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Capitalism is doomed if ethics vanish, says Bank of England governor | Business | The Guardian

Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.

Mark Carney said bankers had operated a "heads-I-win-tails-you-lose" system. He questioned whether traders met ethical standards and said that those who failed to meet high professional standards should face ostracism.

Speaking at a City conference, the Bank's governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality. "We simply cannot take the capitalist system, which produces such plenty and so many solutions, for granted. Prosperity requires not just investment in economic capital, but investment in social capital."



Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue May 27th, 2014 at 05:13:49 PM EST
[ Parent ]
Eek! A leftie at the Bank of England!
by afew (afew(a in a circle)eurotrib_dot_com) on Wed May 28th, 2014 at 02:26:47 AM EST
[ Parent ]

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