EconPapers    
Economics at your fingertips  
 

Great Recession and Beyond: Revisiting the Pillars of Economic Thought

Erinc Yeldan

Chapter 4 in Contemporary Issues in Macroeconomics, 2016, pp 34-41 from Palgrave Macmillan

Abstract: Abstract The global capitalist economy is experiencing its hardest and longest crisis since the 1929 Great Depression. Initially dismissed, in the summer months of 2007, as mostly a routine financial turbulence, the crisis conditions accelerated slowly, to turn into a prolonged “great recession”. What is more revealing in this conjuncture is that the current crisis had not been initiated in the so-called emerging markets of the global periphery, but erupted directly in the hegemonic centers of the capitalist world. What lies at the root of the crisis is not the usual common accusations of “corrupt” governments of crony capitalism, with their over-interference to the market rationality, but the upfront irrational exuberance of the “free” markets, with their unfettered workings guided by the private profit motive.

Keywords: Interest Rate; Exchange Rate Regime; Great Recession; Contemporary Issue; Loanable Fund (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-137-52958-9_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137529589

DOI: 10.1057/9781137529589_5

Access Statistics for this chapter

More chapters in International Economic Association Series from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2025-03-23
Handle: RePEc:pal:intecp:978-1-137-52958-9_5