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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: 16 April 2021

The Play Ethic and the Financial Crisis

The Play Ethic and the Financial Crisis

(p.121) 6 The Play Ethic and the Financial Crisis
Learning From the Global Financial Crisis

Pat Kane

Stanford University Press

This chapter considers how bankers and traders have placed the game of creative innovation in the service of the game of winner-take-all shareholder capitalism. It notes that the increased importance of regulators and arbiters in sports as well as finance is driven by a similar tendency to innovate beyond the application of existing rules. Whereas free-market advocates have tended to rely on game theory and complex adaptive systems theory to justify the evolutionary creation and destruction of specific organizational and institutional forms, this chapter raises a series of questions about the ground of play in embodied, materially potentiating human beings. It examines the healthiest arrangement between the free play of financial speculation and the rule-based structure of financial regulation for human life.

Keywords:   creative innovation, shareholder capitalism, finance, sports, game theory

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