New Economic Challenges – 5th International PhD Student Conference: Collection of Annotations of Contributions
New Economic Challenges – 5th International PhD Student Conference: Collection of Annotations of Contributions
Keywords: Financial crisis; Business models; Tourism policy; Financial markets; Czech banking sector; EU fiscal pact; Stock-flow; environmental fund; artificial neural network;
The issue of financial crisis will not only be considered from the economic perspective, but also from the sociological perspective, which brings new insight and attention to phenomena that purely economic perspective can hide. It was very visible during the last financial crisis where the media was focused too much on the economic effects and not enough awareness of the social nature of the crisis. There are three main sociological perspectives: functionalist, conflict theory, and symbolic interactionism. Functionalists believe that economic recessions are functional for society because economic downturn eliminates the poorly operating businesses, while the more useful businesses survive. Conflict theory is based on Karl Marx’s work. A Capitalist system can become so complex, abstract, and alienating, that even those who seem to be controlling the system of loans, secondary loans, and hedge funds, have no idea how it is working. The system’s collapse results from this central conflict within capitalism. According to symbolic interactionism, just because people believe there will be a downturn they act in such a way that ensures the economic downturn will happen, i.e. it acts like a self fulfilling prophecy.
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