Psychological Aspects of the Current Economic Crisis

Yu. Olsevich

Voprosy Ekonomiki, 2009, issue 3

Abstract: In this article the formation of new «market psychology» in the conditions of pyramidal globalization and liberalization, as a general precondition of the current crisis, is considered. Basic elements of this psychology - shift of US households from saving up behavior to credit-dependent consumption, transition of large American corporations under the control of financial hawks, creation of the system of global capital inflow to the USA. On this basis a quasi-keynesian model of unstable equilibrium at the stage of growth generated by external credits is put forward. The conclusion is made that psychological disbalance of ruling elites of the USA, on the one hand, and Western Europe and Japan - on another interferes with maintaining global economy stability.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:848

DOI: 10.32609/0042-8736-2009-3-39-53

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