Historical lessons for facilitating organizational recovery from crises

Poór, József and Módosné Szalai, Szilvia and Singh, Dhruv Pratap and Jenei, Szonja and Albert, András and Pataki, László (2024) Historical lessons for facilitating organizational recovery from crises. JOURNAL OF INFRASTRUCTURE POLICY AND DEVELOPMENT, 8 (16). ISSN 2572-7923

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Abstract

Our study is based on the premise that every crisis has historical precedents and antecedents. First, we analyze past crises, beginning with the experiences of the Dutch tulip bulb crisis. Then, we review major cataclysms, such as World War I, the Spanish flu crisis, the Great Depression of 1929–1933, World War II and the subsequent transition to socialism, the 1973 oil shock, the regime change of 1989, and the 2008–2009 global financial crisis from both general and corporate perspectives. Throughout history, periods of crisis have alternated with phases of development. During times of crisis, people’s behavior changes as they search for solutions and support. This pattern is evident across all levels of economic activity, where governments, organizations, and individuals do their utmost to achieve a quick recovery. Sometimes, they look to external aid, forgetting that lessons from the past may provide guidance for crisis management. Without claiming to be exhaustive, we have identified points worthy of consideration. Our goal is to offer guidance for business organizations, complemented by thoughts addressed to individuals and governments alike. Organizations must pay attention to the first signs of crises and either proceed according to a pre-developed fitting strategy or revise it according to specific circumstances. They cannot avoid the consequences, but they can mitigate the negative effects.

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