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The Financial Crisis: Caused by Unpreventable or Organized Failures?

  • Anke Müssig


    (Institute for Accounting, Controlling and Auditing, University of St. Gallen, Switzerland)

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    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

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    Article provided by Eastern Macedonia and Thrace Institute of Technology (EMATTECH), Kavala, Greece in its journal International Journal of Economic Sciences and Applied Research (IJESAR).

    Volume (Year): 2 (2009)
    Issue (Month): 1 (June)
    Pages: 51-70

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    Handle: RePEc:tei:journl:v:2:y:2009:i:1:p:51-70
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