bluuebunny/crossref_metadata_2025 huggingface dataset:
Monetary Policy, Leverage, and Portfolio Preferences
Authors: Smithers Andrew
Published: March 2022

The net effect of these changes in investors’ time horizons can be seen from the willingness of the household sector to hold equity. Household ownership of quoted equity has fallen when measured by corporate net worth and risen when measured at market value. The level of the stock market is determined by fluctuations in investors’ confidence, so the rise in household ownership measured at market prices combined with a fall measured at net worth indicates a fall in the long-term willingness to hold equity offset by a fluctuating but marked upward trend in investors’ short-term confidence. Government borrowing affects the extent to which changes in aggregate risk aversion are reflected in corporate leverage as do flows of funds from abroad. The main post-war changes have been the steady rise in business debt, the reduction in government debt from 1946 to 1981 and its subsequent rise to new heights, the long-term fall and subsequent recovery after 2007 in household net debt assets and the rise in foreign debt ownership.
The Real Return on Equity Capital Worldwide
Authors: Smithers Andrew
Published: March 2022

The United States is unique in that it is the only country for which we have data for equity returns over 217 years. Reliable data on other markets are generally available only since 1900 and we have complete data for fifteen of these, which fall into two groups, eight of which suffered major losses of capital destruction, either through being defeated and occupied in one or both of two world wars or from civil war. Stock-market returns are similar for the countries that did not suffer such losses, while rapid growth allowed those that did suffer to catch up in terms of output, but the capital losses were not made good by subsequent higher returns. An international comparison shows that economic growth is not related to equity returns. In the absence of capital losses through war, which not surprisingly were unexpected, the similarity of returns, their negative serial correlation, and their lack of relationship with growth, indicates that the risk aversion of investors appears to be the same worldwide.
Money- and Time-weighted Returns
Authors: Smithers Andrew
Published: March 2022

In aggregate shareholders’ returns must equal the return on corporate equity. But this return will be the money-weighted not the time-weighted return. The latter is the figure we have from the published data on shareholder returns and assumes that the dividends received on the investment are reinvested in the market. This is impossible in practice because the return on equity has been nearly twice the growth of the economy. To know the return on corporate net worth we need the money-weighted rate of return, which is the rate of interest which equals the present value of all past cash distributions to shareholders plus the change in the capital value of the stock market at the end of the period. Unfortunately, stock-market data are not available for broad dividends only for dividends as normally defined and my attempts to persuade Standard & Poor’s to provide the data have so far proved unavailing. If money-weighted returns were to become available, the value of the stock market could be derived from them and would add another useful check on the value of the stock market given by q and CAPE. The results published by companies have become increasingly volatile and thus suspect, so the need for another method of assessing market value is growing.
Land, Inventories, and Trade Credit
Authors: Smithers Andrew
Published: March 2022

In addition to tangible fixed produced capital, companies need land, inventories, and trade credit. The greater the proportion of these other assets to their produced capital, the faster will be the rate of depreciation. As the labour productivity of installed equipment is largely fixed, its profitability and thus value falls as real wages rise. As the labour share of corporate output is stationary, the rate of depreciation rises with that of labour productivity. If no other capital were required, equipment would be employed until the value of its output equalled the labour cost. To pay for the other capital involved production will halt when the value of the output minus the equipment’s scrap value exceeds the labour cost plus the return that can be obtained on those other assets. These will usually have value which, unlike that of equipment, does not primarily depend on the output of the business as they can be readily liquidated, in the case of inventories and trade credit, or in the case of land by sale for some other use. The ratio of the values of these other assets to fixed produced capital has been volatile, but over time the impact has been insignificant.
Comparison with Other Approaches
Authors: Smithers Andrew
Published: March 2022

In explaining the economics of the stock market, the model differs fundamentally in its approach and conclusions from the current consensus. The book illustrates these by selecting four particular papers. The model has many similarities with that set out by James Tobin in his General Equilibrium Approach to Monetary Theory, it shows that the route by which the real and the financial economy have a stable long-term relationship is largely through the fluctuations in the stock market rather than through the impact of monetary policy on the level of corporate investment. Rajnish Mehra and Edward C. Prescott pointed out in The Equity Premium: A Puzzle that the relative returns on bonds and equities were incompatible with their interpretation of the general equilibrium models of the neoclassical consensus, which Robert Barro sought to explain in Rare Disasters and Asset Markets in the Twentieth Century. I show that Barro’s explanation is inconsistent with the evidence and that there is no puzzle once it is recognised that the main motive for savings is not to increase future consumption but to prevent it falling in retirement. I approach leverage from a macroeconomic viewpoint and emphasise its necessary balance with portfolio preference. As M. Harris and A. Raviv show in Theory of Capital Structure this differs from the consensus microeconomic approach based on individual companies.
Summary
Authors: Smithers Andrew
Published: March 2022

