Le roi et la reine de France font compte à part : si la séparation du roi et de la reine comme mode habituel de vie de couple princier est bien actée à la fin du Moyen Âge, qu’en était-il au xiiie siècle, c’est-à-dire au moment de l’émergence de l’hôtel réginal? Si la question des institutions et de l’entourage royaux a fait l’objet d’une attention renouvelée ces dernières années elle n’a pas vraiment concerné l’hôtel de la reine. Pourtant la naissance (...) de cet hôtel dans le royaume de France est peut-être à replacer dans un contexte bien plus politique que les historiens ne le laissaient à penser. En effet, l’étude de la personnalité de Marguerite de Provence (1221‑1295) mérite de soulever d’intéressants questionnements en lien avec cette thématique. Il s’agit également d’élaborer une réflexion sur la chronologie de l’apparition institutionnelle de l’hôtel réginal, indépendamment de celui du roi, et de montrer que Marguerite de Provence est probablement la première reine en Occident à en posséder un. (shrink)

This work examines Aristotle's discussions of definition in his logical works and the Metaphysics, and argues for the importance of definitions of simple ...

ABSTRACT:A key factor in the decision to convert a publicly owned company to private status is the expectation that value will be created, providing the firm with rent. These rents have implications regarding the property rights of the firm’s capital-contributing constituencies. We identify and analyze the types of rent associated with the newly private firm. Compared to public firms, going private allows owners the potential to partition part of the residual risk to bond holders and employees, rendering them to be (...) co-residual risk bearers with owners. We propose that new promotion-based contracts with bond holders and employees, reflecting their particular investments, be negotiated as the firm migrates from public to private status. These contracts should acknowledge the firm’s intent to maximize shareholder value and its need to take the risks necessary to do so, but support that the firm’s survival not be undermined due to its possibly opportunistic owners. (shrink)

Czech translation of Marguerite Léna’s Choisir l’ Europe: Constantin Sigov et la dignité humaine.

ABSTRACTIn the debate about the worth of women in sixteenth and seventeenth century Italy three pro-woman authors of the period, Moderata Fonte, Lucrezia Marinella, and Arcangela Tarabotti, develop...

The newly private corporation challenges scholars to re-examine corporate social responsibility under a markedly different governance system. We theorize regarding the implications of public corporations going private through use of private equity. The new governance system includes few owners and an expert, involved board of directors; combined with a greatly reduced public presence, public-to-private firms are proposed to place greater emphasis on financial performance and lesser emphasis on social performance. Several variables are proposed to moderate the lesser emphasis on social (...) performance. (shrink)

Aristotle's remarks about the differences between the sexes have become infamous for their implications for the social status of women. In his observations on female biology, Aristotle claims that "the female nature is, as it were, a deformity." In describing women's role in the public sphere, he claims that women are naturally subordinate because, while they possess a deliberative faculty, that capacity is "without authority." While both claims express the "inferiority" of female bodies/women relative to male bodies/men, it is not (...) self-evident that the defects Aristotle identifies in female biology have cognitive or moral manifestations that would justify the rule of men over women in political life. Marguerite Deslauriers here aims to construct a coherent picture of Aristotle's views on sexual and gender-based difference from these remarks and to show the extent to which his views on female biology and women's role in politics are causally connected. Without exculpating Aristotle from charges of misogyny, Deslauriers contextualizes his explanations of the role and origin of female animals in his biology and the role of women in his political philosophy; she shows how Aristotle developed these views and the importance they hold for his wider philosophical commitments. She then explores how Aristotle might have seen the link between the physiology of sex and the bearing it has on political life. She ultimately argues that in Aristotle's conception of sexual difference in biology and politics, there is a tension between his view of the inferiority of female bodies and women and his commitment to the idea that females and women are valuable both for generation and for the political life characteristic of human beings. In this tension she finds a difference between Aristotle and his predecessors: while previous accounts associate sexual difference with affliction, Aristotle sees sexual difference as a benefit, both to a species and a political community. This volume will be of interest to philosophers and students interested in ancient philosophy, feminist philosophy, as well as those studying moral and political philosophy. (shrink)

