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‘Greed, the reason behind global financial crisis’

Staff Reporter

Globalisation has contributed to uneven distribution of wealth

Photo: M. Periasamy

REWARDED: M.M. Rajendran, former Governor of Orissa (second right), handing over degree certificate to a candidate at the graduation day of the C.S.I. Bishop Appasamy College of Arts and Science in Coimbatore on Thursday. Bishop Rt. Rev. Manickam Dorai (right) and Principal Mrinalini David are in the picture. —

COIMBATORE: The turbulence in the global financial scene is because of the extraordinary greed of the financial services community, particularly the investment bankers, who had neglected all standards of financial propriety and rectitude , M. M. Rajendran, former Governor of Orissa, said here on Thursday.

Delivering the graduation address at the C.S.I. Bishop Appasamy College of Arts and Science, he lamented that in the process many people had lost their hard earned savings and had been reduced to penury.

Solutions

“It is a world of contrasts and paradoxes: of rich and poor nations, of vulgar affluence and naked poverty, of highly sophisticated technologies and medieval economics.

Man’s inventiveness must find quick solutions to these frightening problems thrown up by a situation that is man-made,” Mr. Rajendran urged.

He was concerned that globalisation had also contributed to the uneven distribution of wealth. “We have to guard against the concept of small fish being eaten by big fish and the big by the bigger”.

Referring to the findings of a global study by the World Institute for Development Economic Research of the United Nations, he pointed out that the richest one per cent of the world owned 40 per cent of the planet’s wealth, and the bottom half owned barely one per cent of the global wealth.

“The goal of a free market economy and globalisation should be to bring us comfort without destroying values. We are being drawn into a knowledge society with knowledge growing at a frenetic pace. A player in the knowledge society will have to strike a balance between knowledge and its social relevance, negotiating between the global trends and demands on the one hand and the local imperatives on the other,” he asserted.

Quoting the Human Development Report of the United Nations, he said India ranked a “poor 63 among 72 countries in the Technology Achievement Index”. India should focus on areas such as information and communication technology, biotechnology, nanotechnology and education, to bring about enormous scope for improvement and growth.

Bishop Rt. Rev. Manickam Dorai, Secretary Susheila Williams, and Principal Mrinalini David spoke.

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