When rules and principles are not enough: insiders’ views and narratives on the global financial crisis

Knyght, R., Kakabadse, N. ORCID: https://orcid.org/0000-0002-9517-8279, Kakabadse, A. ORCID: https://orcid.org/0000-0002-0031-7767 and Kouzmin, A. (2011) When rules and principles are not enough: insiders’ views and narratives on the global financial crisis. Journal of Change Management, 11 (1). pp. 45-67. ISSN 1479-1811 doi: 10.1080/14697017.2010.516269

Abstract/Summary

Much has been written about Wall Street and the global financial crisis (GFC). From a fraudulent derivatives market to a contestable culture of banking bonuses, culpability has been examined within the frames of American praxis, namely that of American exceptionalism. This study begins with an exploratory analysis of non-US voices concerning the nature of the causes of the GFC. The analysis provides glimpses of the globalized extent of assumptions shared, but not debated within the globalization convergence of financial markets as the neo-liberal project. Practical and paradigmatic tensions are revealed in the capture of a London-based set of views articulated by senior financial executives of financial service organizations, the outcomes of which are not overly optimistic for any significant change in praxis within the immediate future.