Fareed Zakaria is the editor of Newsweek International. He recently wrote one of the most gripping articles I have read this year ‘The Capitalist Manifesto: Greed is good, up to a point’ and I thought it a ‘responsibility’ to share a passage from the article with you. According Zakaria:
“Most of what happened over the past decade across the world was legal. Bankers did what they were allowed to do under the law. Politicians did what they thought the system asked of them. Bureaucrats were not exchanging cash for favours. But very few people acted responsibly, honourably or nobly (the very word sounds odd today). This might sound like a small point, but it is not. No system- capitalism, socialism, whatever- can work without a sense of ethics and values at its core. No matter what reforms we put in place, without common sense, judgement and an ethical standard, they will prove inadequate. We will never know where the next bubble will form, what the next innovations will look like and where excesses will build up. But we can ask that people steer themselves and their institutions with a greater reliance on a moral compass.”
There is a great deal of meaning and understanding in what Zakaria writes. Essentially, the law and regulations, alone, cannot sufficiently ensure good legal, political, social or economic practice. Consequently, when David Cameron talks about individual responsibility, he is pointing to common sense, to virtue and to good practice- something that has been in short supply in our communities for much too long now; something that only a Conservative government can now restore.
You can read the full article here.