The evolution of the financial system and its regulation raises normative issues of the utmost importance for individual and collective choices. The author discusses the basic normative concepts underlying the hot debate on the regulation of the financial system after the Great Financial Crisis of 2007–2009: liberty, democracy, distributive justice, and finally the encompassing concept of comprehensive sustainability. These principles are mentioned in mainstream analyses, policy proposals, and communiqués of relevant institutions, but their meaning and role remain often only implicit. The author provides a definition for each of these normative principles focusing on the issues that are particularly relevant for a critical appraisal of contemporary finance. Among the main normative issues raised by the evolution of finance, the author discusses, in particular, the decline of the positive enforcement of individual liberty, the progressive systematic violation of distributive justice, the growing democratic deficit, and the inconsistency with sustainable development.
- Archibugi, Daniele, Mathias Koenig-Archibugi, and Raffaele Marchetti, eds. 2012. Global Democracy Normative and Empirical Perspectives. Cambridge: Cambridge University Press.Google Scholar
- Berlin, Isaiah. 1969 . Two Concepts of Liberty. In Four Essays on Liberty, ed. Isaiah Berlin, 118–172. London: Oxford University Press.Google Scholar
- Bobbio, Norberto. 1989. Democracy and Dictatorship: The Nature and Limits of State Power. Trans. Peter Kennealy, Cambridge: Polity Press.Google Scholar
- Chetty, Raj, Hendren, Nathaniel, Kline, Patrick, and Emmanuel Saez. 2014. Where Is the Land of Opportunity? The Geography of Intergenerational Mobility in the United States. NBER Working Paper No. 19843.Google Scholar
- ———. 2013b. Inequality from Generation to Generation: The United States in Comparison. Chapter 6 in The Economics of Inequality, Poverty, and Discrimination in the 21st Century, edited by Robert S. Rycroft. Santa Barbara, CA: ABC – CLIO.Google Scholar
- Crouch, Colin. 2004. Post-democracy. Cambridge: Polity Press.Google Scholar
- De George, Richard. 1981. The Environment, Rights, and Future Generations. In Responsibilities to Future Generations. Environmental Ethics, ed. Ernest Partridge, 157–166. New York: Prometheus Books.Google Scholar
- Ferguson, Yale H., and Richard W. Mansbach. 1996. Polities: Authority, Identities, and Change. Columbia, SC: University of South Carolina Press.Google Scholar
- Fitzgerald, Scott F. 1925. The Great Gatsby. New York: Scribne.Google Scholar
- Hobbes, Thomas, 1968 , Leviathan. Ed. C.B. MacPherson. Harmondsworth: Penguin Books.Google Scholar
- Hufe, Paul, and Andreas Peichl. 2018. Inequality and Unfairness in Europe. CESifo Forum 19 (2): 26–34. https://www.cesifo-group.de/DocDL/CESifo-Forum-2018-2-hufe-peichl-inequality-june.pdf. Accessed 11 Sept 2018.Google Scholar
- Kant, Immanuel. 1991 . Idea for a Universal History with a Cosmopolitan Purpose and Perpetual Peace: A Philosophical Sketch. In Political Writings, trans. H.B. Nisbet, ed. Hans Reiss, 2nd ed. New York: Cambridge University Press, 41–53 and 93–130.Google Scholar
- Kelsen, Hans. 1973 . General Theory of Law and State. Trans. Anders Wedberg. New York: Russell & Russell.Google Scholar
- Krueger, Alan. 2012. The Rise and Consequences of Inequality in the United States. Presentation made to the Center for American Progress, January 12. https://obamawhitehouse.archives.gov/sites/default/files/krueger_cap_speech_final_remarks.pdf. Accesses 10 Sept 2018.
- Kuyper, Jonathan. 2016. Global Democracy. The Stanford Encyclopedia of Philosophy (Winter 2016 edition), ed. Edward N. Zalta. https://plato.stanford.edu/archives/win2016/entries/global-democracy/.
- Meyer, Lukas. 2016. Intergenerational Justice. The Stanford Encyclopedia of Philosophy (Summer 2016 edition), Edward N. Zalta, ed. https://plato.stanford.edu/archives/sum2016/entries/justice-intergenerational/. Accessed 11 Sept 2018.
- Mill, John Stuart. 1991 . Considerations on Representative Government. Buffalo, NY: Prometheus Books.Google Scholar
- Nozick, Robert. 1974. Anarchy, State, and Utopia. New York: Basic Books.Google Scholar
- Piketty, Thomas. 2014. Capital in the Twenty-First Century. Trans. Arthur Goldhammer. Cambridge, MA: Belknap Press of Harvard University Press.Google Scholar
- Rawls, John. 1999. A Theory of Justice. Boston: Belknap Press of Harvard University Press.Google Scholar
- Sen, Amartya. 1999. Development as Freedom. New York: Knopf.Google Scholar
- Smith, Adam. 1776 . An Inquiry into the Nature and Causes of the Wealth of Nations. Ed. Edwin Cannan. Chicago: University of Chicago Press.Google Scholar
- Vasak, Karel. 1977. Human Rights: A Thirty-Year Struggle: The Sustained Efforts to Give Force of law to the Universal Declaration of Human Rights. UNESCO Courier 30:11, Paris.Google Scholar
- WCED. 1987. Our Common Future. Report of the World Commission on Environment and Development. New York, Oxford University Press (“Bruntland Report”).Google Scholar
- Wilde, Oscar. 1891. The Soul of Man under Socialism. http://theanarchistlibrary.org/library/oscar-wilde-the-soul-of-man-under-socialism. Accessed 23 Aug 2018.