“Humanity and finance would seem […] to be worlds apart. Surely there is nothing more impersonal than the rows of graph-and-chart-filled screens that furnish 21st-century trading floors? Not according to Mihir Desai, a professor of finance at Harvard Business School and the author of The Wisdom of Finance: Discovering Humanity in the World of Risk and Return.“
What courses to take if you would like to sharpen your thoughts on morality and markets? In the third post in this series I recommend some massive open online courses (MOOCs) that deepen your knowledge on capitalism, chinese marxism and globalization.
“The country has sustained its position as the best country in Sub-Saharan Africa to conduct business leads the Mo Ibrahim Index of African Governance. […] Our study found significant levels of compliance with the code in the three years after implementation. But we also found that Mauritian companies picked and chose elements of the code. They implemented the easier ones perceived to be beneficial, or simply the ones that made them look good.”
“It takes a certain mulish obstinacy to keep insisting that it’s capitalism and free markets which are responsible for, rather than the answer to, the coming Eco-Götterdämmerung. But that’s what we’re treated to from George Monbiot this morning.”
“The perpetual quest for growth drives our economics. That’s why our environment and financial system lurch from crisis to crisis.”
“Adam Smith did not believe people are merely economic maximizers. Instead, we balance self-interest with humane sympathy for others. Deirdre N. McCloskey reviews ‘Cents and Sensibility; What Economics Can Learn from the Humanities’ by Gary Saul Morson and Morton Schapiro.
“Whereas in communism, the human person is forcefully reduced to his role as producer, in capitalism, we face a constant temptation to reduce ourselves to consumers — mere ‘objects of material things’.”
“The terms compliance, anti-corruption and anti-bribery policies and procedures have recently become trendier. Businesses in general and multinational corporations in particular are becoming more concerned about these issues, and have as a goal to meet the legal compliance obligations in order to reduce corruption risks. In two recent cases, we can confirm the global impact of anti-bribery and corruption compliance policies.”
“Archbishop Justin Welby recently wrote an article in the Financial Times on the back of a report by left-of-centre think tank IPPR, to which he had put his name. The article was widely reported as an attack on capitalism.”
“I believe it is because he recognizes the power of the market economy and the entrepreneurial spirit that he has felt the need to speak up at this time. His outspoken remarks remind us that the free market can fail because of powerful vested interests, resulting in sections of society being in effect excluded from its benefits. Economic justice can and should coexist with enterprise.”
“‘I can tell you the farm where the steak on your plate came from. Probably even the name of the cow. But we have no idea where the workers came from that work in our kitchens.’ That was the very frank admission from a senior executive of a major British hotel chain we spoke to as part of our research into modern slavery.”
“Since the rise during the late 1800s of socialism, New Liberalism, and Progressivism it has been conventional to scorn economic liberty as vulgar and optional—something only fat cats care about. But the original liberalism during the 1700s of Voltaire, Adam Smith, Tom Paine, and Mary Wollstonecraft recommended an economic liberty for rich and poor understood as not messing with other peoples’ stuff. Indeed, economic liberty is the liberty about which most ordinary people care.”
What courses to take if you would like to sharpen your thoughts on morality and markets? In the second post in this series some massive open online courses (MOOCs) that deepen your knowledge on economic growth, (in)equality and well-being.
“Our intro courses fail to reflect the dramatic advances in economics […] since Samuelson’s paradigm-setting 1948 textbook. Missing, too, is any sustained engagement with new problems we now confront and on which economics has important insights for public policy – climate change, innovation, instability and growing inequality amongst them. This column introduces a free online interactive text […] which responds.”
“Why is it that the word entrepreneur is something we are OK with, but capitalist isn’t? And why is that some on the left can say “capitalism doesn’t work” – and increasing numbers of people believe it?”
Also available in: Nederlands