A Dialogue on Banking and the Open Society

This paper notes that a dialogue is both a form of writing and a means by which thought and the process of thinking may be explored. It relates the latter notion to the Socratic method of inquiry and two of its philosophical legatees: Sir Karl Popper’s philosophy of critical rationalism and his idea of ‘Open Society’. It uses the former notion to present a dialogue that examines the so-called banking ‘credit crunch’ from a perspective that is informed by critical rationalism. The dialogue explores the philosophical, methodological and practical difficulties in formulating and testing an explanation of an event of this kind. The paper notes that these difficulties are relevant to the investigation that is currently being conducted by the United Kingdom’s Parliamentary Commission on Banking Standards.