Journal of Philosophy and Theology

The Role of Religion in the Global Financial Crisis
Rev. Fr. Patrick Eluke

Abstract
The Global financial crisis of the late 2000s is reckoned as the worst financial crisis since the great depression of October 29, 1929 the Great depression began officially in America with the crashing of the stock market and bank closures which halted businesses and industries including to unemployment. This depression posed some challenges which led to high consumer debt, ill – regulated markets directed by over – optimistic loans by banks and investors, inequality in money circulation and lowered production. It was not a natural disaster but a crisis caused by: wild spread failures in financial regulations including the federal reserve’s failure to stem the tide of toxic mortgages; dramatic breakdown in corporate governance including too many financial firms acting recklessly and taking on too much risk; an explosive mix of excessive borrowing etc. These were global effects of the financial crisis: poverty crisis, deplorable human rights conditions, poor foreign aid, debt crisis etc. Apart from providing the moral framework or principles with which financial institutions are to operate, the church has the duty to present a reasonable and well – argued criticism of the errors to have led to the economic crisis. This mission exercised firmly and courageously avoiding morality but explaining matters using concrete reasons that may be understood by everyone.

Full Text: PDF     DOI: 10.15640/ijpt.v2n3a14