From a “Culture of Greed” to a Culture of Common Good

Abstract

Michel Camdessus, president of the International Monetary Fund (1987–2000) and president of SRAEC, France, emphasizes the importance of sound cultural foundations in order to found a new global monetary and financial system oriented toward the common good. Camdessus begins his article by examining the roots of the economic crisis. He situates this first crisis of globalization within a series of six other crises, dominated by that of ethics and culture. It is the culture of greed, of having, which, left without rules or regulations, has perverted the functioning of the market system. This culture of greed can be overcome by rooting a new global monetary and financial system in the culture of the common good. To this end, Camdessus elaborates reforms requiring a spirit of cooperation and based upon incentives and sanctions in regard to not only the International Monetary Fund but also the G20 and the Bretton Woods institutions.