Stanley on Ideology, or How to De-Moralise Democracy

In *How Propaganda Works* Jason Stanley argues that democratic societies require substantial material equality because inequality causes ideologically flawed belief, which, in turn, make demagogic propaganda more effective. And that is problematic for the quality of democracy. In this brief paper I unpack that argument, in order to make two points: (a) the non-moral argument for equality is promising, but weakened by its reliance on a heavily moralised conception of democracy; (b) that problem may be remedied by whole-heartedly embracing a more realistic conception of democracy. That conception is at least compatible with Stanley’s argument, if not implicit in parts of it

Financial Power and Democratic Legitimacy

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of debtor-creditor power relations—a conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options

Must Realists Be Pessimists About Democracy? Responding to Epistemic and Oligarchic Challenges

In this paper we show how a realistic normative democratic theory can work within the constraints set by the most pessimistic empirical results about voting behaviour and elite capture of the policy process. After setting out the empirical evidence and discussing some extant responses by political theorists, we argue that the evidence produces a two-pronged challenge for democracy: an epistemic challenge concerning the quality and focus of decision-making and an oligarchic challenge concerning power concentration. To address the challenges we then put forward three main normative claims, each of which is compatible with the evidence. We start with a critique of the epistocratic position commonly thought to be supported by the evidence. We then introduce a qualified critique of referenda and other forms of plebiscite, and an outline of a tribune-based system of popular control over oligarchic influence on the policy process. Our discussion points towards a renewal of democracy in a plebeian but not plebiscitarian direction: Attention to the relative power of social classes matters more than formal dispersal of power through voting. We close with some methodological reflections about the compatibility between our normative claims and the realist program in political philosophy

The reaction of asset markets to Swiss National Bank communication

In this paper we analyze high-frequency movements in Swiss financial markets in reaction to real-time communication by the Swiss National Bank. Our analysis of central bank communication encompasses official speeches and interviews, not only monetary policy announcements. We examine the reactions of the currency market, the bond market and the stock exchange. The evidence suggests that speeches and interviews, along with monetary policy announcements, engender a significant price reaction. This paper sheds light on the relevance of communications other than monetary policy announcements.central bank communication, speeches, interviews, monetary policy announcements, financial market reaction, high-frequency data

Applying the Hirose-Kamada filter to Swiss data: Output gap and exchange rate pass-through estimates

Multivariate filters based on the Hodrick-Prescott filter are appealing because they combine the advantages of the Hodrick-Prescott filter with economic relationships. Recently, a new multivariate filter has been put forward by Hirose and Kamada (2003). In this article we apply this new filter to Swiss data spanning the period from 1981 to 2005. We estimate both potential output and the associated output gap with quarterly data. Moreover, a model-consistent Phillips curve for an open economy is derived from simple economic relationships. Based on the estimated Phillips curve, we investigate exchange-rate pass through effects on consumer prices. We find only a weak transmission of exchange rate fluctuations into consumer prices.potential output, output gap, multivariate filter, Hirose and Kamada filter, exchange-rate pass through

Property, Legitimacy, Ideology: A Reality Check

Drawing on empirical evidence from history and anthropology, we aim to demonstrate that there is room for genealogical ideology critique within normative political theory. The test case is some libertarians’ use of folk notions of private property rights in defence of the legitimacy of capitalist states. Our genealogy of the notion of private property shows that asking whether a capitalist state can emerge without violations of self-ownership cannot help settling the question of its legitimacy, because the notion of private property presupposed by that question is a product of the entity it is supposed to help legitimise: the state. We anchor our genealogical critique in recent work on ideology in epistemology and philosophy of language, and in current debates on the methodology of political theory. But, unlike more traditional approaches that aim to debunk whole concepts or even belief systems, we propose a more targeted, argument-specific form of ideology critique

State Legitimacy and Religious Accommodation: The Case of Sacred Places

In this paper we put forward a realist account of the problem of the accommodation of conflicting claims over sacred places. Our argument takes its cue from the empirical finding that modern, Western-style states necessarily mould religion into shapes that are compatible with state rule. So, at least in the context of modern states there is no pre-political morality of religious freedom that states ought to follow when adjudicating claims over sacred spaces. In which case most liberal normative theory on religious accommodation turns out to be wrong headed. As an alternative, we suggest the question of contested sacred places should be settled with reference to the state’s purposes—at least as long as one is committed to the existence of modern states. If one finds the state’s treatment of religion unsatisfactory, then our argument provides a pro tanto reason for seeking alternative forms of political organisation

The EU's Democratic Deficit in a Realist Key: Multilateral Governance, Popular Sovereignty, and Critical Responsiveness

This paper provides a realist analysis of the EU's legitimacy. We propose a modification of Bernard Williams' theory of legitimacy, which we term critical responsiveness. For Williams, 'Basic Legitimation Demand + Modernity = Liberalism'. Drawing on that model, we make three claims. (i) The right side of the equation is insufficiently sensitive to popular sovereignty; (ii) The left side of the equation is best thought of as a 'legitimation story': a non-moralised normative account of how to shore up belief in legitimacy while steering clear of both raw domination and ideological distortions. (iii) The EU's current legitimation story draws on a tradition of popular sovereignty that sits badly with the supranational delegation and pooling of sovereign powers. We conclude by suggesting that the EU's legitimation deficit may be best addressed demoicratically, by recovering the value of popular sovereignty at the expense of a degree of state sovereignty

Liberal Democracy and the Challenge of Ethical Diversity

What do we talk about when we talk about ethical diversity as a challenge to the normative justifiability of liberal democracy? Many theorists claim that liberal democracy ought to be reformed or rejected for not being sufficiently ‘inclusive’ towards diversity; others argue that, on the contrary, liberalism is desirable because it accommodates (some level of) diversity. Moreover, it has been argued that concern for diversity should lead us to favour (say) neutralistic over perfectionist, universalistic over particularistic, participative over representative versions of liberal democracy. This paper provides a conceptual framework to situate those debates, and argues that there are two fundamental ways in which diversity constitutes a challenge to the justificatory status of liberal democracy: consistency (whereby diversity causes clashes between the prescriptions generated by normative political theories), and adequacy (whereby diversity generates a rift between our experience of what is considered valuable and what the theory treats as such)