With many still reeling from the ripple effects of the 2008-09 global financial crisis, it became clear that the principles and business ethics are fundamental to economic success. Out of this system failure and ensure that it is never repeated require new thinking about the types of institutions that are successful economy depends, and more importantly, on the relationship between these institutions. The authors' objective is not to lay out a detailed framework for the solvency of banks, regulation of accounting and corporate governance, rather, it is to clarify the principles on which any responsible market system will relax, and how they can be applied. It will also offer a variety of activities that market participants can take to prevent similar accidents. The authors show that, in many respects, an efficient economy, as an effective political system: it has checks and balances, accountability, responsibility, information flow, and culture. They go to a description of the five principles of accountability of capitalism ", and four levels of stakeholders are needed to make this a reality.
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by Stephen Davis, Jon Lukomnik, David Pitt-Watson Source: Rotman School of Management, 4 pages. Publication Date: September 1, 2009. Prod. #: ROT096-PDF-ENG
