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(Hosting-NewsWire.com, May 02, 2013 ) San Francisco, Ca -- While most people have often looked upon unethical money as tainted, new research is suggesting a reversal of the 1980s theory mantra stereotype that “greed is good” as a whole.
The study showed that the concept stems from a fear of “moral contagion” and has suggested that the source of the wealth does not particularly matter to most people. When an individual thinks of money as ill gotten gains, such as having earned it from unfair practices or unfair trade, they attached less true value to the purchasing power of it.
This may explain at least part of the reason why there has been so much trending for both socially responsible investing and the boycotting of sweatshops, according to the University of California Berkeley claims.
Doctoral student Jennifer Stellar, who wrote in the Social Psychology and Personality Science department stated: "Our work suggests morality is an important force shaping economic decision-making. Though we often think $50 is $50, these results demonstrate that when money takes on negative moral associations, its value is diminished."
The findings could also help shed light on why so many companies go to great lengths to avoid the perception that they are accepting money from any form of corrupt investors or are in anyway themselves profiting from illegal or unethical practices, says Professor Robb Willer.
"People possess powerful motivations to view themselves as fundamentally good and moral. We find this motivation is so great that it can even lead people to disassociate themselves from money that has acquired negative moral associations."
In an experiment conducted by the University, 59 college-aged participants were told that they could enter a raffle for a have $50 cash by one of two given corporations.
The participants were split into an “immoral money” group and a “neutral money” group. The latter group was told the raffle prize money was provided by a supermarket. The former group was told the prize money was provided by a supermarket that engaged in unfair business practices, and that the money may be linked to such practices.
Those within the second group entered less raffle tickets than those in the former group. But perhaps even more striking, those within the immoral group estimated that they could buy fewer items.
"Money is often believed to separate individuals from their moral values," Prof Willer said. "However, our results suggest that, for most people, morality is a powerful force that shapes economic decisions and even alters how we perceive the value of money itself."
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