Siberian Federal University 
- Issue
- Journal of Siberian Federal University. Humanities & Social Sciences. 2011 4 (5)
- Authors
- Sevastyanova, Elena P.; Giese, Roland
- Contact information
- Sevastyanova, Elena P. : Siberian Federal University , 79 Svobodny, Krasnoyarsk, 660041 Russia , e-mail:
- Keywords
- economic crisis; financial crisis; neoclassical paradigm; Keynes model; modern capitalism; government intervention; economic stability
- Abstract
This paper compares the fundamental postulates of neoclassic paradigm and Keynesian model with the modern capitalism. It shows that neoclassic paradigm, which underlies economic structure of major countries, is inadequate to the essence of market economy. The research concludes that the current crisis in the countries with both advanced and developing market economy has happened because their economic structures, each on its own way, have ignored the requirement of the systematic government regulation due to basing on neoclassic paradigm. Keynes model, which in fact has never been implemented, may be a base for a revised holistic, stable, and robust economic structure - for a new capitalism.
- Pages
- 722-733
- Paper at repository of SibFU
- https://elib.sfu-kras.ru/handle/2311/2364
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License (CC BY-NC 4.0).