IMPACTS OF CULTURE AND WORLD ECONOMIC CRISIS

Text topic: Studies

Text author: Хасиба Хрустић

There have been numerous economic crises in capitalism, both in the period of its rise and in all stages its development. Market economy is a risk per se, so that the risk is immanent to market economy and is in fact its middle name. The first responses to the global economic crisis mainly dealt with the failings of the liberal market, not with the state flaws and its role in market control. However, the market was not so liberal as it was debated during the birth of the crisis and certainly not the main cause of the crisis, since the state influence on the market reflects not only in regulations, but also in economic measures. Since market mechanisms also operate in culture, the concept of culture was relativized, the world of culture was identified with the consumer world, and the economic values gained importance in culture. As an expression of human creativity, culture has not taken a course in its development to change the world, but rather to profit – just as any other field of human activity. This paper studies the relationship between economic crisis and culture and their interdependence. Understanding of the relationship between economy and culture may assist in the fashioning of decisions that may be of influence in these areas.