HUMAN RIGHTS IMPERILLED BY THE GLOBAL FINANCIAL CRISIS The Ethical Collapse in Neoliberal Free-market Ideology

BRUCE DUNCAN

T FIRST SIGHT one might think that economists in reworking the moral foundations our current economic turmoil has little of this critical discipline. Aor nothing to do with the steady, pa- One doesn’t have to be a Marxist to recog- tient work of reinforcing and honouring human nise that powerful financial and corporate in- rights. Yet basic human rights suffer during eco- terests have been exposed as acting like ‘rob- nomic depressions, especially the rights to work, ber barons’ of the current financial era. But I adequate nutrition, health care and education was intrigued by a comment by among others. As Cardinal Turkson, President (2002, xv) a decade ago in and of the Pontifical Council for Justice and Peace, its Discontents that there was not a giant con- said in 2010, globalisation has lifted millions spiracy at work to undermine the global out of poverty, but also displayed ‘flagrant dis- economy: ‘You won’t find hard evidence of a regard for human dignity, inequality, poverty, terrible conspiracy by and the IMF food insecurity, unemployment, social exclu- to take over the world. I don’t believe such a sion, violations of religious freedom, and ma- conspiracy exists. The truth is subtler.’ terialism that continue to ravage human com- Stiglitz won a Nobel Prize in 2001, was munities, with destructive consequences for the senior vice-president and chief economist at future of our planet and for our human family.’ the from 1997 to 2001, and presi- (Turkson, 2011, 50). dent of the council of economic advisers to But what are the drivers of these destruc- President Clinton, so he writes from extensive tive aspects of globalisation? I am arguing that experience as an insider about these interna- the economic crisis derives from ideologies tional economic and political institutions. He that indirectly are undermining human rights is also an adviser, among others to the Pon- and involve a concerted attack on them. In tifical Academy of Social Sciences, and his support of this view, I have drawn from some thinking has helped shape the conversation leading economists who are arguing for a re- behind formal Catholic responses to economic covery of the moral dimension of economics problems. What did he mean by this claim that so as better to promote human wellbeing. One the ‘truth is subtler’? cannot help noting some remarkable congru- In a series of books since, Stiglitz detailed ences between many of their views and tradi- the systemic corruption in global markets and tional Catholic positions on the philosophy of institutions. Clearly no conspirators in their economics. In my view, this represents an his- right minds would set out deliberately to un- toric opportunity for Catholic and other reli- dermine the international markets. It was not gious thinkers to engage more closely with a conspiracy in that sense. Yet he is arguing

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that the collusion of large numbers of people Bruce Duncan is a in financial and economic circles, buttressed Redemptorist priest by the free-market ideology of , lecturing in social ethics manipulated the levers of the global economy at Yarra Theological in their own financial interest. ‘Decisions were Union. He is Director made on the basis of what seemed a curious of the Yarra Institute blend of ideology and bad economics, dogma for Religion and Social that sometimes seemed to be thinly veiling Policy and a founder of special interests.’ (Stiglitz, 2002, xiii). Social Policy Connections. Stiglitz highlighted two crucial factors: the impact of the economic ideology that obscured what was actually happening or likely to hap- about the crisis as fundamentally a moral cri- pen, misleading many of the players involved; sis, resulting from a collapse of values. and secondly, the extensive influence of pow- According to Tomas Sedlacek in his Eco- erful sectional and business interests manipu- nomics of Good and Evil, ‘For economists, lating policies and outcomes for their own ethics became uninteresting and irrelevant. short-term benefit. Though these groups did There was no need to talk about ethics—it not intend such economic mayhem, that was sufficed to rely on the invisible hand of the the effect of their collusion. market; it would automatically transform pri- This combination of ideology and special vate vices (such as selfishness) into general interests amounts to a concerted assault on the welfare (such as growth in efficiency).’ human rights of millions of people who find (Sedlacek, 2011, 183). themselves denied the means of social and In view of this, how should church and economic fulfilment and participation. Church community groups respond to such an ethical and community groups involved in a wide collapse, and how might they contribute to range of social services are faced with respond- rebuilding a moral consensus about the goals ing to greater need in societies, to ameliorate of social and economic policy? the effects of this social distress. Given the uncertainty and complexity of It is very important, then, that social serv- economic philosophy and analysis, as well as ice networks see their role not just as one of the different disciplines involved, theologians direct service provision, but as challenging the have been slow to engage vigorously in eco- policies and philosophies that result in such nomic debates, despite the resources available pernicious outcomes in terms of human rights. in works such as Boswell et al. (2000) and The decisive battles must be fought at this level Himes (2004) along with the Compendium of also, and not just in the day-by-day political the Social Doctrine of the Church (2004) and argy-bargy over detailed policies. statements from the Pontifical Council for Jus- As we all know, the complexity of these tice and Peace (2011, 2012). Yet some lead- issues, not to mention the mystification of ing economists have been advising Vatican much economics and financial details, can be agencies for several decades, included quite bewildering and disempowering. How- Kenneth J. Arrow, Partha Dasgupta, Jacques ever, a number of leading economists have H. Dreze, and Amartya Sen. Arrow warned in been charting a way through this morass. They 1990: The ‘relaxation of moral standards and warned against the likelihood of just such an an over-vivid exaltation of the markets and of economic collapse as the Global Financial the value of greed in the last decade have led Crisis (GFC), and what they regarded as the to new abuses.’ He argued that the market failure not just of many economists, but of the should not be the final arbiter. ‘Actions of in- discipline of economics itself (Krugman, 2009; dividuals must be governed by moral consid- Kuttner, 1991, 5). Some of these critics talk erations of consequences and by legal controls’

