Cultural Studies

In a cross-national comparative analysis of central banks, exchange rate regimes, banking sectors, political systems and labor market relations in 47 democracies during the last quarter of the twentieth century, Paul-Günther Schmidt delivers strong empirical support for the basic message of his book that the roots of macroeconomic instability are deeply embedded in adverse and harmful features of the economic and political system of nations.

Christoph Lütge argues that anthropological qualities cannot serve as a basis for ethics in a globalized world, because they are not immune to erosion by systematic counter-incentives. An order ethics, which is based on weaker prerequisites, namely the characteristics of situations and their basic conditions (orders), is more likely to count on cross-cultural approval in the era of globalization.

Institutions are of great importance for the material welfare of societies. However, they also affect human well-being beyond material outcomes in the form of procedural utility. Procedural utility means that people do not only care about material results, but also value the processes and conditions which lead to these results. Procedural utility is an empirically relevant phenomenon in many areas of the economy, politics and society.

Marina Fiedler examines the basic theoretical structures as well as the correlation between openness and expertise. In an economy which is being increasingly influenced by knowledge and abilities pertaining to a certain subject, this theme is of strategic importance.