Author:
Abstract
Keywords
Abstract
The world’s economy has been trying to overcome one of the most important crises in its history, as of the early 21st century. The period starts with the collapse of Mortgage practices and followed by the fading of important American and English financial institutions, is not promising for a recovery period to the world economy. Even though experiences gained through the previous crises have already led us to the creation of various schools of economic thought in the history, aforementioned schools of economic thought does not bring up a solution to the contemporary complex economic crisis globally. Economists have not been that successful as they tried to apply to their own countries or to international financial institutions, other countries’ schools of economic thought during the last four decades, which would also mean that the world’s contemporary economic crisis might not be explored with the application of the previous practices from the literature. This study presents a discussion on the ways of how countries could exit the 21st century’s crisis that thoroughly affected the world’s economy by giving an importance to a new approach to school of economic thought, and also an exploration on whether this new approach through combining the Mercantilist and Keynesian policies could be successful or not.