One thing the financial crisis has pointed out pretty clearly is that everyone is connected. “Pure” capitalism, the kind espoused by economists like Milton Friedman, is based on the idea that all the decisions individuals make based on what is most profitable for them will add up to public good. One reason many are looking for someone to blame in the financial crisis, is that the inherent “goodness” of capitalism (with or without government controls) is at the foundation of our national identity.
I sense a paradigm shift in the offing.
I am betting it will start with the notion that, rather than conceiving ourselves as individuals who make decisions for our own personal best interests, we are all connected. We may begin to consider how business decisions affect others, beyond the notion of profit or loss. I don’t need to give any of the many examples from the news in which, with hindsight, this type of thinking would have prevented the current crisis.
Is it time to grab that textbook from your obligatory MBA ethics class? Well, I’ve been reading all about ethics lately and the trouble with ethics is that if you are smart enough you can argue that just about any action is ethical or unethical.
But maybe, at least, we could each check our personal moral compass. I am not talking about a whole bunch of questions on the death penalty or how to teach children about competition. I’m just suggesting having a look, without judgment, at something that most of us seldom think about. Here are a few ideas that will start you thinking. You can go from there…
- What type of goals do you have for your work in the world? Do they involve making lots of money? Doing good work? Making lots of money while doing good work? Helping the other people you work with have a better daily experience?
- Is there any type of work you would not take?
- How far would you go to avoid work that you would not take? Would you have someone else in the company do it? Would you quit? Would you change professions?
- Have you ever felt squeamish about taking/performing a certain kind of work but done it anyway? If so, what reasons did you give yourself for going ahead? Were they financial? Did you find an ethical loophole? If so, what? Did you figure you are a grownup now and you have to “suck it up?”
- If there is type of work that you feel makes you uncomfortable, have you ever shared that idea with others you work with? With your boss?
Remember: there are no right answers. Unlike a real compass there is no true north. These are just some ideas to get you thinking, and maybe help you bring that thinking into your daily work and your conversations at work.
Some MBAs at Harvard have created the MBA Oath. Their long-term aim is to get America’s future business leaders to start thinking about value in a bigger sense than just financial value.
See? The paradigm shift is starting already.
Tags: business decisions, business ethics, business goals, capitalism, mba oath, milton friedman, moral compass, paradigm shift, public good
