Ethical Lessons of the Financial Crisis

Ethical Lessons of the Financial Crisis
Author: Eileen P. Flynn
Publisher: Routledge
Total Pages: 298
Release: 2012
Genre: Business & Economics
ISBN: 0415516749

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In the aftermath of the economic crisis of 2008 it is important to ask what ethics has to say to the many stakeholders in the U.S. economy. The crisis in the financial industry, precipitated by the bursting of a bubble in the housing sector, brought the U.S. economy to the brink of a major depression. Government officials, economists and financial executives intervened to implement measures to mitigate the damage, applying their expertise and using their best judgments to rescue the economy. The actions they took required technical competence, pragmatic judgments and controversial decisions. They worked through a crisis to try to prevent a very bad situation from becoming a catastrophe. As events played out in the autumn of 2008, there was little time to reflect on how immoral conduct contributed to the crisis and how financial recovery needs to be built on an ethical foundation. The purpose of this book is to examine the role of ethics in setting things right. In taking a close look at the events of 2008 this book makes an important contribution to business ethics.

Business Ethics After the Global Financial Crisis

Business Ethics After the Global Financial Crisis
Author: Christopher Cowton
Publisher: Routledge
Total Pages: 286
Release: 2019-01-31
Genre: Business & Economics
ISBN: 0429825889

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The global financial crisis (GFC) that began in 2007 concentrated attention on the morality of banking and financial activities. Just as mainstream businesses became increasingly defined by their financial performance, banks, it seemed, got themselves – and everyone else – into trouble through an over-emphasis on themselves as commercial enterprises that need pay little attention to traditional banking virtues or ethics. While the GFC had many causes, criticism was legitimately levelled at banks over the ethics of mortgage creation, excessive securitisation, executive remuneration, and high-pressure customer sales tactics, amongst other things. These criticisms mirror those that have been levelled at the business more generally, particular in the last decade, although the backdrop provided by the GFC is more dramatic, and the outcomes of supposed wrongdoing more severe. This book focuses on business ethics after the GFC; not on the crisis itself, but how we should respond to it. The GFC has focused minds on the proper role of ethics in the understanding and conduct of business activity, but it is essential to look beyond the crisis to address the deeper challenges that it highlights. The aim of this volume is to present examples of the latest philosophically-informed thinking across a range of ethical issues that relate to business activity, using the banks and the GFC – the consequences of which continue to reverberate – as a point of departure. The book will be of great value to researchers, academics, practitioners, and students interested in business, ethics in general, and business ethics in particular.

Lessons from the Financial Crisis

Lessons from the Financial Crisis
Author: Rob Quail
Publisher: John Wiley & Sons
Total Pages: 708
Release: 2010-06-08
Genre: Business & Economics
ISBN: 0470561777

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The world's best financial minds help us understand today's financial crisis With so much information saturating the market for the everyday investor, trying to understand why the economic crisis happened and what needs to be done to fix it can be daunting. There is a real need, and demand, from both investors and the financial community to obtain answers as to what really happened and why. Lessons from the Financial Crisis brings together the leading minds in the worlds of finance and academia to dissect the crisis. Divided into three comprehensive sections-The Subprime Crisis; The Global Financial Crisis; and Law, Regulation, the Financial Crisis, and The Future-this book puts the events that have transpired in perspective, and offers valuable insights into what we must do to avoid future missteps. Each section is comprised of chapters written by experienced contributors, each with his or her own point of view, research, and conclusions Examines the market collapse in detail and explores safeguards to stop future crises Encompasses the most up-to-date analysis from today's leading financial minds We currently face a serious economic crisis, but in understanding it, we can overcome the challenges it presents. This well-rounded resource offers the best chance to get through the current situation and learn from our mistakes.

Ethics and the Global Financial Crisis

Ethics and the Global Financial Crisis
Author: Boudewijn de Bruin
Publisher: Cambridge University Press
Total Pages: 243
Release: 2015-02-12
Genre: Business & Economics
ISBN: 1107028914

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This book examines the decision-making of key stakeholders in the financial services industry through the lens of recent work on epistemic virtues.

Lessons from the Global Financial Crisis

Lessons from the Global Financial Crisis
Author: Richard Morgan
Publisher: Taylor Trade Publications
Total Pages: 111
Release: 2010-08-16
Genre: Business & Economics
ISBN: 1589795865

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Adam Smith was an advocate of the free market; however his first and widely-acclaimed work, The Theory of Moral Sentiments, was on ethics. While commentators tend to review this work in isolation from his writing on political economy, Richard Morgan argues that although The Wealth of Nations is concerned with political economy, Smith's pointed attacks on exploitation and greed reflect the ethics outlined in his first work and illuminate the constructive role he proposed for government.

