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UNCOVERING THE COGNITIVE WELLSPRINGS OF GLOBAL REVERSALS
A psychodiagnostic framework for analyzing large-scale crises
Sawtooth leaders in different walks of life can learn much from the world crisis that ensued after financial institutions encountered grave problems due to subprime mortgage losses. The gestation of the catastrophe and failure of solutions can be ascribed, among other things, to several interrelated mental distortions. They goad humans into systematically making suboptimal decisions. When compounded in a collective, those can trigger a highly destructive snowball effect at the societal level. Cognitive deficiencies also explain why leaders resort to megalomanic bailout packages, which result in future irresponsible behavior. ...
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