Fred L. Smith, Jr. Responds to the Davos Forum

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Uploaded by on Jan 16, 2009

Competitive Enterprise Institute President Fred L. Smith, Jr. responds to the question posed by the organizers of the Davos World Economic Forum: "Should Company Executives Have a Code of Ethics Similar to Doctors and Lawyers?".

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  • Well, I think "acting for the moment" should not be regulated in a "free" market. If you make a risky choice and it fails, you should pay the price. Otherwise, we're talking about a complete overhaul of our market and government policy.

  • There likely is already a code businessmen are supposed to follow, but as recent events have shown, too many don't follow it.

  • Well said.

    I agree with that business people don't need a code of ethics "like" doctors or lawyers.

    But there needs to be some sort of code of honor that businessmen should follow to prevent business practices from operating too much "for the moment" with not enough focus on what will or could happen 1,3,even 15 years from now.

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