Page 3 - MS Year in Review 2020

LEADERSHIP IN A CRISIS:

LESSONS FROM THE GHOSTS OF

CRISES PAST

By: Eric G. Flamholtz, PhD Published on March 22, 2020

Leadership is always important; but it is especially crucial in a crisis like that of the
Covid-19 crisis we are now in. In a lifetime, all of us can expect to experience many

crises. I personally have experienced several prior crises including:

 The Cuban Missile Crisis: The threat of nuclear war
 The Volker interest rate Crisis and the Recession of 1980-82

 The “Black Monday” stock market crash of 1987
 The Dot.com Bust of 1990
 The Great Recession of 2007-2008

Although each crisis has its own character and challenges, there are lessons that

can be gleaned for leadership from an analysis of each crisis. The article
summarizes my perspective on the key lessons from these crises which I personally

experienced and some others that I have studied, including World War II. I term
these the "Ghosts of Crises Past," with a polite nod to Charles Dickens and his
wonderful book, A Christmas Carol.

2
© Management Systems Consulting Corporation, 2020. All rights reserved