Acta Universitatis Danubius. Œconomica, Vol 7, No 5 (2011)

Abstract

Are we accursed to live in these tumultuous times that we are crossing now? Nowadays, one of the most heard questions is: What is the economic crisis and how it manifests itself over the years? However, we ask about causes and consequences and most of all when it will ends? Economic crises are forms of disruption to economic life, due in large part to an “overproduction”. The term “overproduction” does not refer here to an output exceeding the society needs, but the situation when these needs remain uncovered, and the demand drops due to lack of funds. This major financial crisis affected the economy of all countries in all its segments: industry, agriculture, construction, trade, transport and etcetera, due to the close links between countries, as a natural consequence of globalization. Thus the current financial and economic crisis has affected industries on which the entire world economy relies on. But, from an economic perspective, the crisis is not a surprise, knowing that the economic cycles are repeated. This paper tries to identify the similarities with the previous economic downturns as a necessity to learn from the lessons of the past.