Should we pay children to read books or to get good grades? Should we allow corporations to pay for the right to pollute the atmosphere? Is it ethical to pay people to test risky new drugs or to donate their organs? What about hiring mercenaries to fight our wars? Auctioning admission to elite universities? Selling citizenship to immigrants willing to pay?In What Money Can’t Buy, Michael J. Sandel takes on one of the biggest ethical questions of our time: Is there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don’t belong? What are the moral limits of markets?
In recent decades, market values have crowded out nonmarket norms in almost every aspect of life—medicine, education, government, law, art, sports, even family life and personal relations. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society. Is this where we want to be?In his New York Times bestseller Justice, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can’t Buy, he provokes an essential discussion that we, in our market-driven age, need to have: What is the proper role of markets in a democratic society—and how can we protect the moral and civic goods that markets don’t honor and that money can’t buy?
The monarchical presidential regimes that prevailed in the Arab world for so long looked as though they would last indefinitely—until events in Tunisia and Egypt made clear their time was up. The Rise and Fall of Arab Presidents for Life exposes for the first time the origins and dynamics of a governmental system that largely defined the Arab Middle East in the twentieth century.Presidents who rule for life have been a feature of the Arab world since independence. In the 1980s their regimes increasingly resembled monarchies as presidents took up residence in palaces and made every effort to ensure their sons would succeed them. Roger Owen explores the main features of the prototypical Arab monarchical regime: its household; its inner circle of corrupt cronies; and its attempts to create a popular legitimacy based on economic success, a manipulated constitution, managed elections, and information suppression.Why has the Arab world suffered such a concentration of permanent presidential government? Though post-Soviet Central Asia has also known monarchical presidencies, Owen argues that a significant reason is the “Arab demonstration effect,” whereby close ties across the Arab world have enabled ruling families to share management strategies and assistance. But this effect also explains why these presidencies all came under the same pressure to reform or go. Owen discusses the huge popular opposition the presidential systems engendered during the Arab Spring, and the political change that ensued, while also delineating the challenges the Arab revolutions face across the Middle East and North Africa.
This special issue offers a first systematic qualitative cross-national exploration of how diverse minority groups respond to stigmatization in a wide variety of contexts. This research is the culmination of a coordinated study of stigmatized groups in Brazil, Israel, and the USA, as well as of connected research projects conducted in Canada, France, South Africa, and Sweden. The issue sheds light on the range of destigmatization strategies ordinary people adopt in the course of their daily life. Articles analyze the cultural frames they mobilize to make sense of their experiences and to determine how to respond; how they negotiate and transform social and symbolic boundaries; and how responses are enabled and constrained by institutions, national ideologies, cultural repertoires, and contexts. The similarities and differences across sites provide points of departure for further systematic research, which is particularly needed in light of the challenges for liberal democracy raised by multiculturalism.Related Links
Empirical testing of competing theories lies at the heart of social science research. We demonstrate that a well-known class of statistical models, called finite mixture models, provides an effective way of rival theory testing. In the proposed framework, each observation is assumed to be generated either from a statistical model implied by one of the competing theories or more generally from a weighted combination of multiple statistical models under consideration. Researchers can then estimate the probability that a specific observation is consistent with each rival theory. By modeling this probability with covariates, one can also explore the conditions under which a particular theory applies.We discuss a principled way to identify a list of observations that are statistically significantly consistent with each theory and propose measures of the overall performance of each competing theory. We illustrate the relative advantages of our method over existing methods through empirical and simulation studies.
One of the most rigorous methodologies in the corporate governance literature uses firms' reactions to industry shocks to characterize the quality of governance. This methodology can produce the wrong answer unless one considers the ways firms compete. Because macro-level shocks reverberate differently at the firm level depending on whether a firm has a cost structure that requires significant adjustment, the quality of governance can only be elucidated accurately analyzing a firm's business strategy and their corporate governance. These differences can help one determine whether the fruits of a positive macro-level shock have been expropriated by insiders. Using the example of Indian firms, we show that an influential finding is reversed when these differences are considered. We further argue that the conventional wisdom about tunneling and business groups will need to be reformulated in light of the data, methodology, and findings presented here.
One of the most dramatic changes in the fiscal federalism landscape during the postwar period has been the rapid growth in state budgets, which almost tripled as a share of GDP and doubled as a share of government spending between 1952 and 2006. We argue that the greater role of states cannot be easily explained by changes in Tiebout forces of fiscal competition, such as mobility and voting patterns, and are not accounted for by demographic or income trends. Rather, we demonstrate that much of the growth in state budgets has been driven by changes in intergovernmental interactions. Restricted federal grants to states have increased, and federal policy and legal constraints have also mandated or heavily incentivized state own-source spending, particularly in the areas of education, health and public welfare. These outside pressures moderate the forces of fiscal competition and must be taken into account when assessing the implications of observed revenue and spending patterns.
