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The scale of the challenge for change

In: Big Business, Big Responsibilities

Author

Listed:
  • Andy Wales
  • Matthew Gorman
  • Dunstan Hope

Abstract

The global financial crisis that began in 2008 had at its roots a critical failure of central assumptions that underpinned many business models. One of these assumptions was the easy and continued access to cheap debt, which facilitated both the ballooning of sub-prime consumer debt and ambitious corporate finance deals. From UK bank RBS’ s expensive purchase of ABN Amro to Lehman Brothers’ bullish approach to mortgages, the system depended on cheap debt to grease the wheels of continual growth.

Suggested Citation

  • Andy Wales & Matthew Gorman & Dunstan Hope, 2010. "The scale of the challenge for change," Palgrave Macmillan Books, in: Big Business, Big Responsibilities, chapter 0, pages 17-28, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28148-6_2
    DOI: 10.1057/9780230281486_2
    as

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