Capitalism must find a moral compass

THIS has not been a good week for tooth-and-claw capitalism. The excesses of the process and its utter indifference to the common good have been highlighted in startling ways that demand a meaningful international response.

The callousness of Martin Shkreli, the New York drug firm executive who increased the price of Daraprim from €12 to €670 a pill — more than 5,000% — showed a chilling indifference to the consequences of his actions. Though he is reviewing the decision Mr Shkreli seems to personify the moral vacuum so often exemplified by captains of industry.

He is not by any means alone. Just yesterday the Volkswagen board met to consider the repercussions of their appalling behaviour — rigging diesel engines to cheat tests for noxious emissions. The scandal has knocked something approaching €30bn off Germany’s showcase company’s value in its showcase industry. One-in-six Germans is employed in car manufacturing-related industries and economists have warned that the scandal represents a greater threat to Germany’s economy than the Greek crisis.