Challenges in Addressing Contemporary Economic Crises

Approaching the concept of economic crisis in contemporary reality draws attention to the complexity of this phenomenon, as analysing the elements that define the economic cycles proves to be insufficient, since the world’s economies converge more and more towards a global economy. In this regard, the interconnection and the strong mutual dependence of the markets determine a particularly high sensitivity on establishing and maintaining a global balance. If the economic crisis of 2008 had a strong negative impact on the world’s economies, leading to unprecedented economic and social action, the question arises as to whether the economic policy makers of the states have managed to properly manage this situation and whether they have managed to appropriate a set of “good practices” to anticipate, prevent and effectively combat a new economic crisis. The current economic reality puts world economies to a new test which seems to be more than a predictable cyclical evolution of production cycles. It cannot be said that we are in a period of well-defined economic boom, and it is clear that in the current context the economic crisis that is emerging will be much more complex and diverse than what we experienced in 2008. The present paper aims to offer a pragmatic approach to the possible causes and effects that tend to characterize the new economic crisis that is emerging in front of us.