This article uses data from the 2020 TIAA Institute-GFLEC Personal Finance Index to show that many American families were financially fragile well before the COVID-19 pandemic hit the U.S. economy. Financial fragility is particularly severe among specific demographic groups, such as African-Americans and those with low income. The article also shows that financial fragility is strongly linked to financial literacy and that many Americans are ill-equipped to deal with the financial decisions needed to navigate (...) through a financial crisis. Suggestions are provided to deal with personal finance decisions in times of emergency. (shrink)

ABSTRACTThe inherent complexity of modern financial systems, and their basis in human behavior, make it hard to establish unequivocally the “who, what, where, when, and why” of the global financial crisis. However, after almost a decade, we know enough to discard much of what has, in the meantime, become folk wisdom about the causes of the debacle, including Wall Street bonus culture, bankers’ greed, the moral hazard of “too big to fail,” government intervention and deregulation. While each of (...) these factors may have played some role, the crisis can be much more accurately described as one of ignorance than malevolence. The common thread tying the emergence of the bubble to the disastrous consequences of its bursting is the misunderstanding of correlation and causation links in three key domains: economic policy, financial modeling, and the regulatory framework. These misunderstandings helped fuel the housing bubble and introduced fragility into the system, making it vulnerable to the bubble’s subsequent, unavoidable burst. (shrink)

The early warning of financial risk is to identify and analyze existing financial risk factors, determine the possibility and severity of occurring risks, and provide scientific basis for risk prevention and management. The fragility of financial system and the destructiveness of financial crisis make it extremely important to build a good financial risk early-warning mechanism. The main idea of the K-means clustering algorithm is to gradually optimize clustering results and constantly redistribute target dataset to (...) each clustering center to obtain optimal solution; its biggest advantage lies in its simplicity, speed, and objectivity, being widely used in many research fields such as data processing, image recognition, market analysis, and risk evaluation. On the basis of summarizing and analyzing previous research works, this paper expounded the current research status and significance of financial risk early-warning, elaborated the development background, current status and future challenges of the K-means clustering algorithm, introduced the related works of similarity measure and item clustering, proposed a financial risk indicator system based on the K-means clustering algorithm, performed indicator selection and data processing, constructed a financial risk early-warning model based on the K-means clustering algorithm, conducted the classification of financial risk types and optimization of financial risk control, and finally carried out an empirical experiments and its result analysis. The study results show that the K-means clustering method can effectively avoid the subjective negative impact caused by artificial division thresholds, continuously optimize the prediction process of financial risk and redistribute target dataset to each cluster center for obtaining optimized solution, so the algorithm can more accurately and objectively distinguish the state interval of different financial risks, determine risk occurrence possibility and its severity, and provide a scientific basis for risk prevention and management. The study results of this paper provide a reference for further researches on financial risk early-warning based on K-means clustering algorithm. (shrink)

Grounded in a will to adapt to dangers, and espouse both responsibility and resilience, voluntary measures have largely replaced one of the oldest public health strategies, quarantine. The Covid-19 pandemic, however, elicited a broad sweep of tactics from the archive of public health armoury. On a general level, this review essay addresses the common measures rolled out by various authorities against the pandemic - the lock-downs, reopening process, financial support and vaccination. By relating these measures to 1) the “plague-stricken (...) town”, deployed during the seventeenth and eighteenth centuries in Europe by the Polizeistaat; 2) the “self-regulation strategy” that emerged with liberal ideas at the end of the eighteenth century; and 3) the “minimum security” programmed by neoliberal governmentality in the second half of the twentieth century, it is suggested that tensions between freedom and security during, and after, the pandemic can be better understood. To end, the essay noticed that the pandemic has enforced tensions in the administration and calibration of individual wishes and collective wellbeing, creating a fragile “freedom-security relationship” and new problem space for self-regulation. (shrink)

This study explains risk transfer, associated with debt-basedfinancing, as the main cause of financial crises in the world. It presents the casefor a financial architecture based on risk sharing that, in turn, is likely to makethe financial system less fragile and more stable. This study also highlights thesignificance of Islamic finance in this regard.

Since the Brexit-vote and the election of a far-right businessman as President of the United States, the social sciences have been struggling to explain the societal conditions that nourish the increasing appeal of far-right parties and leaders in the Western world. The article’s main thesis is that the currently leading sociological paradigm, the theory of globalization losers, is not sufficient to understand the social dynamics in question. Starting from a discussion of the recent work of German sociologist Wilhelm Heitmeyer, it (...) is argued that the best insight in far-right voter’s motivations and emotions can be found in the work of Margaret Canovan. The article shows further that a sociological investigation into the socio-psychological dynamics of the rise of the far-right should take into account broader cultural transformations that have been weakening the social world of Western democracies in the past 30 years, namely individualization, acceleration and demographic decline. In times of crisis (the ‘modernization’ of Eastern Europe and the financial crisis of 2007), these transformations become manifest as a general crisis of advanced capitalism. (shrink)

