A Crisis of Finance, or a Crisis of Civilization?

By: Katherine Marshall

June 12, 2012

The discussion on Tuesday marked the final session of the Fes Forum for 2012 (excepting an informal session on operational experience on June 13) and it began to the strains of the heavenly harp.
The central question addressed the nature of today’s crisis or, more aptly, crises, of civilization. Are they indeed crises or simply a new incarnation of the transitions and stresses that humankind has always experienced? With capitalism at or towards the core of the tensions, is capitalism manageable? Or, perhaps, does the crisis of capitalism, with money as its God, reflect something far deeper that troubles and threatens our civilization? Are we really talking about one global civilization, or is the discussion too centered on a western vision? Are we indeed also seeing a crisis of religion? And what are the potential paths forward? The discussion veered between a stark realism with a blunt calling of things by their names in recognition of the depth of the problems we confront, and the idealism of several chronic optimists who pointed to the potential power for good in a search for common values and new paradigms in global civility.

The discussions and audience questions made it unmistakably clear that we face a cascade of crises: those of confidence, of belief, of the spirit, of ethics and values, and even of finance. There are powerful negative forces at work, anchored deep in societies and the demons who thrive within them, whether that is the Madoffs of the world or the Neo-Nazis who are visible in many places. Most disconcerting is how today’s crises are reflected in the wholesale suspicion of our systems, not only towards finance but also towards democracy and faith. This vertigo and profound unease translates into loss of confidence in the state, exacerbated by the notion (that we attribute to Thatcher and Reagan) that markets are more efficient and flexible than any public institutions. We see protests near and far, in the Arab nations, Madrid, Athens, Moscow, and in the Occupy Wall Street movement. They express this frustration and anger but have little clear focus, and far less solutions. Ironically this ferment translates into a contradictory visions of politicians as incompetent greedy creatures yet also as saviors.

Patrick Viveret termed the crises as "a war about meaning". We need to avoid a quest for some sort of Yalta agreement, or the sort of negotiated compromise that too often brings out the worst in each civilization. That could mean, for example, trading female genital cutting for untrammeled consumerism, a rather pathetic outcome. Instead, we need a positive and global civility, which is open and demanding, centered on liberty, and can only emerge from a true dialogue of civilizations (like the Forum at Fes), and thus is co-created. Each tradition needs to see its own virtues but also its flaws – because we need to be demanding of ourselves. Tariq Ramadan framed the challenge as a continuing negotiation between past and present: we need to draw the finest of modernity, such as its valuing of individual choice, with what is precious that we inherit from tradition, including its centering on beliefs and the spirit. With the pluralism of cultures far more accessible today, we need to draw the best from their differences and respect what they have to offer.

A practical and critical imperative is to reintroduce into education systems everywhere a far more demanding grounding in values and philosophy. This does not mean instilling specific beliefs or practices (like the obligation to pray), however important they are, but to build the foundation for something far deeper: a hunger and capacity to question what it is to be a human being and thus to come to grips with values and ethical foundations. This is all the more vital in today’s increasingly plural societies. It is also essential in addressing the psychological dimensions that are linked to the crisis, and the sense of helplessness and victimhood that is especially apparent in the Muslim Arab world. This crisis of identity is not helped by the fact that the dominant culture does not recognize its strengths and the richness of its history and contributions to culture and ideas.

With the nation state still vitally important, issues around citizenship and national identity cannot be shunted to the side. Tariq Ramadan lingered on the important distinction between being a citizen of a state or the member of a nation. The issue is about building and celebrating a common narrative, where all citizens of the state are, and feel as if they are, truly part of the nation.

What are the alternatives to the present system? What are the ways out? Is a new paradigm emerging and is it possible? Faouzi Skali returned to the efforts underway to define and promote new indicators of well-being, or happiness, that capture the spirit of a new paradigm that includes non-material factors, spirituality among them. There are absolutely no real, serious, viable alternatives on the contemporary scene, Tariq Ramadan retorted. That is true for the Muslim World, but also far beyond. All the purported alternatives have little reality and that is evident in the glazed eyes of those seeking to solve real problems when they face the proponents of alternatives. Developing better indicators is well and good – it is a harsh reality that we value what we can see and measure – but indicators are meaningless without a realistic tracing of the paths where they are to lead. The year 2000 Millennium Development Goals introduced lofty goals and the discipline of accountability, deadlines, and measurement. The new indicators that are starting to emerge for the period after the MDG deadline of 2015 offer a chance to build on what has been learned. Technology can be a powerful ally.

But addressing the ferociously complex economic and financial challenges is no mean challenge. Capitalism is truly the global system and has been for many decades (the Soviet system was in practice just a subset of capitalism). Glimmers of new paths are important, as seen with the finance of solidarity, microcredit systems, Islamic Finance, corporate social responsibility, and the Tobin tax. But voices of realism argued that these are tiny drops of hope within vast systems. However impossible or improbable it seems, change must come from within the system and it must be grounded in reason. Capitalism is unlikely to be moved or changed by appeals to ethics. There are human beings who are driven by ethics and spirituality, but they are a minority. Most respond in the face of catastrophe. It may take a wholesale crisis, far deeper than what we see now, for change to happen.

Women’s roles and rights again came front and center. This is a core issue for societies and especially religions. Men’s roles and the crisis of masculinity may, some argue, have equal importance. Men’s image of themselves needs reinterpretation and care. An unforgettable moment in the debate was Assia Alaoui’s challenge to Tariq Ramadan to speak directly, without ambiguity, for women’s full and true equality, because his voice echoes far and wide. Nothing, she argued, is as important as women’s equality for democracy but also to bring reason and experience to bear on confronting crisis. Women are mediators between the global and daily realities, between different ways of framing problems. They must be full, equal, active actors because they have so much to bring to solutions – solutions of reason and of the spirit.

Injustice and inequality are faces of capitalism that lead directly to spiritual challenges. The capitalist system was described starkly as a regime for the rich and their chasses gardes – protected ideas and systems. Gulfs between rich and poor are widening as poverty, as it always has, devalues and denies democracy. As wise people often remark, food comes first, then ethics and democracy (au debut la bouffe, après le moral). Arms production is one of the most dangerous manifestations of the system. Still worse is the different valuation of life: the crude reality is that the deaths of some are of greater note and concern than that of others. These core issues are perhaps the primary lenses through which we should see and confront the crises. These are issues where media and religion, from their very different vantage points, need to be more than allies: they need to become more like prophets, or at least a continuing chorus. Religion is as subject to the perils of populism as are politicians, and religion reflects even as it shapes society. Looking forward, we need humility, respect, ambition, and courage. Spirituality is above all about these qualities – moving forward with moderation as we approach the needs and the vision of others, while seeking the true middle with balance and reason.

And so, as Faouzi Skali remarked in his conclusion, "the bread is on the cutting board" (le pain est sur la planche). Our work is cut out.
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