In Conversation: Exploring the Philosophy of Money and Finance

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A new and thought-provoking interview series @ Phinance – the Philosophy and Finance Network

We are pleased to announce the launch of a new interview series: “In Conversation: Exploring the Philosophy of Money and Finance”. The series kicks off with a selection of esteemed contributors to the recently published book, The Philosophy of Money and Finance (OUP, 2024).

Each interview will be followed by a live debate, encouraging active audience participation. The sessions (interview plus debate) will be 30 minutes long.

chair: Emiliano Ippoliti (Sapienza University of Rome)

organization: Emiliano Ippoliti (Sapienza University of Rome); Joakim Sandberg (University of Gothenburg); Lisa Warenski (CUNY Graduate Center and University of Connecticut)

Interviews Schedule

1. “Cryptocurrency: Commodity or Credit?”
Asya Passinsky (Central European University in Vienna)
Interviewer: Graham Hubbs (University of Idaho)
Date: 29 May 2024, 18:00 CET
Zoom link
Google Calendar link

Abstract: To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Assuming that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. This talk argues that they cannot. It first offers an interpretation of the commodity and credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. It then argues that thus understood, neither theory can accommodate cryptocurrency. Finally, it proposes a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and it argues that this hybrid account can accommodate cryptocurrency.

2. “Money in the Social Contract”
Aaron James (University of California, Irvine)
Interviewer: Richard Endörfer (University of Gothenburg)
Date: 17 June 2024, 18:00 CET
Zoom link
Google Calendar link

Abstract: Philosophers tend to assume that money has only an instrumental relation to state legitimacy. This discussion explains how money raises state legitimacy issues of its own. Assuming a credit/debt theory of money, the state can be seen as an active participant in a credit economy of its own making. Insofar as a state issues or recognizes a money as a means of ruling people’s lives, it is subject to promissory requirements of redemption.  This has significant implications for its legitimate and equitable management of a modern economy, the centerpiece of a social compact.

3. “Climate Change and Reflexive Law: The EU Sustainable Finance Action Plan”
Boudewijn de Bruin (University of Groningen)
Interviewer: Lisa Warenski (CUNY Graduate Center and University of Connecticut)
Date: 23 September 2024, 18:00 CET
Zoom link
Google Calendar link

Abstract: This talk examines the instruments suggested by the key policy document driving sustainable finance in the European Union, the Action Plan on Financing Sustainable Growth. It uses a reflexive law approach coupled with insights from epistemology. The chapter first discusses the Action Plan and the concept of reflexive law (which focuses on such epistemic instruments as disclosure, reporting, and labelling). It discusses a number of challenges the plan faces (about, e.g., investor ignorance, long-termism, scenario analysis, accounting standards). It then introduces an alternative to reflexive law (called “epistemic law”), and argues that disclosure, reporting, and labelling improve by taking into account insights from epistemology and social science concerning the form and content of information. The talk’s recommendation is, in a slogan, to provide different information, and to provide information differently.

4. “Credit and Distributive Justice”
Marco Meyer (University of Hamburg)
Interviewer: Lisa Warenski (CUNY Graduate Center and University of Connecticut)
Date: 08 October 2024, 18:00 CET
Zoom link
Google Calendar link

Abstract: The author argues that the credit system may improve distributive justice, but only indirectly, via job creation and government spending. The reason for this is that cheap credit on commercial terms is only available to people in the upper half of the wealth distribution. By contrast, the forms of credit available more widely are too expensive to make taking out credit a realistic option to escape poverty for most. However, credit can improve distributive justice indirectly, if entrepreneurs and corporations borrow for purposes that create jobs, or states spend borrowed funds on programs that address poverty or inequality. For these reasons, the author suggests that improving access to credit is less important from the perspective of distributive justice than how the credit system interacts with the tax system and labor laws.

Book Salon on Sociology and Political Economy of Finance

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Earlier this summer, Daniel Beunza and Pierre Christian-Fink organized an online “book salon” on recent sociological treatments of finance. Hosted by the Program on Law and Political Economy, Harvard Law School. They say:

Financial sociologists contribute important insights to analyses of today’s political economy. This event convenes the authors of nine recent books – all published since 2020 – into a series of panel conversations. The first panel will explore moral questions in the legal gray areas within financial markets that are variously considered to have normative import or not. The second panel will investigate how central bankers and organizers of financial markets make their projects visible to some members of society but not others. The third and final panel will ask which elements of the current financial system are roadblocks on the path to a new democratic political economy, and which ones can be leveraged to achieve a more equitable, inclusive, and sustainable society.

Participating authors: Jakob Feinig, Kimberly Kay Hoang, Simone Polillo, Donald MacKenzie, Philip Roscoe, Leon Wansleben, Fred Block and Robert Hockett, Terri Friedline, Robert Meister.

