BROWN AND RUDD DEBATE AT ST.PAUL'S CATHEDRAL

As world leaders descended on London, on the eve of the G20 Summit, St.Paul’s Cathedral hosted a debate between our Prime Minster, Gordon Brown and the Australian Prime Minster Kevin Rudd. The prime ministers were invited to speak on the subject of "My word is my bond? Rebuilding trust – the G20 and beyond”, echoing the motto of the London Stock Exchange.

CSM Council member Stephen Beer, picked up on the debate's theme in the Guardian’s ‘Comment is Free’ section on 1st April:

“Trading itself still takes place on this underlying principle, albeit with better checks and regulations. Problems arose from what was actually traded and how it was marketed: the risks taken were so extreme that they threatened the entire financial system. Moreover, there appeared to be a growing gap between rewards and sustainable performance. A part of the financial sector seemed to be detaching from the rest of society yet has since required billions of dollars of support.”

Brown and Rudd were debating as the G20 were beginning to arrive, amidst the background of further forecasts and figures confirming that we are in worst global depression for 60 Years,

"Our financial system must be founded on the very same values that are at the heart of our family lives, neighbourhoods, and communities." said Gordon Brown during his speech. "Strong rules rooted in shared values are the best way to serve both ourselves and our market systems. Markets need morals."

The debate was punctuated by similar references, recognising that risk taking, even greed, has been too strong a force over these last few decades. Values seemed to have been sidelined, and now they needed to be refound. This would implications too for the poorest in our world. “Loving your neighbour as yourself” means we also have a responsibility to help the poor and deal with climate change.” Brown concluded.

Prime minister Kevin Rudd talked of the audible crack in people’s trust of economic markets. in the public's trust in financial markets last September. He argued that econmic systems which rose from this crisis must "ensure both individual liberty and the common good are enhanced."

Stephen Beer rightly reflected that faith groups have a part to play if values once again matter:

“Ultimately, we all need to think about what kind of society we want in future. It is less about obtaining a balance between government and markets than ensuring a more equitable participation in the market system and working against inequalities. Inequality and poverty have declined in general during periods of globalisation (including open markets and more trade) but where serious inequalities arise they should not be ignored. We need to rediscover RH Tawney's point that people need economic freedom alongside civil liberty. Power, whether political or economic, needs to be accountable in some way.”

CSM’s upcoming Tawney lecture (7th May Portcullis House) should have much to add to this debate. Check our our events area to find out more. In the meantime our prayers remain with the outcome of the G20 summit and it’s ramifications.

To read Stephen Beers comment article from the Guardian click here.

You can also read Stephen’s thoughts in a recent Tribune article here.

Andy Freeman, 02/04/2009