Sustainable and ethical leadership in the financial industry expand in importance since the financial crisis of 2007–2009. This research examined the level of sustainable and ethical leadership of leaders in mortgage loan originator (MLO) organizations, as perceived by loan originators. The Perceived Leadership Survey (PLIS) developed by Craig and Gustafson (Leadersh Q 9(2):127–145, 1998) and the Sustainable Leadership Questionnaire (SLQ) developed by McCann and Holt (Int J Sustain Strat Manage 2(2):204–210, 2011) were utilized for this research. (...) The survey results yielded high levels of both ethical and sustainable leadership. Employees also felt their leadership was encouraging ethical and sustainable behavior. However, correlations between the PLIS and SLQ did not prove to be dependent or closely correlated. (shrink)

The period of very high foreclosure rates sets the 2007–8 financial meltdown apart from similar banking crises fueled by asset price booms. Why did the 2007–8 meltdown lead to a prolonged foreclosure crisis? Through a theoretical perspective built on Minsky’s financial instability hypothesis, Polanyi’s ideas about adverse consequences of commodity fiction, financialization of homes, and institutional coupling, I argue that commodifying houses as financial assets exposed mortgage loan holders to price fluctuations originating in capital markets and elevated their (...) risk of default. I show how increased exposure to price fluctuations followed from the tight coupling between U.S. housing and capital markets, a coupling that resulted directly from the rising preponderance of securitization in U.S. housing finance. I provide further evidence from countries where housing finance was tightly coupled with capital markets to countries where housing finance did not rely dominantly on capital markets. (shrink)

The conventional wisdom regarding the creation of federal housing programs during the Great Depression cites market failure as the key factor leading to government action. A review of the historical record regarding one program in particular, the Federal Housing Administration's insurance of real‐estate mortgages, suggests a more complex picture. Amortized loans were not created anew by the FHA but had been developed previously by various financial institutions; their use by national banks was restricted by law. What market failure occurred seems (...) to have been induced, at least in part, by the federal government. (shrink)

The large-scale proliferation of China’s new type of agricultural entities has given rise to a higher demand for funds. Farmers have insufficient effective collateral, which makes it difficult for them to obtain sufficient loans. Chinese financial institutions have developed a biological asset mortgage loan business to cope with this situation. China has not considered biological mortgages but has been using real estate and asset mortgage models with strong realizability. This innovative financial business has achieved positive results since (...) it was attempted, but it also faces many risks. It is very important to comprehensively and accurately consider the risk factors of biological asset mortgage loans. Based on 1249 production and operation data samples of new agricultural entities in Zhejiang, Henan, and Shandong provinces, this study constructs an XGBoost model for empirical analysis and compares it with logical regression, support vector machine, and random forest algorithms to obtain the optimal model and feature importance value. According to the characteristic importance value, a biological asset mortgage loan risk assessment system with 4 primary indicators and 20 secondary indicators is established, which can effectively identify the biological asset mortgage loan risk of new agricultural entities. (shrink)

ABSTRACT The underlying cause of the financial meltdown was much more mundane than a “crisis of capitalism”: The real origins lay in mostly obscure housing, tax, and regulatory policies of the U.S. government. The Community Reinvestment Act, the affordable‐housing “mission” of Fannie Mae and Freddie Mac, penalty‐free refinancing of home loans, penalty‐free defaults on home loans, tax preferences for home‐equity borrowing, and reduced capital requirements for banks that held mortgages and mortgage‐backed securities combined with each other to create the (...) incentives for both subprime lending and the housing bubble that eventually led to the financial collapse. (shrink)

We investigate whether religion acts as a deterrent to the types of mortgage misrepresentation that played a significant role in the recent housing boom and bust. Using a large sample of mortgages originated from 2000 to 2007, we provide evidence that local religious adherence is associated with a lower likelihood of home appraisal overstatement and owner occupancy misreporting. The evidence on borrower income misrepresentation is mixed. Religiosity does not appear to reduce the incidence of income misrepresentation; however, it seems (...) to restrain the degree to which income is misrepresented. Our results are generally consistent with the hypothesis that religion, as a set of social norms, fosters ethical behavior, and possibly risk aversion, in the mortgage market. (shrink)

This article proposes a framework for the analysis of experienced discrimination in home mortgages. It addresses the problem of home mortgage lending discrimination in one of the richest areas of northern Italy. Employees of a local hospital were interviewed to study their perception of discriminatory behavior related to home financing. The analysis follows two steps. The first evaluates self-selection and the second focuses on the likelihood that applications are accepted by the bank. Findings show that discrimination is likely to (...) appear when the applicant’s nationality is considered. In addition to its findings, the study provides an original econometric model on a two-step procedure to test perceived discrimination and suggests a method and approach that may constitute a point of reference for those willing to study perceived discrimination. (shrink)

As a result of financial difficulties confronting American agriculture, public debate is focusing on longterm options for restoring economic stability and growth to the agricultural economy. Many believe that just as homeowners in small communities throughout the nation have been served by the development of a secondary market for residential mortgages sponsored by the federal government, farmers throughout the country would similarly benefit from the development of a secondary market for farm real estate mortgages. This paper discusses issues relating to (...) the development of a secondary market for agricultural real estate loans. The concept of a secondary market for agriculture is of considerable interest to Congress, as evidenced by recent enactment of the Agricultural Credit Act of 1987 which established the Federal Agricultural Mortgage Corporation (“Farmer Mac”) to create a secondary market for farm real estate loans. The first section discusses the general nature of secondary markets and their purposes, with particular attention given to the secondary market for home mortgages because it served as a model for a secondary market for farm loans. Section two discusses basic differences between agriculture and housing, and section three provides a brief discussion of federal credit subsidies designed to help meet social and economic goals by influencing the allocation of credit to particular sectors of the economy such as housing and agriculture. Potential benefits and costs associated with the development of a secondary market for agriculture are discussed in section four. (shrink)

The access of Poland to the EU caused the creation of the consumer protection system which consists of legal controls and different institutions such as e.g. UOKiK, BA, RZu. The aim of the study is to show problem of protection of bank services market consumer. The range of bank services is limited here to mortgage loans. Changes on the mortgage loan market in Poland during 2005–2008 are analysed in this work. The crisis on financial markets and its (...) consequences have also been considered. The author presents the bank actions in the face of consumers during the crisis and the possibilities of the solving the disputes with dissatisfied consumers. (shrink)

In this study, I examine the role racial minorities in the boardroom can play in reducing social injustice by promoting more equal access to mortgage credit to minority households. I develop a simple theoretical model that posits directors who are racial minorities provide the credit unions they govern with a perspective that shapes lenders’ trust of minority applicants. This trust is shaped by homophily and the tendency of individuals to prefer interactions with similar individuals. Using mortgage loan (...) data from a cross-section of credit unions in the United States from 185,446 applications, I find that credit unions where the majority of board members are minorities are less likely to reject a similarly qualified minority applicant than their counterparts. Governance by minority directors significantly reduces the effects of discrimination faced by minority applicants. The board’s effect is strongest in minority neighborhoods and where the homophily is stronger between directors and applicants. (shrink)

Richard A. Posner's two books on the financial crisis focus on possible macroeconomic (Keynesian) causes of it, neglecting legal causes that would have had only microeconomic effects, yet could have been responsible for the crisis. Specifically, Posner accepts too readily the conventional wisdom that banks? leverage levels, hence their capital cushions, were deregulated; this ignores Basel I, Basel II, and the Recourse rule, which internationally and (in the last case) in the United States minutely regulated not only leverage levels but (...) the composition of banks? assets. These regulations penalized banks for making business loans in comparison to mortgage loans, and it further penalized them for keeping mortgage loans rather than selling them for securitization and then buying back the ?senior? tranches of the resulting mortgage-backed securities. These regulations may explain the overconcentration of mortgage risk in the banks, and thus the financial crisis. (shrink)

