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Kritische Finanzethik (Critical Financial Ethics)


  • Uwe Demele


Eine ethisch sensibilisierte Sichtweise auf die Finanzmaerkte und den von dort ausgehenden externen Effekten gibt Anlass zur tiefgruendigen Hinterfragung finanzwirtschaftlicher Wert- und Normengefuege. Die kritische Finanzethik praesentiert sich als Unterstuetzerin in diesem Prozess, indem sie auf Basis eines kritischen Rationalismus zur Begruendung von Leitlinien verantwortlichen Handelns in der Finanzwirtschaft beitraegt. Gezeigt wird, welche theoretischen Ueberlegungen ihr zugrunde liegen und was sie als Orientierungskonzept zu leisten vermag. (It is financial crises that most clearly point to ethical problems inherent to mathematically structured financial markets. If not now, when else to question the moral grounds of finance? The approach of Critical Financial Ethics claims to illuminate the genesis and characteristics of these ethical problems. Arguments offered are based on revealing the profound connections between financial theory, acts and impacts. It can be demonstrated that the financial sciences which nowadays dominate practical market action is not free of bias, ignores spill-over effects and follows its own myopic ideological argumentation in many ways. To momentous effects, financial theory not only tries to model human behaviour, it also conditions it. In combination with a mindset disconnected from responsibility for financial actions, there is little chance to avoid ethical problems except by exploring capitalism’s more subtle workings. In conclusion Critical Financial Ethics professes that our personal financial actions must never exceed our capacity to oversee our money’s whereabouts or its effects. This would be a fundamental step to-wards reducing the harm to people and environments from finance, whether it be in crisis or in ascension.)

Suggested Citation

  • Uwe Demele, 2010. "Kritische Finanzethik (Critical Financial Ethics)," Zeitschrift für Wirtschafts- und Unternehmensethik - Journal for Business, Economics & Ethics, Rainer Hampp Verlag, vol. 11(2), pages 139-159.
  • Handle: RePEc:rai:ethics:doi_10.1688/1862-0043_zfwu_2010_02_demele

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    financial markets; socially responsible investments; sustainability; business ethics;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G00 - Financial Economics - - General - - - General
    • G01 - Financial Economics - - General - - - Financial Crises
    • M00 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - General - - - General


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