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If trustees don't understand the meaning of trustworthiness, all the penalties in the world won't encourage them to act in a trustworthy manner. What is needed is conversion — the recognition that the good of each individual depends on their seeking the common good, and the determination to ensure that this vision permeates corporations.
The earthworms and bees were the first to know, wrote Nobel laureate and Belarusian native Svetlana Alexievich. The bees stayed in their hives; the worms buried themselves so deep that fishermen digging for bait on the banks of the Pripyat River were perplexed that they couldn't find any. The humans were slower to learn.
Murray and Frijters detail what they call Australia's 'grey corruption': the grubby nexus between 'James' (corrupt business people) and governments or regulators. The Jameses thrive at the expense of the 'Bruces': ordinary working people. The games of the corrupt elite now cost the 'Bruces' about half their wages.
Pinning all the blame for poor behaviour on deliberate individual choice is a fundamental attribution error. We need to rise above the salacious gossip and the spectacle of corporate beheadings to understand what drives behaviour in powerful people, take a more reasoned approach and achieve sustainable change.
Philip Wilson has been sentenced to 12 months' detention for concealing child sexual abuse. It's very likely that he will appeal his conviction and sentence. An appeal may well succeed, but that's not the end of the matter. This has been a six-year saga relating to events which occurred more than 40 years ago. Emotions are running high.
Just in time to arrest ponderous musings about Western Civilisation, up jumps Denniss' cheeky funeral oration for the neoliberal settlement. His target is the assumption that an economy based on unregulated competition between individuals will benefit society. He does not spend time arguing with the theory, but points to the results.
The contrast between success and failure shows that successful independents and minor parties cannot just be based on major party disillusionment, creative election campaigns, or attractive candidates, but also on deep listening to and engaging with their communities which enable a positive and grounded alternative to be offered to voters.
As the royal commission prepared to resume its hearings into financial services the Vatican released Oeconomicae et pecuniariae quaestiones, on the ethics of markets. Although written quite independently, passages of the document could have been mistaken for factual reporting of the royal commission.
The Vatican has launched a stringent critique of abuses in global economies, abuses that are driving astonishing inequality and threatening ecological sustainability. 'Oeconomicae et pecuniariae questiones' reiterates the call for an urgent dialogue between politics and economics to advance human life and wellbeing.
General apologies don't go far enough. Compensation is necessary, but also not enough. The reputation of the church would now be higher if there were more obvious signals of accountability by those in charge. The offer of resignation made as a group to Pope Francis by the entire Chilean hierarchy is a breath of fresh air.
As the world economy groans under soaring levels of debt, the place to look is Japan, whose current government debt-to-GDP ratio is an eye watering 253 per cent. It is Japan, which led the developed world into this mess, that is likely to lead the world out of it by cancelling debt. The consequences of such a move would be far reaching.
The flagship cultural measure in the budget is, strangely, a flagship: the Endeavour. The government announced '$48.7 million over four years to commemorate the 250th anniversary of James Cook's first voyage to Australia and the Pacific'. A permanent presence on the first site of local trauma is not a vision for a nation.