The Oxford Handbook of Professional Economic Ethics

The Oxford Handbook of Professional Economic Ethics
Author: George F. DeMartino
Publisher: Oxford University Press
Total Pages: 801
Release: 2016-01-04
Genre: Business & Economics
ISBN: 0190269979

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For over a century the economics profession has extended its reach to encompass policy formation and institutional design while largely ignoring the ethical challenges that attend the profession's influence over the lives of others. Economists have proven to be disinterested in ethics. Embracing emotivism, they often treat ethics a matter of mere preference. Moreover, economists tend to be hostile to professional economic ethics, which they incorrectly equate with a code of conduct that would be at best ineffectual and at worst disruptive to good economic practice. But good ethical reasoning is not reducible to mere tastes, and professional ethics is not reducible to a code. Instead, professional economic ethics refers to a new field of investigation-a tradition of sustained and lively inquiry into the irrepressible ethical entailments of academic and applied economic practice. The Oxford Handbook of Professional Economic Ethics explores a wide range of questions related to the nature of ethical economic practice and the content of professional economic ethics. It explores current thinking that has emerged in these areas while widening substantially the terrain of economic ethics. There has never been a volume that poses so directly and intensively the question of the need for and content of professional ethics for economics. The Handbook incorporates the work of leading scholars and practitioners, including academic economists from various theoretical traditions; applied economists, beyond academia, whose work has direct and immense social impact; and philosophers, professional ethicists, and others whose work has addressed the nature of "professionalism" and its implications for ethical practice.

Global Financial Crisis: The Ethical Issues

Global Financial Crisis: The Ethical Issues
Author: N. Dobos
Publisher: Springer
Total Pages: 172
Release: 2011-03-04
Genre: Philosophy
ISBN: 0230306950

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The Global Financial Crisis is acknowledged to be the most severe economic downturn since the 1930s, and one that is unique in its underlying causes, its scope, and its wider social, political and economic implications. This volume explores some of the ethical issues that it has raised.

Financial Crises

Financial Crises
Author: Gerard Caprio
Publisher: Rowman & Littlefield
Total Pages: 300
Release: 2005-12-06
Genre: Business & Economics
ISBN: 0815797966

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A Brookings Institution Press and World Bank Group publication Throughout the 1990s, numerous financial crises rocked the world financial sector. The Asian bubble burst, for example; Argentina and Brazil suffered currency crises; and the post-Soviet economy bottomed out in Russia. In Financial Crises, a distinguished group of economists and policy analysts examine and draw lessons from attempts to recover from past crises. They also consider some potential hazards facing the world economy in the 21st century and discuss ways to avoid them and minimize the severity of any future downturn. This important new volume emerges from the seventh annual conference on emerging markets finance, cosponsored and organized by the World Bank and the Brookings Institution. In the book, noted experts address the following questions: How effective were post-crisis policies in Latin America, Eastern Europe, and East and Central Asia? Where do international financial markets stand ten years after the worldwide debt crisis? How can the provision of financial services resume vigorously, yet safely? What are the viable policy options for reducing systemic financial vulnerability? What will the next emerging-market financial crisis look like? Will lessons learned from past experiences help to avoid future disasters? How can nations reform their pension systems to deal with retirement challenges in the 21st century?

Ethical Lessons of the Financial Crisis

Ethical Lessons of the Financial Crisis
Author: Eileen P. Flynn
Publisher: Routledge
Total Pages: 298
Release: 2012-08-21
Genre: Business & Economics
ISBN: 1136343121

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In the aftermath of the economic crisis of 2008 it is important to ask what ethics has to say to the many stakeholders in the U.S. economy. The crisis in the financial industry, precipitated by the bursting of a bubble in the housing sector, brought the U.S. economy to the brink of a major depression. Government officials, economists and financial executives intervened to implement measures to mitigate the damage, applying their expertise and using their best judgments to rescue the economy. The actions they took required technical competence, pragmatic judgments and controversial decisions. They worked through a crisis to try to prevent a very bad situation from becoming a catastrophe. As events played out in the autumn of 2008, there was little time to reflect on how immoral conduct contributed to the crisis and how financial recovery needs to be built on an ethical foundation. The purpose of this book is to examine the role of ethics in setting things right. In taking a close look at the events of 2008 this book makes an important contribution to business ethics.

Ethics and Economic Governance

Ethics and Economic Governance
Author: Chris Clarke
Publisher: Routledge
Total Pages: 184
Release: 2015-10-23
Genre: Political Science
ISBN: 131736788X

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This book seeks to explore the ethical dimensions of economic governance through an engagement with Adam Smith and a critical analysis of economistic understandings of the Global Financial Crisis. It examines ethical and political dilemmas associated with key aspects of the financialisation of Anglo-American economy and society, including systems of asset-based welfare, modern risk management and debt. In the wake of the financial crisis, recognition of the way in which everyday lives and life chances are tied into global finance is widespread. Yet few contributions in IPE explicitly tackle this issue as a question of ethics. By developing Adam Smith’s under-utilised account of how market-oriented behaviour is constituted through a process of ‘sympathy’, this book provides an innovative way of understanding contemporary issues of economic governance and the possibilities and limits for intervention within it. By taking Adam Smith’s moral philosophy seriously, it becomes evident that the ever-deeper enmeshing of finance in our everyday lives is a failed experiment. Turning the common understanding of Smith on its head, we can also turn accepted wisdom about the recent financial crisis on its head and see the urgency of making better known the ethico-political contestation that lies at the heart of financial market relations. It will be of interest to students and scholars of IPE as well as those across the social sciences who wish to question the foundations of contemporary economy and society.