High Leverage Finance Capitalism, The Economic Crisis, Structurally Related Ethics Issues, and Potential Reforms

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)
DOI 10.5840/beq201020222
 Save to my reading list
Follow the author(s)
My bibliography
Export citation
Find it on Scholar
Edit this record
Mark as duplicate
Revision history Request removal from index
Download options
PhilPapers Archive

Upload a copy of this paper     Check publisher's policy on self-archival     Papers currently archived: 23,280
External links
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

Add more references

Citations of this work BETA

View all 7 citations / Add more citations

Similar books and articles
Russell Kirk (1982). Is Capitalism Still Viable? Journal of Business Ethics 1 (4):277 - 280.
Shifa Zhao (2008). Rethink Contemporary Anti-Globalization. Proceedings of the Xxii World Congress of Philosophy 50:913-921.

Monthly downloads

Added to index


Total downloads

58 ( #82,690 of 1,932,526 )

Recent downloads (6 months)

7 ( #132,735 of 1,932,526 )

How can I increase my downloads?

My notes
Sign in to use this feature

Start a new thread
There  are no threads in this forum
Nothing in this forum yet.