Dionysius the Areopagite, the early sixth-century Christian writer, bridged Christianity and neo-Platonist philosophy. Bringing together a team of international scholars, this volume surveys how Dionysius’s thought and work has been interpreted, in both East and West, up to the present day.
One of the first volumes in English to survey the reception history of Dionysian thought, both East and West
Provides a clear account of both modern and post-modern debates about Dionysius’s standing as philosopher and Christian theologian
Examines the contrasts between Dionysius’s own pre-modern concerns and those of the post-modern philosophical tradition
Highlights the great variety of historic readings of Dionysius, and also considers new theories and interpretations
Analyzes the main points of hermeneutical contrast between East and West
How is democracy made real? How does an undemocratic country create new institutions and transform its polity such that democratic values and practices become integral parts of its political culture? These are some of the most pressing questions of our times, and they are the central inquiry of Building Democracy in Japan. Using the Japanese experience as starting point, this book develops a new approach to the study of democratization that examines state-society interactions as a country adjusts its existing political culture to accommodate new democratic values, institutions and practices. With reference to the country's history, the book focuses on how democracy is experienced in contemporary Japan, highlighting the important role of generational change in facilitating both gradual adjustments as well as dramatic transformation in Japanese politics.
Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
Several centuries ago, there was a nation that rose to become a world power on the strength of its innovation and its dedication to capitalist enterprise. It became a major center of trade, a financial powerhouse whose name was well known across the planet. It was blessed with an unusual society that rewarded talent and hard work, not social position—one of the few places where a person who had nothing could realistically dream of a far better life. And then this vibrant place, the envy of the world, suddenly collapsed. Its economy shrank; its people left.The place was Venice, and if it is hard to imagine the charming tourist destination was once one of the richest places on the Earth, then that is precisely what MIT economist Daron Acemoglu wants me to understand. I had come to the Sloan School of Management cafeteria, its tall windows framing the Charles River, for coffee and a discussion of his favorite topic—why nations fail.
It is a question that has intrigued people for thousands of years, but now Acemoglu and Harvard’s James Robinson offer an answer in an ambitious new book. Their theory, the fruit of a long intellectual partnership and research that digs back to the origins of agriculture, explains why some countries succeed and others do not, why some are awash in prosperity, while others are consumed by poverty and suffering. It explains how a city-state like Venice can rise to prominence, then quickly fail. And it offers a chastening message about the prospects for our own country.
So why do nations fail? Acemoglu has a one-word answer: “Politics.’’
What this means, he explains, is that nations succeed in the long term when they are able to share power broadly. They either develop inclusive institutions or “extractive institutions,’’ designed to plunder wealth for the few.
Throughout history, says Acemoglu, “the great struggle is between the masses and elites who seek to capture the government and put it to their own uses.’’
It is a less obvious answer, with more surprising implications, than is immediately apparent.To begin with, consider the factors that the two reject. Geography, for example, has long been a favorite explanation for the success of nations. Some places are blessed with natural advantages, while others are not. Certainly, sitting on coveted goods brings great wealth: witness Saudi Arabia or, for that matter, Russia. But over the long reach of history, geography fails to explain which nations have staying power. One can make a convincing list of all the geographical benefits that have accrued to the United States, but when Europeans first arrived in the 15th century, it was South America, not North, that was rich and (relatively) thickly settled.
The field of political demography—the politics of population change—is dramatically underrepresented in political science. At a time when demographic changes—aging in the rich world, youth bulges in the developing world, ethnic and religious shifts, migration, and urbanization—are waxing as never before, this neglect is especially glaring and starkly contrasts with the enormous interest coming from policymakers and the media.
“Ten years ago, [demography] was hardly on the radar screen,” remarks Richard Jackson and Neil Howe of the Center for Strategic and International Studies, two contributors to this volume. “Today,” they continue, “it dominates almost any discussion of America’s long-term fiscal, economic, or foreign-policy direction.”
Demography is the most predictable of the social sciences: children born in the last five years will be the new workers, voters, soldiers, and potential insurgents of 2025 and the political elites of the 2050s. Whether in the West or the developing world, political scientists urgently need to understand the tectonics of demography in order to grasp the full context of today’s political developments. This book begins to fill the gap from a global and historical perspective and with the hope that scholars and policymakers will take its insights on board to develop enlightened policies for our collective future.
