Global Economic Crisis in the Era of Regionalization
The current so-called global financial crisis has introduced new sociopolitical and socio-economic conditions due to its unprecedented intensity, depth, and duration. Since its genesis, various studies have attempted to determine the nature of the economic crisis as a phenomenon, especially its causes and its consequences. A significant number of analyses suggest that the outbreak and escalation of the crisis are the result of financial mismanagement by various economic actors both at international and regional levels (IMF, 2009a, b, c; Ivashina and Scharfstein, 2009; Pauly, 2005, pp. 181–85, 196–98; Popov and Ongena, 2011, p. 13). Others have argued that the crisis is artificial (e.g. Norberg, 2009; Roberts, 2011; Schranz and Eisenegger, 2011; Sinn, 2010) that is, a construction mainly created by non-state actors, such as rating agencies, in order to strike a balance in the global capital antagonisms.
KeywordsEuropean Union International Monetary Fund Public Debt Global Context Private Ownership
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