The Crisis – Basic and Repeatable Economic Phenomenon

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Ploae Catalin: „Ovidius” University of Constanta, Faculty of Economic Sciences

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1686-1690

Abstract: Beginning in 1825, the global economy has had a cyclical development. Growth and progress have not been determined by linear chaining but by circuitous development, by ups and downs, by phenomena such as crisis, depression, revival and prosperity. Piles of books were written, several Nobel prizes have been won on these issues, which are at the heart of economic theory. The economic policy inspired by this theory has achieved something notable and laudable at the same time, it has managed to reduce and prevent the conversion of sine wave peak in a crisis. The business cycle has thus been reduced to two significant stages: economic growth and recession. Crises have been avoided or have been changed into something bearable. However, in two famous cases, economic policies have failed to avoid serious crises: 1929-1933 and the present. These are unprecedented cases, of a scale and bearing consequences unparalleled by any other phenomena. On these two phenomena and especially on the second we will focus when we try to find the meaning of this lesson on crisis.

Keywords: economic crisis; public policies; recovery (search for similar items in EconPapers)
JEL-codes: E20 (search for similar items in EconPapers)
Date: 2011
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