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Alan Greenspan’s speech consists of many allegories through which he describes the state of the economic situation and opportunities to influence it. Throughout the speech, there is a narrative about the need for business ethics based on building trusting relationships. Alan’s assessment of its possibilities is quite realistic: He believes that “a reputation for fair dealing is a profoundly practical virtue” (The Federal Reserve Board, 1999). Reputation and status have always been categories of trust in a person, primarily if they are associated with the political and economic spheres of activity. Creating a reputation honestly is possible through adherence to business ethics. In addition, Alan says that America’s entire system is built on “individual integrity,” which can be considered part of a person’s ethical values (The Federal Reserve Board, 1999). Greenspan looks at the economy from an objective point of view because it does not need to “leave behind a trail of losses” (The Federal Reserve Board, 1999) to be successful. In their absence, the development of business ethics is necessary to change attitudes about the business system itself.
Ethical values are essential to a person because they preserve their identity and make them a worthy member of society. In business and professional careers, moral values are, first and foremost, those that characterize one’s attitude toward one’s position and subordinates. A business person should conform to his work because this builds trust in his person. He should instill a sense of collegiality, integrity, and, mainly, honesty – which characterize him as a good diplomat. In addition, one must be responsible and able to take on the concerns of his subordinates: this is how team relationships are created. For my future professional development, I would like to conform to ethical values such as integrity, honesty, and humanity.
Reference
The Federal Reserve Board. (1999). Remarks by Chairman Alan Greenspan.Federal Reserve.
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