Ethics and Finance in a Globalizing World

Abstract

"[...] Yes, China is now “the economic powerhouse in Asia” and I would add the most dynamic country in the word. Even more remarkable is the fact that you see that today a “bigger challenge is whether China will become as well a main driving force in ethics”. This statement of major importance: China, as an economic powerhouse, has a major contribution to make to the XXI century civilization, at a moment globalization continues transforming in depth the world and the human being condition. Of course, other countries and continents have also a lot to contribute – India- but the contribution of China should be essential not the least, in view of its unique cultural and spiritual heritage. Let me tell you this very simply: this essential Chinese contribution to a new human civilization can only be defined and proposed by the Chinese themselves while they are busy in trying to introduce it in their own daily business. The world needs that and is looking forward more and more for that. This means, inter alia, that I would sincerely prefer to be here as a listener rather than a speaker, as we have not been so good, so far, in the rest of the world in introducing the ethics in the world of business. As my contribution can only be modest, I could limit my introduction to share with you my personal experience during 13 years as managing director of the IMF as it has something to do with your reflection on ethics in a globalized world. This could bring me to underline a few basic values which seem to me as essential to lead our world toward sustainable economic development and to humanize globalization. I will do that having as background my personal experience which is almost exclusively one of the national and international institutions, a severe limitation indeed at a moment, as you know when the private sector becomes the driving force of globalization. I am sure my successor at this podium will reestablish the proper balance. [...]", p. 101