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Banking Ethics and the Goldman Rule

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  • John Watkins

Abstract

Insulating people from the effects of the crisis has left intact the habits of thought and the basic institutional structure. The continued reign of pecuniary values leaves intact the Goldman Rule: pursue profitable opportunities regardless the effects on others. Within a culture dominated by pecuniary values, profitable opportunities present a coercive force. Laissez-faire policies allow profitable pursuits without restraint. Subprime mortgages offered an opportunity to tap a new source of profits, namely, the increase in housing prices. Many financial institutions engaged in unscrupulous actions to convert household wealth into corporate profits. Efforts to reign in the industry remain wanting.

Suggested Citation

  • John Watkins, 2011. "Banking Ethics and the Goldman Rule," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(2), pages 363-372.
  • Handle: RePEc:mes:jeciss:v:45:y:2011:i:2:p:363-372 DOI: 10.2753/JEI0021-3624450213
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    1. Pier Francesco Asso & Luca Fiorito, 2008. "Was Frank Knight an Institutionalist?," Review of Political Economy, Taylor & Francis Journals, vol. 20(1), pages 59-77.
    2. repec:mes:jeciss:v:18:y:1984:i:4:p:1027-1048 is not listed on IDEAS
    3. repec:mes:jeciss:v:34:y:2000:i:2:p:291-303 is not listed on IDEAS
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