Tim Price: Splendid isolation?
My
thanks to the author for his highly original and thought
provoking letter, published by PFP Wealth Management. Here is a section
on 'Groupthink', first quoting William H Whyte and then Irving Janis, leading
on to a discussion of the euro. It is posted without further comment:
"Groupthink being a coinage - and, admittedly, a loaded one - a working definition is in order. We are not talking about mere instinctive conformity - it is, after all, a perennial failing of mankind. What we are talking about is a rationalized conformity - an open, articulate philosophy which holds that group values are not only expedient but right and good as well."Back to top
Janis went on to develop the theory, stating that:
"The more amiability and esprit de corps there is among the members of a policy-making ingroup, the greater the danger that independent critical thinking will be replaced by groupthink, which is likely to result in irrational and dehumanizing actions against outgroups."
Here are some suggestions. The great euro project itself was a creation of groupthink (sparked by "illusions of invulnerability creating excessive optimism and encouraging risk-taking"). It was reinforced by "unquestioned belief in the morality [primacy in political and economic theory] of the group [primarily and initially France and Germany], causing members [other, later euro adopters] to ignore the consequences of their actions."