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

This article reflects on the increasing roles of faith-based organisations (FBOs) and individual followers in the provision of health services in Zimbabwe within the context of declining capabilities of state-funded and state-owned health facilities. In colonial and post-colonial Africa in general and Zimbabwe in particular, FBOs have consistently contributed to the provision of public services and social security. We contend that state fragilities in the Zimbabwean political landscape result in severe public service delivery deficits that are often filled by FBOs (...) and individual followers. The implications for FBOs and individual followers are twofold. Firstly, the increased involvement of FBOs in the production and provision of public services such as education and health services afford FBOs with opportunities and spaces to evangelise. Secondly, and on the downward side, the provision of health services can often be expensive and diverts attention from the core business of these religious organisations. The article reveals that in the context of economic and governance crises, FBOs play an increasingly momentous role in providing health care services in Zimbabwe. The article focuses on Zimbabwe during the crisis periods of 2007–2009 and 2018 up to the current (2022) socio-economic and political declines, poor governance, and the subsequent fragilities in the state.Contribution: Faith-based organisations assume increasing roles in the provision of health services in place of failing states. Those increased roles provide FBOs opportunities to evangelise. However, FBOs are not a sustainable replacement because they become afflicted with the same financial challenges that bedevil the state. (shrink)

The Asian financial crisis, which devastated many of the newly industrializing countries, is said to have demonstrated the inherent fragility of economies built upon laissez‐faire principles. However, it appears that the major sources of disruption have come from policies that deviate from laissez faire, such as government‐guaranteed bailouts and international monetary policy. That capitalist economies were afflicted by the crisis does not constitute an indictment of free markets.

In the wake of the 2008 global financial crisis, an important conceptual battleground for democratic theorists ought to be, it would seem, the capitalist firm. We are now painfully aware that the typical model of government in so-called investor-owned companies remains profoundly oligarchic, hierarchical, and unequal. Renewing with the literature of the 1970s and 1980s on workplace democracy, a few political theorists have started to advocate democratic reforms of the workplace by relying on an analogy between firm and state. (...) To the extent that a firm is an organization comparable to the state, it too ought to be ruled along democratic lines. Our paper tests the robustness of the analogy between firm and state by considering six major objections to it: the objection from a difference in ends, the objection from shareholders’ property rights, the objection from worker’s consent, the objection from workers’ exit opportunities, the objection from workers’ expertise, and the objection from the fragility of firms. We find all of these objections wanting. While the paper does not ambition to settle the issue of workplace democracy at once, our goal is to pave the way for a more in-depth study of the ways in which firms and states can be compared and the possible implications this may have for our understanding of the nature of managerial authority and the governance of firms. (shrink)

The economic crash of 2008 demonstrated the fragility of financial systems throughout the world; COVID-19, as the first pandemic in over a century to wreak global havoc, has demonstrated the fragility of healthcare systems. At the time of writing, the virus has been with us for a little over a year, and concerted vaccination efforts have begun. At the same time, several variants (some significantly more infectious than others) of SARS-CoV2, the virus that causes COVID-19, have emerged (...) in different countries, sparking a new wave of border closures and local lockdowns, and a new wave of debates over the right way for governments and individuals alike to respond to the pandemic. The response of governments around the world has been far from synchronised over the last year, but almost without exception, they have made significant efforts to reduce the public health impact of the pandemic – overall, the preservation of life and health has been prioritised at the cost of material and financial goods and other widely used metrics of socio-political success. In this chapter, I suggest that a taking a care ethics perspective allows us to elucidate the important place of caring duties and caring relationships in ethical evaluation of pandemic management strategies. Government action and public attitudes alike demonstrate that care – concern for the wellbeing of others – has had significant normative force in motivating decision-making and shaping ethical responses to COVID-19. (shrink)

Listening and responding to patients’ stories for over 20 years as an emergency physician has strengthened my appreciation for the many ways that the skills and principles drawn from writing fiction double as necessary clinical skills. The best medicine doesn’t work on the wrong story, and the stories patients tell sometimes feel like first drafts—vital and fragile works-in-progress. Increasingly complex health challenges compounded by social, financial, and psychological burdens make for stories that are difficult to articulate and comprehend. In (...) this essay, I argue that healthcare providers need to think like creative writers and the skills and sensitivities necessary to story construction deserve a vital space in medical education. A thorough understanding of story anatomy and the imaginative flexibility to work stories into open spaces serve as antidotes to the reductive nature of clinical decision making and have implications as patient safety and risk management strategies. The examples that I have selected demonstrate how thinking like a creative writer functions at the bedside, providing tools for clinical excellence and empathy. This approach asks that we re-imagine the importance of story in clinical care: from a vehicle to a diagnosis to its place as a critical destination. (shrink)

