The Anatomy of Global Financial Crisis

Ona Gražina Rakauskienė, Eglė Krinickienė

Abstract


The article deals with the fundamental reasons of the formation of global crises as well as their con¬sequences. In spite of different economic and social conditions under which crises occurred during various periods of history, particular features common to all crises are revealed. The situation of Lithuania in the context of the global crisis is discussed. Social inequality and the absence of moral-ethical values are considered as factors determining the occurrence of the global crisis of today. The measures to overcome the crisis suggested by the European Union are discussed. Two major points in the process of dealing with the fnancial crisis are emphasized in the European action plan: the frst one is restructuring the banking system and the real sector; the second point emphasizes the importance of joint actions of the 27 Member States of the EU.

Keywords


global fnancial crisis; fundamental causes and consequences of the crisis; social inequality; moral-ethical values; global risks; the EU response to the crisis

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"Intellectual Economics" ISSN online 1822-8038 / ISSN print 1822-8011