1.

The very first genre that was discussed by Harvey was Human Frailty. Human nature has been weakly described as part of human frailty. However, according to Harvey, there certainly are a lot of theory that indicate predatory instincts, investor fantasies, greed, and several others, hence, the debate continues. Along with their "bounded rationality" and limited self-control, investors do not always make the wisest decisions as per economic theory. Many people take comfort in the idea that they can't do anything since it's human instinct. In my opinion,consumers should be helped to manage complexity by policymakers through enhancing disclosure and encouraging financial option. People must look in the mirror and recognize the disastrous effects of poor self-control and limited thinking. Corruption and greed are the root causes of crises, but instead of wailing over law breakers and greed, more focus should be placed on human vulnerability. To further elaborate on this let's look at our current economical state whereby humans are panicking over the world pandemic and the use of "COVID 19" vaccination. Many people in Vanuatu were hesitant to take the vaccination at the early stage as they believed that the vaccines were not thoroughly tested and could be harmful to their health. Eventually, upon numerous public consultation between the general public, ministry of health and the national disaster management office the citizens were counselled and given the maximum assurance that the vaccine would only protect them and further assist nation to protect every individual. Through this process the policy makers ensured the citizens understood the significance of vaccination and it further lead the citizens to take the vaccinations without fear.

2.

Secondly, the next genre that was discussed was institutional failures. Failure can be identified as an unavoidable part of our life whereby Institutional failure is no exception. This genre emphasizes that authorities were sleeping on their duty, resulting in the revamping of the shadow financial sector outside of their jurisdiction. Knowing that all human behaviors are guided by certain laws it's likely that resource allocation issues are due to a lack of institutional structure. Competitively, the institutions must be reformed and global initiative must be taken and it needs to be restructured since it can outlay a major impact on both the commercial and governmental sectors due to its lack of success. It can be agreed that institutionalfailures are caused by a factors such as, inadequate training, poor prioritization, and incompetent management

Required: Discuss the above 2 genres further in detail.

REFERENCES

1.Crisis Theory

https://en.wikipedia.org/wiki/Crisis_theory

(Accessed on 16^th May, 2021)

2.David, H (2010, April 26). The Crisis of Capitalism.

YouTube. Retrieved May 16, 2021, from https://www.youtube.com/watch?v=M8b_A2JMFrc