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

  • Michel CamdessusEmail author
Part of the Ethical Economy book series (SEEP, volume 41)


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.


Market Economy Financial System International Monetary Fund Common Good Irrational Exuberance 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


  1. Benedict XVI. 2009. Encyclical Caritas in Veritate. Vatican: Libreria Editrice Vaticana.Google Scholar
  2. Benedict XVI. 2010. Interview of the Holy Father Benedict XVI with the Journalists on the Flight to Portugal. Accessed 11 May 2010.
  3. Committee on IMF Governance Reform. 2009. Final report.Google Scholar
  4. Greenspan, Alan. 1996. The Challenge of Central Banking in a Democratic Society. Annual dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research. Washington, D.C.: Federal Reserve Board.Google Scholar
  5. John XXIII. 1963. Encyclical Pacem in Terris. Vatican: Libreria Editrice Vaticana.Google Scholar
  6. John Paul II. 1991a. Discorso di Giovanni Paolo II ai membri del corpo diplomatico accreditato presso la Santa Sede. Accessed 12 Jan 1991.
  7. John Paul II. 1991b. Encyclical Centesimus Annus. Vatican: Libreria Editrice Vaticana.Google Scholar
  8. Obama, Barack. 2009. Inaugural Address. Washington, D.C. Accessed 20 Jan 2009
  9. Paul VI. 1967. Encyclical Populorum Progressio. Vatican: Libreria Editrice Vaticana.Google Scholar
  10. Pontifical Council for Justice and Peace. 2004. 2004. Compendium of the Social Doctrine of the Church. Vatican: Libreria Editrice Vaticana.Google Scholar
  11. Tocqueville, Alexis de. 2002. Democracy in America, vols. 1 and 2. (trans: by Henry Reeve). University Park: Pennsylvania State University.Google Scholar

Copyright information

© Springer Netherlands 2012

Authors and Affiliations

  1. 1.Société de Financement de l’Économie Française (Paris, 2008-2010)Honorary Governor of the Banque of FranceParis Cedex 01France

Personalised recommendations