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The new annual report from the Tipping Points project is now available.
It features the latest research updates from all five work packages of the project:
- Trust and maintaining resilience of financial markets
- Development of UK banking sector
- Field research on past climate in the North Atlantic
- Tipping points in populations of UK banks and ‘titanic moments’
- Use of ‘tipping point’ in popular culture and in discussions about climate change
Plus much more!
In one of the final presentations given at the Tipping Points Annual Conference, Prof Ranald Michie presents the history of London as a global financial centre before and after the 2007-08 banking crisis and subsequent euro debt crisis. Prof Michie explains how London became the global financial centre it is today. Read more
It includes video interviews (also below) with two researchers in financial law from the project, Prof Roman Tomasic and Dr Folarin Akinbami, about how we can learn from the banking crisis and what both financial institutions and regulators can do to help build resilience in financial markets through trust. The role of trust in financial markets is crucial to the stability of the global financial system. Mistrust leads to problems like ‘moral hazard‘ for example which is one of a number of factors that led to the banking crisis and is also of large importance to the debt crisis in Europe and the US. Tipping Points researchers advocate for a broader ‘principles-based’ approach to financial regulation based on ethics that if adopted could help make markets more resilient and prevent financial institutions, including banks, from dodging rules in place in order to make short-term profits that can inadvertently increase their vulnerability and lead to failure. Read the rest of this entry »
The first annual report from IHRR’s Tipping Points project is now available. It gives an overview of the project’s progress so far along with its aims and goals for the future.
In its first year the project has shown that there is clearly much more to tipping point than simply being a popular ‘buzz word’ and that it may actually describe something quite profound about the physical and social world we live in.
The screening of Inside Job in Durham, UK hosted by Tipping Points was a success for a number of reasons. First, it should be stated that this film has had a fairly limited world release, so having it in a small town like Durham in an 84-seat capacity cinema, it’s no surprise that it generated such a large interest within the Durham community and the North East. Living during the end/aftermath of a financial crisis has been difficult for some, but extremely difficult for many (mostly poor) people living in the world today. What the film Inside Job reveals is that many of the people who governments and the public depend on to regulate financial services, banking, capital etc. are the very ones that turned their backs on everyone, not to mention themselves.
Since the film delivers an articulate portrayal of the events before and after the banking crisis of 2008, it gives much to talk about. Could regulation in the US, for example, have prevented the banking crisis from taking place? Was it merely the result of poor legislation or in some cases no legislation at all for governing banks in the US? Producers of Inside Job argue clearly and concisely that regulation of banks in the US has been declining at least since the Reagan administration. Another important point made by the film is the issue of criminality. No one went to prison for causing the financial crisis. Those involved in creating and then ‘riding’ the debt bubble in the US till it burst were never incriminated for their acts, although there is some rather comical footage of many well-known bankers on Wall Street being interrogated by members of US congress. The rhetorical strengths of the film help turn the US financial system inside-out.