Analyse & Kritik

Journal of Philosophy and Social Theory


"Emilio Marti"

Titel: Investing for a Property-Owning Democracy? Towards a Philosophical Analysis of Investment Practices
Autor: Emilio Marti
Seite: 219-236

Abstract: In this article I show why investment practices matter for a property-owning democracy (POD) and how political philosophers can analyse them. I begin by documenting how investment practices influence income distribution. Empirical research suggests that investments that force corporations to maximise shareholder value, which I refer to as ’shareholder value investing’, increase income inequality. By contrast, there is evidence that socially responsible investing (SRI) could bring society closer to a POD. Following that, I sketch how financial regulation fosters investment practices and discuss how SRI could be boosted if regulation attempted to influence investment decisions, although many people in the public discourse would see this as exceedingly patronising. Finally, I outline how political philosophers can evaluate financial regulation. I argue that drawing on Hegel or Rawls helps to justify efforts to influence investment decisions and that proponents of a POD should therefore develop and support regulatory ideas which foster SRI.

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Property-Owning Democracy
2013 (35) Heft 1
Guest-Editors: Francis Cheneval / Christoph Laszlo

In recent years, ’property-owning democracy’ (POD), defined by widespread ownership of productive assets, has become one of the key-factors in the assessment of the institutional design implied in John Rawls’s theory of justice. The wider implications of this inquiry also engage scholars who do not subscribe to Rawls’s conception of justice but are broadly interested in normative questions of political economy and the basic structure of a just polity. In the course of this debate, the in...

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