Today’s business leaders find themselves in a void – in a global marketplace with no clear norms or political governance. Yes, there is greater freedom, but with it comes greater responsibility and risk. Globalization has blurred the meaning of ethics and ethical standards. Yet Janne Haaland-Matlary of the University of Oslo explains why values matter even more in today’s chaotic and insecure world, as she did at the Global Alumni Reunion in May.

Executive Summary
The ethical demands on business leaders increase as globalization increases. Today’s executives face great insecurity when defining their ethical basis. Gone are the moral frameworks once provided by national customs, culture and general ethical agreement inside states. While globalization is much-praised, it is also breaking down the nation-state and weakening the world’s structures for political and physical security. Modern business leaders find themselves in a global marketplace with no clear ethical compass – when they desperately need one.

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