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
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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
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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.
Richard P. Nielsen & Felipe G. Massa (2013). Reintegrating Ethics and Institutional Theories. Journal of Business Ethics 115 (1):135-147.
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.
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