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Article
Sustainable Stakeholder Capitalism: A Moral Vision of Responsible Global Financial Risk Management
Journal of Business Ethics
  • Joseph A. Petrick, Wright State University - Main Campus
Document Type
Article
Publication Date
2-1-2011
Abstract

The author identifies the major micro-, meso-, and macro-level financial risk shifting factors that contributed to the Great Global Recession and how the absence of a compelling moral vision of responsible financial risk management perpetuated the economic crisis and undermined the recovery by blind reliance upon insufficiently accountable bailouts. The author offers a new theoretical model of Sustainable Stakeholder Capitalism by exercising moral imagination which inclusively and moderately balances four multi-level factors: types of capitalism, moral theories, human nature drives, and credit risk profiles. Finally, the author recommends micro-, meso-, and macro-level practical reforms to prevent a recurrence of the current economic freefall, to re-create systemic global financial institution integrity, and to promote responsible risk management for sustainable global prosperity for current and future generations.

DOI
10.1007/s10551-011-1157-6
Citation Information
Joseph A. Petrick. "Sustainable Stakeholder Capitalism: A Moral Vision of Responsible Global Financial Risk Management" Journal of Business Ethics Vol. 99 Iss. supl_1 (2011) p. 93 - 109 ISSN: 0167-4544
Available at: http://works.bepress.com/joseph-petrick/61/