{"title":"Entre libre-échange et protectionnisme : où est la morale économique ?","authors":"Frédéric Poulon","doi":"10.3917/FBC.031.0129","DOIUrl":"https://doi.org/10.3917/FBC.031.0129","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127237500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Crisis or Catalyst","authors":"Paul H. Dembinski","doi":"10.3917/FBC.031.0005","DOIUrl":"https://doi.org/10.3917/FBC.031.0005","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121310708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Finance et réalité : un lien indiscutable","authors":"J. Bichot","doi":"10.3917/FBC.031.0110","DOIUrl":"https://doi.org/10.3917/FBC.031.0110","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132670542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The current crisis in the financial systems of developed countries is often explained in terms of Hyman P. Minsky’s financial fragility hypothesis. Minsky was an economist at the Levy Institute and the foremost expert on credit crunches. His hypothesis was that the structure of a capitalist economy becomes more fragile over a period of prosperity; that is, endogenous processes breed financial and economic instability. In this brief, Senior Scholar Jan Kregel explains how the current crisis differs from the traditional Minsky hypothesis. He reviews Minsky’s concept of a margin or “cushion” of safety, financial fragility, and debt deflation. He concludes that, while the current subprime mortgage crisis involves both Ponzi financing and declining margins of safety, these conditions are not the result of endogenous processes. Rather, the crisis is the result of insufficient margins of safety based on how credit worthiness is assessed (the undervaluation and mispricing of risk) in the new “originate and distribute” financial system.
{"title":"Minsky's ‘Cushions of Safety', Systemic Risk and the Crisis in the Subprime Mortgage Market","authors":"J. Kregel","doi":"10.3917/FBC.031.0051","DOIUrl":"https://doi.org/10.3917/FBC.031.0051","url":null,"abstract":"The current crisis in the financial systems of developed countries is often explained in terms of Hyman P. Minsky’s financial fragility hypothesis. Minsky was an economist at the Levy Institute and the foremost expert on credit crunches. His hypothesis was that the structure of a capitalist economy becomes more fragile over a period of prosperity; that is, endogenous processes breed financial and economic instability. In this brief, Senior Scholar Jan Kregel explains how the current crisis differs from the traditional Minsky hypothesis. He reviews Minsky’s concept of a margin or “cushion” of safety, financial fragility, and debt deflation. He concludes that, while the current subprime mortgage crisis involves both Ponzi financing and declining margins of safety, these conditions are not the result of endogenous processes. Rather, the crisis is the result of insufficient margins of safety based on how credit worthiness is assessed (the undervaluation and mispricing of risk) in the new “originate and distribute” financial system.","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132798234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Crise ou catalyse","authors":"Paul H. Dembinski","doi":"10.3917/FBC.031.0011","DOIUrl":"https://doi.org/10.3917/FBC.031.0011","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125178374","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Appeler par son nom le risque de perversion","authors":"François-Marie Monnet","doi":"10.3917/FBC.031.0014","DOIUrl":"https://doi.org/10.3917/FBC.031.0014","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130094459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"L'éthique selon Barack obama","authors":"Nelson M. Vera","doi":"10.3917/FBC.031.0022","DOIUrl":"https://doi.org/10.3917/FBC.031.0022","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129535999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The G-20 Attack on ‘Banking Secrecy'","authors":"Paul H. Dembinski","doi":"10.3917/FBC.031.0012","DOIUrl":"https://doi.org/10.3917/FBC.031.0012","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126053646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
L’alternative a la confiance est la verification. Toutefois, la verification et les precautions peuvent avoir un cout tres eleve. Trust is crucial to the health of the financial system and the economy. In the past, when most trade and finance were conducted by people who knew each other, trust or mistrust developed naturally. In small communities, sanctions, like exclusion, could be a powerful means of preventing abuse of trust. But today, in a global financial system, people are forced to interact with strangers, and trust cannot be established as it was in the past. What is the state of trust in the financial system today? When I was writing the book on Trust and Honesty, America’s Business Culture at a Crossroad (published in 2006), I found a significant change in people’s attitudes towards honesty and trustworthiness. There is no proof that there are more incidents of fraud today than there were in the past. America has always had its fair share of scandals and fraud. It has had its Robber Barons and medicine men who defrauded gullible people in small towns. It has had many corporate and financial frauds throughout the ages. I cannot prove that there is a change in the number of frauds today compared with the past. What has changed, however, is the attitude towards dishonesty and breach of trust. Today, there is great er acceptance and more justification of dishonesty. In some cases, we have legitimized what in the past would have been considered an abuse of trust. And, moreover, the potential victims are required to protect themselves from abuse. This new and very dangerous trend leads to a culture of dishonesty and, in some respects, this cultural change is far more serious than an increasing number of cases of dishonesty.
{"title":"Trust, Honesty and Ethics in Business","authors":"Tamar Frankel","doi":"10.3917/FBC.031.0087","DOIUrl":"https://doi.org/10.3917/FBC.031.0087","url":null,"abstract":"L’alternative a la confiance est la verification. Toutefois, la verification et les precautions peuvent avoir un cout tres eleve. Trust is crucial to the health of the financial system and the economy. In the past, when most trade and finance were conducted by people who knew each other, trust or mistrust developed naturally. In small communities, sanctions, like exclusion, could be a powerful means of preventing abuse of trust. But today, in a global financial system, people are forced to interact with strangers, and trust cannot be established as it was in the past. What is the state of trust in the financial system today? When I was writing the book on Trust and Honesty, America’s Business Culture at a Crossroad (published in 2006), I found a significant change in people’s attitudes towards honesty and trustworthiness. There is no proof that there are more incidents of fraud today than there were in the past. America has always had its fair share of scandals and fraud. It has had its Robber Barons and medicine men who defrauded gullible people in small towns. It has had many corporate and financial frauds throughout the ages. I cannot prove that there is a change in the number of frauds today compared with the past. What has changed, however, is the attitude towards dishonesty and breach of trust. Today, there is great er acceptance and more justification of dishonesty. In some cases, we have legitimized what in the past would have been considered an abuse of trust. And, moreover, the potential victims are required to protect themselves from abuse. This new and very dangerous trend leads to a culture of dishonesty and, in some respects, this cultural change is far more serious than an increasing number of cases of dishonesty.","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116510281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Le risque au cœur de l'éthique financière","authors":"É. Perrot","doi":"10.3917/FBC.031.0119","DOIUrl":"https://doi.org/10.3917/FBC.031.0119","url":null,"abstract":"","PeriodicalId":102340,"journal":{"name":"Finance & Bien Commun","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129599057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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