Capitalism and Modern Morality

Examined in a new book by Donald Devine

Amazon Summary

Western civilization fashioned a capitalism that created a worldwide economic cornucopia and higher standards of living than any other system, yet its legitimacy is often questioned by its beneficiaries. Boston University Emeritus Professor Angelo M. Codevilla, proclaims Donald Devine’s The Enduring Tension between Capitalism and the Moral Order, “the best answer to this question since Adam Smith’s. Like Smith, Devine shows the mutually sustaining nature of morality and economic freedom, and provides a much-needed clearing away of the confusion with which recent authors have befogged this essential relationship.”

Devine begins with Karl Marx setting capitalism’s roots in feudalism and the implications of that traditionalist inheritance, finally transformed by Rousseau’s “Christian heresy,” which turned the vision of heavenly perfection into an impossibly perfect ideal for earthly society.

To unravel this capitalist enigma, Devine identifies the roots of the confusion, critiques the rationalized responses, and identifies the remedy―the revival of an historical Lockean pluralism able to fuse a moral scaffolding sufficient to hold the walls and preserve the best of capitalist civilization.

Editorial Reviews

"Why does history record prosperity for the mass of ordinary people only within Western civilization and in the context of free markets? Donald Devine’s exploration of the enduring tension between capitalism and the moral order is the best answer to this question since Adam Smith’s. Like Smith, Devine shows the mutually sustaining nature of morality and economic freedom, and provides a much needed clearing away of the confusion with which recent authors have befogged this essential relationship."―Angelo M. Codevilla, Professor Emeritus, Pardee School of Global Studies, Boston University

In this profound and sweeping study, Donald Devine illuminates the foundations of our liberal order, takes its serious critics seriously, and answers them in their own terms―which he demonstrates are ultimately moral terms, in the deepest sense. This is an essential book for understanding the prospects of our politics.―Yuval Levin, American Enterprise Institute

Too many defenses of the market economy focus on narrow economic considerations alone. To make a deep and compelling case requires an understanding not only of economics, but of broader issues in ethics, political science, history, and philosophy. Few are qualified to do this, but Donald Devine certainly is, as The Enduring Tension demonstrates. ―Edward Feser, Professor of Philosophy, Pasadena City College

Donald Devine provides an invaluable guide to the sometimes solid, sometimes dreamy ideas about economic and social life we will have to contend with if we want to build and sustain a humane world. Drawing from history, political philosophy, theology, and a practitioner’s wisdom, he concludes that there can be no vibrant capitalism without a robust moral tradition. We must take his insights to heart and work to fortify that tradition.―Joshua Mitchell, Professor of Political Theory, Georgetown University

In an era of new challenges, Donald Devine reveals the historical roots and the moral necessity of pluralism and capitalism. The Enduring Tension is an essential book for a dark time.―Samuel Goldman, Associate Professor of Political Science, George Washington University

The Enduring Tension isn’t just a book that makes the moral case for capitalism―it’s a whole library in one volume. Donald Devine channels a lifetime of experience and scholarship into this indispensable work, where his erudition is matched only by his passion and eloquence.―Daniel McCarthy, Editor, Modern Age

When capitalism’s legitimacy faces an onslaught of naysaying, Donald Devine does the necessary work of reconciling human freedom, capitalism, and morality. Edmund Burke counseled us to stand on the shoulders of giants, and Devine is one of those sagacious giants.―Rachel Bovard, Policy Director, Conservative Partnership Institute

About the Author

Donald J. Devine is Senior Scholar at the Fund for American Studies, an academic, columnist; lecturer, and author of nine previous books. Dr. Devine is the last of the dozen intellectuals once identified as the “leading lights” of the post war fusionist re-evaluation of conservative and libertarian thinking. For a quarter-century he was a professor of government at the University of Maryland and Bellevue University. He was a longtime advisor to Ronald Reagan and served as his Director of the U.S. Office of Personnel Management during his first presidential term.

https://www.amazon.com/Enduring-Tension-Capitalism-Moral-Order/dp/1641771518/ref=sr_1_1?crid=1F72CLY9J61BO&dchild=1&keywords=the+enduring+tension+capitalism+and+the+moral+order&qid=1620274050&s=books&sprefix=The+Enduring+Tension%2Caps%2C203&sr=1-1

Is College a Waste of Time and Money?

