Evaluation of the transformation of fiscal policies in selected countries after the great recession of 2008

Evaluation of the Transformation of Fiscal Policies in Selected Countries After the Great Recession of 2008 The concept of the economic crisis, which appear in an important position in the economic and public finance literature, has existed as part of life for thousands of years with the development of human civilization. Economic crises that experienced frequently have become a fact of life, especially since the 19th century. As has been seen many times in the history, after major economic crises, economic and public finance thought, theories and policies are being revised and even change radically. The purpose of this study is to analyze the development of contemporary economic theories after the 2008 Great Recession in the light of fiscal policies. Differences in the basic assumptions and theories of the "schools of Economic Thought", also lead to differentiation of the use of monetary and fiscal policy tools. After the 2008 Great Recession, among the economists, comments were made that Keynesian Economic Thought became popular again. In this study, firstly, the historical development of the perspective of fiscal policies is shown. Then the post-crisis fiscal policies applied in in the selected countries (United States, Germany, Spain, Italy, Greece and Turkey) was investigated. Finally, it has been questioned whether the perspective of fiscal policies has changed. As a result of the study, it was observed that practices in selected countries fiscal policies were directed by Keynesian policies only for a short period of time and then countries tried to return to their pre-crisis practices by applying fiscal consolidations. Ultimately, it is observed that countries acted pragmatically and applied Keynesian theories after the Great Recession and left these policies after the first shocks of the crisis were overcome.