Uncertainty and Decision-Making: The True Story of Europe’s 1931 Financial Collapse

Dr. Per Hansen, Professor of Business History at Copenhagen Business School, shares insights from his acclaimed book “There Will Be the Devil to Pay: Central Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931.” The European financial crisis of 1931 marked a turning point in twentieth-century economic and financial history. Drawing on extensive archival research and a cultural conceptual framework, There Will Be the Devil to Pay offers a fresh and much-needed perspective on this critical episode. The book recounts the dramatic five months leading to the collapse of the gold standard, tracing the crisis through the experiences of central bankers, private financiers, and government officials. It presents a compelling narrative of how these key actors grappled with uncertainty and sought to make sense of unfolding events. Contributing to the growing body of work on radical uncertainty and narrative economics, the book illuminates how decision-makers confront ambiguity, construct narratives, and transform interpretation into actionable knowledge. This podcast is brought to you by Global Management Consultancy. For more information, please visit www.globalmanagementconsultancy.com. Disclaimer: A. The background music used in this video is the property of its respective developer and is protected by Copyright. Although it is a free version, Business Talk, Global Management Consultancy and Deepak Bhatt do not hold the rights to this music. B. Dr. Per Hansen has generously shared profound insights from his book, “There Will Be the Devil to Pay: Central Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931,” during his appearance on the Business Talk podcast channel. The uploaded video contains copyrighted material; therefore, any modifications to graphics, music, or the presence of the author or host are strictly prohibited.