Trust is the backbone of business, and ethics its limbs; both of these principles are at stake today. The faith that people have in banks and financial institutions has shaken and in such a situation, it becomes difficult for business to flourish.
Understanding and re-evaluating our way of doing business is an earnest need of our times. To re-establish faith and trust in the economic system, we need a moral and ethical revival.
The system currently lacks proper checks and balances. The Madoff scandal in New York, the catastrophe with Lehman Brothers and other investment banks, the burst of the dot-com bubble, the Enron debacle -- these are all cases in point, where an artificial hype was created by manipulating data and people were kept in the dark about what was really happening for a long time. Greed in the form of unchecked corruption that has crept even into the judicial system has dimmed the hope of people. Human values have taken a back seat. Given this backdrop, what could be the steps forward?
We have to ensure that the human values of honesty, integrity and compassion are encouraged and rewarded. Read More