michel Foucault dismisses the terminology of ‘exclusion’ for his projected analytics of modern power. This rejection has had major repercussions on the theory of neoliberal subject-formation. Many researchers disproportionately stress how neoliberal dispositifs produce entrepreneurial subjects, albeit in different ways, while minimizing how these dispositifs sometimes emphatically refuse to produce neoliberal subjects. Relying on Saskia Sassen’s work on financialization, I argue that neoliberal dispositifs not only apply entrepreneurial norms, but also suspend their application (...) for groups that threaten to harm the population’s profitability. Neoliberal dispositifs not only produce entrepreneurial subjects, but also surplus populations that are expelled from the overall population to maintain its productivity. Here, the concept of ‘exclusion’ is appropriate if understood in Agamben’s sense of an inclusive exclusion. The surplus population is part of neoliberal dispositifs, but only as the element to be abandoned. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of (...) the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

Since the late 1990s, the dynamics of welfare reform in Taiwan have gradually shifted to tackling new social risks emerging from economic globalization and labor market changes. This article analyzes these structural changes and the relevant institutional features of the labor market. The rise of atypical work has generated wide concern regarding its low wage income and insufficient social protection, triggering debates about which policy measures can effectively tackle the problem of the working poor. Drawing on the quantitative data from (...) a social quality survey conducted by the Social Policy Research Center in National Taiwan University (NTUSPRC) in 2009, our analysis explores the social exclusion differences between regular and atypical workers for their objective and subjective experiences. The objective experiences include current financial situations, negative events, living conditions and political activities of the workers, whereas the subjective experiences refer to their feelings in family position, welfare assessment, discrimination, and autonomy. Our analysis helps explain the effects of work status on the degrees of social exclusion, both in the private and public spheres. The social exclusion experiences of working conditions shed light on social quality in Asia. (shrink)

This paper develops a political economic explanation of the 2007–9 US subprime crisis which focuses on one of its central causes: the transformation of racial exclusion in US mortgage-markets. Until the early 1990s, racial minorities were systematically excluded from mortgage-finance due to bank-redlining and discrimination. But, then, racial exclusion in credit-markets was transformed: racial minorities were increasingly given access to housing-credit under terms far more adverse than were offered to non-minority borrowers. This paper shows that the emergence of (...) the subprime loan is linked, in turn, to the strategic transformation of banking in the 1980s, and to the unique global circumstances of the US macro-economy. Thus, subprime lending emerged from a combination of the long US history of racial exclusion in credit-markets, the crisis of US banking, and the position of the US within the global economy. From the viewpoint of the capitalist accumulation-process, these loans increased the depth of the financial expropriation of the working class by financial capital. The crisis in subprime lending then emerged when subprime loans with exploitative terms became more widespread and were made increasingly on an under-collateralised basis – that is, when housing-loans became not just extortionary but speculative. (shrink)

I shall consider the preferred design of micro-lending (microfinance) institutions in the poorest parts of the world, and also in richer jurisdictions where welfare state provision is shrinking. The institutions needed in these different contexts are, unsurprisingly, different, and part of their design involves interacting with institutions that are not primarily designed to reduce poverty. I shall assume that design considerations also extend to exploiting opportunities thrown up by globally significant recent events: the world banking and financial crisis has (...) altered the image of large mainstream retail and investment banks. The fact that they had a large share of the responsibility for the crisis has prompted many developed country governments to impose punitive taxes on them: some of the proceeds could well be used to support financial services for the poor. Again, some tax incentives could be used to promote certain kinds of partnerships between developed country banks and Southern micro-lending institutions. (shrink)

The economic crisis has exposed shortcomings in standard economic theory and provided an impetus for new economic thinking. But the theoretical debate in the wake of the crisis has been unduly constrained by the terms of the mainstream approach to economic theory. Like any approach, it is characterised by a way of framing reality, giving meaning to terms and setting criteria for good argument. It also determines how any economic theory is understood, whether from the history of economic thought or (...) from the contemporary literature. But there are other approaches to economics which would open up the field to a much wider range of possibilities for new economic thinking. Addressing the challenge that any reader bases her understanding on her own approach, the purpose of this paper is to attempt to explain what it means to consider different approaches and why it matters for policy. This is done by discussing two features of the financial crisis which pose particular problems for economic theory. These are the role of changing market sentiment in driving asset prices on the one hand and the breakdown of trust relationships in banking on the other (the moral hazard issue). We will see how these are addressed by mainstream theory and by alternative approaches. First, market sentiment is discussed within the mainstream rational-optimising framework, where risk is quantifiable, and compared with the Keynesian approach based on the general uncertainty of knowledge, where reason, evidence and sentiment are integrated. The moral hazard issue is then discussed in its mainstream form in terms of rational opportunism and in its institutionalist form in terms of the foundation of social relations (including relations between institutions) in trust. It is shown that different ways of approaching theorising in each case imply different policy measures. It is argued further that an exclusively deductive mathematical approach to analysis of market sentiment and trust is unduly limiting and that a more pluralist approach would more fully address the issues. (shrink)

