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Psychological Aspects of the Current Economic Crisis




In this article the formation of new «market psychology» in the conditions of pyramidal globalization and liberalization, as a general precondition of the current crisis, is considered. Basic elements of this psychology — shift of US households from saving up behavior to credit-dependent consumption, transition of large American corporations under the control of financial "hawks", creation of the system of global capital inflow to the USA. On this basis a quasi-keynesian model of unstable equilibrium at the stage of growth generated by external credits is put forward. The conclusion is made that psychological disbalance of ruling elites of the USA, on the one hand, and Western Europe and Japan — on another interferes with maintaining global economy stability.

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  • Yu. Ol’Sevich., 2009. "Psychological Aspects of the Current Economic Crisis," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 3.
  • Handle: RePEc:nos:voprec:2009-03-3

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    References listed on IDEAS

    1. Daniel J. Benjamin & David I. Laibson, 2003. "Good policies for bad governments: behavioral political economy," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
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