IPE Ethics and IPE Crises
A consideration of ethical principles has been at the heart of international political economy from the beginning. Nicolo Machiavelli addressed what a wise ruler ought to do. Adam Smith wrote The Theory of Moral Sentiments before he wrote The Wealth of Nations. Much recent discussion on ethics in IPE has focused on distributive justice, especially in terms of a north-south or developed-developing divide. But with the current worldwide economic slump and its associated crises, some different ethical divisions have arisen. In this era of globalization, it is less clear who the wise ruler out to be, or who Smith might ascribe his rights and liberties to (markets, institutions, nations, citizens?). Two events can highlight how this dialogue has morphed over the past couple of years: the Icelandic financial crisis and the Greek debt crisis. These crises have had the technical attributes others, but the globalism of the finance involved in these crises have brought forth intense international disagreement, threats of worldwide persona non grata status, and volatile domestic politics. In different ways, each crisis has raised the question of jurisdictional responsibility over international economic interactions. Who has the authority to adjudicate between markets, financial institutions, nations and citizens? Ultimately, what these crises and the global economic slump might show is that the ethics of sharing losses are very different from the ethics of sharing gains
Year of publication: |
2011
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Authors: | Jesse, Russell |
Publisher: |
[2011]: [S.l.] : SSRN |
Subject: | Theorie | Theory | Internationale Wirtschaftsbeziehungen | International economic relations | Unternehmensethik | Business ethics | Weltwirtschaftsordnung | World economic order | Ethik | Ethics |
Description of contents: | Abstract [papers.ssrn.com] |
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