Determinants of the financial and economic crisis in the conditions of globalization.

Abstract

The article reveals essence of crises and crisis phenomena in the development of the socio-economic system, describes its types, causes, consequences and deep interconnection. Methods of induction and deduction have been applied (for studying the categories «crisis», «economic crisis»); methods of analysis, synthesis and comparative analysis (to assess the interpretation of the content of the concept of «crisis»); the method of system analysis and generalization (for studying the causes and consequences of the economic crisis), etc. The article states that in modern scientific and economic literature there is a large number of contradictory views on the definition of the meaning of the concept of «crisis». Three basic scientific directions of the definition of «crisis», «economic crisis» are substantiated: the crisis performs a destructive function, which leads to a threat to the viability of the system; the crisis destroys, which leads to further development and transition to another qualitatively new state of existence; the crisis is a disturbance of equilibrium. It is determined that distinguish two varieties of the economic crisis: the financial crisis; energy crisis. The stages of characteristic manifestations of the crisis in the Ukrainian economy are formulated: the stage of the morphogenesis of the national socio-economic system (1991-1995); Stage of economic bifurcation of the NSES (1996-2002); the stage of economic fluctuations in the endogenous model of growth of NSES (2003-2008); stage of economic decline (from 2009 till now). Further research will be aimed at developing recommendations for the creation of a mechanism for crisis management, aimed at avoiding and preventing crisis phases in order to minimize negative impacts.