The financial crisis is about more than money. It is also about morality,
casting an uncomfortable light on the links between the activities of bankers and the
wellbeing of society as a whole. The idea that economics is morally neutral or that
finance should be above ethical scrutiny deserves to be challenged.
The Most Reverend Rowan Williams, Archbishop of Canterbury, and Larry Elliott,
Economics Editor of the Gurardian, bring together a group of distinguished commentators to
open up the ethical debate in the search for a fairer vision of economic justice.
THE MOST REVEREND ROWAN WILLIAMS, ARCHBISHOP OF CANTERBURY is first
and foremost the bishop in the diocese of Canterbury, but is acknowledged internationally
as an outstanding theological writer, scholar and teacher. He has been involved in many
theological, ecumenical and educational commissions. He has written extensively across a
very wide range of related fields of professional study – philosophy, theology,
spirituality and religious aesthetics. He has also written throughout his career on moral,
ethical and social topics and, since becoming archbishop, has turned his attention
increasingly on contemporary cultural and interfaith issues.
LARRY ELLIOTT has been at the Guardian since 1988 and is the
paper's economics editor.
He is the co-author of three books with Dan Atkinson - the Age of Insecurity in 1998;
Fantasy Island, in 2007, which warned that Britain's growth under New Labour was a
debt-driven illusion; and The Gods That Failed in 2008, an analysis of the events and
forces that brought the global financial system to the brink of collapse. His areas of
speciality are the UK and global economy, trade and development. He was part of the group
that put together the proposal for a Green New Deal, published by the New Economics
Foundation in 2008. Larry is a visiting fellow at Hertfordshire University, a council
member of the Overseas Development Institute and an adviser to the Catalyst thinktank and
Red Pepper magazine.
Table of Contents
Notes on Contributors
Foreword
Acknowledgements
Introduction Larry Elliott Elliott, Larry 1
Notes 18
1 Knowing Our Limits Rowan Williams Williams, Rowan 19
Notes 34
2 Investment and Public Policy in a Globalized Economy Robert Skidelsky
Skidelsky, Robert 35
Why Keynes? 35
Keynes's theory 38
The case for the stimulus 46
Keynes's political economy 48
Conclusion 51
Notes 52
3 The Common Table Jonathan Rutherford Rutherford, Jonathan 54
A new popular compact 55
Class and community 59
Social recession 62
Ethical socialism 65
A new political economy 69
The future 73
Notes 74
4 There is no Wealth But Life Phillip Blond Blond, Phillip 77
Notes 99
5 The Knowledge Economy, Ethics and the Challenge of Diversity After the Crash
Adam Lent Lent, Adam 100
Introduction: the return of individualism versus collectivism 100
The influence of postwar British history 102
Individualism, collectivism and the failure of individuality 105
The economics of diversity 111
Conclusion: living up to the challenge of a new diversity 116
Notes 121
6 Investment Banking: The Inevitable Triumph of Incentives Over Ethics
John Reynolds Reynolds, John 123
Why do investment banks exist? 123
Success in investment banking: defined by making money 124
Money is corrupting 125
How investment bankers are paid 126
Equity ownership didn't prevent investment banking collapse 130
Convergence of commercial banking and investment banking 131
Management 132
Abuse 133
Compliance: legalistic and not a substitute for ethics 138
Ethics are intrinsic in markets 141
Bubbles: the power of being right 142
Conclusion 143
Notes 145
7 Culture and The Crisis Andrew Whittaker Whittaker, Andrew 147
Introduction 147
Nature and scale of the crisis 148
Causes of the crisis 148
Cultural trends 151
Impact of these trends on the crisis 157
Scope for cultural initiatives 158
The legitimacy of cultural initiatives 159
Post-crisis initiatives 162
Conclusions 165
Notes 166
8 Reconciling the Market with the Environment Zac Goldsmith Goldsmith,
Zac 167
Notes 181
9 The Financial Crisis and the End of the Hunter-Gatherer Will Hutton
Hutton, Will 182
Notes 189
Index 190
256 pages, Hardcover
