The Image of the European Economy at the Time of the Pandemic Crisis

Grazyna Musial ()
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Grazyna Musial: University of Economics in Katowice, Poland

Finance, Accounting and Business Analysis, 2021, vol. 3, issue 1, 41-55

Abstract: Aim: The aim of the paper is to create a coherent image of contemporary capitalism as influenced by the changes evoked by the pandemic crisis. The reality, or the circumstances that need to be taken into consideration, do not constitute a logical whole where its constitutive parts would complement one another, but rather seem to contradict one another, or to belong to different theoretical orders. Methodological approach: The paper presents theoretical basis of the economic and social system which was formulated by the thinkers of the European Enlightenment. Some general conclusions resulting from the empirical analysis of economy in the era of pandemic crisis are presented. Results: The author finds dynamism be a feature of capitalism at every stage of its development. That feature refers to the turn of the 20th and 21st c. when the economy on several occasions encountered the barrier of effective demand. Practical significance: The latest stage of globalisation and the role of transnationality is analysed. The rupture of the relationship networks between dependent companies and central corporations during the 2020 pandemic negatively affects the functioning of the national economies in Europe. The author scrutinises those examples of economy sectors which have been negatively influenced by the pandemic. Originality: The economics literature undertakes the critique – from the liberal theories’ standpoint – of the well-established idea of social market economy in the ORDO version. Change (destruction) of economic structures requires a new discussion on their theoretical basis.

Keywords: political economy; general methodology; global demand; pandemic crisis; ORDO –liberalism; Adam Smith; Immanuel Kant; Leon Walras (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aan:journl:v:3:y:2021:i:1:p:41-55

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