How Neoliberalism’s Moral Order Feeds Fraud and Corruption [View all]

[newthinking]

Corporate fraud is not just present, but is widespread in many neoliberalised economies of both income-rich and income-poor countries. Volkswagen’s emissions cheating scandal is perhaps the most recent and most startling example, but the automobile industry is only one of many sectors, including banking and the arms industry, where scandals have become commonplace. Certain practices and norms that many people in the global North considered shocking only a while ago have become routine in public life.

The financial industry, whether in the US, UK, or Germany, has become characterised for years now by extensive and escalating fraud. Arguably, bankers have never been as unpopular as they are right now. It is not difficult to see why. The most vulnerable in society have suffered the most as a result of public sector cuts in western Europe. You can draw a straight line between these cuts and the post-2008 bank bailouts and market-saving interventionism of governments.

One interesting indicator of the strength of popular censure aimed at the bankers can be found on the front pages of some traditionally right-wing newspapers; newspapers that hardly have a track record of critiquing capitalism.

Full read here:
http://www.counterpunch.org/2016/06/23/how-neoliberalisms-moral-order-feeds-fraud-and-corruption/