摘要：AbstractThe aim of this paper is to analyze the causes of the recent world economic crisis and its effects on global economic system. In order to support our point of view, we use and process statistics data which we interpret in terms of a non-conventional economic theory, that is, the Austrian theory of economic cycle. The artificial lowering of interest rate generated overconsumption or savings deficiency. The euphoria of of the consumption created serious distortions in the economic system. Finally, in the absence of real savings, the initial boom turned into a financial crisis and, then, into a large-scale economic crisis.
关键词：Economic crisis;consumption;market failuire;financial system
