Muslim, Christian, and Jewish Views on the Creation of Wealth

April 23-24, 2007

Twelve years ago the Interfaith Declaration of International Business Ethics was developed and promulgated by a group of distinguished Muslim, and Christian, Jewish leaders from business, banking, academia, and religious institutions in order to promote common business values in harmony with their religious teachings. Taking this Declaration as a starting point, the conference examines its impact and explores major challenges these faith traditions are facing in the global economy.

The particular focus is on the creation of wealth for three reasons: First, the process of wealth creation in the last 50 years has showed both winners and losers, which poses the question why some nations are so rich and some so poor. Second, the worldwide discussion about “corporate social responsibility” or CSR is raising high expectations about social and environmental responsibilities of corporations; but it seems to overlook the questions how these corporations can and should create genuine wealth. Third, a large part of the management literature assumes the firm’s objective of “maximizing shareholder value” or “adding value” without critical examination in economic terms. Hence the question what wealth creation really means will be discussed from these multiple viewpoints.

Part One: Opening Perspectives

On April 23 in the afternoon, the conference opens with a historical perspective: the keynote address on the process of wealth creation in the last 50 years by Benjamin Friedman, Harvard University, author of The Moral Consequences of Economic Growth. It is followed by the presentation and review of the Interfaith Declaration of International Business Ethics by Simon Webley (London), Executive Director of this initiative. Subsequently, Georges Enderle, University of Notre Dame, offers several clarifications of the concept of “wealth” and its “creation.” After dinner, Patrick Murphy, University of Notre Dame, facilitates the presentation of three business examples that illustrate major aspects of the “creation of wealth” by companies.

Part Two: Muslim, Christian, and Jewish Views on the Creation of Wealth

In the morning of April 24, the concepts, motivations, and challenges regarding wealth creation are explored from the perspectives of these three faith traditions. Nasser Elahi, Mofid University in Qom (Iran) and current postdoctoral scholar at the University of Notre Dame, and.Monzer Kahf, Founding Member of the International Association of Islamic Economics, present Muslim views. Todd Whitmore, University of Notre Dame, and David Miller, Yale University, speak about Christian views. Michael Signer, University of Notre Dame, and Moses Pava, Yeshiva University, introduce Jewish views.

Part Three: Moving Toward a Common Ground

The afternoon of April 24 is dedicated to the search for a common ground of the three monotheistic religions, which faces enormous challenges. Paul Weithman, University of Notre Dame, discusses John Rawls’s “idea of an overlapping consensus” that might provide a conceptual venue for moving toward a common ground of the Muslim, Christian, and Jewish views. Amitava Dutt, University of Notre Dame, addresses different paradigms of economics that may conflict with or support a genuine understanding of wealth creation. Robert Audi, University of Notre Dame, and Ernst Ligteringen, CEO Global Reporting Initiative, explore ways in which existing notions of corporate responsibility need to be remodeled in light of genuine wealth creation. Scott Appleby, University of Notre Dame, and Joanne Ciulla, University of Richmond, reflect on the challenges that genuine wealth creation poses to leaders in business, government, and civil society.

The conference concludes with a dinner.

Conference photos

Conference flyer

Interfaith Declaration of International Business Ethics... (more)

Paper on the creation of wealth by Georges Enderle... (more)

Streaming video Prof. Webley

Streaming video Prof. Enderle