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The Reith Lectures
From Moral to Market Sentiments
Dec 2, 2020
Mark Carney, former Governor of the Bank of England and UN Special Envoy for Climate Finance, discusses the dangerous prioritization of financial over human values. He explores how this shift has contributed to crises like climate change and COVID-19. Carney emphasizes the need to redefine value in economic terms, advocating for a balance between profit and ethical considerations. He also critiques the undervaluation of essential care work and the limitations of capitalism in addressing societal needs, urging a return to deeper, more meaningful assessments of value.
57:50
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Quick takeaways
- The podcast highlights the critical imbalance between financial and human values, asserting this shift has led to crises in credit, Covid, and climate.
- It explores the paradox of resource valuation, questioning why essential items like water are undervalued compared to luxury goods like diamonds.
Deep dives
Financial Values vs. Human Values
The discussion highlights the current prioritization of financial values over human values, showcasing how this shift has contributed to various global crises, including climate change and the COVID-19 pandemic. The concept of a market society is introduced, illustrating how financial metrics have overshadowed significant human-centric values such as fairness and sustainability. This perspective raises critical questions about the societal implications of valuing profit over the common good, as it calls for a reevaluation of what is deemed valuable in our economic systems. The ongoing challenge is to find a balance that respects societal values while operating within a financial framework.
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