During the last decades, we have witnessed great economical strides and increased communication between different countries

worldwide. As a result the new economy represents the unification of markets, societies and cultures where the free movement of capital is the main character in this play called globalization. However, we can consider that the financial crisis that we are experiencing is the result of a number of factors that have adversely affected our economy. The positive and negative valuation of this phenomenon and the different values depends on the ideology of each individual. In this essay, I am going to identify the ethical values in business, banking and institutions and emphasize the pros and cons that may influence the economy. In general terms, the word ethics is known as a moral philosophy that involves certain concepts of right or wrong behavior. According to the Websters collegiate dictionary (2002) the word ethics is defined as conforming to accepted professional .standards or customs. Ethics comes from the ancient Greek ethos that means character. Therefore, one can say that the ethical values in a business or an institution should reflect a different behavior and the decisions that are carried out by a company should be morally and socially responsible. According to Posner, B and W. Schmidt (1996) the ethical values help guide certain actions and individual choices. As the organization of a business is formed by many people, it is important to have a responsible attitude to lead the company and respect the rights and interests of each member. A character of a business and its members should reflect honesty, integrity and sincerity as it pertains to the information received. The employees should avoid deceiving others as these actions allow people to trust them and their business. This behavior is based on the values that benefit all of society, the business and the economy in a positive manner. However, we must recognize that there is a growing awareness of the importance of ethical values in a business and how it affects our society. In many countries like Mexico, corruption is related to the police and drug trafficking while in Spain it is related to politicians and their greed. A lack of social responsibility and abuse of power are examples of cases such as Grtel or Palma Arena. The subornation of politicians in exchange for the award of public contracts, breach of regulations, speculation and manipulation of public institutions are some of the negative aspects that directly affect our economy, at the same time it damages the citizenship to which the leaders should serve and benefit. In spite of all these problems, it is important that we formulate other questions about ethics. According to an article written by Nadler, J and M. Schulman (2006), most of the Greek philosophers believed in a concept called unity of the virtues, that is to say that all values owned by an individual must, in turn, be favourable in order to obtain positive results. The authors make the reader think if it is possible for an individual who has no ethical values in their private life, if they can ethically perform their political

functions. In the classical tradition, it was said that education was of paramount importance to help and instil knowledge and values to people to act properly. Nowadays, we could say that politicians and institutions forget the values learned above personal enrichment. Senior officials, managers of corporations or political leaders should own certain ideals and principles characterized by ethical values. Sensitivity, self-discipline, love of politics and the ability to interpret the citizenry for the benefit of the public because after all they should be a model for society. It is complicated to conclude an issue that encompasses many points of view. Perhaps we should consider whether it is possible to share a common vision of what is right or wrong or otherwise be aware of an unreachable utopia.