An ethical look at the financial role of governments at time of crisis: a trio of case studies Romania, Greece and Hungary.
The Aspen Institute Romania brought together between 26 and 28 March decision-makers, actors and stakeholders from the country and the region in a 3-day "Socratic seminar" to debate these issues in the larger context of perennial classical values and a long-term vision for sustainable economic development. Having the time old question of "which capitalism" at its heart the debate focused on texts that included classical authors and new commentators in an attempt to restart the embers of a truly fundamental debate.We approached some of the following issues:
1) Weak state versus strong state - where is the line between efficient regulation/institutions and constraining regulation/institutions?
2) Harmonizing ethics and pragmatism - what is just and what is not in the framework of state and business action? Are long-term goals sacrificed for the sake of immediate recovery? What are the side-effects of business ethics being marginalised in the wake of the growing struggle for mere survival?
3) Who is it right for the state to bail out and to what extent? Who decides, and on what basis.
4) What is the limit of state responsibility towards private business interests in risk and at what scale intervention becomes justified? Are we seeing an emergence of an ethical state aide or the contrary is true the "villains" are rewarded?
5) What impact for employment in the region and should this consideration play a major role in deciding state aid and bailouts?
6) Is there a re-nationalisation of economic policies taking place in the region and Europe?
7) Is there an ethical element involved in the EU policy towards the region and its stand by promise to Greece or is it all self interest and self preservation?
8) What model of capitalism are we seeking to put in place?