Inderscience Publishers

Economic growth and economic crisis

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Courtesy of Inderscience Publishers

This article argues that the recent financial crisis was caused largely by the long-term problem of the current world economy lacking a sustainable path of development. Limits to growth – expressed principally through rises in the price of oil and other commodities – created a crisis for the global financial system, which has been based essentially on the assumption that economic growth will continue indefinitely. A mismatch was thereby created between the 'real economy' and the finance sector.

Keywords: financial crisis, economic crisis, sustainability, commodities, economic growth, limits to growth, economic development, sustainable development, price rises, global financial system, real economy

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