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How Big Banks Fail and What to Do about It
Par Darrell Duffie. 2011
A leading finance expert explains how and why big banks fail—and what can be done to prevent itDealer banks—that is,…
large banks that deal in securities and derivatives, such as J. P. Morgan and Goldman Sachs—are of a size and complexity that sharply distinguish them from typical commercial banks. When they fail, as we saw in the global financial crisis, they pose significant risks to our financial system and the world economy. How Big Banks Fail and What to Do about It examines how these banks collapse and how we can prevent the need to bail them out.In sharp, clinical detail, Darrell Duffie walks readers step-by-step through the mechanics of large-bank failures. He identifies where the cracks first appear when a dealer bank is weakened by severe trading losses, and demonstrates how the bank's relationships with its customers and business partners abruptly change when its solvency is threatened. As others seek to reduce their exposure to the dealer bank, the bank is forced to signal its strength by using up its slim stock of remaining liquid capital. Duffie shows how the key mechanisms in a dealer bank's collapse—such as Lehman Brothers' failure in 2008—derive from special institutional frameworks and regulations that influence the flight of short-term secured creditors, hedge-fund clients, derivatives counterparties, and most devastatingly, the loss of clearing and settlement services.How Big Banks Fail and What to Do about It reveals why today's regulatory and institutional frameworks for mitigating large-bank failures don't address the special risks to our financial system that are posed by dealer banks, and outlines the improvements in regulations and market institutions that are needed to address these systemic risks.Becoming Yellow: A Short History of Racial Thinking
Par Michael Keevak. 2011
The story of how East Asians became "yellow" in the Western imagination—and what it reveals about the problematic history of…
racial thinkingIn their earliest encounters with Asia, Europeans almost uniformly characterized the people of China and Japan as white. This was a means of describing their wealth and sophistication, their willingness to trade with the West, and their presumed capacity to become Christianized. But by the end of the seventeenth century the category of whiteness was reserved for Europeans only. When and how did Asians become "yellow" in the Western imagination? Looking at the history of racial thinking, Becoming Yellow explores the notion of yellowness and shows that this label originated not in early travel texts or objective descriptions, but in the eighteenth- and nineteenth-century scientific discourses on race.From the walls of an ancient Egyptian tomb, which depicted people of varying skin tones including yellow, to the phrase "yellow peril" at the beginning of the twentieth century in Europe and America, Michael Keevak follows the development of perceptions about race and human difference. He indicates that the conceptual relationship between East Asians and yellow skin did not begin in Chinese culture or Western readings of East Asian cultural symbols, but in anthropological and medical records that described variations in skin color. Eighteenth-century taxonomers such as Carl Linnaeus, as well as Victorian scientists and early anthropologists, assigned colors to all racial groups, and once East Asians were lumped with members of the Mongolian race, they began to be considered yellow.Demonstrating how a racial distinction took root in Europe and traveled internationally, Becoming Yellow weaves together multiple narratives to tell the complex history of a problematic term.Ancient lessons for sustainable citizenshipAn ecologically sustainable society cannot be achieved without citizens who possess the virtues and values that…
will foster it, and who believe that individual actions can indeed make a difference. Eco-Republic draws on ancient Greek thought—and Plato's Republic in particular—to put forward a new vision of citizenship that can make such a society a reality. Melissa Lane develops a model of a society whose health and sustainability depend on all its citizens recognizing a shared standard of value and shaping their personal goals and habits accordingly. Bringing together the moral and political ideas of the ancients with the latest social and psychological theory, Lane illuminates the individual's vital role in social change, and articulates new ways of understanding what is harmful and what is valuable, what is a benefit and what is a cost, and what the relationship between public and private well-being ought to be.Eco-Republic reveals why we must rethink our political imagination if we are to meet the challenges of climate change and other urgent environmental concerns. Offering a unique reflection on the ethics and politics of sustainability, the book goes beyond standard approaches to virtue ethics in philosophy and current debates about happiness in economics and psychology. Eco-Republic explains why health is a better standard than happiness for capturing the important links between individual action and social good, and diagnoses the reasons why the ancient concept of virtue has been sorely neglected yet is more relevant today than ever.The Soul of the World
Par Roger Scruton. 2014
A compelling defense of the sacred from acclaimed philosopher Roger ScrutonIn The Soul of the World, renowned philosopher Roger Scruton…
