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Criza Economica

Top 10 crize economice

Locul 10 - Panica din 1907 (SUA) Aceasta criza a fost generata - cum altfel - de colapsul sistemului bancar (din cauza aceasta se mai si numeste the 1907 Bankers Panic), sistem care pe fondul recesiunii existente la momentul respectiv, s-a confruntat cu retrageri masive de bani, cu falimente si cu o scadere drastica a increderii in banci. La acel moment, nu exista nici o institutie oficiala care sa garanteze depozitele sau sa injecteze lichiditate in economie (Fed s-a infiintat in 1913). DJIA s-a prabusit in luna martie, urmata de o alta scadere serioasa in octombrie, moment in care Trezoreria SUA impreuna cu banca JP Morgan au asigurat lichiditatea necesara sistemului bancar. Increderea s-a restabilit in februarue 1908. Locul 9 - Criza din Mexic 1994 In anii dinaintea acestei crize, economia mexicana a crescut foarte mult iar in conditiile in care cursul valutar era tinut strict sub control, dezechilibrele economice cresteau foarte repede. Cu ceva timp inainte de alegeri, Administratia condusa de presedintele Carlos Salinas de Gortari a decis sa injecteze foarte multi bani in economie, in cresterea salariilor si pensiilor marind astfel deficitul bugetar pana la un nivel nesustenabil. Cum se intampla de obicei, Gotari a pierdut alegerile iar noul presedinte Ernesto Zedillo, a decis ca un control strict al cursului valutar este o greseala si prin urmare, a lasat moneda nationala sa fluctueze liber. Datorita tensiunilor anterioare acumulate in economie, peso s-a devalorizat cu 80% fata de dolar in doar o saptamana (de la 4 la 7,2 peso pe $). SUA a intervenit rapid prin cumpararea de peso direct din piata si prin garantarea unui imprumut de $50 miliarde, situatia revenind la normal peste trei saptamani cand moneda s-a stabilizat la un nivel de 6 peso/dolar. Locul 8 - Criza economica din Argentina - 1999-2002 Aceasta criza isi are originea la inceputul anilor '80-'90, perioada in care Argentina a trecut printr-o dictatura militara, printr-un razboi cu Anglia (razboiul insulelor Falklands), printr-o inflatie galopanta care ajunsese la un nivel de 200% pe luna (!!) in iulie 1989 si in plus, datoria publica era la un nivel nesustenabil. In anul 1999 populatia a inceput sa isi retraga masiv banii din banci, sa ii transforme in dolari sa ii transfere peste granita iar in momentul in care guvernul a inghetat depozitele pentru un an, situatia a degenerat in sensul ca au avut loc revolte populare extrem de violente, oamenii intreptandu-si furia spre banci si spre companiile americane si europene care activau in Argentina. Daca inainte de 1999 cursul valutar era fix (1 peso = 1 dolar), in momentul in care a fost liberalizat, moneda nationala s-a devalorizat de la 1/1 la 4/1. Situatia s-a normalizat incepand cu 2002/2003. Locul 7 - Hiperinflatia din Germania post WW1, 1918-1924 In 1914, rata de schimb intre marca si dolar era de 4 la 1. In 1923, aceasta rata ajunsese la 1 miliard la 1. Dupa primul razboi mondial, prin Tratatul de la Versailles, Germania a fost obligata de catre tarile castigatoare sa plateasca in rate, despagubiri de razboi in valoare de 132 de miliarde de marci-aur, (aproximativ 200 de miliarde de dolari in banii actuali), rata anuala fiind de 2 miliarde de marci aur plus 26% din valoarea exporturilor. Aceste penalizari erau uriase, reprezentand cu mult mai mult decat totalul aurului sau devizelor detinute de catre Germania. Situatia s-a calmat la sfarsitul anului 1923 cand a avut loc reforma monetara prin introducerea Rentenmark. Multi istorici cred ca acesti ani de hiperinflatie l-au ajutat pe Hitler sa ajunga la putere, acesta speculand nemultumirea poporului german la adresa tarilor care au obligat Germania sa plateasca despagubiri.

Locul 6 - Souk Al-Manakh Kuwait- 1982 Souk Al-Manakh reprezenta o bursa paralela celei oficiale in care se tranzactionau instrumente financiare foarte riscante. Multi arabi s-au imbogatit in urma exploziei pretului petrolului in anii '70, iar in anii care au urmat, pe fondul speculatiilor la bursa, indicii bursieri au crescut foarte mult. In 1977, bursa oficiala a clacat. In acel moment, Guvernul a intervenit impunand reguli de tranzactionare extrem de rigide, situatie care i-a impins pe speculatori spre bursa neoficiala Souk Al-Manakh. Trebuie spus ca in perioada sa de glorie, AlManakh avea a treia capitalizare din lume, dupa NYSE si bursa de la Tokio. In urma acestui crash, cu exceptia unei singure banci comerciale, toate celelalte banci din Kuwait au dat faliment sau au fost nationalizate. Locul 5 - Lunea neagra - 19 octombrie 1987 Aceasta data a ramas in istorie drept ziua cu cele mai mari scaderi bursiere din istorie. In 1986, economia SUA a inceput sa dea rateuri insa cu toate acestea, DJIA si-a atins maximul in august 1987 ajungand la un nivel de 2722 de puncte, cu 44% mai mult decat a avut la sfarsitul lui 1986. In data de de 19 octombrie, bursele s-au prabusit, iar DJIA a scazut cu 22,6% intr-o singura zi, companiile pierzand $500 de miliarde din capitalizare. Locul 4 - Criza financiara din Rusia - 1998 Criza financiara din Rusia a fost declansata initial de criza asiatica ce a generat scaderea preturilor materiilor prime (petrol, gaz, metale), de al caror export Rusia era dependenta in proportie de 80%. Pe fondul scaderii veniturilor, aceasta tara s-a vazut in situatia de a nu isi mai onora datoriile externe, intrand practic in incetare de plati. Inainte de 1998, Guvernul a emis bonduri pentru asi acoperi deficitele iar in momentul in care aceste bonduri ajungeau la maturitate, acestea se plateau prin emiterea unor noi bonduri, datoria fiind astfel rostogolita. Dobanda platita de Guvern pentru aceste bonduri ajunsese la un moment dat la 150% pe an. Toata aceasta schema piramidala a cazut in 13 august 1998 cand bursa si cursul valutar s-au prabusit. Economia a inceput recuperarea in 1999-2000. Locul 3 - Criza asiatica din 1997-1999 Totul a inceput in Thailanda in iulie 1997 cand moneda locala, bath-ul, s-a devalorizat masiv in momentul in care Guvernul a hotarat sa lase cursul liber (pana la momentul respectiv moneda era legata de dolar). Avand si o datorie externa uriasa, Thailanda aproape ca a intrat in faliment iar aceasta criza s-a raspandit rapid in zona, cuprinzand toata Asia de Sud-Est, inclusiv Japonia. Cele mai afectate tari au fost Korea de Sud, Indonezia si Thailanda, tari care au fost ajutate de catre FMI prin intermediul unui imprumut in valoare de $40 miliarde, alocat in special eforturilor de stabilizare a cursurilor valutare. Doi ani mai tarziu, economiie din zona au inceput sa isi revina. Locul 2 - Marea Depresiune interbelica - 1929-1933 Marea criza economica din perioada 1929-1933 In ultimele luni s-a tot vorbit despre marea criza economica din perioada interbelica si am considerat ca ar fi util pentru toti cititorii acestui blog sa scriu un articol pe aceasta tema, in care sa explic ce si cum s-a intamplat. Iar dupa cateva zile de documentare, a iesit articolul de mai jos, cam lung, dar mai scurt nu se putea ava nd in vedere intentia mea de a explica mai pe larg situatia. Deci, sa incepem. I Premisele crizei America tocmai isi revenea dupa primul razboi mondial iar economia intra intr-o noua era. Dezvoltarea fara precedent a inovatiilor tehnice si stiintifice din timpul razboiului si imediat dupa, a creat o prapastie intre capacitatea industriei de a genera produse competitive si capacitatea salariatilor de a le cumpara, in timp ce rata de economisire a populatiei cu venituri peste medie era mai mare decat cresterea oportunitatilor de investitii, ceea ce a dus la o crestere fara precedent a preturilor unor active actiuni si imobiliare in principal. Activitatea economica a explodat in perioada 1920-29, indicele productiei industriale calculat de FED crescand de la 81 de puncte in 1920 la 114 in 1929 (deci o crestere de 41%), in timp ce rata medie anuala de crestere a PIB-ului SUA in aceeasi perioada a fost

de 4.6%. Ben Bernanke mentioneaza intr-o carte publicata in 1983 ca intre 1925-1929, industria SUA a produs aproximativ jumatate din totalul productiei industriale a lumii. Insa conform NBER, toata aceasta perioada de crestere economica a fost marcata de trei recesiuni de mai mica amploare: prima recesiune a durat 18 luni, in perioada ianuarie 1920 iulie 21 si a dus la scaderea PIB cu 2%, a doua a avut loc intre mai `23 si iulie`24 iar a treia intre octombrie `26 noiembrie`27, insa fara sa aiba implicatii economice serioase. Tot in aceasta perioada, FED a inceput sa utilizeze politica monetara in scopul atenuarii fluctuatiilor ciclurilor economice iar sfarsitul primei recesiuni mentionate anterior a fost grabit de noua atitudine a FED care, prin imprumuturile pe care le-a acordat in special bancilor, a dus la cresterea investitiilor in economie, cu efect direct in cresterea PIB. In ceea ce priveste bursa, aceasta a crescut spectaculos timp de 8 ani inainte de 1929, indicele Dow Jones crescand cu peste 600% (de la 63.9 puncte in 24 august 1921 la 381.17 puncte in 4 sept. 1929) iar motivele au fost urmatoarele (cf American History 102): 1. Cresterea numarului investitorilor Investitiile la bursa au fost vazute drept o cale usoara de imbogatire (easy money) si se estimeaza ca in orice moment al perioadei 1925-29, cel putin 4 milioane de americani detineau actiuni la bursa. Intrarea permanenta a unor noi investitori concomitent cu iesirea altora, a asigurat un flux continuu de bani noi in piata ceea ce a dus la o crestere fara precedent a pretului actiunilor. 2. Cresterea ratei de economisire Datorita cresterii economice, tot mai multi americani isi permiteau sa faca economii, iar o parte din aceste economii erau investite la bursa 3. Politica banilor ieftini In aceasta perioada, bancile ofereau americanilor posibilitatea contractarii de imprumuturi mult mai usor decat inainte si este foarte probabil ca pe langa masini si case, multi dintre cei care au luat credite au investit o parte din bani si la bursa 4. Investitiile companiilor au creat supraproductie In 1925, in industrie au devenit vizibile primele semne ale supraproductiei (cresterea stocurilor). Insa, anticipand cresterea cererii, managementul companiilor a decis reinvestirea profitului in noi capacitati de productie, accentuand o problema deja existenta. Au fost angajati noi muncitori care la randul lor au inceput sa cumpere pe datorie produse si servicii, generand astfel o crestere a productiei si implicit o crestere a pretului actiunilor. 5. Lipsa reglementarilor privitoare la activitatea bursiera La momentul respectiv, cadrul legal era unul extrem de permisiv si drept urmare, companiile isi cresteau dupa voie capitalul social prin emiterea de noi actiuni care erau vandute investitorilor. Tranzactionarea in marja a explodat, investitorii, convinsi de continuitatea trendului ascendent, cumparau actiuni in marja (platind doar o fractiune din valoare) urmand sa le vanda peste cateva luni la un pret mai mare si sa castige diferenta, ceea ce a dus la crearea unui urias joc piramidal avand in vedere ca majoritatea banilor care erau investiti la bursa de fapt nu existau. 6. Psihoza consumului Anii `20 au reprezentat pentru americani o perioada de consum feroce iar drept exemplu, am sa va dau cateva cifre: productia de masini a crescut de la 2M in 1920 la 5.5M in 1929 iar numarul biletelor de cinema vandute a crescut de la 40 la 100 de milioane pe saptamana, cinematografia devenind a zecea industrie ca importanta. Americanii cumparau orice, de la masini, aparate de radio si aspiratoare, la bilete de cinema si excursii in Europa, deci nu este de mirare ca actiunile companiilor de orice fel au crescut la bursa intr-un mod complet necontrolat. Optimismul in ceea ce priveste evolutia economiei era atat de mare incat, la alegerea sa in 1928, presedintele Hoover a declarat ca America se afla ast azi mai aproape de triumful bogatiei asupra saraciei decat a fost in toata istoria sa, iar la inceputul anului 1929, John Jacob Raskob, CEO General Motors, a scris un articol numit Toata lumea trebuie sa se imbogateasca in care a sugerat ca orice americ an poate deveni bogat daca va investi saptamanal la bursa $15, desi la momentul respectiv venitul unui muncitor nu depasea $17-$22/saptamana. Nota: recunoasteti in cele spuse mai sus o parte din Romania anilor 2004-2008? II Cifre si fapte In luna octombrie a anului 1929, istoria a considerat ca a venit momentul ca America sa plateasca pentru toate excesele facute in ultimii 10 ani. Bursa s-a prabusit cu 40% si doua au fost zilele care au ramas in memoria investitorilor: 24.10 black Thursday joia neagra, ziua in care trendul bursier s-a transformat din bullish (crescator) in bearish (de scadere) si, in special, 29.10 black Tuesday martea neagra, cea mai devastatoare zi din toata istoria bursiera a SUA, zi in care s-a anulat toata cresterea bursei din ultimul an. Doar in perioada 29 oct-13 nov, de pe bursa s-au evaporat 30 de

