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Thank you, Steve. Well, thank you for coming.

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I was feeling pretty good about this until Steve then mentioned that I'm going to read the paper.

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This is more a collection of thoughts that have come out of the work that I do around business

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and its relationship to climate change and other basic challenges of the 21st century.

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And for anybody that has taken an interest in climate change, sustainability, resource constrained economies and all these things,

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it will be quite apparent that there is a strong ethical dimension to this, or at least the issues are often portrayed in an ethical way.

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The title, the intriguing title.

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One of the strange things about business, I think, is this love hate relationship that we have developed with it on the one hand.

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Obviously, we look to business to provide goods and services.

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Sometimes we get very worked up about the idea that the private sector is going to provide public goods.

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The current debate around the reform of the National Health Service or the current debate around the Big Society is an example of this.

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Why are these things being privatised? Do they need to be privatised?

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What does the private sector offer and always think?

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I'm currently preparing my panel for the march on March 26th, and it does occur to me that we were not to blame.

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It was the public sector that was to blame, and yet it was the private sector that was to blame.

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And yet we are being asked to embrace more and more the private sector.

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So we have this kind of thing of we do we love business.

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We love the things that it brings. We love the shops. We love the fact that the electricity arrives on time.

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We love the fact that that we can move around transport wise.

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We love the fact that we can communicate with each other very freely.

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We like the innovations that the private sector brings and so on and so forth.

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Even indeed, despite certain things going wrong with the financial sector, certain fundamental things going well with financial sector,

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we do actually like the fact that the banking system doesn't lose our money incredibly often, certainly not as often as it historically did.

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So we have this very ambivalent relationship now.

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There's two things behind Mr. Burns here, that interest trade.

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One is the idea that this this gentleman, this Scott millionaire is so rich.

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How on earth could he possibly be a normal person?

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Would it actually represent is how much money I would have if I had a dollar for every time I have said I work in business ethics and people say,

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isn't that a tautology? I would be a very rich person indeed.

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But there is a field. There is a long established field of business ethics.

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And I'm just going to. In order to understand what the challenges of the 21st century,

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I want to give a bit of a backdrop to how business ethics itself has been interpreted and how it has evolved.

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So one meaning the way we talk about business ethics is that there are objective ethical perspectives on business itself.

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They can be pro business. I love capitalism.

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Just look at what growth brings to our society.

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Or it can be very anti-business. With the protests, protests against capitalism many times.

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Many of you will remember the riots in Seattle in the late nineties, early 2000s.

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This whole movement against the World Trade Organisation and the whole idea that the one

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functioning governance body that we have for a globalised era is the World Trade Organisation,

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which seems to be putting, putting a flag in the sand that says what we value above all is, is business.

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A business pretty much is used interchangeably with capitalism.

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I mean, business itself actually is very resilient to different political economic systems.

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So you do have business tree capitalism.

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Obviously, you have business working quite successfully under national socialism and so on and so forth.

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But by and large, what I'm talking here, I am talking about business within the capitalist system.

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The second meaning is the idea that business is made up of individuals.

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And individuals are moral beings. They bring in particular values.

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They often feel very uncomfortable. When I am teaching business ethics to business school students.

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One of the things that comes across is they are very uncomfortable about, as they put it,

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talking their values in and outside the building whenever they go into work.

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And so as individuals with an ethical perspective, taking those ethical perspectives into the business environment,

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not surprising they would draw on established ethical theories,

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whether that be Aristotle or John Stuart Mill, John Rolls or any other of the systems that they are part of.

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And this we see this in practice.

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We see this panning out in a number of different circumstances. We see Bernie Madoff, the the American guy behind the biggest Ponzi scheme ever.

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Here he is being arrested as an individual acting unethically and that not just the law, but society as a whole condemns that kind of practice,

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even at the same time as it praises and encourages the kind of entrepreneurship, the kind of rush for wealth that Madoff symbolises.

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This is the gentleman behind Polly Pick in a similar situation.

