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Theoretical and Applied Economics
No. 2 / 2010 (543)

About How Did the First Ever Big Economic Crisis Look Like

Liviu C. ANDREI
National School of Political Studies and Public Administration

Abstract. The obsession about the current economic crisis is pretty understandable. But being obsessed about the current moment, in the economic crisis matter, might become a scientific mistake. As for instance, the real results of the current period will be available in just a couple of years. Moreover, we used to believe up to recently that the previous big crisis of 1929-1933 might be nearly an accident and would not repeat, due to its lesson applied: the policy makers made functional, vigilant, diligent and acting. May be such a lesson was not enough. But equally, every crisis would claim a specific lesson of this kind, and the present one would do the same, whereas the 1929-1933 and current crises lessons would not be enough, partly because the economic history has more in such a topic area. In other words, let us more deeply search for crisis elements in the world economic history.

Keywords: economic crisis; national economy; price system & standards; macrosystem; the international gold standard; utilities; barter system of exchanges.

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