Nozicks Notion Of Historical Entitlement - 1728 Words

Nozick asserts that the state should not be able to prohibit capitalist transfers between consenting adults. In this paper I will argue that this claim is true in all circumstances regardless of the resulting inequality. I will begin my analysis by explaining why it is that Nozick makes this claim. This explanation will focus on articulating his detailed description of just acquisition and transfer of holdings. I will then move on to describe how Nozick’s conclusion regarding just transfers results in him forbidding state intervention restricting capitalist acts. The focus here will be on detailing how Nozick’s notion of historical entitlement combats the competing theories of justice in holdings, namely theories composed of end-state principles and patterned principles. Finally, I will address common concerns and anticipate rebuttals to Nozick’s claim and show how they are unsuccessful in their attempts. Nozick believes that a state should not prohibit co nsensual transfers between fit individuals due in part to the sacrifice of liberty that it entails. Nozick puts forth a theory of entitlement that does not include such a sacrifice. It consists of two main components: the principle of justice in acquisition and the principle of justice in transfer. The two principles together bring about a state of justice in holdings. Justice in transfer is concerned with answering the question of how a person may rightfully transfer a holding to another individual as well asShow MoreRelatedNozicks Argument Against Redistributive Taxation1621 Words   |  7 PagesRobert Nozick, in Anarchy, State and Utopia develops his central idea called the ‘entitlement theory.’ This concept states that redistribution of goods is only considered justified if it has the consent of the owner of the holdings. He mentions here that the only State that is justified in carrying out any duties is the ‘minimal state.’ The minimal State is o ne that is only limited to the enforcement of of contracts and protection of individuals, etc. Any more intervention from the State, accordingRead MoreThe Relationship Between Justice and the Good1551 Words   |  7 Pagesthat we can only agree to an equal distribution where a level of inequality will be to the advantage of everyone. Rawls suggests that there are two principles of justice (Rawls, 196). First is the â€Å"equal liberty principle† which guarantees equal entitlement to a full set of rights and liberties to every individual with a smaller set of liberties to the state (Rawls, 198). This, he says is necessary for fundamental interests of free and equal citizens to protect their opportunity and exercise theirRead MoreRawls Primary Principles Of Justice1321 Words   |  6 Pagesdistribution is. In a opposition to Rawls, Nozick disputes the idea of defining justice as a pattern of holdings. Nozick argues that a theory of justice must be 1) a patterned/unpatterned theory of justice or 2) operate on historical grounds. With this, Nozick presents his entitlement theory which entails a just distribution of wealth that does not require any pattern, rather how it was acquired (historically) and the end-result of the transfer. Nozick then directs his argument to the importance of â€Å"justiceRead MoreNozick and Rawls3588 Words   |  15 PagesWhich is the most appealing Nozick’s entitlement theory or Rawls theory of distributive justice? The defence of liberal ideologies emerged not long after the Second World War, prior to this there had been little faith in liberal values during the 1920’s and 1930’s, however after the war there appeared to be a renewed defence for liberal thinking ranging across a variety of ideological theories. To the present day these liberal perspectives continue to influence political thinking with regardsRead MoreRawls Theory Of Justice1905 Words   |  8 PagesRousseau, and Immanuel Kant in understanding that mankind come together to make social contract with one another for the greater benefit and prosperity to each their own. However, Rawls version of the original position does not necessarily follow historical rules. The principles are not tentative but are in fact hypothetical, for he does not claim that people automatically assume these principles as absolution. Rather, people might be willing to accept these principles based on the conditions beingRead MoreCriticisms Against Ethical Theories8474 Words   |  34 Pagesit? And, since happiness is just an emotion which can be chemically induced, isnt it a bit silly to make it the highest order objective? It is quite strange that many people will accept the pursuit of happiness as one of lifes fundamental entitlements, yet should suddenly develop ascetic inclinations as soon as the quarry appears obtainable. It seems they dont have a problem with someone trying to achieve happiness, rather they are only concerned when that someone has a reasonable prospectRead MoreJurisprudential Theories on IPR13115 Words   |  53 Pageson a quote from Hegel: Every man has the right to turn his will upon a thing or make the thing an object of his will, that is to say, to set aside the mere thing and recreate it as his own.[38]  European intellectual property law is shaped by this notion that ideas are an extension of oneself and of one’s personality.[39]Personality theorists argue that by being a creator of something one is inherently at risk and vulnerable for having their ideas and designs stolen and/or altered. IntellectualRead MoreWhat’s Wrong with Executive Compensation?6661 Wo rds   |  27 Pagessuggest that the pay scales of any of these occupations should somehow be calculated or constrained as a multiple of another? Of course not – not if we are serious about capitalism. A fundamental tenet of the market economy we participate in is the notion that different jobs with different educational requirements and differing levels of expertise and responsibility should probably be compensated differentially. It is entirely possible, of course, that the pay scale of a certain occupation or position

