Beliefs Taken to the Extremes Essay - 1623 Words

Beliefs Taken to the Extremes Belief is a fundamental human trait. Belief in many things is what helps humans continue living their lives. Religious beliefs are one of the strongest forces of human emotion and often times those emotions can create dangerous situations. When peoples religious beliefs are taken to extreme levels innocent people can be hurt. All throughout history there have been examples of just such incidents occurring. From the Inquisition, to suicide bombers in Israel, to the fighting in Ireland, to the recent events at the World Trade Center religious beliefs taken to extremes have been seen. In the United States many groups preach extreme beliefs that are harmful to the American people. One such†¦show more content†¦This ignorance leads to many family problems but this is not a concern of Religious Right leaders. Some of the form of ignorance promoted by the Religious Right is the censorship of books in libraries, denying needed sexual education for children, and not teac hing vital principles reducing childrens understanding of the world. On the subject of education the Religious Right takes the belief that only certain subjects should be taught in school and others, such as evolution and alternative sexualities, should be banned outright. Also the Religious Right promotes mandatory prayer in school regardless of personal preference. When the Religious Right views an institution like the American library system it wishes to do nothing less than tear it down. The Religious Right views the library system as only a [word I cant think of yet] institution promoting the corruption of minors through the distribution of ides not in line with its own. What the American people see in the free exchange of ideas and material on many different, and at times controversial, ideas the Religious Right sees only sin and blasphemy. What the Religious Right would have in the library system is control over what is viewed by all people, not just minors, and censorship of materials they deem degenerate. Take the case in Virginia where a libraries board was stacked with Religious Right members and voted on, and passed,Show MoreRelatedUtilitarianism And Deontological Ethics In The MovieExtreme Measures?1133 Words   |  5 PagesResearching new medicines and discovering new techniques to heal people can be very difficult with a ll of the rules and stipulations placed on utilizing human subjects for study. In the movie, â€Å"Extreme Measures,† two doctors with opposing morals fight over what they believe is right. 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His main and most revered teachings included: the belief in Tawhid (the oneness of God), the concept of Jahiliyya (pagan ignorance), jihad (struggle)Read MoreEssay on Extreme and Moderate Characters in Molià ©re’s Tartuffe521 Words   |  3 Pages Extreme and Moderate Characters in Tartuffe nbsp;nbsp;nbsp;nbsp;nbsp;In Molià ©re’s Tartuffe (Moirà © 1664), the reader is able to see a great contrast of Extreme and Moderate characters. Extreme characters being those who are seen as over the top, or very passionate people, and the moderate characters having a more calm and subtle approach to ideas. The extreme characters in this case would be Madam Pernelle, Orgon, Tartuffe, and Dorine. The moderate characters are seen as Cleante and Elmire.Read MoreAnti-Communism in America867 Words   |  4 Pagesgovernment, under Harry Truman’s administration with the help of FBI Director J. Edgar Hoover initiated a program of Loyalty Review for Federal Employees, with the aim of determining if government employees were disloyal to the government.(R) Hoover’s extreme sense of communist threat and numerous illegal practices including burglaries, opening mail and illegal wiretaps, resulted in thousands of government workers losing their jobs after unfair accusations or sometimes even without having any process.Read MoreThe Causes Behind The Atrocities Experienced During World War II1166 Words   |  5 Pagesconditions occurring beforehand. Beyond this, many of these causes can be applicable contributions to each World War. In terms of cause, World War II can be considered an inevitable continuation of the first World War. It erupted due to Hitler’s extreme desire for expansion and hostile foreign policy, war was immediately declared upon German militarization of Poland. However, the expectation for global warfare had been longstanding before Mussolini and Hitler came to power or Japan’s assault uponRead MoreEthical Dillemma Commonly Experiences in the Arts and Science1199 Words   |  5 Pagesthe proposed question one must first posses a valid definition of ethics in order to determine the factors of a situation that relate. Ethics are in a way the ‘rules’ that define what is or isn’t acceptable in a society based upon core values and beliefs that the society holds to be true (Ethics vs Morals). Therefore, furthering to relate to the proposed question, an ethical judgment is simply a judgment based upon the ethics of a situation. The majority of ethical judgments that are well-known throughoutRead MoreThe world has undoubtedly been booming and has become more prosperous; however, growth has been600 Words   |  3 PagesThe world has undoubtedly been booming and has become more prosperous; however, growth has been inconsistent in the global scale. 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Overpopulation and The End of the World as We Know It