defends the experience of the sacred against today's fashionable forms of atheism. He argues that our personal relationships, moral intuitions, and aesthetic judgments hint at a transcendent dimension that cannot be understood through the lens of science alone. To be fully alive—and to understand what we are—is to acknowledge the reality of sacred things. Rather than an argument for the existence of God, or a defense of the truth of religion, the book is an extended reflection on why a sense of the sacred is essential to human life—and what the final loss of the sacred would mean. In short, the book addresses the most important question of modernity: what is left of our aspirations after science has delivered its verdict about what we are?Drawing on art, architecture, music, and literature, Scruton suggests that the highest forms of human experience and expression tell the story of our religious need, and of our quest for the being who might answer it, and that this search for the sacred endows the world with a soul. Evolution cannot explain our conception of the sacred; neuroscience is irrelevant to our interpersonal relationships, which provide a model for our posture toward God; and scientific understanding has nothing to say about the experience of beauty, which provides a God’s-eye perspective on reality.Ultimately, a world without the sacred would be a completely different world—one in which we humans are not truly at home. Yet despite the shrinking place for the sacred in today’s world, Scruton says, the paths to transcendence remain open.This volume contains a new translation, with a historical introduction by the translators, of two works written under the pseudonym…
Johannes Climacus. Through Climacus, Kierkegaard contrasts the paradoxes of Christianity with Greek and modern philosophical thinking. In Philosophical Fragments he begins with Greek Platonic philosophy, exploring the implications of venturing beyond the Socratic understanding of truth acquired through recollection to the Christian experience of acquiring truth through grace. Published in 1844 and not originally planned to appear under the pseudonym Climacus, the book varies in tone and substance from the other works so attributed, but it is dialectically related to them, as well as to the other pseudonymous writings. The central issue of Johannes Climacus is doubt. Probably written between November 1842 and April 1843 but unfinished and published only posthumously, this book was described by Kierkegaard as an attack on modern speculative philosophy by "means of the melancholy irony, which did not consist in any single utterance on the part of Johannes Climacus but in his whole life. . . . Johannes does what we are told to do--he actually doubts everything--he suffers through all the pain of doing that, becomes cunning, almost acquires a bad conscience. When he has gone as far in that direction as he can go and wants to come back, he cannot do so. . . . Now he despairs, his life is wasted, his youth is spent in these deliberations. Life does not acquire any meaning for him, and all this is the fault of philosophy." A note by Kierkegaard suggests how he might have finished the work: "Doubt is conquered not by the system but by faith, just as it is faith that has brought doubt into the world!."Shaping Jazz: Cities, Labels, and the Global Emergence of an Art Form
Par Damon J. Phillips. 2013
There are over a million jazz recordings, but only a few hundred tunes have been recorded repeatedly. Why did a…
minority of songs become jazz standards? Why do some songs--and not others--get rerecorded by many musicians? Shaping Jazz answers this question and more, exploring the underappreciated yet crucial roles played by initial production and markets--in particular, organizations and geography--in the development of early twentieth-century jazz.Damon Phillips considers why places like New York played more important roles as engines of diffusion than as the sources of standards. He demonstrates why and when certain geographical references in tune and group titles were considered more desirable. He also explains why a place like Berlin, which produced jazz abundantly from the 1920s to early 1930s, is now on jazz's historical sidelines. Phillips shows the key influences of firms in the recording industry, including how record companies and their executives affected what music was recorded, and why major companies would rerelease recordings under artistic pseudonyms. He indicates how a recording's appeal was related to the narrative around its creation, and how the identities of its firm and musicians influenced the tune's long-run popularity.Applying fascinating ideas about market emergence to a music's commercialization, Shaping Jazz offers a unique look at the origins of a groundbreaking art form.Kiev: A Portrait, 1800-1917
Par Michael F. Hamm. 1993
In a fascinating "urban biography," Michael Hamm tells the story of one of Europe's most diverse cities and its distinctive…
mix of Ukrainian, Polish, Russian, and Jewish inhabitants. A splendid urban center in medieval times, Kiev became a major metropolis in late Imperial Russia, and is now the capital of independent Ukraine. After a concise account of Kiev's early history, Hamm focuses on the city's dramatic growth in the nineteenth and early twentieth centuries. The first historian to analyze how each of Kiev's ethnic groups contributed to the vitality of the city's culture, he also examines the violent conflicts that developed among them. In vivid detail, he shows why Kiev came to be known for its "abundance of revolutionaries" and its anti-Semitic violence.Accelerating Democracy: Transforming Governance Through Technology
