Reconsiderations of the Development and Governance Model after the Financial and Economic Crisis

Petre Prisecaru

Revista de Economie Mondiala / The Journal of Global Economics, 2011, vol. 3, issue 1

Abstract: Financial crisis brought to the fore the fierce confrontation between Keynes disciples and Friedman disciples, between demand siders and supply siders, between Obama’s policies focused on economic growrh and EU austerity policies focused on deficit and debts reduction. Monetary policy showed its limits and neoliberal approach favored the risky products(derivatives) and speculative activities. Supply siders, like David Harper, centred on three pillars: tax incentives, competition policy, enhancement of productive credit. Lisbon Strategy and Eur ope 2020 represent a supply side agenda based on sectoral policies. Great economists like Joseph Stiglitz and Paul Krugman have supported state interventionism and higher government spending for demand recovery and resuming the economic growth. Besides sta te interventionism one needs the urgent reconsideration of capitalist development model and strongly improving the governance at all levels: global, European, national, corporate.

Keywords: criză; cerere; ofertă; neokeynesism; liberalism; monetar; fiscal; guvernanță (search for similar items in EconPapers)
JEL-codes: E12 E13 E21 E22 E24 E52 E61 E62 G28 (search for similar items in EconPapers)
Date: 2011
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