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And it's not just about people being caught out. It's also people taking a moral stand.

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So this lady here was the woman who blew the whistle on Enron.

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This is the lady who blew the whistle on WorldCom.

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People taking an ethical stand that goes against the interests of these businesses.

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Moving on from that, within ethical theory, we find that we know from the ethics of individuals to then say,

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well, we can aggregate ethical individuals and that becomes the ethics of the business itself.

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So rather than think of who I am as a whistle blower,

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that somehow all the ethical values that we bring into the workplace here and that silhouette is meant to be a factory.

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Each of us brings in our ethics, and so the workplace becomes a forum, a context within ethical, within which ethical issues are played out.

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And out of that, we have an ethics emerging that is not simply the ethic of an individual,

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but it's something that is the result of the aggregate of individual ethics.

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So we have coming from that,

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we have organisations making statements about their ethical stance as we treat others as we would like to be treated as such.

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We do not tolerate abusive and disrespectful treatment.

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Ruthlessness, callousness and arrogance don't belong here.

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The kind of thing that clearly makes a very strong stand about the values of business and the idea what company companies.

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It was annual that was in its statement in the year that they won the Corporate Responsibility Award,

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which is the most corporately responsible company in the world.

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And that was the year before they became the biggest bankruptcy in history.

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So I don't believe what you read necessarily. But companies do have these strong statements.

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And what this symbolises I mean, clearly, this is a lot of B.S.,

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But what it does symbolises the feeling within companies that you do have to make to speak out an ethical space.

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And that leads us into the fact that business becomes a forum, a field where power,

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responsibility and duty relationship between means and ends and business.

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Business is purpose. Purpose. All of these things play out.

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But it's not simply I go into business or league.

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I go into the university and I have my values.

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But that the ethical space, the ethical context, the subset of society of business is a is a moral agreement,

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which, as with any societal more moral arena, does not mean that it is always 100% ethical.

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What I mean here is a moral arena is a space where these things are played out.

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Coming from that. We have the fourth mainland.

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That business itself wants to be recognised as a moral and ethical entity.

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This is a very strong argument, particularly in the US.

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It's become a strong argument in the US, partly because because of this gentleman and partly because Amendment 14 to the American Constitution.

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Which was about guaranteeing the rights of slaves.

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That property could not be seized. That has been taken by business itself to say we have rights, we should be treated as an ethical being.

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We can dispose of of what we own prior to that in the States.

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Also in Europe. The idea was that business would often chartered East India Company would be an example of that.

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It was chartered to do certain things, it had certain functions and at the end of its charter that organisation, that company ceased to exist.

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So you didn't have a company like Unilever or a company like Cadbury that went on in perpetuity.

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You had companies that were limited by charter to perform certain functions for a limited amount of time.

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So a classic example of that was the rights to operate turnpikes on roads, and you have that permission for a certain time.

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You owned the turnpike on the road. You could collect the revenue for that, but that was all you could do.

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With the Dred Scott case. This is this is the man that was at the point of this was with the Dred Scott case.

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What it said was. When it was when it was repealed, what it said was the people have the right to dispose of their.

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Dispose of their goods. And so for companies, suddenly they picked up on this and they said, well, you know what, we're going to look at it,

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we're going to follow the story, and we are going to we are going to have to be treated as individuals.

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And the fear of the difference between that is that whereas I as a person, I have the right to own things.

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I have the right to free speech, if I have the right to vote in elections and so on and so forth.

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These are all rights and responsibilities the companies themselves do not have in the States.

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But you see it filtering through in Europe and elsewhere.

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It's very noticeable in the States. You have this idea that's been going on really since the 1800s of fighting for the

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rights for companies to be recognised as ethical entities in their own right.

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And the fear that is out of this, you get some kind of Frankenstein monster.

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But the consequences of this today are that.

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A company like BP. Regardless of the individuals, a company like BP becomes liable for its actions as a cover entity.

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This, by the way, was a genuine BP advertising slogan.

