Economic Law and Economic Crisis. Where Do We Go From Here? Economic, Legal and Political Dimension

Rastislav Funta ()
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Rastislav Funta: Charles University in Prague

DANUBE: Law and Economics Review, 2011, issue 1, 65-71

Abstract: The impact of the economic crisis, which has rapidly developed and spread into a global economic shock, has become increasingly severe. The period immediately before the crisis was characterized by a combination of the following factors (hereinafter “origins of the crisis”): Blind belief in the strength of large financial institutions; Incapacity of management to assess real risk; Accumulation of public and private debt; Low interests rates and high world growth; Failure of market discipline; Lack of checks and balances; Shadow banking system and its risks; Rating agencies practices, etc. Developing a systém that comes closer to the ideal combination of economic freedom and open competition seems to be necessary. This is of paramount importance, because a healthy financial systém is crucial to any working market economy.

Keywords: Competition Law; Economic Law; Financial Crisis; Internationalization (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:cmn:journl:y:2011:i:1:p:65-71

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