One of the prime reason of Global financial meltdown is excessive importance of self-interest and ignoring the higher interest .
The root of the problem is the lack of self regulation . The irony is these is what the Government expected , when they outsourced the regulation job of the credit expansion to the Bank itself . It started from 1980's when there is a group of policy changes from Global powers to facilitate free market . The banks where given complete freedom and they where asked to do there own risk management practice as if they don't do it , they will loose money.As it happens in all cases , when the power went to the banks they became greedy.So , they didn't cared for risk management , and they went on expanding credit crisis , which lead to global credit crisis 2008.
When the consulting community alerted the banks on possible setback , they might have said " I am not interested".
There are seminars and workshops and synopsium which focused on the issue of ethics . People laughed and joked and said ... " Come on lets do business , we are not interested to hear this "
Unfortunately, I was workshop leader for some of this workshops where I explained the collective mal-practice has a ripple effect over the entire community .
Nobody is interested to hear my theory .
Bcoz , there are only few people in the world , who has the time to think about the things which can effect us collectively . We have become urgent oriented community and not a importance oriented community . So until unless somebody does not hard press , we don't understand the importance of something which can effect us.
Sometimes our conscience has to be interested to go beyond our self-interest.