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The Ethics of Capitalism - Social Europe Journal

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New from Palgrave Macmillan<br />

For more information please visit:<br />

www.palgrave.com/politics<br />

impact upon the entire EU<br />

and weakens its position as a<br />

global player.<br />

Conclusion<br />

<strong>The</strong> financial and economic crisis<br />

currently inflicted upon us<br />

will not end tomorrow. While<br />

revealing the defects <strong>of</strong> the current<br />

capitalist system, it is providing<br />

a rare opportunity to<br />

explore enlightened concepts for<br />

shaping our globalised world.<br />

Globalisation is more than an<br />

economic fact; it is a way <strong>of</strong> life<br />

and a necessity when it comes<br />

to addressing fundamental<br />

issues such as the sustainability<br />

<strong>of</strong> our planet. In order for globalisation<br />

to work effectively and<br />

in the best interest <strong>of</strong> mankind,<br />

it must be protected from the<br />

excesses <strong>of</strong> freewheeling capitalism<br />

and its financial industry in<br />

its current ugly form. Changes<br />

in global governance – corporate<br />

as well as public – are both necessary<br />

and feasible. Time is ripe,<br />

but the opportunity must be<br />

seized courageously by socialists<br />

and social democrats.<br />

Otherwise, the predominance <strong>of</strong><br />

the capitalist thinking in modern<br />

society will keep growing<br />

bigger, polluting even the last<br />

corners <strong>of</strong> independent social<br />

and intellectual life.<br />

36 <strong>Social</strong> <strong>Europe</strong> <strong>Journal</strong> Summer 2009

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