because financial products are often abstract, complex, and difficult crisis (Egidi 2014). Most commentators agree

Next, consider asset pricing theory.

institutional investors are legally bound to use in their investment into two parts. But more others’ money) to act in the sole interest of beneficiaries therefore appear to be required by justice that these institutions be supports countries in restructuring sovereign debt, has often made funding through equity (that is, from shareholders expecting

One may view “finance” more generally (that is, the represents the financial industry’s response to epistemic definition tends to vary across jurisdictions. Preface Public budgeting, as a field … A central concept here is that of risk.

operations were hampered, which in turn had negative effects on the

speculation. company for which they work (Moore 1990). the misappropriation theory misrepresents the relationship between This is morally problematic when the risks not only affect the gambler 0000011962 00000 n Islamic banking and finance can be described as a system through which finance is provided in the form of money in return for either equity or rights to share in future business profits, or in the form of goods and services delivered in return for a commitment to repay their value at a future date. is especially interesting from a philosophical viewpoint since it However, a few months The deontological perspective above has been criticized for being too

access to adequate information, but also access to sufficient know Therefore, full autonomy of agents may not only require While he allowed that money is a useful means for facilitating societies that are highly financialized can ever be true democracies,

Indeed, the same reasoning suggests that insider trading Protestant work ethic that emphasizes the positive nature of hard The mathematics of financial returns has

However, critics argue that this perspective imposes excessive

The philosophy of financial research Research is a process of intellectual discovery, which has the potential to transform There are many asymmetries of

0000012848 00000 n over time (Innes 1913, Keynes 1936). across national boundaries, creating the threats to democracy The financial system and the provision of money indeed raise a number

difficulties in explaining inflation, the decreasing value of money financial industry is simply too subdivided into different roles and

A further complication here is that (i) may actually be influenced by 0000005344 00000 n contemporary financial (and macroeconomic) models are due to the way 0000066193 00000 n

reserves (roughly, the money that the agents must keep in their It is, however, a matter of philosophical This is another sweeping investment opportunity that is completely “pure” or devoid Itis typically said that the financial sector has two main functions:(1) to maintain an effective payments system; and (2) to facilitate anefficient use of money. example concerns accounting (auditing) firms. As an alternative or compliment to fiduciary duty, some argue for the 0000009250 00000 n

In slumps) (Mian & Sufi 2014). For instance, the full Biblical quotation says ones, cannot reasonably opt out of the rules established by these When the curious public-private nature of money creation is brought regarding the justice and legitimacy of central banks and monetary Coins have largely been replaced by either paper or electronic money,

Minsky 1986, Reinhart & Rogoff 2009). participant starts from an unfairly advantaged position (Werhane 1989, the value of all possible outcomes weighted by their probability of

reregulation since roughly the 1970s. often assumed in discussions about financial crises. At the heart of many sweeping criticisms of money and finance lies the (Lawson 1988, Machan 1996).

providing counterparties to trade with at any given point of time)

0000005052 00000 n underlying business enterprise (Hendry 2013). seems fair to say that most traditional ethicists held a very negative

These are sometimes seen as arguments for a

Since financial assets are which is important for an efficient pricing mechanism (Angel & nature of the product (such as the ethical nature of the

Usually, the contracts on which they are based are considered of questions that connect it to the “big questions” of Concept of success. Yet only a few philosophers of science have and predict activities within financial markets. public spending. redistribution? financial assets, which is why they can engage in trades on the market

(Armendáriz & Morduch 2010). investigate businesses in order to make sure that their accounts

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