Financial derivatives have been singled out as the major villain in the latest crisis, particularly through speculative trading by banks. Yet little attention has been paid to the fundamental rôle that derivatives play in modern capitalism. Even less has there been a focus on how the boom in derivatives-trading was prompted by the crisis of profitability and capital-accumulation. This article shows that while derivatives were one means by which speculation took off, the momentum behind this was driven by low profitability. (...) That was why banks turned their mortgage-loans into derivative-driven securities, why pension-funds placed bets on commodity-futures and why countries such as Greece used derivatives to hide the real state of their finances. Derivatives helped determine the form and magnitude of the crisis, but were not its underlying cause. Proposed reforms of the derivatives-market ignore the fundamental determinants of the financial crisis, assuming it to be a failure of regulation. (shrink)

In Home Building & Loan Assn. v. Blaisdell, the Supreme Court upheld the constitutionality of the Minnesota Mortgage Moratorium Act. Under the terms of the Act---one of the many pieces of moratory legislation enacted due to the Great Depression---mortgagors who found themselves unable to make their payments could turn to the state courts for an alteration of their payment schedule. It is clear that if there ever was a state of affairs in which one could justify the imposition (...) of debtor relief, the circumstances in Minnesota during the early 1930s would have filled the bill. By most accounts, the Act was justifiable from a policy perspective. ;Nevertheless, the outcome did not please everyone. The question before the Court was whether the proceedings authorized by the Act violated the contracts clause of the Constitution. Article 1, §10 provides that "No State...pass any...law impairing the Obligation of Contracts." The Act did impair the obligation of mortgage contracts. Furthermore, the Act was exactly the kind of debtor relief legislation that the contracts clause meant to forbid. The basic premise underlying the majority opinion was that a constitutional provision should be interpreted both in the context of the entire Constitution and in the context of the social situation confronting the Court. According to the dissent, the framing of the Constitution fixed the meaning of a provision for all cases arising across time. The two approaches represent two extremes in constitutional interpretation. However, the basic agreement is over how the Constitution should evolve. The basic disagreement concerns the problem of constitutional change. ;In a recent work, Robert Lipkin radically rethinks modern constitutional jurisprudence, challenging the received view of constitutional change. His theory of "constitutional revolutions" implies that conventionalism, coherentism, pragmatism, and naturalism all fall short as the best theory of constitutional change. In addition to offering a critique of Lipkin's theory, the present work conducts an independent investigation the theories Lipkin rejects. Such an investigation will not only help ascertain the legitimacy of Lipkin's theory of constitutional revolutions in particular, but of radical constitutional change in general. (shrink)

Usury originally and simply meant the practice of charging interest on loans. This practice was forcefully condemned and generally banned in both Ancient and Medieval times. Indeed, prohibitions against interest can be found in the traditions of all the major religions: Hinduism, Buddhism, Judaism, Islam, and Christianity – compare, for instance, the commandments of the Hindu lawmaker Vasishtha, and the biblical story of how Jesus cast the moneylenders out of the temple (Matthew 21:12). As interest started to become socially acceptable, (...) however, usury came to mean the charging of (legally or morally) excessive or exorbitant rates of interest, and this is also how it is commonly used today. Thus, although many people now may regard as usurious so-called payday loans – which sometimes come with up to 1,000 percent interest – we do not generally regard as usurious the normal bank practice of charging for loans at regulated interest rates. Modern Islam still contains a general prohibition against interest, however, and many countries still have at least partial usury laws – most often setting an upper limit on acceptable interest rates. (shrink)

Prosocial crowdfunding was originally conceived as a financial mechanism to assist vulnerable unbanked populations, typically excluded from formal financial markets. It subsequently grew into a billion-dollar scheme (Kiva 2020a, https://www.kiva.org/blog/1-billion-in-life-changing-loans ) in the multi-billion-dollar crowdfunding industry. However, recent evidence claims prosocial crowdfunding may be shifting away from its goal to support the poor and underserved. Drawing on a composite social responsibility and framing theory framework, we examine the role that vulnerability plays in successfully raising funds in a prosocial crowdfunding context. (...) We conduct multilevel logistic regressions on a sample of microloans allocated to 105,727 ventures in 64 countries. Our results indicate that applying for funds through a field partner which caters to vulnerable populations may in fact have a negative effect on the entrepreneur’s request to be fully funded. Notwithstanding, framing the entrepreneur as being female or rural as key characteristics of individual vulnerability increases the project’s likelihood to be fully funded. This conflict offers noteworthy theoretical and practical implications for ethics in prosocial crowdfunding, an understudied field of research. (shrink)

ABSTRACT Why did the popping of the housing bubble bring the financial system—rather than just the housing sector of the economy—to its knees? The answer lies in two methods by which banks had evaded regulatory capital requirements. First, they had temporarily placed assets—such as securitized mortgages—in off‐balance‐sheet entities, so that they did not have to hold significant capital buffers against them. Second, the capital regulations also allowed banks to reduce the amount of capital they held against assets that remained on (...) their balance sheets—if those assets took the form of AAA‐rated tranches of securitized mortgages. Thus, by repackaging mortgages into mortgage‐backed securities, whether held on or off their balance sheets, banks reduced the amount of capital required against their loans, increasing their ability to make loans many‐fold. The principal effect of this regulatory arbitrage, however, was to concentrate the risk of mortgage defaults in the banks and render them insolvent when the housing bubble popped. (shrink)

The goal of this experimental project was to investigate lay peoples’ perceptions of epistemic authority (EA) in the field of finance. EA is defined as the extent to which a source of information is treated as evidence for judgments independently of its objective expertise and based on subjective beliefs. Previous research suggested that EA evaluations are biased and that lay people tend to ascribe higher EA to experts who advise action (in the case of medical experts) or confirm clients’ expectations (...) (in the case of politicians). However, there has been no research into biases in lay evaluations of financial experts and this project is aimed to fill this gap. Experiment 1 showed that lay people tended to ascribe greater authority to financial consultants who gave more active advice to clients considering taking out a mortgage. Experiment 2 confirmed the action advice effect found in Experiment 1. However, the outcomes of Experiments 2 and – particularly – 3 suggested that this bias might also be due to clients’ desire to confirm their own opinions. Experiment 2 showed that the action advice effect was moderated by clients’ own opinions on taking loans. Lay people ascribed the greatest EA to the advisor in the scenario in which he advised taking action and where this coincided with the client’s positive opinion on the advisability of taking out a loan. In Experiment 3 only participants with a positive opinion on the financial product ascribed greater authority to experts who recommended it; participants whose opinion was negative tended to rate consultants who advised rejecting the product more highly. To conclude, these three experiments revealed that lay people ascribe higher EA to financial consultants who advise action rather than maintenance of the status quo, but this effect is limited by confirmation bias: when the client’s a priori opinion is salient, greater authority is ascribed to experts whose advice confirms it. In this sense, results presented in the present paper suggest that the action advice effect might be also interpreted as a specific manifestation of confirmation bias. (shrink)

To investigate the role of anger and anxiety traits on psychological attitudes about consumer behaviour, we asked to participants their perceptions and preferences about housing loans. Results show that: mortgage risk perception is negatively associated with trait anger and positively with trait anxiety, whereas the opposite happens for housing loan predictability; trait anger is positively associated with preference for adjustable-rate mortgage, whereas trait anxiety predicts a preference for no form of housing loan. These findings fit with (...) a growing body of evidence suggesting that personality traits influence perceptions and preferences about financial risk-taking. (shrink)

