Every morning when I wake up in Davos, I turn on my television to CNN in my hotel room. And every morning, there is the same reporter interviewing a bundled-up CEO with the snowy “magic mountain” of Davos in the background. The question is always the same: “When will this crisis be over?” They actually have a “white board” where they make the CEO mark his answer: 2009…2010…2011…later.
But it’s the wrong question. Of course it’s a question we all want to know the answer to, but there is a much more important one. We should be asking, “How will this crisis change us?” How will it change the way we think, act, and decide things — how we live, and how we do business? Yes, this is a structural crisis, and one that clearly calls for new social regulation. But it is also a spiritual crisis, and one that calls for new self-regulation. We seem to have lost some things and forgotten some things — such as our values.
We have trusted in “the invisible hand” to make everything turn out all right, believing that it wasn’t necessary for us to bring virtue to bear on our decisions. But things haven’t turned out all right and the invisible hand has let go of some things, such as “the common good.” The common good hasn’t been very common in our economic decision-making for some time now. And things have spun out of control. Gandhi’s seven deadly social sins seem an accurate diagnosis for some of the causes of this crisis: “politics without principle, wealth without work, commerce without morality, pleasure without conscience, education without character, science without humanity, and worship without sacrifice.”
If we learn nothing from this crisis, all the pain and suffering it is causing will be in vain. But we can learn new habits of the heart, perhaps that suffering can even turn out to be redemptive. If we can regain a moral compass and find new metrics by which to evaluate our success, this crisis could become our opportunity to change.
More here. Maybe these guys will actually get the memo this time. Or not.