This article analyzes how failures in financial engineering and corporate governance were closely linked to the recent global financial crisis. The real estate bubble in 2006 led to the subprime mortgage crisis which in 2007 spread from the United States to the entire world, generating the largest financial crisis since the Great Depression of the 1930s. There are many factors that give rise to a crisis like this, and they will be explained and analyzed later, but to understand the global economic situation it is necessary to understand how changes in Corporate Governance were one of the reasons for this and how these changes were motivated from financial globalization. It was only with the 1973 oil crisis that monetarism became the paradigm for economics given its overall positive effects on recovery, even when the Keynesian approach had been dominant since the Great Depression. This change is generally regarded as the beginning of economic neoliberalism. However, this term had already been used long before by Charles Gide in 1898. Both Neoliberalism and Free Market are based on principles that can be labeled as questionable since they can be seen as based on ethically wrong economic policies . . The development of both has led to financial globalization which has been described above as one of the reasons for changes in corporate governance. The main reason for this is that financial globalization has brought both a reduction in regulation of the banking system and a greater liberalization of the economy than the system has been able to accept in the long term. As for reducing bank regulation……half of paper……business that focuses on creating value and generating tangible products instead of a financialized economy. The second is to rebuild capitalism based on the principles of sustainability to ensure a fair balance between the growth of the economy and its stability. The third involves greater attention to the ethical implications of the economic and actions of all stakeholders involved in financial activities. Understanding the need to improve society as a whole is a necessary step to ensure the success of any reform, preferably involving all sectors of society such as local communities around the world, technology centers, universities, banks, corporations and governments. Every time we adopt these principles, even if it means changing some axioms of the global economy, we could build a more stable, sustainable and ethical economy.