Households and banks have increasingly displaced non-financial businesses and governments as the primary debtors in modern capitalist economies, resulting in more severe economic cycles, increased inequality, and external macroeconomic imbalances. Yet while the trend is nearly universal among developed economies, its intensity varies a great deal from country to country. This article highlights the common international causes behind the global expansion of household and financial sector debt; the divergent national approaches to household credit that cause household and financial sector indebtedness (...) to vary from country to country; and the likely causes of these disparate approaches. National approaches to interest rate restrictions, property transfer taxation, high loan-to-value mortgages, mortgage interest taxation, and secondary markets for consumer debt can either encourage or mitigate household and financial sector borrowing. Whether a country encourages or mitigates such credit is determined by an idiosyncratic mix of institutional, political, and ideational factors. Especially important are the size of domestic pension funds, banks’ preferred business models, the political power of financial firms, and whether policymakers are more sensitive to the gains promised by a credit-fueled expansion or to the risks posed by an overleveraged collapse. (shrink)

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

In the 1930s, the Home Owners’ Loan Corporation (HOLC) graded the mortgage security of urban US neighborhoods. In doing so, the HOLC engaged in the practice, imbued with racism and xenophobia, of “redlining” neighborhoods deemed “hazardous” for lenders. Redlining has caused persistent social, political and economic problems for communities of color. Linkages between redlining and contemporary food access remain unexamined, even though food access is essential to well-being. To investigate this, we used a census tract-level measure of low-income (...) and low grocery store food access from the US Department of Agriculture Food Access Research Atlas, redlining data from Mapping Inequality Project, and demographic data from the American Community Survey. We employed generalized estimating equations with robust covariance estimates to analyze data pertaining to 10,459 census tracts in 202 US cities. Tracts that the HOLC graded as “C” (“decline in desirability”) and “D” (“hazardous”) had reduced contemporary food access compared to those graded “A” (“best”). Increases in contemporary census tract proportions of Black, Hispanic, or other racial/ethnic minority residents, as well as disabled residents, were associated with reduced food access. Increases in contemporary proportions of residents age 75 years and older or those without a car were associated with better food access. Tracts that underwent housing redevelopment since being graded had better food access, while those undergoing gentrification had reduced food access. Results suggest that issues of redlining, housing discrimination, racism, ableism, displacement, and food inaccessibility are deeply intertwined. (shrink)

The article considers the principles underpinning the Ukrainian translation of Sextus Empiricus’ Outlines of Pyrrhonism and the translation strategy employed to render the fundamental concepts of his philosophy. The author believes that the translation should fully reproduce Outlines of Pyrrhonism’s rich word-forming terminological potential while preserving the internal form and etymological affinity of concepts. The basic principle is the unification of terms and key concepts. At the same time, an acceptable translation should adequately convey the original meaning of the text (...) and not its letter. The accurate translation of the contents is more important than an effort to use the same Ukrainian word throughout the translation as an equivalent of a particular word in the original. Besides, our translation seeks to abide by a principle that one has to avoid, whenever possible, Grecisms, Latinisms, and loan translations from the Russian language. In accord with this translation strategy, the paper describes the lexical and semantic fields of the basic concepts of skepticism, their paradigmatic and syntagmatic connections, and the range of these terms’ derivation, and substantiates the choice of Ukrainian equivalents. The explanations are illustrated by fragments of the contextual translation of several cognate word forms. The translation should take into account the extensive synonymy present in the Greek text and certain lability of the terminological system used by Sextus himself. The translator’s intentions aim at conveying the rich lexical imagery and metaphors of the Outlines of Pyrrhonism. (shrink)

A limited-liability corporation is an artificial (“legal”) person whose liability is limited to the assets “owned” by the corporation. This means that the real or natural persons (if there are any) who own the corporation are not liable for the consequences of corporate actions or events originating within the property “owned” by the corporation. Thus, while the limited-liability corporation itself is fully liable (i.e., to the full extent of its assets) for such actions and occurrences, its human owners (if there (...) are any) are not liable at all. Admittedly, they run a risk of losing all that they have invested in the corporation, but nothing more. This risk may be called an economic liability but it is not a liability in the relevant juridical sense: debtors cannot turn to the owners of the corporation to ask or compel them to pay its debts—it does not matter whether these debts are consequences of the corporation’s contractual obligations (wages, rents, purchases, loans, etc.) or consequences of harmful actions or events (explosions, flooding, contaminations, etc.) caused by the corporation or its property to third parties. Thus, we have the problem of the standing of the limited-liability corporation in view of the principles of Austro-libertarianism: the limited-liability corporation is a fully liable artificial person that shields any natural persons who are its owners from any liability. This is a problem because we cannot have it both ways. Either the limited-liability corporation is an autonomous (“self-owning”) person in its own right and then no objection can be made to it, as, despite its name, it is fully liable; or it is something owned by natural persons and then these owners must, like all other owners, be held fully liable for what they do (or command or permit others to do) with their property as well as for the consequences of events that originate within their property. Now, from an Austro-libertarian point of view—which, as I understand it, is committed to a realist philosophy and therefore akin to a natural law position1—it does not make sense to say that an artificial person can be an autonomous person in its own right.. (shrink)

This paper discusses the possibility of wealth adjustment through a credit network. The discussed credit network in this paper is a kind of loaning with no interest rate (its value is zero). It explains the influence of existence or inexistence of a cooperation originated from the credit network on wealth distribution and adjustment in an artificial society. To show how the wealth may distribute, environment agents in terms of their obtained wealth have been classified into ten wealth categories; thus, the (...) share of each category in terms of population has been determined. In addition, the survival of population in the environment has been studied. Findings and results show more balanced distribution of agents among the categories of wealth and higher survival of the population in the existence of the credit network. More over, the curve of population has fewer fluctuations. In other words, the population is more stable due to the ability of credit network in making more survival and stability in the population of environment in periods of time by providing the possibility of cooperation and wealth better distribution. (shrink)

Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and a solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit markets, aspects of the global securitization market are now struggling to revive. In this paper, I discuss the role that ethics played in securitization prior to the 2008 financial crisis and find that it is not an obvious (...) story of moral failures, but rather that it lies in more subtle elements of the financial system. The ethics uncertainty role in the securitization story is one of flawed incentives and the shifting of responsibility for handling risk. The role of securitization and the ethics of risk transfer have rarely been discussed explicitly in the literature. The historical origins of securitization and lessons learned from previous flawed uses of the process are also provided. I also detail the various global institutional reform proposals that have taken place. Moving forward, it is crucial to understand the causes, consequences, and ethical implications of securitization in the financial crisis so as to help individuals and managers better assess risk, align incentives, and design appropriate policy responses. (shrink)

