An analysis of theological and philosophical understandings of debt and its role in contemporary capitalism. Max Weber’s account of the rise of capitalism focused on his concept of a Protestant ethic, valuing diligence in earning and saving money but restraint in spending it. However, such individual restraint is foreign to contemporary understandings of finance, which treat ever-increasing consumption and debt as natural, almost essential, for maintaining the economic cycle of buying and selling. In The Debt of the (...) Living, Elettra Stimilli returns to this idea of restraint as ascesis, by analyzing theological and philosophical understandings of debt drawn from a range of figures, including Saint Paul, Schmitt and Agamben, Benjamin and Marx, Nietzsche and Freud, and Foucault. Central to this analysis is the logic of “profit for profit’s sake”—an aspect of Weber’s work that Stimilli believes has been given insufficient attention. Following Foucault, she identifies this as the original mechanism of a capitalist dispositif that feeds not on a goal-directed rationality, but on the self-determining character of human agency. Ascesis is fundamental not because it is characterized by renunciation, but because the self-discipline it imposes converts the properly human quality of action without a predetermined goal into a lack, a fault, or a state of guilt: a debt that cannot be settled. Stimilli argues that this lack, which is impossible to fill, should be seen as the basis of the economy of hedonism and consumption that has governed global economies in recent years and as the premise of the current economy of debt. Elettra Stimilli is research fellow of theoretical philosophy at Scuola Normale Superiore in Pisa, Italy. Arianna Bove is the translator of many books, including Factory of Strategy: Thirty-Three Lessons on Lenin, by Antonio Negri. (shrink)

This essay examines the concept of sovereign debt in both political‐economic and theological registers. Elaborating the dynamics of monetary economy, I demonstrate how postures of indebtedness characterize the relationship between sovereign power and the governed. While taxation signals the debt of obedience and fealty owed to sovereignty, the monetary circuit reveals that sovereign power exists in a state of indebtedness to the governed. The morally valenced proximity between debt and guilt helps to perpetuate such relations. Tracing these (...) resonances and resemblances in the theological realm, I consider the centrality of debt as a structuring principle in key soteriological traditions within Christian thought. Not only does God appear to uphold debt logic, but God, I claim, becomes identified with debt and marked as a debtor. The divine sovereign as debtor and as enforcing debt provides cues for earthly sovereigns and legitimates cultures of debt. In light of the theopolitical legacy in the West, the mutual influence between theology and the political realm, refiguring this set of influential theological concepts may prove helpful in decentering debt as a governing principle in modern life. (shrink)

This is a critical appreciation of Govier’s 2006 ISSA keynote address on the fallacy of composition, and of economists’ writings on this fallacy in economics. I argue that the “fallacy of composition” is a problematical concept, because it does not denote a distinctive kind of argument but rather a plurality, and does not constitute a distinctive kind of error, but rather reduces to oversimplification in arguing from micro to macro. Finally, I propose further testing of this claim based on examples (...) involving public vs. private debt in economics; oligarchic tendencies in politics, and the emergence of societal wholes in sociology. (shrink)

This article discusses the way the ancient Greeks dealt with public and private debts, focusing on one specific aspect: debt cancellation. On the one hand, ancient Greeks were aware of the risks entailed in debt relief as a tool for fuelling civic strife: sources describe it as a demagogic or even criminal action often in association with the political agenda of tyrants. On the other hand, however, Greeks knew well also the benefic effects of debt cancellation in (...) coping with financial and political crisis. In late accounts of archaic history, debt relief is the solution to civic strife and the foundation act of political order. Some public decrees of the Hellenistic period attest debt relief as a communal decision of the polis, dictated by the necessity of preventing or solving ongoing or imminent crises. This second meaning and purpose of debt cancellation should perhaps urge us to reconsider from a different perspective the “politics of debt” in today’s Europe. (shrink)

The article explores a range of social scientific representations of credit and debt in the United States and Britain and how these have been organized around the problem of freedom. On the one hand, credit is projected as productive, embodying and securing liberal values of individual autonomy and self-determination. On the other, debt is portrayed as consumptive, ensnaring the individual, subverting her or his will and undermining the capacity for self-determination. The classic cultural injunction against consumer borrowing is (...) captured under the rubric of the Puritan ethic which portrays indebtedness as contrary to the values of individual freedom and autonomy; however, it is shown here how the meanings attached to credit and debt have always been ambiguous in practice. Over the 20th century, and continuing today, a number of economic writers have attempted to legitimize the development of consumer credit by demonstrating how it contributes towards freedom and security. However, it is shown how these accounts shift in response to changing economic discourses as well as credit’s growing pervasiveness. In contrast, sociological writers have tended to criticize the accumulation of debt as damaging to both individual autonomy and societal welfare. Again, these accounts also manifest a notable change in emphasis over time in response to shifting constructions of the problem of social change. Finally, recent empirical work is drawn upon to demonstrate the ways in which freedom itself can be a contingent and contextual element in the production of consumer credit. (shrink)