By the Blog Author

No!  Not if you take the right courses.”

Take freshman chemistry for a year -- including the lab!

Take "College Algebra" also called "Advanced Algebra."

This is the 21st century.  You are going to be conned and treated like a beast if you don't take these two courses that will get you familiar with the scientific method and make you an expert at something that will never, ever betray you -- the “periodic table of the elements.”

Beg, beg, beg the Philosophy Dean into establishing a course based on Jaques Ellul's book Propaganda, which is deservedly back in print.  Also take at least two Shakespeare courses, because he was and still is the grand master of human nature.

Take the freshman year of basic accounting and the next year of intermediate accounting.  This is the language of business and of modern survival.

Take the absolute dead minimum of social science courses.  These are fields that haven't been invented yet.  Waste.  Like setting fire to fresh thousand dollar bills.

STAY OUT of gender and race relations studies.  They are fairy tales.  They cannot bear the truth:  "It is all family."

Do not "follow your dream."  All dreams become laughable in the long run.  And you don't know yourself well enough to know what you will value in your forties and beyond.  Study the brilliant geniuses as taught to you by respectful profs.  “Try to see it my way…we can work it out,” as Sir Paul McCartney sang.

Wish you well in your quest.

-- Edward Binns, retired MBA/CPA

edbinns@gmail.com 

 Groundwater Is the Most Critical Environmental Issue

Dry Wells May Spark Wars In the 21st Century

Scientists find many wells at risk of running dry around the world (azcentral.com)

Molecules That Clean the Earth’s Atmosphere

Scientists have found that lightning bolts and, surprisingly, subvisible discharges that cannot be seen by cameras or the naked eye produce extreme amounts of the hydroxyl radical and hydroperoxyl radical.

From:  Penn State

April 29, 2021 -- The hydroxyl radical is important in the atmosphere because it initiates chemical reactions and breaks down molecules like the greenhouse gas methane.

Lightning bolts break apart nitrogen and oxygen molecules in the atmosphere and create reactive chemicals that affect greenhouse gases. Now, a team of atmospheric chemists and lightning scientists have found that lightning bolts and, surprisingly, subvisible discharges that cannot be seen by cameras or the naked eye produce extreme amounts of the hydroxyl radical -- OH -- and hydroperoxyl radical -- HO₂.

The hydroxyl radical is important in the atmosphere because it initiates chemical reactions and breaks down molecules like the greenhouse gas methane. OH is the main driver of many compositional changes in the atmosphere.

"Initially, we looked at these huge OH and HO₂ signals found in the clouds and asked, what is wrong with our instrument?" said William H. Brune, distinguished professor of meteorology at Penn State. "We assumed there was noise in the instrument, so we removed the huge signals from the dataset and shelved them for later study."

The data was from an instrument on a plane flown above Colorado and Oklahoma in 2012 looking at the chemical changes that thunderstorms and lightning make to the atmosphere.

But a few years ago, Brune took the data off the shelf, saw that the signals were really hydroxyl and hydroperoxyl, and then worked with a graduate student and research associate to see if these signals could be produced by sparks and subvisible discharges in the laboratory. Then they did a reanalysis of the thunderstrom and lightning dataset.

"With the help of a great undergraduate intern," said Brune, "we were able to link the huge signals seen by our instrument flying through the thunderstorm clouds to the lightning measurements made from the ground."

The researchers report their results online today (April 29) in Science First Release and the Journal of Geophysical Research -- Atmospheres.

Brune notes that airplanes avoid flying through the rapidly rising cores of thunderstorms because it is dangerous, but can sample the anvil, the top portion of the cloud that spreads outward in the direction of the wind. Visible lightning happens in the part of the anvil near the thunderstorm core.

"Through history, people were only interested in lightning bolts because of what they could do on the ground," said Brune. "Now there is increasing interest in the weaker electrical discharges in thunderstorms that lead to lightning bolts."

Most lightning never strikes the ground, and the lightning that stays in the clouds is particularly important for affecting ozone, and important greenhouse gas, in the upper atmosphere. It was known that lightning can split water to form hydroxyl and hydroperoxyl, but this process had never been observed before in thunderstorms.

