Naslov
Economic Crisis and Crisis of Economic Thought (What about if Friedman was Wrong?)

Autori
Stojanov, Dragoljub ; Kandžija, Vinko

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Chalenges of Economic Sciences in the 21st Century / Guichard, Jean-Paul ; Cantino, Valter ; Dutto, Giuseppe ; Radović-Marković, Mirjana ; Redžepagić, Srdjan ; Hanić, Hasan - Beograd : Institut ekonomskih nauka, 2008, 115-124

ISBN
978-86-80315-79-9

Skup
Chalenges of Economic Sciences in the 21st Century

Mjesto i datum
Beograd, Srbija, 04.12.2008. - 05.12.2008

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
crisis ; economic theory ; deception ; ideology ; policy ; power

Sažetak
The most serious financial and economic crisis threatens to destroy the most sophisticated financial architecture in world- USA financial and economic system at the end of September 2008. The greatest financial drop of Down Jones in the history took place on September 29, 2008. Stocks owner lost trillion and two hundred millions dollars of wealth (CNN News September 30, 2008). Did they really lost wealth or they have just lost „ imagined exuberance“ ? Does anything have happened to companies, machines, physical capital? What are all financial crises about except imaginatory accounting puzzle. The hugest bailout package ever in history heavy more than 700 billion dollars, Congress of the USA is preparing. In the meantime, as a first aid approach, two mortgage homes Freddy Mac and Fanny Mea have been nationalized by the USA state despite the facts that Congress is led by republican party. The most heavy acquisition already took place (J.P. Morgan took over Merrill Lynch and Bank of America has taken over Lehman Brothers). Free market dogma is buried. Strong state is on the scene again together with insatiate market. We are in the midst of economic drama. Practitioners are at work, and economic theoreticians seem lost. In the paper we argue that American economy must undergo deep structural changes in both: ideological and systemic respect in order to put America and world economy on right direction. What next economic paradigm should look like? Should it be a post- capitalist economic system and how that one could be invented? In this paper we examine the lessons of neoclassical economic thought, and then we proceeded to Keynes and even to Marx in an effort to find an answer for current economic events.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA