History of economic crises of the 19th-20th centuries. Global financial crisis History of economic crises in the world

History has recorded many downturns of varying severity and duration, commonly referred to as economic crises. All crises of the 19th and 20th centuries until 1970 took place in conditions of stable monetary systems based on gold. In the twentieth century, a crisis of extraordinary duration and scale from 1929 to 1938 was called the Great Depression. It began on October 24, 1929, when the US stock market crashed. During this period, approximately half of the banks went bankrupt, a quarter of US residents became unemployed, and a third of the population found themselves below the poverty line. Keynes pointed out a practical way out of the crisis situation, which was embodied in the New Deal of US President F. Roosevelt. Central among them was the Glass-Steagall Act of June 16, 1933, which prohibited commercial banks from investing and creating bank holding companies through which speculative transactions in the stock market were usually carried out. The same act created the Federal Deposit Insurance Corporation.

After the Second World War, the crises of 1948-1949, 1953-1954, 1957-1958, 1960-1961, 1969-1970 developed with varying degrees of intensity.

The crisis of 1974-1975 developed almost simultaneously in all US industries. The crisis was caused mainly by the oil embargo imposed by Arab oil exporting countries after the Yom Kippur War (1973). Oil prices have quadrupled. During 1970-1974, commodity prices increased by 87%. The crisis affected investment activity and housing construction (a decline of more than 50%). The number of unemployed people in the United States has risen to 8.5 million. The food crisis was caused by a shortage of food, especially grains. The harvest failures of 1972 and 1974 had an impact. Grain reserves decreased by 2 times, and prices increased by 70-90% in the mid-70s.

The longest global economic crisis in the post-war period was 1980-1982. The causes of the crisis were the Islamic Revolution in Iran, after which American diplomats were taken hostage in Tehran, the Iraqi attack on Iran, etc. As a result, world oil prices tripled. The crisis has gripped all countries. The index of industrial production in developed countries was 95.5% in 1982 compared to 1979, in developing countries - 87.5%. The fall in production in the USA in 1982 was 8.2%, in the EEC member countries - 1.2%. The crisis of 1990-1991 was caused by the collapse of overvalued shares of many US and world companies, an investment crisis (investments did not bring the planned income), etc. The recession began in the USA and spread to other world markets.

The 1997-1998 crisis began with the collapse of the banking system in the Czech Republic in the spring of 1997, and in the fall of the same year it affected Malaysia and Thailand. In early 1998, the crisis spread to Indonesia, South Korea and Japan. In August 1998, it reached Russia, then moved to Brazil and Argentina. The peculiarity of the global financial crisis of 1997-1998 is that it was the first crisis to hit most countries with emerging markets. Over the same period, national stock indices fell 11 times in Indonesia and Russia, 4.5 times in South Korea, and 4 times in Malaysia and Thailand. Developed countries were virtually unaffected.

The 2000–2001 crisis was caused by the massive depreciation of shares of Internet companies (“dot-co-moa”), the terrorist attacks of September 11, 2001, and financial reporting scandals of leading US firms. The last three crises led to large losses for investors, but there was no decline in global GDP or production levels. Each time, central banks helped overcome crises by lowering refinancing rates, sometimes to almost zero. In fact, new emission resources, not backed by assets, were injected into the economy, which served as a stimulant for overcoming the crisis. Crises were suppressed through the depreciation of money and inflation.

The 2007-2008 crisis began in the US mortgage market, which accounts for 54% of GDP or about $7.5 trillion. The fact is that the majority of borrowers (80%) received loans with a variable interest rate (subprime ARM loan). While home prices were rising rapidly, subprime ARM borrowers were able to reborrow money and refinance their loans. However, in 2007, the refinancing rate continued to rise, and houses began to quickly become cheaper. Then the borrowers of this group, about 1.8 million people, lost the opportunity to refinance. The default on mortgages led to a chain reaction of asset write-offs at banks, which used the collateral assets to create derivative securities.

The mortgage crisis in the United States of 2007 negatively affected the entire system of the global financial market and raised questions about the recognition that there is an unstable relationship between the money supply and securities in circulation and the dynamics of nominal GDP. The main source of problems was the activities of large financial institutions issuing mortgage bonds. Thus, according to experts, since 2005, American banks have issued mortgage loans worth about $200 billion. Meanwhile, Lehman Brothers, Goldman Sachs and other banks over the same years placed on the stock markets income bonds based on mortgage loan agreements totaling at least $8 trillion. Thus, the volume of mortgage bonds sold was tens of times greater than the amount of all issued loans on which they were based.

