Essay on The Decline of American Economics - 795 Words

There is no doubt that the only surviving socio-economic system prevailing is the free economy system which generated fast economic growth and prosperity albeit often ignoring social injustices along the way. This capitalistic system was born in Europe in the middle ages replacing feudalism when private concerns were generating surpluses and were ready to re-invest same thus spurring economic growth, albeit erratically. In the 18th century a Scottish moral philosopher, Adam Smith became the pioneer of political economy and advocated for the â€Å"free market† and â€Å"the invisible hand† concepts while Ethics and Moral philosophy, a subject he taught at Edinburgh University were essential built-in ingredients in this new ideology. In the first†¦show more content†¦Major private financial institutions in the USA, Japan and Europe ended-up in the hands of such executives who were thus in no violation of any legislation but were in fact acting greedily and unethically, betraying the confidence of their customers. The border line between the laws and the Ethics were lost. What has happened in USA in 2008 is a magnified repetition of what has happened in Japan 10 years ago when the Japanese government spent around 500 billions dollars collected from hardworking, tax paying citizens to clean the mess of irresponsible executives. Europeans, normally more conservative than the hi-risk inclined Americans could not resist the temptation of buying sub-prime structured and well packaged products to make easy money. These financial products changed hands within USA and then in Europe so many times, justifying undeserved commissions and diluting responsibilities along the way. The American disease ended-up crossing both the Atlantic and the Pacific at the speed of light. Globalization of the new financial order preached by the US ended-up being the globalization of poisonous diseases generated by lack of Ethics and lack of accountability of businessmen, investment consultants and brokers who never had to answer oneShow MoreRelatedThe Decline Of The Family941 Wo rds   |  4 Pageson future generations it is essential to take seriously what is happening to the family. 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