IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/45565.html
   My bibliography  Save this paper

The Ethical Dimensions Of Financial Crisis In The World Of Globalized Finance

Author

Listed:
  • Saha, Malayendu

Abstract

The global financial crisis and its aftermath, the global economic crisis followed by global recession have raised pertinent questions in appraising theories and practices in more than a few areas. An intently technical view of the proceedings reflects on the predicaments to be, in effect, one of the severe flaws in the financial sector. The broad view, on the other, looks upon the problem as an unethical behavior by several participants in the financial sector as a whole. The various literatures have established that a lack of or absence of ethics and values was at the root of many of the problems facing the global community today. In fact, in an extensive perspective, the financial crises were not stayed put within the terrain of US but multiplied gradually throughout the entire world and exaggerated the economic and political instabilities as well. Given this, one thing is very clear: we should aim at preventing further crises of economic and social nature having multiplier effect. There are also expectations that the corporate should perform on the basis of explicit contracts with the stakeholders in common. The paper focuses on identifying some common characteristics of financial ethics, the various causes behind the financial crisis and to explore the ethical fundamentals of such crisis. The ethical challenges for today are also raised in order to survive and sustain in this globalized financial environment.

Suggested Citation

  • Saha, Malayendu, 2013. "The Ethical Dimensions Of Financial Crisis In The World Of Globalized Finance," MPRA Paper 45565, University Library of Munich, Germany, revised 06 Apr 2013.
    • Handle: RePEc:pra:mprapa:45565
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/45565/1/MPRA_paper_45565.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carroll, Archie B., 2000. "Ethical Challenges for Business in the New Millennium: Corporate Social Responsibility and Models of Management Morality," Business Ethics Quarterly, Cambridge University Press, vol. 10(1), pages 33-42, January.
    2. Donna Rowen & Michael Dietrich, 2004. "Incorporating Ethics into Economics: Problems and Possibilities," Working Papers 2004006, The University of Sheffield, Department of Economics, revised Jul 2004.
    3. Dean Baker, 2005. "The Housing Bubble Fact Sheet," CEPR Reports and Issue Briefs 2005-22, Center for Economic and Policy Research (CEPR).
    4. Gary A. Dymski & Celia Lessa Kerstenetzky, 2009. "Global Financial Markets," Chapters, in: Jan Peil & Irene van Staveren (ed.), Handbook of Economics and Ethics, chapter 26, Edward Elgar Publishing.
    5. Khalil, Elias L., 1990. "Beyond Self-Interest and Altruism: A Reconstruction of Adam Smith's Theory of Human Conduct," Economics and Philosophy, Cambridge University Press, vol. 6(2), pages 255-273, October.
    6. Sen, Amartya, 1991. "Utility: Ideas and Terminology," Economics and Philosophy, Cambridge University Press, vol. 7(2), pages 277-283, October.
    Full references (including those not matched with items on IDEAS)

    Citations

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


    Cited by:

    1. Alqatawni, Tahsen, 2013. "Unethical dilemmas in derivatives practice," MPRA Paper 47407, University Library of Munich, Germany, revised 10 Jun 2013.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nishchapat Nittapaipapon & Thithit Atchattabhan, 2016. "Creating Shared Value: the Fundamental Ontology of Establishing and Movement in Business," International Business Research, Canadian Center of Science and Education, vol. 9(5), pages 112-124, May.
    2. Elias Khalil, 2001. "The context problematic, behavioral economics and the transactional view: an introduction to 'John Dewey and economic theory'," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(2), pages 107-130.
    3. Zainab Al Mubarak & Anji Ben Hamed & Muneer Al Mubarak, 2018. "Impact of corporate social responsibility on bank’s corporate image," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 15(5), pages 710-722, November.
    4. Chen, Shihua & Chen, Yulin & Jebran, Khalil, 2021. "Trust and corporate social responsibility: From expected utility and social normative perspective," Journal of Business Research, Elsevier, vol. 134(C), pages 518-530.
    5. Timothy Kiessling & Lars Isaksson & Burze Yasar, 2016. "Market Orientation and CSR: Performance Implications," Journal of Business Ethics, Springer, vol. 137(2), pages 269-284, August.
    6. Khalil, Elias L., 2011. "The mirror neuron paradox: How far is understanding from mimicking?," Journal of Economic Behavior & Organization, Elsevier, vol. 77(1), pages 86-96, January.
    7. Eduardo Levy Yeyati, 2013. "Things We Learn from Crises," Monetaria, CEMLA, vol. 0(1), pages 199-230, January-j.
    8. Muel Kaptein, 2019. "The Moral Entrepreneur: A New Component of Ethical Leadership," Journal of Business Ethics, Springer, vol. 156(4), pages 1135-1150, June.
    9. Marian Socoliuc & Cristina-Gabriela Cosmulese & Marius-Sorin Ciubotariu & Svetlana Mihaila & Iulia-Diana Arion & Veronica Grosu, 2020. "Sustainability Reporting as a Mixture of CSR and Sustainable Development. A Model for Micro-Enterprises within the Romanian Forestry Sector," Sustainability, MDPI, vol. 12(2), pages 1-34, January.
    10. Mark Esposito & Lloyd C. Williams, 2010. "Moving Beyond Human and Organizational Incongruence," Working Papers hal-00542258, HAL.
    11. Elias Khalil, 1998. "Is Justice the Primary Feature of the State? Adam Smith's Critique of Social Contract Theory," European Journal of Law and Economics, Springer, vol. 6(3), pages 215-230, November.
    12. Allan Hernández & Alberto Trejos, 2013. "Fiscal Moral Hazard Due to Monetary Integration," Monetaria, CEMLA, vol. 0(1), pages 63-85, January-j.
    13. G. Venkat Raman & Swapnil Garg & Sneha Thapliyal, 2019. "Integrative Live Case: A Contemporary Business Ethics Pedagogy," Journal of Business Ethics, Springer, vol. 155(4), pages 1009-1032, April.
    14. Gaëlle Redon & Leïla Loussaief, 2017. "La communication des Grandes Écoles françaises sur la question de la diversité," Post-Print hal-01856603, HAL.
    15. M. Mulej & Vojko Potocan & Zlatko Nedelko, 2015. "A New Socio-economic Order: Evidence About Employees' Values' Influence on Corporate Social Responsibility," Systems Research and Behavioral Science, Wiley Blackwell, vol. 32(2), pages 230-239, March.
    16. Gangi, Francesco & Meles, Antonio & Monferrà, Stefano & Mustilli, Mario, 2020. "Does corporate social responsibility help the survivorship of SMEs and large firms?," Global Finance Journal, Elsevier, vol. 43(C).
    17. Maretno Agus Harjoto, 2017. "Corporate social responsibility and degrees of operating and financial leverage," Review of Quantitative Finance and Accounting, Springer, vol. 49(2), pages 487-513, August.
    18. N Dorasamy, 2013. "Corporate Social Responsibility and Ethical Banking for Developing Economies," Journal of Economics and Behavioral Studies, AMH International, vol. 5(11), pages 777-785.
    19. Elias Khalil, 2006. "Weakness Of Will," Monash Economics Working Papers 06/06, Monash University, Department of Economics.
    20. José Atilano Pena López & José Manuel Sánchez Santos, 2007. "Los fundamentos morales de la economía: una relectura del problema de Adam Smith," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 9(16), pages 63-87, January-J.

    More about this item

    Keywords

    Financial globalization; financial crisis; financial ethics; unethical practices; global economic crisis;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • F39 - International Economics - - International Finance - - - Other

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:pra:mprapa:45565. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    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.