Kilka refleksji o przyczynach i możliwych skutkach światowego kryzysu finansowo-gospodarczego
SOME REFLECTIONS ON CAUSES AND POSSIBLE EFFECTS OF THE FINANCIAL AND ECONOMIC CRISIS
Languages of publication
World financial crisis of 2008 was evoked mainly by three self-supporting causes and consequently its effects concern three domains. At first, it revealed weakness of banking and whole financial system mainly in the USA, but also in the other countries. The traditional American mortgage banking model based on durable bilateral relationship between the bank and the debtor was replaced at the end of 1990. by a new model, based on securitization and globalization of financial markets, where the risk is unknown. In the globalization era it had to lead to financial crisis in the global scale. At second, it revealed shortsightedness of US economic policy, i.e. internal and external indebtedness (life on credit of the whole country) and the declining of political and economic hegemony on behalf of the emerging countries. At third, it revealed that the theory of economic sciences does not keep up with the reality. Mixed model of Chinese economy that uses market mechanism to the implementation of the decisions taken by meritocracy on behalf of the public welfare proved to be more effective than the traditional liberal, where market forces dominate the interests of all other subjects. In sum, the results of crisis may be creative.
Publication order reference