George Friedman of STRATFOR gets to the heart of the current political and economic malaise in a brief and succinct video interview here.
He’s spot on about the point that all the new regulation in the form of Dodd-Frank, Basel III, etc. do zero good without enforcement.
And why aren’t both existing and new regulations being enforced? In Dr. Friedman’s view, it comes down to a lack of virtue among our current elite.
The good news is that this is not an insolvable problem for two reasons: First, virtue, in my opinion, is unlike height, raw intelligence, or good looks, in the sense that it is not something that one is by-and-large born with. Virtue is both learned and cultivated over time.
But how much attention do we currently place on the development of virtue? The classics in the western world on this topic include the works by Marcus Aurelius, Benjamin Franklin, Adam Smith, Thomas Aquinas, Aristotle, among others. To perhaps unfairly single out two disciplines, what room is made for those works in our current economics and business curriculum? From my personal observations, zip.
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