Review article
The Impact of the Financial Crisis on Social Redistribution: Causes, Results and Ethical Review
Ante Žigman
orcid.org/0000-0002-3999-2751
; The Zagreb School of Economics and Management, Zagreb, Croatia
Ivor Klobučar
Borna Jalšenjak
orcid.org/0000-0001-5648-8146
; The Zagreb School of Economics and Management, Zagreb, Croatia
Abstract
The article demonstrates the manner in which the global financial crisis, which began in the middle of 2008, affected the development of social relationships in peripheral countries of the European Union. The emergence of the 2008 financial crisis caused longterm upheaval in these countries. The text accentuates two countries for the purpose of an apt comparison – Ireland and Iceland. The main theme is illustrated through quantitative indicators in the budgets of these countries such that we demonstrate the budget structure change for financial expenditures (interest) due to the growth of the public debt which was spent on restoring the banking system at the expense of social and investment expenditures.
Keywords
financial crisis; Ireland; Iceland; ethics of duty; ethics of virtue; causal ethics; reactions to the financial crisis; social consequencs of the financial crisis
Hrčak ID:
168422
URI
Publication date:
9.11.2016.
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