NETWORK MONEY IN THE CONDITIONS OF FINANCIAL CRISIS IN THE EUROPEAN UNION

• Authors: Partycki Slawomir , Filipek Kamil
• Languages of publication: EN LV RU

Abstracts

EN

Tracing back the long history of money, we can identify crucial stages in its evolutionary development. Content of money has been structured by the process of civilizational change and growth. Money participated in every phenomenon characterizing humanity, social experience and social actions. It links individuals and groups, local, regional and global communities dispersed all over the world. Money ignores boundaries dividing reality and virtuality. It releases extreme emotions and behaviours e.g. jealousy, fear, love, desire, struggle, swank or extravagance. On the one hand, money is often considered as a significant power dynamizing the modern societies. On the other hand, its form and content is perceived as a consequence of complex social processes triggered by technological, political or cultural trends appearing in modern societies. Global financial crisis heavily struck the European economies. In the network world made of different scale entities tied together into global organism, financial disease spreads immediately and affects all actors involved in the global exchange of material and non-material goods. Problems of sub-prime market in US were instantly transmitted to Europe and other parts of the world belonging to the global financial organism. The impact of global financial crisis has been very visible in the European Union. EU legislators failed to prevent or contain the financial crisis. As a consequence some EU economies fell into fiscal troubles boiling up the socio-political atmosphere in Europe and other parts of the world. European fiscal problems caused by the network money diffusion froze the pace of social, cultural but also political (the view from below) integration. Utter concentration on the financial issues limited the ability of the lower level actor e.g. self-governments, NGOs, citizens to act in order to reinforce the EU institutions and its horizontal policies. In order to understand and tackle sources and consequences of global and regional crises it is necessary to reconstruct social theories describing the modern world.

Keywords

EN

network money; reality; virtuality; financial crisis; European Union

• Publisher: Daugavpils University, Institute of Humanities and Social Sciences
• Journal: Sociālo Zinātņu Vēstnesis
• Year: 2012
• Issue: 1
• Pages: 91-107

Contributors

author

Partycki Slawomir

author

Filipek Kamil

Identifiers

ISSN

1691-1881