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Money Cares. Institutional Entrepreneurship in the Finnish Social Services Sector

100%

Morenheimo P.

nr 2

83-104

Money cares. Institutional Entrepreneurship in the Finnish Social Services Sector

Wpływ teorii makroekonomicznych na etyczną jakość praktyki finansowej

88%

Wiśniewski J. B.

nr 4

7-20

The aim of the present paper is to investigate the logical relationship between the prevalence of specific macroeconomic theories and the ethical quality of practices that take place in the financial markets. The main thesis presented herein is that viewing the financial markets through an appropriate economic framework is a crucial prerequisite of maintaining their ethical foundations and harnessing their ethical potential. Three competing macroeconomic visions – the “animal spirits” theory, the efficient market hypothesis, and the causal-realist market process approach – are assessed with respect to their logically deducible effects on the ethical thinking of financial operators. The main conclusion of the paper is that the causal-realist approach provides the most satisfactory account of the inherent conceptual nature of financial markets, thereby furnishing the best guidance for the development of appropriate professional virtues by their key members.

Legal Polycentrism and Contractarianism

75%

Wiśniewski J. B.

nr 2

75-82

According to the contractarian perspective, a public good can be thought of as not so much a good that meets the technical neoclassical criteria of non-rivalness and non-excludability, but as one that is produced on a purely contractual basis, thus necessarily increasing the utility of all the involved parties. In this paper, by critically examining Nozick’s “emergent” contractarianism and Buchanan’s teleological contractarianism, I shall argue that no such contractual origin can be plausibly attributed to territorial monopolies of force, and that therefore legal monocentrism — the view that the public goods of law and defense can be provided exclusively by territorial monopolies of force — fails the relevant efficiency test as conceived on a contractarian basis. This, in turn, implies that legal polycentrism, one of whose constitutive features is precisely its unambiguously voluntary and contractual character, should be considered as a superior system in this context.