Blind faith in the markets must be replaced and bankers brought to a new understanding… Profit making is different than profit maximization… Profit maximization, the perverse foundation of finance capitalism, can lead to mass unemployment as suffered in Greece and Spain today, exploding inequality and loss of social cohesion.
Today, studying economics is a kind of brainwashing. This must come to an end. At least some paradigmatic pluralism is desperately needed in the economics departments…
Ruthless competition that disregards human rights and environmental standards via non-?regulation and the race to the bottom in standards of good corporate conduct must come to an end.
Ulrich Thielemann is a professor of business ethics at the University of St. Galen, Switzerland.
to read his address “Debunking the Business Case for Ethics,” 4 pp from April 2011, click on
“Crazy Relationships,” Ulrich Thielemann, April 2012