Morality and economic crisis

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Financial crises have surged in recent years, highlighting significant weaknesses in the current economic system. This book examines recent business crises, such as the Enron bankruptcy and the 2007 subprime crisis, to uncover their underlying causes. Various factors are analyzed, including ethical concerns surrounding issues like executive pay. The investigation reveals two primary causes: the disregard for measurable and non-calculable qualitative factors (or soft facts) and rampant greed among managers, often at the expense of their companies. This lack of ethical behavior raises important questions about the role of morality in the economy and society at large. The analysis extends beyond individual firms to encompass national economic contexts, with a particular focus on Russia, illustrating the significant impact of moral values and qualitative factors that have been overlooked. The insights gained from this exploration will inform the development of a management approach centered on qualitative leadership, integrating previously ignored qualitative factors and recognizing employees as vital contributors to the business process. This approach aims to foster a more ethical and sustainable economic environment.