Ethics and Finance in Times of Crisis

Abstract

In a challenging moment within the socioeconomic history – as with the one we are experiencing nowadays – the process of reconciling opposing political tendencies is controversial within the context of framing technical measures upon which the current economic recession may be overcome. Indeed, indignation and dissatisfaction, instead of rationality and efficiency, may become an incentive for utopian theories based upon the illusion of a sort of ‘participatory-democracy-driven model’ inspired by the ‘economic degrowth theory’. According to the outlined framework, the analysis of ‘ethics in finance’ may open the avenue to hope! In fact, ethics’ values become key features for an assessment of the principles of equality, equity and solidarity which lead to the implementation of normative and economic reforms. Thus, substantial welfare reforms may be achievable; consequently, there is the need to establish a climate of trust and harmony, that should characterise each civilisation. In light of the aforementioned concerns, I consider that ‘ethics in finance’, in the current historical moment, is a debated concept. Nevertheless, any attempt to define that concept marks a useful step forward to the improvement of ‘canons of social conduct’; in other words, it may be helpful to identify incorrect behaviours or financial distortions. Ethics allows us to dream and hope for a positively reformed future! In fact, it teaches us that it is possible to reform our reality and to say ‘no’ to speculation and oppression; in fact, in light of a renewed life environment for which we have to fight, ethics leads us to trust ‘non-violence’ which may solve desperate circumstances and eliminate any form of hostility.