Early feminist or pro-woman works often combine the claim that the rational souls of men and women are the same with an argument for the superiority of women. This article considers two such works, Lucrezia Marinella's The Nobility and Excellence of Women and the Defects and Vices of Men (Venice, 1601 [1999]) and Marguerite Buffet's In Praise of Illustrious Learned Women, both Ancient and Modern (Paris, 1668), in order to show the continuities and distinctive features of feminist arguments for (...) superiority, to emphasize the differences in the conceptions of reason and physiology that distinguish them, and to demonstrate that claims of superiority persisted even as those defending women's worth began to adopt egalitarian positions. (shrink)

The aim of this paper is to show that for Aristotle god is, and is not, virtuous. I consider first the arguments of the EN to show that the gods do not have virtue---beginning with an account of the divisions of the faculties of soul, and of the virtues that belong to those divisions. These arguments suggest that nous is a divine virtue, and so in the second section I consider nous, as a faculty of soul and as a virtue, (...) and examine the differences between nous as a human virtue, and nous as a virtue which is also a substance, and with which the first divine principle is identified. In the third and final section I ask what kind of difference Aristotle takes the difference between human and divine nous to be---and in particular whether this is a difference in kind or in degree. (shrink)

The ?language of the gods? is conceived as a kind of language more complex than what we associate with human tongues in the strict sense of the term. Certain arbitrary regularities throughout the rational disciplines appear to indicate the existence of this language. The present article explores this new concept and applies it in an attempt to provide a logical clarification of the notions of individual consciousness and physical reality.

In her recent book, Violence and the Philosophical Imaginary, Ann Murphy suggests that the philosophical imaginary, in particular that of contemporary continental philosophy, is imbued with images of violence. The concept of the philosophical imaginary is drawn from the work of Michèle Le Dœuff to explore the role of images of violence in philosophy. Murphy sets the language of violence, reflexivity, and critique against that of vulnerability, ambiguity and responsibility. Her concern is that images of violence have become and may (...) become more ‘neutralised, domesticated or eroticised’ in objectionable ways. There is no doubt Murphy has isolated and highlighted a striking feature of the continental imaginary in a clear and thoughtful way. My paper takes Murphy’s argument further by elaborating a Le Dœuffian argument that theorises the reversal of priority from violent language to the violence of language. I take Murphy’s injunction for attention and sensitivity seriously by examining the language of violence and exposing that which is unfamiliar, what has become incorporated and what is revealed by the language that is used. The language of the third Reich and the language of the Rwandan genocide will be briefly compared to demonstrate these points. Our responsibility is to recognise the use of euphemism and metaphor to sometimes cover and sometimes blatantly advertise the horrifying truth. The focus on violence in philosophical language can lead us away from the violence of genocidal language and other violent language that philosophers, like all responsible people, are called to witness. (shrink)

Aristotle claims that the citizens of the best city should be both intelligent and spirited at Politics VII.7 1327b19-38. While he treats intelligence as an unqualified good, thumos is valuable but problematic. This paper has two aims: to consider the political value of spirit in Aristotle’s Politics and in particular to identify the ways in which it is both essential to political excellence and yet insufficient for securing it, and to use this analysis of the role of spirit in the (...) political realm to explain Aristotle’s exclusion of women from political authority, even in the context of the household. I analyze spirit as a physical phenomenon and as a type of desire, before considering its moral and affective aspects. I then return to the role of spirit in political life and examine its importance for the activity of ruling. In the last section I consider the implications of this analysis of spirit for the social and political roles Aristotle assigns to men and women. (shrink)

Envy and resentment are generally thought to be unpleasant and unethical emotions which ought to be condemned. I argue that both envy and resentment, in some important forms, are moral emotions connected with concern for justice, understood in terms of desert and entitlement. They enable us to recognise injustice, work as a spur to acting against it and connect us to others. Thus, we should accept these emotions as part of the ethical life.

