Lessons from the global fınancıal crısıs: A revıew of our ratıonalıty

Abstract

The accelerated evolvement of the global community leads to great achievements, but brings with it great risks and difficulties. In the aftermath of 9/11, the fragility of the open society and of the global village became obvious. Traditional theories, such as classical rationalism, and its major implementation, capitalism, do not suit well the objectives of the global community. It is evident from the last global crisis that some adjustments should be made. One major direction to this end is the sustainability theory and another is critical rationalism. These theories, however, do not stand up for themselves because of the lack of modeling. In this paper we present a bounded rationality approach that we think can supply theoretical models, which in turn will be able to illuminate new paths to follow in the global economy.