The Ethics of Banking: Conclusions from the Financial Crisis by Peter Koslowski

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This is one of the few books to analyze the systemic and the ethical mistakes that led to the financial crisis of 2008. It keeps the middle ground, while investigating the role of speculation in the formation of the crisis.

FORMATHardcover LANGUAGEEnglish CONDITIONBrand New Publisher Description

The Ethics of Banking analyzes the systemic and the ethical mistakes that led to the crisis. It keeps the middle ground between excusing all failures by the argument of a systemic crisis not to be taken responsibility for by the financial managers and the moralistic reproach that only moral failure is at the origin of the crisis. It investigates the role of speculation in the formation of the crisis and distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation going far beyond of the degree of speculation that is necessary in a developed economy for the liquidity of financial markets, on the other hand. Hyper-speculation has increased the risks of the financial system and is still doing so.

Notes

One of the few books on the ethical side of the financial crisisAnalyzes the systemic and the ethical mistakes that have led to the financial crisis of 2008Investigates the role of speculation in the formation of the financial crisis

Back Cover

This book analyzes the systemic and the ethical mistakes that have led to the financial crisis of 2008. It explores the middle ground between the argument that financial managers cannot be expected to take responsibility for a systemic crisis and the argument that moral failure is the one and only origin of the crisis. The book investigates the role of speculation in the formation of the crisis. It distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation, on the other. The book argues that hyper-speculation goes far beyond the degree of speculation that is necessary for the liquidity of financial markets in a developed economy, and has thus increased the risks of the financial system and will continue to do so. This book offers an ethics of banking and an ethical economy of the financial markets to counterbalance the financial industry's purely economic approach.

Table of Contents

Preface.- Introduction: Is the Finance Industry Ethically Irrelevant?.- Part A Foundations of Business and Finance Ethics.- Chapter 1 Ethical Economy, Economic Ethics, Business Ethics.- Part B The Ethical Economy and Finance Ethics of the Markets for Credit, Capital, Corporate Control, and Derivatives.- Chapter 2 The Ethical Economy of the Credit Market.- Chapter 3 The Ethical Economy of the Capital Market.- Chapter 4 Insider Knowledge and Insider Trading as Central Problems of Finance Ethics.- Chapter 5 The Ethical Economy of the Market for Corporate Control and for Corporate Know-How.- Chapter 6 The Ethical Economy of the Market for Derivatives: Trading with Values Derived from Other Values for Hedging, Speculation, and Arbitrage.- Chapter 7 Interdependences Between the Financial Markets for Credit, Capital, and Derivatives, and the Challenges the Financial Markets Pose for Ethics.- Chapter 8 The 'Banking Secret' and the Right to Privacy The Banks' Duty of Confidentiality and Banking Secrecy.- Part C Financial Wagers, Hyper-Speculation, Financial Overstretch The Financial Market Crisis of 2008 and Finance Ethics.- Chapter 9 Financial Wagers, Hyper-Speculation, and Shareholder Primacy.- Chapter 10 Financial Overstretch TheEpochal Disturbance of the Invisible Hand of the Market by the Financial Industry.- References.

Feature

One of the few books on the ethical side of the financial crisis Analyzes the systemic and the ethical mistakes that have led to the financial crisis of 2008 Investigates the role of speculation in the formation of the financial crisis

Details ISBN9400706553 Author Peter Koslowski Publisher Springer Year 2011 ISBN-10 9400706553 ISBN-13 9789400706552 Format Hardcover Imprint Springer Subtitle Conclusions from the Financial Crisis Place of Publication Dordrecht Country of Publication Netherlands DEWEY 174.4 Birth 1952 Short Title ETHICS OF BANKING Language English Translator Deborah Shannon Media Book Series Number 30 Edition 12201st Publication Date 2011-04-22 Edition Description Edition. Pages 214 DOI 10.1007/978-94-007-0656-9 UK Release Date 2011-04-22 Illustrations XV, 214 p. Series Issues in Business Ethics Alternative 9789400735927 Audience Professional & Vocational We've got this

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