Ex post corporate leverage must match ex post household portfolio preference. The utility preferences of managers determine the investment, leverage, and pay-out policies of quoted companies, which dominate the economy. Managements seek to maximize the present value of their companies as measured by the stock market not net worth. They avoid being over or underleveraged so that the ratio of interest payments to pre-tax profits is mean reverting. They invest when expected returns match the hurdle rate of 6.7 per cent p.a. The stationarity of equity returns is shown by historic returns and their negative serial correlation. Households dislike falls in income more than they like rises; their utility function leads to a low risk-free rate of interest even for twenty-year bonds and a high return on equity. The utility functions of savers and corporate managers differ, companies do not behave as if they were run by owners. The high elasticity of corporate leverage to changes in bond yields and the low elasticity of household portfolio preference results in their ex post identity being achieved solely through changes in bond yields. The real return on equity is stationary despite changes in demography. There are four constants. The mean reversion of the real return on equity at circa 6.7 per cent. The mean reversion of the profit (after depreciation) and labour shares of output. The mean reversion of the ratio of interest payments to profits. The mean reversion of the ratio of the value of fixed produced capital to output.
Comments in Conclusion
Authors: Smithers Andrew
Published: March 2022

The neoclassical synthesis even if not a coherent body of doctrine represents the current consensus. It is based on aprioristic assumptions some of which cannot be tested and others which fail when tested. It either falls the wrong side of Karl Popper’s distinction between science and non-science or is demonstrably invalid. It needs to be replaced, particularly as it is dangerous when used as a guide to policy. The book claims to provide such a needed replacement based on testable and when tested robust hypotheses. It thus lays down a challenge which needs to be debated.
Plato and the Biopolitical Purge of the City-State
Authors: Ojakangas Mika
Published: March 2022

This chapter argues that Plato’s mature political philosophy is essentially biopolitical, representing, in particular, what Foucault identifies as biopolitical state racism. A state racist mentality looks at the population as a gardener looks at her garden: without weeding, the garden does not flourish. In Plato’s view, this mentality is lacking in the Greek democratic city-state in which the weeds (the inferior many) repress the flowers (the superior few), but it is not altogether absent from Greek society, as Plato discovers it in a variety of practices from selective animal breeding to the medical art of surgery. From these practices, Plato argues, we learn that only the elimination or the expulsion of the incurable members of the community suffering from physical and/or mental defects or diseases enables the community to become happy and flourishing. For Plato, such a “state purge” (katharmos poleōs) is not a mere political option but the necessity of natural justice.
Sovereign Power and Social Justice
Authors: Gaca Kathy L.
Published: March 2022

One of Foucault’s biopolitical trajectories emphasizes the rulers’ life-and-death sovereignty over subjects and conquered peoples. This chapter argues that in this rule-of-force trajectory since antiquity, biopolitics is the biopower to inflict ravaging life or death on peoples once they resist collective surrender as men’s combatant and women’s non-combatant subservient multitudes under colonialist conquest. Ravaging, a gendered and genocidal warfare, imposes obedience by slaughtering the men or men and boys of resistant peoples and selecting and redistributing the women and girls kept alive for rape, enslavement, procreation, and childrearing among the aggressors. This practice forcibly assimilates the offspring to the conquerors’ ethnoreligious rule and identity, thus reinforcing martial conquest but violating civil law and justice. Against this practice, Plato and Aristotle argue biopolitically that copulating and educative childrearing are a “first law” leading to social justice or injustice. To outlaw ravaging and sovereign conquest, responsible governance should implement nonviolent copulation, procreation, and nurture.
Otherwise than (Bio)politics
Authors: Nikolopoulou Kalliopi
Published: March 2022

The chapter considers the limits of the critique of biopolitics insofar as such critique eliminates all concepts of nature from political discourse. It suggests that the current overpoliticization of everything, and the denaturalization of all political relations, are themselves anxieties and not solutions—to use the insight of Michel Foucault and its development in Giorgio Agamben. By way of displacing this denaturalized politics and problematizing the elision of the religious by the juridical, the chapter turns to tragedy. Tragedy treats political questions in their necessary relation to nature, acknowledging the force that the latter exerts on embodied existence. In offering a view of politics alternative to that of the (modern) conventional discourse of political theory, tragedy also enriches the discussion regarding the continuity and/or discontinuity between antiquity and modernity.
Beyond Biopolitics and Juridico-Institutional Politics
Authors: Trott Adriel M.
Published: March 2022

