Michel Camdessus told a conversation with Mrs

The anniversary falls perfectly, financial crisis: Geneva celebrates 500 years of the birth of John Calvin. The initiator, after Martin Luther, of the Protestant Reformation had taken refuge in this city, and he died. There is to say that he was the first to understand the importance of the economy, declaring themselves favourable to the loan interest, but denouncing wear, and to enter into his conception of social organization, fighting poverty and by combining individual responsibility and solidarity. In short, he has married spirituality and prosperity.

Max Weber went further by Calvin the father of capitalism, whose success in the 19th century came, according to German sociologist, Protestant austerity of business leaders, their restraint, the choice to focus on investment and the long term and shut out the superfluous. Neoliberalism, it will be understood, has broken with these principles for thirty years to plunge into greed, individual enrichment and bling-bling, hence its current crisis.

Is this true Should for "moral" post-crisis capitalism return to the reading of Calvin

Organized Symposium, Wednesday, may 27, by the University of Geneva on this theme was a nuanced answer. Guillaume de Seynes, heir of the founding family of the Hermès leather, welcomed that "four Protestant values" have helped the House, created in 1837, to avoid getting lost: the vision of long term, the money as a means and not as a goal, respect for the work, the culture of the singularity and discretion. Charles Pictet Bank's family name, established in 1805, is completely covered in these values here. He admits that the Calvinists do not have the monopoly and adds a pretty formula: "neoliberalism has overshadowed the efforts for the benefit of productivity," research of net good service rendered to the client. But everything suggests that this frugal behavior is possible only to homes controlled by a welded family ownership. Groups cannot extricate constraints and methods imposed by the markets and their "culture" is being diluted with their geographical extension. Michel Camdessus, former Governor of the Bank of France and former Director General of the IMF explained that his faith (Roman Catholic) had always counted in its decisions and that he had met many leaders like him. But "it only makes us not extra-lucides", God is not a leading indicator for future crises. And believers are "not more quick to criticize the skids", should it be in modesty. But he denounced also the neoliberalism, because "it has created a seal between the values and the economy", a "totally contrary to Calvin" principle, which rightly taught harmony between economy and ethics. Michel Camdessus told a conversation with Mrs. Thatcher who was prescribed firmly: "Above all never to lecture the bankers!" always leave separate values and policy Affairs and markets. The supply/demand balance should especially not be polluted by "moral sentiments", those that promoted yet as Adam Smith.

Would religion help to overcome the crisis Youssef Cassis, Professor at the University of Geneva, historian think like many of his colleagues today that "Max Weber was wrong". Capitalism preceded Calvin, Protestantism played only a very minor role in industrial development and, on the breakdown of the current crisis, the greed is at all times. Religion is not so much in economic life, less than other factors such as discoveries, institutions or demography. It ensures the salvation of the soul Who believes. But the salvation of the economy, not.

However, must be recognized that the teaching of the Genevois resonates with the current crisis. It is multifaceted, according to Michel Camdessus (poverty, climate, oil, hunger, finance), but also "cultural". ""Deny the idols", said reformer, and what do we do". We love money. "Should we not find"the meaning of the limit " Morality capitalism through human morality. But how This is the issue for five hundred years and well beyond.