The Western Economic Recession – Causes and Consequences

Nicolae Taran
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Nicolae Taran: West University of Timişoara, Faculty of Economics and Business Administration, Romania

Timisoara Journal of Economics, 2008, vol. 1, issue 3, 279-282

Abstract: It is known that the current economic recession of the Western triad (USA, EU and Japan) started last August with the bankruptcy of some important banks in the real estate field of the American economy. Then, this dysfunction shattered not only the real estate field of the American economy, but also the whole banking and stock market system of the triad, a system that seemed indestructible. As a consequence, the US economy, the economies of the countries in the Euro monetary area and the Japanese economy simultaneously entered a state of recession in the second half of last year. Inevitably, this shock wave spread quickly, causing an important deterioration of the economic situation at global level. There has been talked and written a lot about these events in national and international media. Apparently, until now there were enough opinions, data and information present in the media regarding the nature, causes and consequences of the current dysfunctions in the most industrialized countries of the world, as well as in the economies of other countries. But in fact, a lot of these data and pieces of information have a very low degree of validity. In na-tional and international media, there are, unfortunately, too many mystifications and ideological omissions regarding the so-called „global financial crisis” and few rational-cognitive evaluations of the nature, causes and consequences of the general recession within the Western triad.

Date: 2008
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