Greed and Global Financial Crisis: Reflections on the Repeal of Glass-Steagall Act

Claudia Dobre () and Răsăuţeanu Costin I. ()
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Răsăuţeanu Costin I.: “Ovidius†University of Constanţa

Ovidius University Annals, Economic Sciences Series, 2017, vol. XVII, issue 1, 35-40

Abstract: One of the main causes of the economic crisis is the “greed†manifested at the different levels ofsociety. From a moral point of view, in all religions of the world greed is repulsive and evil. In thispaper, we’ll look at how the degree of greed displayed by bank directors and the unscrupuloustactics significantly contributed to the collapse of the financial system and we will focus on theconsequences of repealing the Glass Steagall Act. Though, over time, both philosophers, scientists, politicians, church have tried, through theirworks, to influence human behavior in order to be more selfless, these actions are not enough. Itrequires government intervention, through strict regulations applied to institutions and individualsthat lead to extreme greed and affect the population through their actions. We have to launch a strident call for a new kind of humanism to confront a world seemingly out of control!

Keywords: greed; economic crisis; Glass Steagall Act (search for similar items in EconPapers)
JEL-codes: A13 D64 G38 (search for similar items in EconPapers)
Date: 2017
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