Effects of The Global Economic Crisis on The World Economy - Financial and Real Sector

Abstract

Times of crisis are challenge for the economic science, in the same way as wars are challenge for military officers. The causes and consequences of the economic crisis provide valuable information about the initial stages, transmission and effects of economic shocks, which can be used and incorporated by the economic science into its future anti-crisis arsenal. With this in mind, in this paper we make an effort to analyze in one place the general effects of the 2007 Global Economic Crisis on the economic profession / science, and on the financial and real sector on a global level. This will show the weak links at which the effects of the crisis were most evident, with such links representing at the same time the areas in which the efforts of economic analysis and the economic policy activities should be focused in the future.