those of you who have not, this oath represent a small step towards professionalizing the management field in ways similar to the medical and law professions. it is the management equivalent of the hippocratic oath taken by doctors. it is a voluntary pledge that asks graduating mbas to commit towards the creation of value “ responsibly and ethically ”. two professors at harvard are working to create an mba oath that can later be possibly used as a global template. 34. although the oath is a formalized written version of an ethical code of conduct for managers, the concept behind ethics in business can be traced back to the initial formation bis central bankers ’ speeches of management education in the early twentieth century. the original intent of instituting a management degree was to educate a managerial class that would run corporates in a way that would serve the broader interests of society rather than the narrowly defined interests of capital or labour. in recent years, management graduates have been blamed for constructing a financial system with complex products without adequate controls. this compelled a team of harvard business school graduates to lead a student - based initiative to encourage all graduating students of the class of 2009 to sign on to the mba oath. it is understood that more than half of the graduating students in that year signed the oath. 35. true professions must bear a code of conduct and the meaning and consequences of those codes ought to be taught as part of the formal education of their members. i have personally brought up this topic here today to leave these thoughts with you as i believe that youth is a dominant section of our society. the value system that you practice in your personal and professional conduct influences the value system of the society. there is thus a great responsibility on your young shoulders to observe high ethical standards throughout your life. 36. some of the most successful and profitable companies in the world have also been those which have been known for observing very high ethical standards. idealism or ethics without ambition may not achieve much but ambition without idealism or ethics can play havoc. may you combine the two in right proportion, only then can you work in a manner which is mutually beneficial to you and the society. conclusion 37. let me now sum up. i started with the arab spring movement – a social revolution. i thereafter discussed the growing frustration of the public with corporate greed and wealth disparities that symbolised the occupy wall street movement. i touched upon the los indignados movement in spain reflecting the angst of the public which has grown res

duvvuri subbarao : impact of the global financial crisis on india a€ “ collateral damage and response interview by dr duvvuri subbarao, governor of the reserve bank of india, with claire jones, editor, centralbanking. com, published in london, 2 july 2009. * * * central banking ( cb ) : you are a highly - respected civil servant who has spent a significant portion of your career in various government departments. how does heading the reserve bank of india compare? duvvuri subbarao ( ds ) : as a career civil servant for 30 years, i have worked at the district level, the state level and the national level. i also worked at the world bank, and now towards the end of my career it is a privilege to come to the reserve bank of india. i've also been fortunate to work for a long period in the area of public finance. the reserve bank is different from what i did before as a civil servant in terms of work content and accountability mechanisms. work content is of course the quintessential central bank work which is a much narrower canvas than many of my assignments as a civil servant. the responsibility is of course much larger, and accountability as the governor is at an individual level as opposed to accountability at an aggregate level in civil service jobs. in a typical ministry, a civil servant would be responsible to the minister. and the ministry itself would be accountable to the government. as the governor, i am responsible at an individual level and i am hoping that my experience in the real sector would be an advantage in my current position as governor. cb : and do you think that experience has proven useful so far? ds : yes, i would think so. as we went the crisis and distress signals kept coming, i had a good understanding of what was causing the distress. that made me better equipped to respond to the crisis. for example, in the wake of the crisis exports were hit : in india certain sectors are more export - centred than others, for example, textiles and gems and jewellery. similarly, there are certain geographic locations that are more reliant on exports than others. my experience in the real sector made our responses better, more grounded in these realities. cb : do you have a clear agenda for what you want to achieve during your first threeyear term? ds : india achieved growth of 9 % over the four years to 2008, and the crisis clearly came as a setback