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MBA programmes have to produce values-driven general managers, not finance-driven technocrats.
"So far the slowdown has been finance-driven," Mr. Thain said.
Another necessary shift was away from a finance-driven management model, which focused too much on costs instead of growth.
Moreover, the middle class has shrunk, as the returns of a finance-driven economy have flowed to "fat cats" who control the levers of credit.
Munro was singularly ill-equpped for the finance-driven eighties, had come to rely on Nicholas so heavily that many saw Munro's role as primarily ceremonial.
The recession, he said, is going to move from being a finance-driven problem to a consumer-driven one, and Merrill may continue to struggle as a result.
Similar(28)
It means a different approach towards development, moving away from a finance-supply driven approach towards a problem-driven approach where finance and policies together can address the problems.
Separately, sources familiar with the matter said on Thursday that aircraft lessor Avolon was preparing for an IPO this year as it looked to take advantage of a recent boom in aircraft finance, driven by an expectation that air travel will continue to grow.
In a similar way, Mr. Starr said, mass-appeal magnets like Buddakan help finance chef-driven labors of love like Upland, the Clocktower, Serpico (in Philadelphia) and now Le Coucou.
Italy recently announced the creation of a Social Fund to finance impact-driven businesses, for example, while in France the state-owned Public Investment Bank is preparing to launch a social innovation investment fund.
In this world, market-driven financing such as FDI is treated as equivalent to public interest financing, such as aid.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com