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

Research output: Contribution to conferencePaper

Original languageEnglish
Publication statusE-pub ahead of print - 7 Jun 2019
EventHonour in Classical Greece Workshop Series: Hybris, ancient and modern: Ancient Greek lessons in life and leadership - Dresden, Germany
Duration: 7 Jun 20197 Jun 2019
Conference number: 4

Workshop

WorkshopHonour in Classical Greece Workshop Series
CountryGermany
CityDresden
Period7/06/197/06/19

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.

    Research areas

  • financial crisis, banks, hubris, Aristotle, financialization, Scotland

ID: 96500108