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In recent decades, and in particular since the shift towards independent central banks, there has been no explicit coordination of fiscal and monetary policy. In the Eurozone, this lack of coordination represents an important flaw, especially since the Eurozone is not an optimal currency area. Complementing monetary union with a transfer union represents one possible solution. This paper argues that the negative impact of post-2008 and post-Covid-19 unconventional monetary policy on income inequalities provides a second reason to coordinate fiscal and monetary policy. Among various institutional arrangements to implement such coordination, the paper defends the idea that the European Central Bank should be sensitive to distributive considerations when formulating its monetary policy. Such an arrangement would help both to contain the distributive side-effects of monetary policy and to at least partially remedy the flaw at the heart of the Eurozone as long as an outright transfer union remains unfeasible.

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit.

This chapter argues that central banks find themselves between a rock and a hard place when it comes to green central banking. Either they endorse the project, exposing them to the charge that they lack the input legitimacy to do so, or they eschew taking into account climate concerns, thus undermining their output legitimacy. Our discourse analysis of central bankers’s speeches shows that disagreements among officials from the same institution regarding green central banking are grounded on issues outside their core expertise. Furthermore, neither the conservative nor the progressive central bankers defend positions that have the potential to overcome the legitimacy dilemma we formulate.

Delegation to independent agencies can reap real benefits for policy-making. In the case of monetary policy, it shores up the credibility of the central bank. However, the discretion of IAs needs to be constrained to ensure their legitimacy. This letter focuses on one potential constraint, namely, the idea that IAs should not make choices on distributional trade-offs. Given that monetary policy today has significant distributive consequences, if this constraint were respected, the independence of central banks would have to be repealed. This would be just as undesirable as a monetary policy whose distributive consequences remain unchecked. Instead, this letter encourages the search for alternative solutions and puts forward three possible institutional arrangements to manage the tension between the distributive consequences of monetary policy on the one hand and central bank legitimacy on the other.

What do we owe participants in collective pension plans in terms of socially responsible investment (SRI)? This paper draws into question current conventional wisdom on SRI, which considers investor engagement a more effective strategy than divestment to change morally problematic corporate behaviour. More fundamentally, in light of reasonable disagreement about the objective of SRI, the paper argues that participants in collective pension plans are owed some kind of control over their investments. The final section considers four different institutional arrangements to respect this requirement in practice, ranging from democratic decision procedures to the availability of SRI alternatives.

The G7 should address new, unprecedented and highly disruptive issues that characterise our complex world, rather than well‐understood international problems that fit into existing categories. We argue that the G7 can do this by playing to its strengths – informality and like‐mindedness in particular – in addressing emerging and transversal issues such as Artificial Intelligence (AI) and cryptocurrencies.

Dans cet article, nous présentons deux arguments en faveur d’une attention accrue des banques centrales à l’égard des implications distributives des politiques monétaires. En mobilisant la doctrine du double effet, nous montrons que la responsabilité des banquiers centraux quant aux effets distributifs de leurs politiques monétaires non conventionnelles est engagée. De plus, étant donné que le levier traditionnel de la fiscalité fait face à de sérieuses difficultés aujourd’hui, l’appui des banques centrales pourrait être décisif pour la réduction des inégalités économiques. Nous évaluons ensuite les arguments théoriques et empiriques soulevés par les banquiers centraux contre cette proposition. Nous concluons que ces objections ne minent pas l’attrait d’une responsabilité des banques centrales en matière de distribution. This article puts forward two arguments calling for central banks to pay more attention to the distributive consequences of their policies. Appealing to the doctrine of double effect, we show that it is hard for central bankers do deny responsibility for the distributive consequences of their unconventional monetary policy. Furthermore, given that the hands of fiscal policy are largely tied today, the sensitivity of central banks to distributive issues could be decisive in the reduction of economic inequalities. The article then assesses central bankers’ theoretical and empirical arguments against the idea that distributive issues should figure in their decision making. We conclude that their objections do not undermine the plausibility of this idea.

