Globalna recesja i kryzys finansowy czy kryzys ekonomii?
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Business cycle, economic expansion and recession are natural phenomena in market economy,
such natural as inflow and outflow of the sea, or the phases of the moon. Recession is natural
mechanism of clearance of the economy from the inefficient economic units and the mechanism
of economic equilibrium restoring after turbulence connected with economic growth.
Global recession begun in the 2008. But still in the end of November and beginning
of December of 2007 the top point of business cycle in the American economy was noted.
H. P. Minsky pays attention to the fragility of financial system before top turning point
of business cycle. He states that during the dynamic economic growth the financial structures in
the market economy are created which are susceptible to deflation, decrease of assets value, deep
depression. Financial system stimulates consumer and investment demand, leads to full
employment and high rate of economic growth, but with that process is connected with worsening
of financing structure. Expansive economic policy (monetary and fiscal) intensifies negative
tendencies and leads to the speculation bubbles, especially on the real estates market. Development
of financial engineering, lack of the stockholders control over the relations between rate of return
and risk make financial crises growing with recession deeper.
The phenomena have described above determine depth of the present recession. Does present
recession mean also crises of economics? It seems that no. Recession and financial crises are
undoubtedly stimulus of new conceptions creation explaining the role of financial sector in the
economy and in the process of economic growth. Undoubtedly, institutional economics can play
substantial role in explaining of the reasons which have determined depth of present recession
(problem of the owner’s control in the corporations). Government economic policy against
recession is also substantial problem. Have the fiscal packets been necessary? If does not such that
fiscal policy will bring long –term economic stagnation and destabilization of economies? Those
questions are open. The author will try to outline answers based on the present state of the
economic theory.
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