GLOBAL ECONOMIC CRISIS: THE CAUSES, COMMON CHARACTERISTICS AND DIFFERENCES

Abstract

The article reads and studies 200-years practice of the history of Economics on the Global Economic Crisis, describing the reasons, similarities and differences, size, coverage area, duration and nature of the crises consistently. The crises being emerged during 20^th and in the first half of the 21^st centuries are highlighted, including
The Great Depression and the Crisis of Pandemics. Those crises changed the scientific and public paradigm of the politics despite the interval of 100 years between them, that there is the need for active intervention by the state in the economics. The positive role of three well-known crises including of 1929-1933, of 1970s and the pandemics of 2019, is analyzed and it proved that the crisis is the best way to find out the best opportunities.

The conclusion formulates the key phenomena of the crisis, which takes place based on the nature of cyclic development in the economics and highlights that the delayed responses from the governments on those phenomena due to different problems supports to deepening of the crisis.