Par John O. McGinnis. 2012
How to adapt democracy to the accelerating pace of technological change—and why it's critical that we doSuccessful democracies throughout history—from…
ancient Athens to Britain on the cusp of the industrial age—have used the technology of their time to gather information for better governance. Our challenge is no different today, but it is more urgent because the accelerating pace of technological change creates potentially enormous dangers as well as benefits. Accelerating Democracy shows how to adapt democracy to new information technologies that can enhance political decision making and enable us to navigate the social rapids ahead.John O. McGinnis demonstrates how these new technologies combine to address a problem as old as democracy itself--how to help citizens better evaluate the consequences of their political choices. As society became more complex in the nineteenth century, social planning became a top-down enterprise delegated to experts and bureaucrats. Today, technology increasingly permits information to bubble up from below and filter through more dispersed and competitive sources. McGinnis explains how to use fast-evolving information technologies to more effectively analyze past public policy, bring unprecedented intensity of scrutiny to current policy proposals, and more accurately predict the results of future policy. But he argues that we can do so only if government keeps pace with technological change. For instance, it must revive federalism to permit different jurisdictions to test different policies so that their results can be evaluated, and it must legalize information markets to permit people to bet on what the consequences of a policy will be even before that policy is implemented.Accelerating Democracy reveals how we can achieve a democracy that is informed by expertise and social-scientific knowledge while shedding the arrogance and insularity of a technocracy.Introduction to Atmospheric Chemistry
Par Daniel J. Jacob. 2000
Atmospheric chemistry is one of the fastest growing fields in the earth sciences. Until now, however, there has been no…
book designed to help students capture the essence of the subject in a brief course of study. Daniel Jacob, a leading researcher and teacher in the field, addresses that problem by presenting the first textbook on atmospheric chemistry for a one-semester course. Based on the approach he developed in his class at Harvard, Jacob introduces students in clear and concise chapters to the fundamentals as well as the latest ideas and findings in the field. Jacob's aim is to show students how to use basic principles of physics and chemistry to describe a complex system such as the atmosphere. He also seeks to give students an overview of the current state of research and the work that led to this point. Jacob begins with atmospheric structure, design of simple models, atmospheric transport, and the continuity equation, and continues with geochemical cycles, the greenhouse effect, aerosols, stratospheric ozone, the oxidizing power of the atmosphere, smog, and acid rain. Each chapter concludes with a problem set based on recent scientific literature. This is a novel approach to problem-set writing, and one that successfully introduces students to the prevailing issues. This is a major contribution to a growing area of study and will be welcomed enthusiastically by students and teachers alike.How did the federal judiciary transcend early limitations to become a powerful institution of American governance? How did the Supreme…
Court move from political irrelevance to political centrality? Building the Judiciary uncovers the causes and consequences of judicial institution-building in the United States from the commencement of the new government in 1789 through the close of the twentieth century. Explaining why and how the federal judiciary became an independent, autonomous, and powerful political institution, Justin Crowe moves away from the notion that the judiciary is exceptional in the scheme of American politics, illustrating instead how it is subject to the same architectonic politics as other political institutions. Arguing that judicial institution-building is fundamentally based on a series of contested questions regarding institutional design and delegation, Crowe develops a theory to explain why political actors seek to build the judiciary and the conditions under which they are successful. He both demonstrates how the motivations of institution-builders ranged from substantive policy to partisan and electoral politics to judicial performance, and details how reform was often provoked by substantial changes in the political universe or transformational entrepreneurship by political leaders. Embedding case studies of landmark institution-building episodes within a contextual understanding of each era under consideration, Crowe presents a historically rich narrative that offers analytically grounded explanations for why judicial institution-building was pursued, how it was accomplished, and what--in the broader scheme of American constitutional democracy--it achieved.The Theory of Corporate Finance
Par Jean Tirole. 2006
The past twenty years have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the…
subject addressed mainly the financing of corporations--equity, debt, and valuation--today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.Why?
