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Keywords:

  • G01;
  • G34;
  • G38
  • business ethics;
  • distributive justice;
  • financial crisis;
  • moral hazard;
  • regulation;
  • subprime lending

Abstract

On both sides of the Atlantic, greed, the financial services industry and deregulation have been blamed for the ‘Global Financial Crisis’. The genuinely unethical conduct underlying it was actually much more fundamental, pervasive and pernicious; it was positively encouraged by lax fiscal policy and promoted by government-generated moral hazards.