In contemporary society, private debt has substituted for other ways of financing the consumption of basic social goods like housing, education, and medical care. This is at least partially due to increased inequality, which has allowed costs to rise faster than median incomes, as well as due to stagnating public provisions. Debt-financed access to basic goods is problematic because it creates new kinds of unfreedom and undermines the value of the freedoms that the indebted do manage to keep (...) or acquire. Debt-financing qualifies freedom in this way by placing certain kinds of conditions on our acquisition and consumption of the goods that we buy. These conditions compromise the very freedom that we seek and value when acquiring and consuming these goods. It does so, first, by transferring the burden of providing basic goods from the public to private individuals, thereby further constraining those who already face the most constraints in accessing basic goods. And, second, the conditional character of debt-financed consumption undermines the value that we attach to having basic social goods. At the very least, this gives us strong reasons to want to regulate the conditions that creditors can place on debtors, at least with respect to basic social goods. Further, at best, the most desirable alternative to debt-financed consumption is the unconditional public provision of basic goods like housing, education, and medical care. (shrink)

The author posits that the value of individual freedom is best realized within the context of the Moral Imagination concept of philosopher Rudolph Steiner and that when freedom is seen more as a licence for deception and exploitation not only does the greater community suffer but also the party itself suffers character destruction. Thus, laissez-faire capitalism, as exemplified by the mortgage banking meltdown of 2008 and subsequent debt-based unemployment crisis, has not only impoverished millions, destroyed savings and bankrupted long-established (...) investment firms, but also has further bonded the perpetrators to the morally undeveloped self-centredness of Lawrence Kohlberg’s least advanced moral stage (Kohlberg, 1981). Following a discussion of the folly and futility of the consumerist culture, the author argues that the solution lies in practicing the time tested values of caring and social responsibility on the part of government and mortgage bankers coupled with self-restraint and moderation on the part of investors and borrowers. (shrink)

In this article I discuss the conditions under which sovereign debts are not morally binding for a state. Following an old legal doctrine, I call non-binding debts ‘odious'. I proceed as follows. First, I argue that alternative accounts on the morality of debts are unsatisfactory. The problem these accounts have are that they do not clearly identify the philosophical issues that underlie the notion of odious debts, or that they fail to specify what exactly the immorality of odious debts consists (...) in. Second, I defend the view that a debt is odious when two conditions are satisfied: borrowed funds were used by public officials for purposes for which they were not authorised lenders knew, or should have known, about possible unauthorised uses of those funds. If these two conditions are both satisfied, debts should not be considered debts of the state, but rather personal debts of rulers. Third, I discuss the feasibility of my approach by exploring how it would work in the current world. Finally, I d.. (shrink)

In this article, I make the idea that poverty outcomes are not necessarily morally relevant for assessing policies as clear as possible by discussing a specific case within the global justice debate: sovereign debts. The claim I would like to defend is that generating poverty among the population of a poor state as a result of a loan is independent from the fact that such debt is morally binding. People might become poorer as a result of a loan, and (...) the loan might still be binding; and people might not be negatively affected as a result of a loan, and the loan might be non-binding. It is of course often the case that there is something wrong with lending that generates massive poverty. However, in my view, the fact that lending and poverty exist parallel to each other is not what makes a loan binding or non-binding. Thus, it is misguided to measure poverty as a way of testing the bindingness of a debt. I will proceed as follows. First, I will explain in some detail Pogge’s view about lending and justice, as he is the main defender of the outcome-view that I am trying to refute. Second, I will show two possible worries about Pogge’s view. I will call the first one the “agnosticism objection” and the second one the “normative limitation objection”. Third, I will briefly describe my own account of the conditions under which lending would count as non-binding. This account does not necessarily rely on outcomes. (shrink)