Place mouse over image continent. 2.1 (2012): 36–39. From an ethical and political perspective, people and property can hardly be separated. Indeed, the modern political subject – that is, the individual, the person, the self, the autonomous actor, the rational self-interest maximizer, etc. – has taken shape in and through the elaboration, institutionalization, and enactment of that which rightfully belongs to it. This thread can be traced back perhaps most directly to Locke’s notion that the origin of the political state (...) occurs when people rise above the state of nature by ceding the power to prosecute offenses. The rule of law begins then with a defense of the right to property. People become subjects by adhering to the social contract, which they do by deferring the defense of their own property to the state. In this light, the response of the United States federal government to the financial crisis of 2008 appears to many as a breach of the social contract. The chant “banks got bailed out, we got sold out” states the claim plainly. Why exactly did some subjects (e.g., the banks) have their property defended by the state (i.e., through the variety of programs including TARP, the discount window at the US Federal Reserve, etc.), when other subjects (e.g., homeowners) found themselves without protection of their property rights, forced to default on mortgage debts and face dispossession? Even if the rhetoric about “too big to fail” can be believed, and the collapse of the financial system would lead to negative consequences for people who had little or no connection to the activities that brought it about, such consequences need not call into question the notion that everyone stands equally before the law. To occupy, then, appears as a form of civil disobedience, an intentional, retaliatory breach of the social contract by those who feel that they have lost the support of the state to which they ceded their power as sovereign agents. The visible and the invisible The violation of property rights of people who have recognition, protection and power under the law destabilizes their very status as citizens and tests the limit of democracy. Does the financial system force the dematerialized victimization of individuals? Do people become numbers, or worse still, percentages of unemployed, tranches of defaulted mortgages and foreclosures? Are they perhaps instead disenfranchised prospectively from the privileged position occupied by virtual entities and actors such as those involved in the derivatives markets, always already exiled back into the physical, visible realm? The line of conflict appears to be drawn between invisibility/absence/deferral and visibility/presence/realization. The demonstrators occupy an excess property of those subjects, namely, the banks and financial elite, who did receive recognition and protection under the law. By domesticating this excess property, rendering its invisibility visible within the political economy, the protesters raise a new form of threat to the hegemonic order. To occupy, then, involves a rejection of the order under which the “99%” have been subjected to erasure. The occupation seeks creatively to establish a new means of communication and law for its subjects. In the face of an existing power structure that is increasingly disenfranchising the majority of people while consolidating nodes of power and influence, the “occupation”, or the work of the Occupy movement, involves seizing a space that refuses the rules of the existing, allegedly corrupt sovereign state. This refusal of governance extends even to include a steadfast refusal to articulate a strategy, to formulate a list of demands, to converse with the sovereign power on the grounds of its own conventions, to put forth a leader, to resolve the ambiguity of the movement into a discreet identity, face, or voice. Do these tactics provide a resolution to the problem that was its genesis? Not in such a direct and easily resolved manner, but it remains difficult to imagine a direct and simple resolution to the problematic of the breach of the social contract. The ambiguity of the situation has generated significant interest within the broader populace, though many people sympathetic to the cause appear to be frustrated because the movement has not simply put forward a short list of concrete demands, or even a set of leaders and spokespeople, much less a resolution. And yet, this lack of coherence appears as a resolution of a problem generic to protest movements in the past, where individual leaders can be removed or discredited, and lists of demands can be co-opted by others holding more political power. Meanwhile, the ambiguity has compelled imitations on a global scale, with the Occupy Wall Street participants consciously taking actions that can be replicated by anyone anywhere without significant cost. These actions have taken place not in a peripheral location such as a parking lot in New Jersey, but instead close to the centers of power and governance, adjacent to Wall Street, close to the White House, on college campuses, etc. This spontaneous archipelago of protests becomes an irritant, a negation of the accepted order of protests, but when the protesters themselves move outside of their encampments, they are escorted by the police, constantly monitored and maintained so that a permanent state of paranoid persecution takes hold. To occupy, occupying, occupation – these actions involve a variable degree of danger – are you willing to step into a different space, where the rule of law is unclear and evolving? Are you presenting yourself as a representative of the majority, the 99%? Who has a sense of belonging to the 99%? This previously invisible population becomes a focal point of political power, garners increasing public support, infects the public dialogue. The government recognizes this population by forcing it from the occupied space, removing the element of possession of property. It is at this point of conflict, in the struggle to hold the physical property, where the greatest friction and violence occurs. Scaling the rule of law While occupied, the property calls for a redress of grievances, a restoration of the rule of law. The Occupy movement does not select and put forward individuals or leaders, it puts forward places – the occupied property represents the point of conflict, not the individual. And it is this very property that the government then tries to reclaim. The movement remains faceless, anonymous, uncounted, or rather counted only as a mass, the self-labeled mass of 99%. These spaces are like refugee camps or favelas, but constructed to unite the political life and private life of the protesters. This objective is presented as a tactical necessity, as all other means of protest and communication have failed, leaving only the option of seizing, holding, occupying a property. But to what end, exactly? Can anyone deliberately return to the prior social contract, embrace, affirm, and govern in strict accordance with the earlier relationship to property, following the logic of Locke’s arguments? In this respect, the contemporary crisis indicates a new, transitional phase in the way that property operates, or rather, in the balance between real and virtual value. The roots of the crisis lay in the massive overvaluation of property caused by lax lending practices, as more people were encouraged to borrow more money, which drove up the prices of property. At the same time, these individual properties, these mortgages for homes actual families lived in and worked to support, were bundled into securities that could be bought, sold, and speculated on. The reduction of a physical house or piece of real estate to an almost incalculably small element in an investment vehicle appears as a scaling of the hedge that radically diminishes the value of any individually owned property. Moreover, a number of recently-innovated financial products allow investors to hedge in new ways, to deliberately spread risk around a portfolio in hopes of bringing returns even when the individual mortgage defaults. At the level of the ‘free’ market, these virtual negative valuations are designed to balance the physical positive valuation, though many of the biggest lenders are now being investigated for controlling both sides of this valuation, the positive and the negative, to facilitate both the creation and failure of the investments and to profit from both. The ability to benefit from both the negative and positive value of an investment is a result of a technologically enabled capacity to operate within a complex field. These layered and scaled investment vehicles and the simultaneous negation of their value together represent a commingling of the virtual and physical existence that is both complex and multiple. The valuation of a virtual property has tremendous power to change the valuation of the physical - either injecting it with or depriving it of funds, pumping in or draining life and energy. This situation has roots of its own – the notion of property advanced e.g., throughout the enclosure movement in Britain was, from the outset, an imposition of virtuality (i.e., the concept of law, the institutions associated with ownership, etc.) on the physical reality of land. 1 The difference today is that technological trading platforms combined with innovations within the financial services industry have enabled the reduction of each individual property receiving or losing value in scale to an almost atomic level. In turn, the number of properties held simultaneously and valued as a massive, multiple wholes – i.e., the derivatives market in mortgage-backed securities – is a new phenomenon made possible through the application of similar technologies and institutional structures. And those actors who can trade in these layers of complexity can then profit from the new phase of disassociation of the virtual and the physical – unconcerned with and operating at such a virtual distance from the individual residing physically on a particular piece of real estate that they no longer feel the tug of the physical tying them back to the physical, operating literally as in a video game, in a virtually distanced world. What can or should be done about this situation? Answers lie outside the scope of this current essay, but merit consideration in the near future… NOTE 1) Hernando de Soto has emphasized this dimension by empirically demonstrating its non-existence in many countries in The Mystery of Capital. (shrink)

