Study of the Financial Crisis in the Countries of the Eurasian Economic Union: Marxist Approach

Abstract

The financial crisis is a serious problem for the Eurasian economic union development as international organization (hereinafter referred to as the EAEU), where is violated the economic and financial institutions’ functioning principle, the values, traditions and norms are lost. It is considered that one of the main crisis causes are the interstate economic policy of the EAEU member countries failures. The article proposes the ways to restore the EAEU countries’ economies from the crisis consequences, which periodization falls on 2015–2018, 2020–2022, that negatively affects on the single currency area they are creating, and examines potential economic and political threats during its formation. It is revealed that if the crisis inflicts damage on some EAEU members, then for other union members it will become a favorable deriving benefits environment, which will lead to inequality and even greater exacerbation. This paper shows that the Marxist crisis theory is the most acceptable approach in explaining economic inequalities and disproportions in the countries development. This approach led to the conclusion that the expansion of the Russian ruble circulation, the profits and capital accumulation, the formation of a new EAEU financial system based on the principles of capitalism and neoliberal values will lead to another crisis turn and increase inequality.