Open AccessSocial Justice and Financial Capitalism: Some Notions on Risks, Hierarchies, and Value
Author(s) -
Teppo Eskelinen
Publication year - 2018
Publication title -
studies in social and political thought/studies in social and political thought
Language(s) - English
Resource type - Journals
eISSN - 2398-3884
pISSN - 1467-2219
DOI - 10.20919/sspt.27.2017.72
Subject(s) - capitalism , ideal (ethics) , ontology , vulnerability (computing) , value (mathematics) , relation (database) , economic justice , positive economics , sociology , neoclassical economics , economics , law and economics , economic system , epistemology , political science , law , philosophy , computer science , computer security , database , machine learning , politics
The recurring financial crises and intensive financialisation force a reconsideration of theories of justice. This article analyses financial capitalism as an ideal-type. In ideal-typical financial capitalism, risks and positions of vulnerability take a pronounced role in the determination of social positions. Risks also come in a specific ontological form. Further, the analysis extends to the production of value in financial capitalism and its relation to a particular logic of determining social positions. The article discusses, how should theories of justice be updated to accommodate this particular ontology of risks. This requires also making a distinction between explicit and implicit priority orders in a society.