Date: October 15, 2008
Time: 9:00 AM - 11:00 AM
Venue: Division Office, Department of Education, Shoe Ave., Marikina City
Time: 1:00 PM - 4:00 PM
Venue: Don Galo Elementary School, J. Gabriel Street, Brgy. Don Galo, Parañaque City
Date: October 16, 2008
Time: 2:00 PM - 5:00 PM
Venue: Benpress Caseroom, G/F Asian Institute of Management, Makati City
The Ethical Dimension of the World Financial Crisis
The two-part 82nd edition of the Globalization Lecture Series featured Mr. Peter Schier, an independent consultant in morals and ethics; interreligious and inter-ethnical relations and conflict resolutions; and religions, belief systems and spirituality. Mr. Schier was country representative of the Konrad Adenauer Stiftung to Malaysia and one of the main players of the interfaith and intercultural Penang Global Ethic Project.
On October 15, Mr. Schier visited the cities of Marikina and Parañaque to address public school teachers on “The Global Ethic: Leading the Youth to a Peaceful and Just World.” He regarded highly of teachers for their role in shaping the minds of the next generations. In this time of globalization, he evoked the educators to make harmony and peace between different religions. As countries become more multi-cultural and multi-religious, the education system should not segregate students according to faiths and beliefs because there is a common value that is shared by all religions and belief systems, and this is summarized by the golden rule—“treat others as you would like to be treated.”
The following day, October 16, Mr. Schier lectured at the Asian Institute of Management on the topic of “The Ethical Dimension of the World Financial Crisis,” to close the week-long “World Religions, Universal Peace, Global Ethic” Exhibit. He spoke about the consequences of having an unrestricted free market, and the responsibilities of both bankers and consumers. Mr. Schier noted that part of the reason for the world financial crisis is because of bankers who created products that they did not fully understand themselves. By these products, he referred to derivates and junk bonds. Consumers on the other hand practiced unlimited and unrestrained consumerism purchased by credit. He illustrated the imbalance in the debt-income expenditure of Americans that has drastically changed from 1993 to 2003. Such a free market must have restrictions. With this vicious cycle, Mr. Schier referred back to the principle of the golden rule that he rephrased as “help ever, hurt never.”
The highly interested audience engaged immensely during the open forum that resulted into a fruitful exchange of perspectives. The former senator, Ms. Leticia Ramos-Shahani shared her views on the financial crisis saying that the immediate social issue is to cleanse the financial system. She shares that if only we could let these banks, which are being bailed out by governments, sink, then they would learn their lesson. However, she recognizes that this is not realistic as that would lead to further financial breakdown globally. Professor Mario Antonio Lopez, a faculty member at the AIM, on the other hand, shared his thoughts as a parent. He speaks about practical parents who push their children to profit, power, and pleasure. But these are the very factors that lead to crises such as the present world financial crisis. He recommends balance in the socio-, ecological, and ethical aspects of life and more importantly, asks what is our individual duty?
In the end, Dr. Federico M. Macaranas, executive director of the AIM Policy Center provided a synthesis of the discussion. Not too long ago, the phrase “moderate their greed” became a famous catch phrase in the country from a corruption controversy. Dr. Macaranas asks, “How socially conscienticized are we?” With this, he gives a framework, from the conscience of the individual shaped by the golden rule affects the ethical implementation that then affects political competence.
He then proceeds with the question, “How do we educate people in becoming more socially conscious?” And this is where the golden rule enters, that we don’t need to unite religions but respect the commonality, and in answering Professor Lopez’s question, the individual is at the heart of this.
The AIM Policy Center would like to acknowledge DepEd Superintendents, Dr. Flor Mayari of the Division of Marikina; Dr. Norma Ablan Adamos of the Division of Taguig-Pateros, Dr. Eduardo Lopez of the Division of Parañaque, and Dr. Lourdes Victoriano of the Division of Las Piñas, for gathering the participants in the DepEd Division Office in Marikina and Don Galo Elementary School in Parañaque respectively.