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Google in China. Google has said it has got into, well,

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making the announcement that it would withdraw from China because the government was insisting

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that it hand over confidential information and not confidential information to Google,

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but confidential information about Google's users. And Google made the stance that this was immoral.

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Google took that stance as an as an ethical entity.

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Google famously has the slogan Do No Evil.

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Nike is a very interesting one.

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This is Nike swoosh, because Nike actually ended up in the Supreme Court on an issue about whether a corporation is an Achilles heel.

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The way it did this was a case called Kashi versus Nike.

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This was in the mid 2000.

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It began in the California Supreme Court before that.

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What it was, was that Nike?

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Nike was produced. Nike was involved. So let me take a step back.

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Anybody that knows about the history of Nike will know that Nike was under great

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pressure because the production of its sports shoes from the early 1990s onwards.

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There was allegations about child labour, particularly about very low wage labour in countries like Indonesia.

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Nike first denied this was happening, but over a period of time,

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Nike began to try and take these things seriously and in its corporate responsibility report, which came out alongside its corporate report.

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So it's got it was intended for the shareholders.

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It said we are combating and abusive labour practices in the factories that produce

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for us and we have succeeded in raising workers wages and bringing out child labour,

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forcing out child labour, Marchesi said. No, you didn't.

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Here is the truth. There is still child labour in these factories.

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There is still workers working for less than the minimum wage, and he can prove it.

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So he said this was false advertising.

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Nike responded and said it wasn't advertising.

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It was free speech. And with free speech you can say whatever you want.

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It doesn't matter whether it's true or not.

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Until that point, corporations have not asked to be considered ethical entities with the right to free speech.

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This was the first time the case eventually went up to the Supreme Court.

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The Supreme Court sent it back to the California court and Nike settled out of court.

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So the whole thing was not resolved, I think, to the chagrin of a lot of people in corporations who actually wanted a solid ruling.

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But the point here is that it's part of this trend for companies to be seen not as the aggregation of the ethics of individuals,

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but to be ethical entities in their own right.

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And that goes back to the Dred Scott case.

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From that, we see people like R.G. Kowal coming up with, okay, how can we define business as an ethical and ethical entity?

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What are the different parts of that ethic?

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So like Cheeto came up with the pyramid of corporate responsibility, and it's got these four components.

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You've got economic responsibilities, the responsibility to produce goods and services that society wants at a profit for investors.

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That's one dimension to that ethic. You've got legal compliance.

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You've got to obey the law. You've got the ethical responsibility which goes beyond the legal, that goes beyond the economics.

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And it says you've got certain obligations as a corporation to be a good citizen.

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And then you've got discretionary ones which boil down to philanthropy and how

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much money you're going to give Oxford University for that chair in business,

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ethics is important. The audience that knows anyone that would like to endowed chair in business ethics.

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I'm available. And so out of this, we come back to with business emerging as an ethical entity in itself of the last hundred years of law.

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What form of ethics, what moral system are we actually talking about?

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And there's a lot of books you can go and find. You can go and find the Aristotle, Aristotelian perspective on business ethics.

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You can go and find Descartes on business ethics.

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Know not Descartes wrote himself about.

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So can you help writing himself about business ethics, about the Kantian perspective on business ethics and so on and so forth.

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But really the one that stands up, if you think of business as an ethical entity, really the only one that stands up is utilitarianism.

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It's. I'm out because you see that there are these moral values that are inherent in business, in business, in a modern capitalist society.

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Some of these are reflected in law. Some of them are reflected in company law.

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Some of them are norms. Some of them are about to do with businesses license to operate.

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But put them all together. And they become the system.

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The duty to generate jobs, wealth and products.

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It's a very, very much about an end result.

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It's not about everybody.

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It's not as if you haven't got the you have you couldn't really introduce a rules in perspective into that.

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Even even if you were talking about Maxim, I actually mean the duty to obey the law, the right to extract to profit,

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the right to own and dispose of assets to rights, commoditized goods, products and labour.

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I mean, this is this is particularly important one, not often a very stated one.

