SOCIAL RESPONSIBILITY OF SOME FINANCIAL MARKET ENTITIES IN THE USA AND THE EU: THE CURRENT STATE AND FUTURE TRENDS

Abstract: Domestic and foreign scholars focus on the issues of social responsibility of commercial banks and other financial entities in the US and the industrialized countries of the EU. This is due to the fact that it is the social irresponsibility of the subjects of the financial market in the United States that provoked the November 2007 global financial crisis. In September 2008 it outgrew into the global economic crisis. The scope and negative effects of the crisis surpasses the Great Depression of the years 1929 – 1932. It was found that a particularly large damage to the economies of most countries was caused by commercial banks and some other financial market actors of the United States and EU countries. The following general scientific and special methods were used in the study: analysis and synthesis, a systematic approach, induction and deduction, logical generalization. The author supports the point of view that this crisis is systemic rather than a typical cyclical one. Conclusions have been generalized about the underlying causes of the global economic crisis and preventive measures described in the works of well-known domestic and foreign scientists: Joseph Stiglitz, George Attali, Nouriel Roubini. The conception of social responsibility of business entities, including commercial banks and other actors of financial markets has been substantiated and responsibility to its staff, customers and society as a whole as well as the need for socially responsible marketing (COM) has been specified. According to the author, the trend towards a significant growth in the number of millionaires among the employees of the banks of the EU countries in 2014, suggests the weakening and decline in the quality of state regulation in the sphere whose social irresponsibility was the main cause of the two Great Depressions. This fact causes great concern. At the time when the second Great Depression left only the United States and several other countries able to overcome it, there are signs that the EU countries again begin practicing innovations of the "new economy" in relation to banks, including deregulation, which were severely criticized by Joseph Stiglitz and other scientists. Since 2009, the author has been reiterating the conclusion that in the countries whose economies are unable to provide the appropriate level of government regulation of the economy and its social orientation, the population is doomed to socially irresponsible exploitation by business entities, moral and physical degradation and even extinction