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The Ethical Dimensions Of Financial Crisis In The World Of Globalized Finance

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  • Saha, Malayendu
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    Abstract

    Abstract The global financial crisis and its aftermath, the global economic crisis followed by global recession have raised pertinent questions in appraising theories and practices in more than a few areas. An intently technical view of the proceedings reflects on the predicaments to be, in effect, one of the severe flaws in the financial sector. The broad view, on the other, looks upon the problem as an unethical behavior by several participants in the financial sector as a whole. The various literatures have established that a lack of or absence of ethics and values was at the root of many of the problems facing the global community today. In fact, in an extensive perspective, the financial crises were not stayed put within the terrain of US but multiplied gradually throughout the entire world and exaggerated the economic and political instabilities as well. Given this, one thing is very clear: we should aim at preventing further crises of economic and social nature having multiplier effect. There are also expectations that the corporate should perform on the basis of explicit contracts with the stakeholders in common. The paper focuses on identifying some common characteristics of financial ethics, the various causes behind the financial crisis and to explore the ethical fundamentals of such crisis. The ethical challenges for today are also raised in order to survive and sustain in this globalized financial environment.

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    File URL: http://mpra.ub.uni-muenchen.de/45565/
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 45565.

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    Date of creation: 06 Apr 2013
    Date of revision: 06 Apr 2013
    Handle: RePEc:pra:mprapa:45565

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    Keywords: Financial globalization; financial crisis; financial ethics; unethical practices; global economic crisis;

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    1. Khalil, Elias L., 1990. "Beyond Self-Interest and Altruism: A Reconstruction of Adam Smith's Theory of Human Conduct," Economics and Philosophy, Cambridge University Press, Cambridge University Press, vol. 6(02), pages 255-273, October.
    2. Sen, Amartya, 1991. "Utility: Ideas and Terminology," Economics and Philosophy, Cambridge University Press, Cambridge University Press, vol. 7(02), pages 277-283, October.
    3. Donna Rowen & Michael Dietrich, 2004. "Incorporating Ethics into Economics: Problems and Possibilities," Working Papers, The University of Sheffield, Department of Economics 2004006, The University of Sheffield, Department of Economics, revised Jul 2004.
    4. Dean Baker, 2005. "The Housing Bubble Fact Sheet," CEPR Reports and Issue Briefs, Center for Economic and Policy Research (CEPR) 2005-22, Center for Economic and Policy Research (CEPR).
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