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And we business ethicists love to talk about behaviours.

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They're almost fearful of talking about things like this, whether this is actually an acceptable right.

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So when it comes to the head, this comes to the head as a more as a business society type thing.

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So you have well,

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if I've got the I feel I have this right as a business to to commoditize products and to put what's inside the example of commoditized labour.

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So I pay you your wages. Once you've paid your wages, you're not beholden to me.

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I'm not beholden to you. I can sack you. I've got no longer term responsibility, at least under the law.

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Or there might be certain things about a lot of periods.

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And but essentially I can treat you as labour, as a commodity.

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It's a very Marxian idea of what commoditization is.

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We don't question that.

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You will hear on the news almost every day that whether we are talking about the A or the Royal Mail, the Royal Mail is in conflict with its workers.

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What do we mean by the road map? Well, we've made these courses for the newspaper.

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So, yes, Royal Mail management is in conflict with its workforce.

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It's never presented work that is presented as Royal Mail.

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Being the company is in conflict with these workers,

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which de facto in that statement and in the common way that we look at things, the workers are not part of that company.

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They are a commodity that can be disposed of. You can lay them off.

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You can move the factory overseas and so on and so forth.

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And in fact, you may be punished by your shareholders if you do not do that.

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Now from this, what we are seeing with this is very much the ethics of neoliberal capitalism,

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whether we're talking about Nozick, whether we're talking about Ayn Rand,

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and it's summed up by Milton Friedman, The only social responsibility of a law abiding business is to maximise shareholder profits.

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In fact, I was listening to the radio yesterday and there was somebody on the radio from

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the interview perspective on the radio who presented this to somebody they were

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interviewing as a statement of fact that this was the only possible thing that you

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could ever think about with faxes in business schools and in senior management,

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in business itself. There's a lot of questioning about whether this is accurate anymore, not in terms of common thinking about business.

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This is still a very common way of thinking.

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This these ideas, one, two, three have become the norm of the way that we think about business, particularly in most of the OECD countries.

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So there is there are differences in Continental here. I am talking quite a lot about the the Anglo-Saxon model and.

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And what that leads us to is this kind of the fifth meaning that capitalism itself is a moral construct.

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If we go back to meaning one business is seen as something that is is morally judged by society,

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it's either very good or it's very bad or something in the middle.

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But actually, capitalism itself is a moral construct of the meaning of life and business.

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Within that is, as Drucker called it, the representative institution.

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And the conditions of that neoliberal capitalism under that is that growth is essential,

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competition is essential, free flow of capital trade, labour is essential, and the rule of law is essential.

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Those are two things that you've got to have in order to deliver that that idea of capitalism.

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These are the absolute must haves. So that brings us nicely, if you like, to the end of the 20th century.

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That was pretty much if you looked at any books on business ethics up until 2000, that's pretty much the perspective that you get.

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You would have one of those five main interpretations of what business ethics was.

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So now let's look from the C-suite where where all the executives hang out.

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Let's have a look at what they're looking at today. We've seen in recent times a lot of discussion about water.

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And this is just a quick diagram of the changing water availability and the red bits mean extreme stress to hear of.

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It's high stress. You can see if you go from 1960s.

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2020 is predictions for the 25th is more and more water stress.

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You are sitting in business. You are not really worried about the idea of a finite planet.

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This is one of the examples where a finite planet is affecting everyone and it is affecting business.

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It is affecting business because just look at what's happening with the floods.

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Well, you know, when we talk about the floods in Australia and so on recently, but this this is not one off.

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It's not the kind of thing you can instantly attach to a very recent climate change.

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It's some. It's a trend that has been going on since 1950s.

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Always upwards, always upwards. More and more and more flood events.

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And that's something that for a business that is very dependent on stable supply chains, very dependent on the growth of urban areas.

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This is something that is going to matter to you as an executive.

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It is said that Lee Scott, the CEO of Wal-Mart,

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the thing that got him thinking about sustainability was Katrina and the and the floods that have been.

