Paul Stubbs, 23.04.2009.
1. The crisis may represent a paradox in terms of the end of neo-liberal globalization AND the beginning of neo-liberal restructuring in the Western Balkans.
Crisis – Seven Questions In Search Of Answers
Case study - Croatia
The Government of the Republic of Croatia recently (February 26, 2009) announced its «Antirecession measures» finally admitting that Croatia is facing recession. Leading political parties have given their proposals and criticisms, as well as the Institute of Economics, the Croatian Chamber of Commerce, The Croatian Employers Association, the Association of Croatian Bankers, and others. Somewhat earlier the Government has established its Economic Council. Economists speak and write about this economic crisis.
4 Questions on the Crisis
1. How is it possible that the crisis has been defined as a financial or, at best, an economic crisis when it clearly has social dimensions to it?
The so-called financial crisis follows on from related fuel and food crises. Cumulatively, they have affected, and continue to affect, real people and, therefore, can be said to have social impacts. In addition, levels of trust in key social institutions are a crucial factor in terms of how the crisis unfolds in different places at different times. Perhaps even more importantly, however, the nature of the crisis blurs any simple division between the 'economic', 'political' and 'social' spheres. Resolution of the crisis may well need a redefinition of fundamental values, a kind of new social contract, at all levels including individual nation states.