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| Sat, 13th Mar 2021 10:00:00 |
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‘We are seeing a crisis in values’ – an exclusive extract from Mark Carney’s book |
A few summers ago when a range of policymakers, business people, academics, labour leaders and charity workers gathered at the Vatican to discuss the future of the market system, Pope Francis surprised us by joining the lunch and sharing a parable. He observed that:
Our meal will be accompanied by wine. Now, wine is many things. It has a bouquet, colour and richness of taste that all complement the food. It has alcohol that can enliven the mind. Wine enriches all our senses.
At the end of our feast, we will have grappa. Grappa is one thing: alcohol. Grappa is wine distilled.
He continued:
Humanity is many things – passionate, curious, rational, altruistic, creative, self-interested. But the market is one thing: self-interest. The market is humanity distilled.
And then he challenged us:
Your job is to turn the grappa back into wine, to turn the market back into humanity. This isn’t theology. This is reality. This is the truth.
In my experience, the upheaval the world has been experiencing demonstrates that it is vital to rebalance the essential dynamism of capitalism with our broader social goals. This is not an abstract issue or a naive aspiration.
Read original full article
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