ABSTRACT
In terms of economic culture, the rational choice approach must be balanced by a more systemic approach in which political, institutional, social, cultural aspects have a relevant role. The author invites interviewes of a restricted number of highly qualified professionals, prominent scholars, and thought leaders. The interviews have been supported by a questionnaire, which has been validated prior. The questionnaire consists of five closed-ended questions/statements and five open-ended questions. The financial crisis was predictable because the existence of a bubble in the real estate sector was obvious in several countries, like the US, Ireland and Spain. The cultural model is one that has pursued the privatization and maximization of profits and socialization of losses. The rapid growth of financial activities has created an extraordinarily oversized financial economy compared to the real economy; the amount of Credit Default Swaps (CDS) is 12 times the world Gross Domestic Product (GDP).