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And that's one of a number of changes in our ecosystem that you are observing from the C-suite.

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You're also looking at the demographic change,

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the fact that we've gone from two and a half billion people in 1950 through to where are we now, 6.1 billion today and a projected 9 billion.

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And so 9 billion and change by 2050 is thinking about that.

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What does it mean for me as a business? Right. If opportunity, lots more people are going to go out and don't go out and buy my widgets.

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Is that good news? Well, now, hang on. Where are those people going to be?

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Are they going to want the same widgets? Am I going to get enough raw materials?

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My widgets, because my widgets growing,

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the raw materials come from farmlands and people are starting to move into the farmland and so on and so forth.

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And this is one of the big changes is that my markets are going to shift into much more in the developing countries.

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The population growth is here in the developing world.

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It's not here in the markets that I understand.

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These are now saturated markets and they're not going to get any bigger.

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Here is where my growth is going to be. But a lot of those people there are going to be relatively poor.

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A lot of them are going to be on less than 2.9 billion people on less than $2.

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A lot of them may not want to go out and buy my widgets and so on.

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And so it's a change. I won't go into the details of what that change means, but it's a change.

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Here from my perspective, but I don't think I'm completely off the wall in this my perspective.

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This is the biggest change. Here we are today.

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Greenhouse gas pollution, tons of CO2 or equivalent emissions per year.

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And you know the famous things Australia, the United States, Canada,

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all off the charts with only the slim hope that, hey, we're not doing quite as badly as United Arab Emirates.

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So you've got this about 25 tonnes of emissions per year.

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And then you've got places like India, India, China saying, hey, we want to make more.

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We want to be up here as well. Either these guys are going to come down or we're going to go up.

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We want to work. You know, we would make more. And yet all these scientists to say emissions are a bad thing.

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Well, the fact is, if we were to allocate a budget for carbon emissions, it would happen in order to avoid catastrophic climate change.

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It would have to be about five gigatons of an across the board spread across.

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Everybody in this room would get there five gigatons.

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So for the space, you're going to go from 25 down to five.

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Between now and some people still say between now and 2050.

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Realistically, we're probably now talking about 2040. Do you got to do that?

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But also China, all its aspirations, India, all its aspirations can only go up that much.

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They've got about one. You get some surprising.

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So here you are. You've got your markets growing here. This is where you're going to be.

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But they can't wait more.

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And put that in another way.

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If all the world this is what illumined luminosity in 1996 and you can see lots of the lights on in the States, lots of lights on in Britain.

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You can see that we are in Oxford. How lights on that and not too many lights on in Indonesia over here quite a lot.

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And in Japan, what if all the world was to be as luminous of America?

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This is what it would look like. How do you get the energy to do that?

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Put that another way. This is our carbon intensity.

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The so the emissions that we have for GDP per dollar of GDP, and this is what it was in 2007.

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Carbon intensity goes carbon emissions by per dollar.

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And here we are. The world average is 7.768 grams.

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UK we are 347. Japan did a little bit better 244 if all the world just carried on with its trend income growth.

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So no closing of income gaps, just carrying on with trend income growth.

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We would have to get that carbon intensity down to 36 grams per person.

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If everybody in the world does 9 billion people by 2050, we're going to be have the same incomes, the same standard of living as we do in the EU.

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We've got to get back down to six grams.

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You get confused in the numbers, get confused about whether climate change is real, get confused about anything.

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But if you are in business, if you are in the C-suite, this is something you have never had to face before,

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that you are going to grow as a company because all you can do is grow.

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And that's what we will have to do. You're going to grow and your at the same time,

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you're going to have to get your consumers reducing their carbon intensity by astronomical amounts by 2050.

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So if you're in the C-suite in 2010, you've got the old values of corporate growth, shareholder value, obey the law, meet customer needs.

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This is where it gets interesting because now you are doing that.

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You're looking for prosperity in a resource constrained economy.

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You're looking at success in emerging and poor markets where you may not have had to really focus before.

