Yes, the system worked. In fact, the old system worked, as Jeffrey K Skilling and Kenneth L Lay were tried under laws that were on the books long before the passage of the Sarbanes-Oxley Act on financial and accounting disclosure in 2002. But the convictions, everyone rightly agreed, could not bring back all that lost money or repair all those disrupted lives.

Nor, we would add, do they seem likely to bring back the lost optimism, confidence and courage that make business so much fun. Yes, fun. Remember that? Before business-writ-large became demonised by Enron and other companies where wrongdoing was found, being in business felt different. It's a phenomenon that is hard to quantify, but we sense it everywhere we go as a kind of fear and trembling. People worry a lot about taking risks. They're anxious about the future. They're hesitant to say they love work.

Yes, business has lost some of its spark. What an unnecessary shame. Why? Because if there is one thing all the corporate scandals have shown us, it is that bad behaviour is actually pretty rare. According to the Wall Street Journal, 1,000 people will have ultimately ended up convicted for corporate crimes in the US over the last five years. That's 1,000 . . . not 10,000 or even 100,000 . . . out of the tens of millions of people who work in business. And what can that mean? Only that 99.9% of people in business play by the rules and, most of the time, the rules work.

We know that, and you probably do too. You just might be having a hard time admitting it in mixed company these days. Some time ago, we were speaking to a group of insurance agents in Florida. They were a cheerful group until one man stood up and asked: "Is it just me, but do other people here feel ashamed to admit they work in business now? I mean, sort of. . . dirty? I know I haven't done anything wrong and that I work with good people. But still . . . " There was silence and then the crowd gave him a round of supportive applause. They were all in the same boat.

But this kind of self-loathing isn't the only worrying fallout of the changed business climate. Managers everywhere tell us they are spending vast quantities of time in defensive mode, heads down, chanting "Compliance compliance compliance".

Now, we're obviously in favour of accuracy in reporting . . . every company must have a culture of ironclad integrity . . . but the blood in the water these days has too many businesses swimming in circles instead of charting new horizons.

At the same time, many companies, especially small ones, are now opting to go public on foreign exchanges because they do not want to put up with the excessive idotting and t-crossing that has become required in the United States. How self-destructive.

Look, business isn't perfect, and it never will be, as long as it comprises human beings. After all, we have laws galore and people still drive above the speed limit, rob convenience stores and, of course, far worse. The FBI raids one congressman's office, another congressman is indicted and resigns. A journalist at a respected newspaper fabricates stories for years. You can write off all humanity because of these kinds of transgressions, but that would be like writing off all business because. . . well, because a minute percentage of its participants couldn't (or wouldn't) tell the difference between right and wrong, don't tell the difference between right and wrong.

Business is a huge source of vitality in the world, and a noble enterprise. Thriving, decent companies are everywhere, and they should be celebrated. They create jobs and opportunities, and, in providing the revenues for government, they are the foundation of a free and democratic society. People who work at winning companies give back: they pay tax, they mentor in schools, they volunteer at firehouses and libraries.

In other words, don't buy the line that Enron is business and business is bad. Enron and the others were exceptions, and business is good. Business is great. Yes, Enron had its victims. The whole awful story is a tragedy. But we can't let a small group of companies rewrite reality and make businesspeople cower in shame and lose their courage. We can't let business . . .

society's engine and great hope . . . be Enron's final victim.

(Jack and Suzy Welch are the authors of the international best-selling book 'Winning'. You can email them questions at Winning@nytimes. com. Please include your name, occupation, city and country. )