The Global Economic Crisis and Developing Countries

The authors explore how the global economic crisis reflects on developing countries. The problem of non-critical introduction of laws on the model of developed countries and the European Union is evident. Imitation or copying of entire sets of laws results in the fact that they often cannot be applied. On the other hand there is a mission to save endangered economies through deregulation. Deregulation of financial markets leads to difficulties in controlling the flow of “hot money” entering and leaving the country. The IMF and the U.S. Treasury advocate deregulation of financial markets because of their own interests. Managing the privatization in transition societies is something that the authors see as the main issue. According to them, we should seek meaningful answers on the counterpoint of virtual economy and the real life.