Development and Finance from issue 2009/4

László Szabó

Strategic Framework of ‘Renewable Growth’

- Abstract -

JEL F-43, O-20

The world economic crisis that broke out in 2008 opened up a new chapter in the history of economics. The view that economics, analysing the causes of major crises in the past, had created a significant number of effective solutions to maintain the necessary balance under market economy conditions is no longer valid. It is also clear that economic stabilisers, mostly applied on a national basis, are steadily becoming less suited to overcoming the major disruptions to development that go hand in hand with the more open and widening international trade and financial processes. Today it is generally accepted that to prevent shocks similar to the crisis we are currently experiencing, we need to co-ordinate the supervisory systems of market economies, strengthen them and raise them to an international level. It is also acknowledged that the state must play a greater role in injecting momentum back into national economies which have faltered due to the shaken confidence caused by the pervasive crisis. The factors mentioned here mean that an increasing number of countries are being forced to revamp their long-term economic development strategies following the crisis. It is inevitable that Hungary will also have to make radical changes to its own export-based development strategy that so far was readily accepted.

László Szabó, CSc in economics

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