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The Crisis – Basic and Repeatable Economic Phenomenon

Author

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  • Ploae Catalin

    () („Ovidius” University of Constanta, Faculty of Economic Sciences)

Abstract

Beginning in 1825, the global economy has had a cyclical development. Growth and progress have not been determined by linear chaining but by circuitous development, by ups and downs, by phenomena such as crisis, depression, revival and prosperity. Piles of books were written, several Nobel prizes have been won on these issues, which are at the heart of economic theory. The economic policy inspired by this theory has achieved something notable and laudable at the same time, it has managed to reduce and prevent the conversion of sine wave peak in a crisis. The business cycle has thus been reduced to two significant stages: economic growth and recession. Crises have been avoided or have been changed into something bearable. However, in two famous cases, economic policies have failed to avoid serious crises: 1929-1933 and the present. These are unprecedented cases, of a scale and bearing consequences unparalleled by any other phenomena. On these two phenomena and especially on the second we will focus when we try to find the meaning of this lesson on crisis.

Suggested Citation

  • Ploae Catalin, 2011. "The Crisis – Basic and Repeatable Economic Phenomenon," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1686-1690, May.
  • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1686-1690
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    References listed on IDEAS

    as
    1. Grigorescu, Adriana, 2009. "Renewal marketing management in public and business organizations," MPRA Paper 25128, University Library of Munich, Germany.
    2. Nicolae Al. Pop & Anca-Daniela Vl?doi, 2009. "The marketer-a complex specialist, a man of concept, decision and action," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 11(25), pages 9-20, February.
    3. Kaplan, Andreas M. & Haenlein, Michael, 2009. "The increasing importance of public marketing: Explanations, applications and limits of marketing within public administration," European Management Journal, Elsevier, vol. 27(3), pages 197-212, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    economic crisis; public policies; recovery;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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