The Financial Crisis: Caused by Unpreventable or Organized Failures?
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
Volume (Year): 2 (2009)
Issue (Month): 1 (June)
|Contact details of provider:|| Web page: http://ijbesar.teiemt.gr/|
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Karlene H. Roberts, 1990. "Some Characteristics of One Type of High Reliability Organization," Organization Science, INFORMS, vol. 1(2), pages 160-176, May.
- Rudolph, Jenny & Hatakenaka, Sachi & Carroll, John S., 2002. "Organizational Learning from Experience in High-Hazard Industries: Problem Investigation as Off-Line Reflective Practice," Working papers 4359-02, Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Karlene H. Roberts & Suzanne K. Stout & Jennifer J. Halpern, 1994. "Decision Dynamics in Two High Reliability Military Organizations," Management Science, INFORMS, vol. 40(5), pages 614-624, May.
When requesting a correction, please mention this item's handle: RePEc:tei:journl:v:2:y:2009:i:1:p:51-70. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kostas Stergidis)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.