JOSEPH STIGLITZ: TOWARDS A NEW SOCIETY

INTRODUCTION

Key concepts - Towards a New Society

Other societies around the world

What kind of society do you want

Our vision for the future

How economics

shapes society &

individuals

Moral Crisis

What you measure is what you

value

Community and Trust

KEY CONCEPTS Towards a New Society

HOW ECONOMICS SHAPES SOCIETY & INDIVIDUALS

Finance Jobs

Greed

Salary

Perception

Misallocation of scarcest resources

The effects of society on peoples choices

Moral Crisis

No responsibility

Lobbying Moral Deficit

Enron, Worldcom, Countrywide

OTHER EXPERTS .… A MORAL CRISIS?

Trevino: “good ethics is absolutely essential for

effective business practice’’

Handy: “Truth

concealed then

capitalism breaks down”

Allen: “Facade of neoliberalism cracked by

crisis”

Einstein: “we cannot

solve a problem out of the same

consciousness that give

it birth”

TAKING RESPONSIBILITY

No responsibility for failure

Self interest doesn’t equal

societal gain

Individual & Corporate

Friedman: Business

has one social

responsibility and that is

“to use it resources and

engage in activities

designed to increase its

profits“

Handy: Urgent need to

devise a means of

retaining ‘the energy

produced by the old

model without its flaws’

TAKING RESPONSIBILITY – OTHER EXPERTS

Gabriel D'Arcy, CEO, Bord Na Mona: “only 5% of businesses that were around 75 years ago, are still around today and if Bord na Mona wants to continue to be one of them sustainable practices needs to be embraced”.

TAKING RESPONSIBILITY – OTHER EXPERTS

GDP : +10%

BUT

Household

Income : -4%

WHAT YOU MEASURE IS WHAT YOU VALUE

Between 2000 to 2008 in the USA:

Current measure of societal performance = GDP….

What about the Environment?

What about Health?

ALTERNATIVE PERFORMANCE MEASURES

Median Income

Sustainability

Health

Education

Gross National Happiness

http://www.youtube.com/watch?v=7Zqdqa4YNvI

GROSS NATIONAL HAPPINESS (GNH)

“Whatever work we do, whatever goals we have – and no matter how these may change in this changing world –

ultimately without peace, security and happiness we have nothing. That is the essence of the philosophy of Gross National Happiness. Our most important goal is the peace and happiness of our people and the security and sovereignty of the nation.”

COMMUNITY & TRUST

”The glue that holds all

relationships together -

including the relationship between the

leader and the led is trust, and trust

is based on integrity.”

Brian Tracy

Short sighted governments…

COMMUNITY & TRUST

SUMMARY

How economics

shapes society &

individuals

Moral Crisis

What you measure is what you

value

Community and Trust

WHAT KIND OF A SOCIETY DO YOU WANT?

What are our

options?

Denmark

Japan

Ireland

USA

India

Costa Rica

COSTA RICA #1 on the Happy Planet Index!

INDIA #9 in GDP, #115 in GNH

DENMARK

World’s Happiest Country in 2011

JAPAN #3 in GDP, #75 in Happy Planet Index

IRELAND #78 in Happy Planet Index

Horses in a field in front of a new house which has been left unfinished in County Leitrim. Leitrim is the worst affected county in Ireland with a housing stock that it is estimated will take nine years to clear

WHAT KIND OF A SOCIETY DO YOU WANT

? ?

What performance

measures should we use?

How should we plan for

scarcity?

How do we restore a sense of community &

trust?

How do we take

responsibility?

OUR VISION: A NEW MEASURE – A WHOLE SYSTEMS APPROACH

OUR VISION: A SUSTAINABLE IRISH SOCIETY

Energy Secure

Food Secure

Sustainable Water System

Irish Goods, services & systems

No to pollution

Protect bio-diversity

Education for Sustainability

Local & national resilience planning

OUR VISION: A RESPONSIBLE SOCIETY

Individual responsibility

Corporate Responsibility

Strategic Thinking

Embracing Sustainability

Ban Corporate Political

donations

Enforcement of legislation

Education

OUR VISION: COMMUNITY & TRUST

Foster Discourse

Community Sufficiency

Rebuild Trust