What confused Brune's team initially was that their instrument recorded high levels of hydroxyl and hydroperoxyl in areas of the cloud where there was no lightning visible from the aircraft or the ground. Experiments in the lab showed that weak electrical current, much less energetic than that of visible lightning, could produce these same components.

While the researchers found hydroxyl and hydroperoxyl in areas with subvisible lightning, they found little evidence of ozone and no evidence of nitric oxide, which requires visible lightning to form. If subvisible lightning occurs routinely, then the hydroxyl and hydroperoxyl these electrical events create need to be included in atmospheric models. Currently, they are not.

According to the researchers, "Lightning-generated OH (hydroxyl) in all storms happening globally can be responsible for a highly uncertain but substantial 2% to 16% of global atmospheric OH oxidation."

"These results are highly uncertain, partly because we do not know how these measurements apply to the rest of the globe," said Brune. "We only flew over Colorado and Oklahoma. Most thunderstorms are in the tropics. The whole structure of high plains storms is different than those in the tropics. Clearly we need more aircraft measurements to reduce this uncertainty."

Other researchers at Penn State include Patrick J. McFarland, undergraduate; David O. Miller, doctoral recipient; and Jena M. Jenkins, doctoral candidate, all in meteorology and atmospheric science.

          https://www.sciencedaily.com/releases/2021/04/210429141949.htm

A Look at Stakeholder Theory

The stakeholder theory is a theory of organizational management and  business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others.  It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory.

The stakeholder view of strategy integrates a resource-based view and a market-based view, and adds a socio-political level. One common version of stakeholder theory seeks to define the specific stakeholders of a company (the normative theory of stakeholder identification) and then examine the conditions under which managers treat these parties as stakeholders (the descriptive theory of stakeholder salience).

In fields such as law, management, and human resources, stakeholder theory succeeded in challenging the usual analysis frameworks, by suggesting that stakeholders' needs should be put at the beginning of any action.  Some authors such as Geoffroy Murat tried to apply stakeholder's theory to irregular warfare.

History of Stakeholder Theory

Concepts similar to modern stakeholder theory can be traced back to longstanding philosophical views about the nature of civil society itself and the relations between individuals.  The word "stakeholder" in its current use first appeared in an internal memorandum at the Stanford Research Institute in 1963.  Subsequently, a "plethora" of stakeholder definitions and theories were developed.  In 1971, Hein Kroos and Klaus Schwab published a German booklet Moderne Unternehmensführung im Maschinenbau (Modern Enterprise Management in Mechanical Engineering) arguing that the management of a modern enterprise must serve not only shareholders but all stakeholders (die Interessenten) to achieve long-term growth and prosperity. This claim is disputed.  US authors followed; for example, in 1983, Ian Mitroff published "Stakeholders of the Organizational Mind" in San Francisco.  R. Edward Freeman had an article on Stakeholder theory in the California Management Review in early 1983, but makes no reference to Mitroff's work, attributing the development of the concept to internal discussion in the Stanford Research Institute. He followed this article with a book Strategic Management: A Stakeholder Approach. This book identifies and models the groups which are stakeholders of a corporation, and both describes and recommends methods by which management can give due regard to the interests of those groups. In short, it attempts to address the "principle of who or what really counts. In the traditional view of a company, the shareholder view, only the owners or shareholders of the company are important, and the company has a binding fiduciary duty to put their needs first, to increase value for them. Stakeholder theory instead argues that there are other parties involved, including employees, customers, suppliers, financiers, communities, governmental bodies, political groups, trade associations, and trade unions.  Even competitors are sometimes counted as stakeholders – their status being derived from their capacity to affect the firm and its stakeholders. The nature of what constitutes a stakeholder is highly contested (Miles, 2012), with hundreds of definitions existing in the academic literature (Miles, 2011).

Development

Numerous articles and books written on stakeholder theory generally credit Freeman as the "father of stakeholder theory."  Freeman's Strategic Management: A Stakeholder Approach is widely cited in the field as being the foundation of stakeholder theory, although Freeman himself credits several bodies of literature in the development of his approach, including strategic management, corporate planning, systems theory, organization theory, and corporate social responsibility. A related field of research examines the concept of stakeholders and stakeholder salience, or the importance of various stakeholder groups to a specific firm.

