Abstract
As history tells, our global society has yet to learn how to deal effectively with the recurring phenomenon of financial crises. Considering strict regulatory approaches, researchers concluded already in 2002 that ‘the endless cycle of boom-bust-regulation accomplishes little in the long run’ (Ribstein, 2002, p. 61). Reflective practitioners such as Howard Davies, the former chairman of the UK Financial Service Authority, agree that mechanical compliance did little to prevent problems.1 There are two important questions to ask in this context: First, why did regulation not work? Second, what would be an alternative learning mechanism?
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Notes
Arena, C. 2006. The High-Purpose Company. New York: Harper Collins.
Galbraith, J.K. 1975. Money: Whence It Came, Where It Went. New York: Houghton Mifflin Co.
Ribstein, L.E. 2002. ‘Market vs. Regulatory Responses to Corporate Fraud: A Critique of the Sarbanes-Oxley Act of 2002’. Journal of Corporate Law 28 (1), 1–67.
Spitzeck, H. and E.G. Hansen. 2010. ‘Stakeholder Governance: How Stakeholders Influence Corporate Decision Making’. Corporate Governance 10 (4), 378–91.
Turnbull, S. and M. Pirson. 2010. The Future of Corporate Governance: Network Governance — A Lesson from the Financial Crisis. Fordham University Schools of Business Research Paper No. 2010-010. Available at SSRN: http://ssrn.com/abstract=1570924
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© 2012 Heiko Spitzeck, Michael Pirson, and Claus Dierksmeier
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Spitzeck, H., Pirson, M., Dierksmeier, C. (2012). Conclusion: Living Alternatives — Banking with Integrity. In: Spitzeck, H., Pirson, M., Dierksmeier, C. (eds) Banking with Integrity. Humanism in Business Series. Palgrave Macmillan, London. https://doi.org/10.1057/9780230346499_15
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DOI: https://doi.org/10.1057/9780230346499_15
Publisher Name: Palgrave Macmillan, London
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