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An economic crisis is a sharp transition to a recession. See for example 1994 economic crisis in Mexico, Argentine economic crisis (1999–2002), South American economic crisis of 2002, Economic crisis of Cameroon. Crisis theory is a central achievement in the conclusions of Karl Marx's critique of Capital.
Keynesian economics, which attempts a "middle way" between laissez-faire, unadulterated capitalism and state guidance and partial control of economic activity, such as in the French dirigisme or the policies of the Golden Age of Capitalism, attempts to address such crises with the policy of having the state actively supplying the deficiencies ...
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1982. [1] [2] [3] It is widely considered to have been the most severe recession since World War II until the 2007–2008 financial crisis.
There is no official definition of a recession, according to the IMF. [3] In the United States, a recession is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
Inflation is its highest level in over a decade in Bolivia, which was heralded for its commodities-backed "economic miracle" in the 2000s. Now the country faces its worst economic crisis this ...
Journal of Economic Perspectives 23 (1), pp. 77–100. Paul Krugman (2008), The Return of Depression Economics and the Crisis of 2008. ISBN 0-393-07101-4. "The myths about the economic crisis, the reformist left and economic democracy" by Takis Fotopoulos, The International Journal of Inclusive Democracy, vol 4, no 4, Oct. 2008. United States ...