Financial Mentality beyond Good and Evil
AbstractThe tacit morality plays a vital part of a culture. A particular morality is caused by the fact that particular social forces are needed to keep financial markets together. The mentality of financial markets has causes in the particular working conditions. A particular set of values of actors is likely to make financial markets work. Which morality is formed? Abstract greed and the invisible hand play a part. Digitalisation promotes an amoral mentality, irresponsibility and estrangement. The superman of Nietzsche perceives that acts beyond good and evil disembed financial institutions. Brokers and traders often have training in neo-classical economics, promoting certain personal convictions. Brokers neglect dimensions of ethics beyond explicit rules.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Business Administration with number 2004:12.
Length: 28 pages
Date of creation: 18 Sep 2004
Date of revision: 10 Feb 2005
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abstract greed; amorality; disembeddedness; financial markets; the invisible hand;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-10-18 (All new papers)
- NEP-HIS-2004-10-18 (Business, Economic & Financial History)
- NEP-HPE-2004-10-18 (History & Philosophy of Economics)
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- Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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