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The roles of financial asset market failure denial and the economic crisis: Reflections on accounting and financial theories and practices

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  • McSweeney, Brendan

Abstract

Throughout the world every economic and socio-economic indicator has deteriorated. The so-called 'real economy' has been deeply contaminated by the most significant global financial crisis for seven decades. The ultimate extent and duration of this rampant degeneration and its longer-term political effects are unpredictable but what caused the crisis? This paper examines a range of suppositions made in theories which deny the possibility of financial asset market failure and identifies ways in which they contributed to the circumstances and actions which created the current crisis.

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  • McSweeney, Brendan, 2009. "The roles of financial asset market failure denial and the economic crisis: Reflections on accounting and financial theories and practices," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 835-848, August.
  • Handle: RePEc:eee:aosoci:v:34:y:2009:i:6-7:p:835-848
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    2. Dena Lawrence & Federica Pazzaglia & Karan Sonpar, 2011. "The Introduction of a Non-Traditional and Aggressive Approach to Banking: The Risks of Hubris," Journal of Business Ethics, Springer, vol. 102(3), pages 401-420, September.
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    10. Brian Shapiro & Michael Naughton, 2015. "The Expression of Espoused Humanizing Values in Organizational Practice: A Conceptual Framework and Case Study," Journal of Business Ethics, Springer, vol. 126(1), pages 65-81, January.
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    12. Palea, Vera, 2015. "Journal Rankings and the Sustainability of Diversity in Accounting Research," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201546, University of Turin.
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    15. Jupe, Robert, 2012. "The privatization of British Energy: Risk transfer and the state," Accounting, Organizations and Society, Elsevier, vol. 37(2), pages 116-129.
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    18. Neculai Tabara & Alina Rusu, 2011. "The role of accounting in the global financial crisis. Assumptions and realities," EuroEconomica, Danubius University of Galati, issue 29, pages 16-22, August.
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