by Shaun Michael Samaroo

May, 2024. Ontario, Canada

In an era marked by seismic shifts, where global challenges intersect with technological advancements, the very fabric of our societies is being tested. The emerging world order demands a re-evaluation of our fundamental values—a departure from the relentless pursuit of market-driven goals toward a more humane and sustainable vision.

The Crisis in Values

Mark Carney argues that our world’s fault lines—growing inequality, systemic racism, climate change, and mistrust of experts—stem from a common crisis in values. We’ve witnessed the evolution of “market economies” into “market societies,” where price dictates the worth of everything. But what about the intrinsic values we hold dear? Fairness, health, rights, and the preservation of natural diversity—these are the bedrock of a more humane society.

Our twenty-first-century world often sacrifices these cherished values at the altar of profit. Carney’s manifesto calls for a radical shift—a return to human-centric principles. Let’s explore how we can reshape our infrastructure, policies, and institutions to align with these core values:

· Fairness and Equality: Carney advocates for policies that bridge the wealth gap, ensuring equal opportunities for all. From education to healthcare, fairness must be our guiding star.

· Health and Well-being: Prioritizing health over profit means investing in robust healthcare systems, mental health support, and preventive measures. A healthy populace drives progress.

· Rights and Dignity: Our rights—whether civil, political, or environmental—must be non-negotiable. Upholding human dignity requires safeguarding these rights.

· Environmental Stewardship: Carney’s vision emphasizes preserving natural diversity and resources. Sustainability isn’t an option; it’s our duty.

· Economic Security: Eradicating poverty and ensuring economic stability are essential. We must rethink our safety nets and redefine success beyond material wealth.

Carney’s manifesto extends beyond borders. As we reimagine our world order, we must amplify voices from the Global South. Nations like Brazil, India, and Turkey offer unique perspectives.

Let’s hear from experts who echo Carney’s call for a values-driven world:

Dr. Aisha Mustafa: An economist from Nigeria, Dr. Mustafa champions inclusive growth. She believes that economic policies should prioritize well-being, not just GDP.

Professor Wei Chen: From China, Professor Chen advocates for a harmonious society. His research on sustainable development emphasizes balance and shared prosperity.

Dr. Raúl González: A sociologist from Mexico, Dr. González emphasizes community resilience. His work highlights the importance of social cohesion in times of crisis.

As we navigate this transformative era, let us heed Carney’s words: “We build an economy and society based not on market values but on human values.” Our choices today shape the world our children and grandchildren inherit. Let’s choose wisely, for a better world awaits—one where our values are not casualties but cornerstones.

In an era characterized by rapid globalization, technological advancements, and shifting geopolitical landscapes, the essence of societal values has emerged as a pivotal force shaping the trajectory of the world order. As Mark Carney, the former Governor of the Bank of England said, “values are the cornerstone upon which sustainable progress and prosperity are built.”

Carney’s insights echo a sentiment that resonates profoundly in today’s interconnected world. As nations and corporations navigate complex challenges ranging from climate change to social inequality, there’s a discernible shift towards prioritizing values over mere profits. This transformation heralds a new era where ethical considerations guide decision-making, influencing everything from governance structures to consumer behavior.

The Rise of Values-Based Leadership

Leadership, both in the public and private sectors, is increasingly embracing a values-centric approach. Carney himself, in his role as the UN Special Envoy for Climate Action and Finance, has championed initiatives that align financial systems with sustainability goals. His advocacy underscores a growing recognition that economic prosperity must be pursued in harmony with environmental and social well-being.

Joining Carney in this discourse are renowned thinkers like Dr. Jane Goodall, whose work in conservation and advocacy for animal welfare embodies the values of empathy and stewardship. Goodall emphasizes the interconnectedness of all living beings, urging societies to prioritize compassion and environmental stewardship in their policies and practices.

The Power of Values in Action

The shift towards a values-driven world order is not merely theoretical; it’s palpable in real-world scenarios where companies and communities are guided by principles that extend beyond profit margins.

Take, for instance, the case of Patagonia, a renowned outdoor apparel company committed to environmental conservation. Instead of prioritizing short-term gains, Patagonia has consistently invested in sustainable manufacturing practices and activism, even at the expense of potential profits. Their dedication to environmental causes has not only garnered customer loyalty but also positioned them as a beacon of corporate responsibility.

Similarly, the B Corporation movement has gained traction, with companies voluntarily meeting rigorous standards of social and environmental performance, accountability, and transparency. These certified B Corps, including iconic brands like Ben & Jerry’s and TOMS, demonstrate that profitability and positive social impact are not mutually exclusive.

Statistics Illuminate the Shift

According to a report by Nielsen, 73% of global consumers say they would change their consumption habits to reduce their environmental impact.

