SpringerBriefs in Economics

Ethical Reflections on the Financial Crisis 2007/2008

Making Use of Smith, Musgrave and Rajan

Authors: Ver Eecke, Wilfried

  • Provides ethical arguments for the necessary role of the government for a well-functioning economy
  • Generalizes the applicability of Musgrave’s concept of merit goods by connecting this concept to the neo-liberal economic philosophy
  • Provides a Kantian argument to connect individual freedom with government regulation, oversight and intervention​
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  • ISBN 978-3-642-35091-7
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Softcover $49.95
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About this book

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. ​

About the authors

Wilfried Ver Eecke is Professor of Philosophy at Georgetown University, Washington, DC since 1967. He specializes in Hegel, philosophy of psychoanalysis and philosophy of economics. He received his Ph.D. from the University of Leuven (Belgium) in 1966, did doctoral and post-doctoral work in Paris, Freiburg/i Br (Germany), Harvard and Bonn/Cologne (Germany). He studied economics at Georgetown University. He published, edited or translated seven books. He wrote more than one hundred articles. His publications have appeared in eleven languages.

Table of contents (6 chapters)

  • Introduction

    Eecke, Wilfried

    Pages 1-4

  • Adam Smith and the Free Market

    Eecke, Wilfried Ver

    Pages 5-21

  • The Concepts of Private, Public and Merit Goods

    Eecke, Wilfried Ver

    Pages 23-44

  • Business Ethics and Eleven Categories of Merit Goods

    Eecke, Wilfried Ver

    Pages 45-82

  • The Ethical and Socio-Political Dimensions of the Financial Crisis of 2007–2008 and the Subsequent Recession

    Eecke, Wilfried Ver

    Pages 83-100

Buy this book

eBook $34.99
price for USA (gross)
  • ISBN 978-3-642-35091-7
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $49.95
price for USA
  • ISBN 978-3-642-35090-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Ethical Reflections on the Financial Crisis 2007/2008
Book Subtitle
Making Use of Smith, Musgrave and Rajan
Authors
Series Title
SpringerBriefs in Economics
Copyright
2013
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
The Author(s)
eBook ISBN
978-3-642-35091-7
DOI
10.1007/978-3-642-35091-7
Softcover ISBN
978-3-642-35090-0
Series ISSN
2191-5504
Edition Number
1
Number of Pages
X, 102
Topics