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You're looking what to do to establish a license to operate when the legal infrastructure is weak.

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One of the things that Milton Friedman says is companies should go out and make profits within the boundaries of the law in a global society.

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The difference is in the strength of sovereign law.

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I'm going to be very clear today. And so you are going to very often going be have to maintain standards, even though the law itself is weak,

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because if you don't, then activists, other governments will be and you might do bad things in Ecuador.

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You get away with it because the law says this.

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But some smart American lawyer is going to have you in court in New York, and you've also got the public desire for more Medicaid services.

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Now, historically, this is where we were.

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This was our conventional. This is the external environment.

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We the business is you. So far, the growth goes up, carbon goes up, price goes up, com goes up.

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Where we are now is the hope that growth will keep going up.

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Carbon comes down. The problem becomes that as carbon comes down, what on earth happens to us?

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So what we're betting on at the moment is this that we can decouple economic growth.

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Well, carbon growth. Well, this may be the other.

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This one doesn't exist anymore. You've written that off as a business,

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yet this is the one that you were most used to you when you went to management school as a as a as a as a budding executive.

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You and when you went became part of the private sector.

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You had a political, legal, technological, social, economic system that all supported a strategy of growth.

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And everybody Council of Government said you were doing the right thing.

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The public say you were doing the right thing. A few people [INAUDIBLE] and bombed about it,

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but generally everything was bubbling along because what was happening internally was congruent with the external environment.

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And he's got this thing bouncing. I think this would also remain true if we managed to do this.

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Well, this goes up. This comes down essentially. That is that is the the big bet that is being made on geoengineering that we can

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carry on the way that we're living because we will come up with something really,

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really smart technologically. That means that we can keep on spending carbon markets going out of fashion.

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Then we can carry on. The external environment doesn't really shift.

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There are certain things that shift, but it's not a major shift. Everything remains congruent.

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But the real question is what happens when our external environment moves because of resource constraint,

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because we don't find that geo engineering solution, because of demographic shift, because of ecosystem shift, with the growth in floods,

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the shortages of food, the food crisis, the food prices and so on and so forth.

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The this has moved over here. And yet we have political, legal, technological, social, economic system that really still is focussed on this.

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So it's this is not followed the changing external environment, in which case Australia, your growth then just starts to spiral out of control.

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So what does business do in that kind of situation? Well, it could look to government to provide leadership.

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So we've got two very green oriented leaders here.

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Any idea who the top one of the bottom lines of the negative.

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Which one? But someone. The Governator has got to be on Schwarzenegger.

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So one can really help Cameron. This was what they said afterwards.

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The forensic, relentless focus on growth is what you will get from this government.

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I always want to see cranes everywhere. 70%, 25%, which is the 75% I want a have.

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This is my last year. Well from New York, I take that.

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Yeah, pretty much. Huh. You get the picture? Urban planning applications, wind farms.

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The thing that we're all talking about, this is the thing that's going to save us. 25% of those applications were approved.

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There's a great part. Anybody that wants to go on this trip this summer, they go out to Horse Path.

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The road between Wheatley and Horsepower,

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I think is brilliant because you come down this hill and there's all these signs that say, Please, no windmills in horsepower.

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These little signs point about something when you see this and it's great and you come downhill.

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The backdrop for this is pylons. Pylons, as far as the eye can see,

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the people for most are defending the right to have pylons because pylons are aesthetically pleasing the wind farms.

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Sorry, that was a complete diversion, I think. Just you wonder sometimes.

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But we are happy to have applications from other supermarkets and other major infrastructure which has no green component.

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So what was this? Any idea? This was a site I'll give you to give you a bit of background that this conference was the theme of the conference.

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Big Society could be. The Big Society are on the right path of who does it.

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It was the Conservative Party conference. Green Growth.

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Please find any thing there that is about Green. I challenge you.

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Child benefit, government costs. Benefits.

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Osborne There was no mention.

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In fact, there is a great sign tucked away on Google somewhere where this is actually a little film clip where this journalist goes and looks for the

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green growth part and comes to a little room at the back of the Conservative Party conference and it says Councils Green Growth Council.