How Systemic Risk Effects The Entire Market Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1244 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Systemic risk; commonly known as market risk or un-diversifiable risk, is risk which affects the entire market and cannot be avoided through diversification. Events such as recessions, wars, significant political events, and interest rate fluctuations (to name a few) are all believed to be sources of systemic risk. A banking panic is where large scale withdrawals from banks occur, whereby the customer believes that there is a high probability of them losing their money due to banks collapsing. Don’t waste time! Our writers will create an original "How Systemic Risk Effects The Entire Market Finance Essay" essay for you Create order As the quantity of withdrawals increase the likelihood of the banks collapsing increases. This has knock on effects, whereby liquidity is severely reduced resulting in inabilities to acquire future loans and other forms of capital from the banks. A banking panic is a systemic event because the banking system cannot honor commitments and is insolvent.[1] The National Banking Era, a period from 1863-1913 where there was no central banks in existence with very little regulation of banks, shocks to house prices were often the stem of banking panics during this era; the 2007-2010 banking panic is believed to be very similar. The current banking panic happened in the shadow banking system and not in the regulated banking system. This occurred because the falling house prices caused a shock in subprime related products offered by shadow banks. It was believed by many analysts that the huge run-up in U.S. housing prices was not at all a bubble, but rather justified by financial innovation (including to sub-prime mortgages), as well as by the steady inflow of capital from Asia and petroleum exporters.[2]. The shadow banking system was built up in conjunction with the regulated banking system, with their main aim of trying to make credit widely available and the make credit cheaper for the customer. Regulators in some way encouraged the idea of shadow banking as it allowed them to remove certain risks from the traditional banking systems by packaging these risks into loans, securitizing them and selling them on (eg. Credit, liquidity and interest risks). Little did they realise they werent getting rid of the risks; they were simply just shifting it to a different place. These loans were insured and given a AAA rating. This allowed them to borrow nearly 100% of the value of the loan/CDO tranche (a type of asset backed security) in the overnight repo market. The repo market is a trade mechanism whereby there is a simultaneous sale and repurchase of an asset with fixed interest rates and time constraints associated with it. By availing of low overnight rates on the repo market and by leveraging the asset up, they were able to make money on the margins. Problems that began to arise due to the collapsing housing bubble and with over a trillion dollars being pumped into the US subprime market alone; some people began to question the credibility of these AAA assets and whether it is big enough to undermine the entire financial system. Because no one really knew the real value of these assets, what would be deemed a fair value for them? The Asset Backed Securities index became a proxy for calculating the market price for these assets. The index is made up of 20 CDO tranches which is a traded index. The assets market price was based on the performance of the index; when the index fell, the amount you could borrow on the repo market also fell. This has led to a downward spiral in asset prices. This is a result of the number of overdue debts in the subprime market which begun to increase quite noticeably due to the bursting of the residential property bubble. Property prices began to fall dramatically nationwide, and this has put the shadow banking system in severe financial difficulty. It is also believed that credit rating organisations (CROs), the likes of Standard and Poors and Moodys, have played a big part in the causing of this current systemic crisis. Up until late 2007 investors were quite satisfied to allow CROs to calculate risk on their behalf, thinking that they were purchasing fairly priced and accurately rated assets as well as substituting for their own due diligence. With the number of downgrades and defaults of highly rated assets on the increase; the volume of risk-management mistakes was becoming quite evident. An accurate CRO rating benefits both the issuer and the investor alike. Issuers, having the responsibility of obtaining an accurate rating and the burden of paying large CRO fees, they have an incentive to play different CROs against each other and by doing so they can hold out until they find the most favourable credit rating from a well established reputable credit rating organisation. Surely one would think that this is counterincentive and would lead to inaccurate rating of assets. With so few CROs operating in the industry, major ratings organizations do not compete either in the models they use to assess credit risks or in the criteria they use to map the forecasts their