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Original Article

Ekonomik Yaklasim. 2012; 23(Special): 39-76


The World Economy from the 1980’s to the Global Crisis

Tuba ONGUN.

Abstract
The OECD countries, led by the US and the UK, adopted supply-side and monetaristic economic policies, to overcome the stagflasionist crisis, seven years after the end of the “Golden Age” of capitalism (1973). The tendency for the average rate of profit to fall and the nourished financial capital’s demand for globalization, contributed to this policy shift. On the other hand, international financial institutions like the IMF and the World Bank, also changed their credit policies related to the developing countries and imposed on them the “open and pro-market”, Structural Adjustment Programmes. During those years, new protectionism in world trade expanded its sphere of influence, while the debt problem aggravated. Following the dissolution of the Soviet Block and the collapse of Soviet Union, financial liberalization and globalization gained momentum and capital flows assumed a speculative and shortterm character. As a result, as imbalances increased, inequalities deepened. At the beginning of the 2000’s, the efforts to overcome stagnation by provoking financialization resulted in the formation of bubbles and increased fragilities, leading to the outbreak of the Global Crisis of 2007.

Key words: World Economy, Global Crisis, International Dabt Crisis, New Protectionaism. JEL Classification: F00, F02


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