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Article Information:
The Current Global Economic Crisis: Gleaning from History
Ettah B. Essien
Corresponding Author: Ettah B. Essien
Submitted: 2011 April, 05
Accepted: 2011 June, 02
Published: 2011 August, 15 |
Abstract:
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The study seeks to demonstrate how the knowledge of economic thought could help in explaining
and managing the current global economic crisis. The current economic meltdown has affected nations of the
world by differing degrees but adversely. Many analysts argue that the adoption of the Washington Consensusfinancial
liberalization-gave vent to the crisis. The Washington Consensus discourages government involvement
but promotes the operation of the market forces in economic and financial operations. However, the financial
and economic devastation caused by the current economic crisis has prompted governments of various nations
across the world to intervene through massive stimulus plans in order to rescue their economies from the
meltdown situation. This suggests that the role of government in the economy is pertinent, and that the market
forces are no substitutes but complement. This, therefore, suggests a fair balance of the government and the
market forces in the operations of the economy.
Key words: Economic crisis, government, intervention, liberalization, Washington Consensus, ,
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Cite this Reference:
Ettah B. Essien, . The Current Global Economic Crisis: Gleaning from History. Current Research Journal of Economic Theory, (2): 69-75.
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ISSN (Online): 2042-485X
ISSN (Print): 2042-4841 |
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