Analysis: Lack Of Ethics In The 2008 Financial Crisis

Lack of Ethics in the 2008 Economic Crisis

Beth Gardner writes about the implications of the 2008 financial crisis as a “trigger” for business schools to teach their students ethics. Ethics is a broad term about moral conduct and how the decisions of an individual affect others. As discussed in class, the three goals of ethics include: preventing harm from occurring, stopping harm from continuing, and minimizing unavoidable harm (Bryan, 6). As witnessed in the 2008 financial crisis, ethics was submerged by the political and selfish nature of corrupt business leaders who focused solely on money.

The three goals of ethics were comprised through the economic crisis. The 2008 financial crisis could have been avoided if banks valued ethical decision

As a student, I believe a combination of these three techniques are most effective in truly mastering the concept of ethical decision making. Stimulations within ethics modules are a very inclusive and hands-on experience for students to practice mock business scenarios and become prepared to handle real-life situations. Incorporating ethics into classes such as Accounting and Marketing emphasizes that ethics is an all-encompassing concept which affects all ranges of the business world, whether it is creating a financial budget or determining how to allocate costs and time for brand

Dr. Morris states, “Despite the increase in interest [on ethics], there are pressures on schools to produce students who make money their top priority, particularly from school rankings that are based partly on how much salaries increase after graduation. Built into those structures are incentives to behave unethically” (Gardner, 2). In this case, the bottom line for the school is its school ranking. If schools are able to produce top students with secure and high salaries, the prestige of the school increases. Often times, the pressure for students to perform well is coupled with incentives such as a sense of entitlement as a “valedictorian” or a “magna cum laude” student. Within this context, it is important to keep in mind how money is perceived as a means to an end. With an increased yet secure salary comes a hierarchy of status, power, and image for both the student and the school. . In the real world, there are a limited number of seats for those to be on the top, but many people fighting to attain one of those seats. Competition creates much tension between students of the same school since the opportunity to advance and secure financial stability is appealing and restrictive. Personal integrity may be compromised by students who choose to cheat their way to the top. Unethical behavior such as cheating during exams or projects, lying