ABSTRACT
The current economic crisis has revived the debate on the nature and causes of economic fluctuations. The main question that drives this debate is whether an economic crisis is the result of certain imbalances in particular sectors of the economy or whether it is endemic in capitalist economies, reflecting their systemic and structural problems. Obviously, the answer to this question is not value free and is rooted to certain theoretical hypotheses about economy and society. This is probably the ultimate battlefield for the major theoretical paradigms concerning the organisation and administration of modern economies, with profound policy implications, affecting any proposed remedies for dealing with the economic crisis and its consequences, economic and social.