miliarde de dolari, suma comparabila cu totalul cheltuielilor SUA in primul razboi mondial. In trei ani, indicele Dow Jones a pierdut 89% din valoare, scazand de la 381.17 puncte in 03.09.1929 la 41 de puncte in 05.07.1932 si ii vor trebui 26 de ani pentru a isi depasi din nou maximul atins inaintea crizei. Oficial, criza economica a durat din august 1929 pana in martie 1933, iar evolutia PIBului SUA a fost urmatoarea: 1929 $87 miliarde; 1930 $75 (-13%); 1931 $59 (21%); 1932 $42 (-29%); 1933 $40 (-5%). Pentru a vedea si influenta acestei crize asupra celorlalte economii dezvoltate, va prezint tabelul de mai jos in care se vede evolutia indicelui productiei industriale aferent fiecarei tari in perioada crizei, anul 1929 fiind luat drept reper (100). 1927 Britain Canada France Germany Italy Sweden 95 85 84 95 87 85 1928 94 94 94 100 99 88 1929 100 100 100 100 100 100 1930 94 91 99 86 93 102 1931 86 78 85 72 84 97 1932 89 68 74 59 77 89 1933 95 69 83 68 83 93 1934 105 82 79 83 85 111 1935 114 90 77 96 99 125

U.S. 85 90 100 83 69 55 63 69 79 Sursa: Industrial Statistics, 1900-57 (Paris, OEEC, 1958), Tabelul 2 Ca urmare a scaderii activitatii industriale, in 1933 aproximativ 25% (15 milioane) dintre americanii apti de munca erau someri iar venitul mediu al celor care aveau totusi de lucru a scazut cu 43%. In ceea ce priveste sectorul bancar, daca in anii premergatori crizei apareau banci noi intr-un ritm de 4-5 pe zi, in timpul crizei au falimentat in medie doua pe zi. Criza din sectorul bancar a avut trei faze: 1. octombrie-decembrie 1930, moment in care pentru prima data, unele banci au inceput sa dea semne de slabiciune iar lipsa oricarei garantari a depozitelor a facut ca panica sa se raspandeasca rapid. Daca inainte de crearea FED in 1913, bancile private aveau posibilitatea de a lupta impotriva unei recesiuni economice prin imprumuturi acordate prin intermediul unor case de clearing si/sau suspendarea temporara a dreptului de a lichida un depozit, dupa crearea FED, luarea unor astfel de masuri a devenit responsabilitatea acesteia dar in 1930, Rezervele Federale fie nu au dorit, fie nu au putut sa opreasca raspandirea acestei crize in sistemul bancar. 2. iunie-decembrie 1931. Aceasta faza a fost prefatata de falimentul celei mai mari banci austriece, Kredit-anstalt (mai 1931), moment care a adus panica si in sistemul bancar european. In anul respectiv in SUA, indicele preturilor a scazut cu 9.4% (deci deflatie), indicele productiei industriale s-a prabusit cu 15%, masa monetara M1 s-a redus cu 5.7% iar rata dobanzii a ramas stabila la 11.3%. 3. decembrie 1932 martie 1933. Aceasta a treia faza a reprezentat apogeul Marii Crize. Comparativ cu 1929, datele macroeconomice aratau astfel: rata somajului a crescut de la 3% la 25%, bursa a pierdut 80% din capitalizare, indicele productiei industriale a scazut cu 52%, masa monetara s-a contractat cu 33%, indicele preturilor a scazut cu 33% iar o treime dintre banci ori au dat faliment, ori au fost preluate. III Renasterea Sfarsitul crizei a coincis cu instalarea la putere a presedintelui F.D. Roosevelt, care a venit la Casa Alba cu un plan ce a ramas in istorie: The New Deal. Printre masurile luate de noul guvern se regasesc: (i) infiintarea Reconstruction Finance Corporation, o entitate prin intermediul careia au fost furnizate lichiditati sistemului financiar; (ii) adoptarea Securities Exchange Act prin care s-au reglementat tranzactiile in marja si s-a stabilit cadrul legal in ceea ce priveste imprumuturile pe care bancile le pot acorda pentru astfel de tranzactii; (iii) bancile de investitii s-au separat de cele comerciale prin Glass-Steagal Act. Pentru combaterea somajului, noul guvern a infiintat Civilian Conservation Corps, o organizatie care angaja tineri intre 18 si 25 de ani pentru munca in folosul comunitatii (plantare de copaci, ecologie, etc), tineri care erau platiti cu $30 pe luna. Se estimeaza ca aproximativ doua milioane de americani au fost inrolati in acest program. In ceea ce priveste agricultura, Congresul a aprobat legea numita Agricultural Adjustment Act, prin care statul acorda fermierilor o compensatie baneasca pentru ca acestia sa renunte la cultivatea unei parti a pamantului (avand in vedere scaderea preturilor din perioada anterioara, scadere care a dus la falimentul agriculturii, acum statul incerca sa creasca pretul alimentelor prin reducerea productiei). Intre 1932-35, venitul fermierilor americani a urcat cu 50% iar pana in 1940, se estimeaza ca aproximativ 6 milioane de fermieri au primit un astfel de ajutor.

Industria a beneficiat de aparitia in 1933 a The National Industrial Recovery Act (NIRA) prin care guvernul a stabilit noi reguli de business si a inc urajat crearea a noi locuri de munca insa, NIRA a fost declarat neconstitutional in 1935 datorita faptului ca incuraja formarea cartelurilor si favoriza companiile mari. Toate aceste masuri (si multe altele), au dus la o crestere foarte rapida a economiei in anii care au urmat insa in 1935, productia industriala inca era cu 25% mai mica decat in 1929, in timp ce somajul scazuse de la 25% la 17%. Doar in 1940 se poate spune ca economia SUA si-a revenit complet dupa aceasta criza. IV Concluzii Putem compara efectele crizei economice actuale cu cele generate de criza din 1929-33? Raspunsul la aceasta intrebare poate fi impartit in doua: - da, pentru ca si aceasta criza a fost cauzata de specularea in exces a unor active financiare, in special actiuni si imobiliare (sa nu uitam, creditele subprime au declansat aceasta criza economica), active al caror pret a crescut complet necontrolat in ultimii 10 ani iar acum, cand pretul acestora se apropie de valori mai normale, descoperim ca bogatia mondiala s-a redus cu 30.000 de miliarde de dolari. In plus, este evident faptul ca guvernele si diferitele institutii de reglementare nu au tinut pasul cu vremurile iar cadrul legislativ existent in unele domenii este complet depasit. - nu, pentru ca acum exista mai multa bogatie, situatia economiei mondiale este incomparabil mai buna decat a fost in urma cu 80 de ani iar guvernele au fonduri pentru a lupta impotriva acestei crize. Cei mai pesimisti analisti indica pentru 2009, an considerat ca reprezentand apogeul crizei, o scadere a PIB-ului SUA de 3-4% in timp ce rata somajului nu va trece de 8-9%. Comparati aceste cifre cu cele de acum 80 de ani si veti vedea de ce situatiile nu se compara daca discutam in procente. In cifre absolute insa, pierderile de acum sunt mult mai mari avand in vedere ca in perioada 1929-33, o scadere a bursei cu 80% a dus la pierderi de zeci de miliarde de dolari in timp ce acum, o scadere de doar 40% a DJIA a dus la pierderi de mii de miliarde. Nu stiu nici cand si nici cum se va termina aceasta criza, insa sunt convins ca in perioada urmatoare, in SUA se vor pune bazele unui nou New Deal prin care vor fi reglementate tranzactiile la bursa, piata bancara si modul in care se evalueaza valoarea activelor depuse drept garantii pentru credite. La 80 de ani de la cea mai mare criza financiara din istorie, businessul mondial are nevoie de noi legi si reguli pentru a functiona. Capitalismul in forma actuala si-a demonstrat limitele iar pentru a continua sa produca bogatie, fundamentele acestuia trebuie ajustate. Vor invata guvernele si investitorii ceva din actuala criza mondiala? Doar timpul ne-o va arata.

http://businessday.ro/01/2009/marea-criza-economica-din-perioada-1929-1933/

Locul 1 - Criza petrolului din 1973 Criza petrolului a inceput la data de 15 octombrie 1973 cand OAPEC (respectiv tarile arabe din OPEC plus Egipt si Siria) au decis sa stopeze livrarile de petrol catre SUA si alte tari dezvoltate - in special Olanda - care au acordat sprijin Israelului in razboiul de Yom Kippur. A fost pentru prima data cand o resursa naturala a fost folosita pe post arma iar ca urmare a embargoului, pretul petrolului a urcat extrem de repede de la $3 la $12 pe baril (deci o crestere de 300%). Tarile importatoare au fost serios afectate, aceasta criza venind dupa ce timp de ani de zile economia mondiala a suferit de pe urma denuntarii acordului de la Bretton Woods. Criza petrolului a fost punctul de pornire al unei noi abordari legate de consumul de energie, accentul punandu-se acum pe reducerea acestuia. http://economie.hotnews.ro/stiri-finante_banci-5465018-top-10-crize-economice.htm

Anatomia crizei din 1929-1933. Asemnri i deosebiri


Istoricul de bnci tefan Petre Kirson abordeaz n cele mai recente volume documentare ale sale, aprute n colecia Noi suntem bancheri, un subiect revenit n actualitate de ceva vreme: Marea Criz Economic din 1929-1933 i efectele ei asupra Romniei de atunci. n

baza documentelor revelatorii prezentate, autorul picteaz un tablou dezolant al societii romneti de dup Primul Rzboi Mondial, cnd criza economic a lovit din plin Romnia. Atunci, bursele s-au prbuit, marile companii au nceput s se clatine din temelii, iar omajul a devenit, dintr-un simplu cuvnt, o realitate cotidian alarmant. Niciodat n-a prut mai evident cderea mainriei capitaliste dect n lunile i n anii ce au urmat acelui moment. n anul 1919, la sfritul Primului Rzboi Mondial, situaia economiei romneti era catastrofal. Toate sectoarele avuseser de suferit de pe urma rzboiului. Pierderile umane de pe teatrele de rzboi au dezechilibrat agricultura, aceasta fiind lipsit de for de munc. Industria, dezorganizat, suferea de inactivitate. Sistemele de comunicaii, n special transporturile pe cile ferate, erau n mare parte distruse, mai ales n zona Moldovei, i ntmpinau grave probleme de organizare. n plus, pierderea tezaurului la Moscova a lipsit moneda naional de acoperirea ei n aur. Toate aceste elemente completau peisajul dezolant al unei economii care cu greu i va regsi echilibrul n urmtorii ani.

Primul semn de declin creterea inflaiei Inflaia s-a dezlnuit cu furie, iar preurile au crescut de 4-6 ori fa de perioada antebelic. Leul se prbuea, ducnd la declanarea haosului n ntregul mecanism economic i financiar al rii. Finanele publice nu mai dispuneau de mijloace suficiente pentru ntreinerea aparatului de stat, considerabil mrit prin alipirea noilor provincii romneti Basarabia, Bucovina, Transilvania rezultate n urma Marii Uniri. Specula monetar i bursier a devenit omniprezent, provocnd mirajul unei mbogiri rapide. n paralel, n toate domeniile de activitate economic s-a pornit cu entuziasm la crearea a numeroase ntreprinderi. Peste tot, acolo unde se putea nfiripa o afacere, au fost create companii. Optimismul i iluzia mbogirii rapide au fcut s dispar discernmntul, iar ancorarea n realitate nu mai fcea parte din regula jocului economic. Astfel, ntre 1919 i 1930 s-au nfiinat 556 de ntreprinderi bancare. Dac n 1919 existau 541, la 1 ianuarie 1930 numrul acestora ajunsese la 1.097. Exceptnd anul 1919, numrul bncilor a crescut, de exemplu, pn n 1926, cu o medie de 80 de bnci pe an, astfel c n 1930 se asista la o dublare a numrului acestora fa de 1919. Activitatea economic nu a urmat ns acelai ritm de dezvoltare, care s justifice apariia unui numr att de mare de bnci pe pia.

