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This chapter discusses the problem that most of the information we have about merchants’ character in this period comes from sources written not by merchants, but by critics of various kinds, many of them churchmen, but others secular poets and playwrights whose texts circulated among ordinary people. It also reviews two studies that have tried to discover and analyze merchants’ “self-perception” using, for the most part, sources produced by non-merchants.
This chapter analyzes the Selbstzeugnisse of the eight merchants at the center of this study, along with a few others still in manuscript or not available in the source collection deployed in this book, to sketch the model of mercantile honor the men claimed. The chapter emphasizes that the training the merchants received was fundamental to their sense of self and that they fashioned a model of mercantile honor based on their hard work, courage, skill, honesty, and prudence. As they described their life in trade, the merchants also often took the opportunity to describe the dishonorable behavior of other merchants, thus drawing a clear contrast between themselves and the men who failed to meet their standards.
This chapter introduces the major themes of the book. Insurance practices and related metaphors began expanding rapidly from a European base some 500 years ago. The simultaneous emergence of the modern state was hardly coincidental. Increasingly complex societies energized by market economies required protection from risks of various kinds. This required mobilizing and organizing private capital to achieve common goals. The deepening of markets and development of financial technologies now increases demands for protection beyond conventional borders. But where the fiscal power of the modern state underpinned national insurance and reinsurance systems, the absence of a global fiscal authority is exposed by rising cross-border, systemic, and global risks. That the background condition for necessary innovation in governance is uncertainty has also become undeniable.
Human-centric uncertainty remains one of the most persistent yet least quantified sources of risk in aviation maintenance. Although established safety frameworks such as SMS (safety management system), STAMP (Systems-Theoretic Accident Model and Processes), and FRAM (Functional Resonance Analysis Method) have advanced systemic oversight, they fall short in capturing the dynamic, context-dependent variability of human performance in real time. This study introduces the uncertainty quantification in aircraft maintenance (UQAM) framework – a novel, predictive safety tool designed to measure and manage operational uncertainty at the task level. The integrated uncertainty equation (IUE) is central to the model, a mathematical formulation that synthesises eight empirically derived uncertainty factors into a single, actionable score. Using a mixed-methods design, the research draws on thematic analysis of 49 semi-structured interviews with licensed maintenance engineers, followed by a 12-month field validation across four distinct maintenance tasks. Results demonstrate that the IUE effectively distinguishes between low, moderate and high-risk scenarios while remaining sensitive to procedural anomalies, diagnostic ambiguity and environmental complexity. Heatmap visualisations further enable supervisory teams to identify dominant uncertainty drivers and implement targeted interventions. UQAM enhances predictive governance, supports real-time decision-making and advances the evolution of next-generation safety systems in high-reliability aviation environments by embedding quantitative uncertainty metrics into existing safety architectures.
Strategists seek a competitive advantage by balancing legitimacy and novelty; however, each approach has distinct risks and trade-offs. Some firms take on too much risk and eventually fail, while other firms only seek risk-averse alternatives that appear to promote safety and optimal long-term performance. We question whether those decisions must be mutually exclusive. We generated and applied two generic strategy rationales to the results of a professional sports gambling pool. One rationale mirrored best practices, and the other included one minor adaptation, balancing risk and novelty. Our findings suggest profit potential for both approaches but deviating from the norm – occasionally and systematically – produced better outcomes. We demonstrate how industry-based best practices can serve as a foundation for rational decision-making and strategy development, thereby limiting potential adverse outcomes. However, savvy strategists should learn when and how to deviate from conventional wisdom to create more value for their firms.
This paper studies the probability of active navigational error events for use in ship–bridge allision risk analysis. To estimate the probability of these kinds of events, accident databases, incident reports and AIS data were studied; the case studies herein cover 6 years and 15 bridges in Scandinavia. The main findings of this paper show that there is great variation in the probability of ship–bridge allision due to active navigational errors, and it is not recommended to use the currently common practice of 2% uniform distribution of the number of ship passages on all bridges. Another important finding is that the probability of a ship striking a bridge due to the error type Wrong Course at a Turning point is not uniform along the length of the bridge, but is only likely to occur in a cone formation from the last turning point.
