Economic crisis: Dependent upon ourselves

We've yet to see the full impact of the worst economic and financial crisis in over three generations. It is, in fact, similar to a medieval plague. People of every color, gender and creed are a potential victim.

Governments on every continent have assumed their responsibilities at the national and multilateral level. Dozens of different measures have been announced from Berlin to Santiago, and billions spent on alleviating some of the most immediate effects of the crisis that is obviously the product of a confluence of behaviors on the part of decision-makers and - more importantly – those responsible for assessment and control, be they from the public or private sector.

We are - no doubt – living in an age of change on a massive scale, in the wake of the 2001 terrorist attacks on civilian and military targets in the United States.

Everything indicates that each one of us will be subject to this change even if we overcome and learn from the sequence of errors that triggered this crisis. To avoid repeating these failures that have led us to the present global scenario, it is be essential to launch a profound process of change among individuals and groups who are unaccustomed to changing their current behavior, even when these changes offend the most basic ethical principles of coexistence and, indeed, of supporting a development model that emphasizes inclusion. These are the principles that form the key to success in order for the majority to understand and feel the process of globalization.

However, the short-term prognosis is not very encouraging if we pause for a moment to see how each of our actions are predetermined by instruments or attitudes, however small or insignificant, which have become indispensable to coexist in an often harsh world. Where, for example, success is measured by square meters of home or office space, the horsepower of a vehicle or the distance that one must travel to holiday.

To be fair in our analysis, we must emphasize the fact that the current standard of living in Chile is markedly better than during the stock market crash of 1929. Better than the more recently financial crisis that temporarily collapsed Asian markets in the late 1990s. Our current economic scenario is all thanks to our age-old export commodity, a responsible, realistic fiscal policy and a constant search for new markets in which to position our products and services. This effort has been done with unanimous agreement which took into consideration the entire spectrum of opinion in our nation.

However, getting to the heart of the matter regarding the crisis, we find that the real solution lies not only in neither the availability of credit nor the effects of the trillions of spent by governments to reinvigorate their slowed economies. This crisis has been fueled by a lack of values and principles, and enflamed by convenience or the confluence of empty and short-term interests. It is precisely those elements that we must recover, if we, as a society, have lost them; or strengthen them if we want a future which involves a measure of success.

Therefore, on a human level, we need a different approach. We should start with the basics, which include the identification and promotion of values and principles characteristic of societies that live together productively and develop on the basis of transparency, credibility and a constant effort to satisfy the common good. Every behavior which harms these pillars must be effectively discouraged so that we avoid tragedies that affect entire families. Tragedies such as we see every day in our copper mines, SMEs and real estate projects. Only then can we regain the trust and spirit of enterprise that is essential to reinvigorating those segments of the economy most vulnerable to the effect of this crisis.

Though, to be sure, a step in the right direction to finding our way out of the crisis involves each person making an introspective inquiry into what their individual role will be during the implementation of solutions to what is happening to everything around us. In one way or another, everyone either is or will be affected by this crisis.

From London to Beijing, there is an increasingly shared opinion, social and business interaction linked to the crisis, which all gives an increased meaning to the space to these societies aspire to in a global and interdependent world. We should not miss out on an opportunity to participate in these debates.

In fact, we should focus on the positioning of certain values, principles and behaviors that are essential to getting back on the path to participatory, equitable and sustainable growth.

This is a challenge of truly epic proportions for leaders called to serve in these times of global disarray, which will have long-term effects in our nation.