Institutional Foundations for Searching the Ways out of Modern Global Permanent Crisis

Abstract

Objectives: The objective of this study is to investigate the phenomenon of modern permanent crisis to develop and implement institutional foundations for overcoming this new type of crisis. Methods: Principal methods of the investigation are represented by economical and comparative analysis, methods of statistical analysis, dialectic method, method of economic analysis, method of deduction (general-to-specific), factor analysis, social and economic analysis, investment and macroeconomic analysis and also systemic and structural approach, concept of sustainable development that make it possible to consider the new global permanent crisis in most comprehensive manner. Findings: This study develops theoretical approaches that can serve as the foundations for searching the ways out of the modern global crisis. The definition has been given to the little known theory of turbulence. Global economic turbulence becomes the source of the high risks in different sectors of the economy: Financial, banking and real sector. The rules of organizing the “chaos” have been suggested. The way out of the spiral of crisis has been suggested based on the triple helix of institutional interactions between governmental authorities, businesses and science; however, there are actual opportunities for enhancing the number of the players by means of involving the progressive international organizations, interstate structures and unions. Crisis of Russian economy represents a component element of the permanent worldwide global crisis of 2007-2008, which has started subsiding by 2010 generating optimistic expectations and ideas. Applications/Improvements: The material represented in this study can be of practical value for economic scientists, academic teaching staff, post graduate students and economic professionals of any level.