Ethical Reflections on the Financial Crisis 2007/2008 : Making Use of Smith, Musgrave and Rajan

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Ethical Reflections on the Financial Crisis 20072008; Acknowledgments; Contents; 1 Introduction; References; 2 Adam Smith and the Free Market; 2.1 Introduction; 2.2 Adam Smith's Admiration for the Productivity of the New Economy; 2.3 Adam Smith on the Production Side of the New Economy; 2.4 Adam Smith and the Demand Side of the New Economy; 2.5 Adam Smith's General Principles for a Productive Economy; 2.6 Adam Smith About Some Necessary Functions for the Government; 2.7 Adam Smith and Ethical Expectation of the New Economy; 2.8 Adam Smith About Social Classes and Lobbying; 2.9 Conclusion

Reference3 The Concepts of Private, Public and Merit Goods; 3.1 Introduction; 3.2 The Conceptual Apparatus for Analyzing Economics; 3.3 The Need for the Concept of "Public Goods"; 3.3.1 The Characteristics of a "Public Good"; 3.3.1.1 Four Groups of Characteristics; 3.3.1.2 Reduction of the Four Groups of Characteristics to Two Central Features of the Concept "Public Goods"; 3.3.2 How to Deal with "Public Goods?"; 3.3.2.1 Samuelson: The Non-Rivalness in Consumption; 3.3.2.2 Olson: Impossibility of Exclusion; 3.4 The Concept of "Merit Goods"3; References

4 Business Ethics and Eleven Categories of Merit Goods4.1 Introduction; 4.2 Merit Goods and Ethical Conflicts in the Business World; 4.3 Economic Justifications of Merit Goods; 4.4 Philosophical Justifications and the Categories of Merit Goods; 4.5 Categories of Merit Goods; 4.5.1 Defining and Protecting Property Rights Including Granting Limited Liability; 4.5.2 Institutional Arrangements to Promote Economic Efficiency; 4.5.3 Dealing with Business Cycles; 4.5.4 Education30; 4.5.5 Safety Net32; 4.5.5.1 Justifying the Provision of the Safety Net; 4.5.5.2 Limiting the Safety Net

4.5.6 Public Health Measures374.5.7 A Well-Functioning Social Contract; 4.5.8 Transparency and Prevention of Corruption; 4.5.9 Strategic Planning and Investment Decisions or Industrial Policy; 4.5.10 Environmental Protection44; 4.5.11 Protection of Cultural Heritage; 4.6 Applications for Business Ethics; 4.6.1 General Argument; 4.6.2 Additional Concrete Application: The Financial Crisis of 2007-2008 and the Subsequent Recession; 4.6.3 Conclusion; References; 5 The Ethical and Socio-Political Dimensions of the Financial Crisis of 2007-2008 and the Subsequent Recession; 5.1 Introduction

5.2 Keynes on Recessions and Schumpeter on Creative Destruction5.3 Recent Economic Thoughts About Financial Crises and Recessions; 5.4 Introduction of an Ethical Concept in Economic Theory; 5.5 Financial Crises in the Past; 5.5.1 Reinhart and Rogoff"s Interpretation; 5.5.2 Rajan and Reich's Interpretation; 5.6 Philosophical Interpretation of the 2007-2008 Crisis and the Ensuing Recession; 5.6.1 Conclusion; 5.6.2 Post-Script; References; 6 Conclusion

10.1007/978-3-642-35091-7 [DOI]

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