The empirical relationship between a firm’s social performance and its financial performance is still not well established in the literature. Despite more than 30 years of research and more than 100 empirical studies on the issue, the results are still mixed. We argue that the heterogeneous results found in previous studies are not due exclusively to problems related with the measurement instruments or the samples used. Instead, we posit that a more fundamental problem related with the endogeneity of social (...) strategic decisions could be driving most of the empirical findings. We show that, using a panel data of 658 firms from 1991 to 2005, how some of the results found in previous research change, and some are even reversed when endogeneity is properly taken into account. (shrink)

Conflicts of interest have been reduced to financial conflicts. The National Institutes of Health’s new rules for managing conflicts of interest in medical research, the first major change to the regulations in over 15 years, address only financial ties. Although several commentators urged that the regulations also cover non-financial interests, the Department of Health and Human Services declined to do so. Similarly, the Institute of Medicine’s influential 2009 Conflict of Interest Report focuses almost exclusively on financial (...) conflicts. Institutional policies at academic medical centers and guidance from professional bodies and medical journals also primarily emphasize financial ties. Even broadly worded rules are applied more readily to financial ties than non-financial interests, such as the regulations that restrict institutional review board members with conflicting interests from participating in protocol reviews. (shrink)

Background Financial compensation of research participants has been standard practice for centuries, however, there is an ongoing debate among researchers and ethicists regarding the ethical nature of this practice. While these debates develop ethical arguments and theories, they fail to incorporate input from those most affected by financial compensation: potential research participants. Methods To identify attitudes surrounding clinical research, participants of a long-standing cohort completed a one-time interview. Open-ended questions stimulated a participant-driven discussion surrounding medical research. Following a (...) grounded theory methodology, 58 semistructured interview transcripts were coded, focusing on attitudes surrounding financial compensation of research participants. Results Of the interviews coded, the majority of participants identified as Black/African American and were women. Five major themes emerged. In support of financial compensation, participants felt that study participants should be compensated for time, effort and risk. However, participants were concerned that compensation may differentially impact low-income populations and entice them to hide potentially harmful side effects. Participants also mentioned that financial compensation may invalidate study results if participants knowingly provide false information to subvert inclusion/exclusion criteria. Conclusion The emergence of both positive and negative themes reiterates the complicated issue of providing financial compensation for study participation. While compensation as a motivator for research participation raises ethical concerns, participants discussed weighing the benefits with the risks in order to make an informed decision. To avoid paternalistic behaviours, research staff must allow potential research participants to review the available information and make the decision that best reflects their wishes. (shrink)

This article examines the role of intermediaries in financial markets in fostering corporate sustainability. Responsible investment indices have been primarily identified as intermediaries that provide information regarding corporate social performance for investors and other stakeholders. The authors argue that the role of these intermediaries is not confined solely to information provision, but they may also incentivize high levels of CSP through mechanisms such as exclusion threats, signaling, and engagement. The authors rely on unique access to the archives of (...) the FTSE4Good Index to examine the effects of these mechanisms on CSP. The study shows that companies facing exclusion threats and signaling are more likely to comply with the intermediary’s criteria, and medium levels of engagement leads to higher levels of CSP. The authors contribute to the study of sustainability in financial markets by explicating the mechanisms that intermediaries and other financial actors could employ to foster greater corporate sustainability. (shrink)

There is an extensive body of literature detailing the forces behind and experiences of alienation in a modern capitalist world. However, social scientific interest in alienation had become parochial and balkanized by the 1970s. To reconstruct a unifying theory of alienation that addresses general features of capitalism, such as compulsory growth and commodification, and particular phases like financialized capitalism, we begin with the notion of futurelessness. Futurelessness refers to a deficient relationship to the future in which people’s senses of possibility (...) ossify, narrow, or dissipate. It may result from inclusion in and exclusion from capitalist mechanisms or processes. Moreover, processes of inclusion and exclusion may appear more voluntary or involuntary. With these general terms, we identify four manifestations of futurelessness in financial capitalism: commercial exhaustion, imaginative marginalization, therapeutic nowism, and pragmatic denialism. The conclusion addresses future-sustenance in an alienating world and the prospects of a more systemic and synthetic approach to alienation. (shrink)

