Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0004
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It ...
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This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It begins by providing an overview of the developments leading up to the reform initiative, focusing on the period from November 1996 through June 1997. It then summarizes the content of the initiative and the accompanying financial reforms. A discussion of expected economic consequences for the financial market in general follows.Less
This chapter examines the predicted economic consequences of the Big Bang reforms for a range of actors in the financial market to identify the perceived ‘winners’ and ‘losers’ from the reforms. It begins by providing an overview of the developments leading up to the reform initiative, focusing on the period from November 1996 through June 1997. It then summarizes the content of the initiative and the accompanying financial reforms. A discussion of expected economic consequences for the financial market in general follows.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0006
- Subject:
- Economics and Finance, South and East Asia
This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and ...
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This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and 1979-82) to assess the extent of change the Big Bang has brought about. The focus is on the influence of regulated industry actors — the economic ‘losers’ from the Big Bang — on public policymaking. The influence they had on the outcome as well as their inability to reverse the Big Bang reforms are assessed.Less
This chapter analyzes the process in which the initiative of November 1996 was embodied and implemented. The Big Bang is compared to three cases of past financial reforms (1991-93, 1992-94, and 1979-82) to assess the extent of change the Big Bang has brought about. The focus is on the influence of regulated industry actors — the economic ‘losers’ from the Big Bang — on public policymaking. The influence they had on the outcome as well as their inability to reverse the Big Bang reforms are assessed.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0001
- Subject:
- Economics and Finance, South and East Asia
This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has ...
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This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has changed since 1995; that the Big Bang resulted from strategic interaction between the Liberal Democratic Party and Ministry of Finance, and an increased role of the public in policymaking; and that there has been institutional change in financial politics since 1995 represented by the breakdown of the Convoy System and the decay of bureaupluralism. An overview of the chapters included in this volume is provided.Less
This chapter examines financial politics in the 1990s and the emergence of the Big Bang financial reforms in 1996. It discusses the main arguments of the book, namely that Japanese politics has changed since 1995; that the Big Bang resulted from strategic interaction between the Liberal Democratic Party and Ministry of Finance, and an increased role of the public in policymaking; and that there has been institutional change in financial politics since 1995 represented by the breakdown of the Convoy System and the decay of bureaupluralism. An overview of the chapters included in this volume is provided.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0005
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall ...
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This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall 1995 and November 1996, when then Prime Minister Hashimoto announced the initiative. It argues that the political economy of the Big Bang can be best explained according to the logic of actor behavior detailed in Chapter 3. This logic focuses on the maintenance of organization survival and holds across political parties, organizations, and firms.Less
This chapter examines the politics surrounding the emergence of the Big Bang Initiative, seeking to determine who brought it about and why. It focuses in particular on developments between the fall 1995 and November 1996, when then Prime Minister Hashimoto announced the initiative. It argues that the political economy of the Big Bang can be best explained according to the logic of actor behavior detailed in Chapter 3. This logic focuses on the maintenance of organization survival and holds across political parties, organizations, and firms.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0008
- Subject:
- Economics and Finance, South and East Asia
This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to ...
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This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to understand the larger changes taking place in finance. It shows the causal mechanism through which the observed changes in financial politics occurred, while demonstrating how the components of the Financial Convoy related to one another, triggering the breakdown of the Convoy. The breakdown of the Convoy and the decay of bureaupluralism are observed, and the future of the latter is predicted.Less
This chapter situates the Big Bang within broader financial sector developments and in the political economy in general. It uses the framework of ‘institutional change’ introduced in Chapter 3 to understand the larger changes taking place in finance. It shows the causal mechanism through which the observed changes in financial politics occurred, while demonstrating how the components of the Financial Convoy related to one another, triggering the breakdown of the Convoy. The breakdown of the Convoy and the decay of bureaupluralism are observed, and the future of the latter is predicted.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0002
- Subject:
- Economics and Finance, South and East Asia
This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various ...
