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MIT Sloan > LearningEdge > Leadership/Ethics > The Global Financial Crisis of 2008: The Role of Greed, Fear and Oligarchs
Financial Crisis
Abstract
“Free enterprise is always the right answer. The problem is that it ignores the human element. It does not take into account the complexities of human behavior.” – Andrew Lo, Professor of Finance, MIT Sloan School of Management
Set in 2009, and based on interviews with and publications by MIT Sloan Professors Simon Johnson and Andrew Lo, this note describes the “why” and “how” behind the global financial crisis that hit in 2008 as well as the short-term and long-range solutions being publicly advocated by Johnson and Lo.
Learning Objective
To encourage debate among students about the increasingly complex relationship between business and government and the degree to which one influences the other for good and ill.
Could be taught in the following course(s)
ethics, business and government, organizational behavior, finance