Borrowing behavior may be more resistant to formal educational treatments than other financial behaviors. In order to study the process and results of infographics-based debt education, we used eye tracking technology (SMI RED 500 Hz) to monitor the oculomotor behavior of 108 participants (68 females) aged 18 to 60 who were shown 4 infographics. The study used an experimental design with repeated measures and an internal comparison group. We also used scales of debt literacy and a set of (...) information literacy scales: numerical, graph, and linguistic. The results confirm that short-term infographics-based debt education can improve debt literacy significantly. The difference in processing the educational contents that were not known to participants before the educational session suggests that participants with better information literacy make more considerable debt literacy progress. Specifically, we found that numerical literacy is a significant mediator of debt education results, depending on the initial level of debt literacy; this relation is moderated by the focus of visual attention on negatives of debt. We found no significant relationship between debt literacy education results and those of graph and linguistic literacy. (shrink)

The government debt portfolio is usually the largest financial portfolio in the country. It often contains complex and risky financial structures and can generate significant risk to the state budget and the country’s financial stability. Therefore, governments are required to have sound risk management and sound public debt structures to limit exposure to market risk, debt financing or rolling risk, liquidity risk, credit, settlement and operational risk. In recent years, the debt market crises have highlighted the (...) importance of sound public debt management practices and related risks, and the need for an effective and well-developed domestic capital market. This may reduce the vulnerability of the economy to adverse economic and financial shocks. However, it is also important for the government to maintain a macroeconomic policy that ensures sound fiscal and monetary management. The aim of the research is to present the theoretical and practical aspects of extremely important issues such as public debt management and to indicate the most important implications for the financial stability of the country on the example of the Polish economy. The study uses a research method based on literature studies in the field of macroeconomics, economic policy and finance, as well as statistical analysis of the studied phenomenon. Results of research indicate that effective public debt management can reduce the economy’s vulnerability to financial threats, contribute to the financial stability of the country, maintain debt stability and protect the government’s reputation among investors. (shrink)

contents -/- i. death and the mask ii. shifts in the TTC ad-space iii. a virus in a superposition iv. this virus has totally hacked us v. a test of Bayesian competence vi. a siege on the Local, by the Global vii. re lab-leak theory: God did it viii. we held ourselves apart by this telescope ix. Google knows we'll all be dead x. Uber gets us all to surveil xi. Netflix pretends to be my friend xii. can teleCOMM map (...) my interior? xiii. Library's a hi-rise, in lockdown xiv. so could the A.I. announce itself xv. N_BossTRON, Surveillance Daemon xvi. prediction markets make War Profiteers xvii. hide Fish in sea, Bird in forest xviii. the DJ and the human, too much credit xix. dumb TV, an ingenious production xx. WE THE NORTH xxi. Debt: The First 5,000 Years xxii. Theses on Kingship xxiii. when i google Zeus xxiv. your Hardcore History xxv. consumerism a pacification campaign xxvi. fascism is quiet now xxvii. a Chomsky need keep record. (shrink)

International policies often make the conferral of aid, debt relief, or additional trading opportunities to a country depend upon its having successfully implemented specific policies, achieved certain social or economic outcomes, or demonstrated a commitment to conducting itself in specified ways. Such policies are conditionality arrangements. My aim in this article is to explore whether conditionality arrangements that would make the conferral of debt relief depend on whether the debtor country achieves a certain status with respect to the (...) human right fulfilment of its population can be justified. I argue that many objections that are typically advanced against conditionality arrangements are unconvincing, and that the possible benefits of human rights conditionality are sufficient to warrant serious intellectual and practical exploration. Whether or not particular arrangements are justified cannot be determined in advance of such exploration. (shrink)

Modified rules for the accumulation and discharge of international sovereign debt can codify the moral and legal basis for existing ad hoc deviations and present a justifiable framework within which international lending and borrowing can take place.

Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers and the CRAs they engage to rate their securities. The exchange relationships literature is (...) used to create a model where commitment plays a central role. Technical qualities, relationship qualities and dependence are theorised as antecedents of commitment, which is described by two constructs of affective commitment and calculative commitment. The issuer’s intention to remain with the CRA, their loyalty, is the consequence of commitment. The model is operationalized by means of a survey questionnaire administered to issuers of corporate debt in the United Kingdom. As expected, perceptions of the quality of the relationship and affective commitment play an important role in CRA-issuer relations. However, contrary to expectations, the technical quality of the rating and issuer dependence on the CRA play little role in determining commitment and continuance. The implications of these findings are discussed along with areas for future research. (shrink)

