The crisis is the result of Orthodox business strategy.

That's the view put forward by strategic adviser Umair Haque in his entry on the Harvard Business Review blog site, titled Saving Strategy From the Strategists. Orthodox strategy, for example, teaches us to allocate costs and benefits regardless of the preferences of others. The result: everyone shifting and hiding true costs. As he points out, it doesn't work in a hyper-connected economy. When everybody is trying to claim benefits from everyone else, while shifting costs and risks to everyone else, all you get is implosion.

His main points: strategy is not the same as arbitrage which is simply about capturing value at the expense of counterparties; strategy is not about deal-making, it's about value creation and strategy is not about an arms race where everyone is trying to do the same as everyone else.

Unfortunately, many companies are making these very mistakes. And that's one reason why we are in this mess now.