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This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various approaches to Japanese politics, and explains how these debates help inform the study’s research design. It suggests five alternative explanations for the emergence of the Big Bang reforms, against which the explanation in later chapters will be weighed.Less
This chapter begins with an overview of existing literature on Japanese politics, focusing on Japanese financial politics in the 1990s. It identifies three issues of contention in the various approaches to Japanese politics, and explains how these debates help inform the study’s research design. It suggests five alternative explanations for the emergence of the Big Bang reforms, against which the explanation in later chapters will be weighed.
Quentin Smith
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198263838
- eISBN:
- 9780191682650
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198263838.003.0006
- Subject:
- Religion, Philosophy of Religion, Theology
This chapter argues against William Lane Craig's theory of causality and against a posteriori and a priori arguments for a cause of the Big Bang singularity. It highlights some prima facie problems ...
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This chapter argues against William Lane Craig's theory of causality and against a posteriori and a priori arguments for a cause of the Big Bang singularity. It highlights some prima facie problems with a posteriori arguments for a cause of the Big Bang singularity, a priori arguments for a cause of the Big Bang, and Kantian a priori arguments for a cause of the Big Bang. This chapter concludes that there is no reason to think that it is metaphysically impossible for the Big Bang singularity to occur uncaused.Less
This chapter argues against William Lane Craig's theory of causality and against a posteriori and a priori arguments for a cause of the Big Bang singularity. It highlights some prima facie problems with a posteriori arguments for a cause of the Big Bang singularity, a priori arguments for a cause of the Big Bang, and Kantian a priori arguments for a cause of the Big Bang. This chapter concludes that there is no reason to think that it is metaphysically impossible for the Big Bang singularity to occur uncaused.
Tetsuro Toya and Jennifer Amyx
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.003.0009
- Subject:
- Economics and Finance, South and East Asia
This chapter examines the applicability of the study’s findings to other cases in the political economy, generating hypotheses about the determinants of regulatory reform. It discusses the policy ...
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This chapter examines the applicability of the study’s findings to other cases in the political economy, generating hypotheses about the determinants of regulatory reform. It discusses the policy implications of the analysis and identifies issues for additional research. It argues the need to shift the emphasis from ‘stability’ to ‘change’ in conceptualizing Japanese politics today. This shift should take place not only at the level of theory but also at the level of practice, given the fast pace of technological innovation, the deepening global integration, and change in the institutional environment. Accordingly, public administration must be carried out with the assumption of ‘change’ rather than the assumption of ‘continuity’, and the long-established emphasis on following precedents in policymaking abandoned.Less
This chapter examines the applicability of the study’s findings to other cases in the political economy, generating hypotheses about the determinants of regulatory reform. It discusses the policy implications of the analysis and identifies issues for additional research. It argues the need to shift the emphasis from ‘stability’ to ‘change’ in conceptualizing Japanese politics today. This shift should take place not only at the level of theory but also at the level of practice, given the fast pace of technological innovation, the deepening global integration, and change in the institutional environment. Accordingly, public administration must be carried out with the assumption of ‘change’ rather than the assumption of ‘continuity’, and the long-established emphasis on following precedents in policymaking abandoned.
Tetsuro Toya
Jennifer A. Amyx (ed.)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative ...
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This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.Less
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.
William Lane Craig and Quentin Smith
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198263838
- eISBN:
- 9780191682650
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198263838.001.0001
- Subject:
- Religion, Philosophy of Religion, Theology
Contemporary science presents us with the remarkable theory that the universe began to exist about fifteen billion years ago with a cataclysmic explosion called ‘the Big Bang’. The question of ...
