Analysis of the economic crisis in 2008 with the approach of Austrian school

The term ?crisis?, which means the fundamental structures?, values? and norms? being adversely affected as a result of unforeseeable and unexpected occurrences, has become a much frequently used term within the last 25 or 30 years, particularly in social sciences. Each economic movement treats economic crises from a different point of view. The mortgage crisis which began in the estate market in the United States of America (USA) began to have perceptible effects throughout the world since September, 2008 and took on the form of a Global Crisis.By foreseeing the global crisis and analyzing the global crisis in the light of Austrian Economic Fluctuations Theory (Austrian Conjuncture Theory), The Austrian School has become significant in terms of the solutions it recommends within this theoretical framework.This study has been carried out with a view to reveal whether the Austrian School, which foresaw the global crisis, can explain the global crisis in terms of its emergence, reasons and consequences; to what extent its suggested solutions to the global crisis are consistent and whether the measures taken by the USA, where the crisis actually emerged are in compliance with the Austrian School?s suggested solutions.