ETHICS AND GLOBAL FINANCE
Keywords:
financial sector, shadow banking, social contract, money laundering, fundamental reboot, free-market ideologyAbstract
The globalized era of twenty-first century is witnessing a drastic decline in moral and ethical standards in all spheres of life, including economics. This deterioration in moral standards is all pervasive and has assumed a cross-national and multi-disciplinary character. The article ‘Ethics and Global Finance’ is an analysis of our financial system in the backdrop of the recent economic crisis. Going beyond the economic dimensions, an earnest attempt has been made to bring out the reasons that emanated from the failing moral and ethical standards that finally culminated in the Great Economic Crisis of 2007-2008. It analyzes why unlike the other sectors of the economy, a deterioration of ethical behaviour in our financial transactions has to be viewed with much more vigilance. There are certain suggestive measures added towards the end of the article to improve the present financial scenario.
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