Thursday, September 9, 2010

Thursday's Truths - Truth or Consequencies?

In my last Sunday Sanctuary post I began describing the economic underpinnings of our current financial system. Specifically, I touched upon two types of capitalism that are the predominant ideologies in practice in the free world today - Anglo/US capitalism and stakeholder capitalism.

There is another type that has been emerging ever since the Financial Crisis and the resulting "punishment" of the financial institutions that were allegedly at fault.

It is called "Charitable Capitalism". Many firms, such as Goldman Sachs, have launched new initiatives such as their 10,000 Small Businesses Initiative, a pledge of half a billion dollars to provide access for small businesses to financial capital, mentors, networks, and business education. Since women-owned businesses now account for a significant portion of our economy, this is a great step toward getting money into the right hands so that we may continue to heal our financial condition.

In an op-ed piece around this time last year, my Gal Pal, Jacki Zehner wrote:

" What’s it going to take from Wall Street? How about repentance? Repentance is a theological concept that isn’t normally associated with business practice, but that’s what Main Street needs from Wall Street. Repentance is the first step in healing a broken relationship. Yes, it starts with admitting wrongdoing and expressing sincere regret for it, but it goes far deeper than that. It demonstrates sincerity through definitive and dramatic action in a new direction, signifying a strong commitment to the relationship."

In my opinion, unless the financial system we have created, and the underpinnings of capitalism are reformed to include honest, viable, and effective (socially responsible) institutions, with morally responsible individuals put in place to run them, the consequence will be a global shaking of biblical proportions.

Repentance is the first step toward truth. And the truth will set us all free.

No comments:

Post a Comment