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Global Economic Crisis and Government Intervention

Claudia Dobre () and Costin I. Răsăuţeanu ()
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Costin I. Răsăuţeanu: Ovidius University of Constanţa

Ovidius University Annals, Economic Sciences Series, 2016, vol. XVI, issue 2, 14-19

Abstract: The new economic context which brings into discussion the state’s role in the economy is theresult of several factors, all contributing to the emergence and spread of the crisis. What doeshistory have to say about the political and economic after-effects of financial crises? There areclear similarities between the 1929-1935 and 2007-2009 crises in terms of initial conditions andgeographical origin. In each one of the cases, the financial pain at the root of the crisis wasfollowed by a deep recession in the real economy, but the most devastating impact of the globalcrisis was the human suffering. So, the society changed its vision of business legitimacy, calling forstructural changes in the system, including increasing government influence in economy. In thissense, structural policies are the best option for long-term recovery after the event of a crisis.

Keywords: crisis; interventionism; structural policy (search for similar items in EconPapers)
JEL-codes: E12 H12 P16 (search for similar items in EconPapers)
Date: 2016
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