IDEAS home Printed from
   My bibliography  Save this paper

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


  • Saha, Malayendu


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.

Suggested Citation

  • Saha, Malayendu, 2013. "The Ethical Dimensions Of Financial Crisis In The World Of Globalized Finance," MPRA Paper 45565, University Library of Munich, Germany, revised 06 Apr 2013.
  • Handle: RePEc:pra:mprapa:45565

    Download full text from publisher

    File URL:
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    1. Carroll, Archie B., 2000. "Ethical Challenges for Business in the New Millennium: Corporate Social Responsibility and Models of Management Morality," Business Ethics Quarterly, Cambridge University Press, vol. 10(01), pages 33-42, January.
    2. Donna Rowen & Michael Dietrich, 2004. "Incorporating Ethics into Economics: Problems and Possibilities," Working Papers 2004006, The University of Sheffield, Department of Economics, revised Jul 2004.
    3. Gary A. Dymski & Celia Lessa Kerstenetzky, 2009. "Global Financial Markets," Chapters,in: Handbook of Economics and Ethics, chapter 26 Edward Elgar Publishing.
    4. Dean Baker, 2005. "The Housing Bubble Fact Sheet," CEPR Reports and Issue Briefs 2005-22, Center for Economic and Policy Research (CEPR).
    5. 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, vol. 6(02), pages 255-273, October.
    6. Sen, Amartya, 1991. "Utility: Ideas and Terminology," Economics and Philosophy, Cambridge University Press, vol. 7(02), pages 277-283, October.
    Full references (including those not matched with items on IDEAS)

    More about this item


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

    JEL classification:

    • F3 - International Economics - - International Finance
    • F39 - International Economics - - International Finance - - - Other

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:45565. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter) or (Rebekah McClure). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.