“Integrity is the cornerstone, if not the
bedrock, upon which all financial markets are based.”
(Hank Paulson, Chairman and CEO, Goldman
Sachs Group June 2002)
Whilst we have described a number of
values and vices, this list is not exhaustive and should not imply that
integrity can be learned by heart like the “The Ten Commandments”.
We do not propose that it is right that
people should merely read a code of ethics or a list of values and then sign a
declaration to that effect.
In the early 1970s, Harvard Professor
Lawrence Kohlberg proposed a model of Moral Development which demonstrated that
people shaped their sense of morality through the following stages9:
1. “Obedience and
Punishment” – We are children and we behave acceptably because we are told what
to do by an authority figure such as a parent or teacher. This obedience is
enforced by the threat or application of punishment.
2. “Individualism,
Instrumentalism and Exchange” – This is when we recognize that it is in our best interests to be
moral.
3. “Good boy/girl” – We do the right
thing because it will gain the approval of others.
4. “Law and order” – We abide by the law
and have a sense of duty.
5. “Social contract” – We have a strong
sense of social responsibility and the welfare of others.
6. “Principled
Conscience” – We accept universal principles of morality and the demands of individual
conscience.
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