Naslov
Reframing governance of global finance through cosmopolitan ethics

Autori
Beroš, Marin ; Božina Beroš, Marta

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, sažetak, znanstveni

Izvornik
52nd Societas Ethica Annual Conference “Globalisation and Global justice” / Collste, Goeran - Linkoping, Sweden : Linkoping University Electronic Press Workshop and Conference Collection, 2015, 64-66

Skup
52nd Societas Ethica Annual Conference

Mjesto i datum
Linköping, Švedska, 20.08.2015. - 23.08.2015

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
cosmopolitansim ; cosmopolitan ethics ; governance ; global financial system

Sažetak
Various challenges hinder the attempts to alleviate divergences between political communities, among which one of the most daunting is the conceptual framework of global economy with its excessive financialization. As strikingly demonstrated by the recent global financial meltdown, not everyone shares the same risks when financial empires fail and while profits are privatized, risks are borne by the society. Thus the rich get richer and the poor poorer, and the same applies to states, not only individuals. And since crises are a terrible thing to waste, scholars have started to question once again the paradigms underpinning the global economic system of financial capitalism. On the one side, there are advocates of its abolishment, and on the other, there are those who opt for its conceptual upgrade, for the creation of a so called “capitalism 2.0”. If we agree with the arguments of the latter group, then we face an overwhelming question: “how are we to transform the global financial system in order to alleviate weaknesses of the global economy and allow a more just development for humanity?” To answer this question we must steer away from a narrow economistic focus to global finance and primarily reflect on the various nature of its flaws, such as the institutional, political and most importantly, ethical. The ethical aspect is particularly pronounced as evidenced by messages sent by protestors in the “Western” part of the world. A strong sense of urgency prevails dictating that “something” needs to be changed with the manner global finance is governed. But what exactly is this “something” and what could constitute the “common ground” on which change would be founded, is difficult to determine. Judging by the buoyant amount of “post-crisis scholarship”, many envisage future improvements of global governance by evoking deliberative democracy, political equality and cosmopolitanism. Henceforth, in this paper we examine the prospects of reframing the conceptual frameworks of global financial governance through the perspective of cosmopolitan ethics. Firstly we discuss ethical ambiguities affecting contemporary global economy and its financial system, addressing primarily the issues of marketization and financialization. We then present a historical narrative of the cosmopolitan idea and its different modes (cultural, political, ethical) emphasizing the principles of “fairness” and “accountability” within cosmopolitan ethics. Thirdly, we give an overview of the governance arrangements in global finance, tracing their development and determining challenges in light of cosmopolitan principles. We also discuss some of the proposed policy reforms for a more just global financial order (such as the proposal for a “sentinel” acting on behalf of the public and improving regulatory governance). Finally we argue that the extension of cosmopolitan ethics to governance arrangements of global finance would create a more ethical context in which negative effects of global economic interdependencies can be leveled out.

Izvorni jezik
Engleski

Znanstvena područja
Filozofija

POVEZANOST RADA