BackgroundFinancial compensation of research participants has been standard practice for centuries, however, there is an ongoing debate among researchers and ethicists regarding the ethical nature of this practice. While these debates develop ethical arguments and theories, they fail to incorporate input from those most affected by financial compensation: potential research participants.MethodsTo identify attitudes surrounding clinical research, participants of a long-standing cohort completed a one-time interview. Open-ended questions stimulated a participant-driven discussion surrounding medical research. Following a grounded theory methodology, 58 (...) semistructured interview transcripts were coded, focusing on attitudes surrounding financial compensation of research participants.ResultsOf the interviews coded, the majority of participants identified as Black/African American and were women. Five major themes emerged. In support of financial compensation, participants felt that study participants should be compensated for time, effort and risk. However, participants were concerned that compensation may differentially impact low-income populations and entice them to hide potentially harmful side effects. Participants also mentioned that financial compensation may invalidate study results if participants knowingly provide false information to subvert inclusion/exclusion criteria.ConclusionThe emergence of both positive and negative themes reiterates the complicated issue of providing financial compensation for study participation. While compensation as a motivator for research participation raises ethical concerns, participants discussed weighing the benefits with the risks in order to make an informed decision. To avoid paternalistic behaviours, research staff must allow potential research participants to review the available information and make the decision that best reflects their wishes. (shrink)

Individuals with limited resources are often presumed to be vulnerable in research. Concerns include the possibility of impaired decision making, susceptibility to undue inducement, and risk of exploitation. Although each of these concerns should be considered by investigators and IRBs, none justifies categorical exclusion of individuals with limited resources.

This article explores some aspects of what has been termed ‘new contractualism’ in social policy, using the Norwegian policy on poverty and social exclusion as an empirical example. An important purpose is to identify how the move to new contractualism implies new modes of controlling behaviour and to explore the ethical legitimacy of this approach. Firstly, contractualism is seen in relation to some dominating discourses in Norwegian and European social policy over the last 20–30 years, emphasizing the importance of (...) economic considerations concerning the financial sustainability of the welfare state. Secondly, the article explores some implications of contractual modes of thought for balancing rights and duties in the welfare state, concluding that the principle of a welfare contract is a euphemism for a polity that basically imposes more obligations on the recipients of welfare services. Thirdly, it elaborates on the tension field between the possible democratic benefits of contractualism and more paternalistic consequences. Although relational contracts may enhance client-influenced service provision, paternal outcomes are likely, owing to the fact that such contracts are often used as instruments for behaviour-changing efforts (e.g. to create an economically active citizen). (shrink)

ABSTRACT: Biological prospecting is being undertaken in the Antarctic and, as novel material starts to yield significantly higher commercial rewards, the Antarctic Treaty Consultative Parties might decide to regulate it through the Antarctic Treaty System. This will be problematic since activities are already being undertaken, patents have been filed and products developed. Furthermore, there are differing perceptions of the status of the Antarctic, with some considering it global commons and others considering it the common heritage of mankind. These 2 doctrines (...) can be inferred from the rhetoric of the Treaty and its subsequent legal instruments through which human activities, including the use of resources, are managed. However, the Antarctic Treaty System does not support either in practice because activities such as fishing and bioprospecting already return an exclusive reward for effort, with no benefit-sharing arrangements. Under the Convention on the Conservation of Antarctic Marine Living Resources, the Parties determine allowable catches for a fishery based on scientific assessment, and this may discharge them from providing access and benefit-sharing arrangements to the international community potentially available through other international law (e.g. the Law of the Sea Convention or the Convention on Biological Diversity). The major turning point in Antarctica came when the Convention on the Regulation of Antarctic Mineral Resource Activities—which acknowledged the rights of the international community—failed to enter into force. Today the international community is rewarded with a relatively healthy Antarctic environment and free access to some scientific information, which are benefiting all mankind. But the international community does not get direct financial reward from Antarctic activities because access is constrained by law and by a lack of capacity. There is no mechanism for disbursing compensation to all mankind in any case, although the Antarctic Treaty Consultative Parties could certainly rectify this if they had the will to do so. So far they have not. (shrink)

It is generally assumed that common stock investors are exclusively interested in earning the highest level of future cash-flow for a given amount of risk. This view suggests that investors select a well-diversified portfolio of securities to achieve this goal. Accordingly, it is often assumed that investors are unwilling to pay a premium for corporate behavior which can be described as socially-responsible.Recently, this view has been under increasing attack. According to the Social Investment Forum, at least 538 institutional investors now (...) allocate funds using social screens or criteria. In addition, Alice Tepper Marlin, president of the New York-based Council on Economic Priorities has recently estimated that about $600 billion of invested funds are socially-screened (1992). (shrink)

