To paraphrase Winston Churchill, “Never in the field of commercial business has so much been damaged, for so many, by so few.” The failure of expectations has been widespread, severe, and rapid. Clearly, our previous approach to leadership will be discredited—but what will replace it?

A return to principled leadership. The kind we admire. The kind we tell stories about. People have been thinking and writing about this kind of leadership for 3,000 years. Deep in our cultural cellars there is a forgotten vintage of thinking that must be resurrected to lubricate the rebuilding of our economy.

The old truths, and important ones, suggest that to lead, leaders must have foresight, and they must lead by example. They must motivate and inspire on a moral basis, through aspiration as well as rewards and punishments. It is precisely this calm, considered, and ethical leadership, required to lead and inspire large numbers of people when the economics are tough, that seems in such short supply today.

Take a few moments to read Richard Raulson’s complete article, “Leadership Lessons and the Economic Crisis: Where We’ve Come From and Where We’re Headed.”