Two paradigms of crisis processes in the world economy in the XXI century

Abstract

Currently, crisis processes are observed in the world and national economies, which have a negative impact on the level of their socio-economic development. In the context of the development of crisis processes in the world economy, research aimed at solving the fundamental problem of determining their causes is relevant. The purpose of this work is to identify theoretical approaches to explaining the nature of the current crisis processes in the world economy. The object of the study is the dynamics of the development of the world economy. The subject of the study is the paradigms of crisis processes in the world economy. The methodological basis of this study is the fundamentals of system, statistical, comparative analysis and synthesis methods. As a result of the review, it was determined that two paradigms of explaining crisis processes have developed in the economic literature. The reason for the divergence of views of macroeconomists of the two paradigms is shown. An attempt is made to consider the current crisis as a result of the influence of structural and market factors. The importance of solving the problem of finding the nature of the generation of crisis processes is demonstrated by the example of the difference in the ways of their resolution depending on the cause of occurrence. It was revealed that signs of economic decline were observed in the leading national economies in the "pre-pandemic" period, and the negative economic consequences of the spread of coronavirus infection only intensified the negative dynamics of the development of national economies.