Michael LoebbertMichael Loebbert Crisis of Economic Culture

10/21/2008 by Michael Loebbert

There is no crisis in the financial market. That we need the financial market is clear anyway. There is no crisis of production companies too, because of course we want the benefit of theirs products in the future. There is also no crisis in the global economy since the wheel of history can not be turned back.

The financial market is about trust; in hazardeers and unscrupulous profiteers, it is hard to trust.  Production companies particularly the automotive industry, but also in pharmaceuticals (the latest in five years) the crises is about missing and false innovation. The global economic relations crisis is about the missing and the wrong political rules.

“Crisis” means, that there is something to decide, and not that something is running bad. Although, usually we need things becoming (a little) worse before we realize that and what we have to decide .

  • The decision is, whether in our management training and corporations we want to communicate and hand down cultural values, which are quite unrealistic and only have short-term profits in their focus. Do we really want to subscribe the dogmas of business administration, which instead of human spirit and creative power only are oriented to the key performance indicators of economic control?
  • In contrast to medium-sized enterprises in close contact with their customers, turn large corporations and their supply chains are dominated in their innovations by looking at themselves – autism instead of creativity: Post-drawn carriages with coil springs, spray protection and isolation had never seen a market, even if technological innovation promised.
  • The irony meaning of the phrase “capitalism as a religion” has its fundamentalist ghost actually adopted. Freedom from rules, spelled better as the chance to enforce ones profit rules and state them as the political order.

The crisis of econonomic culture can not be coped with probably in a few months. Cultural values must grow again:

  • public policy and corporate social responsibility instead of unbridled profit,
  • sense of justice and human measure instead of exploitation,
  • lateral thinking, courage and creative innovation rather than business autism;
  • international cooperation in the shaping of policy frameworks.

The small plants grow already. How much crisis we will probably still need to decide and seize the opportunity?

About the author:
Dr. Michael Loebbert is Coach and Management Consultant and author of the montly publication “Change Management Short Cut“.

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