Varro's De lingua Latina is a treasure trove of information. Of the originally twenty-five books, six have come down to us more or less complete. Among these, Books 5–7 give us many hundreds of etymologies, and Books 8–10 discuss the question whether Latin morphology is regular or not. What Varro rarely comments on is sociolinguistic variation. The sociolinguistic comments in Varro's work can almost be counted on one hand. For instance, in 5.162 Varro remarks that cenaculum, from cena ‘dinner’, means (...) ‘attic’ in Roman Latin, but that the original meaning was, as one might expect, ‘dining-room’, a meaning preserved in the non-Roman dialects of Latium, Falerii and Corduba in Spain; the meaning also lives on in religious uses in Lanuvium. In 7.96, Varro tells us that some words are pronounced with -ae- by some, but with -ē- by others. We know that non-Roman varieties of Latin monophthongized -ae- earlier than the Roman dialect did. Varro mentions pairs like scaena / scēna ‘stage’, a loan from Greek σκηνή, which shows that -ae- is hypercorrect here. Interestingly, only in one such pair is the variant with -ē- ascribed to country people, in the name Maesius / Mēsius, and this is indeed the only pair where the diphthong -ae- is original rather than the result of hypercorrection. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:January 12, 2013 (10:49 am) C:\WPdata\TYPE3202\russell 32,2 062 red.wpd 1 [For document sources and the pseudonyms used, see the entries in D.4 of the Malleson bibliography in this issue. The Wrst is under “Hemma Hos br”.z—zK.B.] 2 [Russell had given Malleson directions: “Festiniog is 3 miles from Blaenau Festiniog, along the road to Port Madoc; our cottage is a quarter of a mile from Festiniog, towards Port Madoc; the (...) inn, the Pengwern Arms, is at our end of the village. You would not Wnd our cottage on any map, but you might Wnd Bryn Llewelyn, a big house next door. Festiniog is on a ridge between two mountain streams, the Teigl and the Cynval” (24 Aug. 1948, ra3 596.200860). Find it at 52 57N32.17ON, 3 56N29.04OW on Google Earth.] 3 [Russell’s later secretary, Christopher Farley, attended the evacuated school.] russell: the Journal of Bertrand Russell Studies n.s. 32 (winter 2012–13): 161–9 The Bertrand Russell Research Centre, McMaster U. issn 0036-01631; online 1913-8032 ocuments THREE PORTRAITS OF BERTRAND RUSSELL AT HOME1 Constance Malleson i.w“bertrand russell at home” (1949) A ysage in ancient times once said that the best and wisest men love ythe ymountains and the sea. So it is perhaps not surprising to Wnd yEngland’s ygreat philosopher, Bertrand Russell, living in a little grey stone cottage on the side of a mountain and within sight of the sea. At a bend in a steep road, you suddenly come upon it: a typically Welsh looking place, for it is situated not far from the village of Llan Ffestiniogz—zin North Wales. It is small-scale country, this north-western corner of Merioneth: small steep hills; small glistening-green oak woods; small compact purple mountains (about 2,000 feet high). Ffestiniog village stands upon a ridge with a deep valley on either side; and a river, with white churning waterfalls, in each valley. From the grey stone terrace in front of Russell’s cottage, the whole Vale of Ffestiniog opens out to the shining estuary and the sea.2 The terrace has three tall, clipped, very prim looking bay trees; and all the cottage’s eight windows and two doors open out onto it; and Russell will tell you (with a lightly sardonic tone in his voice) that there were originally six trees, but that A.yS. Neill’s small scholars cut down three of them. (A.yS. Neill’s famous “experimental” school was evacuated here during the war.3 ) While Russell is himself an advocate of a very great deal of freedom in education, he thinks it is a pity if small children grow up without any knowledge whatever in their heads. At the western end of the terrace, the cottage has a projecting wing and it is January 12, 2013 (10:49 am) C:\WPdata\TYPE3202\russell 32,2 062 red.wpd 162 constance malleson 4 [B.yH. Liddell Hart (1895–1970). Conrad Russell recalled him visiting in “Shaking OT the Family Curse” (interview), The Independent on Sunday, 13 June 1999, pp. 16–17.] 5 [Edward, Earl of Clarendon, The History of the Rebellion and Civil Wars of England Begun in the Year 1641, 3 vols. (Oxford, 1704). The copy is still in Russell’s library.] 6 [It was the unique Doves type that T.yJ. Cobden-Sanderson disposed of in this way in 1916. He died in 1923. Many Doves Press publications remain in Russell’s library.] 7 [1817–1857. Finnish book collector.] 8 [The book was on loan to Russell from Malleson. She later sent a wedding oTering of what is probably the same copy to the Editor and his wife.] 9 [One such stone jar, with a screw-on top, is in ra.] there that Russell’s own small son, Conrad, age twelve, has his bedroom. Its walls are covered with delightful, large, coloured, historical maps of the world; and it once happened that, when the famous military expert of The Times, Liddell Hart,4 was visiting Russell and holding forth about some very remote and little known place, Conrad piped up and corrected him... (shrink)

In an article on ‘The Name of the Euxine Pontus’ in C.Q.xxxiv , pp. 123 ff., A. C. Moorhouse rejects the suggestion made by M. Vasmer and supported by Boisacq that the original Greek title ξενος was a popular rendering of the Avestan adjective αχṦαệνα, ‘of dark colour’. Moorhouse raises the following objections to this theory: i. There is no direct evidence of the Avestan adjective ever being applied to the Black Sea. ii. In historical times ‘Avestan is a long (...) way from Greek’ and in prehistorical times it is doubtful whether the speakers of Avestan had any close connexion with the Black Sea. iii. Assuming πόντος to denote ‘way’, ‘the dark way’ would be a fantastic name for any sea. iv. The early Greek form is ξενος, and only metri gratia ξεινος, whereas if the word is a loan from αχṧαēνα we should expect the phonetically closer form ξενος. (shrink)

The author discusses the position of coat in the energetic future of Belgium.The report of the «Commission des Sages» has carefully studied only the problem of the applications of nuclear energy.During the next century, the energy of all origins wilt be used. The future must not be mortgaged by putting forward solutions which bring only marginal contributions.The actual reserves of coat in Belgium and in the world are enormous. In 2000, only 2 % of these reserves wilt be consumed.There is (...) enough coat in the world to cover the energetic needs during several centuries.The use of Belgian or imported coat to produce electricity induces to study simultaneously the development of a modern carbochemistry which will progressively replace petroleum and gas by the manufacture of substituted gas and motor fuel.Methanol is the car motor-fuel for the future. Coat underground pressurised gasification shows interesting views for the upgrading of deep seams and of those who are not exploitable because of their small thickness.A sequence based on the production of electricity from high volatile coat, previously distilled at low temperature is proposed. This sequence allows a progressive and immediate development of a carbochemical industry in Belgium without important investments. (shrink)

PurposeThe deployment and strategic use of e‐business, from basic e‐mail utilization to total enterprise integration, involves the commitment of financial and technical resources. The resources have to be financed. The purpose of this paper is to ascertain the views of trade promotion organizations, donors, export associations and banks on e‐business financing in Ghana's non‐traditional export sector, with the view to making policy contributions to the e‐business financing phenomenon in a developing economy context.Design/methodology/approachThe research design is qualitative since this is an (...) exploratory study and deep preliminary insights were sought about a hitherto under‐researched information systems topic from a developing country perspective. Officials from the trade promotion; export association, donor and financial communities were interviewed to generate insights to help understand the phenomenon under investigation.FindingsSome banks find it difficult financing e‐business in NTE firms because it is considered a new area with relatively higher risks and uncertainties. Banks would rather grant small loans to a few select small and medium enterprise exporters in an attempt to limit their default risk. The trade promotion organization is helping with up‐skilling for the improvement in e‐competencies in Ghana's NTE sector. The export product association in collaboration with the donor interviewed is in the throes of designing e‐business interventions in Ghana's NTE sector after recently completing an e‐readiness survey in the same sector.Originality/valueThis paper presents a modest contribution to the export firm‐electronic business literature from a resource‐centered perspective, in a DE context. Studies on e‐business financing in DEs are virtually non‐existent and the policy prescriptions could apply with minor modifications to other related contexts in respect of e‐business financing. (shrink)

The objective of this research paper is to examine the impact of monetary policy conditions on bank risk-taking in the Western Balkan countries. The paper tries to identify if monetary policy conditions, especially money interest rates, may induce a greater appetite for bank risk-taking in the Western Balkan countries. The impact of macroeconomic and banking indicators on bank risk-taking will be examined, too. For this purpose, we apply pooled OLS techniques, Fixed and Random effects panel, and Hausman-Taylor Instrumental IV model. (...) The econometric results show a negative correlation between the monetary policy rate and bank risk-taking, rejecting the hypothesis that monetary policy rates indicate bank risk increase. However, expansive credit policies or loan portfolio growth have a positive impact on bank risk-taking in the Western Balkans. The study is original, and its findings will be of value to Central Banks and other policymakers in the Western Balkan countries. (shrink)

The Finnish Heidegger translations point to a problem created by the history of the language: words having to do with technology, metaphysics and so on are mostly direct loans from Indo-European languages with little connection to the rest of the vocabulary. This presents the translators with a dilemma: if one wants to retain Heidegger’s poetic and etymologising style, the Finnish tends to miss the essential contact to Greek-German-Western origins.

