Conference Paper

As the most‐discussed topic of the recent period, the world’s economic crisis has attracted the attention of most scholars, analysts, and politicians who try to find a quick solution for a problem generated during the last couple of decades. While some believe that the current crisis is just a descending curve of the life cycle of the world economy, something that is far from curious and unpredictable, others, such as the influential George Soros, predict an end of the current economic system. Where does the current crisis stand and what is a solution for it? Being the most discussed topic in the last period, the world’s economic crisis attracted the attention of most scholars, analysts, and politicians who try to find a quick solution for a problem generated during the last couple of decades. On one hand some believe that the current crisis is just a descending curve of the life cycle of the world economy, something that is far from curious and unpredictable. On the other hand, however, there are those, among whom is the influential George Soros, who go very far and predict an end of the current economic system. Where does the current crisis stand and what is a solution for it? The aim of this paper is to first analyze the pros and cons of ‘free market’ approach to development, then decide whether the current crisis is as dangerous as some predict, and finally provide the solution to it.