The Evolution of the Financial Crisis
Munkirs’ notions of Centralized Private Sector Planning and its derivations are very useful in order to give an alternative explanation to the most recent economic crisis. The crisis is the result of the clashes between the old CPSP and a new one based on recently created technology and financial companies. The old CPSP tried to defend itself by prompting the government to lower the interest rates at the beginning of the 2000s. However, these policies did not solve the institutional tensions. Competition for financing and markets between the old and new CPSP degenerated in financial deregulations and economic policies that ultimately led to the financial crisis. Evidence of the resultant mergers and changes in economic power by key companies in the CPSP is provided.
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