Knowledge Management Creativity: Cause and Solution to the Financial Crisis.

The development of the capitalist society brought into light new challenges, as the system behind showed flaws among which crisis have a major impact. However, crisies are a normal phenomenon as history proves and, as assumed by some scientists, they have a statistical component. Having as a start point the Kondratiev theory of economic cycles, this paper aims to identify the elements that play a key-role in an economic crisis, namely in a financial crisis, and especially to quantify the knowledge management contribution. It is in our intention to underline the close link between knowledge management and financial markets. Without an efficient framework in which to operate the consequences are dramatic therefore a presentation of the neoclasic view of growth is done, focusing mostly on the Cambridge Controversies, in order to show the weaknesses to the current mainstream model. A thorough literature is carried on. The concept of knowledge is presented from the modern perspective in order to understand its real meaning. Also, knowledge management is evaluated as a resourceful factor in the re-launching economies process. The empirical study uses the recent data and information available with regard to the most recent financial crisis that still affects several parts of the world, among which Europe. The main indicator chosen is the evolution of the R&D and human resources expenditures as they are reflected in the overall knowledge strategy for the business sector. The results of our work, the influence of knowledge management over the financial crisis, must be interpreted in the more general background of the European economy, as it is hoped that it represents a brick for a long term action plan against negative economic impact of a crisis [ABSTRACT FROM AUTHOR]