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Theoretical and Applied Economics
No. 9 / 2012 (574)

Economic fundamentals: between consecration and contestation

Monica-Gabriela GHERMAN
Bucharest Academy of Economic Studies

Abstract. Currently, the whole world has fallen prey to the most profound and long recession in the history after the war. Based on the causes and effects of the current crisis, can we say exactly which is the best economic trend that evokes the reality of today? Representatives of classicism, neoclassicism, Keynesianism, monetarism, economic liberalism etc.? Economic laws will remain in the same stage or will change? Certainly, there will be an adjustment in economic thinking and the economic crisis will force us to choose a different economic model, based primarily on rationality, morality and temperance.

We can even say that a quick return to the Middle Ages, the economic thinking of the scholars, who maintain those principles of economic life dependent and religious morality, by accepting the conditions of inequality as a source of virtue practiced, and detachment from wealth, combined with the principles of economic life in capitalism, could lead to a moral economic model, linking the two categories of facts: religion and economic development, as Max Weber stated in his book “Protestant Ethics and the Spirit of Capitalism”.

Keywords: global economic crisis; government role; Keynesianism; neoclassicism; economic liberalism.

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