That morality is being discussed at all in the setting of the formally "greed is good" culture of Davos is extraordinary. Continuing global economic hardship is yielding remarkable changes in profit perspectives. Glimmers of hope are emerging from the depths of despair.
New economic thought has shifted to a world that cares for the poor, voiceless, and forgotten. The official message of the conference proclaims, "Now is the moment to rethink values as we rebuild prosperity. The interrelated fights against unemployment, global poverty and climate change are not just noble struggles: they are essential for long-term recovery and avoidance of future crises."
It was not good to be a banker at the World Economic Forum this year. The chairman of Morgan Stanley Europe compared their social status to that of "terrorists." The comparison is humorous until one thinks about the havoc reeked by what economist Joseph Stiglitz calls "negative value". Traders, underwriters, lenders, analysts, salesmen bought and sold securities, loan products, and swaps that were based on mortgages that could/would never be repaid.
As we begin the second month of the year 2010, it seems clear that greed, defined as the accumulation of wealth and profit at the expense of others, is no longer "good" to most of those observing. That is a great relief.
The outrage expressed by pillars of the global economy in Davos, as well as the general public, reflects that the new "good" is as much about serving the common good as anything else. I would call that an epiphany!
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