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Contemporary science presents us with the remarkable theory that the universe began to exist about fifteen billion years ago with a cataclysmic explosion called ‘the Big Bang’. The question of whether Big Bang cosmology supports theism or atheism has long been a matter of discussion among the general public and in popular science books, but has received scant attention from philosophers. This book sets out to fill this gap by means of a sustained debate between two philosophers, William Lane Craig and Quentin Smith, who defend opposing positions. Craig argues that the Big Bang that began the universe was created by God, while Smith argues that the Big Bang has no cause. The book consists of alternating chapters by Craig and Smith, with each chapter being either a criticism of a preceding chapter or being criticized by a subsequent chapter. Part One consists of Craig's arguments that the past is necessarily finite and that God created the Big Bang, and Smith's criticisms of these arguments. Part Two presents Smith's arguments that Big Bang cosmology is inconsistent with theism and Craig's criticisms of Smith's argument. The authors' arguments are based on Einstein's theory of relativity, and there is also a discussion of Stephen Hawking's new quantum cosmology.Less
Contemporary science presents us with the remarkable theory that the universe began to exist about fifteen billion years ago with a cataclysmic explosion called ‘the Big Bang’. The question of whether Big Bang cosmology supports theism or atheism has long been a matter of discussion among the general public and in popular science books, but has received scant attention from philosophers. This book sets out to fill this gap by means of a sustained debate between two philosophers, William Lane Craig and Quentin Smith, who defend opposing positions. Craig argues that the Big Bang that began the universe was created by God, while Smith argues that the Big Bang has no cause. The book consists of alternating chapters by Craig and Smith, with each chapter being either a criticism of a preceding chapter or being criticized by a subsequent chapter. Part One consists of Craig's arguments that the past is necessarily finite and that God created the Big Bang, and Smith's criticisms of these arguments. Part Two presents Smith's arguments that Big Bang cosmology is inconsistent with theism and Craig's criticisms of Smith's argument. The authors' arguments are based on Einstein's theory of relativity, and there is also a discussion of Stephen Hawking's new quantum cosmology.
Quentin Smith
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198263838
- eISBN:
- 9780191682650
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198263838.003.0004
- Subject:
- Religion, Philosophy of Religion, Theology
This chapter argues that there is sufficient evidence at present to warrant the conclusion that the universe probably began to exist over 10 billion years ago and that it began to exist without being ...
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This chapter argues that there is sufficient evidence at present to warrant the conclusion that the universe probably began to exist over 10 billion years ago and that it began to exist without being caused to do so. It also provides counter-arguments to the propositions that the universe was caused by God and that the universe is probably infinitely old. It analyses quantum mechanical considerations and concludes that the argument for a divine cause of the Big Bang based on the causal principle is unsuccessful.Less
This chapter argues that there is sufficient evidence at present to warrant the conclusion that the universe probably began to exist over 10 billion years ago and that it began to exist without being caused to do so. It also provides counter-arguments to the propositions that the universe was caused by God and that the universe is probably infinitely old. It analyses quantum mechanical considerations and concludes that the argument for a divine cause of the Big Bang based on the causal principle is unsuccessful.
Quentin Smith
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198263838
- eISBN:
- 9780191682650
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198263838.003.0007
- Subject:
- Religion, Philosophy of Religion, Theology
This chapter begins a debate on the relevance of Big Bang cosmology to the philosophy of religion. It deals with William Lane Craig's theistic cosmological argument that Big Bang cosmology and ...
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This chapter begins a debate on the relevance of Big Bang cosmology to the philosophy of religion. It deals with William Lane Craig's theistic cosmological argument that Big Bang cosmology and considerations about finitude and the past warrant the belief that God exists. This chapter provides an atheistic cosmological argument that the classical Big Bang cosmology is inconsistent with theism because of the unpredictable nature of the Big Bang singularity.Less
This chapter begins a debate on the relevance of Big Bang cosmology to the philosophy of religion. It deals with William Lane Craig's theistic cosmological argument that Big Bang cosmology and considerations about finitude and the past warrant the belief that God exists. This chapter provides an atheistic cosmological argument that the classical Big Bang cosmology is inconsistent with theism because of the unpredictable nature of the Big Bang singularity.
