In Conversation: Exploring the Philosophy of Money and Finance
We are pleased to announce the launch of a new and thought-provoking interview series: "InConversation: Exploring the Philosophy of Money and Finance". The series kicks off with aselection of esteemed contributors to the recently published book, The Philosophy of Moneyand Finance (OUP, 2024).
Each interview will be followed by a live debate, encouraging active audience participation. Thesessions (interview plus debate) will be 30 minutes long.
chair: Emiliano Ippoliti (Sapienza University of Rome)organization: Emiliano Ippoliti (Sapienza Universoty of Rome); Joakim Sandberg (University ofGothenburg); 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
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Abstract: To this day, many theorists regard the commodity theory and the credit theory as thetwo main rival accounts of the nature of money. Yet cryptocurrency has revolutionized theinstitution of money in ways that most commodity and credit theorists could hardly haveanticipated. 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 theycannot. It first offers an interpretation of the commodity and credit theories according to whichthese theories uphold differing claims about the origin of money, the ontology of money, andthe 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 accountcan 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
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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 ofruling 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, thecenterpiece 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 CETZoom link
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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 planfaces (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 recommendationis, 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
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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 oncommercial 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 credita realistic option to escape poverty for most. However, credit can improve distributive justiceindirectly, 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, theauthor suggests that improving access to credit is less important from the perspective ofdistributive justice than how the credit system interacts with the tax system and labor laws.