A Crisis of Character
This recent article in The Huffington Post frames the United States's current economic crisis in terms of a failure of morality and the virtues.
"'Character is destiny,' remarked the Greek philosopher Heraclitus in
the 6th Century B.C. This observation applies as much to nations as it
does to individuals. And our current economic woes are, in large part,
the repercussions of a national crisis of character.
"Free markets, in order to function well, depend upon the virtue of
their participants. The distrust engendered by vice raises wasteful
transaction and monitoring costs to levels that can paralyze the
marketplace. Moreover, vice leads to the phenomenon of "putting profits
before people." This can be manifested in a variety of ways: by taking
imprudent and excessive risks with other people's money; by selling
products and services that harm consumers, families, and society; and
by engaging in outright fraud. Today, of course, we are suffering from
all of the above."
Read the rest of the article here.
Image from Flickr Creative Commons.