Bncile au renunat la orice norme de pruden Din cauza acestei optici generale, activitatea bancar a avut de suferit n totalitatea manifestrilor sale: principiile de plasament au fost nesocotite, s-a exagerat n acordarea de credite de consum n detrimentul celor de producie, garaniile luate nu erau serioase sau nu aveau corespondent n realitatea economic, de repartiia riscurilor nu se mai inea seama, iar plasamentele erau fcute pe termene lungi, chiar dac depunerile la termen erau pe termen scurt. Normele elementare de politic bancar prudent erau aproape complet ignorate. La acel moment, bncile au intervenit n industrie, o ramur economic mult prea tnr i lipsit de experien, nu numai prin creditare, ci au luat parte masiv la nfiinarea de noi uniti prin participarea direct la constituirea capitalului social. ntr-o epoc de instabilitate financiar, aceast strategie bancar, reflectat prin imobilizarea a numeroase fonduri n capitalurile sociale ale unitilor industriale, s-a dovedit a fi eronat i exagerat, iar costurile vor fi evidente i vizibile n timpul crizei din anii 30. Concurena pe acest teren, odat dezlnuit, a fcut s sporeasc n posturile de activ bilaniere ale bncilor

sume din ce n ce mai mari i au transformat astfel instituiile de credit din bnci de depozit n bnci de afaceri. Angajnd prea multe capitaluri i imobiliznd fonduri importante n ntreprinderile industriale, afiliate sau nu, bncile i-au denaturat funciile lor bancare.

Debutul Marii Crize Economice n aceast ambian economic, criza mondial i face apariia i n Romnia. Pornit din Statele Unite ale Americii n toamna anului 1929, criza a reverberat rapid ctre Europa i a nlnuit, ntr-o proporie mai mare sau mai mic, toate economiile europene. Pentru Romnia, prbuirea preurilor pe piaa mondial - i mai ales a celor agricole i petrolifere - a fcut ca economia, pentru care aceste produse formau principala surs de ctig, s se resimt n mod deosebit, preurile scznd n perioada de apogeu cu 40-60% din valoarea de dinainte de criz. Pierderile suferite de ara noastr prin scderea preurilor s-au ridicat la miliarde de lei i s-au manifestat prin prbuirea puterii de cumprare, de consum, de contribuie fiscal, dar i n sfera respectrii angajamentelor financiare. Producia economic a nceput s scad, stocurile de produse au devenit din ce n ce mai numeroase, omajul a nceput s creasc, iar plata bugetarilor era ntrziat cu lunile. Tensiunea economic o provoac i pe cea social. Nesigurana zilei de mine pune stpnire pe majoritatea actorilor economici. ntreprinderile, fie industriale, fie comerciale, au fost reduse la autofinanare din cauza lipsei de credit. Efectele crizei ncep s fie vizibile i n sistemul bancar. Mici pusee de panic s-au observat nc din primvara anului 1930, cnd o serie de bnci de importan local au nregistrat crize de lichiditate i nu au mai putut s-i onoreze plile ctre deponeni. Apoi a crescut dobnda la contractarea de noi credite un indiciu sigur al fazei acute de criz - i au nceput s apar dificulti n acordarea lor. Intervenia Bncii Naionale a Romniei prin acoperirea cu devize a creditelor externe retrase de creditorii externi i prin acordarea de credite de reescont ntreprinderilor bancare asaltate de deponeni nu a fost suficient pentru a stopa declinul.

Criza bancar ajunge la apogeu n vara anului 1931 Momentul culminant al crizei bancare romneti s-a nregistrat n vara anului 1931. Simptomele de cretere a panicii i a nelinitii s-au accentuat odat cu declanarea, sub o form acut, a crizei bancare din Europa Central. Cea dinti care avea s provoace furtuna a fost Osterreichische Credit Anstalt din Viena, care s-a prbuit n mai 1931. Au urmat, apoi, Darmstadter und National Bank din Berlin i Dresdner Bank, care-i nchid ghieele. Starea de panic a determinat guvernul german s dispun nchiderea pentru 10 zile a tuturor bncilor i burselor n ntreaga ar. Nelinitea provocat de prbuirea acestor instituii a fost transmis i clienilor bancari din Transilvania i Bucovina, provincii mult mai apropiate de canalele financiare de pe piaa austriac i german. Bncile, cu activul imobilizat i greu executabil, trebuiau s fac fa acum temultului fenomen cunoscut sub numele de run, adic a unor cereri insistente de retrageri (fuga disperat a deponenilor de a-i retrage depozitele de la bnci, fenomen amplificat simultan n tot sistemul). Din cauza acestei situaii, o serie de bnci au fost nevoite s-i nchid ghieele. n cursul lunii iulie, restituirile au crescut considerabil, pentru ca, la sfritul lunii, s se nregistreze prima panic de anvergur dezlnuit n rndul deponenilor, prin cderea Bncii Generale a rii

Romneti, instituie de credit aparinnd categoriei marilor bnci i cunoscut mult publicului. Rsunetul care l-a avut aceast prbuire n masa deponenilor a fost considerabil. Luna urmtoare, Banca Berkowitz are aceeai soart. Panica se dezlnuie cu mai mult furie printre deponeni. Se asist acum fenomenul de run. Cererile de restituire ncepute n iunie sunt continuate cu intensitate n iulie, slbesc n august i septembrie i primesc un nou imbold prin cderea celei mai vechi i celebre bnci a momentului: Banca Marmorosch, Blank & Co. n ultimele luni ale anului 1931, activitatea bancar era redus la restituirea cu repeziciune a depunerilor, restul activitilor fiind paralizate.

Colapsul economic s-a prelungit pn n 1934 A urmat o nou faz a crizei bancare, ce s-a prelungit pn la sfritul anului 1934. Este perioada unui proces lent de frmiare, de slbire i distrugere a organismului bancar, o faz de depresiune ce va determina, ulterior, concentrarea sistemului bancar. Scderea numrului de bnci cu 65 n 1931 reprezenta doar o palid consecin a efectelor crizei. De fapt, majoritatea mai aveau doar numele de banc. Exceptnd cteva mari bnci, toate celelalte au intrat ntr-un fel de hibernare, limitndu-se la plata depozitelor depuse spre fructificare, iar multe apelnd la suspendarea restituirilor. http://www.puterea.ro/news796/Anatomia-crizei-din-1929-1933-Asemanari-%C8%99ideosebiri.htm Actuala criza economica Criza economica care a debutat in 2007 este considerata de analistii economici drept cea mai grava criza financiara dupa Marea Depresiune,contribuind la esecul intreprinderilor cheie,la o scadere a puterii de cumparare a consumatorilor estimata la trilioane de dolari,la angajamente financiare substantiale efectuate de guverne si la significante descresteri ale activitatii economice putem compara efectele crizei economice actuale cu cele generate de criza din 1929-1933 datorita faptului ca si aceasta criza a fost declansata de specularea in exces a unor

Criza economica a pornit din Statele Unite, dar cele mai mari victime ale sale se afla pe celalalt mal al Atlanticului
Cu doi ani in urma, Europa inregistra o crestere economica mai rapida decat Statele Unite, iar Batranul Continent parea in sfarsit pregatit sa incerce sa rezolve vechi provocari economice precum pietele rigide ale muncii, cheltuielile guvernamentale scapate de sub control si o populatie in imbatranire rapida. Acum insa, pe masura ce Asia si Statele Unite depasesc criza economica mondiala, Europa pare ca va ramane in urma tuturor. Liderii care vorbeau candva pe un ton optimist despre schimbari fundamentale menite sa sporeasca productivitatea au revenit acum la sarcinile mai prozaice de protejare a locurilor de munca si evitare a unor decizii politice dramatice, scrie The New York Times.

In plus, chiar in momentul in care este mai necesara ca oricand, vointa politica de a rezolva cele mai grave probleme economice ale Europei pare sa lipseasca, conform multor specialisti din regiune si din intreaga lume.

Sarkozy a uitat ce a promis Cand a fost ales presedinte al Frantei in 2007, Nicolas Sarkozy a vorbit de necesitatea unor schimbari dramatice, incluzand relaxarea unei piete a muncii cu un nivel foarte ridicat de reglementare pentru o mai eficienta concurenta in economia mondiala. Acum insa, "presedintele Sarkozy s-a intors daca nu cu 180, atunci cu cel putin 90 de grade in directia opusa", declara Charles Wyplosz, director al International Center for Monetary and Banking Studies din Geneva. "Lucrurile de care vorbea atunci trebuie inca facute daca vrem sa avem crestere, insa criza a taiat din avantul catre schimbare." In Germania, Angela Merkel evita, de asemenea, sa se confrunte cu puternicele sindicate ale tarii si cu bancile sale regionale. Ea a imbratisat "economia sociala de piata". Guvernul sau

este dur criticat pentru ca a furnizat miliarde de euro sub forma de ajutor financiar pentru Opel. In conditiile in care Europa se confrunta cu o uriasa supracapacitate de productie, alti producatori auto vor avea probabil de suferit noi pierderi. Dupa ce au crescut in acest an pe fondul programelor de tip "Rabla" din multe tari, vanzarile de automobile din Europa Occidentala sunt asteptate sa scada cu 5-6% anul viitor, conform bancii elvetiene Credit Suisse. In Germania, unde industria auto este un simbol, Credit Suisse se asteapta ca vanzarile catre cumparatori individuali sa scada cu 21%, comparativ cu cresterea de 18% estimata pentru Statele Unite. Nu numai sectorul auto este amenintat: analistii sustin, de asemenea, ca recentele teste de stres aplicate bancilor europene nu au fost la fel de eficiente precum cele din Statele Unite. Problemele persista in sectorul bancar "Sistemul bancar nu a fost restructurat cu adevarat", declara Nicolas Veron, din cadrul institutului Bruegel din Bruxelles. Drept urmare, Europa risca sa repete "deceniul pierdut" inregistrat de Japonia in anii '90, cand pierderi uriase au blocat bilanturile bancilor si au impiedicat reluarea creditarii. Tendinta de incetinire reprezinta o schimbare abrupta fata de ceea ce se intampla inainte de criza. Economia Irlandei a crescut cu 5% pe an in perioada 1999-2007, iar rata somajului a scazut in timpul cresterii sustinute inregistrate de cele mai mari economii ale Europei, Germania si Franta. Accentuand noul pesimism, noi date statistice au indicat o scadere de 0,2% a zonei euro in trimestrul doi, peste asteptari. "Europenii sunt cei mai mari perdanti ai crizei economice, desi nebunia subprime s-a produs in Statele Unite", declara Simon Johnson, profesor in cadrul Sloan School of Management din cadrul Massachusetts Institute of Technology. Cu siguranta, economia americana nu a depasit criza inca, in conditiile in care rata somajului continua sa creasca, proprietarii de locuinte sunt coplesiti inca de datorii, iar oficialii de la Washington ofera putine detalii despre cum vor rezolva problema uriaselor deficite guvernamentale. Totusi, recenta apreciere a euro in raport cu dolarul reflecta in cea mai mare parte ratele mai ridicate ale dobanzii de pe continent, mai degraba decat optimismul privitor la perspectivele Europei, iar un euro mai puternic face de fapt exporturile europene mai putin competitive la nivel mondial. Deja, proportia zonei euro in cadrul comertului mondial a scazut la 28% in 2008, de la 31% in 2004, conform OMC. Economiile Spaniei, Irlandei si Greciei sunt asteptate sa se contracte in continuare in 2010, in timp ce economia Germaniei va reusi cu greu o crestere de 0,3%, conform unui nou raport sumbru venit din partea FMI. Influenta Europei la nivel mondial va scadea Exista, de asemenea, semne ca anemicele performante economice ale Europei se vor traduce intr-o diminuare a puterii politice. Tarile europene au avut un urias cuvant de spus in cadrul G7, principalul forum economic al lumii de la mijlocul anilor '70. Luna trecuta insa, s-a aratat ca G7 va fi in curand eclipsat de G20, un grup ce include giganti emergenti ca Brazilia, China si India.

