v10n4: Scharding Responds to Allison

Tobey_Scharding“Must a Currency Be Centrally Regulated to Be Ethical?,” by Tobey Scharding

AN INVITED RESPONSE TO: Andrew Allison (2021), “Scharding on Non-Centrally Regulated Currencies and Price Volatility,” Bus Ethics J Rev 9(8): 47–53, https://doi.org/10.12747/j1i08


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.

To download the full PDF, click here: Scharding Responds to Allison

Tobey Scharding is Assistant Professor of Management and Global Business at Rutgers Business School.

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