Wall Street's Culture
Proceedings of the 8th International Conference on Applied Economics Contemporary Issues in Economy under the title Market or Government? Management Sciences edited by Adam P. Balcerzak, p. 384-395
Institute of Economic Research Working Papers No. 87/2015
12 Pages Posted: 9 Feb 2016
Date Written: June 19, 2015
Abstract
Modern finance has become a very complicated field, which raises many questions about its economic and social mission. Many bankers’ ignorance of complex knowledge and care for the future are hostile ingredients that transform the markets’ volatility, through spillover effects, into economic and financial crisis and social anomy. What fuels the wildfire does not necessarily mean black swan events, but often it is the result of (un)conscious and (un)intended decisions of certain economic policy makers. The current financial system is discredited. It is necessary to reform the financial institutions and practices, with the core principle that money should serve the economy and society and not vice versa. In a world of financial capitalism, a world driven by money and adjacent institutions appear to be defective and unjust to many of us. The conflicts’ arena must be manageable. The hopes rely on the institutions that represent financial capitalism, institutions erected by people, and where they do not work, they have to be changed.
Keywords: crisis, financial system, elite, reform, morality
JEL Classification: E5, F3, N20
Suggested Citation: Suggested Citation