2012-09: Who was Swimming Naked when the Tide went out? Introducing Criminology to the Finance Curriculum (Working paper)
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Drew, Michael E.
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Akimov, Alexandr
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19 pages
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Abstract
Finance programs around the world have been revising their curricula following the Global Financial Crisis (GFC). While much of the debate has centred on the dominance of scientific and quantitative pedagogical approaches to finance education in business schools, one of the most egregious aspects uncovered during the deleveraging of the financial system was the scale and scope of finance crime and financial fraud (including the Madoff scandal, described as the largest Ponzi scheme in history). This paper argues that those 'on the inside', the professionals within the finance industry, have a central role to play in safeguarding the ethics and integrity of financial markets. It is our conjecture that prevention and earlier detection of finance crime and financial fraud may be addressed, in part, by better educating finance professionals about these issues. We posit that the enormity of illegal activity uncovered in the wake of the GFC demands, as a matter of priority, the integration of criminological and criminal justice theory into the finance curriculum.
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Copyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
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Subject
A20 - Economic Education and Teaching of Economics: General
G20 - Financial Institutions and Services: General
K20 - Regulation and Business Law: General
finance curriculum
criminology and criminal justice across the curriculum
financial crime and fraud
pedagogy