v10n4: Scharding Responds to AllisonPosted: June 21, 2022
“Must a Currency Be Centrally Regulated to Be Ethical?,” by Tobey Scharding
Scharding (2019) argues that Bitcoin is unethical on Fichte’s (2012/1800) view because its instability makes it unable to guarantee that users can afford what they need to live. She contrasts Bitcoin with currencies controlled by central authorities that can guarantee their stability. Allison (2021) objects that not all centrally controlled currencies are stable and not all non-centrally controlled currencies are unstable. I clarify that both stability and a means of securing stability (typically, a central authority) are necessary, but not sufficient, for a currency to be ethical.
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Tobey Scharding is Assistant Professor of Management and Global Business at Rutgers Business School.