Peter Ulrich is an emeritus professor of Economic Ethics at the University of St. Gallen, Switzerland, and author of Integrative Economic Ethics (2008). The economy should be embedded in society; society should not be embedded in the economy.
The myth of the invisible hand, self-correcting or self-healing markets, is based on the notion that fulfilling private interests bring the public good. Neoliberal myths and perverse business models must be unmasked to avert environmental destruction, exploding inequality and generalized insecurity. The state has a vital role to play in encouraging future-friendly and environmentally-friendly investment, in prosecuting fraud and manipulation and in reversing the trend toward enrichment and consumer beware to fair taxation and corporate responsibility for roads, schools, the atmosphere, water, social security, health care and the infrastructure.
Qualitative growth (e.g. schools, libraries and community centers) could replace quantitative growth, access could replace excess and enough could replace more. Nature could be seen as our partner and basis for future life and not trashed as a free good, external or sink. In an address in Portland, Robert Kennedy Jr. said the economy is a wholly owned subsidiary of nature and that economic enlightenment and ecological enlightenment are one and the same and not opposites.
to read Professor Ulrich’s essay published in 2011, click on
VIDEO: Systemic Malfunction of the Labor and Financial Markets, Heiner Flassbeck, 16 min, May 16, 2013