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:: Volume 9, Issue 12 (12-2015) ::
mieaoi 2015, 9(12): 121-148 Back to browse issues page
The Role and Importance of Poor Ethical Standards in Forming the 2008 U.S. Financial Crisis
Abstract:   (3301 Views)
Abstract Ethic crisis is being identified as a source of economic crises in recent economic literature. When the 2008 financial crisis unfolded in the US and started to cause a severe recession across the globe, some economists approached the exploration of the roots of this crisis from ethical point of view. This article challenges capitalism (as the prevailing philosophy), which is based on the rationality and claims the self-interest and maximization of profits lead to an increase in the welfare. It seems that the growing financial crisis was a tremendous blow to the capital’s hegemony to the extent that today we are witnessing the failure criterion of maximum profit. Echoes the importance of individual morality and therefore business ethics in opposition to the ruling capitalist philosophy, has established a new paradigm in which the importance of ethics beyond what is reflected in the various samples of code of conduct and ethics as a set of human virtues is viewed as a major determinant of welfare function. This study analyses the role of ethics on financial markets by analytical - descriptive method. in addition, it explains how ethics may affect the expansion of welfare and the reduction of turbulence in the financial market.
Keywords: Keywords: Economic Ethics, Ekopati, Financial Crisis, Economic Crisis, Subprime Lending
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Type of Study: Research | Subject: General
Received: 2015/12/1 | Accepted: 2015/12/1 | Published: 2015/12/1
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The Role and Importance of Poor Ethical Standards in Forming the 2008 U.S. Financial Crisis. mieaoi. 2015; 9 (12) :121-148
URL: http://mieaoi.ir/article-1-182-en.html

Volume 9, Issue 12 (12-2015) Back to browse issues page
نشریه اقتصاد و بانکداری اسلامی Islamic Economics & Banking
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