Chapter 16. Ethics Can Make the Market Work


“In my day those of us who went to business school did so because we were interested in business; if we’d wanted to make money, we’d have gone to medical school to become doctors.”

 --Graduate, Harvard Business School, Class of 1954

President George W. Bush, Fed Chairman Alan Greenspan, and investor spokesman Warren Buffett tell us that the core problem in the corporate scandals is the ethics, or lack thereof, of top executives. Presumably, therefore, improving the ethics of corporate leadership would reduce the problems that investors have been having. There are several aspects to improving ethics. For every executive and manager below the rank of the CEO, the most important influence on his or her ...

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