Chapter

Governance and Management

Thomas H. Stanton

in Why Some Firms Thrive While Others Fail

Published in print July 2012 | ISBN: 9780199915996
Published online September 2012 | e-ISBN: 9780199950324 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199915996.003.0010
Governance and Management

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Chapter 10 expands the lessons of this book from financial firms to other types of company and their nominal regulators. Case studies include the BP Gulf Oil Spill, the Massey Mining disaster, PG&E’s San Bruno gas pipeline explosion, hospital medical errors, and other examples. These firms too show the need for constructive dialogue, the harmful effects of sociologist Diane Vaughan’s “normalization of deviance,” and sometimes disastrous problems caused by impeded flow of information between front-line employees of an organization and top leaders. The chapter concludes that this book is not only about the financial crisis: it provides lessons about organization, governance and management of private and public organizations more generally and the need to strengthen the institutions upon which all of us depend for our safety and economic well being.

Keywords: BP Gulf Oil Spill; Massey Mining disaster; hospital medical errors; San Bruno explosion; constructive dialogue; normalization of deviance

Chapter.  5695 words. 

Subjects: Financial Markets

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