Sorell, Tom (2019) The bankers and 'the nameless virtue'. In: Cowton, C. and Dempsey, J. and Sorell, T., (eds.) Business Ethics After the Financial Crisis. Routledge Studies in Business Ethics . New York: Routledge , pp. 141-164. ISBN 9781138330504

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Abstract

I shall try to say something about the limits of expansive self - blame as a virtue. Sometimes that sort of blame is in sufficient for taking responsibility appropriately, even when it is accompanied by public expressions of remorse or regret. One reason is that taking responsibility appropriately sometimes requires an agent to submit to judgement by others, paradigmatically through legal proceedings and, in particular, by exposing themselves to proportionate punishment determined by independently devised and independently applied standards. Self - blame often does not meet these independence requirements. Again, except where it is psychologically so far - reaching that it dominates one’s consciousness and is, for a time at least, inescapable, self - blame need not reach the threshold for being punishing at all. Minimal self - blame — a matter - of - fact acknowledgement of fault — is sometimes not enough for taking responsibility appropriately, even when self - blame is heartfelt and is expressed publicly.

This point seems particularly compelling where an agent — either an individual or an organisation — takes blame for a very bad outcome but is so rich or powerful that bearing even major money costs is easy and hardly alters the quality of life. In cases like these, self - blame by itself seems not to register on the scale for appropriately taking responsibility. Even if rich and powerful wrongdoer s feel so bad about something that they are put off their champagne and caviar for a week, that cost may be so slight and forgettable for them, all things considered, as to be hardly any payment at all.

Item Type:	Book Item
Subjects:	B Philosophy. Psychology. Religion > BJ Ethics H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Politics and International Studies
Library of Congress Subject Headings (LCSH):	Global Financial Crisis, 2008-2009 -- Moral and ethical aspects, Banks and banking -- Moral and ethical aspects
Series Name:	Routledge Studies in Business Ethics
Publisher:	Routledge
Place of Publication:	New York
ISBN:	9781138330504
Book Title:	Business Ethics After the Financial Crisis
Editor:	Cowton, C. and Dempsey, J. and Sorell, T.
Official Date:	8 February 2019
Dates:	Date Event 8 February 2019 Published
Number of Pages:	200
Page Range:	pp. 141-164
Status:	Not Peer Reviewed
Publication Status:	Published
Reuse Statement (publisher, data, author rights):	"This is an Accepted Manuscript of a book chapter published by Routledge in Business Ethics After the Financial Crisis on 8/02/2019, available online: http://www.routledge.com/Business-Ethics-After-the-Global-Financial-Crisis-Lessons-from-The-Crash/Cowton-Dempsey-Sorell/p/book/9781138330504.”
Date of first compliant deposit:	21 January 2019
Date of first compliant Open Access:	8 September 2020
Related URLs:	Other

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