An anticipation of such concepts, as part of Corporate Social Responsibility, appear in a publication that appeared in 1968 by the Italian economist Giancarlo Pallavicini, creator of "the decomposition method of the parameters" to calculate the results are not directly economic activity of enterprise, regarding ethical issues , moral, social, cultural and environmental.

More recent scholarly works on the topic of stakeholder theory that exemplify research and theorizing in this area include Donaldson and Preston (1995), Mitchell, Agle, and Wood (1997), Friedman and Miles (2002), and Phillips (2003).

Donaldson and Preston argue that the theory has multiple distinct aspects that are mutually supportive: descriptive, instrumental, and normative.  The descriptive approach is used in research to describe and explain the characteristics and behaviors of firms, including how companies are managed, how the board of directors considers corporate constituencies, the way that managers think about managing, and the nature of the firm itself.  The instrumental approach uses empirical data to identify the connections that exist between the management of stakeholder groups and the achievement of corporate goals (most commonly profitability and efficiency goals).  The normative approach, identified as the core of the theory by Donaldson and Preston, examines the function of the corporation and identifies the "moral or philosophical guidelines for the operation and management of the corporation."  Since the publication of this article in 1995, it has served as a foundational reference for researchers in the field, having been cited over 1,100 times.

Mitchell, et al. derive a typology of stakeholders based on the attributes of power (the extent a  party has means to impose its will in a relationship), legitimacy (socially accepted and expected structures or behaviors), and urgency (time sensitivity or criticality of the stakeholder's claims).  By examining the combination of these attributes in a binary manner, 8 types of stakeholders are derived along with their implications for the organization. Friedman and Miles explore the implications of contentious relationships between stakeholders and organizations by introducing compatible/incompatible interests and necessary/contingent connections as additional attributes with which to examine the configuration of these relationships.  Robert Allen Phillips distinguishes between normatively legitimate stakeholders (those to whom an organization holds a moral obligation) and derivatively legitimate stakeholders (those whose stakeholder status is derived from their ability to affect the organization or its normatively legitimate stakeholders).

Implementation in Other Fields

Stakeholder theory succeeds in becoming famous not only in the business ethics fields; it is used as one of the frameworks in corporate social responsibility methods. For example, ISO 26000 and GRI (Global Reporting Initiative) involve stakeholder analysis.

In the field of business ethics, Weiss, J.W. (2014) illustrates how stakeholder analysis can be complemented with issues management approaches to examine societal, organizational, and individual dilemmas. Several case studies are offered to illustrated uses of these methods.

Stakeholder theory has seen growing uptake in higher education in the late 20th and early 21st centuries.  One influential definition defines a stakeholder in the context of higher education as anyone with a legitimate interest in education who thereby acquires a right to intervene.  Studies of higher education first began to recognize students as stakeholders in 1975.  External stakeholders may include employers.  In Europe, the rise of stakeholder regimes has arisen from the shift of higher education from a government-run bureaucracy to modern systems in which the government's role involves more monitoring than direct control.

Criticism of Stakeholder Theory

The political philosopher Charles Blattberg has criticized stakeholder theory for assuming that the interests of the various stakeholders can be, at best, compromised or balanced against each other. Blattberg argues that this is a product of its emphasis on negotiation as the chief mode of dialogue for dealing with conflicts between stakeholder interests. He recommends conversation instead and this leads him to defend what he calls a 'patriotic' conception of the corporation as an alternative to that associated with stakeholder theory.

According to Mansell (2013), by applying the political concept of a 'social contract' to the corporation, stakeholder theory undermines the principles on which a market economy is based.

                      https://en.wikipedia.org/wiki/Stakeholder_theory

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Afterword by the Blog Writer

The stakeholder religion is a direct attack on property rights through a fatuous and pridefully mobocratic philosophy typically based on the thrill of feeling angry resentment.  The religion itself worships chaos.  It considers the threat of destruction by the unruly to be virtuous conduct.

Stakeholders want to control what they do not own and haven’t the professionalism to manage.  Their conceit is energized by a mirage of superior morality, which is regarded as inarguable and above that of any property owners.  The goal is to intimidate the propertied into accepting the ersatz superiority of stagnation when demanded by a mob of outsiders.

