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No Body to Kick, No Soul to Damn: Responsibility and Accountability for the Financial Crisis (2007–2010)

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  • Olivia Nicol

    (European University Institute (EUI)
    Singapore University of Technology and Design (SUTD))

Abstract

This article takes the 2008–2010 financial crisis as a case study to explore the tension between responsibility and accountability in complex crises. I analyze the patterns of attribution and assumption of responsibility of thirty-three bankers in Wall Street, interviewed from fall 2008 to summer 2010. First, I show that responsibility for complex failures cannot be easily attributed or assumed: responsibility becomes diluted within the collective. Actors can only assume collective responsibility, recognizing that they belong to an institution at fault. Second, I show that blaming is a social process that should be examined contextually, relationally, and dynamically. I build on sociological theories to depart from the normative focus of philosophers, and the cognitive focus of psychologists, who have dominated the study of responsibility so far.

Suggested Citation

  • Olivia Nicol, 2018. "No Body to Kick, No Soul to Damn: Responsibility and Accountability for the Financial Crisis (2007–2010)," Journal of Business Ethics, Springer, vol. 151(1), pages 101-114, August.
    • Handle: RePEc:kap:jbuset:v:151:y:2018:i:1:d:10.1007_s10551-016-3279-3
    DOI: 10.1007/s10551-016-3279-3
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    References listed on IDEAS

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    1. Thompson, Dennis F., 1980. "Moral Responsibility of Public Officials: The Problem of Many Hands," American Political Science Review, Cambridge University Press, vol. 74(4), pages 905-916, December.
    2. Murphy, Patrick E. & Schlegelmilch, Bodo B., 2013. "Corporate social responsibility and corporate social irresponsibility: Introduction to a special topic section," Journal of Business Research, Elsevier, vol. 66(10), pages 1807-1813.
    3. Lin-Hi, Nick & Müller, Karsten, 2013. "The CSR bottom line: Preventing corporate social irresponsibility," Journal of Business Research, Elsevier, vol. 66(10), pages 1928-1936.
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    Cited by:

    1. Stephanos Avakian & Marianna Fotaki, 2024. "Accounting for Failure Through Morality: The IMF’s Involvement in (Mis)managing the Greek Crisis," Journal of Business Ethics, Springer, vol. 189(4), pages 817-841, February.
    2. Dancsik, Bálint, 2020. "Rendszerszintű kockázat rendszerszintű erkölcs nélkül. Kiegészítések a pénzügyi válságok etikai magyarázatához [Systemic risk without systemic ethics. Supplements to the ethical explanation of fina," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 225-243.

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