This paper argues that the standard characterisation of the equity-efficiency trade-off as set out in this symposium by Joe Heath overstates the tension between these two values. The reason lies in the fact that economists tend to take individual labour supply preferences as given, which leads to a superficial analysis of the concepts of reservation wage and of economic rent. The paper suggests that we should instead think of reservation wages as variable and as influenced by social norms. Social norms play a double role in this context. First, they represent a constitutive element of market competition; second, they can be a determinant of income inequalities. From this perspective, a certain share of high reservation wages sustained by contingent inegalitarian social norms should count as economic rent. The last section of the paper strengthens this conclusion further by drawing a parallel between expensive tastes in consumption and a certain class of high reservation wages. To the extent that the latter are underpinned by social norms rather than efficiency considerations, not paying them is both just and efficient.

The central thesis of Hassoun’s book states that coercive international institutions, in order to be legitimate, must ensure sufficient autonomy for those subject to them. While part i analyses the theoretical structure of this argument, part ii aims to assess its practical implications in the contexts of aid and trade. This effort to bridge the gap between theory and practice is welcome, even though the connection could be strengthened further. At the core of Hassoun’s theoretical stance lies the innovative idea of a sufficientarian account of the legitimacy of coercive institutions. This review suggests that, in contrast to a sufficientarian theory of the just distribution of material resources, relying on a sufficientarian view in the context of legitimacy is more controversial. Following the discussion of some more specific theoretical issues, the review closes with an evaluation of Hassoun’s proposal of a fair trade certification system for pharmaceutical companies.

Monetary policy, and the response it elicits from financial markets, raises normative questions. This chapter, building on an introductory section on the objectives and instruments of monetary policy, analyzes two such questions. First, it assesses the impact of monetary policy on inequality and argues that the unconventional policies adopted in the wake of the financial crisis exacerbate inequalities in income and wealth. Depending on the theory of justice one holds, this impact is problematic. Should monetary policy be sensitive to inequalities and, if so, how? Second, the chapter argues that the leverage that financial markets have today over the monetary policy agenda undermines democratic legitimacy.

In a globalized economy states compete for mobile tax bases. This tax competition undermines the fiscal self-determination of states and exacerbates inequalities of income and wealth both within countries and across borders. The paper provides a normative evaluation of the rules governing international tax competition. We put forward two principles of international taxation designed to both protect and circumscribe the fiscal self-determination of states. First, a membership principle which holds that deriving the benefits of membership in any given country grounds an obligation to pay one’s taxes there. Second, an intentionality principle which states that any tax policy change is legitimate only if it would still be pursued in the counterfactual situation where the benefits of this move in terms of inflowing capital were absent. We then consider how the two principles can be implemented and propose to establish an International Tax Organization (ITO). This organization would have to be assigned institutional capacities very similar to those of the WTO in governing international trade. Finally, we show that our principles, despite being anchored in the fiscal self-determination of states, are compatible with a cosmopolitan position on global justice. They are principles of background justice in the sense that they define the rules of the game required for an international tax regime free of unjust bias.

The power to raise taxes is a sine qua non for the functioning of the modern state. Governments frequently defend the independence of their fiscal policy as a matter of sovereignty. This article challenges this defence by demonstrating that it relies on an antiquated conception of sovereignty. Instead of the Westphalian sovereignty centred on non-intervention that has long dominated relations between states, today's fiscal interdependence calls for a conception of sovereignty that assigns duties as well as rights to states. While such a circumscribed conception of sovereignty has emerged in other areas of international law in recent years, it has yet to be extended to fiscal questions. Here, these duties arguably include obligations of transparency, of respect for the fiscal choices of other countries, and of distributive justice. The resulting conception of sovereignty is one that emphasises its instrumental as well as its conditional character. Neither state sovereignty nor self-determination is an end in itself, but a means to promoting individual well-being. It is conditional in the sense that if states do not live up to their fiscal obligations towards other states, their claims to autonomy are void.