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(Arrow, 1992, 19-21). employment rates may result in the rise of ex- The eyes of the world looked to the Vati- treme political movements. It is inconceivable can for an incisive moral critique of the eco- that such countries could maintain political nomic crisis, but Pope Benedict has been care- stability if they had to endure another five or ful with his 2009 encyclical, Caritas in more years of austerity and depression. Veritate, which was delayed two years to make As many people have pointed out, the cri- a more comprehensive response. Fortunately sis could have and should have been avoided eminent economists have continued advising (Stiglitz, 2010b, 1). It resulted from a combi- Vatican agencies about the causes and inter- nation of outright greed corrupting key eco- pretation of events, particularly the Pontifical nomic, financial and political institutions, Commission for Justice and Peace, and the along with a heavy dose of economic dogma, Pontifical Academy of Social Sciences, disguised in the rhetoric of what Stiglitz calls chaired by Professor Mary Ann Glendon. ‘free-market fundamentalism’, or Ideology and the effects of the GFC neoliberalism, with its belief that free markets The Global Financial Crisis has carved a would of themselves resolve moral issues and path of destruction through various national produce the fairest outcomes. This economies, not least in the United States neoliberalism emphasised liberalisation and a whence in large part it sprang. minimal role for the state, along with its ‘strong Tens of millions of people in Europe and faith’ in unfettered markets (Serra, Spiegel and the United States alone have been out of work. Stiglitz, 2008, 41). According to Paul Krugman (2012, 8-9) in End Stiglitz’s early writing focused on the free- this Depression Now!, six million Americans market policies of the International Monetary had been out of work for six months or more, Institution, which was pursuing policies of four million for over a year. A survey in June privatisation, free trade, and liberalisation, 2011 found that a third of Americans had ei- particularly of financial markets, but without ther lost work themselves or one of their fam- putting in place an international structure of ily had, while 40 percent of families had suf- governance for the processes of globalisation, fered reduced wages or benefits. Some and neglecting considerations of social equity 300,000 school teachers had been laid off and and sustainability (Serra et al., 2008, 3-9). This the US economy was running 7 percent below set of IMF policies was heavily biased against potential, representing a loss of $1 trillion of developing countries, as the Asian financial output a year (Krugman, 2012, 14-16). crisis of 1997 demonstrated. Stiglitz com- Full-time employment in the US declined mented that ‘capital account liberalization was by 8.7 million in the four years from Novem- the single most important factor leading to the ber 2007. A survey revealed that only 38 per- [Asian] crisis.’ (Stiglitz, 2002, 99). cent of the unemployed received unemploy- from the Earth Institute at ment benefits, and 44 percent had never re- Columbia University, in The Price of Civili- ceived any (Stiglitz, 2012, 10-11). By early zation: Economics and Ethics after the Fall, 2012, 8 million American families had lost likewise deplored policies that led to their homes, and 3-4 million more could still deregulated markets, tax cuts for the rich and lose theirs (Stiglitz, 2012, 199). reduced social spending resulting in widening In the euro zone countries, 25 million peo- inequality. ‘Globalization unleashed vast cor- ple were registered as unemployed in August porate power and undermined whole regions’ 2010, with the unemployment rate in October (Sachs, 2011, xii). He continued: ‘The key 2012 in Greece at 24.4% and Spain at 25%, question today is global and urgent: how can and double that for youth unemployment. Un- in the twenty-first century deliver less these economies improve quickly, the un- the three overarching goals sought by socie-