Recordings of the event are now available here: https://lpe.law.harvard.edu/events/finance-book-salon/

Profit-Seeking, Self-Interest, And Virtue

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This is a commentary on: Munger, Michael C. and Russell, Daniel C. 2018. “Can Profit Seekers be Virtuous.” In The Routledge Companion to Business Ethics, eds. E. Heath, B. Kaldis, and A. Marcoux. New York, NY: Routledge. 113–130.

Written by Santiago Mejia, Assistant Professor of Law and Ethics at Fordham University, New York.

Abstract

Michael Munger and Dan Russell lay out three conditions that are supposed to guarantee that a profit-seeker, even one who seeks extraordinary profits, can be virtuous. While their account provides a valuable starting point, it would be strengthened by recognizing that a profit-seeker can only be virtuous if she 1) uses her profits virtuously, 2) is not merely motivated by her own narrow self-interest, 3) displays virtues such as justice and beneficence in the exchanges that lead to her profits, and 4) displays virtue in other realms of her life.

“If we make money the object of man-training, we shall develop money-makers but not necessarily men…” (W.E.B Du Bois, 1903)

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Financial Ethics Workshop – Call for Abstracts

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The Financial Ethics Research Group at University of Gothenburg are pleased to invite abstract submissions for an in-person workshop. It will be held on June 2nd and 3rd at the Humanities Building, University of Gothenburg.

Confirmed speakers:
John Broome (Oxford)
Peter Dietsch (University of Victoria)
Alexander Douglas (St. Andrews)
Kate Padgett-Walsh (Iowa State)
Lisa Warenski (University of Connecticut/CUNY Graduate Center)

This workshop seeks to bring together philosophers and philosophically-minded academics from associated disciplines (e.g. finance, political science, economics, sustainability) working on questions of financial ethics. We invite submissions on all kinds of ethical or political issues raised by money and finance (broadly construed) – including topics such as sustainable finance, socially responsible investing, the ethics of debt, financial fraud, microfinance and global justice, the politics of central banking, and the philosophy of monetary systems.

To submit an abstract, please email tadhg.olaoghaire@gu.se. Abstracts should be no longer than 500 words. Abstracts should be anonymised, suitable for blind review, and include a separate title page listing author name, institution, paper title, and the author’s contact information. If accepted, talks should aim to be approximately 25-30 minutes long, not inclusive of Q&A.

We strongly encourage PhD students and early-career scholars from underrepresented backgrounds to apply. We have a limited budget for providing financial support for travel and accommodation. 

The deadline for submitting abstracts is 26th March. We aim to let applicants know whether their abstract has been accepted within 7-10 days.

For more information, please contact tadhg.olaoghaire@gu.se.

Doctoral position on biodiversity and the economy

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University of Gothenburg, Sweden, is seeking to hire a (fully salaried) doctoral candidate in the intersection of environmental and economic ethics. The candidate will join the Financial Ethics Research Group which consists of philosophers and economists dedicated to ethical and political issues raised by the financial system (in the broadest sense). More specifically, the candidate will be connected to the research program Mistra Finance to Revive Biodiversity, which is a program funded by Mistra – the Swedish Foundation for Strategic Environmental Research.

The term “biodiversity” denotes the variety and variability of life on Earth, including the variety of species and ecosystems. Unfortunately, mankind’s failure to recognize the importance of and to successfully manage biodiversity has led to what is now considered a sixth mass extinction of species. The continued loss of biodiversity is eroding the foundation of all societies and economies, including our Western system of financial capitalism. Yet it has been difficult to express this loss in economic or financial terms, which may be one of the reasons why previous efforts to halt biodiversity loss have failed.

Voices are now being raised for making economic agents, such as multinational companies and financial investors, become more engaged in these efforts. After all, in financial capitalism, companies and investors command substantial stewardship over the allocation of resources which could be put to use to revive biodiversity. But in order to do so, these economic agents must be provided with both suitable knowledge and powerful incentives to consider the effects of their activities on species and ecosystems. So precisely how can this be achieved? And, more generally, is it really possible to connect environmental and economic values in a sufficiently robust manner?