Desi simbolica, trecerea dinspre G7 catre G20 cristalizeaza temerile ca economia mondiala va fi de fapt condusa de ceea ce C. Fred Bergsten, director al Peterson Institute for International Economics, numeste G-2, Statele Unite si China. "In mod ideal, ar fi G-3, insa Europa nu are o voce unitara si nu poate functiona asemeni Statelor Unite si Chinei", spune Bergsten. In plus, criza economica a paralizat, de asemenea, eforturile europene de controlare a unor factori pe termen mai lung care inhiba cresterea, cum ar fi o mai lenta crestere a populatiei din multe tari. In urmatorii 25 de ani, populatia Europei de Vest este de asteptat sa inregistreze o crestere de numai 0,7%, pana la 189,8 milioane de locuitori, de la nivelul actual de 188,5 milioane, comparativ cu o crestere de 20% in Statele Unite in aceeasi perioada, conform Natiunilor Unite. In acelasi timp, populatia imbatraneste pe intreg cuprinsul regiunii. Cea mai buna modalitate de a compensa o imbatranire a populatiei, si prin urmare o scadere a numarului de muncitori, este prin cresterea productivitatii. Totusi, si acest indicator se indreapta in directia gresita. Dupa ce a crescut in anii '70 si '80, in ultimul deceniu productivitatea a avansat cu numai 0,9% anual in Europa, comparativ cu 1,7% in Statele Unite, conform lui Gilles Moec, senior economist in cadrul Deutsche Bank. "Rata de crestere a productivitatii in Statele Unite nu a fost spectaculoasa in ultimul timp, insa a depasit-o pe cea din Europa, iar Statele Unite nu se confrunta cu aceasta problema demografica", a declarat Moec. Pe termen lung, muncitorii ar putea fi astfel nevoiti sa reanalizeze generoasele beneficii sociale, vacante prelungite si planuri de pensionare anticipata pe care candva le luau ca atare.
http://www.zf.ro/business-international/criza-economica-a-pornit-din-statele-unite-dar-cele-maimari-victime-ale-sale-se-afla-pe-celalalt-mal-al-atlanticului-5026262/

2. Cauze i mecanisme ale crizei economico-financiare actuale


Un fenomen nc n curs de a fi conturat i neles, dar pe care tocmai l trim, este criza economic, care a devenit manifest ncepnd cu anul 2007. Se poate afirma c manifestarea crizei pe care o parcurgem i are originea n creditele de tip subprime, denumire sub care se ascund credite imobiliare garantate cu valoarea bunurilor cumprate, acordate cetenilor americani care nu ndeplineau anumite condiii de bonitate. Aceste mprumuturi, n sum de aproximativ 1.200 miliarde de dolari, au fost distribuite cu precdere ncepnd cu anul 2000. Transformate prin mecanismul de titrizare (securitizare) n obligaiuni (CDO Collateralized Debt Obligation), acestea au fost transferate apoi ctre bnci i investitori din lumea ntreag. Atunci cnd preurile bunurilor imobiliare au nceput s scad, aceste credite nu au mai putut fi rambursate, antrennd astfel pierderi abisale pentru cumprtorii de titluri bazate pe creditele de tip subprime. Felix Totir, Ingrid-Mihaela Dragot 136 Evenimentele de pe piaa financiar au avut att un efect cauzal, genernd blocaje i conducnd la sistarea investiiilor dar, poate ntr-o msur nc i mai mare, ele au constituit i un semnal foarte puternic al unor dificulti existente i care rmseser ascunse. Aceste disfuncionaliti camuflate au ieit progresiv la lumin, dar este greu de prezis n ce msur irul descoperirilor s-a terminat. Pe de alt parte, opiniile n ceea ce privete elementele declanatoare ale crizei diverg chiar i n rndul experilor recunoscui n domeniu. Fr pretenia de a le contrapune un punct de vedere propriu comparabil ca nivel, ncercm n

continuare explicitarea ctorva din caracteristicile acestui fenomen mondial. Astfel, criza financiar i economic din prezent este, n primul rnd, manifestarea unei sincope care nsoete, de aproape fiecare dat, reaezarea rolurilor politico-economice la nivel mondial. Ea definete nu doar schimbarea regimului de cretere a economiei globale, dar i rsturnarea, ca importan, a motoarelor acestei creteri. Chiar dac cele dou situaii, cea antecriz i cea postcriz, sunt stabile n sinea lor, tranziia de la una la alta poate fi deosebit de vivace. S semnalm, mai nti, gradul de relativitate al blocajului financiar. Dat fiind c cea mai mare parte a tranzaciilor financiare (chiar i acordarea de credite) sunt jocuri cu sum nul (i problema nu trebuie privit doar la prile implicate direct ntr-o asemenea tranzacie, ci la totalitatea actorilor economici implicai), dificultile aprute pentru unii din actorii de pe piaa de capital sunt, n egal msur, oportuniti pentru alii. Iar pierderile imense ale unora se transform n ctiguri, tot imense, pentru alii. Chiar i prbuirea instituiilor bancare ce au mizat pe instrumentele derivate din creditele subprime s-a tradus n ctiguri importante pentru unele fonduri de hedging. Strict din punct de vedere financiar, chiar i situaiile catalogate ca pierderi sau fraude sunt, n fapt, redistribuiri ale avuiei. Desigur, aceasta nu constituie nicidecum o scuz pentru asemenea erori, care sunt, multe din ele, ilegale i imorale. n plus, trebuie inut cont de impactul psihologic i financiar la nivel de individ, apariia unor tragedii personale, a unor noi surse de inegalitate etc. Dar, din punct de vedere strict economic, sumele de bani rmn pe pia i nu dispar, doar percepia asupra lor se schimb(13). Din punctul nostru de vedere, criza este n fapt un ansamblu de disfuncionaliti diverse, dar a cror interdependen ilustreaz explicit gradul de globalizare financiar i economic n societatea uman din prezent. Astfel, una din cauze este ajungerea la saturaie a celor trei motoare de cretere economic mondial n perioada de dup prbuirea blocului socialist: delocalizarea, creditul i consumul. Astfel, delocalizarea a avut drept linie directoare deplasarea facilitilor de producie n zonele cu mn de lucru ieftin, de regul rile mai puin Criza economic i financiar actual aspecte noi sau revenirea la vechile probleme? 137 dezvoltate, srace sau de-abia ieite din sistemul de organizare socialist. Costurile de transport ale produselor ctre rile dezvoltate erau, n cea mai mare parte a cazurilor, neglijabile(14) n raport cu economia realizat prin utilizarea unei mini de lucru mai ieftine. Acest fapt a avut efecte benefice asupra ntreprinderilor care i-au delocalizat producia, prin aceea c marjele de profit au crescut (datorit reducerii costurilor de producie). Aceast rentabilitate regsit a permis finanarea a ceea ce s-ar putea numi deficitul structural(15) al economiilor de origine ale actorilor economici aflai n prin proces de delocalizare ctre alte regiuni: un omaj cauzat de reducerea numrului de locuri de munc, o pierdere a autonomiei economice a statului de origine i, nu n ultimul rnd, o pierdere a exclusivitii excelenei tehnologice. Dintre acestea, omajul a putut fi camuflat prin ceea ce s-a numit reorientarea economiei i deplasarea centrului de greutate a acesteia de la industrie ctre servicii (dintre care cele financiare au fost printre cele mai proeminente). Pierderea autonomiei economice a statelor de origine s-a tradus, n esen, n slbirea competenelor strategice ale acestora, ca urmare a prevalrii ca importan a rentabilitii n detrimentul siguranei strategice. De exemplu, delocalizarea capacitilor de producie a dus la stabilirea unei relaii de dependen manufacturier n raport cu noile locaii. ntr-o economie global complet omogen, n care concurena s-ar face pe criterii innd exclusiv de competitivitatea economic, acest fapt ar fi fr importan. Dar, cum n momente de criz se manifest tendinele de revenire la autarhie, aceast ultraspecializare n domeniul serviciilor prezint dezavantaje cci, de multe ori, acestea sunt percepute ca un domeniu nalt profitabil, dar nu indispensabil.

Unul din paradoxuri este, deci, acela c statele dezvoltate sunt astzi mai vulnerabile la msurile protecioniste dect statele mai puin dezvoltate i, din acest motiv, mai puin specializate. n fine, delocalizarea produciei a condus, indiscutabil i ineluctabil, la necesitatea unui transfer de tehnologie i de cunotine. Dei statele dezvoltate au pstrat exclusivitatea n anumite domenii sensibile (producia i cercetarea militar, domeniul roboticii, anumite tehnologii software cum ar fi programele de criptare), interdependena economic actual face ca exploatarea acestor avantaje s fie foarte dificil, chiar imposibil: este cazul, de exemplu, al preeminenei n domeniul militar. Tot pe aceeai linie, multe din aceste domenii de excelen, chiar exclusive, se regsesc n situaia de a fi considerate supraevaluate n vreme de criz. Acest deficit structural a putut fi finanat datorit noii rentabiliti derivate din scderea costurilor de producie. Dar delocalizarea i-a pierdut n prezent, dac nu caracterul de resurs important de cretere, mcar aparena de inepuizabilitate. Mai nti, dup integrarea n sistemul economic global(16) a fostelor state socialiste, a Asiei de sud-vest i a Americii Latine(17), aria Felix Totir, Ingrid-Mihaela Dragot 138 geografic de expansiune a economiei a ajuns la dimensiunea maxim. Apoi, dup ce ntr-o prim etap globalizarea condusese la scderea preului de producie, iar subiecii statelor dezvoltate i-au adaptat stilul de via la aceast premis, ntr-o a doua etap, tendina s-a inversat: salariile n statele-int ale delocalizrii au nceput s creasc(18) i, chiar fr a ajunge la nivelul celor din statele-origine, coroborat cu diferena de productivitate, au anulat ctigul adus de delocalizare. Soluia clasic ar fi fost delocalizarea ctre noi regiuni, dar acestea erau, pur i simplu, indisponibile din punct de vedere fizico-demografic (Antarctica, Groenlanda), politic (Coreea de Nord, o mare parte din Africa) sau legal (rezervaiile nativilor americani). Creditul a devenit n decursul perioadei amintite un substitut al avuiei. Tendina respectiv are o cauz uor de explicat: una din problemele pe care le-a adus delocalizarea economiilor statelor dezvoltate a fost creterea gradului de asimetrie n distribuirea profiturilor. Dac n perioada anterioar profiturile erau repartizate ntre acionariatul (sub form de dividende) i angajaii (sub form de salarii) din acelai stat, delocalizarea a dus la redirecionarea prii de profituri care s-ar fi cuvenit angajailor (este drept, de valoare mai mic, mna de lucru fiind mai ieftin) de la angajaii din statele-origine ctre angajaii din statele-int. Prin aceasta, o mare parte a populaiei a fost lipsit de aportul direct al noilor investiii. Cu toate acestea, sentimentul de cretere a avuiei, departe de a scdea, s-a amplificat. Substitutul care a permis acest lucru a fost creditul. Prin relaxarea normelor i condiiilor de creditare, s-a creat posibilitatea accesrii acestora de ctre o mare parte a populaiei, care astfel i putea permite achiziionarea de produse scumpe, rezervate n mod tradiional celor bogai. Coroborat cu anumite aspecte psihologice, care tind s privilegieze satisfacia imediat, consumatorii din statele-origine nu au sesizat c, de fapt, puterea lor de cumprare nu se mai msura n capacitatea de a achiziiona bunuri, ci n capacitatea de a achiziiona credite. Pentru o bun perioad de timp, ns, fluxurile financiare suplimentare aprute ca urmare a majorrii marjelor de profit prin delocalizare au dus la o inflaie n anumite sectoare ale economiei. Cel mai evident dintre acestea este sectorul imobiliar. Disponibilitatea unora dintre actorii economici (n majoritate, proprietari sau acionari ai companiilor care beneficiaser de pe urma localizrii) de a achiziiona proprieti de lux a dus la creterea preului acestora. Tendina a fost ntrit de preferina multora din cei care dobndiser avere n statele emergente de a-i achiziiona proprieti n statele dezvoltate, att din raiuni de afaceri sau sentimentale, ct i din raiuni politice: aceste proprieti constituiau refugii, pe un teren democratic, unde drepturile omului erau aproape deplin respectate, n cazul apariiei unor dificulti i conflicte cu administraiile din statele lor de origine. n fine, accesul facil la credit a

Criza economic i financiar actual aspecte noi sau revenirea la vechile probleme? 139 ranforsat trendul ascendent al preurilor. Cum mare parte a cetenilor statelor capitaliste erau i deintori de proprieti imobiliare (cel puin scriptic, fr a lua n calcul ipotecile i riscul de executare silit a garaniei bancare), iar valoarea de tranzacionare pe pia a acestora cretea n mod continuu, sumele accesibile prin mprumut deveneau din ce n ce mai ridicate, ceea ce permitea noi achiziii i, deci, o nou cretere a preurilor. Capcana acestui mod de aciune i care, neobservat fiind, a dus n cele din urm la constituirea unei adevrate bule imobiliare, era acea c majorarea de preuri devenise autoalimentat: orientarea unei pri din capital devenit disponibil n urma delocalizrii ctre proprieti imobiliare condusese la o cretere a preurilor, dar aceast resurs financiar nu era suficient a susine un fenomen de mas. Or, acest capital era una din puinele motivaii raionale ale creterii preurilor. Consumul, cel de-al treilea motor al creterii economice amintit, a beneficiat din plin de aceast cretere a preului proprietilor i a majorrii sumelor ce puteau fi luate cu mprumut, att prin faptul c alimenta lichiditile disponibile pe pia, ct i parial datorit unui aspect psihologic cunoscut sub numele de paradoxul coaforului(19). Finanarea consumului s-a fcut nu numai la nivel de individ sau de companie, ci a devenit chiar o politic de stat. Acest fapt a fost acceptat deopotriv de statele care se ndatorau pentru a-i putea susine tendina de a consuma, ct i de cele care finanau deficitul rezultat din aceast abordare cu ajutorul propriilor excedente comerciale, fiind dependente de piaa de desfacere pe care o reprezentau statele consumatoare. Exemplul SUA i al Chinei este gritor n acest sens, datoriile acumulate de SUA fiind imense.
Economie teoretic i aplicat Volumul XVIII (2011), No. 1(554), pp. 131-153

