Condemning Greed? Catholic Perspectives

Patrick Riordan

Chapter 8 in Greed, 2009, pp 123-142 from Palgrave Macmillan

Abstract: Abstract Journalistic commentary on the financial and banking crises which began in 2007 frequently pointed to the greed of bankers and traders as a cause of the bubble that finally burst. This is far too convenient as an explanation, and dangerously simple as a location of the blame. But it has its attraction for a public which is reeling in shock from the experience of seeing savings jeopardised if not lost, pension funds in danger of evaporation and the housing market collapsing, leaving many holding negative equity. The taxpayers who are called upon to bail out banks and financial institutions want to be able to point the finger, to identify a culprit, on whom the blame can be laid. The greed of certain individuals offers a convenient candidate, and the media are well able to oblige.

Keywords: High Good; Catholic Social Teaching; Negative Equity; Collective Conscience; Ultimate Good (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24615-7_9

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DOI: 10.1057/9780230246157_9

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