models produce into different rating classes. This similarity in methods means that errors are likely to be similar[3]The CROs had very little incentive to update their poorly tested models over the years. This also begs to question whether CRO employees have been entirely truthful when rating assets or have th ey been tempted to chase down big issuers in order to obtain large bonuses putting the CRO reputation at stake? Without accurately rated and priced assets, surely we have been staring a systemic crisis right in the face. Some would suggest that regulators should be made accountable for providing a stable economy in an effort to steer away from systemic crises. Increased competition amongst banks in different regulatory systems was brought about by system deregulation and increased asset securitization resulting in decreased supervision in the banking sector. To counteract this lack of supervision, the Basel committee had been formed to try and eliminate inequalities amongst competitors and to improve stability in the financial sector. With Basel 1 being implemented in 1988, initial steps proved to be successful with the generation of loan supplies but it wasnt soon after that cracks began to emerge in the system. With shortcomings in the formulation of the risk-weighted assets formula, arbitrage opportunities began to surface. Basel 2 was then created in 2004 to try and improve on the proponents of Basel 1 and to prevent such arbitrage opportunities which inevitably have led us into this current economic crisis. With Basel 2 still in the initial stages of implementation, is it a case of too little too late? With improvements in minimum capital requirements and supervisory reviews; will it be enough to steer away from further systemic crises having overlooked on how to improve on the capital measurement and ratio weaknesses set out in Basel 1. Basel 2 still remains to be viewed as a major step forward for banks. While risk-management mistakes, low interest rates and some kind of asset-price bubbles are features of most crises, this crisis may be remembered as one in which long successful systems for using debt ratings to control institutional risk-taking failed massively.[4]Going forward increased supervision and accountability in the banking system needs to be put in place as well as being enforced. Expectations of government bail outs also needing dissipation. With ongoing deregulation of the banking system authorities need to update their methods of monitoring liquidity issues within banks and generate newly devised resolutions to suit.

The Causes Of Civil War - 2004 Words

Solomon Otubo Asst. Proff. Gà ¼lay UÄŸuru Gà ¶ksel What are the causes of Civil War? Do ethnic determinants play an important role? Why are certain parts of Africa characterized by ethnic conflict while other parts remain relatively calm? The conventional understanding on the causes of civil war especially within African countries, to a considerable degree, has being predominantly characterized to draw its root on ethnic divergences. However, such premise appear extremely difficult to be true, owing to the fact that civil war is a complex action and requires the interplay of different variables to make it visible. Nonetheless, the role of ethnic differences in determining civil war cannot be overemphasized. But generalizing ethnic differences as a prime factor that result to civil war sounds unreasonable irrespective of what the actors pretend or claim to have motivated them. For instance, all most every country in Africa is multi-ethnic oriented state, and in such a cross cultural environment, it is usual for the minority to lay claim of being short changed either one way or the other. However not all the African countries have witnessed civil war. Within such context one can draw a logical conclusion that there are other variables which directly or indirectly play an interwoven role with ethnicism, or hide under the umbrella of ethnic diversities to cause civil war. In this paper I will develop a constructive model which shows the correlation of different variables as theShow MoreRelatedCauses of the Civil War951 Words   |  4 PagesCAUSE OF THE CIVIL WAR In 1860, the world s greatest nation was locked in Civil War. The war divided the country between the North and South. There were many factors that caused this war, but the main ones were the different interpretations of the Constitution by the North and South, the Kansas-Nebraska Act, and the arrival of Lincoln in office. These factors were very crucial in the bringing upon of the destruction of the Union. They caused immediate war. In 1791, the tenth amendment wasRead MoreThe Causes Of The Civil War1016 Words   |  5 Pages In 1861, a Civil War broke out in the United States when the South declared their independence from the Union.  There is a great amount of reasons that people can argue how the Civil War was started. However, what most people don’t understand, is that most of the events leading up to the Civil War were related to slavery.  Slavery was the core of the North and South’s conflict, which led to a very vicious feud.   