The Financial Crisis: Caused by Unpreventable or Organized Failures?

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

International Journal of Business and Economic Sciences Applied Research (IJBESAR), 2009, vol. 2, issue 1, 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

Keywords: Financial Crisis; Normal Accident Theory; High Reliability Theory; Disaster Incubation Theory (search for similar items in EconPapers)
JEL-codes: A12 A13 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:tei:journl:v:2:y:2009:i:1:p:51-70

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