The Financial Crisis - Caused by Unpreventable or Organized Failures?
Journal
International Journal of Economic Sciences and Applied Research
ISSN
1791-5120
ISSN-Digital
1791-3373
Type
journal article
Date Issued
2009-09-21
Author(s)
Abstract
In this paper, I analyze cutaways of the current financial crisis against the background of normal accident theory, high reliability theory, and disaster incubation theory. To avoid future financial crises I recommend reducing pressures to make profit and organizing the global financial markets like high reliability organizations. Furthermore I argue that risk management within organizations must no longer only be a symbolic gesture. The paper's purpose is to break with the isolated financial view of the crisis's causes and effects. It is a plea for a new understanding of the financial crisis, transferring the view from the crisis's impact to its features and causal factors. The study at hand should be regarded as preparatory work for a more interdisciplinary approach to the current crisis and for special branches of science to cooperate.
Language
English
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Kavala Institute of Technology
Publisher place
Kavala
Volume
2
Number
1
Start page
51
End page
70
Pages
20
Subject(s)
Division(s)
Eprints ID
56190