The Italian philosopher, mathematician, and astronomer Giordano Bruno (1548-1600; “The universe is… not capable of comprehension and therefore is endless and limitless…”) stated that: “Time is the father of truth, its mother is our mind”. Climbing the ladder of time, trying to continuous feed our mind with fragments of the step-by-step sought truth, we found out that on November 22nd, 2011, Michael Snyder (the publisher of The Economic Collapse Blog, http://theeconomiccollapseblog.com/archives/17-quotes-about-the-coming-global-financial-collapse-that-will-make-your-hair-stand-up; the author of the book “The Beginninig of the End”, published by CreateSpace Independent Publishing Platform on May 15, 2013, and looking at the fact that we are still not prepared for what is ahead) wrote on his blog: “The western world is drowning in an ocean of debt unlike anything the world has ever seen before, and our financial markets are gigantic casinos that are dependent on huge mountains of risk and leverage remaining very stable… many top financial professionals… are telling us that “time is running out”… “the whole system is going down”… If we continue on the road that we are on, our economy will progressively get worse and worse… In the end, time will reveal the truth to all of us.”
One year before, in 2010, our valuable old Friend and Colleague Valeriu Ioan-Franc, who uses to teach the love of reading (http://www.distribution-magazine.eu/the-distinguished-professor-thierry-de-montbrial-adds-a-new-romanian-journal-page/ ), offered us another challenging book (please see Valuable Author Autograph, 2010) published by “Expert”: “About crisis without anger and with discernment”, by Napoleon Pop, Amalia Fugaru, Valeriu Ioan-Franc. From the very beginning the authors argued that: “The complexity of the crisis we are going through, with no end in immediate future sight and beyond all the comparisons with the others of the kind is questioning both the economic model and the knowledge model about nowadays economics… A balanced approach of internal factors which can be under the pressure of the transmission channels bringing external shocks is more appropriate for the judgement of the possible domestic outcomes of the present crisis, either in financial field or economic one.”
Napoleon Pop, Amalia Fugaru, Valeriu Ioan-Franc were keen to emphasize that the crisis was predictable in many ways, drawing attention to the necessity of accurate understanding of: the causes of neglect of the risk management and of the exercise of prudentiality; the imperative of the doubling the emotional state by the knowledge rationality; identifying the optimal timing of intervention by an anti-crisis plan; the weaker link of the financial crisis with the economic fundamentals and a greater link with the image’s game of perceptions, of the irrational; the acute need to reset our own national strategy as a Member State of the European Union, and of NATO; the new equilibrium configuration of the future international order, a “burden sharing” with more actors; the fact that the risk attractiveness ends with risk aversion; the imperative of not running from the correct placement of the causes and responsibilities in addressing the complex link between globalization and the crisis; the efficiency of the efforts started from the point of view of their contingency to the new realities; the correlation between national competitiveness and national security; the need for realignment of the longevity risk with the new financial instruments for long-term savings; the right way of crisis management (two sets of measures), considering the conditionings of optimality and opportunity of the anti-crisis package; the fact that any reform of the tax system needs a clear answer to the question: “What does the taxpayer get in terms of quality?”; the role of national solutions (in front of the suddenly and chaotic bottlenecks in the global network of the flows of capital, goods, services and labor) as “preventive measures” related to the background of national economic policies truly dedicated to long-term sustainable development; the effect of globalization on the meeting between cultures (knowing that the basic element of the culture is the vision on time); the fact that the lack of courage to admit the falsity of economic theories based on the logic is to blame under the circumstances of the new frontiers designed by the realities of the globalization and of the new knowledge gained from empirical study of this phenomenon …
Let us finally conclude by referring to two recent approaches:
a) On February 28, 2013, David Frances pointed out, in The Fiscal Times (while quoting a McKinsey Global Institute Report released a day before: http://www.thefiscaltimes.com/Articles/2013/02/28/Is-This-the-End-of-Globalization.aspx#HpvfKye0bZhHXTgZ.99): “The global economy is at a crossroads… It remains to be seen which way we’re headed”.
b) On June 4, 2013, an article published by onlinelibrary.wiley.com (Economic Crisis Globalization, and Partisan Bias: Evidence from Spain, by José Fernández-Albertos, Alexander Kuo, Laia Balcells; DOI: 10.1111/isqu.12081; http://onlinelibrary.wiley.com/doi/10.1111/isqu.12081/abstract ) showed the results of theories about blame attribution with respect to the economic crisis, the authors arguing that “blame for the crisis is partially conditioned by partisan bias and framings of the crisis as being related to globalization.”