On the nature of the present world economic crisis. A non-neoliberal sketch

Peter Farkas ()
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Peter Farkas: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences

No 198, IWE Working Papers from Institute for World Economics - Centre for Economic and Regional Studies

Abstract: The author wrote this paper in 2009, after the outbreak of the crisis. The paper, in the first place, was made for the young economist generation about the non-liberal crisis interpretation. The main thoughts are also topical at present, in the middle of 2011, when perhaps a new wave of the crisis might have started, for world economic tensions, which the paper introduces, survived in essence as the consequence of bank-saving and money-producing policies. At first, the paper enumerates the crisis explanations from Sismondi through Marx to Krugman and Roubini the economists of our present days. It shortly mentions previous typical world economic crises and lists their changing features, outlines the stages of economic cycles, and touches upon the existence of the greater crises that change the functioning of capitalism, the so-called node crises.

Keywords: world economic crisis; bank-saving policy; money-producing policy (search for similar items in EconPapers)
JEL-codes: G2 O16 P43 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2011-08
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Persistent link: https://EconPapers.repec.org/RePEc:iwe:workpr:198

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