"Mark Carney issues strong critique of City behaviour, and warns of growing sense that basic social contract is breaking down"
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| Link to The Guardian |
"Capitalism is at risk of destroying itself unless bankers realise they have an obligation to create a fairer society, the Bank of England governor has warned.
Mark Carney said bankers had operated a 'heads-I-win-tails-you-lose' system. He questioned whether traders met ethical standards and said that those who failed to meet high professional standards should face ostracism.
"Speaking at a City conference, the Bank's governor warned that there was a growing sense that the basic social contract at the heart of capitalism was breaking down amid rising inequality:
"We simply cannot take the capitalist system, which produces such plenty and so many solutions, for granted. Prosperity requires not just investment in economic capital, but investment in social capital."
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