Abstract

The major causes of the crisis are pointed out. Its evolvement from mortgage towards financial and now into global recession are traced out. The most recent forecasts of the IMF, OECD and the European Commission, as well as statements of state presidents, prime ministers and prominent economists from the largest countries are referred to, indicating the roots of the crisis, the speedy abatement of economic activity and transformation into recession and the ways and means for overcoming the crisis. The impact of the crisis on Bulgaria is also investigated. The necessity of an anticrisis programme and its composition are substantiated. Some important lessons from the crisis are derived. Special attention is placed on the failure of the neoclassical liberal economic school and the necessity of reorientation towards the modern keyncean school of macroeconomic governance.