To Regulate or not to Regulate: Towards an Emerging Ethics for the Banking Industry

At the height of the Global Financial Crisis in 2007 arguments were made for increased regulation of the financial sector, stricter controls and restructuring. This was based on the assumption that there wasn't sufficient regulation in place because the conventional regulations for the banking sector did not have the desired effect. However, the possibility exists that more regulation may not be sufficient as a rule-based ethics may no longer be able to address the needs of the global banking as a complex system. This discussion will focus on describing the banking system as a complex system and an emerging ethics will be presented from the point of view of complexity theory.