Development and Finance from issue 2009/4

Zoltán Grünhut

Economic Adjustment in Israel

- Abstract -

JEL O-53

The history textbooks of the future will presumably devote the longest chapter to the global economic crisis when summarising the events of 2009. This will be the case in the United States, the United Kingdom, Germany, France, China, India, Hungary and other countries around the world, including Israel. We do not know how long this present chapter in the development of the global economy will last, since some believe, optimistically, that we will see a slow recovery by 2010; on the other hand, the sceptics opine that the recession set for the coming years can only be reversed at the expense of extreme social upheaval, which sounds rather threatening. Fact is, as the end of 2009 approaches no country has yet managed to extricate itself from the economic trough, which means it would appear somewhat bold to predict stability within a couple of months or even tangible economic growth in any region of the world within the next year. The following piece of information is rather interesting in this context: according to surveys conducted in February 2009 by the Anti-Defamation League, a US research institute, in seven European countries (Austria, France, Poland, Hungary, Germany, Spain and the United Kingdom) 31% of those interviewed thought that the Jews were responsible for the current global economic crisis...

Zoltán Grünhut, PhD student (University of Pécs, Interdisciplinary Doctoral School)

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