{"id":174,"date":"2008-12-12T20:35:44","date_gmt":"2008-12-12T18:35:44","guid":{"rendered":"http:\/\/www.socialcapital-foundation.org\/blog\/?p=174"},"modified":"2024-06-19T10:05:52","modified_gmt":"2024-06-19T10:05:52","slug":"un-nouveau-paradigme","status":"publish","type":"post","link":"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/","title":{"rendered":"\u2013 The new paradigm of the economy"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/financial%20crisis.jpg\" alt=\"\" width=\"180\" height=\"213\" align=\"left\" \/><\/h2>\n<h2>The limits of Atlantic capitalism<\/span><\/span><\/h2>\n<blockquote><p>The Community Minister of Training, Marc Tarabella, former employee of CGER and Fortis, estimated that the takeover of CGER by Fortis was accompanied by a change in culture. If the customer&#8217;s interest was prioritized at the time of the CGER, it was the shareholder&#8217;s interest that took precedence from the moment Fortis took control, he declared on RTL-TVi on Sunday. . \u201cBefore the interest of the client was at the center of concerns. Since there was the private shareholder, the interest was the interest of the bank and the private shareholder with excessive profitability\u201d, said Mr. Tarabella, a Fortis employee, currently on unpaid leave. \u201cI think we were selling in the interest of the bank when initially it was in the interest of the client. There were instructions to place certain products rather than others,\u201d says Mr. Tarabella . He emphasizes that he was reluctant to sell these products. \u201cAnyone who did not do so was less considered than someone who obeyed instructions,\u201d Mr. Tarabella added. Excessive profitability only benefited the most influential shareholder, to the detriment of customers and staff members who experienced a deterioration in their working conditions, said Mr. Tarabella. He believes that all banks have followed this strategy. (Belga, 07\/12\/2008)<\/p><\/blockquote>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/clock.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"left\" \/><\/p>\n<p><span>This interview with a Fortis employee\u2026 interestingly highlights the aspects that led to the so-called financial crisis that began in 2007 \u2013 meaning the collapse in the stock market value of companies in the banking industry, and its repercussions on the the entire economy.<\/span><\/p>\n<p><span>Because these new behaviors are those of liberal capitalism (American, Atlantic) focused on short-term financial profitability and stock market financing of the economy. What we perceive here is the shift of power towards the shareholder to the detriment of other stakeholders in the company (customers, suppliers, employees), possibly in the name of a new \u201cgood governance\u201d. We are far from the Toyota model of the community of all the internal and external stakeholders of the company. The accentuation of the search for profitability leads to aggravated risk-taking, then to the fictitious creation of value.<\/span><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/clock.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"left\" \/><\/p>\n<p><span>Already, a few years ago, the Enron affair had highlighted the risks of this type of operation, involving company directors who were at the same time shareholders, and whose interest was to manipulate the price of their company. on the rise thanks to false information, complacently disseminated by consultants who had the power to certify the accounts. The new American legislation, deemed rigorous, was not enough to dispel the confusion of roles and to achieve a balanced partnership between the different players in the company.<\/span><\/p>\n<p><span>Today we are witnessing, in a way, a new form of Enron affair on the scale of the entire financial industry. This crisis is likely to be long, even if there may be remissions. It also risks proving to be particularly cleansing and purifying, because it calls into question the overall functioning of this Atlantic (liberal) capitalism, presented a few years ago as triumphant over so-called Rhineland (community) capitalism.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/clock.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"left\" \/>It can also be accompanied by a remarkable transformation of the economic options of our society, because it is the most speculative sectors \u2013 finance, real estate, automobiles \u2013 which suffer the most: those whose prosperity was based on the circulation of artificial wealth thanks to credit, against a backdrop of the unequal distribution of real wealth. The automobile, which today requires help, is also \u2013 is it a coincidence? \u2013 one of the most destructive sectors of the environment, and certainly the one that most encourages individualistic, aggressive, egocentric and materialistic behaviors of self-identification with the object.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/clock.jpg\" alt=\"\" width=\"100\" height=\"100\" align=\"left\" \/><\/p>\n<p>However, this crisis does not mean a return of the State or the superiority of regulated capitalism. This would undoubtedly delight the Jacobino-Bonapartists who would thus see their image restored. Unfortunately for them, this is not the case. This intervention by States is only very short term. We can only approve of these German businessmen and politicians who wonder if these recovery plans will really be effective and if the considerable debts thus accumulated will be able to be paid, pointing out the loss of credibility of the securities of certain States, such as Italian state. In reality, an entire system is collapsing: environmental collapse and societal collapse are now compounded by economic collapse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The limits of Atlantic capitalism The Community Minister of Training, Marc Tarabella, former employee of CGER and Fortis, estimated that the takeover of CGER by Fortis was accompanied by a change in culture. If the customer&#8217;s interest was prioritized at the time of the CGER, it was the shareholder&#8217;s interest that took precedence from the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[141,135,140],"class_list":["post-174","post","type-post","status-publish","format-standard","hentry","category-economy","tag-atlantic-capitalism","tag-financial-crisis","tag-rhineland-capitalism"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2013 The new paradigm of the economy - The New Leviathan Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2013 The new paradigm of the economy - The New Leviathan Blog\" \/>\n<meta property=\"og:description\" content=\"The limits of Atlantic capitalism The Community Minister of Training, Marc Tarabella, former employee of CGER and Fortis, estimated that the takeover of CGER by Fortis was accompanied by a change in culture. If the customer&#8217;s interest was prioritized at the time of the CGER, it was the shareholder&#8217;s interest that took precedence from the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\" \/>\n<meta property=\"og:site_name\" content=\"The New Leviathan Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/The.Social.Capital.Foundation\/\" \/>\n<meta property=\"article:published_time\" content=\"2008-12-12T18:35:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-19T10:05:52+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/financial%20crisis.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@_socialcapital_\" \/>\n<meta name=\"twitter:site\" content=\"@_socialcapital_\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/socialcapital.is\/blog\/#\/schema\/person\/2cf7e4e63061a8a5b0b5ddd0b32ab73c\"},\"headline\":\"\u2013 The new paradigm of the economy\",\"datePublished\":\"2008-12-12T18:35:44+00:00\",\"dateModified\":\"2024-06-19T10:05:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\"},\"wordCount\":712,\"publisher\":{\"@id\":\"https:\/\/socialcapital.is\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.socialcapital.is\/blog\/wp-content\/uploads\/image\/financial%20crisis.jpg\",\"keywords\":[\"Atlantic capitalism\",\"Financial crisis\",\"Rhineland capitalism\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\",\"url\":\"https:\/\/socialcapital.is\/blog\/articles\/un-nouveau-paradigme\/\",\"name\":\"\u2013 The new paradigm of the economy - 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