The humbling of the Scottish banking industry during the financial crisis: Hybris, financialization and some Aristotelian responses

Owen Kelly

The humbling of the Scottish banking industry during the financial crisis: Hybris, financialization and some Aristotelian responses

Owen Kelly

Research output: Contribution to conference › Paper

Abstract

Both large international banks in Scotland suffered enormous setbacks during the financial crisis that began in 2008, caused by vainglorious overreach. The definitive historical work on one of them is titled 'Hubris'. This paper examines the hubristic nature of both companies at the peak of their 'success' and considers the relationship between that and the phenomenon of financialization. It concludes with some reflections on Aristotle's economic and moral philosophy and how things might have turned out differently if the banks' managers and shareholders had thought about his ideas more carefully.

Original language	English
Publication status	E-pub ahead of print - 7 Jun 2019
Event	Honour in Classical Greece Workshop Series: Hybris, ancient and modern: Ancient Greek lessons in life and leadership - Dresden, Germany Duration: 7 Jun 2019 → 7 Jun 2019 Conference number: 4

Workshop

Workshop	Honour in Classical Greece Workshop Series
Country/Territory	Germany
City	Dresden
Period	7/06/19 → 7/06/19

Keywords / Materials (for Non-textual outputs)

financial crisis
banks
hubris
Aristotle
financialization
Scotland

Access to Document

http://research.shca.ed.ac.uk/honour-in-greece/wp-content/uploads/sites/11/2019/06/Kelly.pdf

Cite this

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title = "The humbling of the Scottish banking industry during the financial crisis: Hybris, financialization and some Aristotelian responses",

abstract = "Both large international banks in Scotland suffered enormous setbacks during the financial crisis that began in 2008, caused by vainglorious overreach. The definitive historical work on one of them is titled 'Hubris'. This paper examines the hubristic nature of both companies at the peak of their 'success' and considers the relationship between that and the phenomenon of financialization. It concludes with some reflections on Aristotle's economic and moral philosophy and how things might have turned out differently if the banks' managers and shareholders had thought about his ideas more carefully.",

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T2 - Honour in Classical Greece Workshop Series

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PY - 2019/6/7

Y1 - 2019/6/7

N2 - Both large international banks in Scotland suffered enormous setbacks during the financial crisis that began in 2008, caused by vainglorious overreach. The definitive historical work on one of them is titled 'Hubris'. This paper examines the hubristic nature of both companies at the peak of their 'success' and considers the relationship between that and the phenomenon of financialization. It concludes with some reflections on Aristotle's economic and moral philosophy and how things might have turned out differently if the banks' managers and shareholders had thought about his ideas more carefully.

AB - Both large international banks in Scotland suffered enormous setbacks during the financial crisis that began in 2008, caused by vainglorious overreach. The definitive historical work on one of them is titled 'Hubris'. This paper examines the hubristic nature of both companies at the peak of their 'success' and considers the relationship between that and the phenomenon of financialization. It concludes with some reflections on Aristotle's economic and moral philosophy and how things might have turned out differently if the banks' managers and shareholders had thought about his ideas more carefully.

KW - financial crisis

KW - banks

KW - hubris

KW - Aristotle

KW - financialization

KW - Scotland

UR - http://research.shca.ed.ac.uk/honour-in-greece/workshops/

M3 - Paper

Y2 - 7 June 2019 through 7 June 2019

ER -

The humbling of the Scottish banking industry during the financial crisis: Hybris, financialization and some Aristotelian responses

Abstract

Workshop

Keywords / Materials (for Non-textual outputs)

Access to Document

Other files and links

Fingerprint

Just Consumption: An Aristotelian approach to Consuming in an Age of Superabundance

The paradigm-model of corporate virtue

Financial services

Aristotle gives us a pointer on capitalism - letter in Financial Times

Cite this

The humbling of the Scottish banking industry during the financial crisis: Hybris, financialization and some Aristotelian responses

Abstract

Workshop

Keywords / Materials (for Non-textual outputs)

Access to Document

Other files and links

Fingerprint

Research output

Just Consumption: An Aristotelian approach to Consuming in an Age of Superabundance

The paradigm-model of corporate virtue

Financial services

Press/Media

Aristotle gives us a pointer on capitalism - letter in Financial Times

Cite this