To judge those of whom we have expectations, we must understand and appreciate the difference between values and value. Values define us as individuals. They shape our actions and reactions. They drive our view of the world and the solutions we choose to deal with the problems we face.

Value and its creation is the bulwark of a free-market economy. If the crash of 2008 has taught us anything, it is not that the market system is wrong. It has reminded us that there is no such thing as "perfect competition" and that unregulated and unconstrained markets are more likely to be distorted and ultimately become destructive. But the market is our only hope of surviving and thriving, so value creation has to sit alongside values adherence to create real and sustainable value. For that we have to look to leaders.

Leadership is all about being granted permission by others to lead their thinking. It is a bestowed moral authority that gives the right to organise and direct the efforts of others. But moral authority does not come from simply managing people effectively or communicating better or being able to motivate. It comes from many sources, including being authentic and genuine, having integrity, and showing a real and deep understanding of the business in question. All these factors build confidence.

Adapted from Economist.com