Following the rise and fall of the world’s economy is exhausting; we are all weary living in the chaos. Yet there are silver linings…moments of clarity, humility and truth by leaders:
Former Chair of the Federal Reserve, Alan Greenspan U.S. House Committee on Oversight and Government Reform…Observing the humility of this long-standing champion of the free market is remarkable: “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he said. The market had gotten out of control.
United Nations Secretary-General Ban Ki-moon reported to BBC that world leaders must help poorer nations navigate this global financial crisis. the International Monetary Fund adn central banks may even have to set up an emergency credit lines for impoverished countries.
In the U.K., the Ethical Trading Initiative recently celebrated its 10th anniversary – this is a movement among retailers, suppliers, trade unions and others to ethically and collaboratively manage supply chains in a globalized economy. The caution? Make sure that this economic meltdown doesn’t cause us to forget the vulnerabilities of workers in poorer countries along our supply chains.
For richer or poorer, in sickness and in health, our global economies are connected.