When should binding debt contracts not be repaid? This article argues that whenever the repayment of sovereign debt threatens the human rights of the citizenry, this provides a weighty normative reason to prioritize the fulfilment of the latter over the former. Since there are specific, non-coincidental reasons to fear that a high indebtedness of states may result in the undermining of the socio-economic and the collective human rights of a state’s citizenry, the more specific thesis defended in this (...) article is the following: whenever debt repayment undermines the socio-economic and collective human rights of the state´s citizenry, states have a normatively weighty reason to prioritize the fulfilment of the citizen’s human rights over meeting their contractual debt payment obligations vis-à-vis their creditors. (shrink)

This article is a review of two recently translated books by Italian philoso­pher Elettra Stimilli: The Debt of the Living: Ascesis and Capitalism and Debt and Guilt: A Political Philosophy. The essay critically engages with Stimilli’s interpretation of the nexus between ascesis and capitalism; her account of the ascetic dimensions of contemporary economies of debt; her reflections on the subversive potential of ascesis in the context of contemporary regimes of neoliberal governance.

Last year’s G-8 meeting in Gleneagles marked a major political commitment to cancel the debts that nineteen poor, heavily indebted countries owe to the IMF, the World Bank, and the African Development Bank.

Economists commit a category mistake when they treat democratic governments as indebted. Monarchs can be indebted, as can individuals. In contrast, democracies can't truly be indebted. They are financial intermediaries that form a bridge between what are often willing borrowers and forced lenders. The language of public debt is an ideological language that promotes politically expressed desires and is not a scientific language that clarifies the practice of public finance. Economists have gone astray by assuming that a government is (...) just another person whose impulses toward prudent action will restrict recourse to public debt and induce rational political action. (shrink)

In this essay, I argue that the notion of monetary debt does not displace but merely conceals our deeper, ontological debt to the sources of our being and way of life. I suggest that first Christianity and then modern science attempted to find a means of redemption that could free us from debt, but that both were unable to reconcile the ideas of freedom and indebtedness. I then examine the way in which Friedrich Nietzsche tried to resolve (...) the apparent contradiction of our debt to the past and our freedom to shape the future by developing a new form of redemption rooted in his doctrine of the eternal recurrence. (shrink)

Publication date: 30 November 2016 Source: Author: Remi Chukwudi Okeke, Adeline N. Idike This study raises some fundamental issues in the relationship between public debt and sustainable national development in Nigeria. The work is significant in highlighting the position of public debt in the subject area of public administration. The study finds a very weak linkage between public debt and sustainable national development in the Nigerian state. The theoretical framework of the investigation is the bureaucratic theory. The (...) work finds that the bureaucracy is as guilty as the politician in the country, in the transmutation of public debt into a brand of national bazaar. It is finally recommended in the paper that taxation-increases be adopted as alternative to public debt, in ensuring that the current generation of the country’s citizens, in meeting their immediate needs do not invariably endanger the capacity of future generations in the same regards. (shrink)

Because of the way that the international lending system works, poor nations have been forced to repay sovereign debts without having a moral obligation to do so. Suppose a corrupt public official borrows money from an international agency, or from private investors, and later on embezzles this money, or uses it to oppress the population. Suppose, further, that the lender is aware of the potential of this situation and still lends. Typically, the international community considers that successor governments have the (...) obligation to repay the funds and the interests associated to them. In fact, this is what they usually end up doing. Public officials are all aware that if they do not honour sovereign debts, they will face all kinds of negative consequences, including exclusion from future markets, loss of reputation and legal sanctions. Owing to this mechanism, entire generations have been burdened with debts fraudulently incurred in their name by governments in the past. These kinds of debts have been known in the legal literature as ‘odious’.In this article, I discuss the conditions defining the bindingness of a debt. I suggest that they can be made explicit by looking at the rules under which the lending system works at the domestic level, and by then extending these rules to the international domain. I argue that, because of their plausibility, these are the rules that should govern international lending from now on. I also discuss the feasibility of extending these rules globally, and consider potential objections to my proposal. (shrink)

This article examines the contrasting conceptions of gratitude in Early Confucian and Western philosophy. It focuses on a key difference: the presence of the notion of ‘debts of gratitude’ in Western thought and its absence in Confucianism. We explore how this difference is rooted in contrasting ethical outlooks and values. Western philosophy often conceives of gratitude as a duty of reciprocation, furthering the values of social equality and individual autonomy. By contrast, Early Confucians viewed gratitude as proper acknowledgement that strengthens (...) social relationships that are part of an ongoing collective project, spanning generations. This view reflects the importance of values such as community, harmony, and ritual propriety in Confucianism. Unlike the Western context, in the Early Confucian social world, there was no role for ‘debts of gratitude’ to play. There were no Confucian values that ‘debts of gratitude’ would help to realize, or would be responsive to, in the way that debts of gratitude further the values of equality and independence in the West. We conclude by noting that some Western philosophers express ideas about gratitude in collaborative contexts that align with Confucian ideas, suggesting some shared elements between Confucian and Western ethical outlooks. (shrink)

