TY  - BOOK
AU  - Ver Eecke,Wilfried
ED  - SpringerLink (Online service)
TI  - Ethical Reflections on the Financial Crisis 2007/2008: Making Use of Smith, Musgrave and Rajan 
T2  - SpringerBriefs in Economics,
SN  - 9783642350917
AV  - HB172.5 
U1  - 339 23
PY  - 2013///
CY  - Berlin, Heidelberg
PB  - Springer Berlin Heidelberg, Imprint: Springer
KW  - Finance
KW  - Political economy
KW  - Ethics
KW  - Economic history
KW  - Macroeconomics
KW  - International economics
KW  - Economics
KW  - Macroeconomics/Monetary Economics//Financial Economics
KW  - Finance, general
KW  - International Economics
KW  - Political Economy
KW  - Methodology/History of Economic Thought
N1  - Introduction -- Adam Smith and the Free Market -- The Concepts of Private, Public and Merit Goods -- Business Ethics and Eleven Categories of Merit Goods -- The Ethical and Socio-political Dimensions of the Financial Crisis of 2007-08 and the Subsequent Recession -- Conclusion
N2  - In this book the author reflects on the philosophical and ethical bases of the financial crisis 2007-08 and the subsequent recession. He finds in Adam Smith solid arguments for the new free market economy, capitalism, but also arguments for a  role for the government in the case of public goods (roads) and of merit goods (education, control of banking). Where the provision of public goods requires that the government respect consumer sovereignty there the provision of merit goods legitimizes the violation of that principle. By making use of the history of economic thought (e.g., the neo-liberal tradition) the author demonstrates that Musgrave’s idea of merit goods can be expanded to eleven domains in which the government has an important function. He legitimizes that move by using the Kantian argument that we must accept the possibility conditions for what we want. The author demonstrates that Rajan, Reich and Reinhart & Rogoff make use of seven of his eleven categories of merit goods in order to explain the financial crisis 2007-08 and the subsequent recession. The author thereby provides a philosophical and ethical analysis of the government's failures at the basis of the financial crisis
UR  - http://dx.doi.org/10.1007/978-3-642-35091-7
ER  -