Imbalances, inequalities, inequities, discrimination

Trade flows are unbalanced. Unemployment affects too many people. Trade balances become dangerously one-sided. Such disparities lead to financial imbalances, which in turn lead to serious social inequalities. There are also imbalances in the use of natural resources, overfishing, overconsumption of oil, pollution, etc. Unfair trade weakens the poor. Repeated violations of the principle of equality (i.e. the equal right to be) result in sundry forms of discrimination. The list goes on, and you can imagine the other kinds of imbalances and inequalities.

To avoid these, our ethical reference system must promote the principle of EQUALITY. This value is the very foundation of the principles of fairness, balance, equivalence, and so on. It seems to me that this value should be at the forefront of an ethical charter.


Relationships

There are many are who discover how individuals cut themselves off from each other and retreat inwards. Greed and Individualism are ravaging society. Professor Paul Dembinski  pointed out that while transactions are on the rise, there are ever fewer relationships. By removing the borders and other boundaries, (physical or moral) identities get lost and relationships fade for the benefit of automated transactions. The relationship with The Other has become negligible: what matters is profit and shareholder value.

Correcting this relationship deficit therefore requires that our ethical system include some bond-creating value. There are many, but most are religious in nature, and I would prefer to avoid them because they are often local and lack universality. Love might be a value, but I doubt that good feelings make for good ethics in large institutions. In its place, I would propose RECIPROCITY, a “give and take” value on which human relations are based, be they commercial, diplomatic, or just friendly. Its impact is considerable. According to theologian Hans Kung, it is one of the few values shared by all religions. It has proven itself useful over the centuries, from the days of Confucius. Of course, certain philosophers have expressed some reservations, which I intend to comment upon in a later chapter.


Disproportion

The excesses of certain policies and choices have affected many people around the world. The disproportion of investments in certain sectors, the disproportion between desires, needs and available resources have undermined the planet and our societies. We must rediscover a sense of PROPORTION, i.e. a sense of MODERATION and HARMONY. I propose including the concept of PROPORTIONALITY in our ethics: it will give us the common measure we so desperately need, because we cannot manage properly what we cannot measure properly.

Irresponsibility

When a bank loses billions of dollars in highly speculative investments and a sad-faced chairman acknowledges his responsibility, we need to look into the meaning of his words. This banker is not responsible, he is irresponsible! The shareholders who deal with the consequences of the banker’s mismanagement by paying out of their pocket are the ones who are really responsible. Answering for our actions and our words over time is crucial in the development of business and in creating the trust that underlies human relationships. The only value a promise or contract may have comes from its eventual fulfillment. Unfortunately, too many commitments are taken lightly and never honoured. It is therefore essential that our ethics include the notion of RESPONSIBILITY, in the very specific sense of “answering for actions and words over time.”

Finance servant or deceiver ? (back)