Trust And Honesty: America's Business Culture At A Crossroad

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America's culture is moving in a new and dangerous direction, as it becomes more accepting and tolerant of dishonesty and financial abuse. Tamar Frankel argues that this phenomenon is not new; in fact it has a specific traceable past. During the past thirty years temptations and opportunities to defraud have risen; legal, moral and theoretical barriers to abuse of trust have fallen. She goes on to suggest that fraud and the abuse of trust could have a widespread impact on American economy and prosperity, and argues that the way to counter this disturbing trend is to reverse the culture of business dishonesty. Finally, she presents the following thesis: If Americans have had enough of financial abuse, they can demand of their leaders, of themselves, and of each other more honesty and trust and less cynicism. Americans can reject the actions, attitudes, theories and assumptions that brought us the corporate scandals of the 1990s. Though American society can have "bad apples," and its constituents hold differing opinions about the precise meaning of trust and truth, it can remain honest, as long as it aspires to honesty.

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Trust and Honesty: America’s Business Culture at a Crossroad Tamar Frankel OXFORD UNIVERSITY PRESS Trust and Honesty This page intentionally left blank Trust and Honesty America’s Business Culture at a Crossroad Tamar Frankel 1 2006 3 Oxford University Press, Inc., publishes works that further Oxford University’s objective of excellence in research, scholarship, and education. Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Copyright © 2006 by Oxford University Press, Inc. Published by Oxford University Press, Inc. 198 Madison Avenue, New York, New York 10016 www.oup.com Oxford is a registered trademark of Oxford University Press All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Frankel, Tamar. Trust and honesty : America’s business culture at a crossroad / Tamar Frankel. p. cm. ISBN-13 978-0-19-517173-0 ISBN 0-19-517173-X 1. Corporation law—United States—Criminal provisions. 2. Fraud— United States. 3. Breach of trust—United States. 4. Corporations— United States—Corrupt practices. I. Title. KF9351.F73 2005 345.73'0263—dc22 2005001659 2 4 6 8 9 7 5 3 1 Printed in the United States of America on acid-free paper Preface W hen I was younger, I used to take a long walk after my birthday festivities. The gifts were examined and enjoyed, the candles were blown, and the cake was eaten. It was time for reflecting. As I walked, I used to ask myself: What has happened to me during the past year, and where was I heading? The many things that happened—both good and bad—were unanticipated. I took them in stride without much thought. They became part of my life and I adjusted to them, often unknowingly. Now it was time to bring these events and my own behavior to the fore. It was time to think about them consciously. As I grew older, I recognize that this walk need not take place on birthdays only. From time to time, it is important to stop and take stock. This book invites you, the reader, to take this kind of a long walk. Where was trust and honesty in America in the past, and where it is going? But wait! Is this walk necessary? Who would object to
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