The immediate cause of the war was slavery. Southern states, including the 11 statesRead MoreThe Causes Of The Civil War1409 Words   |  6 PagesThe causes of the Civil War were complex and have been controversial since the country began. Some causes include; states’ rights, economics, and slavery. The most recognizable and popular cause is slavery. The freeing of the slaves was an important moral issue at the time and one of the greatest causes of the civil war. It was only by carefully avoiding the moral issue involved in slavery that Northerners and Southerners could meet on any common ground. (Goldston, 79). The time came in which ourRead MoreThe Cause of the Civil War800 Words   |  4 Pages The Cause of the Civil War Generally, it is thought to be the South’s fault for causing the Civil War. Contrary to popular belief, the Civil War was mainly provoked by the North; through using the federal government to overtake the South, removing slavery which would destroy Southern economy, and creating the moral issue of slavery. The North was the primary reason for the start of a war that ripped our country apart. The North had full control over the federal government and used that to suppressRead MoreCivil War Causes1382 Words   |  6 Pages Causes of the Civil War John Brown’s Raid vs. Industrial Revolution John Brown’s Raid was a more influential cause to the civil war than the Industrial Revolution. The Industrial Revolution caused incompability between the North and the South. The North relied on wage laborers with the new machine age economy while the South relied heavily on slaves. So, the North did not need slaves for their economyRead MoreCauses Of The Civil War1740 Words   |  7 PagesThe Civil War was not an event that erupted overnight or something that no one had seen coming. It was a result of long stemming conflicts. â€Å"The road to civil war was complex and multi-faceted† (Wells, 1). These conflicts kept creating a divide amongst the states in the nation. The divide finally became so great, that the United States split into the Confederacy (South) and the Union (North), and fighting erupted. â€Å" â€Å"The Civil War,† Randall Jimerson observes, â€Å"became a total war involving the entireRead MoreThe Causes Of The Civil War1238 Words   |à ‚  5 PagesGalindo Mr. Scheet AP U.S History 5 November 2017 Unit 4 Essay The initial causes of the Civil War have been previously discussed and analyzed by historians, but have remained one of the most controversial debates, due to its numerous causes that created the most devastating war in American history. The country had been avoiding the disputes that would later become the causes of the civil war for decades. The Mexican War is proof that the issue of slavery was put on hold by President James K. PolkRead MoreCause of the Civil War1296 Words   |  6 PagesHistory 11 12/17/2006 The root causes and precipitating events that led to the Civil War (1861-1865) The Civil War between northern and southern states was a consequence of contradictions of two social systems inside the country. At the basis of these contradictions was a question of slavery, completely determining economic and political interests of South. North strived to enforce Federal government power to protect their own economic stability. As a result the South wanted a separationRead MoreCauses of the Civil War1489 Words   |  6 PagesThe Causes Of The Civil War The Political War The North and South fought over politics, mainly the idea of slavery. Basically the South wanted and needed it and the North did not want it at all. The South was going to do anything they could to keep it. This was the issue that overshadowed all others. At this time the labor force in the South had about 4 million slaves. These slaves were very valuable to the slaveholding planter class. They were a huge investment to Southerners and if taken awayRead MoreThe Cause Of The Civil War Essay1940 Words   |  8 PagesKelah Lehart Mr. Henkel American History I October 14, 2016 The Causes of the Civil War The American Civil War divided the nation because there were tensions between the North, non-slavery states, and the South that focused on the expansion of slavery. The South believed that Abraham Lincoln planned to eliminate slavery which would destroy the growth of cotton. Eleven southern states then seceded from the Union, and became known as the Confederate States of America. When Abraham Lincoln was elected

Against ordinary language for the language of the body

Question: Discuss about the Against ordinary language for the language of the body. Answer: In the book, Against ordinary language: the language of the body, the author Kathy Acker write the chapter in the form a diary entry when the author tries to tell the experience that the person has experiences while body building[1]. Through the art of bodybuilding, the author tries to explain the language of the body in different manners. The main idea about the text is that is drifts away from the general meaning of body language. The normal meaning of body language means the way a person communicates through the use o different gestures or through non-verbal communication. However, in the present text the author drifts away from the general meaning of the language of the body, the author used the terms to show how a body will speak through the muscles. Kathy tries to write about the world of bodybuilding and explains it as geography of no language, as she was having difficulty in understanding the world of bodybuilding; she turns to the authors, Ludwig Wittgenstein and Elias Canetti. It is difficult to relate the two worlds of dreams with concrete world of the bodybuilding. However, the capacity of Kathy Acker lies in the fact that she is able to explain the surreal world of Canetti and relate the world of bodybuilding. The greatest strength of Kathy is that she never shy away from calling that the athletes are stupid or do not shy away from saying that the job of body builders monotonous in nature. References Acker, Kathy.AGAINST ORDINARY LANGUAGE: THE LANGUAGE OF THE BODY. 1992. Print. [1] Acker, Kathy.AGAINST ORDINARY LANGUAGE: THE LANGUAGE OF THE BODY. 1992. Print.