ECONOMIC
CRISES IN HISTORY, THE CHARACTERISTICS OF THE MOST RECENT
CRISIS AND ITS EFFECTS ON THE ECONOMY OF AZERBAIJAN
Prof. Dr. Ismail AKTURK
ABSTRACT
The
developed and the developing countries of era is
experiencing the period of industrialization and information
& technology simultaneously. Given this environment
countries get closer and the financial markets cross the
physical boundaries. Production and competition centered
evolution brings up the term called “globalization” in the
literature. Globalization comes with both positive and
negative effects. One of the most solid negative
consequences of globalization is economic crises. Since the
great depression of 1929, the crises have had different
characteristics. In 1929 the system was based on trade of
goods but over time, trade of goods changed into trade of
money centered on the financial markets which indirectly
affects the real economy. After the Second World War,
direction was given by financial organizations such as IMF
and the World Bank in the financial markets and WTO in trade.
Current account deficits, extreme consumption, public income
generation problems result in stand-by agreements with the
IMF and triggered recessions or crises are felt not only be
the developed countries but also most dramatically by the
developing countries.
Key Words
Economic Crisis, Azerbaijan, Globalization Great
Depression, Crisis Management
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