Stakeholders have done massive damage in dumbing down higher education in America.  In a separate war, bankers have pretended to be subject matter experts and have corrupted American accounting standards since the inception of the Financial Accounting Standards Board of 1973.  The kind of power exercised by a stakeholding parasite corrupts dangerously and thoroughly.

Computers Worldwide Are Vulnerable to Attack

A team of computer science researchers has uncovered a line of attack that breaks all Spectre defenses, meaning that billions of computers and other devices across the globe are just as vulnerable today as they were when Spectre was first announced.

From:  University of Virginia School of Engineering and Applied Science

April 30, 2021 -- In 2018, industry and academic researchers revealed a potentially devastating hardware flaw that made computers and other devices worldwide vulnerable to attack.

Researchers named the vulnerability Spectre because the flaw was built into modern computer processors that get their speed from a technique called "speculative execution," in which the processor predicts instructions it might end up executing and preps by following the predicted path to pull the instructions from memory. A Spectre attack tricks the processor into executing instructions along the wrong path. Even though the processor recovers and correctly completes its task, hackers can access confidential data while the processor is heading the wrong way.

Since Spectre was discovered, the world's most talented computer scientists from industry and academia have worked on software patches and hardware defenses, confident they've been able to protect the most vulnerable points in the speculative execution process without slowing down computing speeds too much.

They will have to go back to the drawing board.

A team of University of Virginia School of Engineering computer science researchers has uncovered a line of attack that breaks all Spectre defenses, meaning that billions of computers and other devices across the globe are just as vulnerable today as they were when Spectre was first announced. The team reported its discovery to international chip makers in April and will present the new challenge at a worldwide computing architecture conference in June.

The researchers, led by Ashish Venkat, William Wulf Career Enhancement Assistant Professor of Computer Science at UVA Engineering, found a whole new way for hackers to exploit something called a "micro-op cache," which speeds up computing by storing simple commands and allowing the processor to fetch them quickly and early in the speculative execution process. Micro-op caches have been built into Intel computers manufactured since 2011.

Venkat's team discovered that hackers can steal data when a processor fetches commands from the micro-op cache.

"Think about a hypothetical airport security scenario where TSA lets you in without checking your boarding pass because (1) it is fast and efficient, and (2) you will be checked for your boarding pass at the gate anyway," Venkat said. "A computer processor does something similar. It predicts that the check will pass and could let instructions into the pipeline. Ultimately, if the prediction is incorrect, it will throw those instructions out of the pipeline, but this might be too late because those instructions could leave side-effects while waiting in the pipeline that an attacker could later exploit to infer secrets such as a password."

Because all current Spectre defenses protect the processor in a later stage of speculative execution, they are useless in the face of Venkat's team's new attacks. Two variants of the attacks the team discovered can steal speculatively accessed information from Intel and AMD processors.

"Intel's suggested defense against Spectre, which is called LFENCE, places sensitive code in a waiting area until the security checks are executed, and only then is the sensitive code allowed to execute," Venkat said. "But it turns out the walls of this waiting area have ears, which our attack exploits. We show how an attacker can smuggle secrets through the micro-op cache by using it as a covert channel."

Venkat's team includes three of his computer science graduate students, Ph.D. student Xida Ren, Ph.D. student Logan Moody and master's degree recipient Matthew Jordan. The UVA team collaborated with Dean Tullsen, professor of the Department of Computer Science and Engineering at the University of California, San Diego, and his Ph.D. student Mohammadkazem Taram to reverse-engineer certain undocumented features in Intel and AMD processors.

They have detailed the findings in their paper: "I See Dead ?ops: Leaking Secrets via Intel/AMD Micro-Op Caches."

This newly discovered vulnerability will be much harder to fix.

"In the case of the previous Spectre attacks, developers have come up with a relatively easy way to prevent any sort of attack without a major performance penalty" for computing, Moody said. "The difference with this attack is you take a much greater performance penalty than those previous attacks."

"Patches that disable the micro-op cache or halt speculative execution on legacy hardware would effectively roll back critical performance innovations in most modern Intel and AMD processors, and this just isn't feasible," Ren, the lead student author, said.

"It is really unclear how to solve this problem in a way that offers high performance to legacy hardware, but we have to make it work," Venkat said. "Securing the micro-op cache is an interesting line of research and one that we are considering."

