{"id":629114,"date":"2018-05-22T04:12:01","date_gmt":"2018-05-22T04:12:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/22\/is-banking-an-inherently-immoral-profession-history-suggests-otherwise\/"},"modified":"2018-05-22T04:12:01","modified_gmt":"2018-05-22T04:12:01","slug":"is-banking-an-inherently-immoral-profession-history-suggests-otherwise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/22\/is-banking-an-inherently-immoral-profession-history-suggests-otherwise\/","title":{"rendered":"Is banking an inherently immoral profession? History suggests otherwise"},"content":{"rendered":"

<\/a> Is banking an inherently immoral profession? History suggests otherwise: <\/strong>The reputation of bankers has never been great through the ages (see Ebenezer Scrooge, Shakespeare\u2019s Shylock). A reputation for unquenchable avarice reached its fever pitch following the global financial crisis. But it wasn\u2019t always so: In Industrial Age Britain, scions of banking families at some of the most well-recognized names in the sector (Barclays, Lloyds, and Gurney) built a reputation as gracious givers and founders of modern philanthropy. Prior to the turn of the 20th century, the role of government did not encompass social welfare.<\/p>\n

The slack was picked up by fat cat bankers<\/strong>, according to this riveting BBC documentary (watch, runtime: 59:09<\/a>).<\/p>\n

A peculiar mix of religious intolerance, cultural norms, and the industrial revolution helped drive the giving spirit of bankers.<\/strong> Some of the most well-established names in banking were Quakers, a derided religious sect of pacifists and moralists, who because of being shut out of professions had to turn to trading and finance. That was coupled with the \u201cvery Christian\u201d belief that it was easier for a camel to enter the eye of a needle than a rich man to enter heaven. Whatever wealth was attained must, by moral obligation, be distributed. The industrial revolution, which led to a yawning gap in income inequality and widespread poverty, made charity an imperative. The documentary concludes that in our current \u201cget rich\u201d culture, we all bear responsibility for the perceived immorality of bankers and we ultimately get the bankers we deserve. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Is banking an inherently immoral profession? History suggests otherwise: The reputation of bankers has never been great through the ages (see Ebenezer Scrooge, Shakespeare\u2019s Shylock). A reputation for unquenchable avarice reached its fever pitch following the global financial crisis. But it wasn\u2019t always so: In Industrial Age Britain, scions of banking families at some of […]<\/p>\n","protected":false},"author":1,"featured_media":629115,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9004],"tags":[72,2388],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-watching","tag-enterpriseam","tag-worth-watching","wpautop","entry"],"acf":{"mongo_id":"49b7f54f-97bf-488a-abb8-0460a082c1ef","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/5\/2817.jpg","photo_position":"above","related_issue":[629086],"teaser":"","voice_url":""},"yoast_head":"\nIs banking an inherently immoral profession? History suggests otherwise - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/22\/is-banking-an-inherently-immoral-profession-history-suggests-otherwise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is banking an inherently immoral profession? History suggests otherwise\" \/>\n<meta property=\"og:description\" content=\"Is banking an inherently immoral profession? History suggests otherwise: The reputation of bankers has never been great through the ages (see Ebenezer Scrooge, Shakespeare\u2019s Shylock). A reputation for unquenchable avarice reached its fever pitch following the global financial crisis. 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Sukthankar, meanwhile, is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628537,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/wfp-starts-using-blockchain-in-refugee-camps-to-create-a-digital-identity-cut-down-on-banking-fees\/","url_meta":{"origin":629114,"position":2},"title":"WFP starts using blockchain in refugee camps to create a digital identity, cut down on banking fees","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"The World Food Programme (WFP) is starting to use blockchain in refugee camps to provide food stipends without using physical money, according to the World Economic Forum. 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