Trust and Honesty: America's Business Culture at a Crossroad
America's culture is moving in a new and dangerous direction, as it becomes more accepting and tolerant of dishonesty and financial abuse. Tamar Frankel argues that this phenomenon is not new; in fact it has a specific traceable past. During the past thirty years temptations and opportunities to defraud have risen; legal, moral and theoretical barriers to abuse of trust have fallen. She goes on to suggest that fraud and the abuse of trust could have a widespread impact on American economy and prosperity, and argues that the way to counter this disturbing trend is to reverse the culture of business dishonesty. Finally, she presents the following thesis: If Americans have had enough of financial abuse, they can demand of their leaders, of themselves, and of each other more honesty and trust and less cynicism. Americans can reject the actions, attitudes, theories and assumptions that brought us the corporate scandals of the 1990s. Though American society can have "bad apples," and its constituents hold differing opinions about the precise meaning of trust and truth, it can remain honest, as long as it aspires to honesty.
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Trust and Honesty: America's Business Culture at a Crossroad
America's culture is moving in a new and dangerous direction, as it becomes more accepting and tolerant of dishonesty and financial abuse. Tamar Frankel argues that this phenomenon is not new; in fact it has a specific traceable past. During the past thirty years temptations and opportunities to defraud have risen; legal, moral and theoretical barriers to abuse of trust have fallen. She goes on to suggest that fraud and the abuse of trust could have a widespread impact on American economy and prosperity, and argues that the way to counter this disturbing trend is to reverse the culture of business dishonesty. Finally, she presents the following thesis: If Americans have had enough of financial abuse, they can demand of their leaders, of themselves, and of each other more honesty and trust and less cynicism. Americans can reject the actions, attitudes, theories and assumptions that brought us the corporate scandals of the 1990s. Though American society can have "bad apples," and its constituents hold differing opinions about the precise meaning of trust and truth, it can remain honest, as long as it aspires to honesty.
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Trust and Honesty: America's Business Culture at a Crossroad

Trust and Honesty: America's Business Culture at a Crossroad

by Tamar Frankel
Trust and Honesty: America's Business Culture at a Crossroad

Trust and Honesty: America's Business Culture at a Crossroad

by Tamar Frankel

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Overview

America's culture is moving in a new and dangerous direction, as it becomes more accepting and tolerant of dishonesty and financial abuse. Tamar Frankel argues that this phenomenon is not new; in fact it has a specific traceable past. During the past thirty years temptations and opportunities to defraud have risen; legal, moral and theoretical barriers to abuse of trust have fallen. She goes on to suggest that fraud and the abuse of trust could have a widespread impact on American economy and prosperity, and argues that the way to counter this disturbing trend is to reverse the culture of business dishonesty. Finally, she presents the following thesis: If Americans have had enough of financial abuse, they can demand of their leaders, of themselves, and of each other more honesty and trust and less cynicism. Americans can reject the actions, attitudes, theories and assumptions that brought us the corporate scandals of the 1990s. Though American society can have "bad apples," and its constituents hold differing opinions about the precise meaning of trust and truth, it can remain honest, as long as it aspires to honesty.

Product Details

ISBN-13: 9780199924028
Publisher: Oxford University Press
Publication date: 11/10/2005
Sold by: Barnes & Noble
Format: eBook
File size: 2 MB

About the Author

Tamar Frankel is Professor of Law at Boston University. She is also the author of Securitization: Structured Financing, Financial Assets Pools, and Asset-Backed Securities (1991) and co-author of The Regulation of Money Managers (2001), and Investment Management Regulation (2003).

Table of Contents

Introduction 3

Part I The Eroding Trust, Truth, and Culture of Honesty

1 The Spreading Abuse of Trust and Deception 9

2 Old and New Concerns 25

3 Toward Abuse of Trust and Mistrust 49

4 Toward Deception 59

5 Toward a Different American Culture 78

Part II Rising Opportunities and Temptations and Falling Barriers to Abuse of Trust and Deception

6 Rising Opportunities and Temptations 87

7 The Shift to Weaker Morality, Weaker Law, and Stronger Market Discipline 105

8 The Subtle Changes in Legal Doctrine and Intepretation 119

9 The Shift from Professions to Businesses 136

10 In Markets We Trust 152

11 Why Did Legal Enforcement Fail to Stem the Avalanche of Fraud? 161

Part III Conclusion

12 Toward an Honest Society 189

Notes 207

Bibliography 239

Index 243

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