Global Crisis: Past Experiences and Future Challenges

Abstract

A detailed analysis of all crises (we shall describe them, with some qualification, as ‘systemic crises’) exceeds the scope of the present article. Here, we shall highlight only some of their common features. What they have in common has nothing to do with the extent of the decline in production or of the collapse of financial markets or with the parameters of inflation or budget deficit. The similarities cannot be measured in statistical terms but reside in a number of qualitative features that exerted a significant influence on the later development of the political, economic and intellectual processes of the leading countries of the world.

Keywords: great crises, crises development

JEL Classification: O4, N4