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Description :
How ubiquituos Self-Deception manifested in the 2008 financial crisis; how we may come to grips with this devastating human shortcoming.
Full Text :
Asking who is to "blame" for the 2008 financial crisis may be an irrelevant question when one considers the significant, but largely unrecognized role of self-deception. Research conducted by experimental economists strongly suggests that human psychology interacting with a bull (inflationary) market practically guarantees unwise risk-taking, even with knowledge of business cycles. The purpose of this essay is to examine the implications for business ethics and ethical theories which assume a conscious, willful decision-making process, in light of unconscious behaviors due to surprisingly ubiquitous self-deception. The well-documented self-deception processes are correlated with the judgmental polarized worldview, which is based on leaps of abstraction mistaken as facts. Judging human behavior as blameworthy exacerbates problem behavior by actually encouraging recidivism. This research serves as a foundation to recommend a "no-fault" restorative justice approach to future regulation.

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KCattadoris-SelfDeception-FinancialCrisis.pdf 269.09 KB 08/11/2010 Download

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