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Article

Анатомия мирового кризиса

Международные процессы. 2009. Т. 7. № 20. С. 4-17.
Хесин Е. С.

The current global recession comes on the heels of an extended economic growth period. At least 85 percent of this economic expansion was owed to the knowledge-based sectors where massive innovation occurred in the first decade of the 21st century. International financial markets saw a rapid growth in capitalisation that, on one hand, benefited the emerging economies and, on the other, provided overblown credit to the American economy from China as well as other developing countries with hobbled domestic consumption. Global financial markets tied the US economic cycle to that in the rest of the world economy. Once the American sub-prime market began to plunge, shock waves permeated other countries leading to the loss of investor confidence and an ensuing massive contraction of stock value. All that produced an especially strong impact on the emerging economies. Most of these proved to be much less resilient than expected by some economists who had maintained that a solid basis for sustained growth had already been in place at least in the most advanced of the developing countries. As long as none of the international financial institutions was capable of delivering an adequate response to the crisis, economic nationalism became widespread. As a result, any emerging post-crisis economic order will be based on enhanced intervention by state authorities and transformed property rights in the leading economies.