The Penalties of Corporate Greed

03/07/2002

Letter to the Editor published in The Independent (London)

by Chris Evans and Michael Smith (Caux Initiatives for Business)
Letter to the Editor published in The Independent (London), 3 July 2002

Adam Smith, author of The Wealth of Nations, also wrote The Theory of Moral Sentiment. He described 'the man within us' as 'the Vice Regent of the Deity'-- in today's parlance, conscience. Smith wrote that the 'Impartial Spectator', which he called 'the demi-god within the breast', 'is there to speak both for itself and for others.... In the race for wealth, if injustice is done, the Impartial Spectator changes sides.'

The separation of Smith's major two texts has given us a distorted notion of how free market capitalism should work. Without conscience, clearly it can't. In an era of globalisation, there is clearly a need to globalise ethical practice.

What do you think? Send your comments to Caux Initiatives for Business.