The Role of failures of Morality in the Financial Crisis in Europe: Diagnosis and Implications
That among the roots of the lingering financial crisis and its debt hangover there have been an array of moral failings on the part of a range of actors is by now well recognised and the chapter will begin by recalling and summarising some of these as well as noting that there has also been an epistemological failure at work which may or may not count as immoral: certain key actors simply did not understand what was happening systemically. We then look at the Eurozone debt crisis in particular and we shall discover a rich undercurrent of moral attitudes and issues reminiscent of a morality play in the way the sovereign debt crisis has been confronted in the Eurozone. Once the moral diagnosis is complete the chapter moves to look at what might be done to improve moral attitude and character in the financial sector noting the practical difficulty of such transformation; it will be suggested that while some of the regulations adopted by the European Union and the much maligned European Parliament have helped to address some of the Eurozone’s failings in dealing with these problems in the EU and throughout the world there is a key role for education of all actors concerned; for a greater education in technical macroeconomics and finance (reflecting the cognitive failures), in Business Ethics and in a new discipline which I have called Political Ethics.
Moral Failings Underpinning the 2008 Financial Crisis
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