Social and Moral Capital in Market Exchange

Adam Ng, Abbas Mirakhor and Mansor Ibrahim

Chapter Chapter 4 in Social Capital and Risk Sharing, 2015, pp 47-63 from Palgrave Macmillan

Abstract: Abstract The 2007/2008 global financial crisis, according to Shoshana Zuboff in a Businessweek piece “Wall Street’s Economic Crimes Against Humanity,” was driven by a sense of “remoteness and thoughtlessness, compounded by a widespread abrogation of individual moral judgment.” The “self-centered business model” allowed those who perpetrated the financial crimes to operate “without the usual feelings of empathy that alerts us to the pain of others and define us as humans” (Zuboff, 2009). The absence of “moral compunction” of those who engaged in practices that led to the financial crisis speaks volume of a “moral bankruptcy” (Stiglitz, 2010). There is now a sense of moral panic concerning systemic assault upon human dignity, trust, contracts, and property, of which all are the fundamental institutional pillars of societies.

Keywords: Social Capital; Market Exchange; Global Financial Crisis; Moral Rule; Moral Sentiment (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-1-137-47605-0_4

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DOI: 10.1057/9781137476050_4

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