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Learning From the Global Financial CrisisCreatively, Reliably, and Sustainably$
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Paul Shrivastava and Matt Statler

Print publication date: 2012

Print ISBN-13: 9780804770095

Published to Stanford Scholarship Online: June 2013

DOI: 10.11126/stanford/9780804770095.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 03 March 2021

The Art of Finance

The Art of Finance

(p.117) 5 The Art of Finance
Learning From the Global Financial Crisis

Steven S. Taylor

Stanford University Press

This chapter discusses a distinction between art and craft to reflect on the practices associated with accounting and finance. Where craft involves the use of skills in an established process to produce a desired result, art involves engaging the senses as well as the imagination to depart in a new direction. The discussion suggests that the creation of financial derivatives appears as a form of art, albeit one that has become loose from its material and ethical ground to an extent that it has invited both academic critique and moral condemnation. The chapter argues that unless finance can embrace its own roots as a craft that produces sustainable growth for societal stakeholders, people have learned nothing from the crisis.

Keywords:   accounting, art, craft, financial derivatives

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