This chapter argues that Aristotle’s political theory neither wholly divides the natural from the political nor makes the biological the central focus of political life. The first part defends Aristotle against the view that his politics are chiefly concerned with the biological. The second part makes the case for the unity of the body and soul and their respective activities in Aristotle’s psychology and anthropology and concludes that what seem like bodily concerns in Aristotle’s political theory are concerns for the whole human being. The activity of engaging in logos requires even the nutritive soul and the sensitive and appetitive soul to be active in their functions. The latter are thus not eclipsed in an included excluded structure, as Giorgio Agamben suggests, nor is the Aristotelian concern for these aspects of a unified soul exclusively biological because they ultimately serve the good of the human being as a whole.
Bene vivere politice
Authors: Backman Jussi
Published: March 2022

This chapter approaches the question of biopolitics in ancient political thought looking not at specific political techniques but at notions of the final aim of the political community. It argues that the “happiness” (eudaimonia, beatitudo) that constitutes the greatest human good in the tradition from Aristotle to Thomas Aquinas is not a “biopolitical” ideal, but rather a metabiopolitical one, consisting in a contemplative activity situated above and beyond the biological and the political. It is only with Thomas Hobbes that civic happiness becomes “biopolitically” identified with simple survival; for modernity, as Hannah Arendt puts it, mere being alive becomes the greatest human good, and happiness is understood as a subjective “quality of life.” In both models, the political realm is a means to an end. Arendt draws our attention to a neglected third alternative to both the classical/metabiopolitical and the modern/biopolitical ideals: “public happiness” consisting in political participation itself.
Hannah Arendt’s Genealogy of Biopolitics
Authors: Suuronen Ville
Published: March 2022

This chapter unearths a genealogy of biological life from Hannah Arendt’s works. In contrast to Michel Foucault’s analysis of the Christian pastorate as a prelude to modern biopolitics and Mika Ojakangas’s reading that perceives biopower as an essentially Greek phenomenon, Arendt argues that modern biopolitics has its historical backdrop in Greek philosophy and its reappropriation by Christian theology. While Plato and Aristotle prioritize and contrast the life of the mind and contemplation with all forms of worldly activity, Christianity radicalizes this division into a fully developed theological system that perceives worldly human life as a mere preparation for an after-life. From an Arendtian perspective, biopower is born when this “weird game of materialism and idealism” comes to an end in the modern era and life itself is seen as the highest good that forms the ontological backdrop for the emergence of human superfluity, most clearly produced by twentieth-century totalitarian regimes.
Introduction
Authors: Bowie Andrew
Published: March 2022

Art is often regarded as the object of a particular domain of modern philosophy: aesthetics or the philosophy of art. This can obscure how ‘aesthetic’ issues, rather than being peripheral to the concerns of metaphysics, epistemology, ethics, philosophy of language and the like, have crucial implications for those concerns. The modern focus of philosophy on epistemology and sceptical doubt is the accompaniment to an ever-increasing growth of reliable scientific knowledge. Cognitive and technological success are therefore accompanied in philosophy by a sense that the ground of that success is elusive. The simultaneous emergence of the modern discipline of aesthetics suggests that sceptical doubt has to do with more than cognitive relations to the world, and is an expression of a wider cultural unease.
The Nature of the Subject
Authors: Bowie Andrew
Published: March 2022

The chapter looks at how a division develops in the eighteenth century between objectifying relationships to nature, both in the modern natural sciences and in the commodification of nature by capital, and new, non-theological views of nature which see it as a resource for meaning. The friction between these two views leads to the development of the philosophical discipline of aesthetics. Kant seeks to make sense of us as beings who judge cognitively, ethically, and aesthetically. The divisions between these kinds of judgement are not absolute, and this points to new ways of understanding both internal and external nature. The emergence of non-theological theories of the origins of language means that language is seen as a ‘natural’ phenomenon, which makes it possible for the subject to make sense of nature. What connects the subject to the world is thus understood in terms of a non-objectified sense of ‘nature’.
The Value of the Aesthetic
Authors: Bowie Andrew
Published: March 2022

Modern philosophical anxieties about the nature of value are linked to aesthetics via Karl Polanyi’s account of the ‘Great Transformation’ occasioned by the industrial revolution, which changes the very nature of objects. Ideas about the ‘end of philosophy’ emerge in the nineteenth century because metaphysics can actually obscure the nature of modern reality. The idea that received forms of value hide the nature of reality is central to the later Nietzsche’s attacks on metaphysics. The emergence in this period of a new concern with the value of art suggests that something is lacking in modern humankind’s relationship to the world that previously was provided by theology. Marx and others think in terms of capitalism’s ‘reification’ of the natural world and other human beings, and art is seen as a means of countering reification.
The World of Art
Authors: Bowie Andrew
Published: March 2022

