In 2008, the problem affecting US mortgage lending caused a reaction in the economies of most countries of the world. A process has begun, which many analysts have called the "world economic crisis." But what is the exact meaning of this term?
Back in the 19th century, economists came to the conclusion that the development of the capitalist economy is characterized by cyclicality. Along with periods of economic development, there is a time of recession, or even a crisis - a serious disruption in economic activity. The concept of a cyclical "crisis of overproduction" has emerged, caused by the inability of enterprises to accurately calculate market needs. Later, other reasons for the crisis in the economy were also discovered. Experts discovered the first crises in England in the 17th century, but only in the 20th century did the phenomenon of a global crisis emerge. It was associated with the creation of a truly global market in which the interdependence of economies increased. The first crisis to affect a large part of the world was the Great Depression, which began in the United States in 1929 and lasted until 1933. A specific feature of this world crisis has become the globality of the ongoing processes. For example, the protectionism system that had arisen in the early modern times was no longer working - it became unprofitable for the state to protect its goods from imports with high duties, since exports suffered because of this. After all, neighboring states could do the same. So, to a certain extent, the global crisis contributed to the deepening of the relationship between the economies of different countries. In the 20th and early 21st centuries, the tendency for crises to turn from national to global ones only intensified. An example is the economic problems that a number of countries in the euro area faced in 2011. Due to the unity of the currency, their difficulties began to influence the euro exchange rate, and, consequently, the economy of the whole world. In the modern economic system, the governments of countries do not have sufficient effective leverage to prevent the spread of the global crisis on their territory. You can only mitigate its impact. Previously, it was mainly states with isolated economies that managed to avoid crises. An example is the USSR, which was carrying out industrialization during the Great Depression.
