Professor Prabhu Guptara is a Senior Fellow of the Trinity Forum and a past Trustee. He is Executive Director, Organisational Development with Wolfsberg, the Platform for Executive and Business Development of Switzerland's UBS Group. These remarks are made in a personal capacity.
I want to conclude by saying that what we have is a culture of greed that was politically sponsored and politically promoted, a culture justified by reference to Adam Smith’s notion of the Invisible Hand, that if everybody operates in their self-interest then somehow, magically, everything is looked after. And it did seem to be that way in the eighteenth century. However, just because it was that way—perhaps—in the eighteenth century, doesn’t mean it’s going to be that way today. The level of morality in the market may not be the same today as it was in the eighteenth century. The level of complexity may not be the same today as it was yesterday. And the level of volatility may not be the same today as it was yesterday. So it’s a bit naive to expect the economy to look after itself today, even if the economy did so all that time ago. To read the full text