In many Western capitalist economies, private indebtedness is pervasive, but it has received little attention from political philosophers. Economic theory emphasizes the liberating potential of debt contracts, but its picture is based on assumptions that do not always hold, especially when there is a background of structural injustice. Private debt contracts are likely to miss their liberating potential if there is deception or lack of information, if there is insufficient access to (regular forms of) credit, or if credit (...) is overly expensive. Markets for private debt can be mechanisms of structural injustice: rather than playing a neutral role, they reinforce injustices, because the failures of debt to be liberating disproportionately hit individuals in disadvantaged positions. By individualizing what are in fact structural problems, private debt can contribute to stigmatization, social exclusion and oppression. What is at stake, from a perspective of structural justice, is not only the distribution of income, but also the distribution of risk. The problems of private debt markets therefore require political attention. In addition to fighting the structural injustices that form the background condititions of private debt, it is also worth addressing private debt markets themselves. (shrink)

If the present generation refuses to bear the burden of mitigating global heating, could we motivate sufficient action by shifting that burden to our descendants? Several writers have proposed breaking the political impasse by funding mitigation through public debt. Critics attack such proposals as both unjust and infeasible. In fact, there is reason to think that some debt financing may be more equitable than placing the whole burden of mitigation on the present generation. While it might not be (...) viable for all countries to take this route simultaneously, a vanguard state, or group of states, could use public debt to fund an ambitious programme to develop inexpensive forms of clean low- or no-emission technology. This would ensure that vanguard actor or set of actors a leading role in those sectors while at the same time benefiting future generations around the world. -/- Key policy insights: (a) Debt-financed clean technology research can shift part of the burden of greenhouse gas mitigation to our descendants, breaking the political impasse of inaction or delayed action. (b) Far from being an injustice to future generations, this could actually be fairer than expecting the present generation to bear the full burden of mitigation. (c) Such an initiative may be most feasible if pursued by a vanguard actor. (shrink)

External debt, poverty, and the use of natural resources are inextricably linked. Annis argues that the direction in which a country's economic resources are transferred—from poor to rich, or rich to poor—also sets the pattern for the flow of natural resources.

The article provides a moral analysis of the commercial trade of financial claims against private debtors. Secondary debt markets process a type of object that differs from regular commodities. The specificity of debt lies in its peculiar relationality that is in tension with its legal constitution as a commercial object, or with its treatment as a mere thing. The constitution of a credit claim presupposes a corresponding financial liability. Thus, debt relations are constituted by polar correlates of (...) deontic modalities. Debt buyers do not obtain mere monadic objects, but intersubjective rights of action against debtors. In turn, they arguably do not become mere owners of abstract claims, but successors to a position in a preceding social relation that is imbued with moral limitations and responsibilities. Markets for debt should thus be subjected to the deontic logic of credit relations, not to the norms of ownership in things. (shrink)

Austerity as management of public debt is at the core of neoliberal policies and proceeds as differential exploitation. To explore the gendered dimensions of debt, the paper inquires how debt is bond to desire and inscribed in bodies. After indulging in David Graeber’s, Gilles Deleuze’s and Félix Guttari’s work, the analysis focuses on accumulation through debt and dispossession. Drawing on Verónica Gago, Luci Cavallero and Silvia Federici, it reflects how current economies of debt exploit feminized (...) work in times of authoritarian neoliberalism. The paper sheds light on solidaristic struggles against austerity that manifest a desire for social transformation and economies of care. (shrink)

