IDEAS home Printed from https://ideas.repec.org/a/mes/jeciss/v45y2011i2p363-372.html
   My bibliography  Save this article

Banking Ethics and the Goldman Rule

Author

Listed:
  • John Watkins

Abstract

Insulating people from the effects of the crisis has left intact the habits of thought and the basic institutional structure. The continued reign of pecuniary values leaves intact the Goldman Rule: pursue profitable opportunities regardless the effects on others. Within a culture dominated by pecuniary values, profitable opportunities present a coercive force. Laissez-faire policies allow profitable pursuits without restraint. Subprime mortgages offered an opportunity to tap a new source of profits, namely, the increase in housing prices. Many financial institutions engaged in unscrupulous actions to convert household wealth into corporate profits. Efforts to reign in the industry remain wanting.

Suggested Citation

  • John Watkins, 2011. "Banking Ethics and the Goldman Rule," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(2), pages 363-372.
    • Handle: RePEc:mes:jeciss:v:45:y:2011:i:2:p:363-372
    DOI: 10.2753/JEI0021-3624450213
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.2753/JEI0021-3624450213
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.2753/JEI0021-3624450213?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jaroslav Belás, 2012. "Social Responsibility And Ethics In The Banking Business: Myth Or Reality? A Case Study From Slovak Republic," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(195), pages 115-138, October -.
    2. Anna Lašáková & Anna Remišová & Ľubica Bajzíková, 2021. "Differences in Occurrence of Unethical Business Practices in a Post-Transitional Country in the CEE Region: The Case of Slovakia," Sustainability, MDPI, vol. 13(6), pages 1-33, March.
    3. María del Carmen Valls Martínez & Salvador Cruz Rambaud & Isabel María Parra Oller, 2020. "Sustainable and conventional banking in Europe," PLOS ONE, Public Library of Science, vol. 15(2), pages 1-23, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    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:mes:jeciss:v:45:y:2011:i:2:p:363-372. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MJEI20 .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.