A classic debate concerns whether reasonableness should be understood statistically (e.g., reasonableness is what is common) or prescriptively (e.g., reasonableness is what is good). This Article elaborates and defends a third possibility. Reasonableness is a partly statistical and partly prescriptive “hybrid,” reflecting both statistical and prescriptive considerations. Experiments reveal that people apply reasonableness as a hybrid concept, and the Article argues that a hybrid account offers the best general theory of reasonableness. -/- First, the Article investigates how ordinary people judge (...) what is reasonable. Reasonableness sits at the core of countless legal standards, yet little work has investigated how ordinary people (i.e., potential jurors) actually make reasonableness judgments. Experiments reveal that judgments of reasonableness are systematically intermediate between judgments of the relevant average and ideal across numerous legal domains. For example, participants’ mean judgment of the legally reasonable number of weeks’ delay before a criminal trial (ten weeks) falls between the judged average (seventeen weeks) and ideal (seven weeks). So too for the reasonable num- ber of days to accept a contract offer, the reasonable rate of attorneys’ fees, the reasonable loan interest rate, and the reasonable annual number of loud events on a football field in a residential neighborhood. Judgment of reasonableness is better predicted by both statistical and prescriptive factors than by either factor alone. -/- This Article uses this experimental discovery to develop a normative view of reasonableness. It elaborates an account of reasonableness as a hybrid standard, arguing that this view offers the best general theory of reasonableness, one that applies correctly across multiple legal domains. Moreover, this hybrid feature is the historical essence of legal reasonableness: the original use of the “reasonable person” and the “man on the Clapham omnibus” aimed to reflect both statistical and prescriptive considerations. Empirically, reasonableness is a hybrid judgment. And normatively, reasonableness should be applied as a hybrid standard. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Eminently Practical Mr. Hume or Still Relevant After AU These Years Nancy Davlantes The practice, therefore, of contracting debt will almost infallibly be abused, in every government. It would scarcely be more imprudent togive aprodigal son a credit in every banker's shop in London, than to impower a statesman to draw bills, in this manner, upon posterity. (David Hume, Political Discourses, 1752) If we do not act promptly, (...) the imbalances in the economy are such that the effects ofthe deficit will be increasingly felt and with some immediacy. (Federal Reserve Chairman, Alan Greenspan, 1988) When David Hume penned his essays some 250 years ago, he was concerned that Britain's rising national debt — a debt fueled by war andpoor debt management that saw fit to mortgage thepublic revenues, and to trust that posterity will pay offthe incumbrances contracted by their ancestors — would eventually bankrupt the country. What the poor man might think ofa country facing a budget deficit of $155 billion, a trade deficit of some $130 billion, and a national debt — can you count the zeroes? — of a staggering $2.6 trillion, one can only imagine. Now imagination, as it happens, plays a central role in Hume's science ofman — it is the imagination, after all, that is free to separate, combine, and transpose its ideas — but asking it to conceive ofthe U.S. economy as it nears the end ofthe 20th century might indeed by asking too much. Was Hume particularly prescient? Probably not. What he was was a keen observer of the human experience who believed the principles of human nature formed the foundation of the four sciences of logic, morals, criticism, and politics. And in those four sciences, he wrote, is comprehended almost every thing, which it can any way import us to be acquainted with, or which can tend either to the improvement or ornament ofthe human mind. It is within the science of politics that considers men as united in society, and dependent on each other (T xv) that Hume wrote his nine Volume XVI Number 1 45 NANCY DAVLANTES economie essays, all but one ofwhich were published in 1752 under the title?? Political Discourses. Before taking a look at the essays themselves, some consideration should be given to Hume's place in the history of economic thought, to his contributions to that "dismal science," and especially to some of the underlying principles in his science of Man. The World as Hume Knew It David Hume wrote in an England in which much of the groundwork had been laid for the Industrial Revolution that was officially to begin in the latter 18th century. It was a time oftransition, between the dying years of a guild system controlled by artisans and a rising merchant class that both owned the materials and marketed the finished goods, between a primarily agrarian society of landowners and tenants and one increasingly urban as the centers ofindustry andproduction moved into the cities. Hume, while it is unlikely that he foresaw the enormous social and economic upheavals that were to come with the mechanization of industry and the development of an extensive factory system, was certainly aware that an evolution was taking place in society, and one he was emphatic in his approval of. As he himself says in his essay, "On Interest," But when men's industry encreases, and their views enlarge, it is found, that the most remote parts ofthe state can assist each other as well as the more contiguous, and that this intercourse ofgood offices may be carried on to the greatest extent and intricacy. Hence the origin of merchants, one of the most useful races ofmen... Merchants... beget industry, by serving as canals to convey it through every corner ofthe state. In praise of the merchant class he differed from his close friend Adam Smith, for whom "merchants were more often anti-social monopolists than beneficent promoters of well-being." That is not to say that Hume thought all was rosy — indeed, as quoted above, he was alarmed at the Britain's mounting public debt, and no doubt realized that a growing landless class would bring with it a host of social issues and... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Language in the Confessions of AugustineDanuta ShanzerPhilip Burton. Language in the Confessions of Augustine. Oxford: Oxford University Press, 2007. xii + 198 pp. Cloth, $72.Burton’s intriguing book explores language in the Confessions of Augustine. The topic is exemplified in action in Augustine’s own development from infans to puer loquens, to schoolboy, to young rhetoric student, to chattering Manichee, to professional rhetorician, Christian philosopher, and ultimately to biblical exegete (...) and preacher. Burton documents not only Augustine’s own development but also his abstract thoughts about language (development by physis vs. thesis; Latin vs. Greek; pagan vs. Christian), culture, speech (man’s, God’s, creation’s), silence, grammar, rhetoric, reading, prayer, and style (to name but a few). To study Augustine on language is to explore a crucial phase in the transition from the ancient pagan to the late antique, Christian world. Augustine’s views exercised tremendous influence in the medieval world.Burton takes an exemplary and essayistic British approach to the question rather than a systematic Teutonic one. The six chapters, three of which contain material published in other venues, explore “Sermo,” “Alternative Comedy,” “The [End Page 442] Vocabulary of the Liberal Arts,” “Talking Books,” “Biblical Idioms,” and “The Paralinguistic.” Despite its monographic cover, the book is best understood as a series of individual essays, since all can be read separately with no resultant loss of continuity or logic.After an often profound and wide-ranging introduction (“Sermo”), Burton bounces off those who view the Aeneid as a crucial subtext for the Confessions to discuss his new idea: the importance of comedy (by way of theatre in general). Three readings (Alypius in the marketplace, Monica abandoned, and Monica meribibula), which contain clearly comic lexical items as well as plausibly comic scenarios (in two cases), are supposed to invoke comic and mimic subtexts. While this reviewer is sympathetic to the approach, and has argued similarly for Apuleius (“Piscatum Opiparem... Praestinavi: Apuleius, Met. 1, 24–25,” RFIC 124[1996]:445–54) as well as for Augustine (“Avulsa a latere meo: Augustine’s Spare Rib—Augustine Confessions 6.15.25,” JRS 92[2002]:157–76 at 161) these particular interpretations, even supported as they are by sophisticated philological arguments, do not ring quite true or solve any problems in the passages. These constellations of apparently comic vocabulary (some of which is also late and biblical) may simply be an artifact of Augustine’s personal style, not the shadows of a genre or written source. Why would Augustine include a comic substrate in what Courcelle considered his inserted VAlypii? Is mime (41) really relevant, since Augustine never mentions it in the Confessions? Burton’s desire to see scenarios for moral contrast-imitation (58) seems implausible. Because we constantly confront the real coincidence of “life” vs. “literature” in the realistic genres, it is often hard to argue necessarily literary origins for a plausibly realistic motif. This fact makes the argument for “alternative comedy” in Augustine’s life-cursus somewhat unlikely.“The Vocabulary of the Liberal Arts” illustrates Augustine’s deep ambiguity about the artes through the language he uses of them. Burton uses the concept of substitutability of loan-words to explore alternative terms. In grammatica vs. litteratura and rhetorica vs. eloquentia, we see Greek terms used for distancing. Burton does some very interesting things with statistics of occurrence to show Augustine “going off” words and being defensive (for dialectica, see 76–77). He also shows us how a significant avoidance (arithmetica) enables linkage with the Bible (through numerus). The same applies to philosophia vs. sapientia (80–81). This chapter has much to say that is absolutely right and also important. Puzzling however is Burton’s concluding suggestion that Augustine varies his vocabulary for the artes to revalorize (86) and demystify them so they not appear a “knack or trade” (87). This seems unlikely, given the fate of his project on the disciplinae and the way he sneers at most of them in the Confessions.“Talking Books” develops ideas in Flores (1975) and Stock (1996) and contains much interesting material. The chapter takes us from the ancient querelle about the spoken vs. the written word, to books in the Bible... (shrink)