This study examines the conditions under which local social environments are likely to influence corporate tax behavior. Using a social capital index at the county level, we find that on average, social capital reduces firms’ aggressive tax avoidance behavior. The impact of social capital on corporate tax avoidance is weaker when managers are under excessive pressure to meet earnings targets, during the periods of financial constraints, and when managers are incentivized to undertake risk. We further find that corporate tax (...) avoidance activities engaged by firms headquartered in high-social-capital counties tend to be less value-increasing, indicating that potential social sanctions in these areas may reduce the benefits of tax avoidance activities accrue to firms. However, the negative impact of tax avoidance on firm value in high-social-capital counties tends to be lower for firms with strong corporate governance, which suggests that managers in well-governed firms can better exploit tax avoidance opportunities. Overall, our evidence is consistent with our conjecture that although the local social environments have a significant influence on corporate tax behavior, this influence is fragile in the presence of excessive earnings pressure, financial constraints, and equity risk incentives. (shrink)

In his essay ‘The Idea of Europe’ George Steiner claims that European culture derives from “a primordial duality, the twofold inheritance of Athens and Jerusalem.” For Steiner, the relationship between Greek rationalism and Jewish religion, which is at once conflictual and syncretic, has engaged the entire history of European philosophy, morality, and politics. However, given this definition, at present the United States of America seem to be more European than ‘the old Europe’ itself. Against Steiner, it will be argued that (...) in order to fathom the distinctive characteristic of European culture, we have to take a third European tradition into account, which is inextricably bound up with Athens: the tradition of Greek tragedy. If we may call Europe a tragic continent, it is not only because its history is characterised by an abundance of real political tragedies, but also because it embodies, as an idea and an ideal, a tragic awareness of the fragility of human life. Instead of reducing the ‘idea of Europe’ to a financial and economic issue, Europe should remain faithful to this idea and ideal. (shrink)

Due to COVID-19, the fragile economy, travel restrictions, and generalized anxieties, the concept of antibodies as a “declaration of immunity” or “passport” is sweeping the world. Numerous scientific and ethical issues confound the concept of an antibody passport; nonetheless, antibodies can be seen as a potential currency to allow movement of people and resuscitation of global economics. Just as financial currency can be forged, so too is the potential for fraudulent antibody passports. This paper explores matters of science, ethics, (...) and identity theft, as well as the problems of bias and discrimination that could promulgate a world of pandemic “golden passports.”. (shrink)

Employee motivation is very important for a successful organization, so any company should focus on motivating human resources if they want to stay competitive on the market and to avoid issues, such as employee retention problems that will adversely affect the business. Thus, effective motivational techniques should be implemented in any company that wants to be successful. Following the implementation of motivation methods adapted to the organization's environment and its type of employees, the satisfaction of workers will increase, and they (...) will feel more motivated to perform at the highest standards. Studies have shown that motivating factors, such as success at work, recognition, diversification of responsibilities and career advancement, play an important role in motivating employees at work. It is important to strike a fragile balance between the level of challenges that the job brings and the resources made available to the employee. Packages that combine financial and non-monetary motivation, with coaching and mentoring activities, investing in employee development, as well as the flexibility of the work schedule, are major components of stimulating work motivation. (shrink)

With fundamentalists dominating the headlines and scientists arguing about the biological and neurological basis of faith, religion is the topic of the day. But religion, Mark C. Taylor shows, is more complicated than either its defenders or critics think and, indeed, is much more influential than any of us realize. Our world, Taylor maintains, is shaped by religion even when it is least obvious. Faith and value, he insists, are unavoidable and inextricably interrelated for believers and nonbelievers alike. Using scientific (...) theories of dynamical systems and complex adaptive networks for cultural and theological analysis, After God redefines religion for our contemporary age. Taylor begins by asking a critical question: What is religion? He then proceeds to explain how Protestant ideas in particular undergird the character and structure of our global information society—the Reformation, Taylor argues, was an information and communications revolution that effectively prepared the way for the media revolution at the end of the twentieth century. Taylor’s breathtaking account of religious ideas allows us to understand for the first time that contemporary notions of atheism and the secular are already implicit in classical Christology and Trinitarian theology. Weaving together theoretical analysis and historical interpretation, Taylor demonstrates the codependence and coevolution of traditional religious beliefs and practices with modern literature, art, architecture, information technologies, media, financial markets, and theoretical biology. After God concludes with prescriptions for new ways of thinking and acting. If we are to negotiate the perils of the twenty-first century, Taylor contends, we must refigure the symbolic networks that inform our policies and guide our actions. A religion without God creates the possibility of an ethics without absolutes that leads to the promotion of creativity and life in an ever more fragile world. The first comprehensive theology of culture since the pioneering work of Paul Tillich, After God is a radical reconceptualization of religion and Taylor’s most pathbreaking work yet, bringing together various strands of theological argument and cultural analysis four decades in the making. (shrink)