How much inequality does market interaction generate? The answer to this question partly depends on the level of competition among economic agents. Yet, in their normative analysis of the market, theories of distributive justice focus on individual characteristics such as talents as determinants of income, and tend to ignore structural features such as competition. Economists, on the other hand, dispose of the conceptual tools to assess the distributive impact of competition, but their analysis is usually limited to allocative efficiency. Part I of the article distinguishes my argument from conventional perspectives on income inequality and redistribution. Whereas the latter propose either to redistribute income once the market interaction has taken place or to adjust the initial holdings of market participants, I focus on the distributive impact of the institutional structure of the market itself. Part II outlines the ways in which various forms of competition affect distribution. My objective here is descriptive in nature, but shows that a normative evaluation of the market has to take seriously the distributive impact of competition. This impact can be broken down into the analysis of three overlapping groups of economic agents, namely consumers, workers, and capital owners. Consumers potentially gain from competition in the form of lower prices, but these gains are only realized if competition does not put pressure on their work income at the same time. Unless competition squeezes profits unusually hard, capital owners tend to benefit from competition.

Na+ loading without Cl− fails to increase blood pressure in the DOCA model. We compared the changes in the total body (TB) effective Na+, K+, Cl−, and water (TBW) content as well as in intracellular (ICV) or extracellular (ECV) volume in rats receiving DOCA-NaCl, DOCA-NaHCO3, or DOCA-KHCO3. We divided 42 male rats into 5 groups. Group 1 was untreated, group 2 received 1% NaCl, and groups 3, 4, and 5 were treated with DOCA and received 1% NaCl, 1.44% NaHCO3, or 1.7% KHCO3 to drink. We measured mean arterial blood pressure (MAP) directly after 3 wk. Tissue electrolyte and water content was measured by chemical analysis. Compared with control rats, DOCA-NaCl increased MAP while DOCA-NaHCO3 and DOCA-KHCO3 did not. DOCA-NaCl increased TBNa+ 26% but only moderately increased TBW. DOCA-NaHCO3 led to similar TBNa+ excess, while TBW and ICV, but not ECV, were increased more than in DOCA-NaCl rats. DOCA-KHCO3 did not affect TBNa+ or volume. At a given TB(Na++K+) and TBW, MAP in DOCA-NaCl rats was higher than in control, DOCA-NaHCO3, and DOCA-KHCO3 rats, indicating that hypertension in DOCA-NaCl rats was not dependent on TB(Na++K+) and water mass balance. Skin volume retention was hypertonic compared with serum and paralleled hypertension in DOCA-NaCl rats. These rats had higher TB(Na++K+)-to-TBW ratio in accumulated fluid than DOCA-NaHCO3 rats. DOCA-NaCl rats also had increased intracellular Cl− concentrations in skeletal muscle. We conclude that excessive cellular electrolyte redistribution and/or intracellular Na+ or Cl− accumulation may play an important role in the pathogenesis of salt-sensitive hypertension.

Any substantive notion of self-ownership presupposes well-defined property rights over external resources. Left-libertarians usually limit this category to natural resources. I argue that in a specialized economy, substantive selfownership equally needs to be complemented by a definition of property rights to the cooperative surplus. The natural way for left-libertarianism to provide such a definition is to view the cooperative surplus as an external resource and to distribute it equally. The second part of the article makes the general point that a complete theory of justice needs to take a stance on distribution in various contexts. Articulating the differences between these contexts allows us to gain a better understanding of how left-libertarianism relates to other theories of justice.