Criza economic i financiar actual aspecte noi sau revenirea la vechile probleme? Paradigme, cauze, efecte i soluii adoptate*
Felix-Costinel TOTIR

Cei 10 vinovati pentru producerea crizei economice

Multimiliardarul Dick Fuld era CEO al grupului bancar Lehman Brothers, care a dat faliment anul trecut. Poreclit sperietoarea de pe Wall Street, Fuld este acuzat c a expus Lehman Brothers la toxicitatea creditelor ipotecare neperformante i a unor active a cror valoare s-a nruit la nceputul crizei creditelor. n ultimele luni de via ale companiei au aprut civa cumprtori interesai s o salveze, ns Fuld nu a fost mulumit de preurile oferite. Dac ar fi acionat mai devreme, ar fi putut s evite falimentul. Hank Paulson Dac Dick Fuld este responsabil pentru colapsul Lehman Brothers, atunci Henry Paulson, fostul secretar al Trezoreriei SUA, este omul care a permis ca falimentul s se ntmple. Prbuirea global a bncilor poate fi comparat cu tragerea unui glon n cap din moment ce cauza ei a fost decizia contient a Trezoreriei

SUA de a pune n pericol stabilitatea economiei mondiale prin urmrirea unui obiectiv politic, anume acela de a arta c Administraia Bush este gata s acioneze fr mil mpotriva unei instituii bancare mari de pe Wall Street, scrie Anatole Kaletsky n Times. Pn n acel moment, investitorii din ntreaga lume au presupus c o companie ca Lehman este prea mare pentru a cdea i c ar fi oricnd sprijinit de guvernul rii sale. Contrazicnd aceast presupunere, Henry Paulson a provocat o implozie a ncrederii consumatorilor i a afaceritilor. Nu numai c a lsat Lehman Brothers s moar, dar a fcut i o serie de greeli impardonabile, cum ar fi faptul c a propus injectarea a 700 de miliarde de lire n sistemul bancar. De unde a scos Paulson aceast cifr? Nu se bazeaz pe nimic concret. Am vrut doar s alegem o cifr foarte mare, a spus purttorul de cuvnt al Trezoreriei, citat de Forbes. Alan Greenspan Greenspan a fost apreciat ct timp s-a ocupat de Trezoreria SUA, ns de atunci s-a tot aflat n atenia publicului. El este responsabil pentru micorarea dobnzilor pn la aproape de zero dup atacurile teroriste de la 11 septembrie, sistemul financiar american inundnd lumea cu bani uor de obinut. John Tiner/Hector Sants Tiner era eful autoritii britanice pentru industria de servicii financiare. n 2007, el i-a predat tefeta lui Hector Sants (foto). Autoritatea nu a reuit s in sub observaie Northern Rock, fostul fond mutual din New Castle, care a devenit periculos de dependent de fondurile interbancare i a sfrit prin a iei din afaceri. Fred Goodwin Cel mai prost bancher din lume a pus la pmnt Banca Regal a Scoiei, (RBS), a doua banc dup mrime din Marea Britanie. Acesta a anunat pierderi de 28 miliarde de lire, cele mai mari din istoria corporatist a Angliei, iar economitii i analitii au conchis c banca poate fi complet naionalizat. Sir Fred a venit la RBS n anul 2000 i a nceput s cheltuiasc frenetic. n doar apte ani a achiziionat 26 de bnci cu mai mult de 35 miliarde de lire. Dup ce a cumprat NatWest, n 2000, Fred Goodwin a fost rspltit cu un salariu de 2,1 miliarde de lire pe an, mai mult dect primea orice alt ef de banc din Marea Britanie. n 2006, aciunile bncii erau cotate la 13 lire bucata, dar au sczut dramatic pe 28 ianuarie anul trecut. n octombrie anul trecut, Sir Fred a prsit conducerea bncii. Prea trziu. Gordon Brown Premierul britanic a prezis criza financiar global n urm cu zece

ani, cnd a inut un discurs studenilor de la Harvard. Din pcate, a fcut prea puin ca s-o evite. James Gordon Brown a fost cancelarul Trezoreriei britanice n timpul celei mai lungi perioade de cretere din istoria Marii Britanii, ns economitii l acuz c a ncurajat inflaia preurilor n sectorul imobiliar i rspndirea creditelor. ntr-un discurs inut recent la London School of Economics, cancelarul George Osbourne a spus: Competitorii notri au folosit anii buni pentru a se pregti pentru anii de declin. Marea Britanie nu a fcut asta. Dintre rile dezvoltate, noi suntem cel mai puin pregtii pentru a face fa turbulenelor financiare actuale. Dublul nostru deficit extern i fiscal este mai mare dect n orice alt economie european, mpreun depesc deficitul SUA, iar vina o poart Gordon Brown. George W. Bush Fostul preedinte american a fost la putere n anii de cretere, cnd au ncolit seminele imploziei creditelor ipotecare neperformante, ns a refuzat s fie responsabil pentru dezastrul financiar care a avut loc pe tura lui. ntr-un discurs inut anul trecut, Bush a aruncat toat vina n crca bancherilor din New York. Kathleen Corbet Ageniile de rating au fost criticate c nu au pus ntrebri mai dure cu privire la datoriile colaterale care conineau att de multe credite ipotecare duntoare i pe care investitorii le-au vndut pe milioane de dolari n timpul anilor de cretere. Trei dintre cele mai mari agenii de rating au fost acuzate c i-au crezut pe cuvnt pe investitori i nu au estimat corect riscurile presupuse de securizare. Kathleen Corbet era efa celei mai mari agenii de rating, Standard & Poors, nainte s demisioneze n 2007, din cauza criticilor dure. Rivalul S&P este agenia Moodys. Hank Greenberg A fost eful AIG, asigurtorul gigant care a fost salvat de guvernul american printr-un ajutor financiar de 47 miliarde de lire, la cteva zile dup prbuirea Lehman Brothers. Greenberg a condus instituia ntre 1967 i 2005, timp n care aceasta s-a mpotmolit n mlatina creditelor neperformante. n septembrie anul trecut, Greenberg a apelat la guvernul american pentru a-i salva instituia, spunnd: Este o companie sntoas din punct de vedere financiar, mai puin n privina lichiditilor. A o lsa s moar ar fi dramatic. Angelo Mozilo A fost eful celei mai mari bnci din SUA, Countrywide, care oferea credite ipotecare de tip sub-prime pn n iulie 2008. Cei care acordau astfel de credite au fost acuzai c au folosit tehnici de marketing neltoare pentru a bga sub nasul proprietarilor de case ipoteci pe

care nu i le permiteau. Aceasta a fost rdcina crizei creditelor. n timpul creterii explozive a sectorului imobiliar, Mozilo a avut un salariu anual de 470 milioane de dolari plus alte venituri. El s-a aflat, de asemenea, sub reflectorul unui program VIP, care oferea ipoteci avantajoase oficialilor din Guvern. Recent, Bank of America s-a oferit s cumpere Countrywide pentru patru miliarde de dolari. Postul de televiziune CNN l-a inclus la rndul su n lista principalilor vinovai pentru colapsul financiar din Statele Unite. Henry Cisneros, membru al consiliului de administraie al Countrywide, a spus despre Angelo Mozilo c este blonav de stres. http://www.adevarul.ro/actualitate/zece-vinovati-criza-economicamondiala_0_22799628.html

Current crises call for concerted global action to advance development UN officials
ECOSOC President Amb. Lazarous Kapambwe of Zambia 10 March 2011 With the financial crisis having reversed many development gains and the world once again facing rising food and energy prices, top United Nations officials today underscored the need for concerted action to advance development, equity and prosperity for all. The financial and economic crisis has reversed many development gains and interrupted progress in economic and social development. Accelerating progress in building a global partnership for development is crucial to overcoming these setbacks and achieving the MDGs by 2015, said Lazarous Kapambwe, President of the Economic and Social Council (ECOSOC). The eight Millennium Development Goals (MDGs) range from halving extreme poverty to halting the spread of HIV/AIDS and providing universal primary education, all by the target date of 2015. Mr. Kapambwe told the annual high-level meeting of ECOSOC with the Bretton Woods institutions, the World Trade Organization and the UN Conference on Trade and Development (UNCTAD) that the international community is now facing a tremendous challenge of promoting an agreed action agenda to accelerate progress towards achieving the MDGs by 2015. In addition to a global partnership for development, the two-day meeting is looking at the role of the UN in global economic governance, as well as financial support for the development efforts of the least developed countries and middleincome countries. In the absence of effective policy coordination and cooperation among governments around the world, there is a real risk of a new global recession, said Mr. Kapambwe. This would add to the already immense human cost of the crisis, which has seriously set back the development efforts of many developing countries. Secretary-General Ban Ki-moon also highlighted the fact that recent spikes in food and energy prices are also putting at risk the progress achieved over the past decade in lifting millions of people out of poverty.

It is also important to recognize the political and economic implications of the recent developments in North Africa and the Middle East, he noted. While these are still unfolding, the events have already highlighted once again the nexus between poverty, unemployment, inequality and stability. Inclusive, democratic, honest governance is a crucial part of our quest for social justice and human dignity, he stated. We must respond to these challenges, he added, by charting a course for truly sustainable and equitable development. Luis Manuel Piantini Munnigh, President of UNCTADs Trade and Development Board, also commented on the recent political and economic events, such as the spike in food and fuel prices and the revolts sweeping across the Middle East and North Africa. All of these underscore the inescapable reality that fundamental change is upon us, he said. These events have highlighted that the old ways of doing business no longer work, and that old assumptions which at one time may have seemed unassailable were, at the end of the day, flawed. http://www.un.org/apps/news/story.asp?NewsID=37736&Cr=ecosoc&Cr1=

Cum s-ar putea schimba viata noastra in urma actualei crize economice?
Raspunsul depinde de cat de adanc ne va lovi si de cat de mult va dura. Glasnost si Perestroika made in China. Una dintre cele mai importante decizii politice, luate pe fondul crizei economice mondiale, vine din China, unde guvernul de la Beijing a reinventat cele doua concepte ale lui Mihail Gorbaciov - glasnostul si perestroika. Propaganda chineza a schimbat tactica si a decis sa permita publicarea unor stiri negative. Guvernul chinez incearca astfel sa limiteze pericolul unor revolte sociale, permitand presi oficiale sa publice stiri "negative", adica despre revolte, incidente legate de exproprieri sau somaj. Autoritatile chineze au hotarat sa dea libertatea organismelor de presa sa scrie despre proteste, mai degraba decat sa favorizeze aparitia de zvonuri, avand in vedere ca cetatenii chinezi sunt foarte interesati de impactul crizei financiare mondiale asupra economiei nationale. Astfel, au fost publicate informatii despre grevele seferilor de taxi si protestele noilor someri, ca si despre revoltele din provincia Gansu. Ce inseamna aceasta deschidere a unui govern communist intr-o tara precum China? Noi ar trebui sa stim inca semnificatia unei astfel de decizii. In China, pana si informatiile de pe internet erau pana acum cenzurate. Daca vreun locuitor al Chinei dorea sa afle ce s-a intamplat in piata Tiananmen in 1989 nu putea accesa niciun fisier despre acest eveniment deoarece autoritatile chineze cenzurasera absolut orice informatie legata de revolta studentilor in fata tancurilor armatei. Ceea ce pare oarecum paradoxal este faptul ca aceasta tara nici nu pare inca atinsa de efectele crizei financiare. Rezervele sale ii permit sa cumpere titluri de stat americane in valoare de aproape 600 de miliarde de dolari si sa devina astfel principalul stat care detine titluri de stat emise Trezoreria Statelor Unite. Poate ca aceasta deschidere a autoritatilor chineze in ceea ce priveste stirile nu reprezinta altceva decat o incercare de manipulare a opiniei publice. Pe principiul: "vedeti cat de rau a ajuns Occidentul, cu tot cu economia lui libera? Vedeti cat de puternici suntem noi, astfel incat ne permitem acum sa fim principalul finantator al Americii?"