Many years ago, Aristotle discussed about the best size for a city, and arrived at a conclusion that â€Å"a big increase in the number of population would bring a level of poverty on the citizenry. Poverty will be the cause of all evils including sedition† (Overpopulation: Environmental and Social Problems, 2010). According to studies, human population is expected to reach 9 billion by the year 2050. On the economics point of view, as global population is predicted to grow and more countries become more developed, the demand for natural resources will also increase and may be greater than the supply. Much of the growth in population will also have strong economic growth, and this will occur in developing countries. As the per-capita income of these nations increase, the demand for raw materials for use in electronics, military, farming and urban development will also increase. Because of the global warming issue, green energy and green tech production are expected to rise in developed countries. Unfortunately, future supply of these natural resources may not be able to meet the increasing demand (Supply and Demand, 2013). This essay aims to explain what things could happen to the world if the demand for natural resources becomes greater than its supply due to overpopulation. Does overpopulation causes the demand for natural resources to be greater than the supply, and what things could happen as a consequence for this? Yes, overpopulation results in higher demand for naturalShow MoreRelatedThe Issue of Over Population in the Earth Essay942 Words   |  4 PagesOverpopulation is a hot topic that is becoming a well-known problem that our world faces. At times you can see how our planet may not be big enough for all of us. Family vacations seem less fun due to too long lines. 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Most of these countries are Third World countries and poverty is high in these areas. In the article U.S. Predicted to Boom by 2050 stated the following: â€Å"By 2050, the population in the U.S. will beRead MoreWhy Overpopulation Is A Major Issue1653 Words   |  7 PagesEveryone knows that overpopulation is a major issue; an issue is only going to increase over the next few decades. Every person should have a general understanding of this problem because it is going to affect everyone on the planet if it has not done so already. Many countries on our planet now are already overpopulated. In many third world countries, parents do not have enough money to feed themselves, let alone food for their own children. It is estimated that over one billion people wake upRead MorePet Overpopulation Epidemic Essay1518 Words   |  7 PagesSpeech Topic: Pet Overpopulation Epidemic General Purpose: To persuade. Specific Purpose: To persuade my audience that the public is to blame for the pet overpopulation epidemic. Central Idea: In order to control the overwhelming population of homeless pets, we need to stop throwing our â€Å"family friends† away. There are 1.5 dogs and cats put to sleep every second 4-6 million dogs and cats are euthanized every year, states the Humane Society. The pet overpopulation epidemic has becomeRead MoreOverpopulation : The Downfall Of The Human Race1716 Words   |  7 PagesComposition 1 28 March 2016 Overpopulation: The Downfall of the Human Race Throughout the last few hundred years, humans have built a foundation. Compared to all of the other animal species on Earth, humans are the most intelligent. We have built houses everywhere, developed a system to sustain ourselves, and now inhabit almost every piece of land on earth. Humans are smart, strong, and know how to fend for themselves. But, humans have a tendency to take it too far, and we have already done so. 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Accounting Theory and Current Issue Profit after Tax

Question: Discuss about theAccounting Theory and Current Issuefor Profit after Tax. Answer: Introduction In the current article, Half a deference positive research the researcher has decided to investigate the positive accounting in the huge sense of the research technique that intend to develop casual descriptions of the human behaviour in the structure of accounting other than profit after tax in the accounting. In addition, a great positivist research intention has several drawbacks in the real life (Apostolou et al., 2016). Ample difficulties existent is deemed to include casual development of speculative models in remaining weathered, excess dependence on testing hypothesis as well as decreased attention over numerical values parameters. Article Summary In the event article, the researcher considers investigating the positive initiative associated with the accounting research. (Ballwieser et al., 2012) has indicated that the accounting research based on the positive approach is relied with great intellectual project of the scientific research that decides to analyse the association of cause-effect. All the deficiencies in the positive research is analysed by means of selecting all the sample papers that greatly encompass auditing literature works. It was evaluated that the positive research is used currently and it has numerous loopholes in gaining the scientific objectives after choosing relevant sample researches in order to deal with the research objective. In addition to that, the description of Kuhn related with the normal science associates properly with the positive research of accounting. All the possibilities are elaborated greatly for the Kuhnian crisis along with the revolution that can achieve significant accounting to g ather the potential (Bedford and Ziegler, 2016). The researcher has explained Poppers criterion for elaborating that induction process is not that suitable for measuring the accurateness of the particular theory. In addition, the article has also provided a brief review on the falsification of the positive accounting theories. In order to discuss the same, four major elaboration classes was greatly presented that includes the internal