Getting Risks Right: Thoughts about Increasing the Resilience of the Global Social & Economic System

The extraordinary extent of the financial crisis has inspired deep systemic reforms worldwide, rethinking financial stability, the resilience of our economic systems, and the role that national and international institutions play. While most of the ongoing activities are understandably centred on ba...

Full description

Saved in:
Bibliographic Details
Published in:Cadmus (Trieste, Italy) Italy), 2012-04, Vol.1 (4), p.77-86
Main Author: Liedtke, Patrick M
Format: Article
Language:English
Subjects:
Capitalism
Economic crisis
Efficient markets
Reforms
Regulation of financial institutions
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The extraordinary extent of the financial crisis has inspired deep systemic reforms worldwide, rethinking financial stability, the resilience of our economic systems, and the role that national and international institutions play. While most of the ongoing activities are understandably centred on banks and the banking sector - the origin and centre of the crisis - other important elements have been relegated into secondary roles and fundamental democratic processes have been sidelined. Financial issues have crowded out real economic issues as policy-makers and politicians spend more time on the financial than the substantial (i.e. the real economy) and the democratic. Two fundamental concerns need to be addressed proactively: 1. A comprehensive approach to deal with both financial and real world risks on this planet, and 2. The global governance system based on democratic principles to follow globalisation of the business (and particularly the financial) sector. [PUBLICATION ABSTRACT]
ISSN:2038-5242
2038-5250