The OpenNotes (ON) mandate in the 21st Century Cures Act requires that patients or their legally authorized representatives be able to access their medical information in their electronic medical record (EMR) in real time. Ethics notes fall under the domain of this policy. We argue that ethics notes are unique from other clinical documentation in a number of ways: they lack best-practice guidelines, are written in the context of common misconceptions surrounding the purpose of ethics consultation, and often answer questions (...) of a different nature than other documentation. Thus, we believe the clinical ethics community would benefit from clarification on when the withholding of ethics notes is justified. We provide recommendations for excluding information from ethics documentation based on the likelihood and magnitude of harm that may occur with particular disclosures and suggest approaches to decrease the potential harms that may occur. We define and explain six types of reasons to exclude information from ethics notes based on significant harms that are not addressed in the ON policy: (1) harmful revelations from a protected chart note; (2) negative emotional effects on patients or families; (3) the purpose of the consultation is undermined by harmful consequences; (4) avoidable negative impact on interpersonal dynamics; (5) inappropriate labeling or disclosure of medical, social, or financial information; and (6) inclusion of biasing or otherwise unfair information. We also suggest approaches to mitigate harm when excluding, including, reframing, or delaying release of information that is perceived to be relevant to an ethics case. Overall, we hope our analysis and recommendations will initiate a much-needed discussion about the impact of the ON mandate on clinical ethics documentation. (shrink)

Financial exclusion can be considered one of the important problems at the average level of socioeconomic development, which includes, among others, Poland. It consists in the presence of difficulties in accessing and/or using financial products and services on the main market that are suitable for the needs of individuals, and prevents them from leading a normal life in society. Due to its own characteristics and the trends in financial markets, this phenomenon is closely linked to the (...) issue of the digital divide. Accordingly, it can be seen that solutions leading to the reduction of the financial exclusion are based on tools using information technology innovations and modern technologies. One of the methods recognized as the most effective in this area is financial education, which is aimed largely at children and adolescents, which justifies additionally the choice of such tools. It was equally important to determine the extent to which modern instruments are preferred in comparison to traditional ones. The aim of this paper will be the analysis of the solutions based on modern technologies that are used in actions taken to prevent financial exclusion in selected EU countries, including Poland. The structure of the paper is as follows: the first part will present the problem of financial exclusion (identifying groups particularly at risk), then it will review methods of preventing and combating financial exclusion, with particular emphasis on modern ICT tools, and the final part will indicate the possible directions and barriers facing the solutions that may lead to a reduced level of financial exclusion of individuals. The method made use of indepth analysis of the literature and a review of existing solutions, which financial institutions provide on the Web. (shrink)

Discussion on financial ethics increasingly includes the problem of exclusion of the poorer segments of society from the financial system and access to credit. This paper explores the ethical dimensions surrounding the concept of a human right to credit. If access to credit is directly instrumental to economic development, poverty reduction and the improved welfare of all citizens, then one can proclaim, as Nobel Prize Laureate M. Yunus has done, that it is a moral necessity to establish (...) credit as a right. Arguments both supporting and opposing the concept of a right to credit are presented. While there may be general agreement that access to financial services may provide a pathway out of poverty, granting a universal right could induce perverse effects such as overindebtedness. Bearing in mind the ultimate goal of proponents of this right as well as the potential harmful consequences, this paper offers a new perspective on the question of access to credit based on a goal-right system. (shrink)

Microfinance is intended to combat the phenomenon of social and financial exclusion. We hope that the supportive political environment in the EU will meaningfully contribute to the betterment of this situation in Europe. The paper draws attention to the banking and non-banking institutions granting microloans which constitute the key element facilitating the creation and continued operation of firms. It is very important that microfinance is viewed as a weapon in the fight against poverty and inaccessibility of financial (...) services. (shrink)

Several researchers hold that the cohousing movement supports sustainability, but it remains economically restrictive. This condition challenges cohousing’s status as sustainable, considering that its financially exclusive nature fails to meaningfully address sustainability’s social dimension. Yet, it is doubtful that the cohousing movement set out to create this outcome. When we examine the historical conditions that pertain to multifamily housing, we discover a long-standing pattern of discrimination. For today’s cohousing communities, we see that they are dealing with the residual effects of (...) such prejudicial practices. Most of the unfair treatment comes from zoning and lending, but we also see that cohousing has internal challenges that complicate matters. Through employing an environmental justice framework, however, we can parse kinds of responsibility. If planners, financiers, and cohousing communities can remove these barriers, then cohousing can bolster efforts in urban sustainability. (shrink)