impacts, measurements of errors, inefficiency of the relativity theory and external impacts (Bromwich and Scapens 2016). This is because; the researcher has made sure that a specific theory is not able to remain anecdotal by observations. Moreover, it might select between more than two theories. In addition, the decisive observations are considered to falsify unsuitable theories and it is remaining in the condition of support for specific opposing theory. The article elaborated a specific weakness and along with that, a logical dissection is associated with statistical hypothesis testing. In addition, it was also gathered that it is considered highly dilute version of Proper logic. This is the reason for which the specific tests out of 20 can be wrongly rejected at the significance level of 5%. Moreover, the technical concern is associated with the testing of hypothesis in the segmentation of test statistic considered within the null hypothesis that relies on the supplementary suppositions (Chatfield and Vangermeersch, 2014). Conversely, if the technical issue cannot be dealt with, there can be enhanced probability that the testing of the hypothesis might fail. This is existent at the time only a specific alternative hypothesis is deemed to deal with the careful specification. Research Question/ Hypothesis The considered research hypothesis has been generated in order to analyse the validity of the positive accounting research. H0: The universe remains and this is beyond the level of imagination of the individual. H1: All the events of the world have several reasons that advance a fraction of the universe itself. H2: The people those are deemed normal that can help in gaining increasingly dependable information concerning the global events with the help of cautious observations H3: The objective of the intellectual property is to facilitates observations for gaining a global knowledge of the universe specifically causation. In order to test the hypothesis, numerous examples of the positive research within accounting have been represented. Colasse and Durand (2014) revealed that the operation of the rational self-interest among the parties those associated themselves with the implied or express consulted that has resulted in explaining the theory of accounting. For analysing the third hypothesis, the researcher has explained scientific ontology along with epistemology, which signifies the positive accounting research that is not identical with the accounting research. In contrast, it was also revealed that the events did not come into existence, as the intervention output is not randomly from the universe. For evaluating the third hypothesis, it is considered determining the validity. For the same reason, as per the existing theory careful observation is required through which preliminary ideas can be produced. Based on formal theory it can be generated along with testable anticipations, which will remain aligned with the existing dependent along with empirical evidence (Crawford and Lepine, 2013). The suppositions of fresh theory can be analysed in consideration to the new observations in particular situations in which the new and old theories make ample anticipations. For testing the final hypothesis, ample models can be analysed with specific focus or the dimension. Considering the same, indicated that the mental models can be used for analysing the casual procedures remaining in the universe (Henderson et al., 2015). Theoretical Framework The below explained theoretical frameworks was employed in this article for dealing with the research objectives. Instances for Positive Research in Accounting: The conduction of the self-interest balance between the parties is deemed as the outcome through implied or expressed contracts in different organization types. This makes sure that the selections based on accounting on the managers of the company along with the reporting and pricing decisions from the part of the auditors, the decisions of the regulators in consideration to standard setting along with the professional devices of selected academics (Deegan, 2016). It is considered vital that for evaluating the types of information that is employed by the investor in order to take the investment decisions. This reveals that the nature of the human beings is rational and for this reason the kind of games that is existent from the positive accounting theory. In addition, after evaluating the several accounting researches the settings of the accounting can be analysed other than the coherent behaviour like the method through which the audit professionals make numerous accounting researchers. The settings for analysing is evaluated through employing method through which audit professionals make several judgements and the way in which mangers implement discretion in the performance analysis of the evaluation systems. This is because such instances intends to elaborate that the positive research is greater the positive accounting theory (Guthrie and Parker, 2016). Scientific Epistemology and Ontology: revealed that epistemology serves as a scientific field that supposes to explain numerous approaches available in order to gain a great knowledge over the world. In addition to that, ontology serves to reveal the conducts and their association with offering answer for the question. Firstly, the human agency and the socially generated activities in nature, associations and practices reveal that the social universe does not indicate as the objective sustenance devoid of human beings (Dyckman and Zeff, 2015). Along with that the participants and the activities does not need having new rational reasons In addition to that, the universe is not being observed rather than the human beings experiences along with the