Aristotle begins the discussion of pleasure in Book X of the Nicomachean Ethics with the claim that pleasure “is thought to be most properly connected with our kind,”. In his positive account of pleasure in X 4, he suggests that we can somehow experience pleasure otherwise than “in time”. The aim of this article is to show how the claim that pleasure does not occur ‘in time’ might illuminate the claim that pleasure is most properly connected to our kind. The (...) point, I will argue, is not only that pleasure is complete at every moment – that will be true of many activities – but also that pleasure has the same structure as the best activity available to us, and a structure different from the best activity available to other kinds. Several passages indicate that Aristotle believes that all living things act for the sake of immortality, understood as divine and eternal life, and connect the pursuit of eternal life with the activities that are natural to a species. These offer us a way to understand why the pleasure of contemplation is the best pleasure, and why pleasure is most intimately connected with our kind. I begin in section with an exploration of the pleasures proper to different activities which are in turn proper to different kinds. In subsequent sections I take a closer look at contemplation, particularly insofar as it is an activity that does not take place ‘in time’ but rather ‘in a moment’, and consider Aristotle’s reasons for describing such activities as wholes, or indivisible, or without parts ; and I turn to the relation between the activities and pleasures proper to different kinds and the possibilities available to those different kinds for approximating divine life. In the final section I return to question of pleasure and its intimate connection with our kind. (shrink)

This is a response to the paper “The fruit of knowledge: To bite or not to bite? Isotta Nogarola on Eve’s sin and its scholastic sources,” by Marcela Borelli, Valeria A. Buffon, and Natalia G. Jakubecki. It has two aims. The first is to show the importance of discussions of Eve in the querelle des femmes, and so to emphasize the importance of Borelli, Buffon and Jakubecki’s analysis of Nogarola’s account of Eve. A second aim is to highlight the philosophical (...) rigour of Nogarola’s discussion of the culpability of Eve as demonstrated by Borelli, Buffon and Jakubecki, by contrasting it with attempts to exculpate Eve from responsibility that were made in pro-woman works written between the composition of Nogarola’s work and its publication. (shrink)

This paper considers the distinctions Aristotle draws (1) between the intellectual virtue of "phronêsis" and the moral virtues and (2) among the moral virtues, in light of his commitment to the reciprocity of the virtues. I argue that Aristotle takes the intellectual virtues to be numerically distinct hexeis from the moral virtues. By contrast, I argue, he treats the moral virtues as numerically one hexis, although he allows that they are many hexeis 'in being'. The paper has three parts. In (...) the first, I set out Aristotle's account of the structure of the faculties of the soul, and determine that desire is a distinct faculty. The rationality of a desire is not then a question of whether or not the faculty that produces that desire is rational, but rather a question of whether or not the object of the desire is good. In the second section I show that the reciprocity of "phronêsis" and the moral virtues requires this structure of the faculties. In the third section I show that the way in which Aristotle distinguishes the faculties requires that we individuate moral virtues according to the objects of the desires that enter into a given virtue, and with reference to the circumstances in which these desires are generated. I then explore what it might mean for the moral virtues to be different in being but not in number, given the way in which the moral virtues are individuated. I argue that Aristotle takes "phronêsis" and the political art to be a numerical unity in a particular way, and that he suggests that the moral virtues are, by analogy, the same kind of unity. (shrink)

Marie de Gournay, in a central argument in the pamphlet Égalité des hommes et des femmes [The Equality of Women and Men], offers an interpretation of an argument for equality that she attributes to ‘the School.’ I argue that Gournay is drawing on Aristotle’s Metaphysics to formulate an argument for the equality of women; that she does not temper that argument with claims for the superiority of women, which makes her unique for some time; and that her alleged misrepresentation of (...) her authorities – Aristotle in particular – is itself an interesting and suggestive phenomenon. Moreover, while some of her contemporaries would have agreed that the soul of a person has no sex, Gournay was unusual in arguing that the social implication of this was intellectual equality for women and men, just so long as education should be provided to women as well as men. (shrink)

In light of its history of interpretation, an interpretive essay on the fifth book of Plato's Republic is advanced, on the premise that existing views of the relation of Book V to the rest of the dialogue are inadequate. The metaphor of the "three waves" indicates more than a mere formal unity to the argument of Book V, since the logic of the first two "waves" only becomes evident in light of their dependence upon the logic of the third "wave" (...) . The "three waves" constitute a single, unified argument, which discloses the dependence of justice, as defined in terms of the state and individual in Book IV, upon the idea of the good set forth in Book VI. (shrink)

Iris Marion Young argues we cannot understand others' experiences by imagining ourselves in their place or in terms of symmetrical reciprocity (1997a). For Young, reciprocity expresses moral respect and asymmetry arises from people's greatly varying life histories and social positions. La Caze argues there are problems with Young's articulation of asymmetrical reciprocity in terms of wonder and the gift. By discussing friendship and political representation, she shows how taking self-respect into account complicates asymmetrical reciprocity.

