A new book co-edited by Quinlan professor A. G. (Tassos) Malliaris, and published by Oxford University Press examines how the instability of the human mind led to the formation and sheer magnitude of the 2008 global financial crisis. The book, “The Global Financial Crisis and Its Aftermath: Hidden Factors in the Meltdown“, focuses on the economic, psychological, and social factors that intensified the meltdown through 21 chapters written by leading thinkers in the business world.
Malliaris recently sat down for an interview with the Quinlan School to discuss the the book and his belief that businesses should ground their success in doing the right thing.
When asked why it was important to write about the global financial crisis, Malliaris said that as an economist and professor, it’s his responsibility to examine what caused the global financial crisis and how economies should function to prevent another crisis of this magnitude.
With funding from the Chicago Mercantile Exchange Group, my colleagues and I organized an April 2013 conference that brought together experts to investigate the global financial crisis from the perspective of behavioral finance and ethical values. At the urging of the Oxford University Press, my colleagues and I decided to use 11 papers from the conference as a starting point, and continue our research to create an innovative book about the crisis.
He was also asked about what advice he would give to business students and professionals:
The most important advice is the general belief that we follow at Quinlan, which is to do well by doing good. Most young people are told to measure career success and enjoyment by salary and bonuses, but if they correlate money with success, the idea of doing good gets neglected.
I tell my students that ethical business professionals should always give the loan when it’s deserved, but not give the loan when appropriate financial requirements are not met—even if by not giving the loan, you may not get the bonus. This advice will help students moderate challenges throughout their life and become successful by doing the right thing.
You can read the entire interview here.