Discourse Ethics for Debt Markets

Research output: Contribution to journalSpecial issue

Abstract

This paper develops a pragmatic theory of finance where in markets are considered to be centres of communicative action in the face of uncertainty. This contrasts with the conventional approach in economics that portrays markets as centres of strategic action in the face of scarcity. Our approach entails that markets must address the truthfulness, truth and rightness of the statements -- the prices quoted -- of its traders. This paper focuses on the debt markets and along with reciprocity examines and how subjective truthfulness claims are governed by the norm of sincerity, while social rightness claims are determined by the norm charity. The paper seeks to address crisis of legitimacy that the financial system, exemplified by that manifested in the U.K and U.S., is experiencing and finishes by observing that `trust' in commerce is a synthesis of the three norms.
LanguageEnglish
Pages62-85
Number of pages24
JournalFinance and Society
Volume2
Issue number1
DOIs
Publication statusPublished - 31 Oct 2016

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Discourse ethics
Debt
Finance
Financial system
Legitimacy
Strategic action
Economics
Uncertainty
Traders
Commerce
Scarcity
Charity
Communicative action

Cite this

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Discourse Ethics for Debt Markets. / Johnson, Timothy.

In: Finance and Society, Vol. 2, No. 1, 31.10.2016, p. 62-85.

Research output: Contribution to journalSpecial issue

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