AbstractDespite the fact that people usually believe that individual health rights have an intrinsic value, they have, in fact, only extrinsic value. They are context dependent. While in normal conditions the current societies try to guarantee individual health rights, the challenge arises in emergency situations. Ones of them are pandemics including current covid-19 pandemic. Emergency situations challenge individual health rights due to insufficient medical resources and non-random criteria of selection of patients. However, there are some reasons to assume that societal (...) and technological processes in the near future will threaten permanently individual health rights in normal conditions. Such processes include progress in commonly available human enhancement technologies, and progress in robotics and automation. In this paper I show how individual health rights will be challenged in both scenarios including catastrophic events and future technological progress. In both cases, the idea of assisted dying is discussed as possibly the unique healthcare principle available for people whose individual health rights will be limited or canceled due to catastrophes or technological and financial exclusion. The special case of future space missions is also discussed as an example of an extreme environment affecting the way moral norms are viewed in health care ethics. (shrink)

This study explores entrepreneurship research in Vietnam, a lower-middle-income country in Southeast Asia that has witnessed rapid economic growth since the 1990s but has nonetheless been absent in the relevant Western-centric literature. Using an exclusively developed software, the study presents a structured dataset on entrepreneurship research in Vietnam from 2008 to 2018, highlighting: low research output, low creativity level, inattention to entrepreneurship theories, and instead, a focus on practical business matters. The scholarship remains limited due to the detachment between the (...) academic and entrepreneur communities. More important are the findings that Vietnamese research on entrepreneurship, still in its infancy, diverges significantly from those in developed and emerging economies in terms of their content and methods. These studies are contextualized to a large extent to reflect the concerns of a developing economy still burdened by the high financial and nonfinancial costs. (shrink)

The recent global financial crisis raises pressing issues that are not exclusively economic. The health of the economy, Kevin T. Jackson contends, reflects the moral health of the wider culture: ethics must be considered along with economics to understand world markets, especially now that globalization and other forces have increasingly complicated the regulation of transnational corporate conduct. Virtuosity in Business calls on businesspeople and ethicists to expand their thinking by stressing the profound relevance of philosophy to business and economics. (...) Virtuosity in Business shows that ethics has been the overriding problem for business and that it is the only enduring solution. Drawing on a variety of philosophical sources, including Aristotle, Thomas Aquinas, and Jean-Paul Sartre, Jackson applies the concept of virtue to the competitive realm of the marketplace. Virtuosity, in all realms of human endeavor, is not merely a display of technical skill or adherence to conventional norms. The invisible law of virtuosity, which discourages misconduct and rewards good corporate citizenship, guides ethical firms and wise entrepreneurs toward greater success by playing a constructive part in the human enterprise. A pioneering work in the contemporary philosophy of business, Virtuosity in Business revivifies business ethics to address concerns arising from the global financial crisis, such as restoration of faith in the market, respect for human rights, and environmental sustainability. (shrink)

The luxury-versus-necessity controversy is primarily concerned with the importance of civil and political rights vis-à-vis economic and social rights. The viewpoint of political leaders of many developing and newly industrialized countries, especially China, Singapore, Hong Kong, Malaysia and Indonesia is that civil and political rights are luxuries that only rich nations can afford. The United Nations, transnational civil society and the Western advanced countries oppose this viewpoint on normative and empirical grounds. While this controversy is far from over, new challenges (...) of “evidence” and “marketization” are emerging. The first calls for a narrative on the history of civil and political rights in the West in the comparative context of the Industrial Revolution and the East Asian Miracle and China’s economic growth. The effects of the recent financial crisis and insulation of China from the Arab Spring further deepen this challenge. The marketization challenge looks at this controversy from the social exclusion angle. It argues that the basic needs covered by the minimum human rights agenda are becoming luxuries in a real sense for those who do not have the power to purchase these needs from the market. (shrink)

In _Critique of Black Reason_ eminent critic Achille Mbembe offers a capacious genealogy of the category of Blackness—from the Atlantic slave trade to the present—to critically reevaluate history, racism, and the future of humanity. Mbembe teases out the intellectual consequences of the reality that Europe is no longer the world's center of gravity while mapping the relations among colonialism, slavery, and contemporary financial and extractive capital. Tracing the conjunction of Blackness with the biological fiction of race, he theorizes Black (...) reason as the collection of discourses and practices that equated Blackness with the nonhuman in order to uphold forms of oppression. Mbembe powerfully argues that this equation of Blackness with the nonhuman will serve as the template for all new forms of exclusion. With _Critique of Black Reason_, Mbembe offers nothing less than a map of the world as it has been constituted through colonialism and racial thinking while providing the first glimpses of a more just future. (shrink)

