Rutger Claassen

The 2008 global financial crisis raises ethical as much as financial questions. Moral outrage centered on the imbalance between banks profiting from excessive risk-taking in good times and taxpayers suffering the costs in bad times. The paper analyzes this imbalance in terms of ethical theory. It first develops a rights-based framework to answer questions about the moral obligations of states and banks towards each other. It then criticizes standard economic thinking, which de-moralizes the phenomenon of moral hazard. Moral hazard between states and banks arises in a context that cannot be interpreted as normal economic contracting, but should rather be characterized as governed by an implicit social contract giving rise to moral obligations.

This paper reconstructs the political–theoretical triangle between liberalism, communitarianism and conservatism. It shows how these three positions are related to each other and to what extent they are actually incompatible. The substantive outcome is the following thesis: the conservative position poses a challenge to liberalism that communitarianism is unable to offer and that liberalism cannot incorporate as it could with communitarianism. This challenge lies in the conservative’s ideal of a traditionally evolved, purposeless form of civil association, and its associated view on the justification of authority within such forms of association. This ideal cannot be incorporated into liberalism’s overall concern with individual autonomy, in contrast to the communitarian’s ideal of community. This will be shown through an investigation of two key elements of the conservative ideal of civil association: its ‘purposelessness’ and its justification of authority.

Should media communication be left to the market, or rather (partly) removed from the market? This question is discussed by reconstructing an often-found ‘standard argument’ in the literature on the subject. This standard argument states that some form of market-independent media provision is required since markets will fail to deliver a specific kind of high-quality content conducive to the democratic process. This paper argues that the standard argument is defective in several respects. By doing so, it reevaluates the way we think about the contribution of the media towards democracy and the role that the market is to play in this respect. First, the paper argues that the standard argument's normative premise should not be couched in a welfarist theory but in terms of the capabilities that the media should strive to realise. Second, it sets the normative expectations of the media's contribution towards the public sphere and democracy at too high a level. Third, the standard argument's diagnosis of the market's failure incorrectly assumes that the market can never generate the demand for high-quality content. An alternative, more circumscribed claim about the market's failure is presented, resting on two more contingent types of demand failure