"Twenty years ago, no one was talking about ethical finance. Today, they account for around 20% of the financial movements that take place in the world". This is what Stefano Zamagni, professor at the University of Bologna and Johns Hopkins University in Bologna (Italy), and member of the Pontifical committee for Justice and Peace, said at the University of Navarra. The expert gave the III ICS Lecture on Humanities and Social Sciences of the Institute for Culture and Society (ICS).

Professor Zamagni commented that in recent years more and more companies are focusing on social goals through corporate social responsibility, fair trade .... And he added that this purpose has even given rise to a new legal figure, the B Corp (Benefit Corporation) certification: "These companies have two objectives: on the one hand they seek to make profits and on the other to serve society, for example, by becoming position of the hospital, university or cultural assets of their environment".

It is an intellectual revolution," Zamagni emphasized, "because we have become accustomed to believing that a capitalist company must only maximize its profit. The U.S., a pragmatic country, already has almost 200 B Corps and thus proves that this statement is not true".   

A new culture for progress

These initiatives are examples, according to Zamagni, of how to reconnect ethics and Economics. "They are the two sides of the same coin and for centuries they remained united. Their 'divorce' has led to major disasters such as the crisis that began in 2007," he said.

In this line, he recalled that "the Economics market is the fruit of Christianity" and that the social doctrine of the Church has always insisted that Economics and ethics must go hand in hand. "John Paul II, Benedict XVI, Pope Francis have taken this up in their teachings. We observe a consistent message on this topic from the highest level of the Church, which reminds us that we Christians have a great responsibility to channel the river that has gone astray," he said.

"The Christian world must realize that unless we generate a new culture, progress is not possible. This does not imply turning away from the market or destroying wealth, but reconciling ethics and Economics," he concluded.

Stefano Zamagni made these statements in the framework of the master lecture he gave under the degree scroll 'promote the development integral human : the proposal of the civil Economics '. This is the third edition of the ICS Lecture on Humanities and Social Sciences, a series of lectures organized by Institute for Culture and Society on an annual basis and given by internationally renowned researchers.