Orice s-ar spune, ironica situatie! In timp ce democratia si economia libera de piata din Occident nationalizeaza tot mai multe banci, companii si societati, in China, guvernul comunist investeste, dupa calcule cat se poate de capitaliste, intr-o economie americana ce nu promite nimic bun deocamdata. Ironia si paradoxul acestei situatia s-ar putea extinde in viitor si mai mult. Este posibil ca pe masura ce criza se va accentua, in tarile democratice din Occident sa apara tot mai multe si mai diverse forme de cenzura guvernamentala a informatiilor. Masura fiind explicabila prin stoparea raspandirii panicii in randul cetatenilor. In acel moment, ne putem imagina ca, in China, guvernul comunist va liberaliza cu totul presa. Probabil ca atunci aceasta masura nu ar mai mira pe nimeni. Cum ar putea arata viitorul lumii intr-o criza economica grava? Dupa masurile si anunturile din ultima saptamana ale companiilor si guvernelor din intreaga lume, de un lucru ne-am convins cu totii: nimeni nu va scapa de consecintele crizei economice. Economiile sunt atat de bine interconectate, incat o criza care se va accentua puternic intrunul din marile "motoare" ale lumii, fie Germania, Japonia, SUA sau Marea Britanie, restul lumii ii va urma in cadere. Revoltele de la periferiile Parisului din decembrie 2005, cand emigrantii cereau drepturi egale cu cetatenii francezi incendiind masini, distrugand magazine si atacand persoane, ar putea sa ramana doar o amintire palida. E suficient doar sa ne imaginam cum ar putea reactiona indigenii fiecarei tari dezvoltate din Europa, ramasi fara case si fara serviciu in urma crizei, in fata emigrantilor din tarilor lor. Scenariile filmelor SF de la Hollywood, unde lumea este impartita in doua categorii bine definite: bogatii la suprafata, saracii sub pamant, ar putea deveni un "avant la lettre" sinistru. Democratizarea luxului, o utopie? Pana atunci, criza economica ne poate invata pe fiecare cate ceva. Ne poate responsabiliza, mai mult decat am crezut ca putem sau trebuie sa fim. Criza economica ne poate face sa ne intrebam daca democratizarea luxului, asa cum era infatisat acest concept in tarile dezvoltate acest concept, nu este cumva o utopie. Ne pune poate pe ganduri in privinta modului in care se pot sau NU se pot face unele averi: milioane si miliarde realizate intr-o secunda printr-un simplu click de mouse sau printr-un singur telefon. Intr-o era a vitezei in care s-a accelerat timpul in care se poate construi un imperiu financiar, de la cateva generatii la cativa ani sau cateva luni, a venit poate vremea sa invatam ca, la fel de rapid, aceasta avere se poate evapora. http://www.e-transport.ro/CUM_VA_SCHIMBA_CRIZA_ECONOMICA_LUMEA-i87-news20633p83.html

RESIDUAL EFFECTS OF GLOBAL CRISES FINANCIAL, FOOD, FUEL IMPEDING PROGRESS TOWARDS ACHIEVING MILLENNIUM DEVELOPMENT GOALS, THIRD COMMITTEE TOLD

Hears from Some 30 Speakers on Second Day of Social Development Debate; Youth as Policymakers, Implications of Ageing Populations among Other Issues The residual impact of the global economic and financial crisis, fuel crisis and food crisis was high on the minds of speakers in the Third Committee (Social, Humanitarian and Cultural) today, with several of them noting how the aftershocks have impeded progress towards achieving social development and the Millennium Development Goals. As the Committee completed its general discussion on social development, representatives of some two dozen countries took the floor joined by half a dozen youth delegates who underscored the need for the voices of young people to be heard in the decision-making process at national and international levels. Expressing regret that the ranks of those living in poverty has kept on growing in sub-Saharan Africa, the representative of Ethiopia told delegates that the multiple global crises in tandem with climate change threatened to hold back much of the progress that has been made in poverty reduction and achieving social development goals. The representative of Syria noted how there have been fewer work opportunities and more unemployment. His counterpart from Kenya remarked that the global crises had had a profound impact, with resources diverted to humanitarian initiatives rather than employment and social protection. The representative of the Maldives recounted how his government had had to undertake tough austerity measures in response to a contraction in the tourism and fisheries sectors. The representative of Malaysia observed that progress has been hostage to contemporary instability; any policy prescriptions should include a fair global financial structure that would strike a balance between governments and the private sector. His counterpart from Kazakhstan maintained that it was inappropriate to decrease a States social commitments even in the midst of a global slowdown. Ageing, persons with disabilities, education and gender equality were among the other issues addressed, with the representative of Argentina calling for an international convention that would standardise the rights of the elderly and establish bodies to oversee its enforcement. His counterpart from Israel noted how his country was one of the few that had enshrined in law the obligation of family members to look after their elderly relatives. The representative of the Philippines announced that her delegation would be presenting a draft resolution on persons with disabilities and the Millennium Development Goals, and the representative of Mongolia said that her country would be sponsoring a draft resolution on promoting literacy. Also speaking today were the Minister for Labour, Youth, and Women and Childrens Development of the United Republic of Tanzania, and the representatives of Indonesia, Iraq, Pakistan, Morocco, Burkina Faso, Malta, India, Philippines, Dominican Republic, Colombia, Kazakhstan, Bolivia, Eritrea, Senegal and Bangladesh. Youth delegates from Tunisia, Slovakia, Ukraine, Turkey, Bulgaria and Botswana addressed the Committee, as did the representative of the International Labour Organization. The Committee will reconvene on Wednesday, 6 October, to begin its discussion on crime prevention and criminal justice and international drug control. Background The Third Committee (Social, Humanitarian and Cultural) met today to continue its debate on social development. For more information, please see press release GA/SHC/3973. Statements KOHILAN PILLAY ( Malaysia) said that the 1995 World Summit for Social Development in Copenhagen stood as one of the achievements of contemporary international governance, in that it

achieved consensus on the need to put people at the centre of development. The follow-up to the Summit, the 24th special session of the General Assembly, further expanded the views on social development and provided specific targets and strategies to achieve it. However, subsequent discussions on the agenda item had taken place in the challenging environment of global economic crises, increased fuel and food costs and uncertainty with regard to continued economic growth. Thus, progress continued to remain hostage to contemporary instability. When examining policy prescriptions, focus was needed on the following: a steadfast commitment to the larger political goals of the World Summit and relevant social development forums, a fair global financial structure that balanced government and the private sector, a paradigm shift in analysis of growth and poverty, and finally, better balance between policies of social protection versus economic growth. As such, she said greater coordination was needed at all levels to ensure greater coherence between work currently undertaken in social development and the work related to overall economic and sustainable development. Touching on questions related to older persons and the disabled, he noted his countrys aging population. By 2030, Malaysia would be a nation with older persons constituting more than 15 per cent of the population; thus, harnessing the pool of resources from the elderly was necessary. With regard to the disabled, greater efforts would be made to provide easy physical access to transportation and buildings and for a more disabled-friendly environment. In conclusion, he said that the well-being of societies and people that made up that society, regardless of the differences or vulnerabilities they had, remained the prime motivator for the working of his Government. JOSEPHINE OJIAMBO (Kenya), associating with the statement by Yemen on behalf of the Group of 77 and China, stated that as clearly noted in the high-level Summit, despite pockets of good news, several areas of the world were still confronted with alarming statistics. The global crisis had had a profound impact on social and economic development. Resources had been diverted to humanitarian and other life-saving initiatives, rather than to employment and social protection programmes. Indeed, that was a key challenge faced by Kenya and other developing nations in the development of equitable, stable and just societies. In this context, Kenya reaffirmed its commitment to fulfilling all the goals agreed upon at Copenhagen, in particular those regarding poverty eradication, full employment and social integration. Concerning social integration, she said several initiatives were being implemented. The Government was facilitating the right to education for every Kenyan and increased investment in the Vision 2030 flagship projects. The National Disability Policy was being put in place, as well as the Disability Fund and the African Rehabilitation Institute, all with the overarching goal to promote equal opportunities and access to social protection programmes. The National Policy on the Older and Ageing, adopted in May 2009, promoted healthy and active ageing, and the Social Protection Programme provided cash transfers to vulnerable and older-headed households. That modest amount of money was going a long way to sustaining and providing independence to older persons. Lastly, the Youth Enterprise and Women Enterprise Development Funds dispensed enormous sums of money to encourage entrepreneurship and independence, as well as improve the livelihoods of families. But, social and economic programmes had to be scaled-up, he stated, through strengthened partnerships and a people-centred approach. It required the concerted efforts of both national Governments and the international community. BASHAR JAAFARI ( Syria ) said that hunger and poverty were still raging in the world; there had also been growing unemployment and fewer job opportunities. Tension and occupation had, meanwhile, continued to stand in the way of peace and security. Syria had been taking a number of steps to achieve a balanced economy - one in which there would be less poverty and a better distribution of wealth. The participation of all sectors of society was required to achieve such a goal. As an example of the progress that Syria has made in improving the situation of persons with disabilities, it recently hosted the Paralympics of the Middle East and North Africa, he said. It had helped to change ideas and prejudices that young people had held about persons with disabilities. Syria took note of the Secretary-Generals report on social development, but regretted that it had ignored the tragic consequences of the Israeli occupation. It also should have referred to disabilities caused by such weapons as cluster bombs and landmines. AKRAM SABRI, a youth representative of Tunisia, said that Tunisia had worked to face the interrelated challenges related to the global financial crisis and social challenges, and that youth was one of the most vulnerable groups to global imbalances. Having adopted the General Assembly resolution designating 2010 as the Year of Youth, Tunisia called upon the international community to activate the role of young people by providing them with the necessary care, attention, and support to

develop skills and excel in all fields and to provide future generations with security and prosperity. The youth of Tunisia were proud of the role they were playing in the development of their country, he said, noting that the electoral age in the country had been decreased to 18, giving young people an active role, and allowing them to express their views, aspirations, and proposals. Tunisia also established a national strategy to develop the lives of youth in the country and to promote their participation in the daily affairs of the country, he said. Supporting the Year of Youth, the President of Tunisia had agreed to the organization of a youth conference, and Tunisia had promoted such initiatives as a world fund for solidarity, the right of youth to practice sports and physical education, and the designation of an international day of solidarity. Tunisia also created a committee made up of different sectors, such as media and civil society, which contributed to a rich national programme throughout the year, including meetings, workshops and seminars. Additionally, the first youth parliament in Tunisia was established this year, and a law was adopted concerning the organization and the involvement of youth in volunteer work. GUSTAVO RUTILO ( Argentina) said ageing had become an unprecedented phenomenon in the world today, with the segment of the population over the age of 60 growing exponentially. The majority of elderly people were in developing countries, where they lived with their families. Intergenerational solidarity could not be the sole response to rapid demographic change; States had a role to play, as well. Many elderly persons faced discrimination and abuse, he said. The report of the SecretaryGeneral told of an alarming rate of poverty among the elderly, many of whom had no pension when they retired. There was no legally binding instrument to safeguard the rights of the elderly. The heads of state of the Southern Common Market (MERCOSUR) have sought to promote an international convention on the rights of the elderly that would standardize their rights and establish bodies for enforcement. Member States must pursue discussions towards such a convention. DANA VYINKROV, youth delegate of Slovakia, said she was pleased to speak in such an important year, in which both the International Year of Youth and the Eradicate Extreme Poverty programmes were shining a spotlight on young people around the globe. Education was the worlds most powerful development tool, but in some regions completing only primary and secondary education was considered success. In that regard, she chose to speak about the importance of promoting development education, which was based on the values of solidarity, equality, inclusion and cooperation. It aimed to raise basic awareness of international development policies, sustainable human development, the Millennium Development Goals and humanitarian aid, in addition to fostering participation and informed actions. Paraphrasing British philosopher Herbert Spencer, she said, The aim of education is not only knowledge, but also action. While those words could be applied to young people across the globe, too many of those young people in developing countries continued to misunderstand global issues and the concept of development and humanitarian aid. In that regard, Slovakia was preparing to include global education in all three levels of its educational system, including primary school. A successful programme that had taken place at the high school level was Slovak Day and Afghan Day, where students in each school simultaneously dressed up and took part in the culture and traditions of the respective school, while being connected online through Skype. The feedback was remarkable, and Slovak students got to know there is much more about Afghanistan than what they hear from the news. At the university level, some students had chosen to pursue international affairs, political science or development studies. In addition, the Government would launch a Masters programme for graduates in law and international relations in 2011. Finally, she asked the delegates to consider delivering such education in their countries. AGUS SARDJANA (Indonesia) underscored the delegations alignment with the statement made on behalf of the Group of 77 and China, and noted that the Copenhagen Declaration on Social development and the Millennium Development Goals were mutually reinforcing instruments in the achievement of sustainable social development. Both galvanized a global effort on people-centred development that promised to address poverty eradication, promote socially inclusive development and generate full and decent employment for all. The Secretary-Generals report, he said, rightly emphasized that the creation of employment opportunities and human resources development in reducing poverty development was essential for developing a socially inclusive society. The International Action Plan of the United Nations Literacy Decade was another important means to realize human resources objectives.

