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Journal of Business Ethics

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01-02-2011

Sustainable Stakeholder Capitalism: A Moral Vision of Responsible Global Financial Risk Management

Author: Joseph A. Petrick

Published in: Journal of Business Ethics | Special Issue 1/2011

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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.

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Title: Sustainable Stakeholder Capitalism: A Moral Vision of Responsible Global Financial Risk Management
Author: Joseph A. Petrick
Publication date: 01-02-2011
Publisher: Springer Netherlands
Published in: Journal of Business Ethics / Issue Special Issue 1/2011
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI: https://doi.org/10.1007/s10551-011-1157-6

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