Buy essay on Cross of Gold by Fareed Zakaria

The article “Cross of Gold” by Fareed Zakaria raises an extremely important problem – the problem of the recent financial crisis, the development of the Wall Street on the ground of the case of Goldman Sachs. To put it more precisely, the author attempts to evaluate critically the failure of Goldman Sachs as the manifestation of the development of the Wall Street and through the analysis of the case the author attempts to understand how the new Wall Street changes compared to the old, pre-crisis one. In fact, this problem is extremely important because the recent financial crisis and economic recession have revealed the full extent to which the modern economy is vulnerable to financial crisis and failures provoked by speculations. The development of the modern business is impossible without structural changes which can change not only the Wall Street but also the fundamental principles of business to make it more responsible in regard to all stakeholders, whereas the maximization of profits should become secondary.
In actuality, the author of the article attempts to be objective and evaluate critically changes that have occurred to Goldman Sachs and the Wall Street at large. The author analyzes critically the case of Goldman Sachs and he attempts to justify actions of Goldman Sachs’ CEOs by traditional business practices which were widely implemented in the Wall Street. In such a context, the only conclusion that derives from the article is the conclusion that all companies operating in the Wall Street are potentially inclined to frauds. At this point, it is hardly possible to agree with the author because many companies operating in the Wall Street are responsible and they develop their business on the ground of fair principles of business ethics.
Naturally, in the contemporary business environment, it is not always possible to conduct business fairly in accordance to business ethics. In fact, it is hardly possible to meet interests of all stakeholders. Nevertheless, this is the goal modern companies have to strive to. In this respect, another conclusion made by the author of the article about the necessity to change consistently the Wall Street is reasonable and just. To put it more precisely, the necessity of changes in the Wall Street are obvious. However, the author fails to provide readers with any plausible remedy how to change the Wall Street to make it safer to the national economy and to the financial position of average people as well as stakeholders involved in financial operations in the Wall Street.
It proves beyond a doubt that the goals companies operating in the Wall Street are to achieve are absolutely correct because these companies must be socially responsible for their policies and actions, whereas the case of Goldman Sachs just reveals the extent to which irresponsible actions and policies of companies may be dangerous not only for the Wall Street but also for the national economy at large. Therefore, structural changes are needed. In this regard, the author’s recommendations are not fully applicable because it is necessary to establish strict public control over operations conducted by companies in the Wall Street. Moreover, it is important to prevent speculations, which provoke financial crisis and lead to economic recessions.
Thus, taking into account all above mentioned, it is important to lay emphasis on the fact that the article defines clearly the problem of the ineffective and danger of the modern Wall Street and the need to change it is obvious.