r_2 r_18 r_2

NAPA @ AAA: co-sponsored NAPA-CoPAPIA special event with Gillian Tett

SILENCE AND SILOS: THE PROBLEMS OF FRACTURED THOUGHT IN FINANCE FEATURING DR. GILLIAN TETT, FINANCIAL TIMES

Fri., 12:15 PM-1:30 PM

Gillian Tett’s talk is titled “Silence and Silos: the Problems of Fractured Thought.” She will expand on “a key problem that allowed the financial system to spin out of control in the past decade — a growing tendency towards ‘siloisation’– or fractured cognitive maps and social structure in the financial system (and Western society more generally). Inside banks, financial activity has been subdivided into discrete units which are so mentally and structurally separate from each other that it is very hard for managers to take a holistic view of risk. The regulators who were supposed to oversee the system were also marked by a silo mentality. Worse still, in the last two decades finance itself become akin to a silo, separated from wider society. This fractured cognitive map has had disastrous implications for finance, since it fueled a wider social ‘silence’ about the unsustainable developments in banking in the early 21st century. These structural developments reflect a wider trend towards ‘siloisation’ in many parts of 21st century Western society, a result of technological change (such as the internet) and economic shifts. The pattern is ripe for anthropological interpretation, particularly—-but certainly not exclusively—in the world of finance.”

Comments are closed.