In their justification of individual entitlements, libertarians appeal to the concept of self-ownership. This paper argues that taking into account the division of labour in society calls for a fundamental reassessment of the normative implications of self-ownership. How should the benefits from division of labour—in other words, how should the co-operative surplus—be distributed? On the assumption that the parties to the division of labour are interdependent, and that this interdependence is mutual and of the same degree, I argue for an equal distribution of the co-operative surplus. In form, my argument bears similarities to the left-libertarian position that calls for an equal distribution of natural resources. Despite its radically egalitarian implications, an equal distribution of the co-operative surplus remains a libertarian principle.

Cohen’s book is one of the founding publications of Analytical Marxism, aiming to reconstruct and in some cases reformulate some of Marx’s core claims using the rigorous tools of contemporary philosophy. The first part of the chapter analyzes Cohen’s defense of the controversial idea of historical materialism. Can the idea that history follows some underlying law of progress, which is central to Marx’s writing, stand up to scrutiny? This part of the chapter discusses, first, the radical challenges to historical materialism formulated by rational choice Marxists such as Elster; second, a series of objections against functionalist explanation in the social sciences more generally; and, finally, some modifications Cohen made to his account of historical materialism in his later writings and in response to these critiques. The second part of the chapter analyzes Cohen’s conception of exploitation to illustrate the theoretical potential of Analytic Marxism more generally.

What is the relation between monetary policy and inequalities in income and wealth? This question has received insufficient attention, especially in light of the unconventional policies introduced since the 2008 financial crisis. The article analyzes three ways in which the concern central banks show for inequalities in their official statements remains incomplete and underdeveloped. First, central banks tend to care about inequality for instrumental reasons only. When they do assign intrinsic value to containing inequalities, they shy away from trade-offs with the standard objectives of monetary policy that such a position entails. Second, central banks play down the causal impact monetary policy has on inequalities. When they do acknowledge it, they defend their actions by claiming that it is an unintended side effect, that it is temporary, and/or that any alternative policy would fare even worse. The article appeals to the doctrine of double effect to criticize these arguments. Third, even if one accepts that inequalities should be contained and that today’s monetary policies exacerbate them, is it both desirable and feasible to make containing inequalities part of the mandate of central banks? The article analyzes and rejects three attempts on the part of central banks to answer this question negatively.

The idea that Na+ retention inevitably leads to water retention is compelling; however, were Na+ accumulation in part osmotically inactive, regulatory alternatives would be available. We speculated that in DOCA-salt rats Na+ accumulation is excessive relative to water. Forty female Sprague-Dawley rats were divided into four subgroups. Groups 1 and 2 (controls) received tap water or 1% saline (salt) for 5 wk. Groups 3 and 4 received subcutaneous DOCA pellets and tap water or salt. Na+, K+, and water were measured in skin, bone, muscle, and total body by desiccation and consecutive dry ashing. DOCA-salt led to total body Na+ excess (0.255 ± 0.022 vs. 0.170 ± 0.010 mmol/g dry wt; P < 0.001), whereas water retention was only moderate (0.685 ± 0.119 vs. 0.648 ± 0.130 ml/g wet wt; P < 0.001). Muscle Na+ retention (0.220 ± 0.029 vs. 0.145 ± 0.021 mmol/g dry wt; P < 0.01) in DOCA-salt was compensated by muscle K+ loss, indicating osmotically neutral Na+/K+ exchange. Skin Na+ retention (0.267 ± 0.049 vs. 0.152 ± 0.014 mmol/g dry wt; P < 0.001) in DOCA-salt rats was not balanced by K+ loss, indicating osmotically inactive skin Na+ storage. We conclude that DOCA-salt leads to tissue Na+ excess relative to water. The relative Na+ excess is achieved by two distinct mechanisms, namely, osmotically inactive Na+ storage and osmotically neutral Na+ retention balanced by K+ loss. This “internal Na+ escape” allows the maintenance of volume homeostasis despite increased total body Na+.

