THE CURRENT FINANCIAL AND ECONOMIC CRISIS AS A NEW STAGE OF TRANSFORMATION OF THE GLOBAL ECONOMY
Olga B. Koshovets, Igor E. Frolov
Pages: 399-412 Published: 29 Aug 2014
Views: 2,553 Downloads: 742
Abstract: It is now widely accepted that modern economic science failed to foresee the financial and economic crisis of 2008-2009. However it is appear that there is still a lack of understanding fundamental causes of this crush and its aftermath. The available standard forecasting models and theories for the growth of the global economy are barely able to make correct forecasts in a crisis period and treat this crisis as a cyclical one. Moreover the nature of this crisis and its long-run effect on the global economy cannot be grasped within Keynesianism and neoliberalism, which prevail in economics and policy makers` discourses. The authors argue that today`s crisis is not a regular cyclical one. It is of systemic nature and in fact has been provoked by a surplus of financial rather than productive capital. The current conditions of the global economy development deeply impacted by the crisis of 2008-2009 have the character of restructuring the entire economic system and economic relations. Actually, this crisis has to form a new the 21st century global economy and to destroy the old economic, financial and technological relations. It is very likely that period from 2014 to 2016 will be marked by a new phase of the global economy transformation towards the building of new types of financial and economic relations, as well next wave of crisis phenomena will occur.
Keywords: global economy and financial crisis, economic theory, anti-crisis policy, global economy growth forecasting, keynesianism, neoliberalism, post-crisis