Comment 2010

The untamed monster

"The international financial crisis has shown what happens when powerful economic players lose sight of the big picture and look beyond the day. This raises two fundamental questions.

First, are the peoples of the world actually allowed to simply rely on market actors having the necessary eye for the common good and for sustainable economic activity? Answer: No, nations are not allowed to do that. The crisis has proven: In economic and financial life, a vigorous governmental and intergovernmental regulatory policy is indispensable. (...) The second question is: Can the economy be shaped in such a way that it pursues more than mere self-interest, that those involved in it always keep the common good and the requirements of sustainable economic activity in mind? Answer: Yes, and three factors in particular are good for this - social participation, a cooperative climate in working relationships and a culture of co-determination. (...)

Work has begun on a better world financial and economic order. (...) However, to be honest, I myself cannot yet see from the published resolutions of Pittsburgh that a crisis of this dimension on the world financial markets cannot repeat itself one day. But ruling out such a crisis with a high degree of probability must surely be the yardstick by which we measure the success of international efforts. (...) How else could policymakers recommend to people in good faith that they save for old age, for example?