Ethics in the 2008 Economic Crisis Beth Gardner writes about the implications of the 2008 financial crisis as a “trigger” for business schools to teach their students ethics. Ethics is a broad term about moral conduct and how the decisions of an individual affect others. As discussed in class, the three goals of ethics include: preventing harm from occurring, stopping harm from continuing, and minimizing unavoidable harm (Bryan, 6). As witnessed in the 2008 financial crisis, ethics was submerged by
Introduction The 2008 global financial crisis was widely considered the worst economic financial crisis since the 1930’s and the Great Depression. This crisis was a major problem for nation states across the globe and exposed the interdependence that can easily result in a systemic international banking and credit crisis. While the crisis is six years in the past, we are still plagued by many of the long-term effects of the crisis such as extraordinarily high unemployment, austerity measures that
the public’s faith in the capitalist system and silenced those who claimed a modern economy was impervious to another broad collapse like the one in 1929. Discontent and mistrust from the public has built not only with large corporations and the financial sector, but also with the government whose legislature and policies in recent decades seem to coincide with the interests of private corporate power-houses. These lenient policies contributed directly to the recession that affected individuals across
“The collapse of Lehman Brothers, a sprawling global bank, in September 2008 almost brought down the world’s financial system. It took huge taxpayer-financed bailouts to shore up the industry.” ("The Economist," 2013, para. 1) The credit crunch that soon followed along with the bad mortgages that were written was one of the main culprits in the nearly historic depression. Had the Fed not stepped in, along with government assistance, we would have surely faced a depression. The Fed has used alternative
they were allowed to resign and get away with rewards of billions of dollars. More interestingly, no companies had been prosecuted for the compensation system. The responsibilities and morality of Wall Street firms were again questioned: during the crisis, should the firms have responsibilities to the workers that had been laid off, or simply seek a simple solution such as declaring bankruptcy and get away with the money that affected millions of poor people who once believed in globalization? For
downs, unfortunately, countries having to deal with financial problems which tend to cause a tremendous effect on the nation as a whole. Financial crisis plays a huge role in countries going into a recession, and being unable to meet the demand for money. Sadly, developing countries are facing financial crisis the hardest, for example, countries such as Haiti, South Africa, and Afghanistan are just some of the countries who have trouble with financial issues for decades. Furthermore, developing countries