The Global Impact Investing Network (GIIN) reports that the impact investing market has grown to over $715 billion, reflecting a surge in investments aligned with social and environmental objectives.

A study by Cone Communications reveals that 91% of millennials would switch brands to one associated with a cause.

These figures underscore a seismic shift in consumer preferences and investment patterns, indicating a profound recalibration of priorities towards values-aligned initiatives.

Charting the Path Forward

As we navigate the complexities of the 21st century, embracing a values-centric paradigm offers a roadmap for building a more sustainable and equitable world. Whether it’s tackling climate change, promoting social justice, or fostering inclusive economic growth, the integration of values into our collective consciousness holds the promise of a brighter future.

In the words of Mark Carney, “our values define who we are and shape the world we aspire to create. Let us harness their power to forge a world order rooted in compassion, integrity, and sustainability.”

The journey towards a values-driven world order may be fraught with challenges, but it’s a journey worth undertaking—for the betterment of humanity and the planet we call home.

New Economic Paradigm

In a world increasingly driven by the relentless pursuit of profit, Mark Carney, former Governor of the Bank of England, has emerged as a powerful advocate for a values-driven economic system. His book, Value(s): Building a Better World for All” challenges the prevailing free-market orthodoxy and calls for a return to principles that prioritize human well-being over financial gain. Carney’s vision is not just theoretical; it is a clarion call for a fundamental shift in how businesses and economies operate.

Carney’s argument is compelling: the financial crash, the COVID-19 pandemic, and the ongoing climate crisis are all symptoms of a distorted economic system that has lost its moral compass. “We have turned the wine of humanity into the toxic grappa of self-interest,” Carney writes, quoting Pope Francis. He identifies seven key values that should underpin a new economic order: solidarity, fairness, responsibility, resilience, sustainability, dynamism, and humility, all infused with compassion.

Several companies and organizations are already embodying Carney’s vision, demonstrating that prioritizing values can lead to sustainable success. One notable example is Patagonia, the outdoor clothing company known for its environmental activism. Patagonia’s commitment to sustainability is not just a marketing ploy; it is embedded in its corporate DNA. The company donates 1% of its sales to environmental causes and has pledged to become carbon neutral by 2025. This values-driven approach has not only earned Patagonia a loyal customer base but also resulted in robust financial performance.

Another example is Unilever, which has integrated sustainability into its business model through the Unilever Sustainable Living Plan. This initiative aims to decouple the company’s growth from its environmental footprint while increasing its positive social impact. Unilever’s CEO, Alan Jope, has stated, “We believe that sustainable and equitable growth is the only acceptable model of growth”.

The shift towards values-driven business is not just anecdotal; it is supported by data. According to a 2020 study by the Harvard Business Review, companies that prioritize environmental, social, and governance (ESG) criteria outperform their peers in the long term. The study found that high-ESG companies had better financial performance, lower volatility, and higher employee satisfaction. Additionally, a 2019 report by the Global Sustainable Investment Alliance revealed that sustainable investment now accounts for one-third of all professionally managed assets globally, amounting to over $30 trillion.

Carney is not alone in his call for a values-driven economy. Renowned economist Jeffrey Sachs has long advocated for sustainable development, arguing that “the pursuit of profit must be balanced with the pursuit of social and environmental goals.” Similarly, Paul Polman, former CEO of Unilever, has been a vocal proponent of stakeholder capitalism, which prioritizes the interests of all stakeholders, including employees, customers, and the environment, over short-term shareholder gains.

Carney’s book is a manifesto for a new kind of economics, one that places human values at the center of economic decision-making. He argues that businesses must adopt a long-term perspective, focusing on creating intrinsic value rather than chasing short-term profits. “Companies driven by creating an intrinsic purpose that generates profit perform best over time for both themselves and society,” Carney asserts.

To achieve this vision, Carney calls for a more active role for the state in regulating markets and ensuring that businesses adhere to ethical standards. He also emphasizes the importance of education and public awareness in fostering a culture of values-driven decision-making.

Mark Carney’s “Value(s)” is a timely and urgent call to action. As we face unprecedented global challenges, the need for a values-driven economic system has never been more apparent. By prioritizing solidarity, fairness, responsibility, resilience, sustainability, dynamism, and humility, we can build a better world for all. The examples of Patagonia, Unilever, and other forward-thinking companies show that this vision is not only possible but also profitable. It is up to us, as consumers, business leaders, and policymakers, to heed Carney’s call and make values the cornerstone of our economic future.

In the words of Carney, “We must transform the grappa of self-interest back into the wine of humanity.”

With collaboration of Qwai, the AI author assistant – qualped.life