Wall Street’s Culture

Tiberiu Brãilean () and Aurelian-Petrus Plopeanu ()
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Tiberiu Brãilean: Alexandru Ioan Cuza University of Iasi
Aurelian-Petrus Plopeanu: Alexandru Ioan Cuza University of Iasi

No 87/2015, Working Papers from Institute of Economic Research

Abstract: Modern finance has become a very complicated field, which raises many questions about its economic and social mission. Many bankers’ ignorance of complex knowledge and care for the future are hostile ingredients that transform the markets’ volatility, through spillover effects, into economic and financial crisis and social anomy. What fuels the wildfire does not necessarily mean black swan events, but often it is the result of (un)conscious and (un)intended decisions of certain economic policy makers. The current financial system is discredited. It is necessary to reform the financial institutions and practices, with the core principle that money should serve the economy and society and not vice versa. In a world of financial capitalism, a world driven by money and adjacent institutions appear to be defective and unjust to many of us. The conflicts’ arena must be manageable. The hopes rely on the institutions that represent financial capitalism, institutions erected by people, and where they do not work, they have to be changed.

Keywords: crisis; financial system; elite; reform; morality (search for similar items in EconPapers)
JEL-codes: E5 F3 N20 (search for similar items in EconPapers)
Date: 2015-04, Revised 2015-04
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-mac
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