This doctoral position allows the candidate to explore the topic of environmental versus economic aspects of biodiversity in greater detail. We welcome proposals that are grounded in environmental ethics or economic ethics (or both). Furthermore, the candidate is expected to propose and explore his or her own ‘twist’ or perspective on the topic, on the basis of stringent philosophical analysis and argumentation. Some examples of interesting research questions in this regard are:

  • What is the value of biodiversity? Does it have intrinsic or only instrumental value? Can this value be captured by some more specific ethical or economic theory?
  • Can and should we put a price on biodiversity? That is, can and should we use markets and economic thinking in order to protect species and ecosystems? Or would this count as “commodifying” nature in an unethical way?
  • What duties, if any, do economic agents like companies and investors have to protect biodiversity? How do such duties square with their traditional economic role?
  • What policies can the state legitimately pursue to safeguard biodiversity? Do these include substantial regulations of markets and financial flows? Should we understand biodiversity loss as a market externality?
  • To what degree should we permit investors to prioritize biodiversity over other important environmental goals, such as climate change adaption and mitigation? How much should policymakers guide investors in weighing biodiversity preservation versus other similarly important objectives?
  • To what extent can existing economic theories capture or explain the value of biodiversity? Is the mass extinction of species a failing of the economic sciences?

Applications must be received by: January 9, 2023

In order to apply for a position at the University of Gothenburg, you have to register an account in our online recruitment system. See more here: https://web103.reachmee.com/ext/I005/1035/job?site=7&lang=UK&validator=9b89bead79bb7258ad55c8d75228e5b7&job_id=28014

Ethics & Trust in Finance 9th Global Prize

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Every two years, the Prize invites young professionals and academics to participate and contribute to the reflection on the importance of the benefits of a more ethical approach to banking and finance, promoting greater awareness of the need for ethics, integrity and trust in the finance sector. Since 2006, the competition has prompted a debate about many different aspects of Ethics in Finance, ranging from the role of compliance offices, ethical investment and corporate social responsibility, the contribution of micro-finance to economic development, scandals and the persistence of financial misconduct, the ethical significance of fintech and the digital transformation of finance and the transition to a more sustainable financial system, to name but a few.

Candidates are invited to submit papers that have not been previously published, examining the role of ethics and integrity in finance from many possible practical angles and disciplinary perspectives. The papers could be analytical in character or they could be proposals for practical projects. In all cases, they should meet three criteria: intellectual rigour, innovative ideas, and clear conclusions. Best papers submitted in previous editions are available in this site. The Prize aims to encourage and promote:

  • awareness of the fundamental role of ethics in the world of finance;
  • precise identification of ethical issues in financial activities and institutions, in both the public and private sectors;
  • proposals for implementation of initiatives and projects concerning teaching and regulating for ethics in finance;
  • understanding of the role of ethics to support a more sustainable financial system.

The deadline to submit your final paper for the 9th edition is set to 29 of May 2023.

For more information, please refer to https://www.ethicsinfinance.org/2022-2023-9th/

Junior Positions in Economic and/or Environmental Ethics

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The University of Gothenburg, Sweden, is looking to hire one PhD candidate (4 years), as well as one or more post docs (2 years), in the intersection of economic and environmental ethics. All positions are fully funded and provide a competitive salary as well as other benefits.

Economic ethics is the application of moral or political philosophy to critical issues in business organizations or the economic system. Environmental ethics is the application of moral or political philosophy to critical issues in the relationship between humans and non-human environmental systems. The research area should be understood broadly so as to include subtopics like business ethics, the political philosophy of financial markets, ethics of commodification, ethics of climate change, ethics of biodiversity, environmental philosophy and the philosophy of (environmental) economics. Any applications related to these subfields are welcome.

Potential research questions in these fields include the following:

  • What moral duties, if any, do commercial firms have to mitigate climate change?
  • Do consumers have a duty to invest in sustainable firms?
  • Is sustainability an irreducible moral value?
  • Can environmental values (such as biodiversity) be expressed in monetary terms?
  • Do advantaged nations have duties to promote sustainability in vulnerable nations?
  • Is the state justified in coercing financial markets towards sustainability?

The researchers will join the Financial Ethics Research Group which consists of philosophers and economists dedicated to ethical and political issues raised by the financial system (in the broadest sense). More specifically, the positions are connected to the research program Sustainable Finance Lab, which is a collaboration between several Swedish universities that is funded by Vinnova, Sweden’s innovation agency. Additional funding is due to the University of Gothenburg, the Knut and Alice Wallenberg Foundation, the Marcus and Amalia Wallenberg Foundation, and the Swedish Foundation for Strategic Environmental Research (Mistra).

More information about the PhD candidate position: Job ad at University of Gothenburg (Deadline June 13, 2022)

More information about the post-doc position(s): Job ad at University of Gothenburg (Deadline May 31, 2022)

If you have questions, please contact: Professor Joakim Sandberg, project leader

Summer School on Time, Money and God

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4 – 8 July 2022, University of Antwerp

The Antwerp Summer School for 2022 will focus on fundamental questions about our financial system on the nature of time, value and money. You get a stimulating engagement with key topics and thinkers at the intersection of philosophy, economics, ethics and theology.

