Richard Thaler wins Nobel for Economics

October 9th, 2017 by Kara in News

Seven Pillars Institute congratulates Professor Richard Thaler on winning the 2017 Nobel Prize for Economics. Professor Thaler had kindly agreed to an interview with SPI and we republish the interview. He gave insightful observations about ethics in finance and how vitally important it is. No doubt if finance departments of business schools offer a financial ethics course (a rarity at the moment), their students would be better off as future investors and financiers.   SPI: Your book, Misbehaving:The Making of Behavioral Economics is among Inc.com’s 10 best business books for 2015. Can ...

Boston Transparency Symposium

September 1st, 2017 by Kara in Events, News

Mercer will host a Transparency Task Force (TTF) symposium entitled “Time for Transparency.” The Symposium will be held on: Thursday 28th September 2017. The venue will be: Mercer Boston, 99 High Street, Financial District Boston, Massachusetts, USA.  Dr. Kara Tan Bhala, President of Seven Pillars Institute, is a member of TTF and is pleased to be involved in the work of the task force. About the Transparency Task Force The organization is the collaborative, campaigning community, dedicated to driving up the levels of transparency in financial services, right around the world. Members of the Transparency Task ...

SPI Shortlisted, Cited in Prestigious Think Tank Awards

November 29th, 2016 by Kara in Journal, News

By Kara Tan Bhala The Prospect Think Tank Awards 2016 shortlisted and cited the research of Seven Pillars Institute (SPI) on climate change mitigation, praising its “deft work on eco-tourism”. Prospect Magazine made the announcement of winners and finalists in the Speaker’s rooms inside the British House of Commons last night. The event this year was especially significant given Brexit, the US presidential elections and the worrying rise of enraged populism in the West. The organizers of the competition say it well when they write “Think Tanks today confront a political culture in which ...

Ethics of China’s Land Expropriation Rules and Reforms

July 9th, 2016 by Kara in News

By Nina Yi Zheng  Under China’s current rural land expropriation process, local governments make arbitrary decisions on expropriation, paying little compensation to peasant owners. The current process is a violation of procedural justice, corrective justice, and distributive justice according to the moral principles of John Rawls. Nor can the process be justified on utilitarian grounds. The marketization reform in Shenzhen, which allows rural land planned for certain purposes to enter the market without the expropriation process, has improved procedural justice and increased the good consequences. However, the implementation of the reform lacks ...

International Investment Management

April 5th, 2016 by Kara in Events, News

  Seven Pillars Institute is pleased to announce the publication of International Investment Management: Theory, Ethics and Practice, the newly released book from Routledge authored by Dr. Kara Tan Bhala (President of Seven Pillars Institute), Warren Yeh and Raj Bhala.  A quick take on the book: International Investment Management synthesizes investment principles, Asian financial practice, and ethics reflecting the realities of modern international finance. These topics are studied within the Asian context, first through the medium of case studies and then via the particular conditions common in those markets including issues of religion and philosophy. A longer description of the ...

Tax Systems: A Brief Ethical Discourse

February 11th, 2016 by Kara in Case Studies, Economics

By Nathaniel Crosser While complaining about income tax is universal, there seems little doubt or disagreement about the importance of taxation for the functioning of a civil society. We are surely better off with the social contract that requires some form of taxation. The uber-wealthy and underprivileged alike benefit from public goods and services, such as roads, policing, firefighting, and the regulation of monopolies. Why then this distaste of income taxes? Americans primarily (and historically) find issue not with the existence of taxation, but with the ways in which the government collects its money. ...

The Latest Issue of Moral Cents is Out!

November 5th, 2015 by Kara in News

  This issue of Moral Cents devotes three articles to discussions about financial regulation – its origination, its purpose and its impact. The describes the new conduct rules for financial institutions in the U.K. While it appears as if the period of financial reform and regulation generation in the U.S. is coming to a close as memories of the Global Financial Crisis (GFC) fade and markets race to new heights, the situation is different in the U.K. The Financial Conduct Authority and Prudential Regulation Authority issued rules to hold financial professionals ...

Global Financial Leaders Insist on the Necessity of Financial Ethics

September 24th, 2015 by Kara in Interviews, News

  Banking and financial regulators around the world are now speaking about ethics and promoting an ethical culture in finance openly. Leaders among the world’s major bank supervisory bodies, and top-level executives in international banks, are doing the same. This is a change from the pre-GFC (Global Financial Crisis) era. In the past, regulators, bankers and the financial academy spoke of efficiency, market determined guidance and consequently, ‘light-touch’ supervision. Perhaps in some small measure the increasing willingness to include ethics in the dialogue about finance is due to the work and ...

China and Corruption: The Case of GlaxoSmithKline

July 13th, 2015 by Kara in News

  By: Conner Lee  GlaxoSmithKline (GSK) is Britain’s biggest drug maker. Chinese authorities found GSK guilty of bribing both hospitals and doctors to help promote their products in China, using a network of nearly seven hundred travel agencies to pay medical professionals, health-related organizations, and government officials. According to Chinese authorities, GSK funneled about 3 billion yuan, or US$482 million, through this network to recipients. Receipts were forged for purchases and transactions that never took place, including fake conferences. At first, GSK denied any involvement in the bribes. Then, after an internal ...

Hong Kong: Economic Freedom Belies Crony Capitalism

October 1st, 2014 by Kara in Case Studies, Economics

By: Jackie Connor Does empirical evidence support the perception that Hong Kong is a free market capitalistic economy or does it suggest pervasive crony capitalism? Crony capitalism, which is not inherently criminal, largely replaces market economies with political markets, in which economic success depends on harnessing connections rather than creating valuable products and in which several players can successfully block out competitors. While Hong Kong’s capitalist reputation has historically been supported by Heritage Foundation’s Individual Economic Freedom Index (IEF), which bestowed world’s freest economy for the past 18 years on Hong Kong (2014 ...