Research in the Unites States concerning the relative access of women and men to financial resources has focused on the influence of women's increasing market work but has largely overlooked the also critical issue of what happens to money after it enters couple households. To fill this gap, this article employs a typology of household allocative systems developed in Great Britain to analyze money management and control in a sample of U.S. couples drawn from the Fragile Families and Child (...) Wellbeing Study. I find that the use of these systems varies substantially across socioeconomic, racial, ethnic, and relationship status groups, as well as by partners' relative household contributions. The patterns suggest that many women, already disadvantaged in earnings, either absolutely or relative to their partners, are in couples in which men's control over or withholding of income may reproduce or exacerbate their earnings disadvantage. (shrink)

Nearly one in every 100 adults in the United States is in jail or prison today. In a period dominated by calls to roll back the government in all areas of social and economic policy, we have witnessed its massive expansion in the realm of penal policy since the 1970s. The U.S. incarceration rate is now more than 737 per 100,000 people, or five to 12 times the rate of Western European countries and Japan . The reach of the U.S. (...) carceral state extends far beyond the 2.2 million men and women currently in prison or jail in the United States. On any given day, over 7 million people__or 1 in every 32 adults__are incarcerated or on probation or parole . This rate of state supervision is unparalleled in U.S. history.These overall figures on incarceration belie the enormous and disproportionate impact that this bold and unprecedented social experiment has had on certain groups in U.S. society. If current trends continue, one in three black men and one in six Hispanic men are expected to spend some time in jail or prison during their lives . The number of incarcerated African_American men has grown so rapidly over the past quarter_century that today more black men are behind bars than enrolled in colleges and universities .[1]Some contend that growing public dismay over the crushing economic burden of incarcerating and monitoring so many people heralds the beginning of the end of the prison boom . As evidence, they point to recent penal developments in the states. Severe budget deficits prompted by the 2001 recession forced some states to close prisons and lay off guards. Dozens of states experimented with new sentencing formulas, mostly directed at nonviolent offenders.[2] Fiscally conservative Republicans previously known for being penal hard_liners championed some of these recent relaxations in penal policy. This fueled speculation that law_and_order Republicans, troubled by mounting costs, are well poised to roll back the carceral state, much as red_baiter Richard Nixon was ideally situated to breach the great political wall with China.We should be cautious, however, about assuming that fiscal pressures and the recent softening of public opinion sparked by the plummeting crime rate over the past decade will automatically forge a durable consensus that will dismantle the carceral state.[3] It was mistakenly assumed three decades ago that shared disillusionment on the right and the left with the rehabilitative ideal would shrink the prison population. Instead, it exploded. Criminal justice policies often confound conventional distinctions between left and right, particularly on issues related to crime victims. The relationship between political leaders, social movements, interest groups, and governing institutions is highly contingent and volatile in the case of penal policy because the left_right divide is more blurred and because of certain institutional features of the U.S. criminal justice system and welfare state.[4]While economic arguments against the carceral state are important and compelling, they have their limitations. If properly pitched, they can help forge a consensus to reverse the prison boom. But they can also be used to propel mean_spirited budget cuts that do not significantly reduce the size of the prison population__or save much money__ but do render life in prison and life after prison leaner and meaner. Criminal justice reform to reverse the prison boom is a highly fragile project that cannot be underwritten primarily by fiscal concerns. Without some broader vision and movement for change, the U.S. carceral state, trimmed down a little by a few modest sentencing and drug law reforms, will be here to stay. Such a movement is beginning to coalesce in the United States. Opponents have begun to portray the carceral state not only as a financial liability but also as a moral liability and a pressing civil and human rights issue that perverts cherished democratic institutions, like the right to vote. They have also begun to focus public attention on how the prison boom has exacerbated economic and social inequalities and is a growing menace to public health. (shrink)

This study was conducted during 111 days of coronavirus disease 2019 lockdown and reviewed current media articles that revealed government bodies and institutions have come to view people not as priceless treasures, but in terms of the money they can generate and the economic value they may give to a nation. This view was contrasted with the historic Christian concept of inherent royalty and value that is intrinsic to all people, and embodied in monarchs and bishops. This study focuses on (...) a review of historical literature and biblical texts around monarchy and the episcopacy in light of current media articles related to COVID-19. It found that politics and policy need to be grounded into the more fundamental aspects of our human condition and that it is the compassion and care people have for those who are more fragile: be it financially, physically, mentally or spiritually, that bishops and monarchs should be embodying in a time of COVID-19.Contribution: This study drew its key insights from contested historical thoughts on the role of monarchs and bishops. The results of this line of thinking challenge us as we consider the future function and role of these positions, and what they mean in times of crises. The key insight gained is the reminder that the lives of all people in our communities are important as each person holds an intrinsic value that cannot be traded for the sake of a country’s economy and business desires to turn a profit during the COVID-19 pandemic. (shrink)

