Learning from the Global Financial Crisis: Creatively, Reliably, and Sustainably

Learning from the Global Financial Crisis: Creatively, Reliably, and Sustainably

Learning from the Global Financial Crisis: Creatively, Reliably, and Sustainably

Learning from the Global Financial Crisis: Creatively, Reliably, and Sustainably

Synopsis

This book is motivated by the simple hope that the cloud of the global financial crisis may yet have a silver lining- that political leaders, economists, and management scholars might seize this opportunity to reflect critically on the assumptions, practices, and infrastructures that have precipitated the crisis and to imagine and create new forms of organization that sustainably enhance the well-being of global stakeholders.

The contributors suggest that aesthetic management, high reliability and crisis management, and sustainability science have much to contribute to the resolution of the collapse that we've witnessed, and to providing enduring lessons for how to structure the institutions of the future. Learning From the Global Financial Crisis devotes a section to each of these areas, offering full-length chapters which explore key issues in depth, as well as shorter commentaries that focus on practical considerations. The chapters progress from micro-level issues that pertain to individuals and teams who act creatively; to the meso-level issues that pertain to the structures, practices, and processes; to the macro-level issues that pertain to the interdependent, ecological systems.

Together, the contributions emphasize the importance of developing holistic responses to the financial crisis. The result is a volume that casts new light on traditional economic and managerial theories and policies and provides fresh ideas to a new generation of scholars and practitioners.

Excerpt

This book is motivated by the simple hope that the cloud of the global financial crisis may yet have a silver lining. In short, we hope that political leaders as well as economists and management scholars might seize the opportunity to reflect critically on the assumptions, practices, and infrastructures that have precipitated the crisis, and thereby to imagine and enact new conceptual models as well as new forms of organization that sustainably enhance the well-being of all global stakeholders.

We must admit, however, that this hope has been dampened somewhat by the reactions of world economic political leaders and the economics community since the crisis began several years ago. Leading economists— including Alan Greenspan, and the British Economics Association, in response to the queen—have acknowledged that they did not anticipate the crisis or understand exactly how and why it could have happened. One after another, sovereign leaders as well as industry titans have sought to restore their national economies and marketplaces to some semblance of their precrisis conditions by relying on political and economic strategies that are grounded in that same blind spot. These strategies, and the arguments through which they are advanced in public discourse and policy, rest on a set of basic assumptions that must be subjected to critical scrutiny, lest the seeds of the next crisis be sown precisely in the market stabilization policies themselves.

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