A Survey of Cultural Values: Is a Universally Ethical Financial System Possible?
By: Preeti Dhillon*
Abstract: This research analyses cultural values around the world and their rankings, to assess what a hypothetical global ethical financial system could look like. Using data from studies including the World Values Survey, Chinese Value Survey, and a World Economic Forum study, the top five values from each culture are collated and compared. The research concludes that whilst there are currently few overlaps in values between cultures, this is liable to change. More cross-cultural dialogue should be encouraged, and further research conducted on what values people want from a financial system in particular.
Are Values Universal?
The debate over the universality of values has raged for years, especially with regards to the existence of ‘Asian values’ versus Western values, as propagated by the former Prime Ministers of Singapore and Malaysia, Lee Kuan Yew and Dr. Mahathir Mohamad respectively. Samuel Huntington’s famous ‘clash of civilisations’ thesis also raises caution regarding fundamental differences between cultures. However, there are also advocates for the idea of universality, including former Chinese Premier Wen Jiabao, and Francis Fukuyama in his ‘end of history’ discussion. This debate has implications for the financial system and the values that underlie it, especially at this critical juncture. Taking stock of the current values across cultures is important if we are to reconceptualise the financial system to make it more ethical. A new system, assuming it also has the global spread of the current one, should be informed by common values as much as possible for legitimacy and validity. Thus, a ‘universally ethical financial system’ refers to having a financial system based on worldwide shared values. The ‘financial system’ here includes everything from flows of capital to transnational trade, and the rules and regulations by which those flows are governed. There is evidence from a World Economic Forum study that people the world over want to see a change in values in how the global financial system is managed.
This research has two main aims: firstly, to consolidate the current values that are important across cultures and what ethical frameworks they are motivated by; and secondly, to analyse the implications of this on the possibility of a universally ethical financial system. It will begin with clarifying what is meant by the broad terms ‘value’ and ‘culture’, and will then proceed to survey the values across the cultural categories before ending with a discussion of implications.
The research shows that despite some overlaps in values such as religiosity, tolerance, equality and freedom, the prospects for a universally ethical financial system are slim due to the ontological differences underpinning these values. In other words, the different conceptions about how we live and relate to each other as people, which thus influences what values we prioritise.
What are ‘Values’ and ‘Cultures’?
Debating what determines a ‘value’ and what constitutes a ‘culture’ is outside the scope of the current research. For the purposes of this essay, a ‘value’ is a shared belief or principle. In this case, it can have a causal link to behaviour, but can also be a desired outcome and not necessarily what is accomplished. Values influence the priorities and choices of individuals and groups, but cannot always be traced from behaviour. They provide a certain disposition for action, but cannot act as a predictor for action. A ‘culture’ can be defined as the ‘collective programming of the mind that distinguishes the members of one category of people from those of another’ (as described by Hofstede and Bond). By this definition, then, cultures are intentionally inherently distinct from one another, and are often made up of a number of values.
The cultural groups in this research are a combination of regional and religious. This is because with the proliferation of regions many values are being discussed and researched within these geographical boundaries, such as within the European Union or the African Union. Many of these regions happen to also coincide with religious differences. The categories are: Chinese; African; Latin
* Preeti Dhillon graduated from the University of Oxford in History and Politics, with a particular interest in political philosophy, and has just finished her Erasmus Mundus joint master’s in International Development and Public Policy. Preeti’s research interests include attitudes towards immigration, and ethics in practice.