Venkat's team has disclosed the vulnerability to the product security teams at Intel and AMD. Ren and Moody gave a tech talk at Intel Labs worldwide April 27 to discuss the impact and potential fixes. Venkat expects computer scientists in academia and industry to work quickly together, as they did with Spectre, to find solutions.

The team's paper has been accepted by the highly competitive International Symposium on Computer Architecture, or ISCA. The annual ISCA conference is the leading forum for new ideas and research results in computer architecture and will be held virtually in June.

Venkat is also working in close collaboration with the Processor Architecture Team at Intel Labs on other micro-architectural innovations, through the National Science Foundation/Intel Partnership on Foundational Microarchitecture Research Program.

Venkat was well prepared to lead the UVA research team into this discovery. He has forged a long-running partnership with Intel that started in 2012 when he interned with the company while he was a computer science graduate student at the University of California, San Diego.

This research, like other projects Venkat leads, is funded by the National Science Foundation and Defense Advanced Research Projects Agency.

Venkat is also one of the university researchers who co-authored a paper with collaborators Mohammadkazem Taram and Tullsen from UC San Diego that introduce a more targeted microcode-based defense against Spectre. Context-sensitive fencing, as it is called, allows the processor to patch running code with speculation fences on the fly.

Introducing one of just a handful more targeted microcode-based defenses developed to stop Spectre in its tracks, "Context-Sensitive Fencing: Securing Speculative Execution via Microcode Customization" was published at the ACM International Conference on Architectural Support for Programming Languages and Operating Systems in April 2019. The paper was also selected as a top pick among all computer architecture, computer security, and VLSI design conference papers published in the six-year period between 2014 and 2019.

The new Spectre variants Venkat's team discovered even break the context-sensitive fencing mechanism outlined in Venkat's award-winning paper. But in this type of research, breaking your own defense is just another big win. Each security improvement allows researchers to dig even deeper into the hardware and uncover more flaws, which is exactly what Venkat's research group did.

Computer scientists discover new vulnerability affecting computers globally -- ScienceDaily 

Lithium Battery Parts Can Be Recycled

New recycling method, without crushing or melting, replenishes lithium in electrodes while keeping existing structure intact – and performance is nearly as good as new ones

From:  Aalto University (in Finland)

April 22, 2021 -- The proliferation of electric cars, smartphones, and portable devices is leading to an estimated 25 percent increase globally in the manufacturing of rechargeable batteries each year. Many raw materials used in the batteries, such as cobalt, may soon be in short supply. The European Commission is preparing a new battery decree, which would require the recycling of 95 percent of the cobalt in batteries. Yet existing battery recycling methods are far from perfect.

Researchers at Aalto University have now discovered that electrodes in lithium batteries containing cobalt can be reused as is after being newly saturated with lithium. In comparison to traditional recycling, which typically extracts metals from crushed batteries by melting or dissolving them, the new process saves valuable raw materials, and likely also energy.

‘In our earlier study of how lithium cobalt oxide batteries age, we noticed that one of the main causes of battery deterioration is the depletion of lithium in the electrode material. The structures can nevertheless remain relatively stable, so we wanted to see if they can be reused,’ explains Professor Tanja Kallio at Aalto University.

Almost like new

Rechargeable lithium-ion batteries have two electrodes between which electrically charged particles move. Lithium cobalt oxide is used in one electrode and, in most of the batteries, the other is made of carbon and copper.

In traditional battery recycling methods, some of batteries’ raw materials are lost and lithium cobalt oxide turns into other cobalt compounds, which require a lengthy chemical refinement process to turn them back into electrode material. The new method sidesteps this painstaking process: by replenishing the spent lithium in the electrode through an electrolysis process, commonly used in industry, the cobalt compound can be directly reused.

The results show that the performance of electrodes newly saturated with lithium is almost as good as that of those made of new material. Kallio believes that with further development the method would also work on an industrial scale.

‘By reusing the structures of batteries we can avoid a lot of the labour that is common in recycling and potentially save energy at the same time. We believe that the method could help companies that are developing industrial recycling,’ Kallio says.

The researchers next aim to see if the same method could also be used with the nickel-based batteries of electric cars.

The research was published in ChemSusChem journal.

https://www.aalto.fi/en/news/battery-parts-can-be-recycled-without-crushing-or-melting