Creed v greed, an ethical charter

Barney Zwartz; 8/12/09

A Global economy needs a global ethic in which a fair society and the environment accompany profits in a triple bottom-line for companies, leading theologian Hans Kung said in Melbourne yesterday. ”Laws are not enough,” Dr Kung told the Parliament of the World’s Religions. ”You need the political will to fight corruption, greed and aggrandisement. But the political will is often weak because it is not accompanied by ethical will.” Dr Kung – one of the greatest theologians of the 20th century, who has often found himself at odds with the Vatican – launched a manifesto for a global economic ethic written by businessmen, economists and ethicists. He said the failure of markets, institutions and morality during the global financial crisis showed that the emergence of global capitalism had brought a new set of risks demanding an ethical framework.