Hurricane Katrina

Definition

Hurricane Katrina was one of the most devastating natural disasters in U.S. history, striking the Gulf Coast in August 2005 and causing widespread destruction, particularly in New Orleans due to levee breaches. It resulted in significant economic impact, human displacement, and sparked discussions on business ethics, stakeholder responsibilities, and disaster preparedness within the context of economic systems and businesses.

Related terms

Disaster preparedness: The process by which businesses plan and prepare for potential disasters to minimize damage and ensure quick recovery.

Business ethics: The study of appropriate business policies and practices regarding potentially controversial issues such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility, and fiduciary responsibilities.

Stakeholder responsibility: The obligations an organization has to those who can affect or are affected by its actions; in the context of disasters like Hurricane Katrina, it emphasizes businesses' roles in protecting employees, customers, and communities