In this paper, we analyse the most important documents establishing the criteria for the treatment and exclusion of COVID-19 patients, especially in regard to the giving of respiratory support, in Italy and Spain. These documents reflect a tension that stems from limited healthcare resources which are insufficient to save lives that, under normal conditions, could have been saved, or at least could have received the best possible treatment. First, we analyse the healthcare systems of these two countries before the (...) spread of the virus, both of which have seen decreases in the number of intensive care beds and have been marked by financial cuts during the last ten years. It is a fact that a greater number of people, especially those over 70 years of age, have been left without respiratory support treatment, and therefore, there have been a greater number of deaths. It is also a fact that there has been a higher infection rate among healthcare professionals due to the delay in the management of protective measures and the inability to provide adequate care for those in nursing homes, as recognised by WHO. In the context of this health emergency, healthcare professionals have suffered a real ‘moral distress’ because, knowing first-hand the causes of the limitation of resources, they have had to put triage protocols into practice. Finally, we set forth a series of concrete ethical proposals with which to face the successive waves of COVID-19 infection, as well as other future pandemics. (shrink)

The fall of the Berlin wall was seen by many as the final triumph of liberal democracy over communism. But now, in the wake of the great financial crisis of 2008 and its aftermath, things look a little different. New questions are arising about capitalism and democracy, new social movements are challenging established institutions and new political possibilities are emerging. Is democracy an inevitable hostage of capitalism, or can it reinvent itself to meet the challenge of globalization? In an (...) exclusive, previously unpublished dialogue, Alain Badiou, a key figure of the radical left and a leading advocate of the communist idea, and Marcel Gauchet, a major exponent of anti-totalitarianism and a champion of liberal democracy, confront one another. Together, they take stock of history, interrogate one another s views and defend their respective projects: on the one side, the revival of the communist hypothesis, and on the other, the radical reform of a contested democratic model. (shrink)

Notwithstanding the opportunities it provides, the implementation of some measures of the EU Common Agricultural Policy (EU CAP), including agri-environment-climate measures (AECMs), also generates threats. The study identifies an extremely disturbing process that can be referred to as “internal neo-colonialism”, which has been driven by the technocratic agrarian policy of the EU and transformations in Poland at the turn of the twenty-first century. The associated disadvantageous practices mainly affect areas under threat of marginalisation and peripheralisation, including Poland with its post-Socialist (...) heritage, which has shaped the attitudes and behaviour of society and has consolidated linkages between politics and business. In order to retrace such activities, the study analyses EU funds granted in support of farmers implementing AECMs, with a focus on analysing the place of residence of the “farmer” and the location of the farm. As the research shows, the attractiveness of CAP support causes Polish agriculture and Poland’s countryside, including its natural and financial resources, to be drained by so-called “suitcase farmers”, i.e. people/entities not tied to the place where the agricultural activity is pursued, many of whom live in cities. One common practice is to take over land located in legally protected areas noted for their high quality of natural environment. Not only does the practice of land grabbing strengthen the social exclusion of rural communities and the peripheralisation and pauperisation of these areas, but it also hinders discussion about environmental justice and the ecological integrity of rural areas. (shrink)

In the pages of this journal, a fruitful debate has evolved on the ethical legitimacy of fractional-reserve banking. In this article, we respond to the new arguments raised by Evans as we clarify our position on the unethical and illegitimate nature of fractional-reserve banking. Fractional-reserve banking is not a recent financial innovation but represents a long-standing legal aberration. The co-mingling of two mutually exclusive financial contracts, deposit and loan, confounds the contracting parties’ purposes, intents, rights, and obligations. As (...) a result, it creates unsolvable legal difficulties and ethical dilemmas. While these problems are most evident in the case of a bank run, they also arise when trying to answer the simple question of “who owns a deposit?”. (shrink)

Socially responsible business and ethical behaviour of companies have been of interest to academia and practice for decades. But the focus has almost exclusively been on large corporations while small- and medium-sized enterprises (SME) have not received as much attention. Thus, this paper focuses on socially responsible business practices of SME entrepreneurs or owner–managers in Germany. Based on the assumption that decision-makers in SMEs are the central point where all business activities start, members of a German entrepreneurs association were approached (...) in the course of a qualitative and quantitative survey. They were asked to assess in what way their social responsibility is expressed in specific management practices towards selected stakeholder groups. These practices in turn were assumed to result in perceived positive reactions of the respective stakeholders and subsequently to positively influence the firm's financial performance, i.e. cost reductions and increase in profits. In the paper, a research model is presented that elaborates the relationship between an SME executive's social responsibility and the value creation of a firm, i.e. whether (personal) values create (economic) value. It was found that socially responsible management practices towards employees, customers and to a lesser extent society have a positive impact on the firm and its performance. As such, values can create additional value. (shrink)

