B2 - History of Economic Thought since 1925Return

In 1919 the town of Brno became a higher education centre. The twenty years' tradition of the Czech Technical University in Brno, where Karel Engliš, an Albín Bráf's pupil, worked from 1911, was followed by new established universities in Brno, Masaryk University and Czechoslovak University of Agriculture. It was the Faculty of Law at Masaryk University, where the economic education was systematically developed. The economic theory here vas based on Engliš's teleological method. The role of Masaryk University, as well as of Karel Engliš, is recorded and processed in detail. However, the fact that remarkable personalities engaged in economic education at Czechoslovak University of Agriculture as well stayed away from attention. The article presents economic opinions of Emanuel Schidler, another Albín Bráf's pupil, who remained faithful to the historical method.

This article deals with the financial stability under conditions of the current economic system, focusing on more detailed analysis of the Czech Republic by using specific indicators of the financial stability in the context of the global situation affected by the financial crisis. The first and second part of the paper will provide a brief overview of the evolution of economic thought to the present, trying to bring the most realistic and objective critical assessment of the current economic system. A practical example of the financial stability analysis will be shown on the case of the Czech Republic in the third section. Through selected indicators of financial stability, the overall health of the financial sector will be assessed. This will be examined for the period from 2006 to 2011, partly in 2012, taking into consideration the development of global economic situation. Although the overall financial stability in the Czech Republic may seem stable, further development will depend substantially on the financial and economic situation in other important states. In the end, the significance of psychology in the economy and the importance of moral principles will be pointed out.