Par Charles Tilly. 2006
Why? is a book about the explanations we give and how we give them--a fascinating look at the way the…
reasons we offer every day are dictated by, and help constitute, social relationships. Written in an easy-to-read style by distinguished social historian Charles Tilly, the book explores the manner in which people claim, establish, negotiate, repair, rework, or terminate relations with others through the reasons they give. Tilly examines a number of different types of reason giving. For example, he shows how an air traffic controller would explain the near miss of two aircraft in several different ways, depending upon the intended audience: for an acquaintance at a cocktail party, he might shrug it off by saying "This happens all the time," or offer a chatty, colloquial rendition of what transpired; for a colleague at work, he would venture a longer, more technical explanation, and for a formal report for his division head he would provide an exhaustive, detailed account. Tilly demonstrates that reasons fall into four different categories: Convention: "I'm sorry I spilled my coffee; I'm such a klutz." Narratives: "My friend betrayed me because she was jealous of my sister." Technical cause-effect accounts: "A short circuit in the ignition system caused the engine rotors to fail." Codes or workplace jargon: "We can't turn over the records. We're bound by statute 369." Tilly illustrates his topic by showing how a variety of people gave reasons for the 9/11 attacks. He also demonstrates how those who work with one sort of reason frequently convert it into another sort. For example, a doctor might understand an illness using the technical language of biochemistry, but explain it to his patient, who knows nothing of biochemistry, by using conventions and stories. Replete with sparkling anecdotes about everyday social experiences (including the author's own), Why? makes the case for stories as one of the great human inventions.Kant and Skepticism (Princeton Monographs in Philosophy #32)
Par Michael N. Forster. 2008
This book puts forward a much-needed reappraisal of Immanuel Kant's conception of and response to skepticism, as set forth principally…
in the Critique of Pure Reason. It is widely recognized that Kant's theoretical philosophy aims to answer skepticism and reform metaphysics--Michael Forster makes the controversial argument that those aims are closely linked. He distinguishes among three types of skepticism: "veil of perception" skepticism, which concerns the external world; Humean skepticism, which concerns the existence of a priori concepts and synthetic a priori knowledge; and Pyrrhonian skepticism, which concerns the equal balance of opposing arguments. Forster overturns conventional views by showing how the first of these types was of little importance for Kant, but how the second and third held very special importance for him, namely because of their bearing on the fate of metaphysics. He argues that Kant undertook his reform of metaphysics primarily in order to render it defensible against these types of skepticism. Finally, in a critical appraisal of Kant's project, Forster argues that, despite its strengths, it ultimately fails, for reasons that carry interesting broader philosophical lessons. These reasons include inadequate self-reflection and an underestimation of the resources of Pyrrhonian skepticism.Tocqueville: The Aristocratic Sources of Liberty
Par Lucien Jaume. 2013
A major intellectual biography of Toqueville that restores democracy in America to its essential contextMany American readers like to regard…
Alexis de Tocqueville as an honorary American and democrat—as the young French aristocrat who came to early America and, enthralled by what he saw, proceeded to write an American book explaining democratic America to itself. Yet, as Lucien Jaume argues in this acclaimed intellectual biography, Democracy in America is best understood as a French book, written primarily for the French, and overwhelmingly concerned with France. "America," Jaume says, "was merely a pretext for studying modern society and the woes of France." For Tocqueville, in short, America was a mirror for France, a way for Tocqueville to write indirectly about his own society, to engage French thinkers and debates, and to come to terms with France's aristocratic legacy.By taking seriously the idea that Tocqueville's French context is essential for understanding Democracy in America, Jaume provides a powerful and surprising new interpretation of Tocqueville's book as well as a fresh intellectual and psychological portrait of the author. Situating Tocqueville in the context of the crisis of authority in postrevolutionary France, Jaume shows that Tocqueville was an ambivalent promoter of democracy, a man who tried to reconcile himself to the coming wave, but who was also nostalgic for the aristocratic world in which he was rooted—and who believed that it would be necessary to preserve aristocratic values in order to protect liberty under democracy. Indeed, Jaume argues that one of Tocqueville's most important and original ideas was to recognize that democracy posed the threat of a new and hidden form of despotism.Harmful Thoughts: Essays on Law, Self, and Morality
