The financial crisis of 2008/2009 was first and foremost a crisis of integrity. The seeds were sown as great numbers of people sought their own short-term advantage, knowing that they were putting others at risk. In the end, those in charge compromised the integrity of their institutions and the integrity of the entire financial system.

Integrity does matter

The result of all that integrity and trust unravelling was an economic contraction so profound that it affected the vast populations of the world. It was a wake-up call. Ignoring or abusing integrity isn’t just unpleasant for a few bad apples and their unlucky victims. It has profound economic consequences. At stake is the entire global economic system and the modern way of life.

The painful lesson from this financial crisis is that integrity does matter. Not just to our moral well-being but to our economic well-being too.

Integrity: a personal choice or a common asset?

Integrity is widely misunderstood. Conventionally it is considered a personal issue, entirely up to individuals. If you are upright, good for you, but if you are not, it’s no one else’s affair. While most people sense that doing the right thing is vaguely beneficial, it is safe to say that they know from personal experience that bending the rules or exploiting loopholes can offer rewards. However, this conventional view of integrity is not accurate as the real value of integrity is not personal, but collective. It is the underpinning for all commercial relationships and is a shared asset that makes us wealthy.

Integrity: the invisible infrastructure of the economy

In order to practice integrity, there needs to be a relationship of trust between you and the person on the other side of the transaction. Once a relationship of trust and integrity exists, remarkable efficiencies result. Integrity is not a nice to have; it is something we have to have for the correct functioning of the economy. If we examine things we take for granted in our daily lives – drinking milk, withdrawing cash, driving a car, we can appreciate how much we depend on the integrity of others. And we can begin to see integrity for what it really is: the invisible infrastructure of the economy. It supports everything we do and is a source of our economic wealth. Without integrity and trust there would be no trading, no credit, no buying or selling. Our modern economy would quickly degenerate into a primitive system and our wealth would disappear along with it. Yet, we take integrity for granted.

Integrity: the most valuable asset ever created

That makes integrity the most valuable asset ever created. And as our greatest asset, it demands careful consideration and a new strategic approach. Integrity does not just appear by itself, nor can it be bought. Integrity is built up over long periods and is passed down through generations. Yet it is fragile and can be destroyed. But by understanding the tremendous integrity asset we share, we may be encouraged to protect and promote it, acting together to make life better for everyone.

Investing in integrity

Ultimately we need to acknowledge that the ‘get ahead at any cost’ approach that has been so pervasive in the corporate world in recent years is not the only way to operate. In fact, it is not even the best way to operate. Doing whatever it takes to get ahead does not make the economic pie any bigger, but normally just takes a piece from somebody else. Investing in integrity is a way of making the pie bigger so that everyone is better off. It’s a new way of thinking about the economy that by investing in our shared integrity asset, we can find a new way forward.

Each new relationship of integrity and trust strengthens and grows the economy. Any relationship that breaks down has a ripple effect throughout the system. That means that every individual has the power to make the economy stronger or to weaken it. Your integrity matters, not just to you, but to us all.

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