Since the eruption of the 2008 financial crisis, I have focused my research to finding
out why the monetary and financial system, so periodically, entails serious financial
crises, going back as far as the Middle Ages during which the currently prevailing
financial and monetary system took form.
One of the conclusions of my research has been that many of the monetary and
financial problems still gripping the world economy up to the present date can to a
large extent be blamed on the basic choice of values on which Western socioeconomic
policies have been based since the late Middle Ages.
It is generally known that the decline of the Western Roman Empire in the fifth
century all but stopped trade in the Western European territories and that its
resuscitation in the Middle Ages has gone hand in hand with an historical choice
for “egoism” and “greed” as driving forces for human behavior, in particular in the
socioeconomic context.
Initially more a practical than a theoretical choice, the choice for greed and
egoism as central socioeconomic values would gradually evolve into an elaborated
economic doctrine, the so-called economic liberalism, which itself, during the past
decades, has reappeared under its modern-day form of “economic neoliberalism.”
Especially in the twentieth century, several attempts have been made to offer
“alternatives” or “correctional methods” to the capitalist society shaped by economic
liberalism, which since then, in the 1980s and 1990s, have been heavily
opposed by the doctrine of economic neoliberalism. The latter would especially and
more fiercely than ever in history put forward the idea that all theoretical and
practical socioeconomic policies should be based on egoism and greed.
One of the conclusions of my research has been that said basically ethical choice
may very well be one of the main causes of the numerous financial and economic
problems that have poignantly manifested in the recent past.
This insight inevitably prompts the question what might be a possible alternative
to the domination of economic neoliberalism and the unjust society it entails,
especially within the scope of the monetary and financial system