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.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
“The State is the problem, not the solution,” said President Reagan.
- 2.
My friend Onno Ruding called my attention to these words of the Holy Father, while traveling to Portugal, which are quoted from the International Herald Tribune (12.05.2010). The literal quotation is not to be found in the original discourse, but it is expressive of the Pope’s thought.
Bibliography
Benedict XVI. 2009. Encyclical Caritas in Veritate. Vatican: Libreria Editrice Vaticana.
Benedict XVI. 2010. Interview of the Holy Father Benedict XVI with the Journalists on the Flight to Portugal. http://www.vatican.va/holy_father/benedict_xvi/speeches/2010/may/documents/hf_ben-xvi_spe_20100511_portogallo-interview_en.html. Accessed 11 May 2010.
Committee on IMF Governance Reform. 2009. Final report.
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.
John XXIII. 1963. Encyclical Pacem in Terris. Vatican: Libreria Editrice Vaticana.
John Paul II. 1991a. Discorso di Giovanni Paolo II ai membri del corpo diplomatico accreditato presso la Santa Sede. http://www.vatican.va/holy_fatherjohn_paul_ii/speeches/index_spe-dip-corps.htm. Accessed 12 Jan 1991.
John Paul II. 1991b. Encyclical Centesimus Annus. Vatican: Libreria Editrice Vaticana.
Obama, Barack. 2009. Inaugural Address. Washington, D.C. http://www.whitehouse.gov/blog/inaugural-address/. Accessed 20 Jan 2009
Paul VI. 1967. Encyclical Populorum Progressio. Vatican: Libreria Editrice Vaticana.
Pontifical Council for Justice and Peace. 2004. 2004. Compendium of the Social Doctrine of the Church. Vatican: Libreria Editrice Vaticana.
Tocqueville, Alexis de. 2002. Democracy in America, vols. 1 and 2. (trans: by Henry Reeve). University Park: Pennsylvania State University.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2012 Springer Netherlands
About this chapter
Cite this chapter
Camdessus, M. (2012). From a “Culture of Greed” to a Culture of Common Good. In: Schlag, M., Mercado, J. (eds) Free Markets and the Culture of Common Good. Ethical Economy, vol 41. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-2990-2_7
Download citation
DOI: https://doi.org/10.1007/978-94-007-2990-2_7
Published:
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-007-2989-6
Online ISBN: 978-94-007-2990-2
eBook Packages: Humanities, Social Sciences and LawPhilosophy and Religion (R0)