This paper empirically investigates the impact of national level of corruption on stock returns for a panel of listed firms in Latina America for the period 2004-2013. Two measures of corruption are used. Results are mixed. Only when considering a measure of public capacity in the control of corruption, coefficients exhibit statistically significant relationships. This can be considered a plausible indirect cost of corruption. In fact, if governance of economy loses flexibility in order to prevent corruption, it can also become detrimental for economic returns.
Globalization of Markets, Distant Harms and the Need
for a Relational Ethics
Traditional ethics has imputed the morality of action to the ‘‘acting subject’’ on the basis of a principle of linear causality. But in a complex, uncertain and globalized society it becomes more difficult to answer the question of who is responsible for the harm that market agents bring to bear on distant others in an impersonal and unintentional way. Moral responsibility becomes real only if it makes reference to a ‘‘relational subject’’ constituted by the network of participants. Ethics is required to make itself relational, in the sense that the attribution of responsibility for acting for good or ill cannot be limited to a single act, but invokes the reflexivity of subjects and of social processes that take place in networks of relations. We need an ethics of responsibility that is not restricted to direct consequences of individual acts, but also takes into account the indirect consequences of relational networks.
A Margin Note on Medieval Thought About Money
and The Interest Rate
In the medieval period, the issue of interest was highly significant in economic discussion. Despite a shared vision of money, the Islamic world and Christian West in the late middle ages had different attitudes to the legitimacy of interest. This divergence has been interpreted by neo-Institutionalist theory in the light of the religious institutions’ power to influence the economic side of society. Conclusions differ if the analysis comes from a Veblenian Institutionalist perspective. This approach in fact shows that while in Christian Europe interest rate theory developed hand-in-hand with the unfolding of the multiple functions of money in a society gradually evolving towards capitalism and with the secularization of economics, in the Islamic West, partly due to a different development of the socio-economic fabric, there were contrasting outcomes both in the role played by monetary financial institutions and in the developments of theoretical thought.
Demographic Explosion in sub-Saharan Africa,
Subsistence Agriculture and The Problem of Migrants
In sub-Saharan Africa, because of its incredible demographic growth and the inappropriate development policies adopted during the first decades of the post-colonial period, each year millions of young people enter the labour market without finding the necessary job, the number of poor and chronically hungry increases, the rural areas, where the majority of the population live, are lacking in fundamental services and infrastructure, and agricultural productive technologies are still so primitive as to seriously compromise the struggle against climate change and food security in the region. This gives rise to a double need. On the one hand, the need to enact development policies for this part of Africa widely based on agricultural modernization and the strengthening of the familyfarm. On the other hand, the need to this end for organized and long-lasting commitment at the design and financing levels by international organizations and western economies, especially by Europe.
NOTES AND DISCUSSIONS
Is the Ideal of Universal Adult Literacy in the World
by the Year 2030 Statistically Attainable?
by Charl C. Wolhuter, Nicola Barbieripages: 16€ 6.00
The aim of this research is to determine how attainable the ideal of universal adult literacy is for the year 2030, projecting from current statistics and trends. After centuries and even millennia of slow growth, by the middle of the twentieth century the majority of the world’s adults were literate. From then on adult literacy levels rose sharp and feverish efforts were launched to eradicate adult illiteracy. Globally adult literacy levels are rising. However, projecting present trends into the future results in the prediction that by 2030 the global adult literacy level will still be 10 percent short of the level of universal adult literacy. Painting a bleaker picture is absolute number of adult illiterates globally. The problem can largely be pinned down to a few countries, and it is on these countries into which scholars and literacy efforts should zoom in.
This paper highlights the work of CASA in mobilizing people to be self-sustainable. CASA through the FSCM project is working in three areas in south India providing minimum food security. It is done through identifying target areas especially people from the vulnerable communities. The agricultural land and water resources are improved to create more opportunities thus bringing in dignity of life. The paper is divided in four parts viz. people, place, process and product. People focused on the people who are the partners of this project. Place covers the land in which activity is conducted. Process discusses in detail the activities that helps mobilise the community and finally the product is an empowered community that has turned over its challenges into an asset.