In the early 1980s, I worked for an investment bank that became among the first to crumble when the subprime mortgage market went bust. As an assistant tobrokers, I was by no means high up in the firm.
From Jan. 28 to Feb. 1, heads of state, policymakers, and the chief executives of leading corporations, financial and academic institutions, think tanks and social nonprofits met in the moutain resort of Davos-Klosters, Switzerland, to discuss possible solutions to the world problems.
Sixty-four years after the meeting at the Mount Washington Hotel in Bretton Woods, N.H., that remade the global financial system, we are witnessing a financial crisis whose magnitude calls into question the very system put in place in Bretton Woods.
Marcus Mosiah Garvey, one of the greatest leaders of the African race, wrote this in 1923: “I saw the injustice done to my race because it was Black and I became dissatisfied on that account.
In 1968, an ecologist from Texas, Garrett Hardin, published what is considered the classic paper on the dilemma of individual gain versus community gain. Published in the journal Science, Hardin’s paper, “The Tragedy of the Commons,” describes a scenario in which individuals acting alone in their own self-interest ultimately destroy a shared resource.