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Mariana Sorlescu, Iuliu Ivănescu () and Mona Ivănescu ()
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Mariana Sorlescu: Associate Professor of Economics at the Romanian American University

Romanian Economic Business Review, 2010, vol. 5, issue 2, 108-117

Abstract: The financial crisis that hited the global economysince the summer of 2007 is without precedent inpost-war economic history. Although its size andextent are exceptional, the crisis has many featuresin common with similar financial-stress drivenrecession episodes in the past. The crisis is deep, being the result of a paradigm and a way to make public the policy which did not understand that markets functioning well are not equal to the lack of rules/ regulations and the decrease of the public interventions in economy can easily become unproductive. The order system was a political, historical and economic failure. But the markets can also fail and, that is why, the judgement by public action must not be eliminated. We are in full economic crisis, forcing us to analyze both the factors and the effects of the crisis, which spread immediately in this global world with serious economic and cultural interdependencies.

Keywords: financial crisis; growht; global recession; credit jam (search for similar items in EconPapers)
Date: 2010
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Handle: RePEc:rau:journl:v:5:y:2010:i:2:p:108-117