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Ethics and the global financial crisis : why incompetence is worse than greed

Author: Boudewijn de Bruin
Publisher: Cambridge : Cambridge University Press, 2015.
Series: Business, value creation, and society.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Professor De Bruin has written an important book. For all of the thousands of pages written on the recent global financial crisis, there is very little solid ethical analysis of the underlying causes and concepts. He makes a critical distinction between the motivation of financial actors and their competence, then argues that most of the analysis of the crisis has been about motivation. In particular many have  Read more...
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Details

Genre/Form: Electronic books
Additional Physical Format: (DLC) 2014026396
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Boudewijn de Bruin
ISBN: 9781316203767 131620376X 9781316190807 1316190803
OCLC Number: 902830726
Description: 1 online resource (xiv, 228 pages)
Contents: Machine generated contents note: Trust and trustworthiness --
Moral decision making and moral intensity --
Motivation or competence? --
Epistemic virtues --
Warning and outline --
1. Financial ethics: virtues in the market --
Friedman's argument --
Corporate responsibility --
Shareholders --
Job requirements --
A theory of the firm --
Hierarchy of command --
Corporate law --
A company's goals --
The economics of banking --
An argument for liberty --
Politics --
Arguments --
Epistemic preconditions for liberty --
Responsibility --
Criticism --
Summary --
2. Epistemic ethics: virtues of the mind --
Instrumental epistemic value --
Intellectualism and psychology --
Intrinsic or instrumental value? --
Motivation and enablement --
Courage --
Generosity --
Epistemic actions --
Doxastic voluntarism --
Investigation --
Doxastic stance --
Justification --
Epistemic virtues --
Courageous soldiers and evil demons --
First improvement --
Second improvement --
Courageous villains --
Summary --
3. Internalizing virtues: the clients --
Love --
Avoiding elitism --
Financial planning --
Courage --
Justice --
Tax advice and functional food --
Epistemic injustice --
Temperance --
Efficiency --
Online investing --
Humility --
CEO hubris --
Long-Term Capital Management --
Talking about retirement --
The meaning of guarantee --
Minding your audience --
Summary --
4. Case study I: primes and subprimes --
Costly and complex contracts --
Behavioural biases --
Epistemic injustice --
Love --
5. Incorporating virtue: the banks --
Corporate entities --
Plural subjects and a puzzle --
Corporate internal decision structures --
Structures, functions, cultures and sanctions --
Back to the puzzle --
Matching virtues to functions --
Board roles --
Virtues of overconfidence --
Organizational support for virtue --
Structure --
Culture --
Sanctions --
Organizational remedies against vice --
Macro-level remedies --
Micro-level remedies --
Summary --
6. Case study II: nerds and quants --
Split strikes and Ponzi schemes --
Uncovering the fraud --
Volatility and diversification --
Epistemic virtue --
7. Communicating virtues: the raters --
Other-regarding epistemic virtues --
Generosity --
First difference from non-epistemic virtue --
Second difference from non-epistemic virtue --
Credit ratings --
Credit risk: asserting creditworthiness --
Monitoring: directing management --
Stamps of approval: directing investors --
Compromising epistemic virtue --
Love --
Justice --
Temperance --
Courage --
Generosity --
Testimony --
Outsourcing epistemic responsibility --
Summary --
8. Case study III: scores and accounts --
Professional accountants --
Joint epistemic agents --
Codes of conduct --
Expectation gap --
Accounting options --
Conclusion.
Series Title: Business, value creation, and society.
Responsibility: Boudewijn de Bruin.

Abstract:

This book examines the decision-making of key stakeholders in the financial services industry through the lens of recent work on epistemic virtues.  Read more...

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'The witty aphorism, 'never attribute to malice that which can be adequately explained by stupidity', suggests that malice and stupidity are distinct, that ethics and knowledge are two separate Read more...

 
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