explanations from the participants. This is the reason for which the ontological and epistemological complexities takes place that has the objective to accomplish a great understanding on the accounting technique causes which further serves a s futile exercise. Needs for Effective Positive Research Program: From the chosen article, it was chosen that a regular testing of the difficult models that needs careful evaluation of the variable measurements. In addition, analytical modelling is considered to be vital in order to develop and test all the theoretical models In order to implement the analytical modelling in the positive accounting research intent, the field before the occupation is required to transform from the tractability to the plausibility (Gaff kin and Aitken, 2014). The researcher has made certain that the enhancement focus on measurement is required other than just testing. For such reasons, in accounting certain bias is related to the strong publication is existent gains dimension other than the same is related with such theory. Drawbacks and Relevance of the Article After evaluating the particular article it has been gathered that the research has identified a huge gap between the recent practices on the constructive accounting and must ensure that making certain vital contributions to greater intellectual program. In certain situations, there is a lack of system optimization. This is deemed important to be modified for rectifying mistakes. In addition, the article provides a rational approach of the scientific research, which is validated by means of participating in the accounting groups (Guthrie and Parker, 2016). In support for the recent study, it was deemed that there is a need for efficient theoretical models those are highly dependable on the nature. Additionally, the same article has anticipated that the positive accounting exploration serves as an implication for the quantitative models those are decreased to statements of supposed trends among several variables (Cagayan and Xu, 2016). In contrast to the same, a major limitation, which is gathered from evaluation of the article, is that the research cannot lead to the awareness of the human behaviour in the accounting context. This is because of the reason that it lacks collecting certain real life information gathered from numerous resources (Guthrie and Parker, 2016). Such limitation is being acknowledged in the same article. Moreover, the lack of collecting secondary and primary information has affected the quality of research. In addition, the researcher is deemed to make numerous inferences based on the statements of numerous authors are not provided high importance that is necessary in the current years for supposing the future advancement of the organization for the long time (Dagher and Kazimov, 2015). Conclusion The current assignment has the focus on evaluating the epistemology and ontology of constructive accounting research for making sure that the loopholes with several important techniques through means of which such drawbacks can be dealt with. The researcher has offered accurate recommendations those ample theoretical models that can be collected for detailed testing of accounting variables. It was also deemed that the quantitative fractions of accounting could be importance for making sure of the future company performance. This is the reason for which, it can be deemed that extremely less modifications in the program of the positive accounting is required for reducing the mistakes from the organizations in relevance to the accounting. References Apostolic, B., Dorminey, J. W., Hassell, J. M. and Rebele, J. E., (2016). Accounting education literature review. Journal of Accounting Education,35, 20-55. Ballwieser, W., Bamberg, G., Beckmann, M. J., Bester, H., Blickle, M., Ewert, R. and Gaynor, M., (2012).Agency theory, information, and incentives. Springer Science Business Media. Bedford, N. M., and Ziegler, R. E., (2016). The contributions of AC Littleton to accounting thought and practice.Memorial Articles for 20th Century American Accounting Leaders,49, 219. Bromwich, M. and Scapens, R. W., (2016). Management Accounting Research: 25 years on.Management Accounting Research,31, 1-9. Caglayan, M. and Xu, B., (2016). Inflation volatility effects on the allocation of bank loans.Journal of Financial Stability,24, 27-39. Chatfield, M. and Vangermeersch, R., (2014).The History of Accounting (RLE Accounting): An International Encylopedia. Routledge. Colasse, B. and Durand, R., (2014). French accounting theorists of the twentieth century.Twentieth Century Accounting Thinkers (RLE Accounting), 41. Crawford, E. R. and Lepine, J. A., (2013). A configural theory of team processes: Accounting for the structure of taskwork and teamwork.Academy of Management Review,38(1), 32-48. Dagher, J. and Kazimov, K., (2015). Banks? liability structure and mortgage lending during the financial crisis.Journal of Financial Economics,116(3), 565-582. Deegan, C., (2016). Twenty five years of social and environmental accounting research within Critical Perspectives of Accounting: Hits, misses and ways forward.Critical Perspectives on Accounting. Dyckman, T. R. and Zeff, S. A., (2015). Accounting Research: Past, Present, and Future.Abacus,51(4), 511-524. Gaffikin, M. and Aitken, M., (2014).The Development of Accounting Theory (RLE Accounting): Significant Contributors to Accounting Thought in the 20th Century. Routledge. Guthrie, J. and Parker, L. D., (2016). Whither the accounting profession, accountants and accounting researchers? Commentary and projections.Accounting, Auditing Accountability Journal,29(1), 2-10. Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., (2015).Issues in financial accounting. Pearson Higher Education AU.