In the treatise called La nobiltà et l’eccellenza delle donne co’ diffetti et mancamenti de gli uomini Lucrezia Marinella claims that women are superior to men. She argues that men are excessively hot, and that heat in a high degree is detrimental to the intellectual and moral capacities of a person. The aim of this paper is to set out Marinella’s views on temperature differences in the bodies of men and women and the effects of bodily constitution on the capacities (...) necessary for political deliberation and rule. I situate Marinella’s argument in the context of an ongoing debate about physiological differences between the sexes, begun in antiquity and extending into the Renaissance. That debate is important for several reasons: as part of a broader discussion of the nature and worth of women, as determining influential interpretations of ancient authorities on matters of physiology, and as anticipating later discussions of the relation between the sexed body and political roles. This paper considers Marinella in dialogue with a number of interlocutors, elements of whose work can be found in her own: Aristotle, Mario Equicola, Galeazzo Flavio Capra, Ludovico Domenichi and Torquato Tasso. (shrink)

Patient decision-making autonomy refers to the patients’ ability to freely exert their own choices and make their own decisions, given sufficient resources and information to do so. In pain medicine, it is accepted that appropriate beneficial management aims to propose an individualized treatment plan shared with the patients, as agents, to help them live as autonomously as possible with their pain. However, are patients in chronic pain centers sufficiently autonomous to participate in the therapeutic decisions that concern them? As this (...) question still remains unanswered, a pilot study was set up to that aim. Over a 2-month period, first-time patients within a tertiary multidisciplinary pain center underwent a systematic evaluation of their autonomy using the MacArthur Competence Assessment Tool for Treatment (MacCAT-T), considered the benchmark tool for measuring a patient’s ability to consent to treatment. Demographic data and pain characteristics of the patients were collected and their respective attending pain physicians were asked to clinically assess their patients’ degree of autonomy. Another physician, who had not participated in the initial patient evaluation, subsequently administered the MacCAT-T questionnaire to the same patients. Twenty-seven patients were included during the study period (21 women and 6 men), with an average age of 50 years. The average duration of pain was 8 years. Based on their clinical experience, the 4 different pain physicians in charge of these patients considered that out of 25 assessed patients, 22 of them (89%) had full decision-making capacity, with no deficit in autonomy. According to the MacCAT-T results, only 13 of these 25 patients (48%) had no deficit, while 7 (26%) had a major deficit in autonomy. The only patient characteristic that appeared to be related to autonomy was pain type, specifically nociplastic pain. The average time taken to complete the test was 20 min, and patients were very satisfied with the interview. Results from the present pilot study suggest that patients suffering from chronic pain do not appear to be entirely autonomous in their decision to consent to the proposed treatment plan according to the MacCAT-T questionnaire, and physicians seem to find it difficult to properly assess this competence in a clinical setting. Further studies with larger samples are needed to better evaluate this concept to improve the complex management of these patients. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Philosophy of Music Education Review 12.1 (2004) 71-75 [Access article in PDF] Response to Kingsley Price's "How Can Music Seem to be Emotional" Marguerite Nering Calgary, Canada Kingsley Price argues that music, since it is not personal, cannot be emotional but can only seem emotional. In an earlier draft of this paper he described it more fully: "Music is not a person, cannot possibly harbor an inward life, (...) and cannot possibly be emotional." He then sets out to discover how music, since for him it is not emotional, can seem to be so. Through a step-by-step process of philosophical inquiry, he first looks within perception and not finding an answer there, searches without, mainly focusing on meaning and Susanne Langer's theory of emotion and music. His search is unrewarded, leaving him to conclude that the answer to his question remains an incomprehensible mystery.His logic at first seems impervious to dispute. Had he not strictly limited his meaning of music and emotion-particularly emotion-it may have simplified responding to his query. For him, "music" refers to instrumental music that is heard or perceived. "Emotion" means conscious feelings we find ourselves in when undergoing emotion.The major question one must ask is whether his basic premise is accurate. Is he correct in stating that music unequivocally is not emotional but only seems so? [End Page 71] Is he correct in stating that music does not harbor an inward life? After all, he is talking about instrumental music that is perceived. While one cannot deny that notated music on paper is not emotional, does this hold for instrumental music being performed and transmitted? The source is a live human, someone who has an inward life, or at least did have at the time of production. The receptor is alive and has an inward life. The human source is sending living music imbued with emotion and energy. The airwaves transport these vibrations. Can we really say that the living or live music reaching the receiver's ears is not carrying real emotion?Returning to Price's analysis, we find he looks first at perception itself, in this case sense perception, and determines that it has two major constituents: awareness and the object of awareness. He argues that awareness cannot seem to exist; it must exist. It is always simple; therefore, there can be no characteristic that makes it seeming and not real. I question whether the latter conclusion necessarily follows, that is, that reality is a consequence of simplicity, but I must agree that awareness by virtue of its existence must be real.Music heard is the object of awareness. He states that the distinction between seeming and reality does apply to some things-for example, to Macbeth seeing a dagger that really is not there-but declares that this cannot apply to music heard, for it actually exists. Does this mean that one cannot hear music that really is not there? The illusion should work for hearing if it works for vision. Back to his argument, because music heard exists, he reasons that one cannot say that the seeming emotionality in music can be traced to the character of the music that bears it. I wonder then how this would apply to a person playing music with real emotion for his or her own enjoyment? In this case the human receptor of music is also the human source of the music. They are one and the same, and this person of course has an inward personal life. Does this music only seem emotional or is it really emotional? It would make sense that it is really emotional.He then looks at whether the seemingness of emotionality can be traced to emotionality itself and deduces that it cannot. Emotions are real. If we feel joy, it is real joy we are feeling and not seeming joy. One cannot debate this. Again, however, I am not convinced of the seemingness of the emotionality of music. Because music comes from a living person, it is an extension... (shrink)

