Crisis economy or economic crisis?
Journal Title: Journal of Management and Business Administration. Central Europe - Year 2011, Vol 19, Issue 2
Abstract
The world economic crisis of 2007–11 is of a systemic nature. This is a crisis of the neoliberal model of capitalism, or the modern laissez-faire. The immanent feature of the market economy are periodic crises. This phenomenon is getting a more complex character in the era of globalization. It is not feasible to avoid the crises; however it is possible to reduce their frequency and severity. This requires a new paradigm of economics, involving a more unorthodox approach, which presumesmultilayered causes of the crises. Particularly theoretical and pragmatic changes must be implemented within the specific triangle of values – institutions – policies.
Authors and Affiliations
Grzegorz Kołodko
Keywords
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