Principal-Agent-Problems, Risk Management and Social Responsibility: Moral Limitations for Efficient Governance
The economic as well as the political system urgently need efficient rules and regulations, which have been extendedly discussed in the political and economic theory. The necessary technical conditions are today more or less obvious because for god’s sake we have in the world at least some positive examples. But even in these cases serious shortcomings still exist, as the world financial crisis since 2007/08 is currently still demonstrating. The predom-inantly well known technical conditions do often not function because the human factor being necessary for an effective implementation and transfer into the practice has serious shortcomings especially regarding the internalized (or not sufficiently internalized) underly-ing value system. This is due to the fact that in many discussions technical conditions pre-dominate, while often the ethical foundations remain in ambiguity.