Now many scholars and institutions are eager to explain what happened, the why of the latest crisis. PRIO presented this very interesting seminar in which I participated and made some notes that are relevant to us, thinking on the area of Trade, Development and Anti-poverty action.
The whole seminar was very informative but a bit light on the critics and judgments. That was even highlighted in the rounds of questions, where also the argument of criminalization of the bank decision was proposed.
It was clear that there are linkages between the global flow of economy and the growth of social problems all over the world, affecting first and strongly the poorest countries or segments of the populations.
Economic measures, like trade agreements should be made to solve the existing situation and help prevent future ones. We know that a lot of efforts should be made to keep the focus of these trade agreements on Fair Development.
One of the explanations given by the Norges Bank states how banks are interested on collectives’ agendas from loans borrowers especially with focus in governance, which could be a great line but has obviously lead to catastrophic results. The main problem seems to be how ethics are left aside or presented as wishes letters.
It was also said that more controls or regulations (Macroprudential and Macroregulations) are needed in the economies, especially in the banking systems, but I guess and repeat that the biggest challenge is to make opertative the ethical values throughout the whole systems.
British Academy explained to Queen Elizabeth´ all about the crisis and she asked: why you did not studied this before it happened?
Now is clear to everyone that more research should be done to prevent future crises and that we should also join that group to present evidence or theories on how to have fairness in the center of the processes.
Also pubished at:
http://inspirerende.wordpress.com/2010/01/04/seminar-could-the-financial-crisis-have-been-avoided/
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