Global Ethics Corner: Fear and the Financial Implosion

Dec 5, 2008

Will our responses to the financial crisis be constructive, or will panic cloud our judgments?

Natan Sharansky asks, Can you "go to the town square and express your views, whatever they are, and not be punished, not be put in prison? If so, it is a free society. If not, it is a fear society."

Fear is a universal trait across time, culture, and peoples. To be human is to feel threatened. Other hard wired instincts include moral sentiments like empathy and fairness.

From a public policy perspective fear can easily slide into terror, when the threat is an Ebola virus run wild, a terrorist cell with nuclear materials, or a financial system unhinged.

These are the ultimate tests of leadership. One reason for a republic and its separation of powers is the need to walk a thin line, avoiding the responses of either mob rule or demagogic leaders.

FDR voiced this simple insight, "The only thing we have to fear, is fear itself." When fear grows, it can suck us down into a vortex. Twain said, "History does not repeat itself, but it rhymes." The financial fears of 1932 have resonance today.

Will our responses be constructive, or will panic cloud our judgments? How do you face fear in a time of crisis?

By Joel Rosenthal

To post a comment, go to the Global Ethics Corner slideshow.

You may also like

OCT 16, 2024 Video

Empowering Next-Gen Civic Leaders

The keynote event for Global Ethics Day 2024 featured a panel discussion on how we might enhance youth participation and intergenerational collaboration in civic life.

OCT 7, 2024 Video

Science Summit at UNGA79: Brain Economy Paradigm Shift for Democratic Renewal

As part of the 2024 UN Science Summit at the 79th UNGA, Joel Rosenthal discussed how democratic systems can prosper in the age of technological acceleration.

CREDIT: Abobe/hamara.

SEP 25, 2024 Article

Politico Op-Ed: Walking a Fraying Nuclear Tightrope

In a new op-ed, Carnegie Council President Joel Rosenthal argues that a recommitment to nuclear arms control is nothing short of a moral imperative.

Not translated

This content has not yet been translated into your language. You can request a translation by clicking the button below.

Request Translation