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ties around the world: economic prosperity, 107), impairing efficiency and widening in- social justice, and environmental equalities. He added that ‘the agenda of pri- sustainability?’ (Sachs, xv). vatization and liberalization has itself been corrupt; it has garnered high rents for those Confronting the Power of Special Interests who used their political influence to push it.’ (2012, 176). ‘We have created an economy and These neoliberal policies won supporters be- a society in which great wealth is amassed cause they served the interests of powerful through rent seeking, sometimes through di- interest groups. Stiglitz wrote in 2010 in the rect transfers from the public to the wealthy’, Stiglitz Report, commissioned by the president but mostly through ‘monopoly power and other of the UN General Assembly, Miguel D’Escoto forms of exploitation’ (2012, 266). Stiglitz Brockmann: ‘While ideas matter, so do inter- endorsed the billionaire philanthropist, War- ests: the regulatory regime may have been af- ren Buffitt, saying: ‘There’s been class war- fected more by the influence of certain spe- fare going on for the last 20 years and my class cial interests than the merits of theoretical ar- has won.’ (2012, 180). guments.’ (Stiglitz et al, 2010b, 64). Stiglitz warned that there was a danger that Restoring Social Equity ‘existing power structures can seize hold of For many years, Stiglitz and others have been these moments of crisis and use them for their alarmed at the growing inequality involved own benefit, reinforcing inequalities and in- with neoliberal economic policies. In his pre- equities. There may be a greater concentra- GFC book, Making Globalization work: the tion of economic and political power after the next Steps to Global Justice, Stiglitz (2006, crisis than before.’ He asked rhetorically: ‘Can 44) wrote that even the IMF was finally rec- we manage the global economy in ways that ognising that market fundamentalism had deep enhance the well-being of most citizens around flaws and was damaging poorer countries. He the world? We believe we can’ (2010b, 198- insisted that true ‘success means sustainable, 99), promoting the human wellbeing especially equitable, and democratic development that of the poorest people. focuses on increasing living standards, not just This is a hopeful note to strike, but Stiglitz on measured GDP’, but in terms of social eq- (2006, 278) is very well aware of the forces uity, with improved incomes, health, life ex- arrayed against him. He especially notes that pectancy and infant mortality rates. major had been shaping the proc- Stiglitz highlighted the growing inequality esses of globalisation in their own interests, and resulting from neoliberal economics and the he named Microsoft, ExxonMobil, along with manipulation by special interests in his essay agricultural and pharmaceutical interests for ‘Of the 1%, by the 1%, for the 1%’ in Vanity corrupting the political process through their Fair in May 2011, detailing the redistribution donations to both major US political parties. of wealth in the United States away from the For much of the world, globalization as it has great majority of the population to the top 1 been managed seems like a pact with the devil… percent of income earners. His writings helped closer integration into the global economy has stimulate the Occupy Wall Street protests. brought greater volatility and insecurity, and Alarmed about the growing inequality of more inequality. It has even threatened funda- wealth, Stiglitz developed his call for a renewal mental values (Stiglitz, 2010b, 292). of morality in economics. Even before the In The Price of Inequality, Stiglitz seeks 2007 crisis, ‘the top 0.1 percent of America’s to expose the power of special interests. ‘A households had an income that was 220 times central thesis of this book is that rent seeking larger than the average of the bottom 90 per- is pervasive in the American economy’ (2012, cent’, with the wealthiest 1 percent owning