The Planetary Trust Essay Example

The Planetary Trust Paper The planetary trust: a flawed instrument of intergenerational equity Brown Weiss’s Planetary Trust concept is significant in that it presents a potential instrumental means for facilitating equity between generations. This section begins by outlining Brown Weiss’s Planetary Trust concept, setting it within the context of trust law more generally. It then presents a critique of the Planetary Trust on both a theoretical and practical level, before comparing the Planetary Trust concept to defined benefit pension funds, noting that any practical incarnation of the Planetary Trust is likely to face many of challenges that have all but defeated defined benefit funds. The Planetary Trust Concept While a number of theorists have attempted to establish a normative basis for justice between the generations, very few have suggested an instrumental means of governance for achieving justice between generations. An exception is Brown Weiss, whose theory ‘tries to anticipate the norms required to bring about justice between our generation and future generations’ with respect to ‘the natural and cultural patrimony of our planet’. Brown Weiss has suggested an instrument that legislators could adopt in order to give effect to the theory of intergenerational equity: the ‘Planetary Trust’. It is a normative framework which, if adopted and internalized by our political, economic and social institutions, might enable them to serve as vehicles for ensuring that future generations will inherit their just share of our global heritage. Its thesis is that the human species holds the natural and cultural resources of the planet in trust for all generations of the human species. The concept is, therefore, based in trust law. Brown Weiss describes the functionality of the Planetary Trust as follows: This Planetary Trust obligates each generation to preserve the diversity of the resource base and to pass the planet on in no worse condition than it receives it. We will write a custom essay sample on The Planetary Trust specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Planetary Trust specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Planetary Trust specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Thus, the present generation serves both as a trustee for future generations and as a beneficiary of the trust. In fulfilling our role as Planetary Trustees, we can draw on the law of trusts, a body of distilled teachings concerning intergenerational cooperation and conflict, to help resolve the challenges confronting our global heritage. As such, the Planetary Trust institution conceives the entire planet as a trust fund, which must be managed by trustees in the best interests of beneficiaries. Brown Weiss relies, in particular, upon the law of charitable trusts in order to constitute her legal framework for the Planetary Trust. Trust law originated in England as a means for transferring property from one generation of a family to the next, and remains a central feature of common law legal systems today. As noted in Chapter V, the trust institution was born of conscientious necessity: it was created to overcome situations in which existing legal obligations had failed to protect the property of minors from unscrupulous guardians. Thus from its earliest days, the trust had the makings of a bespoke institution of intergenerational justice. The situations in which this propensity can be realised, of course, are limited by contextual legal requirements. Under trust law in common law jurisdictions, a number of different types of trust exist (for example, expressed, constructive and resulting trusts). Here we will confine ourselves to outlining the law relating to charitable trusts, given Brown Weiss’s focus. A charitable trust has a number of features. These include the capital of the fund itself, beneficiaries, trustees, an explicit or implicit decision to create the trust, and rules governing the management of the trust. It is worth explaining briefly how each of these requirements is addressed in Brown Weiss’ theory of the Planetary Trust. First, at the heart of a trust fund is the trust property. The property of the Planetary Trust ‘includes both the natural heritage of the planet and the cultural heritage of the human species’. Second, trustees manage the trust fund on behalf of the beneficiaries. In charitable trusts, the beneficiaries do not need to be specific individuals. Instead, the trust should benefit society, or at least an appreciable and identifiable part of it. The beneficiaries of the Planetary Trust are to be ‘all human generations, born and unborn.’ Third, the trust must have trustees who manage the trust property with a high level of care, according to the requirements of fiduciary duty (described in detail in Chapter III). Under the Planetary Trust ‘each generation acts as trustee for beneficiaries in succeeding generations, just as past generations served as trustees for it’. Fourth, the purpose of the trust must be clear. The owner of the trust property must manifest an intention that it be held on trust for the beneficiaries. Brown Weiss argues that [t]he Planetary Trust is an inter vivos trust between generations of the human species. Its existence is implicit in the nature of the relationship between generations. It derives from an implied declaration by each generation that it holds the resources of the planet in trust for future generations. This intention is universally reflected in diverse human cultural and religious traditions. The Planetary Trust concept has several advantages. First, it sets out clearly the intergenerational problems inherent in natural resource management. Second, it emphasises the role that must be played by the current generation in ensuring future generations have access to a range of natural resources of a decent quality, and not just what is left over after thoughtless exploitation by the current generation. Third, and most importantly, it presents a theoretical framework upon which a functional instrument may be designed and managed. In Robert Merton and Zvi Bodie’s terms, it has a form and function. Despite the elegance of the notion of Planetary Trust in a symbolic sense, however, its practical application, when imagined, appears impossible. Upon closer examination, moreover, the theoretical underpinnings of the concept appear to be unworkable. Critique of the Planetary Trust Concept While Brown Weiss’s institution provides something of a seductive metaphor, the foundational arguments for implying the Planetary Trust are contestable in both their general sense and in their details. Broadly, Brown Weiss’ assumption that all humans intend to hold the planet on trust for all future generations is, of course, utopian. Her suggestion that this intention is universal and manifest in ‘diverse human cultural and religious traditions’ is, similarly, morally and practically contentious. It relies upon a belief that the regard one generation has for its children is natural in the sense that it is ahistorical and not contingent on culture and society and is repeated one generation to the next by reference to some undefined thread binding humanity. It also assumes the longevity and continuity in the institutional form and function of the trust institution itself. It ignores the fact that behavioural science has shown individuals to be motivated by the local – both in time and space – and fails to question whether conflict within and between societies threatens what uniform moral standards might exist. The details of Brown Weiss’s institution are, if anything, more problematic than its broad strokes. From a practical perspective, trust law does not exist in most countries outside the common law tradition. Even assuming that countries could overcome this impediment and accept the Planetary Trust institution, there are clear limitations on the extent to which the trust, as an institution, can facilitate intergenerational justice in a coordinated institutional manner, across political, economic, legal and geographic borders. Most importantly, in order for a trust to exist, an individual or group of individuals must want to act as settlors, that is, they must want to create a trust. In the context of the Planetary Trust, the significance of the will or intention of would-be settlors cannot be underestimated. A trust cannot be imposed upon a potential settlor. Secondly, under the common law, future property (for example expected future inheritance) cannot be owned or held on trust. Thus, trust property must be limited to existing property. It is unlikely that the planet, as an evolving system; a moveable feast, could be so narrowly defined. Finally, idea that a trust as complex as the Planetary Trust Brown Weiss describes could be implied from ‘diverse human cultural and religious traditions’ is so far-fetched that it might be better described as a hopeful rumination than constitutive of an institution. Indeed, it is unclear whether Brown Weiss intended this concept to be taken as anything more than a moral or ethical construct, but she did acknowledge the potential for a more formal institution: [w]hile no affirmative action need be taken to create the Planetary Trust as a moral obligation, to have legal force it must be effectuated by positive law. Thus, the members of each generation must confer legal status on the trust by enacting and enforcing positive laws affirming their obligation to future generations. Beyond the impracticability of the Planetary Trust concept lies a more serious flaw in the theoretical fabric of the Planetary Trust concept: the notion of the Planetary Trust sidesteps the (real) risk of intergenerational conflict between current and future beneficiaries of the trust. The maintenance of environmental resources for future generations may require the restriction of the current generation’s access to these resources. In such situations, Planetary Trustees would be forced to choose between the interests of their own generation (often vociferously present) and future generations (largely unrepresented). While Brown Weiss notes that the ‘dual role of trustee and beneficiary creates conflicts’, she does not offer a way of transcending this conflict other than evoking (once again) the natural relationship and commitment between one generation and its children. Even if plausible, in some quarters, it is not adequate as a means of joining generations many years removed, or those who are geographically and culturally