Credit Crisis and the Moral Responsibility

THE CREDIT CRISIS AND THE MORAL RESPONSIBILITY OF PROFESSIONALS IN FINANCE By Johan J. Graafland, Bert W. van de Ven April 2011 European Banking Center Discussion reputation no(prenominal) 2011-012 This is also a boil down Discussion Paper nary(prenominal) 2011-048 ISSN 0924-7815 Electronic copy available at: http://ssrn.com/ go up=1809752 The credit crisis and the object lesson responsibility of professionals in finance By Johan J. Graafland CentER / Tilburg Sustainability Center / European Banking Center segment of economic science / Department of Philosophy Tilburg University P.O. Box 90153 5000 LE Tilburg The Netherlands Tel.00 31 13 4662707 email j.j.graafland@uvt.nl Bert W. van de Ven Department of Philosophy Tilburg University P.O. Box 90153 5000 LE Tilburg The Netherlands Tel. 00 31 13 4663091 E-mail b.w.vdven@uvt.nl Abstract Starting from MacIntyre?s justice ethics, we investigate several codes of cope of banks to identify the emblem of virtue s that argon needed to realize their mission. Based on this analysis, we pin down trine core virtues: honesty, due care and accuracy. We compare and line of reasoning these codes of conduct with the actual behavior of banks that led to the credit crisis and pick up that in some cases banks did not behave according to the moral standards they learn themselves.

However, notwithstanding these moral deficiencies, banks and the professionals working in them cannot be to the full blamed for what they did, because the institutional context of the free foodstuff thriftiness in which they operated left little room for them to brook up to the core values lying at the ground of the codes of c onduct. given the neo-liberal free market s! ystem, innovative and risky strategies to upgrade loot are considered desirable for the sake of shareholder?s interests. A return to the core virtues in the financial area leave behind therefore only succeed if a renewed instinct of responsibility in the sector is support by institutional changes that allow banks to put their mission into practice. JEL...If you extremity to get a full essay, order it on our website: OrderEssay.net

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