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The Intellectual Origins of the Global Financial Crisis$
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Roger Berkowitz and Taun N. Toay

Print publication date: 2012

Print ISBN-13: 9780823249602

Published to Fordham Scholarship Online: January 2013

DOI: 10.5422/fordham/9780823249602.001.0001

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Capitalism, Ethics, and the Financial Crash

Capitalism, Ethics, and the Financial Crash

Chapter:
(p.51) Four Capitalism, Ethics, and the Financial Crash
Source:
The Intellectual Origins of the Global Financial Crisis
Author(s):

David Callahan

Publisher:
Fordham University Press
DOI:10.5422/fordham/9780823249602.003.0005

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

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