Beyond the Global Financial Crisis: Structural Continuities as Impediments to a Sustainable Recovery

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Series Details Vol.1, No.1, January 2012
Publication Date January 2012
ISSN 2146-7757
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All Azimuth: A Journal of Foreign Policy and Peace

All Azimuth, journal of the İhsan Doğramacı Peace Foundation’s Center for Foreign Policy and Peace Research at Bilkent University, Ankara, Turkey. It provides a forum for academic studies on foreign policy analysis and peace research as well as theoretically-oriented policy pieces on international issues.

It particularly welcomes research on the nexus of peace, security and development. It aims to publish pieces bridging the theory-practice gap; dealing with under-represented conceptual approaches in the field; and making scholarly engagements for the dialogue between the 'centre' and the 'periphery'. We strongly encourage, therefore, publications with homegrown theoretical and philosophical approaches. In this sense, All Azimuth aims to transcend the conventional theoretical, methodological, geographical, academic and cultural boundaries. All Azimuth is published two times a year by the Center for Foreign Policy and Peace Research.There has scarcely been a day in the last three years when we have not read depressing headlines in the newspapers about the global economic crisis. The current turmoil, which many experts concur in seeing as the worst jolt to the world economy since the Great Depression, is pushing the parameters of the established system to its limits. One could say that we see, in the short-term measures taken against the crisis at the time, an effective anti-crisis strategy. But ironically, the promptness with which these short-term measures were enacted prevented adequate questioning of the dominant paradigm which had caused the crisis. As a result, the structural problems leading to the crisis were not reduced. Despite the occurrence of the deepest economic crisis to be experienced since the Great Depression, the present economic emergency did not shake the neoclassical economic paradigm as strongly as was needed.

A puzzle that this study aims to solve arises here: Why and how has the conventional wisdom survived and reproduced its intellectual hegemony even after the “most devastating economic crisis” since the Great Depression?

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