My paper considers the role of wonder and admiration in times of crisis. I argue that wonder should be understood in René Descartes’ (1649/1989) sense, as a response to something unfamiliar that is based on the object, rather than our judgements about it. In contrast, in admiration, we must judge the objects as admirable, that they have some valuable traits. In ordinary times, it may be immoral acts that stand out as unfamiliar and so provoke wonder. However, I will focus (...) on the importance of wonder in times of crisis, to recognise the unfamiliar, when many or most are treating the immoral as normal, as Hannah Arendt (2003) describes it. Then admiration is the response that can enable us to take the unfamiliar as valuable moral exemplars and to emulate them. Nevertheless, I will argue, contra Linda Zagzebski (2015) that we can admire a person, action, or character trait without necessarily being motivated to emulate them. Also, I contend that we can have ambivalent feelings mixed with our admiration and still be moved to emulate others. The complexity of the relation between these three emotions and attitudes—wonder, admiration, and emulation—means that while they can contribute to resistance to immorality in times of crisis, they are untrustworthy in myriad ways. (shrink)

Aristotle discusses character in four contexts: ethics, poetic theory, the study of rhetoric and zoology. What he means by character is different in each of these cases, but not radically different. He always uses it as a device to explain actions or behavioural patterns: in animals, in people, and in fictional people. The similarities between the character exhibited by different species, moral character, and tragic character have gone unexamined. As a result, the notion of character as explanatory, and the possibilities (...) and limitations of explanation by means of character are still undetermined. (shrink)

Un survol historique des principales conceptions du fatalisme dans l’histoire sert ici de fil conducteur pour envisager le dépassement possible d’une conception fataliste qui caractériserait la pensée moderne dans son ensemble, et par conséquent le dépassement de la notion de liberté qu’on peut lui associer. Ce fatalisme moderne est celui que l’on peut attacher à la conception moderne de l’histoire, ce mot - histoire - étant entendu non comme la suite accidentelle des faits par opposition à une raison objective, mais (...) comme l’horizon même, explicite ou implicite, de l’ensemble de la conceptualisation rationnelle moderne. Il s’agit donc, ici, de considérer la possibilité d’un dépassement de cet horizon généralement tenu pour ultime et du type de fatalisme qui lui correspond.A historical survey of the main conceptions of fatalism is made. This serve us as a guide in order to conceive a mean for going beyond a conception of fatalism which seems to be typical of modern thought as a whole. Accordingly this can permit us to go beyond an idea of liberty which is linked to it. We can attach this modern fatalism to the modern conception of history, where we understand this word - history - not as an accidental succession of facts as opposed to an objective reason, but as the explicit or implicit horizon itself of the modern rational conceptualisation as a whole. Therefore we are concerned here about the possibility to go beyond this horizon which is generally considered as ultimate, and beyond the kind of fatalism which corresponds to it. (shrink)

