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"Capitalism is predicated on bad behaviour"
I've been thinking a lot about the seemingly steady stream of corporate failures and litigations that have filled the front pages of our newspapers in recent times. What has caused these failures? Why have men and women become so motivated by greed that they have compromised the hand that feeds them?
I've rationalised the situation by deciding that there's been a few bad eggs that have caused the trouble. Most corporate directors and executives behave ethically, I thought. Then I came across this opinion piece published in The New York Times. Deresiewicz tackled the issue head-on. He argued that "capitalism is predicated on bad behaviour". Gosh.
Clearly there is a problem with the system at present. However, capitalism has provided the foundation for many great economies. So, is the capitalist system sound but simply out of balance at present? Or is the foundation that many western economies are built upon fundamentally flawed? Does a new system need to emerge? What do you think?
I've rationalised the situation by deciding that there's been a few bad eggs that have caused the trouble. Most corporate directors and executives behave ethically, I thought. Then I came across this opinion piece published in The New York Times. Deresiewicz tackled the issue head-on. He argued that "capitalism is predicated on bad behaviour". Gosh.
Clearly there is a problem with the system at present. However, capitalism has provided the foundation for many great economies. So, is the capitalist system sound but simply out of balance at present? Or is the foundation that many western economies are built upon fundamentally flawed? Does a new system need to emerge? What do you think?
2 Comments
My (very brief) thoughts are that the people that run companies are remunerated in such a way as to encourage bad behaviour. Some of the stuff they do is ethical, but in no way is it responsible. I don't necessarily have an answer, but I do think it's broken.
Thanks Steven, I'm not sure I have anything approaching an answer either. My sincere view is that something is desperately wrong. We seem to be heading towards a downward spiral, one that has seen the demise of great cultures of the past as (business and political) leaders have become more interested in self than others. I hope I'm wrong.