Localized Learning and Social Capital The Geography Effect in Technological and Institutional Dynamics

Providing a concise working definition of social capital, this conceptual paper analyses why social capital is important for learning and economic development, why it has a regional dimension, and how it is created. It argues that with the rise of the Knowledge Economy, social capital is becoming valuable because it organizes markets, lowering business firms’ costs of coordinating and allowing them to flexibly connect and reconnect. Thus, it serves as a social framework for localized learning in both breadth and depth. The paper suggests that a range of social phenomena such as altruism, trust, participation, and inclusion, are created when a matrix of various social relations is combined with particular normative and cognitive social institutions that facilitate cooperation and reciprocity. Such a matrix of social relations, plus facilitating institutions, is what the paper defines as “social capital”. The paper further suggests that social capital is formed at the regional (rather than national or international) level, because it is at this level we find the densest matrices of social relations. The paper also offers a discussion of how regional policies may be suited for promoting social capital.Social capital, knowledge economy, regional dimension

Mutual fund investing : one of the main ways of saving for retirement in Russia

One of the most acute problems in the world today is provision of a respectable living for the elderly. Today the process of aging population (as a result of a declined birth rate and increased life expectancy) has touched all countries of the world - developed countries as well as countries like Russia. Consequently, reforming traditional pension systems to deal with the changing situation has become an important issue around the world. These reforms typically center on the implementation of some form of funding of future pension benefits. This also holds for Russia, where in 1995 pension reform legislation introduced the so-called “accumulation pension”. In this context, this article will deal with the issues concerning the establishment of mutual funds, legal aspects of their operating and their investing opportunities. There will be carried out a comparative analysis of mutual funds with the other forms of public investments, namely: Common Funds of Bank Management, Voucher Investment Funds and Joint-stock Investment Funds

Filling Collective Duty Gaps

A collective duty gap arises when a group has caused harm that requires remedying but no member did harm that can justify the imposition of individual remedial duties. Examples range from airplane crashes to climate change. How might collective duty gaps be filled? This paper starts by examining two promising proposals for filling them. Both proposals are found inadequate. Thus, while gap-filling duties can be defended against objections from unfairness and demandingness, we need a substantive justification for their existence. I argue that substantive justification can be found in the normative force of commitments individuals make to others with regard to ends. Along the way, I argue that gap-filling duties must be conceptualized differently in group agents, as compared to non-agent groups: in the former, gap-filling duties can be understood as duties to “take up the slack”; in the latter, this would be a category error

International sentencing in the context of collective violence

This article evaluates some of the theoretical and practical arguments which suggest that the potential for international trial justice to make a significant contribution towards reconciliation and peace following mass atrocity is limited. Conversely, it argues that it is possible to move beyond the current narrow conceptualisation of penality in international trials by re-thinking the ideological framework for punishment and sentencing and giving trial outcomes a greater sense of moral purpose and legitimacy in the eyes of victims and those communities seeking justice. The article argues why this is necessary and achievable through the adoption of more constructive strategies and interventions in international trial process

Political legitimacy and European monetary union: contracts, constitutionalism and the normative logic of two-level games

The crisis of the euro area has severely tested the political authority of the European Union (EU). The crisis raises questions of normative legitimacy both because the EU is a normative order and because the construction of economic and monetary union (EMU) rested upon a theory that stressed the normative value of the depoliticization of money. However, this theory neglected the normative logic of the two-level game implicit in EMU. It also neglected the need for an impartial and publically acceptable constitutional order to acknowledge reasonable disagreements. By contrast, we contend that any reconstruction of the EU's economic constitution has to pay attention to reconciling a European monetary order with the legitimacy of member state governance. The EU requires a two-level contract to meet this standard. Member states must treat each other as equals and be representative of and accountable to their citizens on an equitable basis. These criteria entail that the EU's political legitimacy requires a form of demoicracy that we call ‘republican intergovernmentalism’. Only rules that could be acceptable as the product of a political constitution among the peoples of Europe can ultimately meet the required standards of political legitimacy. Such a political constitution could be brought about through empowering national parliaments in EU decision-making