The market economy and capitalism are the modern expression of the freedom to create, innovate, produce and trade. However, even if the notions of morality and ethics are historically irrelevant to the capitalist doctrine, we have to grant that moral behaviours should be encouraged in order for capitalism to work efficiently.

The unfolding subprime crisis and the subsequent credit crunch clearly illustrate this point, exemplifying a deeper moral crisis, characterised by individual and collective losses of a sense of responsibility. Subprime loan sellers were enticed through their compensation structure to turn a blind eye to the credit-worthiness of their clients; by securitising these loans in the financial markets, banks obtained fees plus a comforting sense of safety; investors sought new investment vehicles providing both high yields and an illusion of diversification.