Chapter 6 investigates the importance of art in the work of Martin Heidegger. The core issue is not epistemological scepticism, but the idea that ‘Western metaphysics’ cannot make sense of what really happens in a world determined by modern science. The role of art in Heidegger derives from his rejection of what underlies many accounts of epistemological doubt. Were there no always already existing forms of sense inherent in our inhabiting the world, the question as to whether cognitive forms correspond to reality could not even be asked. These prior forms are what makes art important in relation to philosophy. Art arises in the conflict between making things manifest and the resistance of things to becoming manifest. Truth in art relates to the way meaning is generated in human practices that first make theoretical truths possible at all.
Is the Egyptian Economy Creating Good Jobs? Job Creation and Economic Vulnerability, 1998–2018
Authors: Assaad Ragui , AlSharawy Abdelaziz , Salemi Colette
Published: March 2022

In terms of overall growth rates, by 2018 the Egyptian economy had rebounded from the slowdown it experienced as a result of the global financial crisis, the 2011 revolution and the revolution’s aftermath. In this chapter we explore whether the recovery in growth rates was accompanied by an improvement in the quantity, and especially the quality, of employment in Egypt. We examine how overall employment and job creation evolved and then delve into the composition of employment in terms of sector, formality, industry, location in and out of establishments and establishment size. We also examine aspects of job quality including skill requirements, regularity, paid leaves, health insurance, hours of work, and exposure to workplace hazards. We investigate workers’ satisfaction with various aspects of their jobs and how it changed over time and trace the evolution of underemployment in terms of involuntary part-time work and educational over-qualification.
The School to Work Transition and Youth Economic Vulnerability in Egypt
Authors: Amer Mona , Atallah Marian
Published: March 2022

This chapter explores the school-to-work transition patterns of young people in Egypt over 1998-2018. It updates the findings on labor market insertion trajectories using data from the Egypt Labor Market Panel Surveys (ELMPS). We exploit the 2018 labor market history module to elicit information on early labor market outcomes such as the time to first job and the type of job found after completing education. We also define youth economic vulnerability in the work setting and investigate its symptoms in the Egyptian labor market including various forms of precarious employment (e.g. informality and irregular work). Finally, we shed light on socioeconomic status as one of the potential channels behind this vulnerability. Results reveal a rise in informal employment among youth in recent years and suggest that belonging to a lower socioeconomic bracket increases informality for men and decreases participation for women.
Still the Employer of Choice
Authors: Barsoum Ghada , Abdalla Dina
Published: March 2022

The public sector in Egypt provides relatively generous benefits, particularly when compared to the working conditions in the predominantly informal private sector in the country. For this reason, it has been described as the employer of choice among youth in Egypt. This chapter shows a continued preference of government hiring, using the Egypt Labor Market Panel Survey (ELMPS) 2018 data. The analysis also shows that the share of the sector in employment has been declining. Inside the government, we show that the sector is becoming more educated as it consistently hires more workers with university and post-graduate education. Focusing on those employed in the government, the analysis over time shows that the sector is becoming slightly more feminized and is aging. This reflects the evolution of hiring policies in the sector. Despite an increasing presence of women in the sector, it has not reached gender parity.
Internal versus International Migration in Egypt
Authors: David Anda , Elmallakh Nelly , Wahba Jackline
Published: March 2022

This chapter documents the evolution and patterns of internal migration over time and examines the relationship between internal, international, and return migration in Egypt. Using the Egypt Labor Market Panel Survey (ELMPS), we examine patterns and trends of international and return migration over the period 1980-2018, as well as the characteristics of recent international and return migrants. We then investigate the relationship between internal and international migration. We find evidence that internal migration has been rather low in Egypt, thus potentially explaining the country’s low urbanization rate. However, international migration rates have been rather high and prominent across all educational groups. Suggestive evidence indicates that individuals tend to engage in one type of migration only and that few engage in both internal and international migration.
Social Protection and Vulnerability in Egypt
Authors: Selwaness Irene , Ehab Maye
Published: March 2022

This chapter reviews the state of social protection in Egypt using data from the Egypt Labor Market Panel Surveys of 1998, 2006, 2012 and 2018. It examines issues of social insurance coverage at work, and how coverage evolved over time. Second, it analyzes the household patterns of social protection benefits receipt, including Takaful and Karama as well as the smart food-ration cards. Finally, health insurance coverage rates are explored. The social insurance coverage gap widened among all workers, particularly in private sector wage employment. This was likely due to the expansion of outside of establishment wage work, highlighting issues of increased vulnerability at work. Moreover, the coverage gap does not close with years of work and is highly contingent on the type of first job, suggesting an informality trap. Women, and particularly rural women, and youth aged 20-24 were the most vulnerable in terms of health insurance coverage.
Household Vulnerability and Resilience to Shocks in Egypt
Authors: Helmy Imane , Roushdy Rania
Published: March 2022

