Against fiduciary media

Hoppe, Hans-Hermann; Hülsmann, Jörg Guido; Block, Walter E.

doi:10.1007/s12113-998-1001-8

Cited by 78 publications

(32 citation statements)

References 12 publications

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“…This reliance upon contractual agreement should not be construed as an elevation of contracts to a position of total eminence in legal philosophy. For the argument that property rights are logically prior to contracts, see Hoppe et al (1998). 21.…”

Section: Resultsmentioning

confidence: 99%

Alienability: rejoinder to Kuflik

Block

2007

Humanomics

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Purpose -The purpose of writing this paper is to defend the doctrine of commodification, or alienability: that there are no exceptions to the principle that all things that are owned may be legally sold. Design/methodology/approach -The approach of this paper is to consider arguments to the contrary, mainly those, in this case, furnished by Kuflik, and then to refute these arguments. Findings -The conclusion of this paper is that socialism, the view that purchases and sales, markets, free enterprise, is unjustified, is mistaken. Non-alienability is part and parcel of the critique of markets. To the extent it is countered, markets are strengthened. Research limitations/implications -Future research would probe more deeply into anti-market arguments. Practical implications -The practical implications is that the law should legalize markets in body parts, and, more radically, should recognize voluntary slave contracts. Originality/value -This is virtually an entirely original paper, in that there are only a very few publications that defend complete alienability, such as does this one. Keywords Legal principles, Selling, Right to buy, Trade, Philosophical concepts Paper type Conceptual paper 1. Introduction Buying, selling, renting, borrowing, lending -in a word -transferring property from one person to another is part and parcel of an economically integrated geographical area. If a widespread and inclusive European common market is to succeed to the extent hoped for by many of its advocates, a necessary precondition is full economic integration. Since this latter requires the legalization of full commercial interaction between and among the citizens of all member states, it cannot be denied that the freedom to ''barter and truck'' must be accorded them.There is a debate with regard to inalienability taking place in the academic literature. [See Barnett (1986), Calabresi and Melamed (1972), Epstein (1985, Feinberg (1978), Kant (1930), Kinsella (1998Kinsella ( -1999, Kuflik ( , 1986, Locke (1960), McConnell (1984, Meyers (1981), Mill (1975[1859), Radin (1987), Rose-Ackerman (1985), and Rousseau (1968)]. It is a bit one-sided, with most commentators maintaining that total and complete alienability, the right to buy and sell all property and personal attributes and characteristics, is impossible, or unwarranted, or unjust[1]. This is not per se a European issue; its importance cannot be confined to that continent; and, further, the debate over alienability is more of theoretical than practical interest. Nevertheless, it is also true that complete and total free trade, in all conceivable goods and services, whether foreign or domestic, is certainly of great importance to all members of the community. It is in this sense that the present philosophically oriented paper on the economics of the law will be of particular interest to the European law and economics community, at present; ultimately, however, this is an issue for all of mankind.

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Section: Resultsmentioning

confidence: 99%

Alienability: rejoinder to Kuflik

Block

2007

Humanomics

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“…The first is the wealth illusion created by multiple claims to the same asset (Hoppe et al 1998). Only one security exists, as purchased by the original owner, but multiple parties have legal claim to it through the broker's security lending operations.…”

Section: Securities Lendingmentioning

confidence: 99%

Reassessing the Ethicality of Some Common Financial Practices

2015

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Abstract:Depositors have perceived banks as acting unethically during the most recent recession. One area of consternation is the ambiguity of the legal obligations entailed by the deposit contract when it is backed with only fractional reserves. In this article we apply an existing analysis of the legitimacy and ethicality of banking practices to a wider range of financial transactions, including insurance policies, securities lending, perpetual bonds and callable loans. Securities lending in particular creates rights violations analogous to those in fractional-reserve banking. Both callable loans and perpetual bonds have clear legal obligations which are not inherently problematic, though we herein clarify what these obligations are. Finally, we apply our ethical framework to demonstrate that insurance products are distinct from banking deposit contracts, and that perceived parallels between the two products underestimate these differences.

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“…On the other side the argument is that fractional reserve banking is a fraudulent activity and that it should be prohibited. A long debate on this topic has taken place [36,[44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62]. There is, however, one issue that deserves to be addressed in this paper.…”

Section: ) Mv=gmv=pymentioning

confidence: 99%

Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application

Cachanosky¹

2014

J Stock Forex Trad

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The 2008 crisis demonstrated that, absent inflationary pressures, significant economic stress can occur as a consequence of loose monetary policy. This scenario raises the question as to whether there is a better alternative to price stability as a guiding principle for monetary policy. In this paper, I explore the theoretical insights of the productivity norm, its superiority to price stability in the form of Hayek's Rule and market monetarism's NGDP Targeting as the focus of monetary policy, and the challenges of applying such principles by central banks.

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Against fiduciary media

Cited by 78 publications

References 12 publications

Alienability: rejoinder to Kuflik

Alienability: rejoinder to Kuflik

Reassessing the Ethicality of Some Common Financial Practices

Hayek’s Rule, NGDP Targeting, and the Productivity Norm: Theory and Application

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