Par Meir Dan-Cohen. 2002
In these writings by one of our most creative legal philosophers, Meir Dan-Cohen explores the nature of the self and…
its response to legal commands and mounts a challenge to some prevailing tenets of legal theory and the neighboring moral, political, and economic thought. The result is an insider's critique of liberalism that extends contemporary liberalism's Kantian strand, combining it with postmodernist ideas about the contingent and socially constructed self to build a thoroughly original perspective on some of the most vital concerns of legal and moral theory. Dan-Cohen looks first at the ubiquity of legal coercion and considers its decisive impact on the nature of legal discourse and communication, on law's normative aspirations and claim to obedience, and on the ideal of the rule of law. He moves on to discuss basic values, stressing the preeminence of individual identity and human dignity over the more traditional liberal preoccupations with preference-based choice and experiential harm. Dan-Cohen then focuses more directly on the normative ramifications of the socially constructed self. Fundamental concepts such as responsibility and ownership are reinterpreted to take account of the constitutive role that social practices--particularly law and morality--play in the formation of the self. Throughout, Dan-Cohen draws on a uniquely productive mix of philosophical traditions and subjects, blending the methods of analytic philosophy with the concerns of Continental philosophers to reconceive the self and its relation to ethics and the law.How philanthropy has shaped America in the twentieth centuryAmerican philanthropy today expands knowledge, champions social movements, defines active citizenship, influences…
policymaking, and addresses humanitarian crises. How did philanthropy become such a powerful and integral force in American society? Philanthropy in America is the first book to explore in depth the twentieth-century growth of this unique phenomenon. Ranging from the influential large-scale foundations established by tycoons such as John D. Rockefeller, Sr., and the mass mobilization of small donors by the Red Cross and March of Dimes, to the recent social advocacy of individuals like Bill Gates and George Soros, respected historian Olivier Zunz chronicles the tight connections between private giving and public affairs, and shows how this union has enlarged democracy and shaped history.Demonstrating that America has cultivated and relied on philanthropy more than any other country, Philanthropy in America examines how giving for the betterment of all became embedded in the fabric of the nation's civic democracy.The NSA Report: Liberty and Security in a Changing World
Par President's Review Group on Intelligence and Communications Technologies, The, Richard A. Clarke, Michael J. Morell, Geoffrey R. Stone, Cass R. Sunstein, Peter Swire. 2014
The official report that has shaped the international debate about NSA surveillance"We cannot discount the risk, in light of the…
lessons of our own history, that at some point in the future, high-level government officials will decide that this massive database of extraordinarily sensitive private information is there for the plucking. Americans must never make the mistake of wholly 'trusting' our public officials."—The NSA ReportThis is the official report that is helping shape the international debate about the unprecedented surveillance activities of the National Security Agency. Commissioned by President Obama following disclosures by former NSA contractor Edward J. Snowden, and written by a preeminent group of intelligence and legal experts, the report examines the extent of NSA programs and calls for dozens of urgent and practical reforms. The result is a blueprint showing how the government can reaffirm its commitment to privacy and civil liberties—without compromising national security.Just Silences: The Limits and Possibilities of Modern Law
Par Marianne Constable. 2005
