The Oxford Project

There are many stories about why the Global Financial Crisis caused the largest downturn in economic activity since the Great Depression. The focus of a Study Group at the Balliol College Interdisciplinary Institute, Oxford, which involves philosophers, lawyers, historians, economists, civil servants, and bankers, has been seeking to understand the micro-foundations of what went wrong. It involves the active collaboration of the Centre for Law, Markets and Regulation. The starting point for the Study Group’s investigation is the erosion of trust in the financial services industry and how that erosion of trust can be traced back to the way in which employees in the financial sector failed to take care of the interests of their clients and customers. This series builds on that work by focusing on what framework of moral obligations, including codes of conduct, could or should be imposed on employees within financial institutions. It is informed by specific Australian developments, including the Future of Financial Advice program, ASIC's emphasis on the role of gatekeepers, the current travails facing JP Morgan in the United States as well as the unfolding Euro crisis.

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