Since the modern world economy is a single organism, the crisis in the United States quickly caused deep crisis phenomena in most other countries. The recession has begun in major European countries. As a result, with trillions of dollars in assets, the world's largest banks were faced with a catastrophic shortage of real funds to make current payments. The global banking sector was gripped by a crisis, which boomeranged on the stock market. In almost all developed countries, stock indices fell by 30-40%.

In September 2008, the crisis in the United States acquired proportions that allow it to be considered the largest post-war crisis. In fact, the largest financial organizations in the United States, which for many decades formed the basis of the financial system of the largest economy in the world, became bankrupt. The crisis turned out to be extremely acute and painful for the banking system and investment companies. It caused an unprecedented collapse in stock markets, a sharp decline in prices for oil, metals and many other types of raw materials.

Under these conditions, authorities in countries with traditionally market economies increasingly began to use non-market methods of influence. Among them are the nationalization of the largest financial institutions, coordinated actions of central banks to reduce discount rates, financing transactions for the purchase of financial structures that were on the verge of bankruptcy, and the allocation of huge funds from budgets for the purchase of illiquid assets. Intervention by regulatory authorities in the course of trading on global stock exchanges has become the norm.

The main reason for the 2007-2008 crisis is the systemic instability of the global financial system. At the slightest fluctuation in the financial system, its individual parts, which do not find support in the real sector, begin to fall apart, collapse and collapse, dragging other parts of the superstructure with them. The depth of the crisis is such that anti-crisis programs required unprecedented funds - a total of trillions of dollars. In America, in European countries, in Russia, in Kazakhstan, huge amounts of money have been mobilized to combat the crisis. History has never seen such large-scale anti-crisis programs around the world.

However, world experts expect a new wave of the global financial crisis in 2012, which will require radical reforms in geopolitics, economics and the social sphere. In this regard, new economic and socio-political development models will begin to emerge that meet the challenges of the 21st century. These reforms will be of great importance for the international community as a whole and will spread widely throughout the world.

Questions for self-control:

1) What period does the formation of the global financial market belong to?

2) What characteristic features are inherent in the global financial market at the third stage of development?

3) What role do electronic trading systems play in the consolidation of global financial markets?

4) What positive and negative factors does the globalization of financial resources generate?

5) What are the reasons that caused systemic crises in the development of the global financial market in 2007?

6) What are the main causes of the 2007-2008 crisis?

1. Suetin A.A. International financial market: textbook.-M.: KNORUS, 2007. – P. 13-46.

2. Slepova V.A., Zvonova E.A. International financial market: textbook. - M.: Master, 2007. – P.44-64.

3. International monetary, credit and financial relations. Textbook / Ed. prof. Krasavina L.N. – 3rd ed., revised, and additional. – M.: Finance and Statistics, 2007. -576 p.

4. Global financial market and its structure // Electronic resource: http://fin-result.ru/finansovyj-rynok1.html.

5. Shipova E. Models of post-crisis development // Securities Market of Kazakhstan, 2010. – No. 4-5, 10. – P. 30-34.

6. Shipova E. Models of post-crisis development // Securities Market of Kazakhstan, 2010. – No. 10. – P. 18-22.

7. Saduov E. Long road up // Securities Market of Kazakhstan, 2010. – No. 7-8. – P.17-20.

Nesterov A.K. History of economic crises // Nesterov Encyclopedia

The history of economic crises goes back more than 200 years. Industrial development on a global scale has led to the actualization of a number of processes that contribute to the emergence of crises.

Causes of world economic crises

All crises were characterized by a decline in industrial production, an oversupply of goods, a decrease in demand and prices, bankruptcies of banks and enterprises, and rising unemployment.

A crisis is an imbalance between the supply and demand of goods and services.

Crises first began as a result of underproduction of agricultural products, and then became a consequence of overproduction of industrial goods against the background of a decrease in effective demand.

It should also be noted that before the 20th century, crises occurred within several countries and did not have the nature of global economic crises, as began to happen later.

Despite the wide possibilities of anti-crisis and anti-cyclical regulation mechanisms, it is not possible to avoid new global crises.

World economic crises of the late 18th – early 19th centuries

First economic crisis general overproduction occurred in 1825. However, it was preceded by a whole period of economic development, in which industrial crises were a relatively frequent occurrence.