Is the Miranda warning, which lets an accused know of the right to remain silent, more about procedural fairness or…
about the conventions of speech acts and silences? Do U.S. laws about Native Americans violate the preferred or traditional "silence" of the peoples whose religions and languages they aim to "protect" and "preserve"? In Just Silences, Marianne Constable draws on such examples to explore what is at stake in modern law: a potentially new silence as to justice. Grounding her claims about modern law in rhetorical analyses of U.S. law and legal texts and locating those claims within the tradition of Nietzsche, Heidegger, and Foucault, Constable asks what we are to make of silences in modern law and justice. She shows how what she calls "sociolegal positivism" is more important than the natural law/positive law distinction for understanding modern law. Modern law is a social and sociological phenomenon, whose instrumental, power-oriented, sometimes violent nature raises serious doubts about the continued possibility of justice. She shows how particular views of language and speech are implicated in such law. But law--like language--has not always been positivist, empirical, or sociological, nor need it be. Constable examines possibilities of silence and proposes an alternative understanding of law--one that emerges in the calling, however silently, of words to justice. Profoundly insightful and fluently written, Just Silences suggests that justice today lies precariously in the silences of modern positive law.Emblems of Pluralism: Cultural Differences and the State (The Cultural Lives of Law)
Par Carol Weisbrod. 2003
From outlawing polygamy and mandating public education to protecting the rights of minorities, the framing of group life by the…
state has been a subject of considerable interest and controversy throughout the history of the United States. The subject continues to be important in many countries. This book deals with state responses to cultural difference through the examination of a number of encounters between individuals, groups, and the state, in the United States and elsewhere. The book opens the concepts of groups and the state, arguing for the complexity of their relations and interpenetrations. Carol Weisbrod draws on richly diverse historical and cultural material to explore various structures that have been seen as appropriate for adjusting relations between states and internal groups. She considers the experience of the Mormons, the Amish, and Native Americans in the United States, the Mennonites in Germany, and the Jews in Russia to illustrate arrangements and accommodations in different times and places. The Minorities Treaties of the League of Nations, political federalism, religious exemptions, nonstate schools, and rules about adoption are among the mechanisms discussed that sustain cultural difference and create frameworks for group life, and, finally, individual life. At bottom, Emblems of Pluralism concerns not only relations between the state and groups, public and private, but also issues of identity and relations between the self and others.Happy Lives and the Highest Good: An Essay on Aristotle's Nicomachean Ethics
Par Gabriel Richardson Lear. 2004
Gabriel Richardson Lear presents a bold new approach to one of the enduring debates about Aristotle's Nicomachean Ethics: the controversy…
about whether it coherently argues that the best life for humans is one devoted to a single activity, namely philosophical contemplation. Many scholars oppose this reading because the bulk of the Ethics is devoted to various moral virtues--courage and generosity, for example--that are not in any obvious way either manifestations of philosophical contemplation or subordinated to it. They argue that Aristotle was inconsistent, and that we should not try to read the entire Ethics as an attempt to flesh out the notion that the best life aims at the "monistic good" of contemplation. In defending the unity and coherence of the Ethics, Lear argues that, in Aristotle's view, we may act for the sake of an end not just by instrumentally bringing it about but also by approximating it. She then argues that, for Aristotle, the excellent rational activity of moral virtue is an approximation of theoretical contemplation. Thus, the happiest person chooses moral virtue as an approximation of contemplation in practical life. Richardson Lear bolsters this interpretation by examining three moral virtues--courage, temperance, and greatness of soul--and the way they are fine. Elegantly written and rigorously argued, this is a major contribution to our understanding of a central issue in Aristotle's moral philosophy.