Ethics Return & Trust Revisited

According to finance ministers from the Group of Eight club of rich countries,Flawed markets and fundamental weaknesses in the world economic system demand adoption of a “global standard” of norms and principles and a return to ethics in business.

In a 66-page report expected to be endorsed by heads of government at next week’s G8 summit in Italy, ministers agree “a rethinking of the framework of the global economic and financial system is critical”.

“A set of common principles and standards governing international economic and financial activity is an essential foundation for stable global growth,” the report says, laying out the proposed Lecce framework, named after the baroque Italian city where the ministers met this month.

In the meantime,an article from the editor Adi Ignatius of Harvard Business Review named Trust Revisited in June,2009 is a must and in-time reminder.In the article ,the editor said:THE PUBLIC’S trust in business leaders hasnever been weaker. According to the Edelman Trust Barometer,  in January,trust in U.S. business dropped from 58% to 38% in one year. European businesses are in nearly as much trouble with the public.Businesses in emerging markets are faring better– but not by a lot.

So let us rethink what is wrong with our economic system,is that market wrong,or something else unusable.In my opinion,there is no problem with our market,the trouble we need to face is about our system:the ethics and trust in our business pursuit.We are so greedy that forget what we are pursuing.We need rebuild ethics and trust in business and our system.