Author:
Tamás Szentes Corvinus University of Budapest Department of World Economy, Faculty of Economics Hungary

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Keynesian policy was quite successful in the post-war decades in Western Europe, but by the late 1960s lost its efficiency due to changes in conditions rather than its mistaken logic. The lesson from the first global crisis erupting in early 1970s and also from the subsequent several crises since then is that the increasing crisis propensity of the world economy is rooted in its inherent disequilibria stemming from deep inequalities, asymmetrical interdependencies and disintegrated socio-economic structures. In view of the failure of the prevailing methods of crisis management, particularly those undifferentiated, antisocial austerity measures corresponding to a neo-liberal monetarist concept which neglects this lesson, many economists prefer the Keynesian recipe. However, since global crises need global solution, and the spread of conspicuous consumption modify the demand constraint, its application must be adjusted to reality, and requires some global governance which may pave the way for a global oeco-social market economy.

  • Amin, S. (1973): Le développement inégal. Paris: Edition de Minuit

    Amin S. , '', in Le développement inégal , (1973 ) -.

  • Commission on Global Governance (1995): Our Global Neighbourhood. Oxford: Oxford University Press.

    '', in Our Global Neighbourhood , (1995 ) -.

  • Emmerij, L. (1976): Employment, Growth and Basic Needs — A One-World Problem. Geneva: ILO.

    Emmerij L. , '', in Employment, Growth and Basic Needs — A One-World Problem , (1976 ) -.

  • Emmerij, L. — Jolly, R. — Weiss, T. G. (2001): Ahead of the Curve? UN Ideas and Global Challenges. Bloomington: Indiana University Press.

    Weiss T. G. , '', in Ahead of the Curve? UN Ideas and Global Challenges , (2001 ) -.

  • Jolly, R. — Emmerij, L. — Weiss, T. G. (2005): The Power of UN Ideas. Lessons from the first 60 years: A summary of the books and findings from the United Nations Intellectual History Project. New York: UNIHP.

    Weiss T. G. , '', in The Power of UN Ideas. Lessons from the first 60 years: A summary of the books and findings from the United Nations Intellectual History Project , (2005 ) -.

  • Jolly, R. — Cornia, G. A. — Elson, D. — Fortin, C. — Griffith-Jones, S. — Helleiner, G. — van der Hoeven, R. — Kaplinsky, R. — Morgan, R. — Ortiz, I. — Pearson, R. — Stewart, F. (2012): Be Outraged. There Are Alternatives. Published by Richard Jolly.

  • Keynes, J. M. (1936): The General Theory of Employment, Interest and Money. London: Macmillan.

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  • Krugman, P. R. (2009): “Making Mathematical Beauty for Economic Truth — Appeal to Students”. New York Times, September 2.

  • Pronk, J. (1991): Towards a System of Responsible Global Governance for Development. The Hague: Development Cooperation Information Department of the Ministry of Foreign Affairs.

    Pronk J. , '', in Towards a System of Responsible Global Governance for Development , (1991 ) -.

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  • Szentes, T. (1971): The Political Economy of Underdevelopment. Budapest: Akadémiai Kiadó.

    Szentes T. , '', in The Political Economy of Underdevelopment , (1971 ) -.

  • Szentes, T. (1990): Changes and Transformation in Eastern and Middle Europe: International Implications and Effects on the South and the East-South Relations. A Study for the South Commission. Geneva: South Commission.

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  • Szentes, T. (2002): World Economics I. Comparative Theories and Methods of International and Development Economics. Budapest: Akadémiai Kiadó.

    Szentes T. , '', in World Economics I. Comparative Theories and Methods of International and Development Economics , (2002 ) -.

  • Szentes, T. (2003): World Economics II. The Political Economy of Development, Globalisation and System Transformation. Budapest: Akadémiai Kiadó.

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  • Szentes, T. (2009): Ki, mi és miért van válságban [Who, what and why is in crisis?]. Budapest: Napvilág Kiadó.

    Szentes T. , '', in Ki, mi és miért van válságban [Who, what and why is in crisis?] , (2009 ) -.

  • Szentes, T. (2011): “Concept, Measurement and Ideology of ‘National Competitiveness’”, Köz-Gazdaság. Economic Theory and Policy 6(4): 9–59. Reprinted in: International Development Economics Associates, http://www.networkideas.org/featart/jun2012/National_Competitiveness_Szentes.pdf , 2012

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  • Thakur, R. — Weiss, T. G. (2007): The UN and Global Governance: An Idea and Its Prospects. Bloomington: Indiana University Press.

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  • Weiner, R. R. (1985): “Pluralism and Neo-corporatism: The Legacy of the New Deal and the ‘Social Contract’”. XIII. World Congress of Political Science. Paris: IPSA.

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Editor-in-chief: Balázs SZENT-IVÁNYI

Co-Editors:

  • Péter MARTON (Corvinus University, Budapest)
  • István KÓNYA (Corvinus University, Budapest)
  • László SAJTOS (The University of Auckland)
  • Gábor VIRÁG (University of Toronto)

Associate Editors:

  • Tamás BOKOR (Corvinus University, Budapest)
  • Sándor BOZÓKI (Corvinus University Budapest)
  • Bronwyn HOWELL (Victoria University of Wellington)
  • Hintea CALIN (Babeş-Bolyai University)
  • Christian EWERHART (University of Zürich)
  • Clemens PUPPE (Karlsruhe Institute of Technology)
  • Zsolt DARVAS (Bruegel)
  • Szabina FODOR (Corvinus University Budapest)
  • Sándor GALLAI (Corvinus University Budapest)
  • László GULÁCSI (Óbuda University)
  • Dóra GYŐRFFY (Corvinus University Budapest)
  • György HAJNAL (Corvinus University Budapest)
  • Krisztina KOLOS (Corvinus University Budapest)
  • Alexandra KÖVES (Corvinus University Budapest)
  • Lacina LUBOR (Mendel University in Brno)
  • Péter MEDVEGYEV (Corvinus University Budapest)
  • Miroslava RAJČÁNIOVÁ (Slovak University of Agriculture)
  • Ariel MITEV (Corvinus University Budapest)
  • Éva PERPÉK (Corvinus University Budapest)
  • Petrus H. POTGIETER (University of South Africa)
  • Sergei IZMALKOV (MIT Economics)
  • Anita SZŰCS (Corvinus University Budapest)
  • László TRAUTMANN (Corvinus University Budapest)
  • Trenton G. SMITH (University of Otago)
  • György WALTER (Corvinus University Budapest)
  • Zoltán CSEDŐ (Corvinus University Budapest)
  • Zoltán LŐRINCZI (Ministry of Human Capacities)

Society and Economy
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2024  
Scopus  
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2023  
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Society and Economy
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Society and Economy
Language English
Size B5
Year of
Foundation
1972
Volumes
per Year
1
Issues
per Year
4
Founder Budapesti Corvinus Egyetem
Founder's
Address
H-1093 Budapest, Hungary Fővám tér 8.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 1588-9726 (Print)
ISSN 1588-970X (Online)