Dr Devendra Kodwani of Open University Business School examines what went wrong for financial institutions in the lead up to the recession and how Lord Turner’s advice should be implemented by G20 leaders.
A corporate entity with limited liability where the owners delegate the responsibility of managing a business to professional managers is one of the most powerful social innovations of the past four centuries. It’s also at the heart of the current banking failures and consequent chaos in the global economy.
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