The 2008/09 World Financial Crisis underlined the importance of social responsibility for the sustainable functioning of economic markets. Heralding an age of novel heterodox economic thinking, the call for integrating social facets into mainstream economic models has reached unprecedented momentum. Financial Social Responsibility bridges the finance world with society in socially conscientious investments. Socially Responsible Investment (SRI) integrates corporate social responsibility in investment choices. In the aftermath of the 2008/09 World Financial Crisis, SRI is an idea whose time has come. Socially conscientious asset allocation styles add to expected yield and volatility of securities social, environmental and institutional considerations. In screenings, shareholder advocacy, community investing, social venture capital funding and political divestiture, socially conscientious investors hone their interest to align financial profit maximization strategies with social concerns. In a long history of classic finance theory having blacked out moral and ethical considerations of investment decision making, our knowledge of socio-economic motives for SRI is limited. Apart from economic profitability calculus and strategic leadership advantages, this article sheds light on socio-psychological motives underlying SRI. Altruism, need for innovation and entrepreneurial zest alongside utility derived from social status enhancement prospects and transparency may steer investors’ social conscientiousness. Self-enhancement and social expression of future-oriented SRI options may supplement profit maximization goals. Theoretically introducing potential SRI motives serves as a first step towards an empirical validation of Financial Social Responsibility to improve the interplay of financial markets and the real economy. The pursuit of crisis-robust and sustainable financial markets through strengthened Financial Social Responsibility targets at creating lasting societal value for this generation and the following.
The killing of 16 Afghan civilians - nine of them children—by a rogue U.S. soldier is a tragedy in several senses. First, because of the loss of innocent life. Second, because the alleged perpetrator is likely someone whose psyche and spirit broke under the pressure of a prolonged counterinsurgency campaign. And third, because it was all so unnecessary.
Because Barack Obama has run a generally hawkish foreign policy, his Republican opponents don't have a lot of daylight to exploit on that issue. But if they weren't so preoccupied with sounding tough, they could go after Obama's foolish decision to escalate the war in Afghanistan back in 2009, which remains his biggest foreign policy blunder to date.A brutal reality is that counterinsurgency campaigns almost always produce atrocities. Think My Lai, Abu Ghraib, the Haditha massacre, and now this. You simply can't place soldiers in the ambiguous environment of an indigenous insurgency, where the boundary between friend and foe is exceedingly hard to discern, and not expect some of them to crack and go rogue. Even if discipline holds and mental health is preserved, a few commanders will get overzealous and order troops to cross the line between legitimate warfare and barbarism. There isn't a “nice” way to wage a counterinsurgency—no matter how often we talk about “hearts and minds”—which is why leaders ought to think long and hard before they order the military to occupy another country and try to remake its society. Or before they decide to escalate a war that is already underway.
And the sad truth is that this shameful episode would not have happened had Obama rejected the advice of his military advisors and stopped trying to remake Afghanistan from the start of his first term. Yes, I know he promised to get out of Iraq and focus on Central Asia, but no president fulfills all his campaign promises (remember how he was going to close Gitmo?) and Obama could have pulled the plug on this failed enterprise at the start. Maybe he didn't for political reasons, or because commanders like David Petraeus and Stanley McChrystal convinced him they could turn things around. Or maybe he genuinely believed that U.S. national security required an open-ended effort to remake Afghanistan.Whatever the reason, he was wrong. The sad truth is that the extra effort isn't going to produce a significantly better outcome, and the lives and money that we've spent there since 2009 are mostly wasted. That was apparent before this weekend's events, which can only make our futile task even more impossible. Here's what I wrote about this situation back in November 2009:“America's odds of winning this war are slim. The Karzai government is corrupt, incompetent and resistant to reform. The Taliban have sanctuaries in Pakistan and can hide among the local populace, making it possible for them simply to outlast us. Pakistan has backed the Afghan Taliban in the past and is not a reliable partner now. Our European allies are war-weary and looking for the exits. The more troops we send and the more we interfere in Afghan affairs, the more we look like foreign occupiers and the more resistance we will face. There is therefore little reason to expect a U.S. victory.”
It didn't take a genius to see this, and I had lots of company in voicing my doubts. It gives me no pleasure to recall it now. Indeed, I wish the critics had been proven wrong and Obama, Petraeus, McChrystal, et al. had been proven right. I concede that the situation in Afghanistan may get worse after we depart, and the more civilians will die at the hands of the Taliban, or as a consequence of renewed civil war. But the brutal fact remains: the United States can't fix that country, it is not a vital U.S. interest that we try, and we should have been gone a long time ago.