Abstract
The article investigates the conceptual provisions of the theory of industrial crises of M. I. Tugan-Baranovsky, which marked the shift of emphasis from the analysis of exogenous factors to the in-depth study of on-farm phenomena of economic instability. Mechanisms and levels of pricing are revealed. The role of monetary instruments of market regulation and the influence of state monetary policy at the moment of transition from the “fake” recovery to the crisis are revealed. The “monetary version” of the phenomenon of the “price revolution” by M. I. Tugan-Baranovsky as a function of the transformation of the economic system is shown. The article traces the development of the views of Russian economists (at the turn of the XIX-XX centuries) on the problems of crises. The “conjunctural” theory of money of M. I. Tugan-Baranovsky is considered in the article as a logical conclusion of his theory of cyclic development of economy. The author concludes that the theory of industrial crises and the conjunctural theory of money of M. I. Tugan-Baranovsky characterize the national economy as a multi-level integrated economic system that combines micro-and macroeconomic processes.
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