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Greed and Global Financial Crisis: Reflections on the Repeal of Glass-Steagall Act

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  • Dobre Claudia I.

    (“Ovidius†University of Constanţa)

  • RăsăuÅ£eanu Costin I.

    (“Ovidius†University of Constanţa)

Abstract

One of the main causes of the economic crisis is the “greed†manifested at the different levels ofsociety. From a moral point of view, in all religions of the world greed is repulsive and evil. In thispaper, we’ll look at how the degree of greed displayed by bank directors and the unscrupuloustactics significantly contributed to the collapse of the financial system and we will focus on theconsequences of repealing the Glass Steagall Act. Though, over time, both philosophers, scientists, politicians, church have tried, through theirworks, to influence human behavior in order to be more selfless, these actions are not enough. Itrequires government intervention, through strict regulations applied to institutions and individualsthat lead to extreme greed and affect the population through their actions. We have to launch a strident call for a new kind of humanism to confront a world seemingly out of control!

Suggested Citation

  • Dobre Claudia I. & RăsăuÅ£eanu Costin I., 2017. "Greed and Global Financial Crisis: Reflections on the Repeal of Glass-Steagall Act," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 35-40, June.
    • Handle: RePEc:ovi:oviste:v:xvii:y:2017:i:1:p:35-40
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    References listed on IDEAS

    as
    1. Steve Suranovic, 2009. "Greed, Capitalism and the Financial Crisis," Working Papers 2010-22, The George Washington University, Institute for International Economic Policy.
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      More about this item

      Keywords

      greed; economic crisis; Glass Steagall Act;
      All these keywords.

      JEL classification:

      • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
      • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
      • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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