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

See all articles by Tiberiu Brăilean

Tiberiu Brăilean

Alexandru Ioan Cuza University of Iasi - Faculty of Economics and Business Administration

Aurelian P. Plopeanu

The Department of Social Sciences and Humanities, The Institute of Interdisciplinary Research, Alexandru Ioan Cuza University of Iasi

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

Brăilean, Tiberiu and Plopeanu, Aurelian P., Wall Street's Culture (June 19, 2015). 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, Available at SSRN: https://ssrn.com/abstract=2729772

Tiberiu Brăilean

Alexandru Ioan Cuza University of Iasi - Faculty of Economics and Business Administration ( email )

B-dul Carol I, nr.22, FEAA, B 383
Iasi
Romania

Aurelian P. Plopeanu (Contact Author)

The Department of Social Sciences and Humanities, The Institute of Interdisciplinary Research, Alexandru Ioan Cuza University of Iasi ( email )

Alexandru Lapusneanu 26
Iasi, 700057
Romania

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