October 17, 2008

The Root of the World Financial Crisis: Unethical Practices

Dr. Peter Schier, Co-founder of the Penang Global Ethic Project and Former Country Representative of the Konrad Adenauer Stiftung in Malaysia, posited a very interesting take on the global financial crisis: We have to point the finger at unethical practices that led to one of the worst financial crunches the world has faced in recent history.

Dr. Schier's lecture was the concluding activity of the World Religions, Universal Peace, Global Ethic Exhibit at the Asian Institute of Management. The talk centered on the "profit at all costs" mindset at the micro-economic level has led to bankruptcy at the macro-economic level and that mindset has a high potential to destroy the social fabric of society. The fund managers that toppled the dominoes of the financial world definitely tip-toed on ethical boundaries and now we have billions of Dollars eaten up by the financial crunch. Heck, it may have affected opportunities for us MBA graduates this December.


Prof. Mayo Lopez with Dr. Peter Schier:
Former Philippine Senator Letica Ramos-Shahani giving her insights on the lecture:
The AIM Policy Center staff with Dr. Peter Schier:

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