Exposure to shocks reduces households’ economic resilience. While all households are negatively affected by various shocks, poor households are more likely to be exposed to different risks. This chapter uses the 2018 round of the Egypt Labor Market Panel Survey (ELMPS) to examine the nature of shocks experienced by households in different socio-economic groups and the ex-post coping mechanisms that they adopted. The results show that almost a quarter of the Egyptian households experienced food insecurity either solely or in combination with shocks. Economic shocks were the most common distress followed by health shocks during the year preceding the ELMPS interview. Households used consumption rationing or depended on their social capital as a coping mechanism. Households whose heads had less education, worked in the informal private sector or agriculture, or were self-employed were more likely to have experienced a shock. Households residing in rural areas, particularly in Upper Egypt, or with large families were more vulnerable to shocks.
Mature Period
Authors: Rusnock Paul , George Rolf , Roski Stefan , Schnieder Benjamin
Published: March 2022

This chapter contains translations of texts in which Bolzano develops and applies his mature theory of grounding. The heart of the chapter are excerpts from Bolzano’s main work Theory of Science, where he gives the most comprehensive account of his conception of grounding and discusses the role of grounding in several philosophical areas ranging from the methodology of science, to the philosophy of causation, to metaphysics. In addition to that, the chapter includes a brief excerpt from a survey of Bolzano’s Theory of Science and his Theory of the Science of Religion, in which Bolzano gives a succinct summary of central ideas of his mature theory. Finally, the chapter includes the complete translation of Bolzano’s essay What Is Philosophy? which defends a ground-theoretical conception of philosophy.
Bolzano, the Parallelogram of Forces, and Scientific Explanation
Authors: Lange Marc
Published: March 2022

This paper is concerned with Bolzano’s philosophy of physics and discusses his explanatory proof of the parallelogram law for the composition of forces. It is argued that this proof is neither clearly causal nor clearly non-causal. In order to illuminate its explanatory potential, the proof is compared with Bolzano’s explanation of the intermediate value theorem: Bolzano takes the latter to have a unified explanation covering all functions, and in a similar spirit he regards an explanation of the parallelogram law as unifying it with analogous laws regarding various other quantities that are potential causes.
The Legal Complex
Authors: Graver Hans Petter
Published: March 2022

This chapter focuses on Norway and Denmark, which both underwent an instant transformation from democracies based on the rule of law to authoritarian regimes during German occupation. It discusses the importance of judges and courts of the two countries to the authoritarian rulers in imposing law and order in general and combating all forms of resistance. It also mentions a legal program in Norway that transformed Norwegian society into a national socialist state. The chapter examines the role of judges and courts when a foreign authoritarian ruler puts the institutions under the extreme stress of occupation. It cites the decree of Adolf Hitler concerning the Exercise of Government authority in Norway, which was set under German civil administration under the leadership of a Reichskommissar.
Revisiting the Theory of the Legal Complex
Authors: Langford Malcolm
Published: March 2022

This chapter argues that the legal complex literature is under-theorized and its findings partly overstated. Taking a point of departure in the work on this volume, it begins with a critical perspective of legal complex theory and methodology, focusing on its scholarly historicity, lack of focus on lawyerly motivation, strong roots in historical sociology, and upbeat communication of findings. Taking a departure point in the choices of lawyers in context, the chapter argues for a partial reconstruction of the theory, with a focus on what motivates lawyers to engage in collective action for political liberalism. In particular, it contends that the motivations of individuals to suffer costs in the struggle for political liberalism vary greatly (a question of agency) and lawyers are often rational in choosing whether to engage in the legal or political terrain (a question of structure). By focusing on costs to lawyers and alternative avenues for influence, it concludes that such an approach may help us better understand why legal complexes are highly contingent and are more likely to emerge in particular times and particular countries.
SDG 3 – Historical Perspectives on Health and Well-Being as International Policy Goals
Authors: Gorsky Martin , Nelson Erica
Published: March 2022

This chapter discusses the historical context of SDG 3, the goal of health and well-being for all. Its 13 targets are wide-ranging, spanning curative and preventive medicine, physical and mental health, infectious and non-communicable diseases, and universal health coverage. We therefore delimit our discussion to the history of health improvement as an object of international policy, with a temporal focus on the twentieth century, albeit with backward glances. The first main section provides an outline history of the management of infectious diseases and health system building, moving from colonial health policies to early cross-national conferences, then to the permanent international organizations established by states or philanthropists. Detailed sections then cover maternal and child health, including programs addressing reproduction; non-communicable diseases related to human behaviors such as consumption habits and road safety; and universal health coverage. We delineate four main factors of change through time: political economy in a world of unequal power distributions; the growth of transnational expertise and advocacy; the impetus of humanitarianism and voluntary action; and the ideal of health as a human right. We close with reflections on whether the health SDG can indeed be fulfilled “leaving no one behind.”
SDG 7 – A History of Fossil Fuel Consumption and Its Replacement with Renewable Sources of Energy
Authors: Penna Anthony N.
Published: March 2022

