The debate on the causes of the financial crisis has focused on global imbalances, market failures and governance failures. It concludes that the "wisdom" of the markets and the rational choices of market actors can no longer be trusted. As a result, more regulation and better incentives are recommended. According to this analysis, the financial-economic system needs better "hardwiring". But what about the "softwiring" of the system? What about the quality of judgement, responsibility and stewardship? In management education we need to ask ourselves: what is wise decision making, what is wise leadership and how do we bring wisdom back into management education? The pursuit of superior knowledge without the pursuit of practical wisdom is incomplete and can cause much damage. We seem to have lost something in our institutions and culture of high modernity.
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