A “Selfie” of Finance and Ethics

  • Henry Schäfer
Part of the SpringerBriefs in Finance book series (BRIEFSFINANCE)


Historically, finance and capital market theory have passed remarkable milestones. They have developed from a very practically minded tool box for the requirements of a firm’s financial management to a highly sophisticated scientific discipline. The focus on mathematics, statistics, and physics has encouraged groundbreaking research in modern capital market theories. Without exaggeration it can be claimed that, for years, the research output of finance has outshone other research fields in economics and business administration. Financial economics have emerged in tandem with natural sciences, just as Irving Fisher and his followers have been sincerely wishing for. With the success of well-known capital market models in both practice and academia, the neoclassically based dichotomies between the real and the monetary sector have become fact. However, repeated crises in financial markets augmented a growing distrust for stakeholders, politicians, regulators, and media concerning the stability and efficiency of the financial sector. A growing awareness of and the demand for ethics and morality in financial markets has increased over the past decade. It has inspired new research that questions long-standing positions in finance but has still been unable to lay the groundwork for a new paradigm in finance and capital market theory that integrates ethics and morality within finance. Nevertheless the need to think and elaborate on finance and ethics remains.


Monetary theory Capital market theory Finance theory Crisis Stakeholder Neoclassic Financial crisis Uncertainty Irving Fisher 


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© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Henry Schäfer
    • 1
  1. 1.Institute of Business AdministrationUniversity of StuttgartStuttgartGermany

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