We are living in a world which is severely crisis-ridden and faces some major challenges. The fact that we are currently facing a genuine global pandemic brings about even more uncertainty. The social and political institutions, which emerged and consolidated during the 20th century, and which created stability, have become fragile. The young generation born in the 1990s and onwards have experienced 9/11 and the ‘war against terrorism’, the financial crisis of 2008, changes to climate, environmental degradation, and most (...) recently the COVID-19 pandemic. The generation born between 1960 and 1990 have had the same experiences along with severe economic crises in the 1970s and 1980s and the Cold War. Some of these challenges are in different ways intertwined with capitalism and its crises, while others are linked to the rapid development of new technologies, in particular innovations within communication and information technologies. This introduction lists the most important grand challenges facing the world as they have emerged more recently. The five articles following this introduction address some of these challenges, with particular attention to the problems of capitalism and democracy and the relation between these two areas. Most authors agree that climate change and the destruction of the environment are the biggest and most pertinent problems to address, but it is their stance that we can only meet these challenges if democracy is functioning well. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:A Realm Without Angels: MENCs Partnerships with Disney and Other Major Corporations Julia EkIund Koza University of Wisconsin-Madison My interest in partnerships between the MENC: The National Association for Music Educators and major corporations such as Disney dates back to 1996 when I was invited to attend a free premiere screening of the movie Mr. Holland 's Opus.1 Never one to turn down anything free, in January of that (...) year I joined more than twenty-fivethousandmusiceducators, administrators, and friends ofthe arts, who gathered at fiftyone locations across the nation to watch the movie. Sponsored and promoted by theNational Coalition for Music Education, ofwhich MENC is a member, in cooperation with the National AcademyofRecordingArts and Sciences Foundation, the American Music Conference, and Hollywood Pictures (a Disney subsidiary), the promotional screening was the result of an education/business partnership. I did not like the film much even though I agreed with its message that public schools and public school music should be adequately funded, and I was sorry that MENC had entered into a partnership to promote it. Part ofthe problem may have been timing. I had recentlyreturned froma parental leave during whichIhad sufferedseriouspostpartumcomplications and had struggled fornearly a yearwithpoor health. January 1996 found me trying to figure out how I would manage a full-blown academic career, my still fragile health, and a lively child. Ibristledatthevisionsofprofessionalismfostered by Mr. Holland's Opus, recognizing that I would never again have the luxury he did of indulging myselfuninterruptedly in my career; I knew that I might never again be seen as a "real professional " even though I was more exhausted and working harder than I ever had. From my perspective the film's images of teachers, teaching, andprofessionalismwereprofoundlymasculinist; I also knew that a popular film can play a powerful role in shapingpublic imaginaries. Who tends tobenefit fromtheperpetuationoftheseimagesof teachers, teaching, and professionalism, I wondered? Who tends to be harmed? So my first step on this journey was to write a critique of Mr. Holland's Opus. I soon discovered that the film itselfwas but one small part of a much larger story about MENCs deepening involvement in education /business partnerships. One of the main themes of Mr. Holland's Opus is that budget cuts can have devastating effects on music programs. The education/business partnership forged to promote Opus and the manner in which the film was promoted suggested that the corporate world is socially responsible and genuinely concerned both aboutthe quality ofAmerican education and the demise of music education. In no way did they intimate that corporate practices may be at least partially responsible for any declines in the quality ofpublic schooling. I was also aware, however, of a corpus of scholarship suggesting that recent trends toward corporate partnerships and philanthropy are window-dressing at a time when corporations are sneaking out the back door carrying everything else in the store. Critics contend that on the one hand, corporationsengageinmuchpublicizedacts of gift-giving or school partnership, which cost the corporations relatively little (or in the case of Opus, result in considerable financial profit for the corporation), while on the other hand, they chisel away at the financial infrastructure of©Philosophy ofMusic Education Review 10, no. 2 (Fall, 2002): 72-79. Julia Eklund Koza 73 schools with unrelenting demands for special corporate tax cuts, breaks, and incentives. This practice is especially detrimental to the arts because, relegated to the feminized status of "frill," they may be among the first subjects to suffer. Tax breaks are but one example of what critics term "corporate welfare." John Hood, in Policy Review, provides a list ofincentives states use to attract and keep corporations. In addition to tax abatements and tax credits, Hood mentions land giveaways, releases from infrastructure costs, the issuanceoftax-exemptdevelopmentbonds, offers to promote products, and job training packages. These deals are unfair to existing businesses, Hood argues, especially small ones that can never hope to receive such treatment, and he concludes that there is no clear-cut evidence these forms of corporate welfare benefit state economies.2 Accordingto JayTaylor, school-business partnerships have become increasingly popular; they quadrupled between 1982 and 1992 as financially strappeddistricts found themselves "dredgingfor dollars."3 Taylor explains that "school officials... (shrink)

Canadian capitalism has entered a period of intensified volatility. Rooted in persistent profitability problems, it is facing several challenges, including economic stagnation, a household-debt driven real-estate and construction boom, and an increasingly fragile financial system. Drawing on a classical Marxist framework of capitalist crisis, this article explores the dynamics of instability in Canada and the response of the capitalist state, which centres on increased efforts to export oil and gas to China, thereby deepening conflict with Indigenous land defenders, and (...) a redoubling of the assault on workers to increase the rate of exploitation. (shrink)

