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Theoretical and Applied Economics
No. 4 / 2012 (569)

Challenges of the Economic Science During the Crisis

Ioana MOLDOVAN
Bucharest Academy of Economic Studies
Raluca Andreea POPA
Bucharest Academy of Economic Studies

Abstract. Turmoil that affected the financial markets and the global economy since 2008 have generated a series of debates in terms of the economic theory's ability to find answers to the new problems. Among others, the crisis has triggered, at the ideological level, a lively debate about the markets` self regulating ability postulated by economic theory and state interventionism opportunity, and even put into question the soundness of the capitalist system. This paper examines some of the challenges that the economic science has experienced during the global crisis.

Keywords: financial and economic crisis; economics; paradigm; market fundamentalism; interventionism.

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