Principle and Practical Rationality During the Financial Crisis
Building on four main building blocks of a Pragmatist theory of crisis management - anti-dualism, fallibilism, experimentalism and deliberation - this chapter develops a model of Pragmatist political crisis management, further elaborating it by contrasting it with principle-guided political crisis management. A principle is defined as a fixed belief (or set of beliefs) that is closed to new experiences or arguments and that leaves little space for doubt. Principle-guided political crisis management relies on these fixed beliefs when making decisions or making meaning in the face of uncertainty, while Pragmatist political crisis management regards belief as fallible and subject to on-going revision through experimentation and deliberation. The chapter draws out the empirical expectations that Pragmatist and principle-guided approaches have for crisis decision making and meaning making in order to guide research in subsequent chapters.
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