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Characterizing Virtues in Finance Alejo José G. Sison, Ignacio Ferrero and Gregorio Guitián

Characterizing Virtues in Finance Alejo José G. Sison, Ignacio Ferrero and Gregorio Guitián. I. Introduction II. Aristotle: Context and Limits in Finance III. Finance within the Catholic Social Teaching (CST) Frame IV. MacIntyre and the Characterization of Virtues in Finance V. Conclusion.

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Characterizing Virtues in Finance Alejo José G. Sison, Ignacio Ferrero and Gregorio Guitián

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  1. Characterizing Virtues in Finance Alejo José G. Sison, Ignacio Ferrero and Gregorio Guitián

  2. I. Introduction II. Aristotle: Context and Limits in Finance III. Finance within the Catholic Social Teaching (CST) Frame IV. MacIntyre and the Characterization of Virtues in Finance V. Conclusion

  3. I. Introduction 1.“Is Financialization a Vice?” Tipping point?: objective standard (formula) subjective standard (agent’s desires) 2. Virtue ethics sources: Aristotle, CST, MacIntyre

  4. II. Aristotle: Context and Limits in Finance 1. Finance within Aristotle’s Political Architecture Politics: flourishing (eudaimonia) Ethics: internal/spiritual goods (virtues) Economy: external/material goods (wealth) Economy proper*: use Chrematistics*: production (Finance) *natural/proper or non-natural/improper? 2. Virtue as observance of natural/proper limits

  5. III. Finance within the Catholic Social Teaching (CST) Frame 1. Fundamental CST Principles and Finance human dignity, common good, universal destination of goods-private property-preferential option for the poor, subsidiarity-participation-solidarity -ve function: reject self-serving finance +ve function: set direction for integral human development 2. Subjve. dimension of work (knowledge, skills, virtues…)/ Objve. dimension of work (products, profits…)

  6. IV. MacIntyre and theCharacterization of Virtues in Finance • Practices (internalgoods, standards of excellence, coop.)/ • Institutions (externalgoods, effectiveness, competition) • Finance: resource-allocationfor “best use” • Location in narrativeunity of anindividual’swholelife • Conflictwithotheractors? (subordinate vs. boss) • Conflictbetween roles? (parent vs. professional) • Contextualizationthroughengagementwithtraditions • Traditions: communalmodes of moral inquiry

  7. IV. MacIntyre and the Characterization of Virtues in Finance Local bankMultinational Institution Face to face, long term Anonymous, web-based Customization Quotas for standard products Local business & commty. Off-shore, derivatives etc. Saying “no” Salesmanship Best practice? Narrative unity of individual life?

  8. V. Conclusion Characterizing virtues as: - goods internal to practice - goods of an individual life - goods of a community

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