Contemporary discussions on the ethics of finance and the prospects of more sustainable banking systems surface on regular occasions, not just at the edge of the financial system but also at its core. It is not just a Western concern as the rapid rise of Islamic banking proves. In its origin, many of these concerns with finance have a religious background, but today what might have seemed like unnecessary religious fetters in the secular world of finance have become general concerns because of the ongoing financial, economic and environmental crises. 

This summer school returns to the historical roots of the criticism of the financial system and looks at the usury debate from the contemporary perspective of banking and economic decision making on long term horizons. What can the contemporary debate learn from the moral and theological frameworks that were employed in the usury debate? The summer school offers an interdisciplinary program aimed at untangling the moral, economical, metaphysical and theological dimensions of that debate. Many of these arguments come back in the contemporary Islamic discussion on usury and play a strong part in discussions about things as diverse as nuclear energy, climate change and our relation to future generations. 

Speakers

Wim Decock: “Money, Time and Industry: Lessius and the Breakdown of the Scholastic Paradigm on Interest-Taking and Usury”

Philip Goodchild: “Credit and Debt: Between theology and economics” | “Finance as Salvation”

Bruno Colmant: “Melting money: the view from a physiocrat”

Sean Capener: “The So-Called ’Thief of Time’” |  “Money and Sophistry”

Imane Karich: “Theory and practice of Islamic finance”

Luc van Liedekerke: “The economics of time preference” | “Time-preference and climate change”

Michaël Bauwens: “Time, money and God: metaphysical investigations”

Target group

Master and PhD students in philosophy, economics or theology, but open to advanced Bachelor, Master and PhD students in these three or closely related fields like Islamic finance, sustainable finance and others. Participants should have at least completed two full years of undergraduate education (Bachelor level). 

For more information: https://www.uantwerpen.be/en/summer-winter-schools/time-money-god/

Workshop on the Ontology of Finance

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Venue: Park 141, University at Buffalo (North Campus) & Zoom
Date: Saturday, May 7, 2022

This will be a hybrid meeting. Those intending to participate in person should contact Gloria Sansò <gsanso@buffalo.edu> before May 5. Zoom details will be posted later.

The workshop is funded by the International Social Ontology Society (ISOS) and by the Department of Philosophy, University at Buffalo

Program:

φ = speaker will be physically present

9:00 am Barry Smith: Introduction and welcome φ
9:15 am Achille Varzi: Derivatus Paradoxus φ
10:00 am Olivier Massin: Providing, exchanging, selling
Break
10:45 am Francesco Guala: Performativity rationalized
11:15 am Emiliano Ippoliti: What is a financial crisis
11:45 am Asya Passinsky: Cryptocurrency: commodity or credit?
Lunch
13:15 pm Samir Chopra: From artifact to agent: artificial agents and the law of legal agency φ
14:00 pm Gloria Sansò: Foundations for an ontology of finance φ
14:30 pm Christian Sprague: Towards a market ontology φ

Please consult the webpage for more information.

Postdoctoral Fellow in Economic and/or Environmental Ethics, one or several

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The University of Gothenburg, Sweden, is looking to hire one or more 2-year post docs in the intersection of economic and environmental ethics. Economic ethics is the application of moral or political philosophy to critical issues in business organizations or the economic system. Environmental ethics is the application of moral or political philosophy to critical issues in the relationship between humans and non-human environmental systems. The research area should be understood broadly so as to include subtopics like business ethics, the political philosophy of financial markets, ethics of commodification, ethics of climate change, ethics of biodiversity, environmental philosophy and the philosophy of (environmental) economics. Any applications related to these subfields are welcome.

Potential research questions in these fields include the following:

  • What moral duties, if any, do commercial firms have to mitigate climate change?
  • Do consumers have a duty to invest in sustainable firms?
  • Is sustainability an irreducible moral value?
  • Can environmental values (such as biodiversity) be expressed in monetary terms?
  • Do advantaged nations have duties to promote sustainability in vulnerable nations?
  • Is the state justified in coercing financial markets towards sustainability?

The post doc will join the Financial Ethics Research Group which consists of philosophers and economists dedicated to ethical and political issues raised by the financial system (in the broadest sense). More specifically, the post doc will be connected to the research program Sustainable Finance Lab, which is a collaboration between several Swedish universities that is funded by Vinnova, Sweden’s innovation agency. Additional funding is due to the University of Gothenburg, the Knut and Alice Wallenberg Foundation, the Marcus and Amalia Wallenberg Foundation, and the Swedish Foundation for Strategic Environmental Research (Mistra).

Applications must be received by: May 31, 2022

More information: Job ad at University of Gothenburg

If you have questions, please contact: Professor Joakim Sandberg, project leader