The correlation between the financial crisis and the crisis of the financial institutions – To the memory of István Hagelmayer and László Antal

Abstract

It is one of the typical features of our senseless dis putes that we talk to each other by using concepts that are not equivalent in their meaning. In order to avoid such misunderstandings, I will use the concepts of financial crisis,1 crisis of financial institutions,2 economic crisis3 and social crisis4 consciously and with different contents. I will try to prove that according to the Euro-Atlantic val ues,5 the point of the current financial and finan cial institutional crises have one the one hand resulted from absolutely different factors. The reasons are sometimes very different, but some times the contributing factors, the underlying eco nomic and social crises are very similar. This is why the nature of the different crises, and there fore, their efficient management, require very dif ferent solutions. Finally, I would like to explain why we may still hope for the evolution of a per haps more humane, because more sensible and sympathetic, world after this sobering historical correction.