“…Cultural theory has also been applied to the 2007/2008 global financial crisis (Linsley & Linsley, 2010;Overmans, 2018;Beck, Ingram & Thompson, 2021). Although the alleged causes of this crisis run the cultural theory gamut (Hindmoor, 2010;Lodge & Wegrich, 2011), the empirically most convincing explanation (e.g., Tett, 2009;Bell & Hindmoor, 2014) points to the introduction, from the 1980s onwards, of 'light-touch regulation' of financial institutions, which was based on the belief that irresponsible behavior was going to be punished by the market and therefore did not need close monitoring by the state.…”