Economic justifications let financiers view profit-seeking as serving the common good
Evidence
Financiers rely heavily on economic justifications of their business practices. They argue that when it is free from obstructive regulations, the finance industry promotes economic growth by supporting innovations and providing capital for productive industries. Economic growth raises the standard of living and contributes in other ways to the common good. At the height of the global economic meltdown of the financiers own making, Lloyd Blankfein, chief of Goldman Sachs, extolled how the financial industry serves the greater good: “We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle. We have a social purpose.” He described himself as “doing God’s work” (Carney, 2009). Viewing oneself as promoting the common good through holy work obviates the need for self-censure. The missionary claim might be dismissed as spoken in jest. However, given the financial meltdown, one must believe in the goodness of one’s work to preserve a sense of self-respect. — Albert Bandura, Moral Disengagement, 1515
Categorization
Category: Causal Relationships
- XREF: Relates to Bandura’s broader moral disengagement framework throughout this book — self-exoneration through moral justification.
- CANDY: Blankfein calling himself ‘God’s work’ right before the meltdown is a memorable, quotable moment.