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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Rocky Mountain House RCMP are investigating a fatal collision involving a pedestrian on Feb. 27. (File photo by Advocate staff)
Rocky Mountain House RCMP investigate fatal pedestrian collision

Collision occured west of Rocky on Highway 11A

Dentists are skills at injections and can help get more Albertans vaccinated, says the Alberta Dental Association and College. (Pxhere)
Use dentists’ injection skills to get more Albertans vaccinated sooner, says association

Dentists can safely give patient injections and want to support the immunization effort

A cross-country skier glides along the banks of the Ottawa River in Ottawa on Thursday, Feb. 25, 2021. Canadians across the country can look forward to a mild spring peppered with the odd winter flashback throughout the first part of the season, according to predictions from one prominent national forecaster. THE CANADIAN PRESS/Sean Kilpatrick
Mild spring with some wintry blasts predicted for most of Canada: Weather Network

March will be dramatically warmer through the prairies

Bharat Masrani, CEO, TD Bank Group speaks at the Economic Club of Canada in Toronto on Wednesday, November 1, 2017. THE CANADIAN PRESS/Nathan Denette
Five things to watch for in the Canadian business world in the coming week

Shares in metals and mining companies have rebounded sharply

A worker carrying a disinfectant sprayer walks past a WestJet Airlines Boeing 737-800 aircraft, after cleaning another plane at Vancouver International Airport, in Richmond, B.C., on Thursday, January 21, 2021. THE CANADIAN PRESS/Darryl Dyck
WestJet to lay off undisclosed number of pilots amid labour negotiations

Layoff notices to go out ahead of the expiration of a memorandum of agreement

Red Deer dogs Bunsen and Beaker helped save a missing pet recently. The two dogs have more than 80,000 followers on Twitter. (Contributed photo)
WATCH: Red Deer science dogs help save lost pet

Red Deer science-communicating dogs Bunsen and Beaker helped rescue a missing pet… Continue reading

A ” Justice for Jeff” T-shirt. (Photo submitted)
Rally to be held outside Red Deer courthouse for slain Ponoka man

Sentencing for accused charged with manslaughter with a firearm set for March 4

Team Canada skip Kerri Einarson makes a shot against Team Alberta as second Shannon Birchard, right, and lead Briane Meilleur sweep in the semi-final at the Scotties Tournament of Hearts in Calgary, Alta., Sunday, Feb. 28, 2021. THE CANADIAN PRESS/Jeff McIntosh
Kerri Einarson wins second straight Canadian women’s curling championship

Einarson and her teammates celebrated Sunday in the silence in an empty arena

Amy Poehler and Tina Fey hosted the Golden Globes on Feb. 28, 2021. (Photo by THE ASSOCIATED PRESS)
With loved ones and pets, Globes winners embrace cozier show

Nicole Kidman and musician-husband Keith Urban got glammed up to sit on their couch

The cast of “Schitt’s Creek” pose for a photo after winning the Award for Best Comedy Series at the Canadian Screen Awards in Toronto on March 31, 2019. THE CANADIAN PRESS/Chris Young
Schitt’s Creek nabs two Golden Globes for its final season

Catherine O’Hara named best television actress in a musical or comedy

Alberta Premier Jason Kenney speaks during a news conference in Edmonton on Feb. 24, 2020. It’s budget day in the province, and Kenney’s United Conservative government is promising more help in the fight against COVID, but more red ink on the bottom line. THE CANADIAN PRESS/Jason Franson
Alberta Premier slams vandalism after slur painted on MLA’s office window

EDMONTON — Alberta Premier Jason Kenney is condemning alleged vandalism at the… Continue reading

Canada Pension Plan Investment Board President and Chief Executive Officer Mark Machin waits to appear at the Standing Committee on Finance on Parliament Hill, in Ottawa on Tuesday, November 1, 2016. Executives who engage in so-called "vaccine tourism" show both an ethical disregard for those less fortunate and a surprising lack of business acumen, experts argue. THE CANADIAN PRESS/Adrian Wyld
Vaccine tourism is both unethical and bad for business, experts say

Executives who engage in so-called “vaccine tourism” show both an ethical disregard… Continue reading

Edmonton Oilers' Jesse Puljujarvi (13) and Toronto Maple Leafs' Justin Holl (3) battle in front as goalie Jack Campbell (36) makes the save during second period NHL action in Edmonton on Saturday, February 27, 2021.THE CANADIAN PRESS/Jason Franson
No Matthews, no problem: Minus NHL goal leader, Maple Leafs blank Oilers 4-0

Leafs 4 Oilers 0 EDMONTON — The Maple Leafs knew even with… Continue reading

Leader of the Government in the House of Commons Pablo Rodriguez rises during Question Period in the House of Commons on Parliament Hill in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Justin Tang
Gummed-up bills in House of Commons: harbinger of a federal election?

OTTAWA — All federal party leaders maintain they don’t want an election… Continue reading

Most Read