But at that time there were no conditions for these crises to acquire the character of regularly recurring cyclical crises of general overproduction. At this time, the process of maturation of these conditions was still taking place, i.e. conditions under which crises became cyclical and became crises of general overproduction.

In 1788, a crisis occurred in the cotton industry in England. It also affected other sectors of the textile industry, but overall the English economy did not experience serious shocks. In 1793, England experienced a monetary crisis associated with credit expansion. But it was also associated with the crisis state of production. This was the first monetary crisis in history, which expressed a crisis in industry and trade. In 1797, England again experienced a financial crisis associated with overproduction of goods. It hit the cotton industry the hardest.

The next crisis of the English economy occurred in 1810. Having begun in the sphere of trade, the crisis again struck industry, primarily the cotton industry. But rising unemployment and falling wages have created a difficult situation for other industries producing consumer goods.

During the next crisis in 1815, overproduction spread to the iron and steel and coal industries. This coincided with the agricultural crisis. During that period, for the first time in history, the fixed capital of many enterprises depreciated. The crisis affected the economies of European countries and the United States.

The next crisis occurred four years later in 1819, and at that time the level preceding the crisis of 1815 had not yet been reached. This seriously aggravated its consequences, greatly reducing the standard of living of the population.

Such a series of economic crises is not typical for today.

Crises of the late XVIII – early XIX centuries. have the following features:

• these were partial crises, they meant an overcrowded market, sales difficulties, and a reduction in production;
• their influence was felt in other countries, but they were not yet of a global nature;
• monetary crises, previously independent, were now an expression of overproduction of goods;
• the alternation of crises was not cyclical, there was no clear periodicity in their alternation, and the timing of the onset of the crisis was determined by external factors, for example, wars, and there was still no clear alternation of phases of the cycle;
• overcoming the consequences of crises was carried out on the basis of bankruptcies and ruins of viable enterprises, strong reductions in prices and wages, and the ruin of small-scale manual production.

All other crises up to our time can be divided into pre-monopoly and monopolistic. Of the pre-monopoly crises, the crises of 1857 and 1890 are of great importance.

World economic crises of the 19th century

Crisis of 1857 was the first global crisis and the most serious of all the economic crises that occurred before it. During the year and a half of the crisis in England, production volume in the textile industry decreased by 21%, in shipbuilding - by 26%. Iron production in France decreased by 13%, in the USA - by 20%, in Germany - by 25%. Cotton consumption fell in France by 13%, in the UK by 23%, and in the USA by 27%. Russia has experienced great crisis shocks. Iron smelting in Russia decreased by 17%, the production of cotton fabrics by 14%, and woolen fabrics by 11%.

The next global economic crisis occurred in 1873, starting in Austria and Germany, it is an international financial crisis. The preconditions for the crisis were a credit boom in Latin America and speculation in the real estate market in Germany and Austria. May 1873 was marked by the collapse of the Vienna stock market, followed by the collapse of the stock markets in Zurich and Amsterdam. After the collapse of the New York Stock Exchange and numerous bankruptcies, German banks refused to extend loans to Americans and, as a result, the economies of the United States and European countries fell into a prolonged depression, which caused a drop in exports from Latin American countries. It is believed that this was the longest crisis of the capitalist system, as it ended only in 1878.

Crisis of 1890 was a global financial crisis. At the same time, there was also a global crisis of overproduction. All countries passed through it: England, France, with some delay (1893) the USA, Russia, Argentina, Australia. The crisis accelerated the development of pre-monopoly capital into monopoly capital, the concentration of production and the centralization of capital.

World economic crises of the 20th century

In 1914, the first global economic crisis of the 20th century was caused by the outbreak of war and was caused by the massive sale of securities of foreign issuers by the governments of the USA, Great Britain, France and Germany. A characteristic feature of this economic crisis was that on a global scale it had no center and periphery, since it began in several countries at once, which found themselves in different military camps. The fall of both commodity and money markets led to a banking panic in several countries at once: the USA, Great Britain and others. At that point, central banks intervened heavily in falling markets.

In fact, the continuation of this crisis was the superposition of deflationary processes on the decline in production, which resulted in economic crisis of 1920-1922 in Denmark, Italy, Great Britain, USA and several other countries.

