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There is a growing acknowledgement of the role played by finance
theory and experts in the 2008 global banking crash, and their
ongoing contributions to risks in the financial system. Some argue
that finance theory is deeply ideological and the academy has been
captured and corrupted by financial institutions and conservative
journal editors and their unrealistic influence. Its language and
terminology have been self-referential, enabling disciplinary
closure but generating widening gaps with reality and lived
experience. In particular, in spite of its deeply cultural and
ethical nature, finance education has been stripped of any wider
discussion of ethics and culture, and replaced by a particular
neo-liberal greed and materialistic ethic. In an era of
financialisation, some have called finance a 'curse on modernity'.
The devastation this has caused and continues to cause is making
the world highly unequal, risky and unsustainable. Serious and
radical reforms are required in the teaching and research of
finance. This book charts out the possible solutions for such
reform.
There is a growing acknowledgement of the role played by finance
theory and experts in the 2008 global banking crash, and their
ongoing contributions to risks in the financial system. Some argue
that finance theory is deeply ideological and the academy has been
captured and corrupted by financial institutions and conservative
journal editors and their unrealistic influence. Its language and
terminology have been self-referential, enabling disciplinary
closure but generating widening gaps with reality and lived
experience. In particular, in spite of its deeply cultural and
ethical nature, finance education has been stripped of any wider
discussion of ethics and culture, and replaced by a particular
neo-liberal greed and materialistic ethic. In an era of
financialisation, some have called finance a 'curse on modernity'.
The devastation this has caused and continues to cause is making
the world highly unequal, risky and unsustainable. Serious and
radical reforms are required in the teaching and research of
finance. This book charts out the possible solutions for such
reform.
The biggest corporate failure ever in British history occurred in
2008 with very little forewarning. The management of HBOS, a major
national bank with a long history of prudence prior to the merger
in 2001, were allowed to act incompetently. Auditors and regulators
failed to act, ignoring a key senior whistleblower, and the
'competitive' stock market failed to spot management failure in
time. This book is the first academic study of this collapse,
uncovering some surprising evidence on the power and politics of
large financial institutions. It details the processes and degrees
to which financial challenge and regulation are undermined by this
power. The research exposes a pro-active process of regulatory risk
management by these institutions; the ease with which auditors and
regulators can be captured; and how politicians and investors can
be all too happy to hop on the stock market and management spin
ride - with other people's money. The study questions the ideology
and politics which supported and encouraged the management hubris,
raising profound questions about the 'politics' of the academic
disciplines of banking, finance and accounting today, and the
theories they underpin. This account of management gone wrong is
essential reading for students, researchers and professionals
involved in banking, finance, credit infrastructure, economics and
management studies.
The biggest corporate failure ever in British history occurred in
2008 with very little forewarning. The management of HBOS, a major
national bank with a long history of prudence prior to the merger
in 2001, were allowed to act incompetently. Auditors and regulators
failed to act, ignoring a key senior whistleblower, and the
'competitive' stock market failed to spot management failure in
time. This book is the first academic study of this collapse,
uncovering some surprising evidence on the power and politics of
large financial institutions. It details the processes and degrees
to which financial challenge and regulation are undermined by this
power. The research exposes a pro-active process of regulatory risk
management by these institutions; the ease with which auditors and
regulators can be captured; and how politicians and investors can
be all too happy to hop on the stock market and management spin
ride - with other people's money. The study questions the ideology
and politics which supported and encouraged the management hubris,
raising profound questions about the 'politics' of the academic
disciplines of banking, finance and accounting today, and the
theories they underpin. This account of management gone wrong is
essential reading for students, researchers and professionals
involved in banking, finance, credit infrastructure, economics and
management studies.
The financial crisis of 2008 has led to a re-evaluation of the role
of financial institutions and their relationship with the wider
economy and society. This process has meant an increased
questioning of both the conduct of business itself and the
principles behind commercial and financial activities. Yet
non-western voices have been notably absent from this debate, as
have alternatives to the dominant western-derived economic
ideologies. From the ancient spiritual wisdom or Dharma of the
Jains, there emerges a practical modern philosophy fully in tune
with the re-emergence of India as a global economic power. Jain
individuals, businesses and charities have played a powerful role
in India's rise and within the global Indian Diaspora. Jain
communities are noted everywhere for their contributions to
business, the professions and science. These successes are based on
the principles of interdependence and co-operation, with an
emphasis on long-term consolidation rather than short-term bursts
of growth. Researchers and students interested in the ethics of
finance, accounting and economics will find Jainism and Ethical
Finance a scholarly and illuminating evaluation of Jain Dharma as a
non-western case study. In the light of current concerns about the
way global finance and banking systems operate, this book offers a
timely alternative perspective. .
The financial crisis of 2008 has led to a re-evaluation of the role
of financial institutions and their relationship with the wider
economy and society. This process has meant an increased
questioning of both the conduct of business itself and the
principles behind commercial and financial activities. Yet
non-western voices have been notably absent from this debate, as
have alternatives to the dominant western-derived economic
ideologies. From the ancient spiritual wisdom or Dharma of the
Jains, there emerges a practical modern philosophy fully in tune
with the re-emergence of India as a global economic power. Jain
individuals, businesses and charities have played a powerful role
in India's rise and within the global Indian Diaspora. Jain
communities are noted everywhere for their contributions to
business, the professions and science. These successes are based on
the principles of interdependence and co-operation, with an
emphasis on long-term consolidation rather than short-term bursts
of growth. Researchers and students interested in the ethics of
finance, accounting and economics will find Jainism and Ethical
Finance a scholarly and illuminating evaluation of Jain Dharma as a
non-western case study. In the light of current concerns about the
way global finance and banking systems operate, this book offers a
timely alternative perspective. .
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