Capitalism, advanced and “transitional”, unfolded during the financial crisis
AbstractDuring the crisis, it became evident that the kind of capitalism that was becoming dominant in the developed world over the last twenty or thirty years, so-called it financial capitalism, was the cause of crisis or at least it cannot completely exculpate itself. The growth in debts, credits, finance in general, changing behaviour of financial institutions and bankers, traders, financiers, their very short-term horizon, their huge bonuses, high bank profits, for capitalism unaccepted morals are some of the things, which have come to the surface. How did the financial crisis start and spread out to the whole world; how were the transitional economies of former Yugoslavia affected; what was the theoretical or ideological foundation for the capitalism we had; what is the morality of capitalism or a market economy these are the questions touched upon in the first chapters. At the end, and as a conclusion of the paper, there are thoughts and/or ideas about the changes in capitalism to be expected. Financial reforms are crucial for the developed world and they may trigger more profound changes. For transitional economies such reforms are neither essential nor sufficient. The financial crisis has just exposed their problems as more serious and more difficult to overcome than previously thought. Their problems are largely the problems of the real sectors of their economies.
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Bibliographic InfoArticle provided by University of Rijeka, Faculty of Economics in its journal Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics.
Volume (Year): 29 (2011)
Issue (Month): 1 ()
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Web page: https://www.efri.uniri.hr/en/proceedings
More information through EDIRC
capitalism; financial capitalism; transitional economies; financial crisis;
Find related papers by JEL classification:
- G01 - Financial Economics - - General - - - Financial Crises
- G20 - Financial Economics - - Financial Institutions and Services - - - General
- P10 - Economic Systems - - Capitalist Systems - - - General
- P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, Princeton University Press, edition 1, volume 1, number 8973.
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