Lack of Ethics Responsible for Global Economic Gloom: FABC Secretary General

November 01, 2011: A lack of ethics among individuals and organizations is responsible for the current global economic gloom, according to Cardinal Oswald Gracias, recently elected secretary-general of the Federation of Asian Bishops’ Conference.
“Proper functioning of the global economy requires fundamental values and a common code of ethics founded on faith and reason,” said Cardinal Gracias, who is also the archbishop of Bombay and president of the Catholic Bishops’ Conference of India.
He was speaking at an international colloquium on the theme “Towards a strong global economic system” on October 28 in Bangalore, southern India.
The Pontifical Council for Culture along with the Dharmaram Vidya Kshetram (Pontifical athenaeum of philosophy, theology and canon law), and Christ University organized the three-day seminar.
“To function effectively, the global business community needs a blend of business ethics and policies promoting responsible corporate governance and corporate social responsibility,” the cardinal told the gathering of bishops, priests, nuns and lay people.
He said that governments must hold the business community accountable for ethical wrongdoings and poor social and environmental performances.
“Greed over need is one of the root causes of corruption, which can be eradicated by education in homes, schools and in society,” said Justice Santhosh Hegde.
Archbishop Thomas Menamparampil of Guwahati said corruption is also about abuse of power. Christopher Stueckelberger, founder and executive director of Globethics.net, a global network of people and institutions, suggested the ideal global market economy would be based on modest growth, sustainability, caring, sharing and long term profit optimization.