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So we've got this situation here where we've got to get from somewhere like this down to somewhere like this,

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actually down to that if we're going to have an equal kind of distribution and that's the situation, where are we going to do that?

356
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Are we going to get to decarbonisation 2000?

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The goal was to decarbonise 2% per annum. We achieved 2.8% per annum from 2000 until about 2007.

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Who? So we missed it by 1.2, let's say about this, the equivalent of 13.4 gigatons.

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So basically, if you've got China and the USA to turn off all their lights for a year, we can play catch up.

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That's all it would take. Just get them to turn the lights off.

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That meant the way we came into 2008, we had a goal of 3.4%.

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We didn't achieve it despite the recession. The target now, the latest two figures, and these are the figures from PricewaterhouseCoopers.

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The latest figures are that we would need to decarbonise at 3.8% to avoid exceeding 450 parts per million of emissions.

364
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450 parts per million is the cut off point for most people between manageable carbon change, climate change and catastrophic climate change.

365
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We have wasted ten years again coming back to so that.

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So maybe if government isn't there to sort this out, maybe technology, maybe people will invest in this post-COVID.

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You know, when the numbers get really, really, really big and they are talking billions and you just lose all sense.

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This is my new denomination of currency.

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This is the parts of Caribbean three past. Caribbean three has a budget of $300 million.

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That is exactly the same as the amount of money that Britain is going to invest in new forms of alternative energy.

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Our commitment as a country is the same as the budget for the poorest Caribbean three.

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Kind of weak, isn't it? So the.

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So there is, I think, a good argument to say we're in this bin.

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We don't know what's going to happen with that growth. We are in a situation where we are in conflict with our external environment because

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we're asking business to carry on doing all this stuff to maintain its old values.

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And yet we're not providing any solution about how it can grow, what the impacts of free flow of capital, trade and labour is going to be.

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And we're not finding any solution about how to create a rule of law, at least business on its own.

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In wrestling these big, big challenges for the 21st century.

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And that brings us to meaning six, which is really to be determined are we going to have a future for business of prosperity without growth?

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And if you read the books of Tim Jackson, for instance, you will see that.

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Bill McKibben They talk about that. What we have why is growth?

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We growth is invested in things that help society rather than is simply about consumption no matter what.

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Are we going to redefine the corporate purpose in the way that, say,

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fair trade or social enterprise wants to be, where the emphasis is not on profits.

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It's about using the management practice and the thinking of business, but for social, environmental purposes.

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Or are we going to get into something like engineered spending, the anathema to the neoliberal,

387
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so that you will find ways of controlling or engineering the consumer spend?

388
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It's not about reining it back. It's saying spend on some things and not on others.

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And so somebody like one of our local franc in luxury thing that talks about consumption taxes,

390
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a lot of talk about consumption tax cuts in the right wing and the left when a lot of economists on both sides actually like consumption tax,

391
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but politicians hate it. If we come back to our C-suite, it means each of these are possible horizons for business.

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None of them are very comfortable.

393
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The business is seen as inherently unethical moving forward because it defends this old paradigm that is not congruent with the external environment.

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That business becomes some kind of ethical leader in taking on these challenges.

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It comes at the forefront of the new paradigm. Business becomes a follower of a new emerging form of ethics, whatever that may be,

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in which case, followership or business is a representative institution of the new paradigm.

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The business plays a central role because governments and other institutions are not up to the challenge.

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It is likely to be one of these or a mix of these that they are all there to play because there is no clear.

399
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We are really at a stage of of uncertainty and a very great deal of confusion about how to move forward.

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One thing is for sure is that what we are trying to do at the moment is the equivalent of rolling the dice in an attempt to win a cricket match.

401
00:48:40,100 --> 00:48:48,230
We are simply playing the wrong set of games in order to try and win the game that we think we're playing.

402
00:48:49,070 --> 00:48:50,090
It's never going to happen.