The last century has catapulted us into a world full of instability, uncertainty, and a sense of bewilderment. The financial-economic crisis has been added to our difficulties, further polluting our environment, our relationships, our feelings, our wounds. Pre-cariousness, lack of work and of a vision for the future have been added to our sense of emptiness and disorientation. Hope has given way to darkness. We are immersed in the crisis. The feeling of tranquillity and security that we desire is (...) fading, far away, and even forgotten. We are poised upon unstable ground, which makes us tremble and amplifies our need for stability and support. The single person favours self control and mastery, retiring narcissistically into him or herself and refusing help from anyone, not accepting any kind of wound or fragility. Behind these widespread attitudes lies the myth of total independence and of self sufficiency. Psychological and psychotherapeutic disciplines bring a change, within this context, towards a “relational turning point”, discovering in the dynamics of reciprocity the source of individual wellbeing, balance in relationships, and a sense of belonging to a community. The connection with another person makes it possible to build up a sense of oneself where multiplicity and unity, difference and belonging, individual and community coexist. Individuality and belonging are no longer opposed to one another, causing irresolvable conflict in the development of the self, but thanks to reciprocity, to the capacity of self giving and to ethics, they can be fully integrated and contribute to the daily activities, both in the individual and collective dimension, of each person. (shrink)

The concept of the society of consumption says that in this type of society everything is “for sale” if there is a consumer for this. That means that one can sell not only products and services but people, ideas and values as well. On the other hand, people face many global risks. Confronted by risks, they have become equal regardless of their origins, education or financial status. Anxiety about future and awareness of fragility of a human life causes (...) people to be more likely to indulge themselves with different pleasures. They want to “have fun before they die”. The media, advertisements and medicine offer a variety of products and services that are to make one`s life better and to bring more pleasure and happiness to them. Contemporary hedonism is, after all, different in the sense that it does not avoid pain and suffering. People are willing to suffer in the name of the future pleasure. Will this race to satisfy whims and desires end someday? Will the fast defeat the carnival? Is there a place for reflection and altruism? These are some questions that this paper examines. (shrink)

This article on the evolution of economic and monetary policy in Belgium, which turned the "sick man of Europe" into one of the stronger European economies and allowed it to enter into EMU, stresses the role of the monetary authorities as a stabilising force in Belgium. It gives a detailed analysis of how these changes have allowed Belgium to regain the confidence of both monetary authorities and international investors after the devaluation of 1982. The policy responses to the oil shock (...) at the beginning of the seventies broke with the policy mix which had until then been practised. Both the wage formation process andf iscal policy clearly spiralled out of control, the chiefresult of which was a drastic loss in international competitiveness. As a consequence, the current account showed a large deficit, the traditional level at which public deficit had stood rose dramatically, unemployment exploded and the financial structure of most corporations became fragile.A drastic realignment of economic policy started with the devaluation of the Belgian franc in 1982. This devaluation was accompanied by a series of measures aimed at preventing the inflationary pressures from triggering further devaluations, and hence at restoring credibility. These measures included restrictive fiscal policies and real wage cuts. By 1987 this recovery policy had successfully restored Belgian competitiveness, reduced the government deficit and restored the balance ofpayments equilibrium. Although public policies became less restrictive during the period 1988-1993, the central bank continued to gain international credibility. Significant stepsin this process were the abolition of the dual exchange rate system, the decision to peg the Belgian franc to the most stable currency in the ERM and the reform of the money markets in Belgium. The latter in particular helped to increase the central bank's independence, since this reform implied total control by the central bank over short term interest rates, it reduced significantly the automatic credit lines of the fiscal authorities with the central bank and it stipulated that revaluations of gold reserves should no langer be used to finance government budget deficits. By 1992 international credibility had been restored to such a degree that the Belgian franc became a strong currency during the 1992 crisis, obliging the central bank to come to the rescue of the weaker currencies under attack in September 1992 with a speculative inflow of capital of about 200 billion BEF. However this restored credibility continued to be fragile, as became evident during the 1993 exchange rate crisis when the Belgian franc was vigorously attacked by international speculation.The insufficient alignment of public and monetary policies proved to be at the heart of the financial problems of the 1993 crises. The Belgian government relaunched its policies of budgetary restriction and wage moderation, brought together in what was called the 'Global Plan'. This realignment of public policies to monetary policy swiftly restored the credibility of the Belgian franc, so that as early as January 1994 the Belgian franc converged to its central parity with an interest differential vis-à-vis the German mark of only about 2 %. This differential declined progressively. Indeed the global plan restored the confidence of the investors in Belgian economic policy. Financial markets now fully believed in the entry of Belgium into EMU and from then on no major difficulties were to arise. (shrink)

