The moral foundation of collective action against economic crimes

Authors

  • Daud Vicary Abdullah International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur
  • Hossein Askari The George Washington University, Washington (DC)
  • Abbas Mirakhor International Centre for Education in Islamic Finance (INCEIF), Kuala Lumpur

DOI:

https://doi.org/10.13133/2037-3643/13079

Keywords:

Economic Crimes, Golden Rule, Globalization, Moral, Foundation, Cooperation, Harm, Consent

Abstract

In recent years, economic and financial crimes have been increasing at a fast pace. No country, society, culture or community has been immune from its ravages, yet the international community has failed to cooperate to find a solution. A reason for this failure may be the lack of a clearly articulated moral foundation. A universal moral principle that could serve as the foundation must be concerned with harm and its prevention, and attract universal consent. We argue that the Golden Rule satisfies these requirements. The golden rule of “no harm” buttressed by the specificity of the four categories of generic rights and basic good, i.e. human dignity, trust, contract, and property, could emerge as a consensual global moral principle and allow the development of legislation, laws, standards, codes and conventions that would be accepted and respected by the international community in the fight against economic crimes.

 

 JEL codes: A13, A12

 

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2015-04-08

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Abdullah, D. V., Askari, H., & Mirakhor, A. (2015). The moral foundation of collective action against economic crimes. PSL Quarterly Review, 68(272). https://doi.org/10.13133/2037-3643/13079

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