This chapter summarizes current efforts and future plans to end a history of burning coal, oil, and natural gas as primary energy sources that add greenhouse gases to the atmosphere thereby raising global temperatures. Getting to zero greenhouse gas emissions in future decades will be achieved by replacing fossil fuels with renewable and affordable energy. An introduction describes the non-sustainable trajectory of heat trapping gases in the world’s climate system and the goals required to blunt the worst potential outcomes of climate change. The transition that countries in history make to reduce fossil fuel consumption and replace it with wind, water, solar, and nuclear energy sources remains the chapter’s primary focus. Lastly, hydrogen fuel cell and battery storage technology along with promising developments in fusion end the chapter.
SDG 8 – Growth, Decent Work, and the Green Transition
Authors: Xu Zhun , Chakraborty Shouvik
Published: March 2022

Modern economic growth as well as the struggles for decent work had their origins in the emergence of capitalism. Capitalism, with its logic of competition and accumulation, is an inherently growth-oriented system. And the transition from feudalism to capitalism generated the modern issue of unemployment and labor-capital conflicts. Both the question of economic growth and the struggle for decent work remain highly relevant today, as most of the world population is not getting either of those. This is further complicated by the increasing concern of global warming and climate change because economic growth is usually associated with increased carbon emissions. This chapter reviews the historical patterns of economic growth and capital-labor relations in the last two centuries and discusses the potential of the transition to a green growth model addressing the issue related to global labor division, environmental justice, and informality, among others.
SDG 9 – Historicizing Production, Innovation, and Infrastructure, from the Industrial Revolution to Contemporary African Strategies of Industrialization
Authors: Gutmann Martin , Adesina Olutayo
Published: March 2022

This chapter examines the historical experience of industrialization, innovation, and infrastructure development within the context of SDG 9. Two important questions are addressed by this chapter. First, how, when, where, and why did the Industrial Revolution begin? Second, how and why did industrialization efforts take hold in other regions and fail to spread to others? In answering the first question, we trace the global antecedents and impact of the Industrial Revolution in Europe and chart how an uneven global geography of resource procurement, production, and consumption came to define human development. In answering the second, we focus on Sub-Saharan Africa in the twentieth century—the region which has struggled most to implement SDG 9. In answering both questions, we argue that successful industrialization locally is often contingent on and in turn affects geographically broad economic, social, and environmental patterns.
SDG 15 – Caretaking, Conservation, and Exploitation in the Evolving Relationship between Humans and Life on Land
Authors: Fürst Christine , Gutmann Martin
Published: March 2022

This chapter historicizes the UN’s Sustainable Development Goal 15, Life on Land. As such it examines two parallel developments: one, how the human relationship to land has evolved over time and the impact thereof on terrestrial systems; two, how an understanding of and discourse on sustainable development of “life on land” emerged and subsequently evolved into Sustainable Development Goal 15. An introductory overview is provided on the key land use systems and their relevance for biodiversity protection. Subsequently, the chapter picks up historical trends in human life on land and the emergence of efforts at protecting and conserving nature and synthesizes common concepts related to valuation of terrestrial ecosystems through the concepts of sustainability, multifunctionality, and ecosystem services. The chapter concludes on requirements in enhancing the protection of “life on land” and existing gaps.
SDG 16 – The Many Pieces of Peace
Authors: Smith-Simonsen Christine
Published: March 2022

This chapter offers a brief outline of the long road toward, and the many implications of the conceptualizations of peace, justice, and strong institutions, as framed in the Sustainable Development Goal (SDG) 16. It presents some of the theoretical underpinnings of various peace concepts, and later ties these to empirical examples in a final discussion of the outcomes and its complexities, shortcomings, and possibilities. The main body recounts how peace and justice has been understood and managed though history, and the development of international institutions to this end, leading up to the formation of the current objectives of SDG 16. The focus is on European and Western developments in this regard since, primarily, the impacts on current international framings of peace are rooted in historical declarations and events that took place in Europe and the West. It draws, however, also on examples of how dimensions of what constitutes peace and justice have been framed elsewhere over time, and some of these pose alternative understandings of universal ways of obtaining peaceful and just societies.
SDG 17 – The History of Global Partnerships and International Cooperation
Authors: Gorman Daniel
Published: March 2022