Louis A. Girifalco
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199228966
- eISBN:
- 9780191711183
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199228966.003.0020
- Subject:
- Physics, History of Physics
Radio astronomy, as first applied by Penzias and Wilson, showed that all space is permeated by a low level of radiation. This is left over from the big bang at the beginning of the universe and is a ...
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Radio astronomy, as first applied by Penzias and Wilson, showed that all space is permeated by a low level of radiation. This is left over from the big bang at the beginning of the universe and is a major factor in proving the validity of Big Bang theory. The existence of the cosmic background radiation, which is everywhere the same, raises the question of the possibility of using it to define an absolute space, and therefore negating relativity theory. It turns out that relativity is still valid because it deals with the relations between observable objects, and is correct regardless of the existence of a background radiation.Less
Radio astronomy, as first applied by Penzias and Wilson, showed that all space is permeated by a low level of radiation. This is left over from the big bang at the beginning of the universe and is a major factor in proving the validity of Big Bang theory. The existence of the cosmic background radiation, which is everywhere the same, raises the question of the possibility of using it to define an absolute space, and therefore negating relativity theory. It turns out that relativity is still valid because it deals with the relations between observable objects, and is correct regardless of the existence of a background radiation.
Ranald C. Michie
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199242559
- eISBN:
- 9780191596643
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199242550.003.0013
- Subject:
- Economics and Finance, Economic History, Financial Economics
This chapter discusses the lead up to the ‘Big Bang’ and its effects––the Big Bang refers to the abolition of fixed commissions and the single capacity on 27 October 1986, both of which had been at ...
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This chapter discusses the lead up to the ‘Big Bang’ and its effects––the Big Bang refers to the abolition of fixed commissions and the single capacity on 27 October 1986, both of which had been at the centre of London Stock Exchange thinking for most of the twentieth century, and certainly since 1945. This move followed the abolition of exchange controls in 1979, and the associated far‐reaching changes on the securities market. The path from one to the other is traced, including the loss of the Stock Exchange's monopoly position within the securities market in January 1986. The new ways and roles that the Stock Exchange was forced to adopt during the early 1980s are described, including its merger with ISRO (International Securities Regulatory Organisation), its failure to merge with LIFFE (London International Financials Futures Exchange), expansion of securities traded on SEAQ (Stock Exchange Automated Quotations) international, and its opening of membership to global players. The last section of the chapter discusses further changes to the Stock Exchange that occurred to reflect the completely changed nature of its membership, including alterations in the degree of control and supervision exercised, and the ending of the Compensation Fund.Less
This chapter discusses the lead up to the ‘Big Bang’ and its effects––the Big Bang refers to the abolition of fixed commissions and the single capacity on 27 October 1986, both of which had been at the centre of London Stock Exchange thinking for most of the twentieth century, and certainly since 1945. This move followed the abolition of exchange controls in 1979, and the associated far‐reaching changes on the securities market. The path from one to the other is traced, including the loss of the Stock Exchange's monopoly position within the securities market in January 1986. The new ways and roles that the Stock Exchange was forced to adopt during the early 1980s are described, including its merger with ISRO (International Securities Regulatory Organisation), its failure to merge with LIFFE (London International Financials Futures Exchange), expansion of securities traded on SEAQ (Stock Exchange Automated Quotations) international, and its opening of membership to global players. The last section of the chapter discusses further changes to the Stock Exchange that occurred to reflect the completely changed nature of its membership, including alterations in the degree of control and supervision exercised, and the ending of the Compensation Fund.
William P. Brown
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199730797
- eISBN:
- 9780199777075
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199730797.003.0003
- Subject:
- Religion, Biblical Studies, Theology
This chapter examines Genesis 1:1-2:4a, known as the Priestly account of creation. This “report” describes creation as a divinely guided process that begins with benign chaos and concludes with a ...