The chapter examines the legal regulation and governance of ‘generative AI,’ ‘foundation AI,’ ‘large language models’ (LLMs), and the ‘general-purpose’ AI models of the AI Act. Attention is drawn to two potential sorcerer’s apprentices, namely, in the spirit of J. W. Goethe’s poem, people who were unable to control a situation they created. Focus is on developers and producers of such technologies, such as LLMs that bring about risks of discrimination and information hazards, malicious uses and environmental harms; furthermore, the analysis dwells on the normative attempt of EU legislators to govern misuses and overuses of LLMs with the AI Act. Scholars, private companies, and organisations have stressed limits of such normative attempts. In addition to issues of competitiveness and legal certainty, bureaucratic burdens and standard development, the threat is the over-frequent revision of the law to tackle advancements of technology. The chapter illustrates this threat since the inception of the AI Act and recommends some ways in which the law has not to be continuously amended to address the challenges of technological innovation.
Although there is a substantial body of research addressing the economic motivations for drug crime, fewer studies have also considered the social influences that shape individuals’ involvement in the illicit drug economy. This chapter will draw on interviews conducted in prisons in Indonesia with people convicted of drug offences. Analysis suggests that many offenders do have economic motivations for entry into the drug trade. However, personal and relational motivations for drug use and drug trading must not be ignored, given that most of our participants were not in absolute poverty when they decided to offend. Moreover, in making decisions about participation in the drug trade, they were clearly influenced by trusted peer groups. The chapter presents this empirical data within the context of increasingly punitive penalties for drug offences in Southeast Asia, including the judicial execution of drug traffickers.
What shapes fossil-fuel investment and divestment decisions? What are pension funds’ climate-related considerations? And how do conceptions of portfolio risk influence these issues? Danish pension funds constitute a rare and understudied cohort of investors who have undertaken comparatively progressive fossil-fuel investment decisions. Simultaneously, diversification and market rationality have frequently been invoked as obstacles to divestment and active ownership. Using the Danish experience, this article conducts an archaeological analysis of the concept of portfolio risk, unearthing the various ways in which it has shaped fossil-fuel investment decisions. The analysis identifies five key aspects through which the concept has hampered Danish pension funds’ active ownership and fossil-fuel divestment decisions (sector diversification, externalities, market rationality, dispersed ownership, and passive index investing). The article argues that these discursive aspects have reinforced a passive tendency within finance capitalism to bolster the status quo, thereby supporting prevailing market actors and the continued extraction of fossil fuels.
This meta-analysis assesses the relationship between vitamin D supplementation and incidence of major adverse cardiovascular events (MACE). PubMed, Web of science, Ovid, Cochrane Library and Clinical Trials were used to systematically search from their inception until July 2024. Hazard ratios (HR) and 95 % CI were employed to assess the association between vitamin D supplementation and MACE. This analysis included five randomised controlled trials (RCT). Pooled results showed no significant difference in the incidence of MACE (HR: 0·96; P = 0·77) and expanded MACE (HR: 0·96; P = 0·77) between the vitamin D intervention group and the control group. Further, the vitamin D intervention group had a lower incidence of myocardial infarction (MI), but the difference was not statistically significant (HR: 0·88, 95 % CI: 0·77, 1·01; P = 0·061); nevertheless, vitamin D supplementation had no effect on the reduced incidence of stroke (P = 0·675) or cardiovascular death (P = 0·422). Among males (P = 0·109) and females (P = 0·468), vitamin D supplementation had no effect on the reduced incidence of MACE. For participants with a BMI < 25 kg/m2, the difference was not statistically significant (P = 0·782); notably, the vitamin D intervention group had a lower incidence of MACE for those with BMI ≥ 25 kg/m2 (HR: 0·91, 95 % CI: 0·83, 1·00; P = 0·055). Vitamin D supplementation did not significantly contribute to the risk reduction of MACE, stroke and cardiovascular death in the general population, but may be helpful for MI. Notably, the effect of vitamin D supplementation for MACE was influenced by BMI. Overweight/obese people should be advised to take vitamin D to reduce the incidence of MACE.
