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GREXIT, Openness, Transparency and Honesty in Systems (GOTHS): Public Affairs Reflections on Changing Economies and Societies
Harris, Phil
Harris, Phil
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2015-08-17
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Abstract
Editorial Financial capacity and political perspicacity are inversely
correlated. Long-run salvation by men of
business has never been highly regarded if it means
disturbance of orderly life and convenience in the
present. So inaction will be advocated in the present
even though it means deep trouble in the future.
Here, at least equally with Communism, lies the
threat to Capitalism. It is what causes men who
know that things are going quite wrong to say that
things are fundamentally sound.’
Galbraith (2009),
The Great Crash of 1929. Page 194
The rumbles of the fallout from the 2008 financial
crisis are still with us as the EU has put together another
bailout proposal for Greece as a member of the
Euro Zone. One wonders whether monitoring and
support for quality fiscal management of economies
within the Euro Zone have been as robust and rigorous
as it should have been. Clearly something for
the banks, finance ministers, businesses and economists
to reflect on as the Greek Banking system is
propped up by Central European economies. Good
basic banking is paramount; one can only borrow
what one can payback at a realistic rate or one starts
moving into areas of usury level re-payments and financial
distrust and disharmony in society. To tread
carefully, stimulate business, civic society, creativity
and be supportive of well managed economies
seems to be the general rule that works.
Finance and international banking is increasingly
attracting major public affairs activity, partly a result
of the failures in the system which led to the financial
crash in 2008. Bankers were not the only people to
blame for the crash but also central bankers and
other international financial regulators who bear
the responsibility too, who mishandled the crisis
and failed to keep economic imbalances in check
and for not exercising proper oversight of institutions.
The development of the Asian Infrastructure
Investment Bank and gradual roll out of the RMB as a
world trading currency may lead to greater transparency
and balance on theworld financial scene and help
stimulate better global regulation of markets and currencies.
The signs are good that this will happen.
Clearly reform of financial institutions to cope with
the rapid speed of financial trading, markets and
shifting trends in world trade and investment is needed,
underpinned by greater transparency and regulation.
The issue contains arange of articles.
Citation
Harris, P. (2015). GREXIT, openness, transparency and honesty in systems (GOTHS): Public affairs reflections on changing economies and societies. Journal of Public Affairs, 15(3), 227-230. doi: 10.1002/pa.1577
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Wiley
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Journal of Public Affairs
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Article
Language
en
Description
This is the peer reviewed version of the following article: Harris, P. (2015). GREXIT, Openness, Transparency and Honesty in Systems (GOTHS): Public Affairs Reflections on Changing Economies and Societies. Journal of Public Affairs, 15(3), 227-230. , which has been published in final form at doi: 10.1002/pa.1577. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving.
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1479-1854