Just financial markets? : finance in a just society / edited by Lisa Herzog.

Format:

Book

Contributor:

Herzog, Lisa, 1983- editor.

Language:

English

Subjects (All):

Economics--Moral and ethical aspects.

Economics.

Markets--Moral and ethical aspects.

Markets.

Global Financial Crisis, 2008-2009.

Physical Description:

xi, 335 pages ; 25 cm

Edition:

First edition.

Place of Publication:

Oxford ; New York, NY : Oxford University Press, 2017.

Summary:

Well-functioning financial markets are crucial for the economic well-being and the justice of contemporary societies. The Great Financial Crisis has shown that a perspective that naively trusts in the self-regulating powers of free markets cannot capture what is at stake in understanding and regulating financial markets. The damage done by the Great Financial Crisis, including its distributive consequences, raises serious questions about the justice of financial markets as we know them. This volume brings together leading scholars from political theory, law, and economics in order to explore the relation between justice and financial markets. Broadening the perspective from a purely economic one to a liberal egalitarian one, the volume explores foundational normative questions about how to conceptualize justice in relation to financial markets, the biases in the legal frameworks of financial markets that produce unjust outcomes, and perspectives of justice on specific institutions and practices in contemporary financial markets. Written in a clear and accessible language, the volume presents analyses of how financial markets (should) function and how the Great Financial Crisis came about, proposals for how the structures of financial markets could be reformed, and analysis of why reform is not happening at the speed that would be desirable from a perspective of justice. Book jacket.

Contents:

1 Introduction: Just financial markets? Finance in a just society / Lisa Herzog Herzog, Lisa 1

Part I Normative Foundations

2 Justice, financial markets, and human rights / Rosa M. Lastra Lastra, Rosa M., Alan H. Brener Brener, Alan H. 39

3 A capability framework for financial market regulation / Rutger Claassen Claassen, Rutger 56

4 Financial markets and institutional purposes: The normative issues / Seumas Miller Miller, Seumas 78

5 Can incomes in financial markets be deserved? A justice-based critique / Lisa Herzog Herzog, Lisa 103

Part II Legal Structures

6 Punishment in the executive suite: Moral responsibility, causal responsibility, and financial crime / Mark R. Reiff Reiff, Mark R. 125

7 A culture beyond repair? The nexus between ethics and sanctions in finance / Jay Cullen Cullen, Jay 154

8 Moneys' legal hierarchy / Katharina Pistor Pistor, Katharina 185

9 Investor rights as nonsense-on stilts / Aaron James James, Aaron 205

Part III Institutions and Practices

10 Normative dimensions of central banking: How the guardians of financial markets affect justice / Peter Dietsch Dietsch, Peter 231

11 Information as a condition of justice in financial markets: The regulation of credit-rating agencies / Boudewijn de Bruin Bruin, Boudewijn de 250

12 Gender justice in financial markets / Roseanne Russell Russell, Roseanne, Charlotte Villiers Villiers, Charlotte 271

13 It takes a village to maintain a dangerous financial system / Anat R. Admati Admati, Anat R. 293.

Notes:

Includes bibliographical references and index.

ISBN:

019875566X

9780198755661

OCLC:

960833565