Impact of the Global Financial Crisis on Public and Private Corporate Governance Historical Analysis and Development Prospects

Abstract

The issue of financial crises is mainly due to its ability to compromise the lasting economic function of companies, profits and non-profit, public and private. What the economic world is facing in the apparently acute phase since the second half of 2008, is the result of a number of factors, more thoroughly analysed in the body of this paper, which illustrious observers have identified in a perverse financialization of the economy. Often compared to the Great Depression of 1929, the current turmoil shows greater similarities with the turbulence that occurred in the Italian peninsula between the end of the 13th and the beginning of the 14th century, begun in 1294 with the bankruptcy of the financial company of the Ricciardi di Lucca.

Keywords: Financial crisis; Great Depression; Mario Draghi; Stiglitz; Ricciardi; Peruzzi; Bardi

JEL Classification: G01, H63, E12, E40