Socially responsible business and ethical behaviour of companies have been of interest to academia and practice for decades. But the focus has almost exclusively been on large corporations while small- and medium-sized enterprises (SME) have not received as much attention. Thus, this paper focuses on socially responsible business practices of SME entrepreneurs or owner–managers in Germany. Based on the assumption that decision-makers in SMEs are the central point where all business activities start, members of a German entrepreneurs association were approached (...) in the course of a qualitative and quantitative survey. They were asked to assess in what way their social responsibility is expressed in specific management practices towards selected stakeholder groups. These practices in turn were assumed to result in perceived positive reactions of the respective stakeholders and subsequently to positively influence the firm's financial performance, i.e. cost reductions and increase in profits. In the paper, a research model is presented that elaborates the relationship between an SME executive's social responsibility and the value creation of a firm, i.e. whether (personal) values create (economic) value. It was found that socially responsible management practices towards employees, customers and to a lesser extent society have a positive impact on the firm and its performance. As such, values can create additional value. (shrink)

The social banking market constitutes a small but rapidly growing submarket of the global banking sector. Due to an explicit commitment to sustainability, social banking is a segment of banking services which is not exclusively focused on economic performance criteria, but pursues ecological and social goal dimensions on an equal footing. Information on the number and reachability of potential social banking customers is essential for social banks to further promote sustainable consumption in finance. In scientific research, social banking is considered (...) a relatively new field, still lacking empirical analyses regarding the market size and specific consumer behaviour. This study addresses the research gap by generating first insights into the German social banking market. Based on an online survey using an adaptive conjoint analysis, a large data set covering 3537 respondents was compiled. Sample 1 comprises 2896 respondents who are customers of three major social banks in Germany. Sample 2 covers the remaining 641 respondents who represent the German adult population and exclusively buy from conventional banks. Logistic regression modelling reveals that social banking customers differ significantly from their conventional counterparts regarding several socio-demographic, behavioural and psychographic factors. In comparison with conventional banking customers, social banking customers tend to be younger, higher educated and located in larger places of residence. Contrary to existing research on socially responsible investors, they are male to a higher proportion than female. Moreover, social banking customers demonstrate stronger sustainable buying patterns and weaker preferences for financial, but stronger preferences for social return than conventional banking customers. The results further indicate a considerable untapped growth potential for social banks by uncovering a market size ranging between 10 and 26% of the German adult population. Finally, suggestions for marketing strategies and future research are given. (shrink)

Conflict of interests in medicine are typically taken to be financial in nature: it is often assumed that a COI occurs when a healthcare practitioner’s financial interest conflicts with patients’ interests, public health interests, or professional obligations more generally. Even when non-financial COIs are acknowledged, ethical concerns are almost exclusively reserved for financial COIs. However, the notion of “interests” cannot be reduced to its financial component. Individuals in general, and medical professionals in particular, have different (...) types of interests, many of which are non-financial in nature but can still conflict with professional obligations. The debate about healthcare delivery has largely overlooked this broader notion of interests. Here, we will focus on health practitioners’ moral or religious values as particular types of personal interests involved in healthcare delivery that can generate COIs and on conscientious objection in healthcare as the expression of a particular type of COI. We argue that, in the healthcare context, the COIs generated by interests of conscience can be as ethically problematic, and therefore should be treated in the same way, as financial COIs. (shrink)

This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher (...) risk than the respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)

This study explores corporate social responsibility (CSR) by conducting a cross-cultural analysis of communication of CSR activities in a total of 16 U.S. and European corporations. Drawing on previous research contrasting two major approaches to CSR initiatives, it was proposed that U.S. companies would tend to communicate about and justify CSR using economic or bottom-line terms and arguments whereas European companies would rely more heavily on language or theories of citizenship, corporate accountability, or moral commitment. Results supported this expectation of (...) difference, with some modification. Specifically, results indicated that EU companies do not value sustainability to the exclusion of financial elements, but instead project sustainability commitments in addition to financial commitments. Further, U.S.-based companies focused more heavily on financial justifications whereas EU-based companies incorporated both financial and sustainability elements in justifying their CSR activities. In addition, wide variance was found in both the prevalence and use of specific CSR-related terminology. Cross-cultural distinctions in this use create implications with regard to measurability and evidence of both strategic and bottom-line impact. Directions for further research are discussed. (shrink)

This study argues against the expansive approach to the WHO reform, according to which to be a better global health leader, WHO should do more, be given more power and financial resources, have more operational capacities, and have more teeth by introducing more coercive monitoring and compliance mechanisms to its IHR. The expansive approach is a political problem, whose root cause lies in ethics: WHO’s political overambition is grounded on WHO’s lack of conceptual clarity on what good leadership means (...) and what health (as a human right) means. This study presents this ethical analysis by putting forth an alternative: the humble approach to the WHO reform. It argues that to be a better leader, WHO should do much less and have a much narrower mandate. More specifically, WHO should focus exclusively on coordination efforts, by ensuring truthful, evidence-based, consistent, and timely shared communications regarding PHEIC among WHO member-states and other global health stakeholders, if the organization desires to be a real global health leader whose authority the international community respects and whose guidance people trust. (shrink)

