Global Ethics Corner: Fear and the Financial Implosion

Dec 5, 2008

Will our responses to the financial crisis be constructive, or will panic cloud our judgments?

Natan Sharansky asks, Can you "go to the town square and express your views, whatever they are, and not be punished, not be put in prison? If so, it is a free society. If not, it is a fear society."

Fear is a universal trait across time, culture, and peoples. To be human is to feel threatened. Other hard wired instincts include moral sentiments like empathy and fairness.

From a public policy perspective fear can easily slide into terror, when the threat is an Ebola virus run wild, a terrorist cell with nuclear materials, or a financial system unhinged.

These are the ultimate tests of leadership. One reason for a republic and its separation of powers is the need to walk a thin line, avoiding the responses of either mob rule or demagogic leaders.

FDR voiced this simple insight, "The only thing we have to fear, is fear itself." When fear grows, it can suck us down into a vortex. Twain said, "History does not repeat itself, but it rhymes." The financial fears of 1932 have resonance today.

Will our responses be constructive, or will panic cloud our judgments? How do you face fear in a time of crisis?

By Joel Rosenthal

To post a comment, go to the Global Ethics Corner slideshow.

You may also like

OCT 8, 2025 Video

The Fracturing of Democratic Institutions & the Variations of Autocracy

In this pre-Global Ethics Day event, leading scholar practitioners grapple with critical questions regarding the future of democracy.

OCT 6, 2025 Article

A Conversation with Carnegie Ethics Fellow Molly Schaeffer

This interview series profiles members of the CEF cohort. This talk features Molly Schaeffer, executive director of the NYC Mayor's Office of Asylum Seeker Operations.

OCT 1, 2025 Podcast

The Cost of Military Primacy, with Peter Harris

Colorado State's Peter Harris discusses what a less militarized future might look like for the U.S. and the Trump administration's impact on foreign policy.

Not translated

This content has not yet been translated into your language. You can request a translation by clicking the button below.

Request Translation