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Overcoming Recklessness in Finance and the Urgent Need for Strengthening Ethics

Overcoming Recklessness in Finance and the Urgent Need for Strengthening Ethics

Mikel Larreina, “Overcoming Recklessness in Finance and the Urgent Need for Strengthening Ethics,” Revista Portuguesa de Filosofia 74, no. 2–3 (2018): 409–50, DOI 10.17990/RPF/2018_74_2_0409.

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Overcoming Recklessness in Finance and the Urgent Need for Strengthening Ethics

Type Journal Article
Author Mikel Larreina
Rights © 2018 Aletheia - Associação Científica e Cultural | © 2018 Revista Portuguesa de Filosofia
Volume 74
Issue 2-3
Pages 409-450
Publication Revista Portuguesa de Filosofia
ISSN 0870-5283
Date 2018
DOI 10.17990/RPF/2018_74_2_0409
Language English
Abstract Lack of ethics had a significant role in the financial crisis of 2007-08 that triggered the Great Recession. Politicians, social and religious leaders have described finance as a soulless sector, particularly prone to corruption and fraud. Bankers themselves have asked for limits and have recognised that a cultural change is needed. The abandonment of a macho culture of greed and recklessness is not easy and takes time. Unfortunately, a delay in the reshaping of the financial system is a luxury that mankind shouldn’t have. Finance plays a critical role of in the allocation of resources across our society. Thus, mankind will only succeed in the challenges that we face (like limiting global warming) if the financial services industry can be trusted as an efficient and ethical auxiliary service to the real economy. Luckily, four main disruptions are emerging in Finance. They may provide the adequate scenario for a deep transformation of the financial system along ethical and responsible lines.
Date Added 20/10/2018, 22:20:00
Modified 22/10/2018, 14:13:26

Tags:

  • crisis,
  • cultural change,
  • ethical values,
  • finance,
  • greed

Notes:

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