In this project, we worked in partnership with school teachers who are frequent users of experimental kits available for loan to schools using the historical-investigative approach. The original kits bring a traditional approach to experimentation, without the presence of the history of science. We developed and implemented new guides to the kits, without changing their materials and instruments. Design-based research supports the development methodology; the school science topics covered in this paper are Joseph Black’s studies on latent and specific (...) heat. Although some of the challenges faced in the implementation of historical-investigative approach are known and well-documented, the present article addresses teachers’ perspectives and some of the problems they faced in the implementation process, most of them related to school and teacher working conditions. Even though this is a case study with a small number of schools and teachers, it is possible to say that there is a huge gap to overcome before the historical-investigative approach can be implemented in large scale. (shrink)

Various etymologies have been proposed for Arabic allāh but also for Syriac allāhā. It has often been proposed that the Arabic word was borrowed from Syriac. This article takes a comprehensive look at the linguistic evidence at hand. Especially, it takes into consideration more recent epigraphical material which sheds light on the development of the Arabic language. Phonetic and morphological analysis of the data confirms the Arabic origin of the word allāh, whereas the problems of the Syriac form allāhā are (...) described, namely that the Syriac form differs from that of other Aramaic dialects and begs explanation, discussing also the possibility that the Syriac word is a loan from Arabic. The final part considers qur’anic allāh in its cultural and literary context and the role of the Syriac word in that context. The article concludes, that both, a strictly linguistic, as well as cultural and literary analysis reveals a multilayered interrelation between the two terms in question. The linguistic analysis shows, that Arabic allāh must be a genuinely Arabic word, whereas in the case of Syriac allāhā, the possibility of both, a loan and a specific inner-Aramaic development are laid out. Apart from linguistic considerations, the historical and cultural situation in Northern Mesopotamia, i. e. the early Arab presence in that region is taken into scrutiny. In turn, a possible later effect of the prominent use of Syriac allāhā on the use in the Qur’an is considered. It is emphasized, that we are presented with a situation of prolonged contact and exchange, rather than merely one-way borrowings. (shrink)

The present article regards the influence exerted by the Hermetic philosophy on the original works of one of the last representatives of Tarnovo literary school – Konstantin Kostenechki. They are found not only in the explicit mention of Hermest Trismegist in “The Biography of Stefan Larzarević” among philosophes to whom God has partly revealed “the truth” but also in one long and sophisticated syllogism where God Father is presented as “Mind” and “The Sources of the First Mind”. Some specific terms, (...) the description of the Serbian anchorites and one unusual transformation of the Gospel text (Mathew 6:6) also must be ascribed to Hermetic influence. All of these hermetic elements most probably have been loaned from Greek sources having included fragments of “Corpus Hermeticum” and some other hermetic texts. (shrink)

The text of Kant’s first dissertation is a translation from Latin from an academic publication of a collection of Kant’s works: Kant, I. Meditationum quarundam de igne succincta delineatio... In: Königlich Preußischen Akademie der Wissenschaften, ed., 1910. Kants Gesammelte Schriften. 1. Abhandling: Werke. Band I: Vorkritische Schriften I, 1747-1756. Berlin: Georg Reimer, 1910, pp. 369-384. The publication is available at https://korpora.zim.uni-duisburg- essen.de/kant/aa01/ [Accessed 10 March 2019]. Pagination and illustrations are from the same publication, the page numbers are in square brackets (...) at the beginning of the page. Page footnotes, if indicated, draw on the commentaries of Lewis White Beck, the translator of the dissertation into English from the following edition: Kant, I., 2012. Natur­al Science, edited by E. Watkins, translated by L. W. Beck, J. B. Edwards, O. Reinhardt, M. Schönfeld and E. Watkins. Cambridge: Cambridge University Press, pp. 713-714. It was important for the translator to follow the course of Kant’s thought and as far as possible preserve his style, including recurring words. Natural science terminology keeps as close as possible to the dissertation text, so instead of the term “gas”, which Kant does not use, the translator resorts to a loan-translation “elastic liquid,” harking back to the Russian term упругая жидкость which was proposed by Mikhail V. Lomonosov but did not catch on. For the same reason the translator uses the loan translation “moment” instead of the more common “motive force”. “Gradus”, however, is always translated as “degree” for the sake of uniformity. All the translator’s additions to the Kantian text are within square brackets. When the meaning of a word is translated in a form that departs from the original meaning due to context the Latin original is attached within round brackets in the grammatical form used by Kant. To facilitate understanding, long compound sentences of the Kantian text are sometimes broken up into several simple sentences. The structure of the text and title page format have been preserved. The translator would like to express sincere gratitude to Alexei N. Krouglov and Svyatopolk N. Yeschenko for their valuable advice, remarks and help and support in preparing this publication. (shrink)

According to the Principle of Techno-Geek Proportionality, for every million times a nerd gets excited about “the latest thing” the world might change once. Central bank digital currency (CBDC) may be that once. There is nothing new about digital money, but there may be many profoundly new things about CBDC. This is especially so for “retail” CBDC – that is, CBDC freely available to the public rather than “wholesale” CBDC, which is restricted to some registered users and central bank systems. (...) At the moment, the vast majority of money in existence takes the form of deposits at Santander, Barclays and the other commercial banks. As the Bank of England makes clear, most of this is originally produced when a bank extends a loan and creates a sum as a deposit which the borrower can then spend. This money flows around our payments system and the money supply, albeit there is more to money supply than just this, grows as cumulative debt grows and shrinks as debt is paid down. In the UK (and equivalents apply in any modern economy that has commercial banks), though we rarely think about it, since the money is denominated in s and the central bank essentially guarantees that it will exchange at par for central bank money, most of what we think of as money is really Santander or Barclays etc. credit units. Retail CBDC could change this state of affairs and the issues are sufficient to require public debate – not only regarding the scope of the technology but also the role and adequacy of central banks. This, in turn, provides an opportunity to discuss the nature of process. (shrink)

