Chapter

Capitalism, Ethics, and the Financial Crash

David Callahan

in The Intellectual Origins of the Global Financial Crisis

Published by Fordham University Press

Published in print September 2012 | ISBN: 9780823249602
Published online January 2013 | e-ISBN: 9780823250752 | DOI: http://dx.doi.org/10.5422/fordham/9780823249602.003.0005
Capitalism, Ethics, and the Financial Crash

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When people do bad things to make huge sums of money, the problem is usually not the moral failings of specific individuals as much as the distortions of an economy that offers outsized rewards to winners. In our economy, people have incentives to behave badly when they're pinched financially or when they perceive that their job—or their future—is at risk. You can see this motive at work in any number of areas where ethical mis- conduct is common, as, for example, in cheating by students. What is needed is Presidential leadership to strengthen American values.

Keywords: Capitalism; Cheating culture; failure of regulation; Inequality; Financial Crisis; Goldman Sachs; Human Values; Daniel Bell; Adam Smith; Winner Take all Society; Wall Street; Country Wide Financhial Corp; Alan Greenspan; Enron; Sarbanes- Oxley Act

Chapter.  4023 words. 

Subjects: Social and Political Philosophy

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