MARKET SELF-REGULATION AND ANTI-CRISIS THERAPIES WORLDWIDE (Samoregulacja rynku i terapie antykryzysowe w skali miedzynarodowej)
According to the author, in the period of postkeynesism, it was possible to neutralize two crisis generating deficiencies of the self-regulation system of market economy. The lack of an automatic mechanism to regulate the proportions of income division between labor and capital was substituted by a mechanism of social agreements made by employers and trade unions under the supervision of the state. The other deficiency, i.e. a lack of an automatic mechanism to neutralize the misleading signals of the increase of a tendency to save, was neutralized by the introduction of cheap consumer credit compensating a decrease in demand caused by an increase in savings. After almost half a century period of development without a crisis, some new crisis generating factors occurred. The most important of them all is defective interventionism resulting from a transformation of a liberal doctrine of economic policy into a neo-liberal ideology leading to the elimination of the basic rules of proper functioning of the financial markets and to banks' lawlessness. The crisis can be defeated by therapies consisting in the introduction of internationally coordinated proper interventionism which could restore self-regulation of the markets.
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