Ali Veshi

Ali Velshi spoke at Chautauqua in July 2013.

• Are Markets Moral?
• Worked for Lee Hamilton
• Give me my money back
• Honoured to be here
• I am here as a story teller
• My job is to pass stories around
• Al Jazeera America
• Markets and Morality
• Question? Are the markets moral?
• Are markets moral, immoral, amoral,
• Or value neutral?
• Audience split between immoral and amoral
• Twitter - fruit markets?
• Human nature means limits have to be imposed
• Where does morality come from?
• The ethical glue that holds us together
• What is considered right and wrong?
• Commerce - some exchange involved, structure regarded
• Markets are amoral, the less regulated the greater efficiency but the greater discrepancy the more immoral markets become
• How should markets be governed?
• It has brought wealth to many but today the markets are terrifying
• The buccaneer days of the Robber Barons - systems which pointed to fascism, dictatorship
• Roosevelt thwarted that
• Many blame Roosevelt for creating obstacles
• The backlash against the markets is still on the rise
• The market - the institution of trade
• Protesters say that CEOs shouldn't be making many times what the lowest paid employees make
• Gordon Brown argues the market should be regulated
• We are an economically bifurcated society
• These problems are not new, there have been times where great polarization also existed
• The corrupting influence of money itself
• Ruskin 150 years ago - mandate for corporate leaders 
• Should provide for the nation, can provide jobs for all
• Good pay for all
• Honesty is the best policy
• Honesty begets trust
• Strong leadership for those who can implement change
• Those who have wealth use it for good
• Markets should be servants for the people
• Is the market itself the problem?
• It can be tough to be heard
• Markets tend to follow mathematics rather than the social good
• The ongoing challenge of the right balance between the individual and society
• Group interest or individual - what is more important?
• Socially responsible funds - help the environment
• Morals - how do they impact investment returns - investing in guns produces high returns
• Principles aren't principles until they cost you
• Stopped doing business in South Africa - impacted apartheid
• Immorality in the markets - is the evil the market itself or those who abuse it? Like athletes who take performance enhancing drugs - is the fault the sport or the athlete?
• The mortgage crisis - packaging debts by Banks and farming them out meant the banks were no longer on the hook
• Cigarette and drug companies - horrible instances of malfeasance only indicate that dishonesty is rampant
• We want fairness and transparency
• The fracking debate
• Regulation if applied fairly is acceptable
• Small businesses are perceived as friendly because their owners are like those around them - neighbours
• We are our brothers' keeper first
• Some corporations try to act morally
• Markets are moral even if they don't know they are
• Markets can generate prosperity which when used by people generate great good
• An effective tool
• Market is a like a cat // doesn't matter if it's black or white just as long as it catches mice
• Shakespeare in the Park - free with long lines but when some get ahead without the wait 
• Line standers - no longer a public good; homeless people standing in line for Supreme Court hearings
• Scalping tickets - used to be an issue, stubhub -
• Market makes no comment re: morality 
• A longing for corporate decency
• Technology flattens the buying process
• Designers may get 100% of the proceeds through an Internet sale but the cost is much less
• Unions in the 1950s was 3 in 10 workers
• Systems inefficiencies get weeded out but the loss of good fair wages is part of the outcome
• Personal responsibilities exceed regulatory things
• Benefit corporations enlightened way to go
• Sub-prime lending crisis immoral even though not breaking the law
• Everyone is on high alert
• We have had a culture of maligning regulation, public service - 
• Implementing social audits
• We will be the best effectors of market change if we exercise ourselves
• Stocks go up despite layoffs
• We have got to find a way for people to be fully employed and profitable
• Sell your desks and chairs before you lay off
• Move employees to 4 days rather than lay one of them off
• How can we redeploy employees?
• Layoffs impact so many not just the people laid off but the ancillary industries like restaurants are also affected 
• If it bleeds it leads - is CNN moral?
• Give the news that is most important before the news that is juiciest
• Too big to fail - companies have to submit a living will