Filozofska istraživanja, Vol. 31 No. 1, 2011.
Original scientific paper
Democracy and Global Crisis. External Causes of Global Crisis
Fahrudin Novalić
; Zagreb, Croatia
Abstract
The author elaborates on the external causes and overcoming of the global crisis in 2008. The main external causes of the crisis, as claimed by competent and reputable authors, are: the policy of low interests rate of U.S. Federal Bank, crisis of the American hypothecary market, irresponsibility of the American government, wrongly directed business politics of central banks, the crisis of the international banking system, the imbalance between the market and the rule of law, microeconomic and macroeconomic mistakes, mass securitization of non-liquid assets. These causes permeate: insufficient knowledge of exposure on liquidation and market risks, bad judgements, speculations, lack of efficient banking control. Market fundamentalism and state interventionism are the two of main disagreements on the role of market, government and democracy. A solution of such a disagreement between them is in cooperation and complementarity. Without the reception of democracy, principle equality-power, rule of law, true responsibility, social justice, global justice, preventive and controlling measures, and the new model of guidance on a higher level, we cannot hope for overcoming the present global crisis, or greed and corruption in general.
Keywords
democracy; global crisis; moral; control; prospective responsibility; external causes of global crisis
Hrčak ID:
72743
URI
Publication date:
25.7.2011.
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