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Fundamental Causes of Financial and Economic Crisis and Its Overcoming. The Logical Core of Market Economy: How We Subvert It

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  • Vladimir VRECION

    (University of Prague and Zlín, Prague 5, Strnady 49, Czech Republic)

Abstract

The article deals with the fundamental methodological and theoretical ideas of market economy. The logical core of the market economy (ME) and its functioning is briefly described. From these logical bases of ME basic principles of its right functioning are deduced and from there is deduced how the contemporary practice of ME and market society disturbs, subverts these principles. The consequence of such disturbing of the logical core of the ME could be its partial and even total collapse. The current financial and economical crisis is a warning example. It is necessary to implement and to restore in practice fundamental principles of market economy in order to resort present crisis and to avoid future great - even fatal risks. And this will be mainly the role of the states and international institutions.

Suggested Citation

  • Vladimir VRECION, 2011. "Fundamental Causes of Financial and Economic Crisis and Its Overcoming. The Logical Core of Market Economy: How We Subvert It," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 77-80.
    • Handle: RePEc:ddj:fseeai:y:2011:i:1:p:77-80
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    File URL: http://www.ann.ugal.ro/eco/Doc20011_1/Vladimir_Vrecion.pdf
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    More about this item

    Keywords

    Free market; Financial crisis; Economical crisis; Methodological analysis; Free exchange; Information; Symmetry; Risk; Overcoming of crisis; Long-range forecast;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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