(http://mb.com.ph/articles/260281/a-call-solidarity-and-ethics-world-financial-systems)
Ethics are derived from personal values and around the world, there are different cultures with different values.
Cultural values have a strong influence on the way business is conducted and as the economy expands to become truly global, it is inevitable that contradictory ethical stances will come into conflict.
In a speech before the Vatican Foundation Centisimus Annus, an organization which seeks to promote the social doctrine of the Church, Pope Benedict XVI called for ethics and solidarity in the world’s financial systems, reprimanding governments which failed to act properly in the face of speculation that hurt poor nations. Pope Benedict XVI said that the “crisis and the difficulties that international relations, states, society, and the world economies are experiencing are largely due to a lack of trust and adequate aspiration toward solidarity.”
There are many examples of what we would consider unethical business and financial practices in the world today. Paying officials for access to decision makers is a shady practice but in countries where this operates, it is a part of normal business.
The global economy has shifted the power to impact the world in a lasting way. Developing countries are eager to form partnerships with these global giants and are willing to conform to the requirements in order to do so. Making money is not wrong in itself, it is the manner in which businesses conduct themselves that brings up the question of ethical behavior. By refusing to deal with nations or businesses who engage in unethical practices, business and world financial systems can contribute to establishing higher standards.
Calling for solidarity and ethics in the world financial systems, Pope Benedict XVI is hopeful that as every cloud has a silver lining, the upside of the economic downturn is that it offers world financial systems an opportunity to lead by example and make the necessary reforms. It is a good time to dust off past financial conduct and talk about the importance of ethics.
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