While the claim that moral ignorance exculpates is quite controversial, the parallel claim with respect to non-moral ignorance seems to be universally accepted. As a starting point, we can state this claim as follows:
Non-moral Ignorance Exculpates: If an agent did everything that could be reasonably expected of her to inquire into some empirical issue as to whether P, the seeming truth of P played the appropriate role in the agent’s motivation to Φ, and the agent would not have merited blame for Φ-ing if P had been the case, then the agent does not merit blame for Φ-ing.
In this paper, I aim to accomplish two tasks. First, I argue that NMIE is false in certain cases in which, by Φ-ing, the agent violates a course-grained, reasonable community norm without knowing that doing so is in everyone’s best interests. Second, I argue that, while moral ignorance, like non-moral ignorance, does not exculpate when community norms are violated in this manner, it does exculpate when they are not. With these two tasks accomplished, we will see the striking parallels in the manner in which both moral and non-moral ignorance exculpate.
Global discussions around the risks, benefits and governance of solar radiation modification (SRM) in the climate change response portfolio are accelerating, but the topic remains nascent in Latin America and the Caribbean (LAC). In 2023, a US start-up (Make Sunsets) performed a small-scale, non-research deployment of SRM in Baja California, Mexico, without prior permission or community engagement. Their actions prompted Mexico to announce its intention to ban SRM experimentation, underscoring the need for governance to prevent irresponsible practices that could discredit legitimate research. We perform an empirical and ethical analysis of the landscape of academic discussions and media coverage on SRM in the LAC region, focusing on the Make Sunset case. Our analysis leads us to three conclusions: first, a lack of regulations in LAC that fosters mistrust, fuels perceptions of neo-colonialism and restricts potentially valuable and responsible research; second, we argue that the theatrical Make Sunsets case is not ethically justified in light of the diversity of risks associated with it; third, we offer foundational, participatory recommendations to promote effective, transparent and sustainable governance of SRM, including LAC in global conversations.
Technological developments and affordable price structures have increased the usage of unmanned aerial vehicles (UAVs) across almost all sectors, hence increasing demand. Since UAVs can fly and perform various tasks without requiring a human operator, the most dangerous and time-consuming tasks previously performed by humans in many sectors are now accomplished by using UAVs. The increased use of UAVs has also introduced critical safety and security risks, including airspace congestion, collisions and malicious use, and therefore, identifying and assessing the risks associated with UAVs and finding ways to mitigate them is of great importance. This qualitative study investigates the safety and security risks posed by the increased use of UAVs and discusses ways to mitigate these risks. Semi-structured interviews with aviation professionals, including pilots, air traffic controllers and academicians, were conducted, and the collected data were analysed by using MAXQDA 24 qualitative analysis software. The results indicate that 86% of participants emphasised air traffic density as a major safety concern, while 71% underlined the need for dedicated air corridors and robust legal frameworks to reduce collision risks. These insights suggest that the safe integration of UAVs into current aviation systems demands a multifaceted strategy involving regulatory interventions, such as clearly defined UAV flight zones and essential technological enhancements. Overall, the study underscores the urgent need for coordinated efforts–legal, technological, and inter-institutional–to ensure the secure incorporation of UAVs into national airspace.
