Ethics and Moral Hazard in the 21st Century

“Too Big to Fail” and the “Margin Call” openly reveal how bankers and officials manipulated the market to earn short-term rewards such as huge bonuses while completely disregarding the long-term ramifications of their conduct. The crisis was aggravated by the undervaluation of socialism, in which a society's productive apparatus is held by public bodies rather than individuals or capitalists. 1 For example, the top leadership explains and justifies their decision to destabilize the entire market and expose counterparties and clients to losses to reap massive profits and eventually prevent their insolvency. 2 3 As a result, individualism competitiveness has to be downplayed in favor of interconnectedness, genuine global cooperation, and social equality as a means of ensuring future economic development.

Managing Personalities and Objectives in an Age of Cultural Diversity and Political Correctness 

Implicit attitudes involving important social and moral categories such as race, gender, or age are critical in explaining persistent discriminatory conduct and inequitable social outcomes. People establish unconscious perceptions about groups of people that might occasionally contradict their conscious attitudes and ethical obligations. 4 For example, Shaw and Barry show that while many people express the egalitarian opinion that they do not prefer whites over African Americans, they are also likely to be implicitly biased against African Americans. 5 Similar implicit biases are also expressed to older women. 6 However, according to Miller, implicit attitudes and stereotypical views about others can are controllable. As a result, individuals can maintain fairness in the workplace and an environment that promotes liberty.

A Case For-and-Against Industrialism 

Ethical philosophy plays a critical role in the implementation of public policy. Ralph Nader's "Unsafe at Any Speed" highlights how corporate transactions have broader social and economic effects, particularly on public health, user safety, and the environment. 7 In a related manner, Thomas Sowell argued that, while equality of outcomes limits freedom, it does nothing to address the reality that people will not have equal chances without equality of results and, as such, is not a defense of equality of opportunity. 8 Shaw and Barry elaborate on the critical role of corporate governance in creating social interactions, public trust, equality, and peace. As a result, the federal government should instill a widespread feeling of responsibility for enterprises and societal structures that behave to the public's detriment through legislation to ensure a just and safe modern culture.

Bibliography

Free to Choose Network. “Thomas Sowell Dismantles Egalitarianism (Frances Fox Piven Edition).” YouTube . YouTube, January 25, 2011. Last modified January 25, 2011. Accessed June 11, 2021. https://www.youtube.com/watch?v=26QxO49Ycx0. 

“Ralph Nader's Unsafe At Any Speed: Exploring Auto Safety NATIONALS.” YouTube . YouTube, June 16, 2016. Last modified June 16, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=lXzqw3ZP6yI. 

“Margin Call (2011) - Senior Partners Emergency Meeting [HD 1080p] (Re-Upload / Audio Fixed).” YouTube . YouTube, November 9, 2016. Last modified November 9, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=Hhy7JUinlu0 .

“‘Too Big to Fail’ (2011) - Financial Crisis Explained.” YouTube . YouTube, September 1, 2012. Last modified September 1, 2012. Accessed June 11, 2021. https://www.youtube.com/watch?v=OqYTQB6lrQQ. 

Shaw, William H, and Vincent Barry. Moral Issues in Business . Cengage Learning , 2015.

PBS Newshour. “Age, Gender and Race Discrimination in Hiring.” YouTube . YouTube, January 15, 2016. Last modified January 15, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=hwpFehqLLVM. 

TEDxTalks. “Unconscious Bias: Stereotypical Hiring Practices. | Gail Tolstoi-Miller | TEDxLincolnSquare.” YouTube . YouTube, May 4, 2017. Last modified May 4, 2017. Accessed June 11, 2021. https://www.youtube.com/watch?v=QCFb4BiDDcE. 

1 Shaw, William H, and Vincent Barry. Moral Issues in Business . Cengage Learning, 2015.

2 “Margin Call (2011) - Senior Partners Emergency Meeting [HD 1080p] (Re-Upload / Audio Fixed).” YouTube . YouTube, November 9, 2016. Last modified November 9, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=Hhy7JUinlu0 .

3 “‘Too Big to Fail’ (2011) - Financial Crisis Explained.” YouTube . YouTube, September 1, 2012. Last modified September 1, 2012. Accessed June 11, 2021. https://www.youtube.com/watch?v=OqYTQB6lrQQ. 

4 TEDxTalks. “Unconscious Bias: Stereotypical Hiring Practices. | Gail Tolstoi-Miller | TEDxLincolnSquare.” YouTube . YouTube, May 4, 2017. Last modified May 4, 2017. Accessed June 11, 2021. https://www.youtube.com/watch?v=QCFb4BiDDcE. 

5 Shaw, William H, and Vincent Barry. Moral Issues in Business. 

6 PBS Newshour. “Age, Gender and Race Discrimination in Hiring.” YouTube . YouTube, January 15, 2016. Last modified January 15, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=hwpFehqLLVM. 

7 “Ralph Nader's Unsafe At Any Speed: Exploring Auto Safety NATIONALS.” YouTube . YouTube, June 16, 2016. Last modified June 16, 2016. Accessed June 11, 2021. https://www.youtube.com/watch?v=lXzqw3ZP6yI. 

8 Free to Choose Network. “Thomas Sowell Dismantles Egalitarianism (Frances Fox Piven Edition).” YouTube . YouTube, January 25, 2011. Last modified January 25, 2011. Accessed June 11, 2021. https://www.youtube.com/watch?v=26QxO49Ycx0.