When can we say that a debt crisis has been resolved fairly? An often overlooked but very important effect of financial crises and the debts that often engender them is that they can lead the crisis countries to increased dependence on international institutions and the policy conditionality they require in return for their continued support, limiting their capabilities and those of their citizens to exercise meaningful control over their policies and institutions. These outcomes have been viewed by many not (...) merely as extremely unfortunate and regrettable, but also as deeply unfair. And indeed, increasingly potent popular movements have pressured governments, financial institutions, and the financial community to seek what they take to be fairer solutions to debt crises. The merits of these programs and proposals for dealing more fairly with sovereign debt remain hotly disputed. In this essay, we try to take a step back from the political fray and examine some more fundamental considerations that seem relevant to assessing the fairness of current arrangements governing economic exchanges related to debt contracts and alternatives that have been proposed to them.Our discussion is organized into seven sections. First, we characterize briefly the concept of fairness and its role in social evaluation. Second, we clarify what sovereign debt is, and, third, the ethical statuses that particular sovereign debts can have. Fourth, we identify and describe the main features of current practices related to sovereign debt. Fifth, we describe an "ideal picture" of creditor/debtor relations. We argue that in such a scenario a broad range of ethical considerations can plausibly be invoked in support of practices that closely resemble those presently governing sovereign debt. Sixth, we draw attention to the many ways in which in reality the relations between sovereign debtors and their creditors differ markedly from the relationships between the creditor and debtor in the ideal picture. Because of this, many of the ethical considerations that would support present practices were relations between sovereign debtors and their creditors to resemble more closely those depicted in the ideal picture fail to do so under present circumstances. We conclude, moreover, that the remaining ethical considerations that might be advanced in support of the present system are at best quite inconclusive. Finally, we describe briefly specific reform proposals to current practices. While we will not attempt to show that these proposals would necessarily make the rules governing economic exchanges relevant to sovereign debt more fair, we conclude, in light of our earlier analysis, that they must be given much more serious consideration than they have so far received in policy circles. Indeed, there are strong prima facie reasons to believe that some combination of these proposed policies might prevent or mitigate some of the most ethically regrettable outcomes of present practices and norms by changing the incentives of sovereign borrowers and those who lend to them. (shrink)

Whether corporate strategic Environmental, Social, and Governance (ESG) disclosure can be effectively screened by external markets still needs more empirical support. Despite numerous studies confirming the positive impact of ESG, the issue of strategic ESG disclosure has yet to receive sufficient attention. This study examines the impact of ESG greenwashing on the cost of debt financing and stock returns using panel data of Chinese A-share listed corporates from 2012 to 2021. The study finds that external markets fail to recognize (...) ESG greenwashing in the short term, leading to a temporary reduction in the cost of debt financing and an increase in stock returns, but these effects are not lasting. Mechanism analysis shows that ESG greenwashing enhances corporate reputation and reduces the cost of debt financing through the reputation effect, stimulates investor sentiment, and improves stock returns through the sentiment effect. The study identifies management myopia, excessive power, financial distress, and information asymmetry as the main drivers. However, strong oversight by independent directors, involvement of Big Four audit firms, investor site visits, and high industry competition can mitigate these misleading effects. This research expands the understanding of the causes and economic consequences of corporate ESG greenwashing and provides empirical evidence for managing this phenomenon. (shrink)

A debt of good will is incurred when a person becomes the beneficiary of significant assistance or favor given by another. Usually, the beneficiary is in acute need of the assistance given or favor granted. This provides an opportunity for the giving of help to serve as a vehicle for the expression of sympathy or concern. The debt could then be appreciated as one of good will because, by catering to another person's pressing need, the benefactor is able (...) to express positive dispositions towards the beneficiary. It is not merely the receipt of the assistance or favor that puts the recipient in a position of indebtedness. The indebtedness is created by the benefactor's kagandahang loob. An act can be considered to convey kagandahang loob only if it is done out of kusang loob ; and can only be considered to have been done out of kusang loob if the agent is not acting under external compulsion, is motivated by positive feelings towards the beneficiary, and is not motivated by the anticipation of reward. These conditions entail debt-of-goodwill relationships where the benefactor has no right to demand reciprocity but the beneficiary has a "self-imposed" obligation to repay kagandahang loob with kagandahang loob. Debts of good will are about some forms of justice. But we should not reduce all talk about debts of good will to talk about justice. (shrink)

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access (...) to credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit. (shrink)

This article analyzes the formative role of medieval theology and aesthetics in the development of postwar American architecture by focusing on the architectural theory and practice of Mies van der Rohe and Jean Labatut, both of whom became actively interested in Neo-Thomism from the late 1940s. More specifically, a closer look at their reliance on the work of Jacques Maritain, the preeminent promotor of Neo-Thomism, sheds light on the transmission and circulation of old and new concepts within twentieth-century architectural theory. (...) By revealing how Maritain’s ideas helped to codify the latter and thus exposed the premodern ideas at the heart of modern architecture, I argue that modernist aesthetics should be re-evaluated with regards to its definition of “the new” and its emphasis on the breakdown or mutation of premodern frames of reference. (shrink)

