Saturday, June 13, 2009

Moral Economics

The most bizarre element of another meaningless G8 declaration --

The crisis has revealed the importance of strengthening our commitment to standards of propriety, integrity and transparency. To address these issues in a comprehensive fashion, we agreed on the need to develop the Lecce Framework – a set of common principles and standards regarding the conduct of international business and finance – which builds on existing initiatives and lays the foundation for a stable growth path over the long term (see the attached annex for details).

In the annex, this appears to be a packaging of a range of existing initiatives into a commitment that everyone participating in market exchange should be excellent to each other. Party on dudes!

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