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But there is a sharp difference of views over what could have prevented or at least mitigated that crisis.
This article, which comprised the keynote address for the 2010 Corporate Law Teachers Association Conference, will focus on the failure of market observers, including corporate lawyers, to foresee or act on critical correlations that might have prevented, or at least mitigated, the crisis.
Santos said that figure offers "a first glimpse at whether or not the crisis has been mitigated," suggesting that it was not.
Consequently, we have a duty to ensure that the effects of these inequalities are mitigated, by providing resources to resolve crises and also by helping to build effective public health infrastructures in impoverished countries so that crises can be averted in the future.
And perhaps viewers would be more interested if they had a better understanding of consequences that can be mitigated and opportunities inherent in the crisis.
Professor Ian Goldin, director of the Oxford Martin School, said the centre hoped to make "major advances in key areas of economic theory and policy" and would focus on some of the greatest economic challenges we face, "from avoiding future financial crises to ensuring that the positive potential of globalisation is realised and its risks mitigated".
And because the crisis was predictable, a properly functioning regulatory system could have avoided - or at least greatly mitigated -the crash and damage that is now being inflicted especially on the country's middle and working classes.
It mitigated surprise obstacles.
How will this be mitigated?
How could this be mitigated?
Can risks be eventually mitigated?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com