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This chapter examines Genesis 1:1-2:4a, known as the Priestly account of creation. This “report” describes creation as a divinely guided process that begins with benign chaos and concludes with a fully differentiated cosmos. God enlists the elements of creation (water and earth) to bring forth a life-sustaining order. The structure of the Priestly account renders a picture of sacred space that mirrors the architecture of the temple. Connections are explored between the Genesis narrative and the modern cosmological perspective, which posits a “Big Bang” and accounts for the evolution of cosmic structure. The “image of God” language in Genesis, moreover, finds resonance with the unique neurological and cultural facilities of Homo sapiens. Disparities between the scientific account and the seven-day account of creation underscore the theological significance of Sabbath. In light of these findings, the problematic language of “dominion” in Genesis is understood in new ways.Less
This chapter examines Genesis 1:1-2:4a, known as the Priestly account of creation. This “report” describes creation as a divinely guided process that begins with benign chaos and concludes with a fully differentiated cosmos. God enlists the elements of creation (water and earth) to bring forth a life-sustaining order. The structure of the Priestly account renders a picture of sacred space that mirrors the architecture of the temple. Connections are explored between the Genesis narrative and the modern cosmological perspective, which posits a “Big Bang” and accounts for the evolution of cosmic structure. The “image of God” language in Genesis, moreover, finds resonance with the unique neurological and cultural facilities of Homo sapiens. Disparities between the scientific account and the seven-day account of creation underscore the theological significance of Sabbath. In light of these findings, the problematic language of “dominion” in Genesis is understood in new ways.
HELGE S. KRAGH
- Published in print:
- 2006
- Published Online:
- January 2010
- ISBN:
- 9780199209163
- eISBN:
- 9780191706219
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199209163.003.0005
- Subject:
- Physics, Particle Physics / Astrophysics / Cosmology
This chapter focuses on the emergence and development of the Big Bang theory of the universe, from the mid 1940s to the late 1970s. George Gamow, a main figure in this development, developed an early ...
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This chapter focuses on the emergence and development of the Big Bang theory of the universe, from the mid 1940s to the late 1970s. George Gamow, a main figure in this development, developed an early model of the exploding universe based on nuclear reactions, but his theory was ignored by most physicists and astronomers. Moreover, the theory and relativistic evolution cosmology in general, was challenged by an alternative research programme in the form of the steady-state theory. The situation only changed in the 1960s, mainly because of new observations, such as the discovery of the cosmic microwave background, that were seen as strong support of the ‘hot’ Big Bang theory. This theory quickly became a new paradigm of physical cosmology.Less
This chapter focuses on the emergence and development of the Big Bang theory of the universe, from the mid 1940s to the late 1970s. George Gamow, a main figure in this development, developed an early model of the exploding universe based on nuclear reactions, but his theory was ignored by most physicists and astronomers. Moreover, the theory and relativistic evolution cosmology in general, was challenged by an alternative research programme in the form of the steady-state theory. The situation only changed in the 1960s, mainly because of new observations, such as the discovery of the cosmic microwave background, that were seen as strong support of the ‘hot’ Big Bang theory. This theory quickly became a new paradigm of physical cosmology.
Quentin Smith
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198263838
- eISBN:
- 9780191682650
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198263838.003.0009
- Subject:
- Religion, Philosophy of Religion, Theology
This chapter argues in defence of the cosmological argument about God's non-existence. It proposes a coherent and plausible Big Bang cosmology that is better justified and is capable of standing up ...
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This chapter argues in defence of the cosmological argument about God's non-existence. It proposes a coherent and plausible Big Bang cosmology that is better justified and is capable of standing up to the challenge of the theistic interpretation. It explains that the objective of the argument is to further establish that Big Bang cosmology is actually inconsistent with theism, and argues that if Big Bang cosmology is true, then God does not exist.Less
This chapter argues in defence of the cosmological argument about God's non-existence. It proposes a coherent and plausible Big Bang cosmology that is better justified and is capable of standing up to the challenge of the theistic interpretation. It explains that the objective of the argument is to further establish that Big Bang cosmology is actually inconsistent with theism, and argues that if Big Bang cosmology is true, then God does not exist.
