American culture and the 2008 financial crisis

G. Hofstede

Research output: Contribution to journalArticleScientificpeer-review

Abstract

Purpose
– The purpose of this paper is to trace the cultural roots of the presently ongoing crisis.

Design/methodology/approach
– The approach is to collect rankings of perceived goals of business leaders in 17 countries, from their employees who are attending evening MBA courses.

Findings
– There are marked differences in goal ranking between countries; overall ranking across countries follows the US model, but with exceptions.

Research limitations/implications
– Data collection was between 1995 and 2002 and analysis is based on judgment of evening MBA students with day jobs.

Practical implications
– This paper explains the present financial crisis from a hypertrophy of US cultural goals: growth, greed, and short‐term gains.

Originality/value
– The paper illustrates the unusual but credible data source from which the crisis could have been predicted.
Original languageEnglish
Pages (from-to)307-312
JournalEuropean Business Review
Volume21
Issue number4
Publication statusPublished - 2009

Fingerprint

Financial crisis
Ranking
Greed
Data sources
Employees
Data collection
Design methodology

Cite this

Hofstede, G. / American culture and the 2008 financial crisis. In: European Business Review. 2009 ; Vol. 21, No. 4. pp. 307-312.
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Hofstede, G 2009, 'American culture and the 2008 financial crisis' European Business Review, vol. 21, no. 4, pp. 307-312.

American culture and the 2008 financial crisis. / Hofstede, G.

In: European Business Review, Vol. 21, No. 4, 2009, p. 307-312.

Research output: Contribution to journalArticleScientificpeer-review

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AB - Purpose– The purpose of this paper is to trace the cultural roots of the presently ongoing crisis.Design/methodology/approach– The approach is to collect rankings of perceived goals of business leaders in 17 countries, from their employees who are attending evening MBA courses.Findings– There are marked differences in goal ranking between countries; overall ranking across countries follows the US model, but with exceptions.Research limitations/implications– Data collection was between 1995 and 2002 and analysis is based on judgment of evening MBA students with day jobs.Practical implications– This paper explains the present financial crisis from a hypertrophy of US cultural goals: growth, greed, and short‐term gains.Originality/value– The paper illustrates the unusual but credible data source from which the crisis could have been predicted.

M3 - Article

VL - 21

SP - 307

EP - 312

JO - European Business Review

JF - European Business Review

SN - 0955-534X

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