Mark Carney tells Alberta grads: Success balances individual and social needs

Young people at the start of their careers must learn to balance their own hopes and ambitions with the needs of the world around them, says Bank of England Governor Mark Carney.

EDMONTON — Young people at the start of their careers must learn to balance their own hopes and ambitions with the needs of the world around them, says Bank of England Governor Mark Carney.

Speaking at the University of Alberta, the Edmonton-born central banker said previous financial crises have been partly caused by business forgetting its role in society.

“The severity of the financial crisis showed what happens when those responsibilities are not widely held,” Carney said in a prepared text for a speech at spring convocation.

“In the runup to the crisis, banking became about banks not businesses transactions not relations counterparties not clients. The crisis undermined trust, and with it the social capital needed for markets to be effective.”

Carney said businesses must embrace a larger social purpose.

“Profit is no more the purpose of business than is breathing the purpose of living,” he said.

“The best organizations are grounded in broader purposes, in crafting solutions for others. Banking, for instance, is fundamentally about connecting borrowers and savers in the real economy.”

Carney told students that the world they are about to enter is starting to understand that balance.

“Now, the best in finance are regaining their sense of purpose by recognizing that finance is not an end in itself, but a means to promote investment, innovation, growth and prosperity.”

Carney quoted Adam Smith and Frederich Hayek — two economists often noted by right-leaning thinkers — to make his point.

“Economic and political philosophers from Adam Smith to Frederick Hayek have long espoused the importance of values, beliefs and culture in economic life.”

Carney, a former Bank of Canada governor, met Monday with Alberta Premier Rachel Notley and afterwards praised the province’s climate-change plan. He said Alberta is on the right track by tying its energy and environmental policies together.

Carney was in Edmonton to receive an honorary doctor of laws degree from the university.

Just Posted

Motorcyclist dies of injuries

Ponoka RCMP continue to investigate collision

Huge crowds gathering in downtown Toronto for Raptors parade, rally

TORONTO — Jubilant Raptors fans decked out in the team’s gear are… Continue reading

Boeing says ‘sorry’ for Max crashes, seeks renewed trust

LE BOURGET, France — Boeing executives apologized Monday to airlines and families… Continue reading

Protesters demand embattled Hong Kong leader resign

HONG KONG — Demonstrators in Hong Kong gathered Monday outside the office… Continue reading

After harsh Twitter exchanges, Senate will look at new social media policy

OTTAWA — An independent senator is on a mission to get members… Continue reading

Pro-pipelines rally draws crowd to City Hall

Canadian Taxpayers Federation says Canada missing out on billions in revenue

Canadian sports fans have changed since the Blue Jays’ World Series wins

TORONTO — After more than a quarter century since one of the… Continue reading

Henderson wins Meijer LPGA to break Canadian victory record

GRAND RAPIDS, Mich. — Brooke Henderson won the Meijer LPGA Classic on… Continue reading

Franchise fatigue continues with ‘Men in Black’ and ‘Shaft’

LOS ANGELES — Brand familiarity isn’t everything when it comes to attracting… Continue reading

‘Hunger Games’ prequel novel coming in 2020

NEW YORK — A decade after seemingly wrapping up “The Hunger Games,”… Continue reading

Federal cabinet decision on fate of Trans Mountain pipeline due Tuesday

OTTAWA — The Liberal government’s $4.5 billion gamble to buy the Trans… Continue reading

Skier, 22 dies after fall on Mount Haig near Castle Mountain Ski Resort

PINCHER CREEK, Alta. — RCMP from the Pincher Creek, Alta., detachment are… Continue reading

4 years in, Trump fondly recalls Trump Tower campaign launch

NEW YORK — It was the escalator ride that would change history.… Continue reading

Massive protests draw apology from Hong Kong leadership

Hong Kong citizens marched for hours Sunday in a massive protest that… Continue reading

Most Read