Make plans now to join the Wharton Club of Northern California and other Wharton Clubs around the country for a fascinating perspective on how we got to where we are . . . and where we might now be going over the long term!

The meltdown in equity markets over the past several months along with the problems in below-grade real estate lending did not just happen suddenly. Clearly, there was a change in philosophy in the United States that greased the skids for the collapse. The change was complex, and it involved:

• the nature of politics in America;
• the immense expansion of business pressure on public policy;
• a belief by many that the market was a superior system for determining financial outcomes;
• and a growing sense that public regulation of markets would ultimately yield less benefit than the costs such regulation would incur.

As well, "globalization" -- and a tsunami of liquidity that surged into the world financial system starting in 2002 as a result of changed trade patterns unleashed by globalization -- also played a role (as did the technological revolution that has served as midwife to the huge increase in cross-border economic activity over the past generation.)

Register Online
When: Monday, October 20th, 2008
Time: 12:00pm west coast time
Where: Via Conference Call (Dial-in and pass code to be provided the day before the event by e-mail.)
Registration: No charge for current WCNC members--WCNC members only. Registration closes at 12:00pm PDT Saturday, October 18th. (Note: although there is no event registration fee for WCNC members, "seating" will be limited at this event--please register only if you are confident you'll be able to attend.)

The roots of these changes can perhaps be located in the 1960s, and they began to bear fruit in the 1980s with the triumph of "Reaganism" in the United States. A question we must face today is whether or not this shift in pubic philosophy was wise. As well, one must also consider alternative approaches to market hegemony if it is concluded that the prior shift was an overreach. The response to such questions is no doubt fraught with political values -- which ultimately are philosophical values about social structure, individual vs. collective action, and related concerns.

Professor Tiffany will elaborate on these issues in his initial remarks (which will -- as some of you may anticipate -- turn to American business history for context, specifically the conditions that lead to the financial crisis of 1929 and the subsequent revolution in American politics that more or less prevailed until the rise of Reaganism as noted above.)

This talk is the next in an event series designed to allow cutting-edge faculty to share their thoughts on current topics and keep Wharton alumni up to date on the biggest trends in various industries. Our conference call--modeled after the analyst calls that investment banks do with their investors--will be part lecture (the first 15-20 minutes) followed by a Q&A session and a lively discussion with Prof. Tiffany.