Finance, Ethics of

John R. Boatright

Finance is concerned broadly with the generation, allocation, and management of monetary resources for any purpose. It includes personal finance , whereby individuals save, invest, and borrow money to conduct their lives; corporate finance , whereby business organizations raise capital, mainly through the issue of stocks and bonds, and manage it to engage in economic production; and public finance , whereby governments raise revenue by means of taxation and borrowing and spend it to provide services for their citizens. This financial activity is facilitated by financial markets , in which money and financial instruments are traded, and by financial intermediaries , such as banks and other financial service providers, which facilitate financial transactions. Ethics in finance consists of the moral norms that apply to financial activity broadly conceived. That finance be conducted according to moral norms is of great importance, not only because of the crucial role that financial activity ...

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