IEŞIREA DIN „MAREA RECESIUNE”
OVERCOMING THE GREAT RECESSION

Summary/Abstract: Although considered an economic cataclysm comparable to the GreatDepression, the Great Recession was in fact overcome quite swiftly. The paperfocuses on the unfolding of the Great Recession in the United States, in Europe andin Romania, as well as on the policies and measures to restore growth. A specialsection labelled Lessons learned? deals with issues like the moral hazard of savingeconomic actors who fostered the crisis through their reckless pursuit of maximizingshort-term profits, the institutional arrangements governing the financial sector, andthe role of various stimulus packages. While combinations of neokeynesian policieshave helped in overcoming the recession, the authors ask whether the fast recovery(at least at a global level) has not prevented a thorough restructuring of the economyin order to avoid future crises. Another issue is whether the social costs of theadjustments needed to overcome the recession, combined with the trend towardsincreasing economic polarization, are partially responsible for the upsurge ofpopulist, illiberal and authoritarian political actors and/or movements, whichprovide pseudo-solutions to the challenges of the 21st century and therefore makeprogressive adjustments even more difficult.

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