Finance Ethics: The Rationality of VirtueThe first book ever to integrate business ethics with financial economics, Finance Ethics shows how ethical behavior fits within the rational, profit-maximizing, finance paradigm. Dobson argues that even in economic terms the finance paradigm has a serious flaw: it views the firm and financial markets in general as contractual nexuses yet it fails to supply any adequate mechanisms for enforcing those contractual relations. Finance Ethics is therefore not just a moral critique of the finance paradigm, arguing that self-interested profit making must be constrained by ethics. Rather, it is a critique from within that paradigm, in which truth becomes a rational mechanism to enforce contracts, and virtuous behavior is shown to make the most business sense. |
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Contents
The Finance Paradox | 3 |
A Contractual Problem | 13 |
Is Reputation Enough? | 29 |
Challenging the Finance Paradigm | 43 |
Toward Reconciling Ethics and Finance | 45 |
Ethics in Financial Practice | 63 |
Some International Implications | 75 |
Beyond the Finance Paradigm | 87 |
Which Rationality? | 89 |
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Common terms and phrases
abuse trust act ethically action agency problems agency theory Aristotelian assumptions bank become behavior build a reputation Business Ethics chapter choose clearly context contractual enforcement mechanism corporate culture costs deception decision default developed discussed economic rationality environment equilibrium essence ethical theory eudaimonia example existence external finance paradigm finance's financial economics financial markets firm's function GATT honor trust human implicit contracts implicit contractual enforcement implies increasing individuals informational asymmetry Initial Public Offerings interest rate internal investment investors Journal of Business Lemma lenders MacIntyre managers Metaphysics of Quality moral hazard moral philosophy motivation nomic normative offer trust opportunistic agents payoff perspective Pirsig player profits pursuit question rationality premise risky project role safe project salesman Salomon self-interest shareholders signal Social Quality Speer stakeholders strategy substantive rationality telos tion TNCs trade trustworthy type BG borrowers underwriter unethical utilitarianism virtue ethics virtue-ethics theory virtuous agents wealth maximization