GLOBAL ETHICS AND ECONOMICS
A central idea of the Global Ethic project is the insight that a global economy can only function well within an ethical frame of reference. Then, the responsibility for imbalances and scandals lies not only with market and institutional failure but also with the moral and ethical failure of individuals, which often underlie the repeated failure of markets and institutions anyway. Economic activity must be socially and environmentally responsible and thus sustainable into the future.
Together with business ethicists and entrepreneurs, the Global Ethic Foundation (under the leadership of Hans Küng, Klaus Leisinger and Josef Wieland) developed the manifesto Global Economic Ethic – Consequences for Global Businesses. Since its presentation at a business ethics symposium at UN Headquarters in 2009, the manifesto has been signed by a considerable number of notable individuals from economics, politics, science and religion. Among the first to sign were James Wolfensohn (former President of the World Bank), Juan Somavia (Director-General of the International Labour Organization), Prince El Hassan bin Talal of Jordan (winner of the Augsburg Peace Prize 2008) and Desmond Tutu (winner of the Nobel Peace Prize 1984). Further information about global economic ethics can be found at www.globaleconomicethic.org.
The Global Ethic Institute was founded in 2012 at the University of Tübingen in Germany [link]. In addition to basic research into and teaching of economic, business and globalization ethics, practical concepts to implement a global economic ethic have been developed as well.