Economic Meltdown of 2008 - Essay Example

The United States dollar has also become the major currency contemporary corporate realm. Furthermore, the existence of unchecked market forces has overwhelmed conventional standards of ethical and professional conduct. As Bogle argues, it is apparent that the unchecked market forces have resulted in the shift of business morals from moral absolutism to moral relativism that has increased the risk of the global financial crisis (Bogle, 2009).

Although enterprises have advocated for special standards, skills, and knowledge, investors in the modern world engage in activities that target serving selfless interest. Emphasizing strategies that serve self-interest has increased the severity of the global financial crisis. Moreover, reduced trust among business people has destabilized global business operations and activities. This affirms that the main causes of the global financial crisis are the attainment of easy credit, change in bankers’ attitude towards risk-taking and failure of the adoption of effective policies and measures to regulate morals and ethical standards of modern professionals and business people (Nanto & Library of Congress, 2009). Several scholars have linked the modern financial condition to the radical change in capitalism status. Changes in capitalism ideologies have resulted from the emergence of huge financial institutions and business corporations that are controlled by agents.