« The main goal of business is to develop new and innovative goods and services that generate economic growth while delivering benefits to society » I must admit that, 2 years earlier, this statement of Dr. David Ahstrom, business school professor (in his book "Innovation and Growth: How Business Contributes to Society"), would not have shaken me much; neither would I have felt concerned by the fervent call for change beneath the remark. As a marketing student, I used to share Milton Friedman’s opinion
of financial markets. • Eric Dinallo: Ensure any financial institution has the necessary capital to support its financial commitments. • A. Michael Spence and Gordon Brown: Establish an early-warning system to help detect systemic risk. • Nouriel Roubini: Nationalize insolvent banks. • The rating processes can be re-examined and improved to encourage greater transparency to the risks involved with complex mortgage-backed securities and the entities that provide them.
As Robert Samuelson said, "The real vulnerability is a highly complex and interconnected global financial system that might resist rescue and revival." (Samuelson, 2008, 35) This is in response to the economic crisis of 2008. The cause of these economic problems was the crash of the United States’ stock market. The stock market crash can be broken into three parts; factors that lead up to the crash, the events during the crash, and what occurred to try and contain the crisis after the crash.