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

Pro-pipeline protest convoy approaches Ottawa after rolling across country

OTTAWA — A convoy of angry Albertans and other westerners rolls into… Continue reading

Amazon aims to cut its carbon footprint

NEW YORK — Amazon, which ships millions of packages a year to… Continue reading

For sake of pupils’ pupils, China to ban homework on apps

BEIJING — An eastern Chinese province plans to ban teachers from assigning… Continue reading

Parole hearing for Calgary man who strangled wife, buried body in basement

BOWDEN, Alta. — A man who strangled his wife and concealed her… Continue reading

Red Deerians brave the chill to spend Family Day in the new Celebration Plaza

The 2019 Canada Winter Games hub attracted a lot of parents and kids

Historic win for Team Nunavut at Canada Winter Games

Four years in the making boiled down to a collection of firsts… Continue reading

Vancouver duo faced health scare while making Oscar-nominated ‘Animal Behaviour’

TORONTO — Husband-and-wife filmmakers Alison Snowden and David Fine had almost finished… Continue reading

Canadian Eugenie Bouchard drops second-round match against Simona Halep

DUBAI, United Arab Emirates — Canada’s Eugenie Bouchard is out of the… Continue reading

Chanel: Iconic couturier Karl Lagerfeld dies in Paris

PARIS — Karl Lagerfeld, Chanel’s iconic couturier whose designs had an unprecedented… Continue reading

Canadian women beat US 2-0 to win inaugural Rivalry Series

DETROIT — The inaugural Rivalry Series was created to give Canada and… Continue reading

Don Cherry blasts Hurricanes as ‘jerks’; team responds with his words on T-shirt

TORONTO — Don Cherry’s latest rant about the Carolina Hurricanes and their… Continue reading

Country star Miranda Lambert reveals secret marriage

NASHVILLE — Country star Miranda Lambert celebrated Valentine’s Day weekend with the… Continue reading

‘Black Panther’ costume designer blazes trail to inspire

LOS ANGELES — Ruth E. Carter is a black woman blazing a… Continue reading

Chicago police: Jussie Smollett assault case has ‘shifted’

Chicago police said Saturday the investigation into the assault reported by Jussie… Continue reading

Most Read