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Global Impact Through Increased Transparency
- Sharad Jain
Most attendees at the JAINA convention would bubble in year 2008, dot-com bubble in year 2000 categorize themselves as either Generation-X" and there were recessions in 1990 and 1980s. In a (1960-1980) or Generation-Y121 (1981-2000). Inw ay, it is a unique trait of brave souls of United States addition, we identify ourselves as the first generation to venture into new things, take risks, sometimes in our respective families to venture outside India or fall and then get back up again. first descendants of Indians who did so.
One reason why year 2008 recession was so As globalization becomes the norm and we move frightening is because it originated from lack of from counting our global venture -- in 'years' and transparency in US financial system and brought
decades' -- to generations', we find ourselves into question the trust in US dollar as international deeply rooted in foreign cultures. We have adopted currency, which drives much of the world trade. The this new culture, country and neighborhood as our recession was so deep and painful that it led some own. This means that we have a stake in all aspects outside countries to question the benefit of freeof social, economical and political environment market economy in United States. that affect the needs of our family's economical and social needs. We are no longer spectators but Sure, mistakes were made. Politicians and participants of this global family.
economists are busy analyzing what happened and
how to prevent it in future. Books and articles are It is safe to say that over decades of being here published on the subject of crisis. In the midst of all in United States, we have come to admire and this, one thing stands out. There is a growing sense appreciate what USA stands for. The freedom to of need to bring transparency in financial industry participate equally in free-market economy, achieve and other sectors such as manufacturing, retail, our full potential without the baggage of following healthcare and services industry. mindless traditions and shed cultural barriers has Guess what? Transparency is Jainism compliant. won our hearts. We are proud to be Americans (with rich Indian past, of course). But, when it comes time Jain scriptures and philosophy have a detailed to defend our new American values, are we doing description of "soul”. According to Jainism, our part?
deception, fraud and falsehood lead to rebirth as
animals and vegetables. When a soul detaches Challenges facing (the) US today
itself from these karmas, it achieves its natural,
transparent state of ever-lasting happiness, In last few years, if you have been the bread earner something that we call moksha. In practice, it starts for your family, I have no doubt that you have with bringing greater transparency into our personal experienced the fallout from US recession. For and professional lives. yuppies31 amongst us, it may have been even harder. The crisis has been averted, even though economy Transparency in financial sector is only recovering slowly and it is still painful for a Financial sector has been the focus of most attention. lot of us.
Financial innovation, while good, created opaque
instruments, which were hard to regulate. That is In larger picture, recessions are not new in United changing. More disclosures, reducing conflicts of States. We seem to have a rhythm going, with one interest in credit rating agencies and audit firms, recession almost every decadelIt was financial better protection for whistleblower is in. In the end,
Jainism: The Global Impact
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