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How to Avoid Financial Crises in the Future

Department of Management public lecture

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.


Professor Costas Markides | talks
Chair: Howard Davies | talks


Date and Time:

22 November 2010 at 6:30 pm


1 hour 30 minutes



Sheikh Zayed Theatre
New Academic Building
London School of Economics and Political Science

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Organised by:

London School of Economics & Political Science
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