Learning from the Global Financial Crisis: Creatively, Reliably, and Sustainably (High Reliability and Crisis Management) - Hardcover

Hardcover

ISBN 10: 0804770093 ISBN 13: 9780804770095

Verlag: Stanford Business Books,US, 2012

Inhaltsangabe

This book is motivated by the simple hope that the cloud of the global financial crisis may yet have a silver lining—that political leaders, economists, and management scholars might seize this opportunity to reflect critically on the assumptions, practices, and infrastructures that have precipitated the crisis and to imagine and create new forms of organization that sustainably enhance the well-being of global stakeholders.

The contributors suggest that aesthetic management, high reliability and crisis management, and sustainability science have much to contribute to the resolution of the collapse that we've witnessed, and to providing enduring lessons for how to structure the institutions of the future. Learning From the Global Financial Crisis devotes a section to each of these areas, offering full-length chapters which explore key issues in depth, as well as shorter commentaries that focus on practical considerations. The chapters progress from micro-level issues that pertain to individuals and teams who act creatively; to the meso-level issues that pertain to the structures, practices, and processes; to the macro-level issues that pertain to the interdependent, ecological systems.

Together, the contributions emphasize the importance of developing holistic responses to the financial crisis. The result is a volume that casts new light on traditional economic and managerial theories and policies and provides fresh ideas to a new generation of scholars and practitioners.

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Über die Autorinnen und Autoren

Paul Shrivastava is the David O'Brien Distinguished Professor and Director of the David O'Brien Centre for Sustainable Enterprise at the John Molson School of Business, Concordia University. Matt Statler is the Richman Family Director of Business Ethics and Social Impact Programming and a Clinical Assistant Professor of Management and Organizations at NYU Stern School of Business.

Paul Shrivastava is the David O'Brien Distinguished Professor and Director of the David O'Brien Centre for Sustainable Enterprise at the John Molson School of Business, Concordia University.Matt Statler is the Richman Family Director of Business Ethics and Social Impact Programming and a Clinical Assistant Professor of Management and Organizations at NYU Stern School of Business.

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LEARNING FROM THE GLOBAL FINANCIAL CRISIS

Creatively, Reliably, and Sustainably

Stanford University Press

Copyright © 2012 Board of Trustees of the Leland Stanford Junior University
All right reserved.
ISBN: 978-0-8047-7009-5

Contents

Acknowledgments....................................................................................................................................................................................................................xiIntroduction Paul Shrivastava and Matt Statler....................................................................................................................................................................................11 Truth, Beauty, and the Financial Crisis: Evaluating What Works Robert Richardson and Matt Statler...............................................................................................................................172 Aesthetic Leadership: Walking toward economic recovery Ralph Bathurst and Margot Edwards........................................................................................................................................553 Smashing Moneytheist Mirrors: How Artists Help Us Live with Financial Schizophrenia Pierre Guillet de Monthoux..................................................................................................................764 Hence God Exists Skip McGoun....................................................................................................................................................................................................965 The Art of Finance Steven S. Taylor.............................................................................................................................................................................................1176 The Play Ethic and the Financial Crisis Pat Kane................................................................................................................................................................................1217 Cassim's Law Henrik Schrat......................................................................................................................................................................................................1288 Managing the Global Financial Crisis: Lessons from Technological Crisis Management Paul Shrivastava, William Gruver, and Matt Statler...........................................................................................1419 Failures of High Reliability in Finance Nathaniel I. Bush, Peter F. Martelli, and Karlene H. Roberts............................................................................................................................16710 Wrong Assumptions and Risk Cultures: Deeper Causes of the Global Financial Crisis Ian I. Mitroff and Can M. Alpaslan...........................................................................................................18811 A Busy Decade: Lessons Learned from Crisis Planning and Response from 1999 to 2009 Michael Berkowitz...........................................................................................................................19912 A Critique of Managing the Global Financial Crisis: Lessons from Technological Crisis Management Brett Messing.................................................................................................................20513 Green Financing After the Global Financial Crisis Perry Sadorsky...............................................................................................................................................................21314 Leveraging Ourselves out of Crisis—Again! Aida Sy and Tony Tinker........................................................................................................................................................24515 The Normative Foundation of Finance: How Misunderstanding the Role of Financial Theories Distorts the Way We Think About the Responsibility of Financial Economists Andreas Georg Scherer and Emilio Marti.....................26016 A Multilevel, Multisystems Strategic Approach to a Sustainable Economy Mark Starik.............................................................................................................................................29117 The Global Financial Crisis: A Perspective from India Murali Murti and N. V. Krishna...........................................................................................................................................313In Lieu of a Conclusion Paul Shrivastava and Matt Statler.........................................................................................................................................................................329Contributor Biographies............................................................................................................................................................................................................337Index..............................................................................................................................................................................................................................347

Chapter One

Truth, Beauty, and the Financial Crisis Evaluating What Works Robert Richardson and Matt Statler

Paul Krugman (2009) recently attributed the ongoing global financial crisis to a confusion among economists who have, he alleged, allowed an appreciation of the beauty of certain theoretical models to cloud judgment about their truth. Although organizational theorists have considered the relationship between truth and beauty periodically over the years (e.g., Astley 1985; Weick 1989; Nonaka 1993), no attempts have yet been made to consider the debates among contemporary philosophers about the distinction between facts and values (Putnam 2002). In this chapter, we trace out the history of these philosophical debates, seeking to develop a pragmatic theory of meaning that has general implications for organizational theory and specific implications in view of the ongoing financial crisis.

Framing the Problem: the Financial Crisis as a Confusion of Beauty and Truth

In a New York Times column titled "How Did Economists Get It So Wrong?" the Nobel laureate Paul Krugman (2009) alleges that economists have, first and foremost, mistaken beauty for truth. Falling under the woozy sway of predictive power, they have mistaken their models for the real world. As a matter both of disposition and practice, they have gathered data from the world that confirm the veracity of these models, and they have discounted data that do not support them. These mistakes, Krugman claims, set up the global markets for a crisis, and so long as we do not critically examine and learn from those mistakes, we will continue to perpetuate the situation in which we find ourselves: choked with debt as a nation, interrogating financial executives in congressional hearings, but still trying to generate models that predict a free collective of self-interested market participants growing in perpetual balance with the resources available in the natural world. Such claims merit more careful examination.

The notion of mistaking beauty for truth calls forth a particular tangle of metaphysical, epistemological, and ethical problems. At a glance, it may signal a faulty metaphysics in which the model is mistaken for the world. It may employ a faulty epistemology in which a distinction between facts and values is blurred. It may be driven by a hubristic ethos in which...

Details zur Ausgabe

• Verlag: Stanford Business Books,US
• Erscheinungsdatum: 2012
• Sprache: Englisch
• ISBN 10: 0804770093
• ISBN 13: 9780804770095
• Einband: Gebundene Ausgabe
• Anzahl der Seiten: 363
• Herausgeber: Shrivastava Paul, Statler Matt
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Buchbär; info@buchbaer.de; ; Weberstr. 67; Osnabrück; 49084; Deutschland