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Three ethical dimensions of the financial crisis

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  • Argandoña, Antonio

    ()
    (IESE Business School)

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    Abstract

    It has often been said that the financial crisis which has been hitting the world economy since mid-2007 is an ethical crisis. By studying the behaviors of the agents who made the decisions that led to the crisis, we do find evidences of many unethical mistakes. But bad conducts were also present before the crisis and in countries not affected by it: that the crisis has an ethical dimension does not mean that this is its only cause. In this paper we argue that this is a crisis of leadership or governance of a wide range of institutions, which, in turn, reflects the failure of an economic and social model supported by some anthropological and ethical assumptions, and these are what failed.

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    Bibliographic Info

    Paper provided by IESE Business School in its series IESE Research Papers with number D/944.

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    Length: 18 pages
    Date of creation: 03 Jan 2012
    Date of revision:
    Handle: RePEc:ebg:iesewp:d-0944

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    Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
    Web page: http://www.iese.edu/
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    Related research

    Keywords: Ethics; Financial crisis; Firm; Social ethics;

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    1. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers 14612, National Bureau of Economic Research, Inc.
    2. Sumit Agarwal & Paige Marta Skiba & Jeremy Tobacman, 2009. "Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?," American Economic Review, American Economic Association, vol. 99(2), pages 412-17, May.
    3. Ross Levine, 2010. "An Autopsy of the U.S. Financial System," NBER Working Papers 15956, National Bureau of Economic Research, Inc.
    4. Douglas W. Diamond & Raghuram G. Rajan, 2009. "The Credit Crisis: Conjectures about Causes and Remedies," American Economic Review, American Economic Association, vol. 99(2), pages 606-10, May.
    5. Les Coleman & Sean Pinder, 2010. "What were they thinking? Reports from interviews with senior finance executives in the lead-up to the GFC," Applied Financial Economics, Taylor & Francis Journals, vol. 20(1-2), pages 7-14.
    6. James Crotty & Gerald Epstein, 2008. "Proposals for Effectively Regulating the U.S. Financial System to Avoid Yet Another Meltdown," Working Papers wp181, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. John B. Taylor, 2009. "The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong," NBER Working Papers 14631, National Bureau of Economic Research, Inc.
    8. Enrique G. Mendoza, 2008. "Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q," NBER Working Papers 14444, National Bureau of Economic Research, Inc.
    9. Klaus Abberger & Wolfgang Nierhaus, 2008. "How to Define a Recession?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 74-76, December.
    10. Hans-Werner Sinn, 2008. "The End of the Wheeling and Dealing," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 3-5, December.
    11. Keynes, John Neville, 1890. "The Scope and Method of Political Economy," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 4, number keynes1890.
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