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Ethical crises in the international political economy

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  • Russell, Jesse
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    Abstract

    The Icelandic banking crisis provides a useful example of how the global economic downturn transformed into a domestic crisis and then transformed again into an international conflict. Rather than a strict economic analysis, discussion around the economic causes and potential cures surrounding the Icelandic banking crisis have been framed in terms of ethics. The analysis shows that ethical paradigms based on consequences, in line with Kant's hypothetical imperative, do not align well with categorical imperatives based on duty when considering international political conflicts. It is unclear that any accounting would have the potential to achieve reconciliation.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 41 (2012)
    Issue (Month): 6 ()
    Pages: 843-848

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    Handle: RePEc:eee:soceco:v:41:y:2012:i:6:p:843-848

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    Web page: http://www.elsevier.com/locate/inca/620175

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    Keywords: Iceland; Banking crisis; Ethics; Kant; International conflict; Categorical imperative;

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    1. Altman, Morris, 2005. "The ethical economy and competitive markets: Reconciling altruistic, moralistic, and ethical behavior with the rational economic agent and competitive markets," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 732-757, October.
    2. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
    3. Alain Wolfelsperger, 1999. "Sur l'existence d'une solution kantienne du problème des biens collectifs," Revue économique, Presses de Sciences-Po, vol. 0(4), pages 879-902.
    4. Ballet, Jérôme & Bazin, Damien, 2005. "Can homo economicus follow Kant's categorical imperative?: A comment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(4), pages 572-577, August.
    5. White, Mark D., 2004. "Can homo economicus follow Kant's categorical imperative?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(1), pages 89-106, March.
    6. Benjamin J. Cohen, 2008. "Introduction to International Political Economy: An Intellectual History
      [International Political Economy: An Intellectual History]
      ," Introductory Chapters, Princeton University Press.
    7. Laffont, Jean-Jacques, 1975. "Macroeconomic Constraints, Economic Efficiency and Ethics: An Introduction to Kantian Economics," Economica, London School of Economics and Political Science, vol. 42(168), pages 430-37, November.
    8. Alain Wolfelsperger, 1999. "Sur l'existence d'une solution kantienne du problème des biens collectifs," Revue Économique, Programme National Persée, vol. 50(4), pages 879-902.
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