The crisis should not be considered on merely technical terms. It cannot be attributed solely to mistakes made by the professional management of any industry, nor to a lack of technical knowledge on the part of the main actors, nor to bank mismanagement. The current crisis is unlike others in recent history, in that it is global rather than local, and structural rather than superficial. This crisis has a much broader base and its origins can be traced not only to institutions and their governance, but also to society and its prevailing values and ideologies, and finally to individuals values and behavior. Therefore, it is not enough to dissect the technical mistakes that lead to the credit crunch and to the lack of trust. In order to begin to effectively evaluate and understand the impact of the financial and economic crisis, some deeper issues must be addressed and understood.
The resulting publication, Natural Law, Economics and the Common Good, from Imprint Academic’s St. Andrews Studies in Philosophy and Public Affairs, is now available.
