Can global justice be promoted by distributing money more equitably?
Could even relatively small financial sacrifices by the affluent work,
through benign leverage, to achieve that goal? Global Justice and
Finance casts new light on such questions by considering what is
presupposed about finance. Redistributive proposals assume money to be
a reliable measure, store of value, and medium of exchange. Yet
maintaining stable interest, inflation, and exchange rates in a
dynamic capitalist economy is a considerable achievement involving a
complex financial system. Such global coordination could, if so
directed, contribute immensely to humanity's betterment, yet under the
direction of a profit seeking elite it leaves a majority disempowered,
impoverished, and indebted. To pay debts, ever more desperate measures
to wrest value from the world's natural resources increase ecological
pressures to harmful extremes, and those pressures do not stop short
of driving wars. The profit seeking economy is held in place by the
complex legal arrangements that constitute finance. Globally, there
has developed, unannounced and unaccountably, what amounts to a
privatised constitution - binding agreements that transcend sovereign
jurisdictions. Hopes of redirecting the financial assets created
within this system, by means of modest reforms, towards objectives of
social justice and ecological sustainability may prove illusory. To
achieve such objectives arguably requires the constitution of a global
normative order guided by public and political decision-making. The
achievement of a publicly accountable constitutional order that is
superordinate to the financial system might be regarded as a
revolutionary transformation.
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Produktdetaljer
ISBN
9780192580498
Publisert
2020
Utgiver
Oxford University Press Academic UK
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter