The ethics of insider trading |
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| Authors: | Patricia H. Werhane |
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| Affiliation: | (1) Department of Philosophy, Loyola University of Chicago, 820 N. Michigan Avenue, Chicago, USA |
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| Abstract: | Despite the fact that a number of economists and philosophers of late defend insider trading both as a viable and useful practice in a free market and as not immoral, I shall question the value of insider trading both from a moral and an economic point of view. I shall argue that insider trading both in its present illegal form and as a legalized market mechanism undermines the efficient and proper functioning of a free market, thereby bringing into question its own raison d'etre. It does so and is economically inefficient for the very reason that it is immoral. Thus this practice cannot be justified either from an economic or a moral point of view.
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