In this paper I explore privacy as a concept that becomes relevant and sometimes necessary under specific circumstances, but unnecessary in others. Privacy, I suggest, can be thought of as the right to be left alone and is integral to related concepts such as freedom, liberty, and independence. In light of the ongoing expansion of data-mining technologies, business models, and emerging modes of governance, I suggest that privacy is simultaneously more necessary and more at risk than ever. Privacy, in other (...) words, is fragile and must be appreciated, understood, and defended. At the same time, privacy is increasingly an obstacle for businesses, governments, and financial interests, all of whom are eager to extract our data, manage our expectations, and shape and control our desires. To achieve their objectives, I describe how these organizations have long used propaganda and persuasive techniques to shape and manage the opinions, values, and expectations of the public. These days, I argue, the meaning of privacy is being made to evolve in order to bolster these organizations’ interconnected efforts to expand their power and control and to pave the way for the imposition of digital IDs. I also reflect on the way propaganda is being used today, the ways it has been described in the past, and the ways it will evolve in the future—either in defense of freedom, liberty, and independence, or in service of organizations intent on expanding their power and control over managed populations. (shrink)

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and Turley (...) 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

This article explores the role of second-order anger in the formation of resistant feminist space through the work of María Lugones and Sara Ahmed. I argue that this incommunicative form of anger can operate as a bridge between two senses of resistant spatiality in Lugones, connecting the hangout, which is a collective and transgressive space for alternative sense making, and the cocoon, which is a solitary and germinative space of tense internal transformation. By weaving connections with Ahmed’s concept of feminist (...) fragile sheltering, I demonstrate that the insulating character of second-order anger need not be equated with spatial solitude. Rather, given its orientation toward a future becoming away from oppressed subjectivity, germinative cocooning can be understood as constitutive of collective, feminist, and resistant spaces. I conclude, therefore, that feminist spaces ought to shelter second-order angers and embrace fragility as a condition of resistant transformation. (shrink)

In _The Fragility of Things_, eminent theorist William E. Connolly focuses on several self-organizing ecologies that help to constitute our world. These interacting geological, biological, and climate systems, some of which harbor creative capacities, are depreciated by that brand of neoliberalism that confines self-organization to economic markets and equates the latter with impersonal rationality. Neoliberal practice thus fails to address the fragilities it exacerbates. Engaging a diverse range of thinkers, from Friedrich Hayek, Michel Foucault, Hesiod, and Immanuel Kant to (...) Voltaire, Terrence Deacon, Friedrich Nietzsche, and Alfred North Whitehead, Connolly brings the sense of fragility alive as he rethinks the idea of freedom. Urging the Left not to abandon the state but to reclaim it, he also explores scales of politics below and beyond the state. The contemporary response to fragility requires a militant pluralist assemblage composed of those sharing affinities of spirituality across differences of creed, class, gender, sexual orientation, and ethnicity. (shrink)

The relationship between firm financial performance and sustainability reporting (SR) has been extensively researched previously, but with inconsistent results. By incorporating the coercive isomorphism of the institutional theory, this study examines if the relationship is moderated by the ownership of institutional investors. Using data from a sample of 270 Malaysian public listed firms, the study tested two ordinary least square (OLS) regression models. The results show that firm performance and institutional ownership have a positive link to SR. Further examination (...) however discloses a negative moderation of institutional ownership on the relationship between firm performance and SR, thus fail to support the indication that institutional investors coerce the investee firms to utilise their firm performance for sustainability activities. This study adds to SR-related literature by providing reliable and objective findings and directions for future studies in this context. (shrink)

This book is a study of ancient views about 'moral luck'. It examines the fundamental ethical problem that many of the valued constituents of a well-lived life are vulnerable to factors outside a person's control, and asks how this affects our appraisal of persons and their lives. The Greeks made a profound contribution to these questions, yet neither the problems nor the Greek views of them have received the attention they deserve. This book thus recovers a central dimension of Greek (...) thought and addresses major issues in contemporary ethical theory. One of its most original aspects is its interrelated treatment of both literary and philosophical texts. The Fragility of Goodness has proven to be important reading for philosophers and classicists, and its non-technical style makes it accessible to any educated person interested in the difficult problems it tackles. This new edition features an entirely new preface by Martha Nussbaum. (shrink)

This paper explores the principle that knowledge is fragile, in that whenever S knows that S doesn’t know that S knows that p, S thereby fails to know p. Fragility is motivated by the infelicity of dubious assertions, utterances which assert p while acknowledging higher-order ignorance whether p. Fragility is interestingly weaker than KK, the principle that if S knows p, then S knows that S knows p. Existing theories of knowledge which deny KK by accepting a Margin (...) for Error principle can be conservatively extended with Fragility. (shrink)

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of debtor-creditor power relations—a (...) conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options. (shrink)

Recognizing the potential hidden artistic contributions of persons with dementia opens new opportunities for interpretation and potential communication. This visual essay explores the authors’ responses to the fragile objects of art produced by a person with severe dementia and examines what may be learned from them.

