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eKonferencije.com: The global financial crisis and its impact on growth prospects in the Balkans

The global financial crisis and its impact on growth prospects in the Balkans

1. Vassilis Fouskas

The euphoria with which certain Balkan and East European elites embraced the collapse of Communism in 1989-90 was short-lived. The dreams of becoming members of NATO and/or the EU, although still prominent, are swiftly disappearing as the financial crisis stepped in in 2007-08 and the Euro-zone crisis revealed the vulnerabilities of the European project. This paper attempts to place in a global context the crisis of Western capitalism and examine its impact upon the Balkans, a region that is being promised prosperity by the West but it is being delivered apathy and nonsense. The central argument is that the Balkans, given the pronounced power-shift to the global East (Russia, China, India, Brazil, Turkey), are better off allying themselves with Eurasian political economies, rather than with the Atlantic economies. But even for this to happen successfully, the Balkan countries should employ strategies towards creating a domestic base of capital accumulation, something that is feasible only with Keynesian policy-making instruments and a boost in the aggregate demand management.

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Датум: 14.06.2011.

Бр. отварања: 673

REDETE 2011


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