Doebler's small oil portrait of Kant from the year 1791 ist the most important contemporary image that we have of him. The original was preserved by the Order of the Skull and Phoenix in Köngsberg. Various copies of it hung in the Kant-Museum and were held privately in Köngisberg: Stobbe , Petzenburg or Pützenburger and Jacobson , as well as two live-size copies, one that has been called “contemporary” and one from an unknown painter commissioned by the Immanuel Order , (...) although the latter two may stem from the same artist. The Kant-Museum also exhibited a Kant portrait by Heydeck based on Doebler's original, on loan from the art collection of Königsberger Castle. All of these works were destroyed in World War II or have gone missing since 1945. This essay discusses the two Kant portraits sold in auction in 1963 and 2000 and held by the Museum of the City of Königsberg in Duisburg, neither of which copies had been made. The author argues that the former painting is not so much a second work made by Doebler around 1791 as it is a contemporary copy made of it by another artist for the Kant pupil Kiesewetter in Berlin. The second is shown to be an original by Heydeck in 1872, made by observation of Doebler's work. Additionally, the author provides further details of the biographies of Doebler and Heydeck. (shrink)

This case describes a recent iteration of the Ponzi scheme originated in 1920 by Charles Ponzi: creating a plausible investment, attracting investors, using the money from more recent investors to pay off earlier investors, and earning a substantial profit, estimated to be $15 million (worth $220 million today).1 While not as big as Bernie Madoff’s Ponzi scheme, as a result of which he was sentenced to 150 years in prison and ordered to pay restitution of $170 billion to his victims,2 (...) the Federal district court in Miami was asked to order Par Funding’s cofounders, Joseph W. LaForte and his wife, Lisa McElhone, to pay $337 million to Par Funding investors and to declare they engaged in a Ponzi scheme in defrauding those investors.3 Ultimately the Federal district court in Miami ordered Par cofounders to pay “$219 million in ‘ill-gotten gains,’ fines and interest so the funds can be used to help reimburse 1,200 investors who were duped into buying the risky, unregistered securities used to finance the high-fee loan company.”4 How LaForte and McElhone executed their scheme is an intriguing story which provides helpful insight into ethical and U.S. securities law principles. (shrink)

This note is not concerned with the reliability of this information, but with the lexical singularity παλλς, which has won widespread acceptance as an ancient sacral term, though our lexica display an uncommon, and indeed misleading, prudishness as to its meaning: ‘maiden-priestess’ ; ‘bei den Griechen in ägypt. Theben noch als sakraler Ausdruck = παρθνος' ; ‘A Thèbes d'Égypte pour désigner une prêtresse = παρθνος' . Pubescent temple-prostitutes had no place in Hellenic religious life, and it might be thought surprising (...) that there was a Greek word for them; yet Strabo offers the term without explanation or speculation as to derivation or dialectal provenance, apparently confident that it is indeed Greek and not a foreign loan-word. The Greeks who frequented Upper Egypt were not a group of largely homogeneous origin, who might have preserved in quasi-colonial isolation an archaism obsolete elsewhere in the Hellenic world. No such usage is mentioned in ancient discussions of the derivation of Pallas, wide though the etymological net is cast in the attempt to explain Athene's title: see, e.g., sch. Il. 1.199–200 , sch. Od. 1.252, P. Oxy. 2260. (shrink)

Since my article in C.Q. xli, pp. 86 ff., a further discussion of the problem has come to my notice. H. Jacobsohn, in an article entitled Σκνθικ in Zeitschr. f. vergleichende Sprachforschung, liv, pp. 254 ff., anticipates my point that the Greek ᾊξενƿς is borrowed not from Avestan but from some other Iranian language, probably Scythian. He also makes outan attractive case, based on the word παφδεισ¿ς, for considering the Iranian pronunciation at the period when the loan occurred to (...) have been αχšēna, with ē from original ai. It is unfortunate that he should have supported his case with the argument that a form αχšaina is too remote from Greek ξειν¿ς for the identification to have taken place: this insistence on complete homonymy in folk-etymology I have already criticized in discussing Moorhouse's article; and in any case it is by no means certain that ξεινႿς is the earliest form of the name in Greek. (shrink)

Among the graphic peculiarities that the manuscript T 235 presents, the famous Alcoran in letter of the Christians kept in the Library of Castilla-La Mancha, it is noticeable the use of the abbreviation al̶h. to translate the term Allāh. Examined the different techniques used to that end in other manuscripts in Latin characters coming from the different Hispanic Islamic communities between the 16th and 17th centuries, ranging from non-translation to the equivalent coined and through the loan with different transcripts, (...) we propose an interpretation of the aforementioned abbreviation in terms of intersemiotic translation, i.e. as a reduction to a simple visual form that aims to keep in the Spanish version the fiction of retaining the term Allāh in its original form in Arabic spelling by means of Latin characters. (shrink)

What level of government subsidy of higher education is justified, in what form, and for what reasons? We answer these questions by applying the hypothetical insurance approach, originally developed by Ronald Dworkin in his work on distributive justice. On this approach, when asking how to fund and deliver public services in a particular domain, we should seek to model what would be the outcome of a hypothetical insurance market: we stipulate that participants lack knowledge about their specific resources and risks, (...) and ask what insurance contracts they would take out to secure different types of benefit and protection in the domain in question. The great benefit of the hypothetical insurance approach is that it allows us to take apparently intractable questions about interpersonal distribution and transform them into questions about intrapersonal distributions: that is, questions about how an individual would choose to distribute risks and resources across the various lives that they might end up living, in light of their individual ambitions and preferences. Applying this approach to higher education, we argue that the UK model of higher education funding in which the costs of an individual's higher education are shared between general taxation and the individual herself, with the latter element to be paid retrospectively through an income-contingent state-backed loan, is vindicated as just. In particular, we argue that it is more just than alternatives such as a graduate tax, full funding through general taxation, and full privatisation. (shrink)

Griffith's second book that gives a detailed account of the biology underpinning his explanation of the human condition. Charles Darwin connected humans with nature but there biology has been stalled, unable to explain the dilemma of the human condition. Griffith's answer defends and dignifies humans, it lifts the burden of guilt, making possible our species' psychological rehabilitation; the real repair or ourselves and our planet.REVIEWS "Could you please send me an extra copy of your book? Yours to me is already (...) out on loan because it was so appreciated"Sir LAURENS VAN DER POST. Pre-eminent philosopher of the 20th century who was a close friend of Carl Jung and author of 24 books."In his book Beyond The Human Condition Jeremy Griffith makes the right emphasis when he identifies the order of the universe and its cosmic and biological evolution as the issue that brings science and religion together. Science shows an increasing complexity in order with cosmic and biological evolution but it finds no meaning to that increase in complexity. Jeremy Griffith finds that a religious vision brings an "integrative meaning" to that order. Moreover it leads him to an ethical vision of integrating love and peace. In all this he gives us a genuinely original and inspiring way of understanding ourselves and our place in the universe. His vision is one I embrace with enthusiasm and commend to all those who are searching for meaning."The late Professor CHARLES BIRCH, 'Australia's leading thinker on science and God'. (shrink)

Since the Middle Ages, hospitable courts played a central role in the complex judicial landscape of the pre-modern age for the conflict resolution of parties of different regional origins, because civil disputes could be dealt with more quickly if at least one plaintiff or defendant was a (legal) stranger. With the obvious relationship between (social) belonging and law established by these courts, questions of asymmetries in law come to the fore, which under the common keywords of inequality, integration and exclusion (...) are a leading interest of research in the history of law, culture and crime, but which have so far hardly been dealt with in research within the framework of civil court practice. The Duisburg Hospitable Court shows that the historical civil proceedings concerning non-repaid loans, undelivered goods or disputed estates were no less important for social stability and order in the pre-modern period than criminal proceedings, even though social integration and exclusion were not the core issues of a civil lawsuit. Since the Middle Ages, hospitable courts concerned themselves with communication and trade practices and at the same time constituted an institution that offered legal security for both foreigners and locals. This was still true in the early modern period, which generally stands for a time that became increasingly hardened towards strangers and people on the move. (shrink)