Vice Chancellor discusses lessons learnt from the GFC

July 5, 2012

Murdoch University Vice Chancellor Professor Richard Higgott will be presenting the prestigious Noordin Sopiee Lecture at the Universiti Sains Malaysia in Penang on Monday July 9.

The Vice Chancellor’s lecture Why Can’t We Govern the International Economy? Lessons from the Recent Global Financial Crisis will explore the causes of modern capitalism’s recurrent state of instability, pointing the finger firmly at a failure in oversight.

“The dominance of the Efficient Market Hypothesis over the past 30 years has blinded political elites to the need for appropriate regulation of the financial sector and financial markets,” Professor Higgott said.

“World leaders forget that financial markets, like cars, are constructions and that markets, like cars, need servicing regularly. Our failure to service markets and to teach good habits to their drivers – the bankers – has had dire consequences for many innocent bystanders in both the developing and developed world.”

Professor Higgott will offer an empirical analysis of how we arrived at this juncture and insights into what can be done by way of policy reform to re-stabilise the system.

Professor Higgott said it was an honour to speak as part of the Noordin Sopiee Lecture series and that he was looking forward to engaging with an informed audience with a distinct view of the GFC.

“Ironically, this crisis is affecting the developed worlds of Europe and North America more than those of East Asia,” Professor Higgott said.

The Lecture is named in honour of Dr Mohammad Noordin Sopiee, a Malaysian scholar, intellectual and thinker whose views and advice on strategic and economic matters were keenly sought at home and abroad.

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