High Leverage Finance Capitalism, The Economic Crisis, Structurally Related Ethics Issues, and Potential Reforms
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Business Ethics Quarterly 20 (2):299-330 (2010)
In this updated and revised version of his 2008 Society for Business Ethics presidential address, Richard Nielsen documents the characteristics and extent of the 2007–2009 economic crisis and analyzes how the ethics issues of the economic crisis are structurally related to a relatively new form of capitalism, high-leverage finance capitalism. Four types of high-leverage finance capitalism are considered: hedge funds; private equity-leveraged buyouts; high-leverage, subprime mortgage banking; and high-leverage banking.The structurally related problems with the four types of high-leverage finance capitalism converged in something of a perfect economic storm. Explanations for the crisis are offered in the context of the type of the high-leverage finance capitalism system that permitted andfacilitated the economic crisis. Ethics issues and potential reforms are considered that may be able to mitigate the destructive effects of what Schumpeter referred to as the “creative destructive” effects of evolutionary forms of capitalism while realizing the Aristotelianeconomic ideal of creating wealth in such a way as to make us better people and the world a better place.
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
Richard P. Nielsen & Felipe G. Massa (2013). Reintegrating Ethics and Institutional Theories. Journal of Business Ethics 115 (1):135-147.
Joseph A. Petrick, Wesley Cragg & Martha Sañudo (2011). Business Ethics in North America: Trends and Challenges. [REVIEW] Journal of Business Ethics 104 (S1):51-62.
Armin Beverungen, Stephen Dunne & Casper Hoedemaekers (2013). The Financialisation of Business Ethics. Business Ethics 22 (1):102-117.
Richard P. Nielsen (2013). Whistle-Blowing Methods for Navigating Within and Helping Reform Regulatory Institutions. [REVIEW] Journal of Business Ethics 112 (3):385-395.
Richard P. Nielsen (forthcoming). Action Research As an Ethics Praxis Method. Journal of Business Ethics.
Similar books and articles
Richard P. Nielsen (2008). The Private Equity-Leveraged Buyout Form of Finance Capitalism: Ethical and Social Issues, and Potential Reforms. Business Ethics Quarterly 18 (3):379-404.
Richard P. Nielsen (2008). The Private Equity-Leveraged Buyout Form of Finance Capitalism. Business Ethics Quarterly 18 (3):379-404.
G. Rossouw (2012). Global Business Ethical Perspectives on Capitalism, Finance and Corporate Responsibility: The Impact of the Global Financial Crisis of 2008. [REVIEW] Asian Journal of Business Ethics 1 (1):63-72.
Sean Sayers (2009). Marxism and the Crisis of Capitalism. Philosophical Trends 2009 (5):19-21.
Michelina Venditti & Emilia Ferone (2012). Academic Capitalism as a Key Challenge and the Emergence of the New Economy Scenario. World Futures 68 (4-5):352 - 366.
Peter Steinfels (1988). From Adam Smith to the American Catholic Bishops: Debating Visions of Economic Life. [REVIEW] Journal of Business Ethics 7 (6):405 - 411.
M. J. S. Hodge (2009). Capitalist Contexts for Darwinian Theory: Land, Finance, Industry and Empire. [REVIEW] Journal of the History of Biology 42 (3):399 - 416.
Russell Kirk (1982). Is Capitalism Still Viable? Journal of Business Ethics 1 (4):277 - 280.
Frank Poletti & Jay Oglivy (2003). The Emergence of a Sustainable Future: Brainstorming Better Ways to Globalize at the Esalen Institute. World Futures 59 (8):615 – 623.
Anastasia Nesvetailova (2005). United in Debt: Towards a Global Crisis of Debt-Driven Finance? Science and Society 69 (3):396 - 419.
John Milios (1994). Marx's Theory and the Historic Marxist Controversy on Economic Crisis (1900-1937). Science and Society 58 (2):175 - 194.
R. Edward Freeman, Kirsten Martin & Bidhan Parmar (2007). Stakeholder Capitalism. Journal of Business Ethics 74 (4):303 - 314.
Christopher Michaelson (2012). Reading Leaders' Minds: In Search of the Canon of 21st Century Global Capitalism. [REVIEW] Asian Journal of Business Ethics 1 (1):47-61.
Debi Ghate & Richard E. Ralston (eds.) (2011). Why Businessmen Need Philosophy: The Capitalist's Guide to the Ideas Behind Ayn Rand's Atlas Shrugged. New American Library.
Shifa Zhao (2008). Rethink Contemporary Anti-Globalization. Proceedings of the Xxii World Congress of Philosophy 50:913-921.
Added to index2011-01-09
Total downloads44 ( #75,913 of 1,725,632 )
Recent downloads (6 months)8 ( #81,222 of 1,725,632 )
How can I increase my downloads?