Rabbi Sir Jonathan Sacks

Sub-prime mortgages, financial collapse, MPs expenses: these and other recent scandals are more than mere passing events. They have left Parliament and the market, the twin foundations of the free society, in disarray.

What has been lost is trust — our trust in those we chose to look after our affairs — and trust is the basis of society. If we are to recover it, we must ask some deep questions.

Thus far we have had a festival of blame, and there have been some sacrificial victims. But our great faiths teach the principle of collective responsibility. In that spirit we should ask what has gone wrong in society as a whole?

I believe we have lost our traditional sense of morality. I do not mean that we are less moral than our grandparents. We care about things they hardly thought about: world poverty, inequality, global warming and the loss of biodiversity. We are more tolerant than they were.

But note this: the things we care about are vast, distant, global, remote. They are problems that require the co-ordinated action of millions, perhaps billions of people. The difference we as individuals can make to any one of them is minimal. That does not mean they are not important: they are. But they are issues of politics, not of morality in the conventional sense.

When it comes to personal behaviour we have now come to believe that there is no right and wrong. Instead, there are choices. The market facilitates those choices. The State handles the consequences, picking up the pieces when they go wrong.

The idea that there may be things we would like to do and can afford to do but which we should not do, because they are dishonourable and a betrayal of trust, has come to seem outmoded.