The Precautionary Principle and Lost Political Opportunities

Abstract

First, I recall some significant events in the generation of the housing bubble and the outbreak of the crisis in 2008, with an eye on the change of political cycle that occurred in the U.S. in 2009 and the surprising continuity of economic leadership and policy. Secondly, I discuss briefly the structure of the precautionary principle, which is becoming increasingly visible in legislative and regulatory provisions in other areas, particularly the environment, and I wonder if it can shed light on this dramatic political episode. Finally, I refer, from this perspective, to other political measures of great importance from the point of view of justice on a global or local scale, in which the idea of "‹"‹precaution can be a great excuse for inaction and maintaining the status quo.