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International Journal of Economic Sciences and Applied Research (IJESAR) >
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http://hdl.handle.net/10419/66625
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| Title: | | The financial crisis: Caused by unpreventable or organized failures?  |
| Authors: | | Müssig, Anke |
| Issue Date: | | 2009 |
| Citation: | | [Journal:] International Journal of Economic Sciences and Applied Research [ISSN:] 1791-3373 [Volume:] 2 [Year:] 2009 [Issue:] 1 [Pages:] 51-70 |
| 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. |
| Subjects: | | financial crisis normal accident theory high reliability theory disaster incubation theory |
| JEL: | | A12 A13 |
| Document Type: | | Article |
| Appears in Collections: | | International Journal of Economic Sciences and Applied Research (IJESAR)
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