Sustainable Development Goal 17 is the “operative” SDG, calling for a revitalization of global partnerships to help implement the SDGs as a whole. Global partnerships are a form of international cooperation that are nested within broader structures and networks of global governance, from international organizations to informal networks among private actors. This chapter identifies pre-twentieth century antecedents of global partnerships, sketches the genealogy of the concept of sustainability, and outlines the global social governance issues for which successful global governance partnerships emerged in the twentieth century. It examines significant forms, goals, modalities, and models of global partnerships that have developed from the nineteenth century until the mid 1990s with the World Summit on Social Development in Copenhagen and the publication of the UN Commission on Global Governance’s report, Our Common Neighbourhood. The chapter concludes with an analysis of different forms of strategic cooperation between public and private actors; the use of benchmarks, blueprints, targets, and other “indicators for the global community”; the concept of capacity building as a key goal of global partnerships; the role of international organizations and networks as problem-solving fora; and the significance of international conferences and international law (both treaty and customary law) as sites and modes of international cooperation.
Shakespeare's Syndicate
Authors: Higgins Ben
Published: March 2022

In 1623 a team of stationers published what has become the most famous volume in English literary history: William Shakespeare’s First Folio. Who were these publishers and how might their stories be bound up with the book they created? Shakespeare’s Syndicate offers a radical new account of the First Folio by focusing on the figures who made the volume. Moving between close scrutiny of the Folio publishers and an expansive account of their significance within the early modern book trade, Ben Higgins boldly challenges our ideas about how stationers shaped literary culture: how they constructed versions of ‘literariness’ and textual authority; what the interpretive life of the minor Shakespearean bookseller might be; and how the topography of publication could shape a book’s fate. Drawing on a host of fresh primary evidence from a wide range of sources, including court records, manuscript letters, bookseller’s bills, and the literature itself, Shakespeare’s Syndicate revises our understanding of how the First Folio was made and what it has meant to scholars since.
From Form to Substance
Authors: Herdt Jennifer A.
Published: March 2022

Chapter 7 takes up the question of how we arrive at the substance of our obligations. Considering Conventionalist, Aristotelian naturalist, and Kantian approaches, the chapter argues that reflection on ethical norms is always reflection from within a contingent form of life, with its attendant norms and practices, even as these are constrained by characteristic human capacities and vulnerabilities and also by features of moral agency itself. The chapter goes on to show that abstract recognition of our reciprocal accountability for tracking commitments and entitlements is insufficient; in order to be perfected as the finite embodied reason-givers that we are, we need the virtues, settled dispositions to respond well to the goods that we encounter, in relation to the obligations that we accrue by way of our participation in discursive communities. Importantly, the virtues imperfectly acquired in imperfect communities equip persons to confront structural injustices embedded in these communities and their practices.
Conclusion
Authors: Herdt Jennifer A.
Published: March 2022

Having examined friendship as intimate context for nurturing and perfecting relationships of reciprocal recognition and shared enjoyment of the good, this chapter concludes the book by considering the gap between a life well lived and the eschatological reality of perfect happiness, and the joy concomitant to each. The chapter argues that talk of eschatological happiness need not turn away from created goodness but can involve a disciplined form of imagination that refines understanding of the myriad ways in which creaturely flourishing is presently thwarted. Christians name perfect happiness as the activity of being enfolded, in and through the activity of divine grace, in the self-communicative divine life. They affirm their vocation to a shared life of vitally empowered responsiveness to, and celebration of, all the fragile finite goods that persons encounter, and thereby to a participation in their reditus to God.
Governing Finance in Europe
Authors: Héritier Adrienne
Published: March 2022

This chapter builds on recent work in a project funded by the Swedish Research Council on the evolution of regulatory structures in EU financial governance, which provides a comprehensive framework to investigate the dynamics leading to centralization, decentralization, and fragmentation in EU financial regulation. This generalizable theoretical account of regulatory centralization and its counterforces has been subject to an empirical assessment on the basis of major EU legislative packages in financial regulation, including the Markets in Financial Instruments Directive II (MiFID II) and capital markets union. This chapter further builds on the subsequent work, asking who benefits from the regulatory measures analysed, and how are decision-makers and stakeholders held politically and administratively accountable. The chapter focuses on all actors involved in the regulatory process: politicians and regulators, as well as market players such as investors, fund managers, and investment firms, and outlines the modes in which they are linked through various political and administrative accountability mechanisms. Its analysis of accountability channels is related to policy contents by asking whether specific regulatory objectives and results give rise to the mobilizing of available accountability channels, and whether the use of accountability channels helps improve regulatory decisions.
Protecting Investors at all Costs? Due Process Aspects of the Investigatory Powers Granted to Competent Authorities under MiFID II
Authors: Andersson Helene
Published: March 2022

