Market manipulation won’t be stopped by Socrates or Spinoza
Despite all the headlines about market manipulation, business school ethics classes are not the answer, writes Vincent Kaminski. Instead, it must be emphasised that graduates have much to lose and little to gain from engaging in market abuse
The torrential flow of news about abusive practices – from Libor to foreign exchange and energy markets – is incessant. That is leading to soul searching, not just among industry insiders, but also among business school educators. The standard answer from the world of academia is the expansion of mandatory business ethics classes. I beg to differ. In my view, it's a waste of time and resources, unless such courses are seen as a means of educating more well-rounded and worldly individuals.
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