This article draws on the sociology of expectations to examine the construction of expectations of ‘ethical AI’ and considers the implications of these expectations for communication governance. We first analyse a range of public documents to identify the key actors, mechanisms and issues which structure societal expectations around artificial intelligence and an emerging discourse on ethics. We then explore expectations of AI and ethics through a survey of members of the public. Finally, we discuss the implications of our findings for (...) the role of AI in communication governance. We find that, despite societal expectations that we can design ethical AI, and public expectations that developers and governments should share responsibility for the outcomes of AI use, there is a significant divergence between these expectations and the ways in which AI technologies are currently used and governed in large scale communication systems. We conclude that discourses of ‘ethical AI’ are generically performative, but to become more effective we need to acknowledge the limitations of contemporary AI and the requirement for extensive human labour to meet the challenges of communication governance. An effective ethics of AI requires domain appropriate AI tools, updated professional practices, dignified places of work and robust regulatory and accountability frameworks. (shrink)

The prospect of organic unified knowledge challenges the increasing fragmentation of scientific disciplines which have become narrowly specialized with the accelerating rate of discoveries and the shaky status of many inductively obtained theories. Yet proof checkers which can control the logical correctness of reasoning offer the possibility of developing an integrative, deductive approach encompassing many branches of science within the same framework. The Principia Humanistica, developed by Krzysztof de Werszowec Rey, constitute such an attempt to apply the Mizar system of (...) verification to the human and related sciences as well as theology. Mizar is based on set theory whose terms may define the individual, value choices, the human person, culture, and religion. This essay explores the Mizar framework, including the definition of valuation and religion. It seeks to show the possibilities opened by such an integrated multidisciplinary approach for the study of free will, the definition of courage, and convergence towards unification with God. (shrink)

A consideration of what are sometimes known as the reactive attitudes is useful to outline more positive conditions of ethical restoration. This paper focuses on the ways in which perceptions and experiences of guilt and shame are shaped by political conceptions of who belongs to the more guilty and shameful parties. I use the debate between Karl Jaspers and Arendt over guilt and responsibility, as well as Jean-Paul Sartre’s and Giorgio Agamben’s work on shame, to develop an account of the (...) political aspects of perceived and felt guilt and shame in people who are oppressed. I discuss how some philosophers, for example Cheshire Calhoun, have argued that the oppressed should accept the burdens of guilt and shame expected of them because of the social nature of our ethical experience; and then show how that view can be questioned. However, I argue that the view that members of oppressed groups should experience the guilt and shame expected of them by dominant groups ought to be challenged. In this paper, I demonstrate that the debate concerning shame and guilt has obscured emotions that are responses to the actions of others, such as humiliating treatment, thus leading to an inappropriate focus in philosophical discourses on the victims of wrongdoing rather than the perpetrators. This focus implicitly supports the dynamics of humiliation, as I will show. (shrink)

One of the most influential works in the history of political theory, Aristotle's Politics is a treatise in practical philosophy, intended to inform legislators and to create the conditions for virtuous and self-sufficient lives for the citizens of a state. In this Companion, distinguished scholars offer new perspectives on the work and its themes. After an opening exploration of the relation between Aristotle's ethics and his politics, the central chapters follow the sequence of the eight books of the Politics, taking (...) up questions such as the role of reason in legitimizing rule, the common good, justice, slavery, private property, citizenship, democracy and deliberation, unity, conflict, law and authority, and education. The closing chapters discuss the interaction between Aristotle's political thought and contemporary democratic theory. The volume will provide a valuable resource for those studying ancient philosophy, classics, and the history of political thought. (shrink)

The migration of publicly-held companies to private status through use of private equity has been both lauded and lambasted. While agency theorists praise the public-to-private or PTP firm as being an efficient form of corporate governance, others suggest that going private allows owners and managers to extract, rather than add, value.We contribute by developing a categorization of the potential sources of value for the PTP firm. We analyze the effects of each source of value, and find that there are specific (...) negative effects for non-equity stakeholders associated with several sources. Our analysis indicates that the degree to which value is added versus extracted will vary across firms; yet, all will tend to engage in some value extraction. Policy implications are discussed. (shrink)