Capital Failure
Rebuilding Trust in Financial Services
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Product details:
- Publisher OUP Oxford
- Date of Publication 7 August 2014
- ISBN 9780198712220
- Binding Hardback
- No. of pages424 pages
- Size 241x164x32 mm
- Weight 802 g
- Language English
- Illustrations 5 Figures, 1 Table 0
Categories
Short description:
Argues that the trust-intensive nature of the financial services industry makes it essential to rebuild trustworthiness in the provision of financial services. It considers the lack of trust that emerged following deregulation of the financial sector and examines what is needed to rebuild trustworthiness.
MoreLong description:
Adam Smith's 'invisible hand' relied on the self-interest of individuals to produce good outcomes. Economists' belief in efficient markets took this idea further by assuming that all individuals are selfish. This belief underpinned financial deregulation, and the theories on incentives and performance which supported it. However, although Adam Smith argued that although individuals may be self-interested, he argued that they also have other-regarding motivations, including a desire for the approbation of others. This book argues that the trust-intensive nature of financial services makes it essential to cultivate such other-regarding motivations, and it provides proposals on how this might be done.
Trustworthiness in the financial services industry was eroded by deregulation and by the changes to industry structure which followed. Incentive structures encouraged managers to disguise risky products as yielding high returns, and regulation failed to curb this risk-taking, rent-seeking behaviour. The book makes a number of proposals for reforms of governance, and of legal and regulatory arrangements, to address these issues. The proposals seek to harness values and norms that would reinforce 'other-regarding' behaviour, so that the firms and individuals in the financial services act in a more trustworthy manner.
Four requirements are identified which together might secure more strongly trustworthy behaviour: the definition of obligations, the identification of responsibilities, the creation of mechanisms which encourage trustworthiness, and the holding to account of those involved in an appropriate manner. Financial reforms at present lack sufficient focus on these requirements, and the book proposes a range of further actions for specific parts of the financial industry.
Trust in the financial services industry is currently at a low ebb. Nicholas Morris and David Vines have gathered together a group of economists, lawyers, philosophers and practitioners to consider what might be done to rebuild trust in this sector. The resulting collection, Capital Failure, provides a wide range of examples of how trust was lost and what might be done to recover it
Table of Contents:
What Went Wrong?
Why Trustworthiness is Important
How Changes to the Financial Services Industry Eroded Trust
The Limits to Compensation in the Financial Sector
A Short History of Crisis and Reform
Failures of Regulation and Governance
Trustworthiness, Motivations, and Accountability
Trustworthiness and Motivations
Regard for Others
Trust, Trustworthiness, and Accountability
Problems with the Legal and Regulatory System
Financial Crisis and the Decline of Fiduciary Law
Professional Obligation, Ethical Awareness, and Capital Market Regulation
Systemic Harms and the Limits of Shareholder Value
Crafting the Remedies
Ethics Management in Banking and Finance
Toward a More Ethical Culture in Finance: Regulatory and Governance Strategies
Trust, Conflicts of Interest, and Fiduciary Duties
A Warrant for Pain: Caveat Emptor vs. the Duty of Care in American Medicine, c. 1970-2010
Restoring Trust