According to what may be called the Debt Model, blameworthiness is defined in terms of deserved suffering. The Debt Model has a significant implication: one is less blameworthy if one has experienced some of the suffering one deserves, and no longer blameworthy once one has experienced the full amount of suffering one deserves. Blameworthiness, according to the Debt Model, is not forever. In recent papers, Clarke (2022) and Howard (2022) independently criticize the Debt Model and argue (...) for the opposite conclusion: if one is blameworthy, one will remain blameworthy forever. In this paper, I respond to this criticism as well as a recent argument against the Debt Model from Tierney (2022). I then present a prima facie case for the Debt Model. I argue that Clarke’s attempt to accommodate the intuitions elicited by this and similar cases has unwelcome implications. I will end the paper with some remarks about what roles we want our conceptions of blameworthiness to play. If Clarke’s account were right, the fact that an agent is blameworthy would play a far less significant role in our moral life than we often tend to assume. The Debt Model, I will suggest, makes better sense of our blaming practices. (shrink)

At first blush, debt‐for‐nature swaps seem to provide win‐win solutions to the looming problems of environmental degradation and extreme poverty. So, one might naturally assume that they are morally permissible, if not obligatory. This article will argue, however, that debt‐for‐nature swaps are sometimes morally questionable, if not morally impermissible. It suggests that some criticisms of traditional (economic) conditions placed on loans to poor countries also apply to the (environmental) conditionality implicit in such swaps. The article's main theoretical contribution (...) is to suggest a general argumentative strategy for posing a challenge to the moral acceptability of many seemingly innocuous, or even apparently good, policies in the real world. Its discussion of how we should respond to seemingly tragic dilemmas (e.g. between protecting nature and respecting human rights) may also be of general interest. (shrink)

Debt reduction for the poorest countries of the world has become a self-evident goal for all people who feel concerned about the problems of the Third World, about absolute poverty and misery. Also, right-minded people think it is a primary ethical requirement that rich countries and powerful financial institutions should loosen the constraints imposed upon the weakest regions of the world. However, a closer look reveals that this is not just a technical matter, but that this issue is ridden (...) with hard choices and difficult ethical dilemmas. Giving and helping are much more delicate matters than a naïve and benevolent observer might think. A contribution touching upon the ethical background of the debate about debt reduction is a good opportunity to tackle these sorts of problems.Ethics has become fashionable nowadays. Paradoxically, the more people are convinced that self-interest is the main motivating force for the rich and the poor, and the more they think that powerful interest groups are ruling the world, the greater the attraction and the authority of ethical arguments. At the same time ethics has become a rather vague point of reference, supposed to encompass all kinds of benevolent drives, neglecting the evidence that beneficence does not always yield good results. So we shall start with some very general remarks about the nature of ethics, with a reminder of the specificity of ethical arguments for helping the poor and with an analysis of some difficulties in reaching this objective. In the second part of this text, we tackle the more concrete ethical dilemmas related to the issue of debt reduction. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:More About Hume's Debt to Spinoza Wim Klever In a recent contribution to the question of Hume's relationship to SpinozaIadvocatedamoreorlessSpinozisticinterpretationofthefirst bookofA Treatise ofHumanNature.1 Ofthe Understanding, sowasmy claim, is not only very close to De natura et origine mentis (Ethica, second part) as far as its main affirmations are concerned; the convergence ofexternal and internal evidence makes it also probable that there is a remarkable influence from the one's (...) work on the other and, accordingly, that Hume's defamation of Spinoza's system might well have been disingenuous. This last point was previously also suggested by Richard Popkin in an article in which he compared Hume's philosophy ofreligion with Spinoza's.2 What motivated me to continue my research in this field? To say itinone word: the unintendeddiscoveryofmanystrikingresemblances betweenHume's secondbook, OfthePassions,andSpinoza'sthirdpart, De origine et natura affectuum. I happened to become a member of a group ofinterested people who concentrate on reading Hume, and, on the other hand, I had acquired some expertise as a Spinoza scholar for quite a number of years, so that I could not avoid seeing the commonaUties between the two philosophers. It seems to be fully impossible to explain the resemblances—which I, ofcourse, will show below—by referring to the Spinoza-article in Bayle's Dictionaire historique et critique (a source once mentioned by Hume in a letter to a London friend), since Bayle does not spend a word to the human passions. It is further a hard fact that there do not exist other written sourcesfrom which Humemighthave drawnhisSpinozisticinspiration in his French period apart from the Ethics; all available literature of the time turned around the questions theism versus atheism and free will versus determinism, without entering into the details ofhuman emotions.3 Only one conclusion was possible for me: Hume musthave been familiar with Spinoza's own text. Either the Chevaher Ramsay, whose intimate he was for some time,4 or anotherintermediaryfigure5 must have raised his interest. The best entrance into the material is constituted by Hume's closing remark in his A Dissertation on the Passions (1757), in which he elucidates what he in fact has been doing in hie analysis of the passions: Volume XDI Number 1 55 WIM KLEVER I pretend not to have here exhausted this subject. It is sufficient formy purpose, ifI have made it appear, that, in the production and conduct of the passions, there is a certain regular mechanism, which is susceptible of as accurate a disquisition, as the laws ofmotion, optics, hydrostatics, or any part ofnatural philosophy.6 In spite ofthe words "a certain," this fragment maynot be interpreted as a metaphorical assessment. The origin and the processes ofhuman passions are purely mechanical. If this is not what Hume intends to declare, he never could have added the phrase that passions are susceptible of exactly the same kind of accurate descriptions as other natural phenomena. This theory of the mechanism of the passions is certainly not Cartesian. Although Descartes, as a physical scientist, was a great promoter of the explanation of things by means of mechanical causality, he in fact did not extend this method to the life ofthe passions. In his dualistic philosophy he ascribes to the human mind (with its free will) the capability to interfere with the passions and even to dominate them.7 In this field it is Spinoza who paves the way for Hume by sharply criticizing Descartes' non-mechanistic explanation ofthe passions. His far-fetched solution ofthe mind-body interactivity by means of the pineal gland and the animal spirits pushing against it, is called "a hypothesis more occult than any occult quality." 8 Spinoza acknowledged that Descartes had good intentions in trying to explain the human affections by their direct causes, but he was inconsistent insofar as he at the same time attempted to demonstrate man's absolute dominion over them. He, Spinoza, on the contrary, "will consider human actions and appetites just as ifit were a question ofUnes, planes and bodies." 9 The analysis of passions is a piece of natural science comparable with geometry, optics10 and hydrostatics, to mention some other fields of Spinoza's research. Hume's statement... (shrink)

