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A Critical Perspective on the Doctrinal Approaches Regarding the Economic Crises

Keywords: economic cycle , crisis , Keynesianism , creative destruction , animal spirits

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Abstract:

The aim of the present paper is to analyze comparatively the main economic theories regarding theeconomic crises, including the premises for starting the present financial and economic vulnerabilities onnational and international level. On ideological level, the present global financial and economic crisis, similarto the other ones throughout history, initiated an intellectual debate among several applicable theories: AdamSmith’s “invisible hand” liberal theory, Keynes’s state interventionism theory and even neo-Marxist theories.The issue of the economic cycle and the crisis is a very complex one that cannot be analyzed and explained ina few pages, because talking about the crisis and the economic cycle supposes an analysis of all aspects of themarket economy. Thus, we try to found out which of these theories best explain the economic cycles andcrises and we believe that the Great Depression of ‘29-‘33 confirmed to a great extent the “Austrian” theoryof the economic cycle.

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