The Government, he noted, had passed the Law on Social Welfare and subsequent legal instruments to coordinate development programmes. Based on the nations Medium Term Development Plan 2010-2014, progress was accelerating on 11 priority programs through 155 action plans. Furthermore, a state budget of about $12 billion had been allocated for the economic, social prosperity, political-legal and security sectors. Youth was a top priority, constituting more than a quarter of Indonesias population. Enactment of the Law on Youth would promote their participation in the economy and socio-political life. Women remained one of the highest priorities; thus, gender equality continued to be mainstreamed into the development agenda. Concerning people living with disabilities, he highlighted the need for a human rights-based approach, rather than charity, adding that the nation would ratify the Convention on the Rights of Persons with Disabilities next year. In anticipation of a rapid increase in the elderly population, the Government was implementing policies in line with the spirit of the Madrid Plan of Action DANA KURSH (Israel) said the goals of States, civil society and the private sector should be to fully integrate youth, older persons, persons living with disabilities and other individuals from all marginalized groups into society. Older persons should be allowed to contribute to society as long as they were able, and live at home when possible. Persons living with disabilities might require similar opportunities and incentives to further accessibility, public awareness and accommodation. Moreover, individuals belonging to more than one category faced double exclusion, requiring special attention, such as the elderly living with disabilities. Insufficient attention to any one link in the chain of social integration and development can result in squandered resources and wasted human potential, she said. The States role in facilitating sustained social integration and development was crucial, she said. Israel, she noted, was one of the few nations that enshrined in law the legal obligations of family members towards the care of elderly relatives. Further, Israeli law provided financial support and protection of employment rights for family members who had taken on that responsibility. For people living with disabilities, Israel remained committed to upholding the rights of those citizens through legislation, education and partnerships between government and civil society. In that vein, she noted that several government initiatives were at work at the community level since, ultimately, this is where people live. YAHYA ALOBAIDI (Iraq), expressing support for the promotion of social justice, said that the Government of Iraq was doing its utmost to create an economic and political climate that guaranteed peace and stability, since that was an essential prerequisite for human rights. Iraq also sought to guarantee a framework for good governance and to find solutions for the problems in the country through cooperation with the international community. After all of the transformations that had taken place in all spheres in Iraq, the Government had prioritized areas that were essential to true social development, with a focus on education, health care and social protection. Budgetary allocations had been raised for education, training and schools to facilitate large numbers of students particularly girls - in rural areas. The Governments Ministry of Health was responsible for providing protection to citizens, and placing emphasis on the large number of basic health care services had increased the number of doctors in medical centres and hospitals, he said. Iraq had also focused on family health care programmes by providing services free of charge throughout the country, opening specialized medical centres and providing sophisticated medical equipment, which had led to a drop in the mortality rates of children and women. To improve the standard of living, Iraq had also put into place a system of providing pensions and monthly benefits for the poorest families, the elderly, women, widows, divorced people and the unemployed until they could find work. Additionally, steps had been taken to raise petrol production, as that was an important budget line, and the Government aimed to develop all the resources Iraq was endowed with, provide a high standard of living for the Iraqi population, bring about social development and combat poverty. ONON SODOV ( Mongolia) said that her country, like others, was slowly recovering from the most severe downturn in years. It lagged behind in the Millennium Development Goals for poverty reduction, gender equality and environmental sustainability, with the target of halving poverty persistently elusive. To address those challenges, revenues from the burgeoning mining sector in Mongolia were to be distributed to the education and healthcare sectors, and a Human Development Fund had also been established this year to distribute national wealth to each citizen in the form of regular allowances. A national census was, meanwhile, planned for November to ensure the legitimate and equal allocations from the Fund.

Literacy efforts had hardly been able to keep pace with population growth worldwide, she said. Mongolia had had relatively high literacy rates, but a lack of actual literacy skills had constrained large parts of its population, including college graduates. Mongolia would be tabling a biennial resolution entitled United Nations Literacy Decade: Education for All, calling upon Member States, development partners, international donors, and private and civil society to ramp up quality literacy efforts and consider a strategy for addressing literacy challenges after the end of the decade in 2012. AMJAD HUSSAIN B. SIAL (Pakistan), associating himself with the statement made on behalf of the Group of 77 and China, said that social integration was one of the three priority areas identified at the Copenhagen Summit and the institution of the family, which provided the first level of social integration, must continually be strengthened. That was particularly the case in countries such as that of Pakistan, where extended family came to help when the immediate family failed to provide the assistance required by a socially disadvantaged person. As a country undergoing democratic transition and experiencing a youth bulge, the country was trying to invest in human resources and skills development for young people. The Government, he said, had been endeavouring to adopt a holistic approach to reduce the level of poverty, through human resource and skills development, social protection for the poor, including cash subsidies and training and integration of marginalized groups. In addition, a new Employment Commission was established to create new jobs, a fund had made financial services available to the poor, a coherent gender reform agenda had been undertaken by the Ministry of Womens Development, an insurance system has been helping the aged, the physically challenged and widows and a National Plan of Action for Persons with Disabilities had been finalized, among other initiatives. Such social development activities, he said, had become even more important in the wake of the financial and food crises. YANA BOIKO, youth delegate of Ukraine, said that her government attached great importance to the results of the World Summit for Social Development, the 24th special session of the General Assembly on implementation of its outcome, the Second World Assembly on Ageing and other forums on the issues. Ukraine chose social dialogue and constructive cooperation with trade unions and workers in order to revive the economy and minimize the negative impact of the financial crisis, while averting a reduction in living standards. In particular, the government took steps to launch national economic reforms, approved by President Viktor Yanukovych, and aimed to ensure sustained economic growth, create new workplaces and improve the living standards of Ukrainian citizens. The main priorities of the government were to stabilize the state budget, revive the labour market and diminish the unemployment rate. She noted particular interest in the development of practical cooperation between Ukraine and the International Labour Organization (ILO), based on the provisions of the Decent Work Country Programme for 2008-2011. Further, the representative recognized many other steps were needed; in that regard, Ukraine positively evaluated the outcome of the 48th Commission for Social Development, which provided a platform for concrete actions to ensure social integration at the national and international levels, including integration for all groups, promoting access to basic social services, education, health care, employment and decent work. In conclusion, Ukraine reiterated the strong commitment to international cooperation with a view of creating a more competitive and dynamic economy based on sustainable development. HASSAN EL MKHANTAR ( Morocco) said that during the course of the Summit in Copenhagen in 1995, a global vision and holistic approach had been embraced to permit societys worst-off to benefit from social inclusion. But, the challenges like poverty, education, employment and eradicating pandemics like AIDS all remained dependent on the financial commitments of Governments. He reiterated statements made by the Secretary-General that internationally agreedupon targets needed to be met concerning official development assistance (ODA), debt relief, market access and technical capacities and said that, 15 years after the Summit, strategies concerning inequality and social exclusion had to be evaluated and redefined. Morocco placed the development of human potential at the core of its policies for social and economic development, he said, noting that it had launched a National Initiative for Human Development (INDH) in 2005 and was aligned with the United Nations strategies for development. Morocco was also supporting development in the regional sphere by promoting social services on the African continent, such as specialized food security programmes in Burkina Faso. Regarding the disabled, Morocco had taken actions to promote the rights of people with disabilities, including the adoption of a law in 2003 on accessibility and the creation of a national fund. Additionally, Morocco

had supported reforms to combat gender discrimination and empower women, particularly in political life, and had promoted the rights of older persons through a strategic national plan for 2008-2012 that integrated services for the elderly. ORHAN EASD AKGUN, youth delegate of Turkey, stated that climate change was one of the biggest threats ever faced by mankind. Young people in Turkey were hoping to see a successful end to climate change negotiations. The countrys youth was also concerned about human rights; Turkey had a multiparty political system that had been undergoing major reforms, and young people had been playing a role in those changes. The International Year of Youth, which had been declared by the General Assembly, was a valuable initiative to raise awareness on global issues of common concern. The United Nations was the platform for addressing global challenges and Turkish youth were committed to it. AMAN HASSEN ( Ethiopia) regretted that the number of people living in poverty in subSaharan Africa has been increasing, despite the global progress achieved in recent years in reducing extreme poverty. Progress in poverty reduction and social development was threatened by the current multiple crises, as well as climate change, with very difficult consequences for women, youth, disabled persons, older persons, indigenous populations and migrants. Addressing the social development agenda called for a genuine commitment and a holistic approach, which included social protection for the disadvantaged of society. Mr. Hassen reviewed the steps that Ethiopia has been making in terms of social development, at a time when its economy has been undergoing double-digit growth. A plan to end poverty had been successfully implemented, and an aggressive programme to accelerate growth had been launched. Agriculture and rural development had been at the centre of the poverty reduction agenda. Several initiatives have been put into place for older persons and those with disabilities. Great progress had, meanwhile, been made in expanding educational opportunities among Ethiopias different nations, nationalities and peoples. PAUL ROBERT TIENDREBEOGO ( Burkina Faso) focused his remarks on the United Nations Literacy Decade, saying that big gains had been made in raising the level of adult literacy. However, education targets were unlikely to be attained, with an estimated 700 million adults falling short of literacy in 2015, and 56 million children out of school. Some 1.9 million teaching positions would need to be created, including 1.2 million in sub-Saharan Africa, in order to fulfil the goal of universal primary education. Enormous efforts would have to be made at the national and international levels. Institutional and strategic measures had been taken by the Government of Burkina Faso to ensure better basic education and quality literacy programmes, he said. Those measures had helped to lift the gross rate of schooling from 45.9 per cent in 2000-2001 to 74.8 per cent in 2009-2010, with the rate of parity between boy and girl pupils standing at 0.94 per cent. There had also been a significant increase in the rate of literacy among those aged 15 and over. Burkina Faso encouraged the United Nations to call for the commitments made at various international forums, including the Gleneagles Group of 8 Summit in 2005, to be respected, and for the international community to do more to address an annual deficit of $16 billion financing education for all in low-income countries. Associating his country with the Group of 77 statement, JAVED FAIZAL ( Maldives) said his Government had had to carry out severe austerity measures that cut public spending, as its primary economic sectors - tourism and fishing - had contracted. The Secretary-Generals report showed that the global economic crisis had left countries like the Maldives without the capacity to use macroeconomic polices that could stave off massive unemployment and disruptions to development. A major challenge was growing unemployment, especially among women and youth. Religious extremism endangered achievements in gender parity. He said the disappointing statistics in the Secretary-Generals report on the International Plan of Action for the United Nations Literacy Decade showed that the region needed to provide its people with equal access to basic educational tools, so they could pursue real opportunities. Obviously, this holds damaging implications for our capacity to make significant gains in areas for the empowerment of women, and we understand that the cost of marginalizing half of our countrys population are incalculable, he said. The Maldives welcomed the reports conclusion that strong international partnerships were needed to achieve improved literacy gains. Those partnerships could provide a network to support policy and capacity development and craft the best practices to strengthen educational systems.

SAVIOUR F. BORG ( Malta) observed that through their experience, knowledge and supporting role in the family, older people could help to achieve more than half of the Millennium Development Goals. One fifth of Maltese people were 60 years of age or older, and it was expected that that proportion would rise to nearly one third by 2050. Malta was doing its utmost to help older persons, with 51 per cent of total government spending on social benefits going towards retirement pensions. A National Department of Elderly Care aimed to provide creative, high-quality programmes for older persons living in State-owned residences, or their own homes. The Department also supported initiatives for training those who cared for the elderly. The United Nations International Institute on Ageing had made substantial progress in complying with its mandate, contributing to training professionals in 137 countries. The elderly were living history books and it was in that spirit that Malta has been looking to strengthen health care and social services for its elderly, so as to reduce the likelihood of becoming marginalized or confined to institutions. ADHI SANKAR ( India) said the pledge the international community made 15 years ago at the 1995 World Summit for Social Development in Copenhagen was still elusive. He called, therefore, for continuing efforts to create an enabling economic, political, social, cultural and legal environment for all citizens. His country was implementing the eleventh five-year plan (2007-2012) to ensure that the gains of economic growth reached all sections of the population, with special efforts for rural India. The Mahatma Gandhi National Rural Employment Guarantee Act had been introduced, which ensured 100 days of employment to every rural household and improved wage levels. Women and other marginalized sections of society had been particular beneficiaries. He said social integration was essential for fostering a stable, safe, harmonious, peaceful and just society. It should not be construed as achieving uniformity. Indias 1995 Persons with Disabilities Act had mandated affirmative action through reservation of 3 per cent of vacancies in government and education for persons with disabilities. Community-based rehabilitation involving non-governmental organizations was also government-funded. National legislation was being harmonized with the provisions of the Convention on the Rights of Persons with Disabilities. Also, the 2009 Right to Free and Compulsory Education Act entitled every child from 6 to 14 to free and compulsory education. While commendable progress had been achieved in providing access to primary education through infrastructure for primary schools, focus had also been extended to secondary and tertiary education. With 80 million older persons, the country was strongly committed to implementing the 2002 Madrid International Plan of Action ANA MARIE LAYUGAN HERNANDO ( Philippines) voiced concern that in strategies aimed at fulfilling the Millennium Development Goals, the interests of persons with disabilities would be overlooked. Ten per cent of the global population had some kind of disability, and 80 per cent of them lived in the developing world. Their interests had to be mainstreamed. The Philippines fully agreed that concurrent global crises, as well as climate change, had rolled back gains towards achieving the Goals and could throw up obstacles for those with disabilities. In order for national efforts to be effective, they had to be complemented by regional and international efforts, and it was important to establish mechanisms for tracking the progress of the Millennium Development Goals in relation to persons with disabilities, she said. Disability was an evolving concept. The Philippines would be submitting a draft resolution during this session of the General Assembly on the realization of the Goals for persons with disabilities, both up to and beyond 2015. PAMELA MARTINEZ, a youth representative of the Dominican Republic, said that young people were a vulnerable group, but were also a cornerstone for building society. She noted that the youth had been left to the margins of public policy, but that young people found themselves struggling against many economic, social, and political problems, such as unemployment, armed conflict, social exclusion, degradation of the environment, increases in illness and hunger, and in particular, lack of education. She emphasized that efforts needed to be united concerning social, economic and political conditions and that alternative ways of meeting needs had to be found in order to ensure that groups such as the disabled, indigenous, ethnic minorities and children had access to services like education. CRISTINA ZAPATA, a second youth representative, added that the failure of developed countries to keep their promises, together with weight of debt in many countries, had prevented funding that could impact on living conditions. If the international community wanted to achieve results, however, it needed to abolish mechanisms that excluded young people and bridge the gaps between youth and policy. She called for youth agents for economic growth and innovation. Stating that all Governments needed to promote human rights, she noted that calling upon the leaders of the world to meet their promises was not enough, and that if there was no response, the younger

generations had to lead the process of change on behalf of the most needy. She concluded by urging the United Nations not to exclude the youth from decision-making, saying that young people were looking for greater responsibility and opportunities. Aligning with the statements of Southern African Development Community (SADC) and the Group of 77, ASHA JUMA, the United Republic of Tanzania, Minister for Labour, Youth, and Women and Childrens Development, said development that focused on peoples needs was at the centre of the Governments approach to policy formulation, implementation and monitoring. The Governments decentralization programme had given power to local governments and let people participate in the decisions that impacted on their own development. The Government also had policies dedicated to vulnerable groups, such as youth, the elderly, the family and persons with disabilities. She welcomed the inclusion of the needs of people with disabilities in the Millennium Development Goals outcome document. To give greater protection to vulnerable groups, the Government had developed a National Social Protection Framework to improve the coordination and enforcement of policies that helped better the lives of extremely poor and vulnerable people. The Framework set guidelines for stakeholders involved in the funding, planning and provision of social protection interventions in the country. Despite government efforts, poverty was still a major factor that hindered social inclusion. Most Tanzanians lived in rural areas, and the development of the agricultural sector was essential to curb poverty levels and reach full employment. The development of the agricultural sector had also empowered rural women. Land legislation reforms had let women own land and set a quota for womens participation in land tribunals. VELISLAVA IVANOVA, youth delegate of Bulgaria, recalled her countrys commitment to youth matters going back to 1980. Young people everywhere were key agents for social change, economic development and innovation, but there was a special need for new impetus to be given to the design and implementation of youth policies and programmes at all levels. Todays youth were tomorrows future, and education and employment were the key for all young people. Quality education had to help young people become active citizens, help them develop their potential and acquire knowledge according to the highest world standard. It should be relevant to the needs of the surrounding economic, social, political and ecological environment, and curricula should promote mutual respect and understanding and the ideals of peace, solidarity and tolerance. Youth should be more involved in decision-making and implementation of solutions, she said. That this was the fourth year that Bulgaria had sent a youth delegate to New York and was a confident signal that it really appreciated the role of young people. More involvement of young people in international forums, where they could share experiences and learn from each other, would promote a cross-fertilization of ideas, cultural values and aspirations. Current social and economic conditions and the well-being of future generations would be influenced by the ways in which the challenges and potential of young people were addressed. CLAUDIA BLUM (Colombia) noted that her country joined with the statements made on behalf of the Group of 77 and China and the Rio Group, recalling that the Copenhagen Declaration recognized social integration as essential in the creation of stable, safe, just, and tolerant societies. However, a general framework to promote social integration and inclusive economic growth at the national and international levels had not been developed. In that context, she stressed the need for policies aimed at removing social, cultural and political barriers. The main objective of Colombias social policy, she noted, was to ensure that all Colombians had access to quality education; equitable social security, labour and business markets; and effective mechanisms for social promotion. Concerning social security, 95 per cent of her countrys people were affiliated with the health care system, with more than half belonging to the States subsidized regime, she said. In order to reduce and offset vulnerability and inequality, the Families in Action conditional cash transfer programme reached more than 2.5 million poor families and the JUNTOS network served over 1.1 million by providing access to social programmes. In terms of education, she stated that Colombia had fulfilled on the Millennium Development Goal for universal coverage in primary education and would now address increased enrolment and educational quality. Concerning youth, a socioeconomically vulnerable demographic group, the Government was promoting a bill that would provide job creation for recent college graduates. Also along these lines, the National Policy on Ageing and Old Age had been developed, as well as the Disability Public Policy. In addition to national efforts, she stated, it was necessary to strengthen international cooperation, technical assistance and technology transfer.

BYRGANYM AITIMOVA (Kazakhstan) noted that the unprecedented global downturn had forced States to cut budgets, but it was inappropriate to decrease a States social commitments even in current circumstances. Moreover, financial stimulus packages for social protection were economically justified. Financial means that were not directed today for education, health care or creation of decent work would require a multiple overpayment in the near future. Indeed, Kazakhstan had increased social spending to 32.4 per cent of the national budget. That was 17.6 per cent higher than in previous years, she said. In view of a possible employment peak at the beginning of 2010, Kazakhstan underlined the importance of the ILO Jobs Pact and a social protection floor, she continued. In that context, her country had implemented the Strategic Plan of the Ministry of Labour and Social Protection 20102014 to further decent work policies. Legislative measures were also undertaken to eliminate unfair remuneration. Further, the citizens of Kazakhstan had the constitutional right to a minimum pension and social security, due to old age, sickness, disability or loss of a breadwinner. Concerning the provision of primary health care, Government measures to improve the guaranteed volume of free medical assistance resulted in a 20.4 per cent increase for 2009. Noting that the economic crisis also had an impact on health through key factors, such as decent work, income, educational level, nutrition and housing, Kazakhstan called on Member States to keep the social protection floor stable and predictable. LOAYZA BAREA ( Bolivia) said that social integration was an important factor in social development, with solidarity being the main pillar that ensured that no one was excluded from society. There should be justice with regard to the material goods of nature, and the State should participate in the implementation of services, ensuring for example, that there was drinkable water, that no one lived in deprivation and that there was electricity and gas for homes. Bolivia had promoted the resolution adopted by the General Assembly regarding the human right to water and health care. Health care in Bolivia was universalized and free, with no exclusion. The country also guaranteed the right to education and had eradicated illiteracy, as acknowledged by the United Nations Educational, Scientific and Cultural Organization (UNESCO). In addition, Bolivias law on agrarian reform addressed land ownership, giving priority to women. The representative added that, in Bolivia, handicapped persons were also protected by the State and received the right to education and free health care so that they could work in adequate conditions with just remuneration, dignity and the possibility of developing their individual potential. A society for all is a society for all ages, he said, quoting the Secretary-General. Because young people were vulnerable, which limited their ability, the Government of Bolivia guaranteed the promotion of youth in the life of the country, with no discrimination. The increase in the number of elderly people was also a challenge, so a new policy in Bolivias Constitution guaranteed all elderly people the right to dignified old age and outlined legal norms for those older than 60 years old. Concluding, he said that given the challenges that remained to creating a society for all and the difficult current reality created by the worldwide economic crisis, human beings were still as vulnerable as ever, and the building of more inclusive societies and the participation of the United Nations were important, if progress was to be made. AMANUEL GIORGIO ( Eritrea) said that no society could remain immune from the interindependent world in which people lived today. Challenges remained in the way of the goals that had been set. It was important for national governments to have the space they needed to formulate homegrown strategies to address those challenges; national governments had to remain engaged and committed to sustained social progress. Social development in Eritrea was guided by principles of social justice and social cohesion, the representative said. Young people had been involved in addressing poverty and underdevelopment; they were agents of change. Eritrea was on track to achieve the Millennium Development Goals pertaining to maternal health, HIV/AIDS and malaria. Life expectancy in the country had grown from 52 years in 1995 to 60 years in 2008. But, the road to the Goals was long and torturous. The situation of persons with disabilities was high on the agenda of the Government. Enhancing cooperation at all levels, including the United Nations system, was the key to moving forwards on a socio-economic agenda. LEYSA SOW ( Senegal) identified social integration, full employment and the elimination of poverty as the major challenges on the road to social development. Efforts were needed to combat gender discrimination, with a view to enabling women to play their role in society to the fullest, and to participate in development and decision-making. In Senegal, social protection was seen as a tool at

the service of solidarity between generations, as well as an effective means to confront poverty by way of the redistribution of the dividends of growth. The poverty reduction strategy set out by the Ministry of Economy and Finance called for reform and strengthening of the formal social security system, the extension of social protection, the protection of vulnerable groups and the management of disaster risks, she said. Strengthening the capacity of the population to deal with risk and increasing access to risk management tools and social protection systems were fundamental elements of the struggle against poverty. Through such an approach, the Government hoped to reduce the impact of shocks that directly threatened the population. A.K. ABDUL MOMEN ( Bangladesh), aligning his country with the Group of 77 position, said Bangladesh was one of the nine countries in which 54 per cent of the world population and 67 per cent of the worlds non-literate youth and adults lived. That should provide an idea of how challenging it was for his country, as a least developed country, to ensure education for all. Yet, the adult literacy rate in Bangladesh had increased from 35 per cent to 53 per cent between 1985 and 2007, a result of many Government actions taken to provide primary and mass education. He pointed to the Primary Education (Compulsory) Act adopted in 1990, as one example. Net enrolment at the primary level was 91.1 per cent. Bangladesh achieved the Millennium Development Goals target of gender parity at the secondary level in 2006. About 54.8 million textbooks had been printed and distributed among primary school students during the 2008 academic year. Primary school tuition was free, and the Governments next plan was to provide free tuition - up to the undergraduate level - for female students. The Government had initiated many programmes to reach out to its poorest citizens and boost literacy levels, he said. For example, to help increase the enrolment of poor children and curb child labour, the Government had financed the Food for Education Programme in 1993. That programme compensated poor parents for sending their children to school and about 27 per cent of the country, or 2.2 million disadvantages students, had been brought under the programme. He urged developed countries to fulfil their official development assistance (ODA) commitments to help the Government reach its literacy goals, such as 100 per cent primary school enrolment by 2011 and 100 per scent literacy by 2014. To achieve such noble targets, we need support from the donors, he said. We have to ensure this because we know that education gives us the highest yield in any investment. BOGOLO KENEWENDO, a youth representative of Botswana, said that the major challenges facing the youth of Botswana today included significant poverty and unemployment levels, a technical skills deficit, lack of participation in decision-making, crime and alcohol abuse. Given that the youth in Botswana constituted 38.4 per cent of the population, that meant that addressing the problems of youth translated to addressing system-wide issues. Noting the importance of private sector-led growth and economic diversification, she underscored the need for young people to play a role in long-term economic strategies, adding that youth were among the most vulnerable in the changing global job market. Botswana had passed a National Youth Policy in 1996 to address issues of youth development and empowerment, allocating consistently high budgets to health care and education, she said. Further, a Youth Development Fund was established to enable the creation of youth enterprises, demonstrating the Governments political determination to respond to the needs of youth. Emphasizing partnership and collaboration, she noted that youth were interested in economic empowerment partnerships, mentoring, private microenterprises, youth community-based projects, the establishment of business clinics and peer counselling projects to strengthen training and employment opportunities. She also urged Member States to address such hindrances to social development as juvenile delinquency and alcohol and drug abuse, and to introduce effective rehabilitation schemes. JANE STEWART International Labour Organization (ILO) noted that there were an estimated 152 million young women and men who worked, but were unable to earn enough to lift themselves and their families out of extreme poverty. That number corresponded to 28 per cent of the total youth employed globally and exceeded that of adults. Also of concern was the fact that youth unemployment levels had reached unprecedented heights in 2009 and were expected to increase through 2010. Past experience indicated that current conditions could be prolonged, unless urgent action was taken. In 2009, the ILO member States signed the Global Jobs Pact, which included a pledge to take active measures to support the young labour force. Demographic transition was yet another trend impacting societies and the world of work, she said. By 2050, 2 billion people would be aged 60 years or over, with 80 per cent of them living in

developing countries. In that context, she noted the concept of the Social Protection Floor that promotes access to health, water and sanitation, education, food, housing, life and asset-savings information. The Social Protection Floor Advisory Group had been created to elaborate global policy aspects of the concept. On another important issue, she said the absence of effective measures for reconciling work and family responsibilities compromises development. The conclusions of the June 2010 ILO Conference highlighted that domestic workers, as all other workers, should be entitled to fair and decent working conditions, and their concerns and rights taken into account in the context of efforts to reconcile work and family, she concluded. http://www.un.org/News/Press/docs/2010/gashc3974.doc.htm

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