Rounding up Part II is Chapter 7, which is a vital continuation of the narrative about the interrelationship among international law, IFIs, and sustainable development. A demand for accountability motivated the initial encounter; it is also accountability – more broadly construed – that should underpin the IFIs’ international lawmaking role vis-à-vis sustainable development. To expound the second prong of the book’s claim, this penultimate chapter sketches a complementary relationship between independent accountability mechanisms and the International Law Commission (ILC) draft Articles on the Responsibility of International Organizations (ARIO), with a view to upholding the right to remedy in the development finance context. It then pleads that, given the IFIs’ critical roles as creatures, creators, and catalysts of international law – especially regarding sustainable development – international legal scholars should begin taking them seriously and further scrutinizing their "internal" rules and operations.
“Competence” is defined as “doing well,” and “resilience” is defined as “doing well in the face of adversity.” Without a developmental approach, based in meaning, these terms are merely labels for what is observed, and the definitions are circular. How do you know some children are resilient? They are doing well in adverse circumstances. Why are they doing well? Because they are resilient. Research shows that competence and resilience are in fact developmental constructions, built up age by age. Children who do well in high stress families, or who rebound from a period of difficulty, do so because they have a history of earlier positive support and/or changes in current circumstances. They maintain or reclaim positive expectations based on experience. This work paved the way for studies showing that early experience is not erased by developmental change and that adaptation is a product of the entire, cumulated history of experience, as well as current circumstances.
Despite international calls to abolish the use of segregation in prisons, the practice has been defended by some Canadian correctional workers as a sometimes-necessary practice to preserve prisoner and staff safety. Informed through a lens of risk and the socio-legal literature on segregation, the current interview study explores perspectives on segregation from 28 correctional officers (COs) employed in provincial correctional services at a prison in Atlantic Canada. COs expressed a need to continue using segregation—albeit less often and under reformed contexts—to ensure safety for prisoners and staff and preserve prisoner accountability. Findings indicate COs recognize the structural, situational, and personal factors and complexities that shape decisions to impose segregation. They call for increased available resources to improve prisoner safety, dignity and wellness, prevent harm and self-injury, and reduce the use of segregation. We conclude with recommendations for provincial and territorial correctional institutions to consider moving forward.
Describe the social, cognitive, and biological influences on adolescent decision-making; understand the risk and reward systems of the brain and how these can be influenced by different contexts; evaluate the roles of peer groups, executive functions, and sex differences in adolescent behaviour.
This chapter redefines human security by treating security and risk as part of the contingent and negotiated condition of human living. It calls into question the taken-for-granted assumption that security means Big Security organised around the primacy of the state and that, alternatively, human security should be confined to personal freedom from fear and want. In these terms, the liberal notion of ‘freedom from’ is exposed as a reduction of the richness of positive human security. Emphasising what we want to escape ‘from’ is to remain with the classical notion of negative freedom. Adding to this the concept of ‘freedom to’, that is, positive freedom, where people begin to debate the complex meaning of what it is to live with the tensions of both security and risk, is to take one step forward. The task is then a twofold one: first, to examine the strengths and weaknesses of existing discourses and definitions; and, second, to reframe the approach to human security. This is done against a backdrop discussing how we might better respond to crises, from slow global crises such as climate change to immediate and more localised crises such as in the Middle East.
Chapter 6 discusses the “cost-benefit analysis” (CBA) framework for decision-making, aiding project and policy selection and acceptance. Environmental impacts may occur today, over several years, and sometimes well into the future, requiring discounting future costs and benefits, which raises important ethical considerations. Often, the environmental impacts of projects and policy decisions are not known for certain, and there may be uncertainty about the incidence, scale of the effects, and the probability of their occurrence. Thus, adopting or rejecting a project or policy requires addressing the uncertainty and risk surrounding environmental impacts. Equity issues can also be considered in CBA, as the distributional effects on those who bear the costs and receive the benefits of a project or policy decision are often different. Successfully adopting and implementing projects and policies, in the long run, relies on how costs and benefits are distributed among the stakeholders impacted by them. A case study of mangrove conversion for shrimp farms in Thailand illustrates the implementation of CBA in the real world.