It is Time to Decide What Kind of Crises We Want to Have in the Future

Abstract

Crises are devastating. They leave behind a high amount of entropy (unemployment, poverty, lack of safety). But this is half the truth. The other half says that crises are to some extent good, because they provide a natural crash test to discover current practices’ risks and limitations, and in response give rise to more efficient regulation, to financial innovations and to the wakening of the vitalizing powers of society, as the old and corrupted die and new ideas emerge and give us the opportunity to reflect upon the future we want to have.

Keywords: Enterprise Risk Management

Page
18-19
Year
2008
Categories
Actuarial Applications and Methodologies
Enterprise Risk Management
Publications
Risk Management: The Current Financial Crisis, Lessons Learned and Future Implications
Authors
Ioannis Chatzivasiloglou
Charalampos Fytros
Formerly on syllabus
Off