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more than a third of the nation’s wealth. economy that had surpassed the fundamentals Moreover, ‘the top 1 percent of Americans of economics and could ignore the lessons of gained 93 percent of the additional income economic history and past ‘bubbles’. created in the country’ in 2010, and the ratio Other leading economists had also warned of ‘CEO annual compensation to that of the of approaching disaster: Nouriel Roubini and typical worker by 2010 was back to what it Stephen Mihm (2010), Robert J Shiller, and had been before the crisis to 243 to 1.’ (Stiglitz, the financier, George Soros among others. 2012, 3). In Japan the ratio between CEO pay Soros (2004, 91-92) insisted that markets on and that of the typical worker is 16 to 1; and their own were incapable of ensuring collec- the old US ratio was 30 to 1 (Stiglitz, 2012, tive goods or social justice, which only a ‘po- 21). Minimum wages in the USA had fallen litical process’ could provide. Amartya Sen behind inflation, and the real federal minimum (1987/92) and others had long been pointing wage in 2011 was ‘15 percent lower’ than in to the need for a renewed moral framework 1980 (Stiglitz, 2012, 242). within economics, and deploring the gap be- By late 2012, in the US ‘the share of na- tween economics as a discipline and moral tional income going to the top 0.1 percent philosophy. (some 16,000 families) has risen from just over Stiglitz (2012, 248) argues that the US 1 per cent in 1980 to almost 5 per cent now’ Federal Reserve was ‘captured’ by the (Anon., 2012, 48-49). worldview of dominant bankers, which helps Such extreme inequality is contrary to the explain why the Obama administration bailed moral aspirations of economists like Keynes. out the banks at the expense of homeowners. Krugman (2012, 208) quotes from Keynes’s Of this ‘the world’s most massive transfer of General Theory of Employment, Interest and wealth’, he wrote: ‘never in the history of the Money: ‘The outstanding faults of the eco- planet had so many given so much to so few nomic society in which we live are its failure who were so rich without asking anything in to provide for full employment and its arbi- return.’ (Stiglitz, 2012, 168). The insurance trary and inequitable distribution of wealth and giant AIG ‘got more than $150 billion–more income’. One could say the same today. Eco- than was spent on welfare to the poor from nomics needs to restore these aspirations for 1990 to 2006.’ (Stiglitz, 2012, 180). social equity to the heart of economic think- Stiglitz contended that the ing and policy. should have directed the funds to bailing out homeowners, writing down the principal, per- Forewarned but not Forearmed haps with debt-to-equity conversions (2012, 170). ‘The administration’s response to the The Global Financial Crisis was not like a massive violations of the rule of law by the natural tragedy that was unavoidable and un- banks reflects our new style of corruption: the foreseen. It was foreseen, with people like Obama administration actually fought against Stiglitz (2010a, 8) repeatedly warning about attempts by states to hold the banks account- such a looming crisis. But too many people able.’ (Stiglitz, 2012, 201). were making too much money out of the ‘bub- Jeffrey Sachs (2011, 23), too, lamented the ble’ that they did not want to take precautions. handling of the crisis by the Obama adminis- It is not just the leading decision-makers and tration. ‘Wall Street firms such as Goldman bankers that were derelict in their duty. Tens Sachs, , and JP Morgan Chase not of thousands of others, in finance and bank- only were the central actors in the financial ing, along with the insurance and housing crisis of 2008 but were the very places to which scams, were complicit, perhaps believing in Obama turned to staff the senior economic the mantra that they had invented a whole new posts in his administration.’ ‘The bankers who world of finance and derivatives, a new brought down the world economy remain at

