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Psychological Aspects of the Current Economic Crisis



This article considers the formation of new "market psychology" in the situation of pyramid globalization and liberalization as a general precondition of the current crisis. The basic elements of this psychology include a shift of U.S. households from savings behavior to credit-dependent consumption, the transition of large American corporations under the control of financial "hawks," and the creation of a system of global capital inflow to the United States. On this basis, a quasi-Keynesian model is put forward of unstable equilibrium at the stage of growth generated by external credits. The article concludes that the psychological imbalance of ruling U.S. elites, on the one hand, and Western Europe and Japan, on the other interferes with maintaining global economic stability.

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  • Iu. Ol'sevich, 2009. "Psychological Aspects of the Current Economic Crisis," Problems of Economic Transition, Taylor & Francis Journals, vol. 52(5), pages 34-51.
  • Handle: RePEc:mes:prectr:v:52:y:2009:i:5:p:34-51 DOI: 10.2753/PET1061-1991520503

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    1. T. Dolgopyatova, 2001. "Models and Mechanisms of Corporate Control in the Russian Industry (Some Empirical Evidence)," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
    2. Luc Moers, 2000. "Determinants of Enterprise Restructuring in Transition: Description of a Survey in Russian Industry," Post-Communist Economies, Taylor & Francis Journals, vol. 12(3), pages 307-335.
    3. Sergei Guriev & Andrei Rachinsky, 2005. "The Role of Oligarchs in Russian Capitalism," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 131-150, Winter.
    4. Andrei Shumilov & Natalya Volchkova, 2004. "Russian business groups: substitutes for missing institutions?," Working Papers w0050, Center for Economic and Financial Research (CEFIR).
    5. А. Radygin, 2001. "Ownership and Integration Processes in the Corporate Sector (Some New Tendencies)," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
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