The present financial crisis, starting in the year 2000 with the
dot.com bubble break out, lately evolved into something very
peculiar and different from any previous historical cyclical
turmoil, as considered in our political economy models:
Classical, Austrians, Keynesians Monetarist and post Keynesians.
Such approaches cannot be seen as appropriate to explain an
epochal change in the world economy but simple temporary
economic disorders. The new age of turbulence, as Greenspan
used to say Greenspan (2007), seems to require a central
authority as a regulator of most financial flows and markets and a
framework of new rules related to new financial products, new
trading rules of markets and financial institutions, mostly banks
and trading platforms to pursue the long hoped goal for
economic growth in general stability background.
Recently, the overlapping prevailing global market has shadowed
most local markets and productions, as some low cost Asian
Countries industrial production hubs have globally crowded out
most western industrial areas.
