Inside Job is a documentary film produced in America, whose director is Charles Ferguson. The topic of this paper involves financial crises at the beginning of the 2000s. The film is aimed to provide an in-depth insight into the reasons, which led to crises, and outline its consequences for the population of the whole world. Charles Ferguson (2020) highlights systemic corruption, which existed in the United States financial system as the catalyst element, which prompted significant problems in this sphere. In this context, the connection with ethical issues and principles is evident, as people engaged in these events stuck to actions, which harmed millions of people. Therefore, the purpose of this paper is to apply ethical principles to the story told in Inside Job and analyzed whether they were violated.
Summary
As it has been mentioned above, the focus of the film is the economic recession of the 2008 year, when millions of individuals lost their money, workplaces, and homes. It involves thorough research on this topic and a range of interviews with people engaged in financial and bank professional activity. Divided into five parts, the work traces approximately 30 years of global economic development, from 1908s till the 2010 year (Ferguson, 2020). The directors highlight the pressure on the political process put by the financial industry. Stakeholders used to adhere to a variety of options in order to prevent government regulation of their activity. There are moments of interest conflict, which cannot be solved independently in the context of deregulation (Ferguson, 2020). In addition, the work contains a range of scenes, which illustrate people’s greed and arrogance. Pursuing to earn more and more money, people applied the methods, which appeared to be destructive for the economic condition of the global population (Ferguson, 2020). Consequently, based on real events, the film raises a number of ethical issues in its plot.
Ethic Principle Description and Reasons for Applying
In this case, the Doctrine of Means can be applied. It promotes moderation as the way of achieving virtue, and sincerity, honesty, and rectitude are crucial values. An individual should not adhere to behavioral patterns, which are excessive or lack virtue. Another ethical principle, which can be used for analyzing the events of the crisis in 2008, regards the objective and methods of achieving it. In the context of present-day developments, it is commonly considered that the end justifies the means, and this approach is widely used in politics. It means that regardless of the beneficial and harmful impact on society and its living standards, it is acceptable to lie or stick to other unfair activities, in case the ends are worthy. These principles appear to be extremely relevant to the events illustrated in Inside Job, as it has a close connection to politics. In addition, it reveals negative qualities, which are often characteristic of people, who work with significant sums of money. They predominantly lack fairness and concentrate on their desire to earn as much money as it is possible, even though they are factually not in need of them.
Analysis
It is apparent that people, engaged in systemic corruption, and companies ruled or established by them did not adhere to the Doctrine of Means. In general, corruption involves lying and acting under selfish interests. An illustrative example could be the fact that banks gave loans to people, who were willing to purchase houses, in amounts they are objectively incapable of paying (Ferguson, 2020). These actions do not imply any benefit for the population, as people were driven by their greed. They abandoned rational considerations, pursuing their selfish aims regardless of negative consequences for others (Ferguson, 2020). It can be an example of excessive behavior, which results in the economic recession.
In addition, I am convinced that in the case of the financial crises of 2008, the action of banks and corporations, which played a significant role at the beginning of the 21st century. Their purpose implied earning, saving, or even robing as much money as they were capable. In some cases, they objectively did not need such significant sums, and the risks were not justified. The end regarded their personal interests regardless of the consequences to others and the entire population, which cannot justify the methods they used. Therefore, they violated the Ends-Means principle, which harmed millions of people in 2008.
Conclusion
In conclusion, I believe that the actions of the elite, which were driven to economic recession, did not match ethical principles. They were prompted by their desire to be extremely wealthy without the thought of other people, whom they may influence. They stuck to lying, robing, and concealing some facts, which contradicts the Doctrine of Means. In addition, their aims did not imply virtue and regarded fulfilling their selfish intentions, and, therefore, the Ends-Means principle was violated as well. In this regard, the film Inside Job may be an illustrative example of unethical behavior in the financial industry, which should be avoided in the future in order not to repeat the dreadful recession of 2008.
Reference
Ferguson, C. (2010). Inside job [Film]. Sony Pictures Classics.