He argues that the way forward is to re-moralise work, something cannot be achieved by short courses in ethics. I remember after ENRON there was a boom in ethics courses for accountants, not to make them more ethical, but so that due diligence could be demonstrated by a rule based culture. He goes on to argue that work which involves interaction with people is moral work, and that requires us to celebrate moral exemplars, to develop character and respect of others and for learning in schools. A wonderful phrase follows in respect of the need for hope: People want to be allowed to be virtuous. The talk is laden with references to Obama and ends to rapturous applause.

Artistole distinguished between two intellectual virtues: Sophia and Phronesis. The former is the ability to think about the nature of the world, deliberation in respect of universal truths something that we would now commonly associate with science. The latter is the capacity to act in such a way as to improve the quality of life but with reflection. Schwartz is talking about phronesis but while I applaud what he says we need to be careful to realise that both intellectual virtues are necessary. This is what I have previously referred to a theory informed practice which is some fields can be rephrased as ethically informed practice. Greenspan's recent testimony to congress is significant in this respect. He basically said that he had made a mistake, something had appeared to work for 40 years so he assumed it must be right. When we look back I think we will see that statement as a seminal moment in which (and this is hope) the world fell out of love with full frontal Laissez-faire capitalism. Why you do something is as important as its effect, because if we do not know why we cannot hope in the face of uncertainty. Phronesis is not expediency and it was always one of the four cardinal virtues

Today is of course St David's Day, national saint of Wales and the daffodil is his symbol. It is meant to be a day of celebration but for me it is now a day of memories. I woke up early this morning as I have (without intent) for the last four years. Five years ago at that same hour of the morning my mother died of lung cancer having never smoked in her life. She was a teacher, and one who inspired her pupils as she did her children. She was unfortunate to life in a time when staff rooms were full of smoke, and the consequences of secondary smoking were not generally known. She was for me, her pupils and many others (she was active in public life and service) a moral exemplar.