Did Men Cause Financial Crisis?
Nancy Lebovitz cites a Michael Lewis piece in Vanity FairQuarterly Journal of Economics which in turn cites a loosely related 2001 study in the to conclude that a major cause of the global financial crisis was that the key institutions were run by men who are much more risk oriented than their distaff counterparts.
I examine the claim in my New Atlanticist piece “Financial Crisis Result of Male Domination?” Let’s just say that I’m unpersuaded by the evidence:
Is hubris and a fondness for risk the nature of the financial professions because they’re dominated by men? Or are these things simply an essential component of the business model — one makes money by trading and collecting fees rather than holding and accruing incremental gains — and therefore more attractive to men?
Much more at the link.