This chapter provides a due process examination of the investigatory powers granted to national supervisory authorities under MiFID II. It focuses on the power to carry out on-site inspections and the possibilities of holding the authorities accountable for any arbitrary or disproportionate measures taken in relation to these inspections. Absent clear and adequate procedural safeguards, there is an apparent risk that any measures taken will infringe both the right to privacy and the defence rights of those targeted. Without adequate safeguards, any decisions taken by the authorities risk being contestable on procedural grounds. Moreover, the threat of having to pay hefty fines may already deter some from accepting a managerial function in an investment firm. If the enforcement rules are allowed to be applied in an arbitrary or inconsistent way, allowing the supervisory authorities to escape accountability, it will no doubt become even more difficult to recruit managers and board members in the future. Thus, while lenient procedural safeguards would, in theory, further the interests of effectiveness and efficiency, the reality may be the opposite.
Compliance Requirements in EU Investment Services Regulation
Authors: van Cleynenbreugel Pieter
Published: March 2022

This chapter investigates how compliance mechanisms have been embedded as a matter of EU financial services law, focusing on the field of EU investment firm regulation. It begins by revisiting the particular compliance requirements in the MiFID II directive, and how those requirements have been given shape by means of a delegated regulation and ESMA guidelines. Notwithstanding its inherent values in integrating financial markets, this type of framework misses the mark on what is supposed to be the key objective of compliance: to encourage certain outcomes in investment firms' processes, and also to reward firms for having reached these outcomes. Having established a compliance culture, this could become an element that is embedded in the overall assessment of whether a sanction needs to be imposed on a firm in a particular context. So far, however, the MiFID II framework has not established such a link between compliance and sanctions. The chapter then analyses whether respect for compliance obligations could be taken into account, as a matter of EU law, in potential sanctioning procedures. It assesses whether the MiFID II framework imposes any clear legal limits on such linkage, before arguing that ESMA could play a more enhanced role at that stage.
Remuneration Policies in Investment Firms
Authors: Söderström Rebecca
Published: March 2022

This chapter studies the post-crisis regulation of remuneration policies in investment firms. The main focus is on variable remuneration, because such compensation schemes highlight the conflict between owners' governance, on one hand, and financial stability and investor protection on the other. The regulation of remuneration in investment firms is one of many attempts to regulate with the purpose of improving corporate governance. The chapter then discusses how MiFID II and related regulation impacts on corporate governance of investment firms, with remuneration policies as examples and the focus of discussion. It links two different levels of accountability already established in literature: the firm level of accountability and the regulatory level of accountability. The reforms of the regulation of investment firms also give reasons to assess whether the EU regulatory policy for the financial markets is changing.
The Investment Firm’s ‘Horizontal Accountability’ towards Clients
Authors: Della Negra Federico
Published: March 2022

This chapter discusses how investment firms can be held accountable for their conduct when they provide investment services to clients. After the 2008 global financial crisis, the financial intermediaries' accountability in their relationships with their clients (horizontal accountability) has been strengthened, in order to ensure a higher level of investor protection. The Level 1 and Level 2 legislation for conduct of business rules set out in MiFID II has been supplemented by the ESMA’s guidelines, recommendations, and other soft law instruments that have to be taken into account by national courts when interpreting the relevant EU law. The intensification of horizontal accountability mechanisms is a consequence of the incrementally greater focus of EU law on retail financial markets governance. However, this governance remains based on a two-layer regulatory framework, composed of EU-derived conduct of business rules and national private law rules. The actual implementation of these accountability regimes is, therefore, based on national courts’ and alternative dispute resolution (ADR) bodies’ application of national private law rules in retail client disputes.
The Rhetoric of Exemplarity in Early Modern England
Authors: Ullyot Michael
Published: March 2022

This study makes two new arguments about the rhetoric of exemplarity in late Elizabethan and Jacobean culture: that exemplarity is a recursive cycle driven by rhetoricians’ words and readers’ actions; and that positive examples are never actionable. They serve, rather, as aspirational models of readers’ own posthumous biographies—like Alexander the Great envying Achilles for Homer’s writing of his life. This study defines the three types of decorum on which exemplary rhetoric and imitation depend. It charts their operations through Philip Sidney’s poetics, Edmund Spenser’s poetry, and the dedications, sermons, elegies, biographies, and other occasional texts on and for Robert Devereux, second Earl of Essex, and Henry, Prince of Wales. It expands the definition of occasional texts to include those that criticize their circumstances to demand better ones; and it historicizes moral exemplarity in the contexts of sixteenth-century Protestant memory and humanist pedagogy. The first full-length study in three decades of the rhetoric of moral exemplarity and of Prince Henry’s textual representations, The Rhetoric of Exemplarity in Early Modern England concludes that all exemplary subjects suffer from ‘the problem of metonymy’: the objection that their chosen excerpts misrepresent their missing parts. As this problem also besets historicist literary criticism, which is subject to corrections from the archive, this study recognizes that its argumentative rhetoric is itself exemplary.