Herman Philipse
- Published in print:
- 2012
- Published Online:
- May 2012
- ISBN:
- 9780199697533
- eISBN:
- 9780191738470
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199697533.003.0012
- Subject:
- Philosophy, Philosophy of Religion, Metaphysics/Epistemology
Inductive cosmological arguments are prima facie more promising for the natural theologian than deductive arguments, such as the Kalam cosmological argument, which is not sound. In the cosmological ...
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Inductive cosmological arguments are prima facie more promising for the natural theologian than deductive arguments, such as the Kalam cosmological argument, which is not sound. In the cosmological scenario of an infinitely old universe, however, there is no valid explanandum for the hypothesis of theism. The claim that theism might explain the infinite series of time-slices of the universe ‘as a whole’ is based upon a fallacy of ambiguity. There is no valid explanandum either for a synchronic cosmological argument. Finally, the argument from the Big Bang to God is problematic for a multitude of reasons. It cannot avoid the risk of God-of-the-gaps. It cannot satisfy the relevance condition, because the likelihood of the Big Bang singularity given theism is negligible (if it can be determined at all). Also, the prior probability of the Big Bang singularity cannot be small compared to that of God, for example (if it can be determined at all).Less
Inductive cosmological arguments are prima facie more promising for the natural theologian than deductive arguments, such as the Kalam cosmological argument, which is not sound. In the cosmological scenario of an infinitely old universe, however, there is no valid explanandum for the hypothesis of theism. The claim that theism might explain the infinite series of time-slices of the universe ‘as a whole’ is based upon a fallacy of ambiguity. There is no valid explanandum either for a synchronic cosmological argument. Finally, the argument from the Big Bang to God is problematic for a multitude of reasons. It cannot avoid the risk of God-of-the-gaps. It cannot satisfy the relevance condition, because the likelihood of the Big Bang singularity given theism is negligible (if it can be determined at all). Also, the prior probability of the Big Bang singularity cannot be small compared to that of God, for example (if it can be determined at all).
Michael Munowitz
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780195167375
- eISBN:
- 9780199787104
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195167375.003.0012
- Subject:
- Physics, History of Physics
This excursion into physical law concludes with a peek over the horizon, a glimpse into the knowable unknown. Three principal issues are considered: (1) the origin of the universe, currently modeled ...
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This excursion into physical law concludes with a peek over the horizon, a glimpse into the knowable unknown. Three principal issues are considered: (1) the origin of the universe, currently modeled as an “inflationary Big Bang”; (2) the cosmic dark matter and dark energy; and (3) the ultimate structure of matter on the smallest of scales, particularly as envisioned by string theory.Less
This excursion into physical law concludes with a peek over the horizon, a glimpse into the knowable unknown. Three principal issues are considered: (1) the origin of the universe, currently modeled as an “inflationary Big Bang”; (2) the cosmic dark matter and dark energy; and (3) the ultimate structure of matter on the smallest of scales, particularly as envisioned by string theory.
Ranald C. Michie
- Published in print:
- 2006
- Published Online:
- September 2007
- ISBN:
- 9780199280612
- eISBN:
- 9780191712784
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199280612.003.0009
- Subject:
- Economics and Finance, Economic History
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two ...
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This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.Less
This chapter discusses developments in the global securities market from 1970 to 1990. It shows that growth and development in the global securities market in the 1970s and 1980s were marked by two major turning points: the abolition of fixed commissions on the New York Stock Exchange in May 1975, which put pressure on stock exchanges in the US and around the world; and the Big Bang in London in October 1986, which not only transformed the British securities market but also intensified the pressure for change which had already been experienced by other stock exchanges, especially in Europe. By 1990, the effects of these twin developments were visible worldwide. The securities markets re-emerged as essential components of national financial systems whilst the global securities market once again became a key element in the financial flows that brought stability to the international monetary system.
