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Social and Moral Capital in Market Exchange

In: Social Capital and Risk Sharing

Author

Listed:
  • Adam Ng
  • Abbas Mirakhor
  • Mansor H. Ibrahim

Abstract

The 2007/2008 global financial crisis, according to Shoshana Zuboff in a Businessweek piece “Wall Street’s Economic Crimes Against Humanity,” was driven by a sense of “remoteness and thoughtlessness, compounded by a widespread abrogation of individual moral judgment.” The “self-centered business model” allowed those who perpetrated the financial crimes to operate “without the usual feelings of empathy that alerts us to the pain of others and define us as humans” (Zuboff, 2009). The absence of “moral compunction” of those who engaged in practices that led to the financial crisis speaks volume of a “moral bankruptcy” (Stiglitz, 2010). There is now a sense of moral panic concerning systemic assault upon human dignity, trust, contracts, and property, of which all are the fundamental institutional pillars of societies.

Suggested Citation

  • Adam Ng & Abbas Mirakhor & Mansor H. Ibrahim, 2015. "Social and Moral Capital in Market Exchange," Palgrave Studies in Islamic Banking, Finance and Economics, in: Social Capital and Risk Sharing, chapter 0, pages 47-63, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-1-137-47605-0_4
    DOI: 10.1057/9781137476050_4
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