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How to Avoid Financial Crises in the Future

Department of Management public lecture

Date: Monday 22 November 2010 
Time: 6.30-8pm
Venue:  Sheikh Zayed Theatre, New Academic Building
Speaker: Professor Costas Markides
Chair: Howard Davies

Lots of people did many stupid things for us to get into the current financial mess. Now, the government is stepping up efforts to impose stricter financial regulations to ensure that such things do not happen in future. Will more regulation work? If history is any guide, the answer is no. Over the last 100 years, we've had a financial crisis every 15-20 years. Every time one took place, the government would step in and impose more regulation - only for another crisis to occur 15-20 years later. Why is that? Social psychology tells us that human behaviours are conditioned not only by incentives but also by a variety of other factors (such as values, culture, structures, processes and so on). Regulation only influences incentives. What we need to do is go beyond regulation and find ways to influence the other factors that create "bad" behaviours (that lead to a crisis).

Costas Markides is the Robert P. Bauman Chair of Strategic Leadership at the London Business School. A native of Cyprus, he received his BA (Distinction) and MA in Economics from Boston University, and his MBA and DBA from the Harvard Business School. He is author of several books including (with Paul Geroski): Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets which was short listed for the Financial Times-Goldman Sachs Management Book of the Year in 2005. His latest book is entitled: Game-Changing Strategies: How to Create new Market Space in Established Industries by Breaking the Rules.  

This event is free and open to all with no ticket required. Entry is on a first come, first served basis. For any queries email events@lse.ac.uk or call 020 7955 6043.


A copy of Professor Costas Markide's PowerPoint is now available online.

Download: How to Avoid Financial Crises in the Future (pdf)

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