Recent evidence suggested that Na can be stored in an osmotically inactive form. We investigated whether osmotically inactive Na storage is reduced in a rat model of salt-sensitive (SS) hypertension. SS and salt-resistant (SR) Dahl-Rapp rats as well as Sprague-Dawley (SD) rats were fed a high (8%)- or low (0.1%)-NaCl diet for 4 wk ( n = 10/group). Mean arterial pressure (MAP) was measured at the end of the experiment. Wet and dry weights, water content, total body Na (TBS), and bone Na content were measured by dessication and dry ashing. MAP was higher in both Dahl strains than in SD rats. In SS rats, 8% NaCl led to Na accumulation, water retention, and hypertension due to impaired renal Na excretion. There was no dietary-induced Na retention in SR and SD rats. TBS was variable; nevertheless, TBS was significantly correlated with body water and MAP in all strains. However, the extent of Na-associated volume and MAP increases was strain specific. Osmotically inactive Na in SD rats was threefold higher than in SS and SR rats. Both SS and SR Dahl rat strains displayed reduced osmotically inactive Na storage capacity compared with SD controls. A predisposition to fluid accumulation and high blood pressure results from this alteration. Additional factors, including impaired renal Na excretion, probably contribute to hypertension in SS rats. Our results draw attention to the role of osmotically inactive Na storage.

Global income inequalities are met with increasing calls for direct supranational redistribution. This paper argues that from the perspective of political feasibility, this approach should not be prioritised. We use the example of tax competition to show that supranational regulation that stops short of direct redistribution has better chances of being implemented. Moreover, as the case of tax competition illustrates, such regulation can help to shore up the capacity of nation states to redistribute internally, which indirectly tends to reduce global inequalities, too. Against this background, we formulate the conditional subsidiarity principle of redistribution. It states that when the case for direct supranational redistribution is built on the alleged incapacity of the state to redistribute due to the pressures of globalisation, our first instinct should be regulatory reform in order to restore this capacity. Finally, the paper asks whether two prominent proposals for global taxation – the global resource dividend and the financial transaction tax – pass the test of the conditional subsidiarity principle.

Catheter-based renal sympathetic denervation for resistant hypertension: A multicenter safety and proof-of-principle cohort study. Lancet 373: 1275–1281, 2009 {#article-title-2} 1886 1888 Upon the initiative of Smithwick and Thompson (1) of the Massachusetts General Hospital, resection of the splanchnic nerves through a posterior infradiaphragmatic approach plus removal of the sympathetic chain from the level of the eighth dorsal ganglion to the second lumbar ganglion had been used with relative frequency in cases of desperate hypertension at the time when antihypertensive medication was not yet available. In the hands of other investigators, the results were spectacular in a minority of patients but not quite satisfactory in many patients (2,3). Despite improvement of headache, reversal of papilledema in malignant hypertension, etc. , the long-term reduction of BP was quite variable and the 5-yr mortality remained approximately 40% (2). A 10-yr follow-up compared 100 patients who were subjected to thoracolumbar sympathectomy with 1500 patients who received symptomatic therapy. Lasting BP reduction was seen only in one third of the patients (4). Whereas the average BP levels were reduced, occasional BP spikes were not. The average difference of preoperative to postoperative systolic BP values was 21 mmHg. The authors saw reduction of cerebrovascular accidents and less progression of proteinuria and renal dysfunction, but 10-yr mortality was still 41%. Against this background, once effective antihypertensive medication was available, this relatively crude procedure fell out of favor and remained a sleeping beauty. With today's better insight into the role of sympathetic activity in the genesis of hypertension and particularly the role of the kidney in sympathetic activation, there has been a renaissance in the interest of the renal sympathetic nervous system, including its role in primary hypertension—apart from its undoubted role in the hypertension of chronic kidney disease (5–10). Renal disease and, in animal experiments, even minor renal tissue damage such as injection of minute volumes of phenol, trigger afferent signals that ascend via …