{"id":12632,"date":"2011-10-30T17:22:27","date_gmt":"2011-10-30T17:22:27","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=12632"},"modified":"2011-10-30T17:22:27","modified_gmt":"2011-10-30T17:22:27","slug":"only-ethics-make-markets-work","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/10\/30\/only-ethics-make-markets-work\/","title":{"rendered":"Only ethics make markets work"},"content":{"rendered":"<p>The<a href=\"http:\/\/www.ft.com\/cms\/s\/0\/f77522ac-02ca-11e1-899a-00144feabdc0.html#axzz1cHPcEQxg?ftcamp=crm\/email\/20111030\/nbe\/ExclusiveComment\/product\" target=\"_blank\"> FT has just reported<\/a>:<\/p>\n<blockquote><p>In a wide-ranging interview with the FT, Yoshihiko Noda, Japan\u2019s prime minister, has called for clarification about a string of controversial payments made by cameramaker Olympus, saying the furore threatens to tarnish Japan\u2019s reputation as a rules-based market economy.<\/p><\/blockquote>\n<p>There are moments when I just quietly despair at the stupidity,\u00a0gullibility\u00a0or just downright\u00a0dishonesty (in the sense of failing to state the truth)\u00a0of people.<\/p>\n<p>Rule-based economies never, ever work in the end.\u00a0Only\u00a0ethics make a market work.<\/p>\n<p>Of course we need them - but the problem with Olympus is not a lack of rules - but the\u00a0failure to follow them - and that's a choice based on a lack of willing.<\/p>\n<p>None of which undermines the need for massively enhanced transparency - especially\u00a0country-by-country reporting - which may have revealed what was going on here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT has just reported: In a wide-ranging interview with the FT, Yoshihiko Noda, Japan\u2019s prime minister, has called for clarification about a string of<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/10\/30\/only-ethics-make-markets-work\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,16],"tags":[],"class_list":["post-12632","post","type-post","status-publish","format-standard","hentry","category-economics","category-ethics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/12632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=12632"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/12632\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=12632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=12632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=12632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}