The rise of blockchain as a techno-solution in the development sector underscores the critical imbalances of data power under ‘computational capitalism’. This article will consider the political economy of techno-solutionist and blockchain discourses in the developing world, using as its object of study blockchain projects in Pacific Island nations. Backed by US State Department soft power initiatives such as Tech Camp, these projects inculcate tech-driven notions of economic and political development, or ICT4D, while opening up new terrains for data accumulation (...) and platform control. Blockchain developers in search of proof of concept have found the development sector a fecund space for tech experimentation as they leverage a desire for tech-development and exploit regulatory weakness. The material implications of blockchain projects and discourse have been to create governance solutions which bypass the developing world state as a largely corrupting intermediary. In the Pacific, this has meant blockchain supply-chain management systems, proprietary financial innovation in humanitarian relief and an Asian Development Bank project to manage indigenous Fijian lands exclusively on the blockchain. In all these instances, discourses of solutionism, innovation and data empowerment have been deployed in aid of blockchain cartographies of control. (shrink)

Purpose This study aims to endeavor to explore the extent of gender digital divide in Uttar Pradesh, a most populous state of India, with a particular focus on the first and second order of digital divide, including availability, access time and use of the internet. Design/methodology/approach The authors have adopted stratified multistage sampling procedure for this research and conducted an empirical study on the data set of 600 respondents of six districts of U.P. to perform the inter-regional analysis. Furthermore, χ2 (...) method has been used to reveal the factors responsible for the GDD among selected districts of UP. Findings Statistical results clearly indicate that out of 12 sub-districts, most of the districts suffered from first order as well as second order of GDD, and this gender disparity within an increasing digitization environment is due to the existence of exclusion from basic technological skills, social norms and financial constraints. Practical implications The results have implications for the U.P. Government in general and policymakers behind digitization projects in particular as well as the promoters of gender equality including researchers and fellows. Originality/value This study is the first to illustrate the orders of the digital gender gap in a developing economy such as India and to gain an insight into the factors behind it. This research will also consider a promising avenue for future work. (shrink)

The primary theme of this paper is the normative case against ownership of one's genetic information along with the source of that information (usually human tissues samples). The argument presented here against such “upstream” property rights is based primarily on utilitarian grounds. This issue has new salience thanks to the Human Genome Project and “bio-prospecting” initiatives based on the aggregation of genetic information, such as the one being managed by deCODE Genetics in Iceland. The rationale for ownership is twofold: ownership (...) will protect the basic human rights of privacy and autonomy and it will enable the data subjects to share in the tangible benefits of the genetic research. Proponents of this viewpoint often cite the principle of genetic exceptionalism, which asserts that genetic information needs a higher level of protection than other kinds of personal information such as financial data. We argue, however, that the recognition of such ownership rights would lead to inefficiency along with the disutility of genetic discoveries. Biomedical research will be hampered if property rights in genes and genetic material are too extensive. We contend that other mechanisms such as informed consent and strict confidentiality rules can accomplish the same result as a property right without the liabilities of an exclusive entitlement. (shrink)

This paper divides firms in the Standard and Poor’s 500 (S&P 500) into two groups based on inclusion in or exclusion from the Domini Social Index (DSI). Inclusion in the DSI is interpreted as a positive indicator of ethical status. Using data for the 1992–2003 period, I provide evidence that chief executive officer (CEO) compensation, other executive compensation, and director compensation tend to be lower in DSI firms than in other firms in the S&P 500. This applies to the (...) unconditional group averages (and medians) and is particularly striking given that DSI firms as a group had better financial performance than the other firms. This finding is also true in a regression framework that controls for other influences on compensation, including firm size and financial performance. In a regression context, the estimated discount for CEOs of DSI firms is approximately 12% for both current compensation (salary and bonuses) and total compensation (including the value of options). These results are consistent with the expectation that some senior executives require a “compensating differential” to accept positions in firms with less attractive ethical status. It is also consistent with the expectation that some firms with positive ethical status might use more restraint in setting executive compensation. (shrink)

Theories of threats and offers can blind us to some wrongs even as they illuminate others. Spouses sometimes negotiate divorce settlements by proposing to litigate custody unless given financial concessions. Supported by theories that rely exclusively on rights, courts often uphold these settlements saying things like "[s]imply insisting upon ... what one believes to be his legal rights is not coercive." I suggest a means of distinguishing (divorcing) threats from offers that explains why it is sometimes coercive to insist (...) on one's rights in negotiations. (shrink)