When Companies Become Too Socially Innovative to Fail

Ilie Constantin Florea () and Marc Sommer ()
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Ilie Constantin Florea: The Bucharest University of Economic Studies
Marc Sommer: The Bucharest University of Economic Studies

Ovidius University Annals, Economic Sciences Series, 2015, vol. XV, issue 2, 92-97

Abstract: If there was still a doubt, the recent global crisis proved to everyone how well interconnected the components of the financial system are. What started as a financial crisis soon became a problem for the entire economy. The snowball effect caught many sectors of the real economy and authorities had to intervene to save companies from bankruptcy. Not only the financial sector benefited from the government’s support, but also the auto industry. This led analysts to ask themselves why multinational corporations (MNCs) are bailed out when individuals receive no support in case of financial difficulties. Should companies be allowed to grow so big that they cannot fail? If market competition is left untouched, companies should be more concerned to become not too big but too socially innovative to fail. The recent global crisis is an opportunity for companies to change their way of doing business and refocus on people.

Keywords: Global Crisis; Banking; Social Innovation (search for similar items in EconPapers)
JEL-codes: G01 G21 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xv:y:2015:i:2:p:92-97

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