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the top of the heap’ in lucrative positions on by the words ‘moral deprivation’. Something Wall Street, academia or in government wrong happened to the moral compass of so (Sachs, 24). many of the people working in the financial As for ways to solve the crisis, Stiglitz sector and elsewhere. (2012, 236) strongly opposes contractionary He noted that hardly anyone responsible for policies on the plea of reducing debt. ‘What’s the crisis had been convicted. ‘What is remark- striking is how many people… have been se- able is how few seemed—and still seem—to feel duced by the myth of austerity and the myth guilt, and how few were the whistleblowers. that the government budget is like a house- Something has happened to our sense of values hold’s budget.’ In his view, the 1 percent has when the end of making more money justifies ‘distorted the budget debate–using an under- the means, which in the U.S. subprime crisis standable concern about overspending to pro- meant exploiting the poorest and least-educated vide cover for a program aimed at downsizing among us.’ (Stiglitz, 2012, xvii). the government’, weakening the economy and The GFC is not just another financial cri- increasing unemployment. Stiglitz (2012, 217) sis. It is global in its impact, and threatens the criticised the ‘deficit fetishism’ that had gained very viability of international markets and ground. ‘The ratings agencies–still trusted in trade. Fundamentally it is a moral crisis which spite of their incredibly bad performance in has corroded from within the institutions and recent decades–have joined the fray, down- values we thought were firmly established. In grading US debt.’ the view of Stiglitz (2010a. 278), ‘too little Paul Krugman also strongly opposed harsh has been written about the underlying ‘moral austerity policies, saying they will plunge the deficit’ that has been exposed [by the] unre- world deeper into depression. Instead he argues lenting pursuit of profits and the elevation of for thoughtful expansionary stimulus policies, the pursuit of self-interest.’ including in surplus countries, which he thinks Jeffrey Sachs (2011, xv) also called for a could end the depression within a few years. return to ‘civic virtue...to reconnect public ‘The Austerian desire to slash government values and public policy’. He wrote that ‘Glo- spending and reduce deficits even in the face balization unleashed vast corporate power and of a depressed economy may be wrongheaded; undermined whole regions’, challenging the indeed, my view is that it’s deeply destructive’. hopes that capitalism would provide ‘prosper- He was ‘quite shocked’ with the OECD call for ity, social justice and environmental rate hikes in May 2010 (2012, 202). He blamed sustainability.’ The biographer of Keynes, the push for further austerity on lenders and Robert Skidelsky (2009, 3), concurred: ‘At the bankers who insist that priority be given to re- heart of the moral failure is the worship of paying debts. They also ‘oppose any action on growth for its own sake, rather than as a way the monetary side that either deprives bankers to achieve the ‘good life’.’ Robert and Edward of returns by keeping rates low or erodes the Skidelsky wrote in How much is enough? value of claims through inflation’ (2012, 207). Money and the Good Life: In other words, these creditors are putting their The Anglo-American version of individualist claims to profits before the basic human rights capitalism is kept going largely for the benefit of millions of others to work and a decent live- of a predatory , whose members lihood for their families. cream off the richest prizes while justifying their predation in the language of freedom and glo- A Crisis in Values in Economics balization... At the core of our system is a moral decay that is tolerated only because the clean- Markets must be tamed, Stiglitz wrote, so that ing of its Augean stables is too traumatic to they benefited most citizens. contemplate. (Skidelsky, 2012, 181). Much of what has gone on can only be described Many leading economists are thus insisting

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on the need to develop policies that truly serve (Zamagni, 2010a, 63). human wellbeing, and for clearer awareness of The implications of the GFC are that un- the role of moral values and human rights not less the power of global corporations is cur- just in the personal conduct of players, but in tailed and made accountable, then the assault the institutions themselves, including the rat- of basic human rights will continue, especially ings agencies, the banking systems, in govern- because of the redistribution of wealth to up- ance and media. But we are still far from such per income groups. Without major adjustments positive outcomes, and as Roubini and Mihm to the distribution of wealth, demand will con- (2010, 300) warned, we may face ‘far more fre- tinue to lag, resulting in high unemployment, quent and virulent crises’ especially because of low wages, reduced influence of labour move- the volatility of capital movements. ments, homelessness, poor health and educa- tional outcomes for millions of people, along Conclusion with social and political marginalisation. Some These writings on the current crisis suggest prominent economists fear all this could even that this is an important moment for the undermine democracy, leaving corporations in churches to engage in focused but public con- control and managing economies in their own versation, first, about the values needed to interests. As Sedlacek wrote (2011, 109), ‘The redevelop a sustainable economics, with large and growing role of big money in poli- fairer outcomes especially for the poorer sec- tics is the grim political reality of our times. It tions of humanity; and secondly to promote is the key to understanding the expanding ten- efforts to translate such values into policy tacles of the corporatocracy.’ directions and outcomes that promote and Recent popes have given strong leadership protect basic human rights. It is normally not on these matters, including Pope Benedict’s the role of church officials to take on the pro- Caritas in Veritate. In April 2010, Benedict fessional work of people in the social sciences said: ‘The worldwide financial breakdown... and policy areas, though of course many rel- has also shown the error of the assumption that evant church agencies have contributions to the market is capable of regulating itself... as make here. But the churches have a duty to a sort of self-calibrating mechanism driven by encourage people to run a moral template self-interest and profit-seeking.’ Instead it must over policies and actions to ensure outcomes support ‘the dignity of the person, the pursuit are fair and equitable, especially for more of the common good’ and the ‘integral devel- vulnerable sections of the population. As one opment’ of everyone. He repeated his warn- of the reputed contributors to the writing of ing from Caritas in Veritate that trust was es- Caritas in Veritate, Stefano Zamagni noted, sential, for without ‘trust and love for what is capitalism is not capable of generating the true, there is no social conscience and respon- ‘cultural inputs and sophisticated moral code’ sibility, and social action ends up serving pri- needed to sustain it, hence its need for an ethi- vate interests and the logic of power, resulting cal foundation such as religion provides in social fragmentation.’ (Benedict, 2011, #5).

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