distant. Obviously lacking in the Planetary Trust is a means by which people are able to give voice to their interests – assuming they have interests other than the shared welfare of their children. Comparison with defined benefit pension schemes The Planetary Trust institution bears a striking resemblance to funded pension schemes and especially defined benefit pension funds, which have, in recent years, revealed themselves to be largely unsustainable from a financial perspective. These schemes are trust funds set up by companies, organisations, or industries to provide an income to employees and their survivors after they retire. In defined benefit funds, employers agree to set aside a certain portion of employees’ current wages and pay them a certain income upon their retirement. As a result, employers bear the risks of the invested trust fund; if it underperforms against estimated liabilities, the employer has to reach into its own pocket in order to make up the deficit.In many plans, younger, middle-aged, and older generations of workers co-exist together, paying in their contributions with the employer or sponsor as those retired draw their entitled benefits. It functions well as long as no generation exploits the others, and the background sponsor remains solvent with respect to assumed liabilities and current contributions and obligations. As such, it can be a self-perpetuating trust joining the interests of different generations in their long-term welfare. Like the Planetary Trust concept, pension funds in common law legal systems are based on trust law. They have fund capital (that is, a pool of capital produced by the company or organisation creating the pension scheme), beneficiaries (employees of the company or organisation), trustees, trust purpose s, and evidence of the intention of the trust when created. These elements differ in fact from those Brown Weiss described with respect to the Planetary Trust, but from a conceptual point of view they are closely aligned. For instance, while the current beneficiaries of a defined benefit pension fund are ascertainable, being past or present employees of the company or organisation, the institution functions on the assumption that it will continue to accept new members not yet determined at the time the trust is created. Whereas all people are trustees of the Planetary Trust, the trustees of pension plans are representatives of those participating in the fund. Pension plans are bound by a trust deed; the Planetary Trust is presumably bound by a social contract which may have as much force if implicit as it would have if explicit. In addition to these structural similarities, defined benefit funds face a similar challenge to the Planetary Trust concept with respect to the management of conflicting intergenerational interests within the fund. It is arguable that the defined benefit pension fund institution has failed in the UK and the US in part because younger generations of workers have not valued the institution as highly as older generations of workers. Where salary-sacrifices have been asked of younger participants, they have opted, more often than not, for alternative forms of retirement saving that favour the short-term over the long-term. By contrast, older workers facing the same claim for resources have opted to make the sacrifices necessary to realise their long-term interests. Thus in general, older participants value the future far more than younger participants. Here, the trust institution contains competing interests which are nominally bound together by a shared commitment to the future. More subtly but perhaps more insidiously, short-term biases in trustees and asset managers lead them to focus on the short-term performance of a fund (either defined benefit pension fund or Planetary Trust). In practice, this strengthens the position of the generation of beneficiaries that benefits more immediately from the trust fund compared to those set to benefit in the future. Here, there are two options for trust funds with implications for the Planetary Trust. In the absence of common agreement over current sacrifices, the trust institution, through its trustees, may have to override some interests in favour of the notional ‘common good’. If this does not work the state which underwrites the formal status and legitimacy of the trust (in the sense that it facilitates the justice system as a whole) may intervene to enforce the common good, whatever it is determined to be. By this assessment, the Achilles heel of the Planetary Trust, like defined benefit pension funds, is its vulnerability to government intervention. If we rely on external sources to overcome the tensions within the trust fund, then the purposes of the trust, vested in the responsibilities of its trustees, are less sacrosanct. Granting the possibility that the enforcement of the Planetary Trust would require a government to intervene on behalf of future citizens, would the Planetary Trust be effective as a long-term investor on our behalf? The experience of the Murray Darling Basin suggests that the government would much more reliably intervene on behalf of current generations: its constituency. Next Page – Testing the Planetary Trust Previous Page – VI. Investing in the Future