Heelas, Paul: "God's Company..New Age Ethics...Bank of Credit...Commerce"

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God's Company: New Age Ethics and the Bank of Credit and Commerce International

Vol. 11, No. 1, 1993
Cultic Studies Journal

Dr. Paul Heelas
Department of Religious Studies
University of Lancaster, England

Abstract

The New Age movement, which is tied to the monist tradition of the East, is characterized by an expressive style of ethical evaluation, which, in contrast to the authoritative mode that depends on external prescriptions and proscriptions, looks within the person for wisdom because God is believed to lie within each person. The scandals and financial downfall of the Bank of Credit and Commerce International is attributed in large part to the consequences of this expressive ethic operating within the business world. "Management by intuition" resulted in a relative absence of formal controls and accountability systems, which certain managers exploited for personal financial gain. A question is raised about the possible long-term consequences of this expressive ethic for India, where Human Resource Development is increasingly formulated in terms of the expressive ethic.