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finance ethics

rationality toward a broadened rationality construct that, albeit a Nirvana to some, is no less real." (Dobson,pp. 42) In other words, the paradigm must shift from wealth maximization or financial rationality to rationality itself. But what is rationality? What the last paragraph leaves us with is the fact "that people can be slaves to the maximization of self- interest." Which "leaves open for our moral evaluation whether they should be slaves to the maximization of self-interest." (Dobson,pp 3) In other words morals, ethics, and what is right and wrong lies in the eyes of the beholder. There is no ultimate ethical truth or moral path to follow. Each person must decide which way is right for them and in the process take into consideration those surrounding them. Dobson says the firm is a "human organization" and if a shift in the financial paradigm is to take place there is going to have to be a change of goals. Instead of opportunism being the focus, the pursuit of moral excellence will have to take its place. And of course this leads us to another problem which we stated above, "in the pursuit of moral excellence there are no absolute ethical rules." (Dobson,pp.142) So, how do we change the focus of the paradigm or more importantly the humans that make it up? And who is to determine what ethical path to take? These questions and others like it cannot be answered but in order for a shift to happen there must be a beginning, a new idea, a separation from the existing paradigm. We know from Kuhns that each group will naturally side with their paradigm and back it up. They will not stand for someone else to challenge their theory. But they must because revolutions can change the world and the way we see it. A separation can take place and it will when the infrastructure of the business world is altered and the way people learn and carry themselves in the business world is changed. "North notes: If the highest rates of ...

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