Causes of global crısıs ın an ethıcal concern: The subprıme mortgage crısıs from the kantıan and the utılıtarıan perspectıves

Abstract

The global crisis occur depending on both economic and political instabilities in a country, or a region and effect globally in a broader extend. In this scheme, the causes and the effects of the crisis follow a cycle and one triggers the other by this way. The recent Mortgage Crisis was also triggered by a number of economic and political effects, which expanded its scope globally, as a result of the globalization period. On the other hand, reducing the causes of global crisis only to the economic and political extend is not adequate to explain the nature of the crisis, since both economic and political systems are operated by rational beings, humans. The Kantian and the Utilitarian perspectives own different point of views to explain the ethical concerns of human beings. As a result, the different approaches of The Kantian and the Utilitarian perspectives affect the global crisis differently and also the Mortgage Crisis, since the operators of the economic and political systems grasp and apply these ethical principles differently on their fields and reach various results and also global crisis. For that reason, this paper will critically evaluate the causes and effects of global crisis from the point of both Kantian and the Utilitarian perspectives and their effects on the Mortgage Crisis.