Numerous tomes have been written on the financial crisis, with each attempting to dissect the events that led up to one of the worst downturns history has witnessed. Most have focused on apportioning blame across a range of stakeholders from banks to credit agencies while looking forwards to an improved system of regulation to prevent further economic catastrophes.

But, argues Ken Costa, the chairman of Lazard International and Professor of Commerce at Gresham College, not enough thought has been given to the ethics underpinning executives' behaviour. Furthermore, he adds, as we make the transition to a new era, the old style of leadership must give way to one of stewardship, defined by a confluence of "the moral, the spiritual and the financial":