I never read Plato’s Republic when it counted, within the confines of ivy covered walls immersed in a class full of uber-idealistic peers and a like-minded professor to lead them. That’s what happens when you study advanced astrophysics. There’s just no room for the classics. So, like many in the real world, I had to pick up the wisdom of ancient Greek philosophy from the cold streets and narrow alleys of the matter-of-fact life of business.

Here’s all you need to know about Plato’s Republic: It’s a brilliant metaphor for fiduciary. Yes, it speaks of “justice” and “philosopher-kings,” but it’s really about “best interest.” In it, Plato seeks to define justice, but only succeeds in explaining no one will be just if he can sin with impunity. In other words, unless there is a punishment for failing to act in the best interest of others, people will act only in their own best interest. That doesn’t make for a very healthy society.

In theory, the DOL’s fiduciary rule offers the best opportunity to punish those who don’t act in the best interests of their clients, or, said another way, those that breach their fiduciary duty. In the Republic, Plato introduces us to Gyges, who discovers a ring that allows him to freely commit all seven deadly sins (even though they had yet to be categorized as such). If this sounds like Tolkien’s Lord of the Rings, then you’re beginning to understand.