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Regulation and Ethics in Business: The Israeli Bank-Share Case

  • Philosophy
  • Political Science


This article analyzes the early-1980s Israeli bank-share crash at different points of its development to demonstrate the vital contribution of managers' professional and personal ethical norms to a fruitful collaboration between government authorities and the business sector. After presenting the case and discussing pertinent problems of external versus internal business regulation, this article provides a phase model of ethical decisionmaking in business that reconstructs the moral problems faced by the major players and probes appropriate responses to these problems. The application of the model to the bank-share affair shows how different stages in the evolution of the crisis introduce different ethical problems, inviting different moral considerations and calling for different solutions.

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