It is rare in life either privately or in a
commercial environment to come across an entirely unique or new situation.
The financial crisis which last faced the world markets and business has parallels with previous financial crises such as the 18th century South Sea Bubble, the Victorian Banking crisis of Overend & Gurney, the Great Depression which followed the 1929 Wall St Crash, and the Dot Com Crash.
In all of these episodes the common denominators
were reckless pursuit of profit whilst fundamentals were ignored, the so called
“get rich quick” school of business.
Following each of these debacles there was a collective reigning in and return to the principles of sound business.
However memories are short and it is not long before the blurring starts again and risky practices again become more and more the norm.
Complacency has resulted in the demise of numerous organisations.
As George Santayana commented “those who cannot remember the past are condemned to repeat it”.
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