No Excuses! The Business Community’s Responsibility to Foster and Safeguard a Free Market Order
Thursday, 15 May 2008, 18:15–19:45
In large parts of the industrialised world, the level of trust between business and society has reached low points unprecedented since the Second World War. Much more than the result of current shock waves in financial and commodities markets, the creeping alienation between business, politics and the general public over the past decades – partly a side-effect of the global integration of markets, value chains and companies – has reached dimensions of systemic relevance for a free market order. Increasingly, protectionist arguments and policies of state intervention are gaining hold even among traditional protagonists of private autonomy and free trade. It is obvious that the business community has eschewed public debate on the drawbacks of global capitalism for too long. Those who are seen to profit most from global capitalism are now called upon to demonstrate that growing the pie ultimately serves the interest of all – and on a more philosophical note, that individual agency based on moral principles remains the essence of a capitalist system, and not only a possibility for a select few who can actually enjoy the promise of personal freedom.
A Tribute to Max Schmidheiny
The International Students’ Committee (ISC) has always placed special emphasis on the debate of fundamental premises of a free economic and social order at the St. Gallen Symposium. Therefore, with pleasure and deep gratitude, the ISC dedicates this session to the memory of its great benefactor Dr. h. c. Max Schmidheiny (1908–1991).
On 3 April 2008, Max Schmidheiny would have celebrated his 100th birthday. Furthermore, this spring marks the 30th year since Max Schmidheiny established the Max Schmidheiny Foundation at the University of St. Gallen on the occasion of his 70th birthday.
Both these events are of great importance for several reasons: without the key entrepreneurial figures of the 20th century – and Max Schmidheiny was without doubt one of the most important – Switzerland’s internationally connected, dynamic and competitive economy and its status as an open, free and prosperous society would have been inconceivable. In addition to his contribution to the economic development of Switzerland, Max Schmidheiny embodied that special Swiss combination of entrepreneurial impact and an awareness for political and social concerns.
The extent of Max Schmidheiny’s commitment in Switzerland and throughout the world should not overshadow the importance of his very special contribution to his home canton of St. Gallen, and in particular to the University of St. Gallen (HSG). Essentially, the strong position in executive education that is vital for today’s standing of the HSG was made possible by Max Schmidheiny and his family. Furthermore, as one of the first and staunchest benefactors of the ISC and the St. Gallen Symposium, and also by creating the Max Schmidheiny Foundation, he made an invaluable contribution to the development of the HSG to become a globally acknowledged arena for dialogue between business, politics and society.
For 30 years, the Max Schmidheiny Foundation has promoted endeavours towards the preservation and further development of a free economic and social order. From 1979–2003, annually at the St. Gallen Symposium, the foundation awarded its internationally renowned freedom prize – winners include Kofi Annan, Jagdish Bhagwati, The Economist, Nicolas G. Hayek, Médecins sans frontières and Muhammad Yunus. Currently, the Max Schmidheiny Foundation is pursuing various projects, all focussed on Entrepreneurship and Risk.
With regular forums, it encourages a constructive dialogue between the younger generation of decision-makers in business and politics. In addition, the foundation endows the faculty of Law and Economics at the HSG with the Max Schmidheiny Foundation Professorship for Entrepreneurship and Risk. As an innovative model for private endowment, it is designed to be a mutually complementary, mixed programme of a tenure-track professorship and top-class visiting professors. During the spring semester of 2008, Professor Marco Becht, Université Libre de Bruxelles, who is also chairing Work Session 1 on Thursday afternoon, 15 May 2008, holds the Max Schmidheiny Visiting Professorship for Entrepreneurship and Risk.
In the future, the Max Schmidheiny Foundation will continue its close cooperation with the ISC and play an active role in the discussions at the St. Gallen Symposium. For more information on Max Schmidheiny and the Max Schmidheiny Foundation please see www.ms-foundation.org.