Introduction: Fundamental Ontology as a "Fundamental Ethics" In his "Letter on Humanism" Martin Heidegger claims that the fundamental ontology he works out ...

Medicine seeks to overcome one of the most fundamental fragilities of being human, the fragility of good health. No matter how robust our current state of health, we are inevitably susceptible to future illness and disease, while current disease serves to remind us of various frailties inherent in the human condition. This article examines the relationship between fragility and uncertainty with regard to health, and argues that there are reasons to accept rather than deny at least some forms (...) of uncertainty. In situations of current ill health, both patients and doctors seek to manage this fragility through diagnoses that explain suffering and provide some certainty about prognosis as well as treatment. However, both diagnosis and prognosis are inevitably uncertain to some degree, leading to questions about how much uncertainty health professionals should disclose, and how to manage when diagnosis is elusive, leaving patients in uncertainty. We argue that patients can benefit when they are able to acknowledge, and appropriately accept, some uncertainty. Healthy people may seek to protect the fragility of their good health by undertaking preventative measures including various tests and screenings. However, these attempts to secure oneself against the onset of biological fragility can cause harm by creating rather than eliminating uncertainty. Finally, we argue that there are good reasons for accepting the fragility of health, along with the associated uncertainties. (shrink)

Prospect theory is increasingly used to explain deviations from the traditional paradigm of rational agents. Empirical support for prospect theory comes mainly from laboratory experiments using student samples. It is obviously important to know whether and to what extent this support generalizes to more naturally occurring circumstances. This article explores this question and measures prospect theory for a sample of private bankers and fund managers. We obtained clear support for prospect theory. Our financial professionals behaved according to prospect theory (...) and violated expected utility maximization. They were risk averse for gains and risk seeking for losses and their utility was concave for gains and convex for losses. They were also averse to losses, but less so than commonly observed in laboratory studies and assumed in behavioral finance. A substantial minority focused on gains and largely ignored losses, behavior reminiscent of what caused the current financial crisis. (shrink)

Loss of the Y‐chromosome is a common feature of species with chromosomal sex determination. However, our understanding of why some lineages frequently lose Y‐chromosomes while others do not is limited. The fragile Y hypothesis proposes that in species with chiasmatic meiosis the rate of Y‐chromosome aneuploidy and the size of the recombining region have a negative correlation. The fragile Y hypothesis provides a number of novel insights not possible under traditional models. Specifically, increased rates of Y aneuploidy may impose positive (...) selection for (i) gene movement off the Y; (ii) translocations and fusions which expand the recombining region; and (iii) alternative meiotic segregation mechanisms (achiasmatic or asynaptic). These insights as well as existing evidence for the frequency of Y‐chromosome aneuploidy raise doubt about the prospects for long‐term retention of the human Y‐chromosome despite recent evidence for stable gene content in older non‐recombining regions. (shrink)

John Rawls's transition from A Theory of Justice to Political Liberalism was driven by his rejection of Theory's account of stability. The key to his later account of stability is the idea of public reason. We see Rawls's account of stability as an attempt to solve a mutual assurance problem. We maintain that Rawls's solution fails because his primary assurance mechanism, in the form of public reason, is fragile. His conception of public reason relies on a condition of consensus that (...) we argue is unrealistic in modern, pluralistic democracies. After rejecting Rawls's conception of public reason, we offer an ‘indirect alternative’ that we believe is much more robust. We cite experimental evidence to back up this claim. (shrink)

Are fanatical beliefs rational? This paper examines this question. After outlining two arguments for the rationality of fanatical beliefs, based respectively on what I call the "crippled epistemology" explanation and the "echo chambers" explanation, the paper rejects these arguments by appeal to considerations related to higher-order evidence. Then it explains what defending the rationality of fanatical beliefs actually requires. From this, it derives the practical conclusion that radicalization can be prevented and the growth of fanaticism stalled by preventing the encroachment (...) of "fragile values.". (shrink)

In this article thinking on corporate social responsibility is compared with the dominant political theory of the market: theneoclassical theory. The comparison shows that thinking on CSR fundamentally collides with that theory. For example, their respectivenormative views on man are incompatible, as are their respective views on the modus operandi of the market. Given that CSR is desirable it follows that a new political theory of the market is needed. This article suggests some initial steps toward developing that new political (...) theory of the market. For example, it defends the proposition that the neoclassical idea of the market as a harmonic sphere must be replaced by the idea of the market as a fragile system. (shrink)

Interfirm collaboration and trust are topics currently exciting research interest. The literature treats trust as a unitary concept, providing little understanding of those processes that create trust, or are employed by parties relying on trust. I suggest that two distinct forms of trust can be observed in economic exchanges: fragile trust and resilient trust. I define these kinds of trust, speculate on processes by which economic actors learn about them, and explore contexts in which they are likely to be relied (...) upon by economic actors. I conclude with a discussion of implications for practice and scholarship. (shrink)