Although people have spoken of greed as the source of our current problems, I suspect that it goes deeper. It is a little too easy to blame the present situation on an accumulation of individual greed, exemplified by bankers or brokers, and to lose sight of the fact that governments committed to deregulation and to the encouragement of speculation and high personal borrowing were elected repeatedly in Britain and the United States for a crucial couple of decades. Add to that the fact that warnings were not lacking of some of the risks of poor (or no) regulation, and we are left with the question of what it was that skewed the judgement of a whole society as well as of financial professionals. John Dunning, a professional analyst of the business world, wrote some six years ago about what he called the ‘crisis in the moral ecology’ of unregulated capitalism (in the editorial afterword to a collection of essays on Making Globalisation Good, p.357); and he and other contributors to his book discussed how ‘circles of failure’ could be created in the global economy by a combination of moral indifference, institutional crisis and market failure, each feeding on the others. Yet warnings went unheeded; people’s rational capacities, it seems, were blunted, and unregulated global capitalism was assumed to be the natural way of doing things, based on a set of rational market processes that would deliver results in everyone’s interest.<\/p>\n
This was not just about greed. At least some apologists for the naturalness of the unregulated market pointed \u201d\u201c quite reasonably in the circumstances \u201d\u201c to the apparently infallible capacity of the market to free nations from poverty. It may help to turn for illumination to an unexpected source. Acquisitiveness is, in the Christian monastic tradition, associated with pride, the root of all human error and failure: pride, which is most clearly evident in the refusal to acknowledge my lack of control over my environment, my illusion that I can shape the world according to my will. And if that is correct, then the origin of economic dysfunction and injustice is pride \u201d\u201c a pride that is manifest in the reluctance to let go of systems and projects that promise more and more secure control, and so has a bad effect on our reasoning powers. This in turn suggests that economic justice arrives only when everyone recognises some kind of shared vulnerability and limitation in a world of limits and processes (psychological as well as material) that cannot be bypassed. We are delivered or converted not simply by resolving in a vacuum to be less greedy, but by understanding what it is to live as an organism which grows and changes and thus is involved in risk. We change because our minds or mindsets are changed and steered away from certain powerful but toxic myths.<\/p>\n