Recessions and a changing theoretical basis of the recoveries: a view from the state-corporation hegemonic stability theory
This paper analyses reasons of the world recessions in 1974-1975, 1980-1982 and 2008-2009 and methods to improve the economy basing onvarious theories of macroeconomics and according to the view from the theory of the state-corporation hegemonic stability. Various practical reasons of the three modern recessions (i.e. oil shocks and the speculation bubble) and various governmental activities to recover the economy explain changing positions of states and transnational corporations in the global system. Ruling politicians based on developmental or liberal theories of macroeconomics interchangeably. Growing importance of transnational corporations and their influences on theory of recoveries confirm the correctness of the state-corporation hegemonic stability theory.
JEL Classification: E42; E52; F02; F63.
Keywords: Global economic and financial crisis world recessions oil shocks speculation bubble Keynesian theory Phillips curve monetary theory theory of supply-side economics theory of state-corporation hegemonic stability