Otherwise we are drawing a moral circle around our own species, even when the members of our own species protected by that moral boundary are not superior in any moral relevant characteristics to many nonhuman animals who fall outside the moral circle.

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Though a statistical analysis of history provides averages across a wide variety of market conditions, the relevant periods for analysis are those with similar characteristics.

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The work could include sculptures or "street furniture", and must be relevant to the site and the borough's "historical, cultural and environmental characteristics", the authority said.

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The selection process puts socially defined characteristics, such as the outsized reputation of an executive like Mr Dimon, ahead of relevant practical skills and experience (Mr Dimon had little knowledge of retail banking or credit-card operations, two of Bank One's biggest and, in the second case, most problematic businesses).

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