For many young Americans, access to credit has become critical to completing a college education and embarking on a successful career path. Young people increasingly face the trade-off of taking on debt to complete college or foregoing college and taking their chances in the labor market without a college degree. These trade-offs are gendered by differences in college preparation and support and by the different labor market opportunities women and men face that affect the value of a college degree (...) and future difficulties they may face in repaying college debt. We examine these new realities by studying gender differences in the role of debt in the pivotal event of graduating from college using the 1997 cohort of the National Longitudinal Survey of Youth. In this article, we find that women and men both experience slowing and even diminishing probabilities of graduating when carrying high levels of debt, but that men drop out at lower levels of debt than do women. We conclude by theorizing that high levels of debt are one of the mechanisms that sort women and men into different positions in the social stratification system. (shrink)

Kant follows Christian tradition by asserting that humanity is sinful by nature, that our sinful nature burdens us with an infinite debt to God, and that it is possible for us to undergo a moral transformation that iberates us from sin and from its debt. Most of the secondary literature has focused on either Kant’s account of sin or our liberation from it. Far less attention has been paid to the debt in particular. The purpose of this (...) paper is to explore the nature of this debt, why Kant regards it as infinite, and what becomes of it for those who undergo a moral ransformation. (shrink)

This chapter argues that several aspects of Bernard Williams’s style, methodology, and metaphilosophy can be read as evolving dialectically out of Wittgenstein’s own. After considering Wittgenstein as a stylistic influence on Williams, especially as regards ideals of clarity, precision, and depth, Williams’s methodological debt to Wittgenstein is examined, in particular his anthropological interest in thick concepts and their point. The chapter then turns to Williams’s explicit association, in the 1990s, with a certain form of Wittgensteinianism, which he called ‘Left (...) Wittgensteinianism’. It is shown how this is not a sudden conversion, but the direct product of Williams’s longstanding critical engagement with Wittgenstein’s methodology and metaphilosophy: Williams arrives at this position by envisaging a Wittgensteinianism that thinks in concrete sociohistorical terms, embraces genuine explanation, and relinquishes its insistence on the purity of philosophy. When properly understood, moreover, this critique turns out to be continuous with Williams’s advocacy of a conception of philosophy as a humanistic discipline. Finally, it is shown that Williams inherits from Wittgenstein a certain understanding of how philosophy can help us to live, in particular the therapeutic ambition to liberate us from distortions in our self-understanding by assembling reminders. (shrink)