Search results

The purpose of this paper is to analyze the extant human resource development (HRD) definition research literature and theorizes a new definition of HRD.

The authors adopted keyword and content analyses to examine selected 32 HRD definitions in relation to different organizational and sociopolitical contexts base on theory development criteria and methodology for definition research.

From a theoretical perspective, the extant definitions were mostly empirical descriptions of HRD practice with conceptualization being absent. From a context perspective, the definitions were based on HRD phenomena indigenous to the western world, especially the USA and Western Europe. They can hardly explain HRD phenomena in a non-western context. The glaring gaps lead to theorizing a new definition by focusing on the hard core of HRD in defining and criterial attributes. The defining attribute of HRD is its host-system-dependence, and the criterial attributes are its shaping and skilling mechanisms.

This study unveils that HRD is a means to support the ends defined by the corresponding host system, and not an end in itself. This definition is applicable to different sociopolitical, cultural, and organizational contexts. It provides clear criteria and boundaries to gauge the relevance of HRD research and shows the unique identity of HRD, thus offering new directions to expand the landscape of HRD research.

The new definition can help human resources practitioners better understand the role and mechanism of HRD that the worldwide practitioners can resonate in various sociocultural and political contexts. Communicating the definition and goals of HRD will enhance internal clients’ understanding and appreciation of the value of HRD.

This study fills important research gaps in HRD definition research. It is the first HRD definition derived through a rigorous theory development process. The new definition connects the HRD research niche to the general human resource literature and lead to new HRD research.

This chapter discusses salient factors pertaining to the Global Financial Crisis (GFC), also called the Great Recession, which gave rise to contagion effects that continue to reverberate across the global financial landscape. The GFC is linked to three primary negative themes: build-up of credit in a global credit super cycle, New Financial Architecture (NFA) and financialization under neoliberalism, and a distorted relationship between laissez-faire economics/finance and normative political imperatives. The conclusion is that we need to rethink understandings of key principles in economics and finance and reform governance mechanisms of the financial system.

The essay examines an empirical phenomenon – the GFC – and discusses themes based upon the author’s insights gained from the vantage point of working in asset management during the Crisis. In addition, the author draws upon material from the academic literature and financial press. He problematizes finance through the lens of the GFC and suggests that the three causal factors being highlighted are enduring sources of instability in the financial system.

The conclusion is that financial crises such as the GFC are not caused by unpredictable exogenous variables but instead pertain to identifiable recurring factors and human failures. Structural, epistemological, and behavioral issues are aggravated by neoliberalism. Finance is integral to economic activity. But under neoliberalism, the global financial economy rapidly assumed a particular form of financialization founded on market fundamentalism and political and regulatory capture. Neo-liberal coöptation of finance, economics, and politics needs to be reversed to place financial and economic activity within more robust frameworks that take into account credit cycles, flaws, and instabilities inherent in the system while applying appropriate regulatory mechanisms to prevent crises.

Scholars and practitioners can draw upon claims made in this essay to propose more substantive reforms to the global financial system. These range from redesigning how finance and economics are understood and taught, to imposing circuit breakers to prevent credit cycles from becoming untenable bubbles.

Neoliberalism is a political project that has distorted understanding of empirical truths while also effecting a paralysis with regard to fixing problems. The market fundamentalism that neoliberalism prescribes and promulgates results, time and time again, in financial crises that have disastrous consequences including massive wealth destruction. It is crucial to reform the system and create more sustainable, less volatile paradigms of financial and economic life.

Arguments in this chapter are simple and straightforward but have significant implications for achieving more nuanced understandings of the financial system. Claims are presented as distillations of how the system actually works, especially the way in which it tends toward conditions of crisis and stress. Mainstream finance and economics are characterized as predicated upon certain erroneous propositions, particularly concerning efficient markets and rational agency, core tenets of the neo-liberal project.