Of the 11 monopoly crises, the most significant were the crises of 1929–1933. and 1974–1975

World economic crisis 1929–1933 lasted more than 4 years and covered the entire capitalist world, all spheres of the economy. Its effect was like an earthquake in the economic sphere. The total volume of industrial production of capitalist countries decreased by 46%, steel production fell by 62%, coal production by 31%, shipbuilding production by 83%, foreign trade turnover by 67%. The number of unemployed reached 26 million people, approximately 25% of all those employed in production. The population's income decreased by 58%. The price of securities on stock exchanges fell by 60–75%. The crisis was marked by a huge number of bankruptcies. In the USA alone, 109 thousand companies were ruined. Several thousand people died of hunger, despite the fact that there was an excess of food, which the Americans simply destroyed rather than give it to those in need for free. The crisis showed that the transition to the monopolistic stage of development of capitalism did not lead, as economic theory believed, to overcoming the contradictions and spontaneity of capitalist reproduction. Monopolies were unable to cope with the market forces. And the bourgeois state was forced to intervene in economic processes. In order to mitigate crises, monopoly capitalism began to develop into state-monopoly capitalism.

IN 1957 The first world economic crisis occurred after the war. The crisis hit the USA, Great Britain, Canada, Belgium, the Netherlands and a number of other countries of the capitalist system. More than 10 million people were unemployed, and industrial production fell by 4%.

occupies a special place in the post-war economic development. The crisis gripped all capitalist countries, there was a huge decline in production and investment, consumer spending and the overall volume of foreign trade fell sharply. The increase in unemployment was accompanied by a fall in real incomes and huge inflation. Prices rose rapidly even during the most acute period of the crisis, which has never happened before in the entire history of cyclical economic development. The phenomenon of rising prices with a general stagnation of production is called “stagflation” (from the words “stagnation” and “inflation”). The crisis was accompanied by structural crises in the energy sector, coal mining, agriculture, and the monetary and financial system; it disrupted the system of world relations and the international division of labor. Due to the rapid increase in oil prices - 4 times, and for agricultural products - 3 times, prices for products produced by enterprises have sharply increased. Under these conditions, in the USA and Canada, tax incentives were provided to mining companies, and in the UK, France and Italy, these industries were nationalized and the development of the public sector was undertaken.

World economic crisis 1974–1975 discovered the inconsistency of the system of state-monopoly regulation in the post-war years. The government's prescriptions—lowering the discount rate and increasing government spending—did not produce the desired results. Regulation affected only national economies, but due to the internationalization of production, the crisis had an impact on the entire world economy. In addition, the activities of international monopolies, which played an active role in the disorganization of the world market and the emergence of financial and currency crises, turned out to be beyond the control of states.

The next global economic crisis is called Black Monday 1987. On October 19, 1987, the Dow Jones Industrial Average fell by 22.6%, followed by the collapse of the stock markets of Canada, Australia, and Hong Kong. This crisis, due to its colossal destructive impact and the scale of the fall, is reflected in many feature films. One of the possible reasons for the fall was the massive sale of shares, after a strong drop in the capitalization of large American companies. Another version is the deliberate influence of speculators in order to intensify the impending fall, which they knew about in advance. Evidence of the second version was not made public. There are other reasons for Black Monday, more scientific and discussed in detail.

Mexican crisis of 1994-1995 had a long history: starting from the late 1980s, the Mexican government actively attracted investments into the country, a stock exchange was opened, to which most of Mexico's state-owned companies were listed. In the period from 1989 to 1994, a large flow of foreign investment was observed in Mexico; overheating of the financial market led to the fact that foreign investors were afraid of the economic crisis and began to massively withdraw capital from the country. In 1995, $10 billion was withdrawn—the banking crisis began.

1997 was marked by the Asian crisis– the biggest Asian stock market crash since World War II. Like the Mexican crisis, the Asian crisis was the result of the departure of foreign investors from Southeast Asian countries and the massive withdrawal of capital. This was preceded by the devaluation of many national currencies and the growth of the balance of payments deficit in the countries of this region.

The Russian crisis occurred in 1998– the most severe economic crisis in Russian history occurred due to a huge public debt, falling oil and gas prices, and non-payment of short-term government bonds. From August 1998 to January 1999, the ruble to dollar exchange rate fell 3.5 times from 6 rubles. up to 21 rub. for a dollar.

It should be noted that at the end of the 20th – beginning of the 21st century the next global economic crisis was predicted for 2007-2008. If the dates came true, then the causes and consequences of the crisis were completely wrong.

History of economic crises in Russia

Most economists in our country agree that the economic crisis in Russia does not fit into conventional cycle theories. The slowdown in growth rates in the USSR began already in the second half of the 70s, because The country's leadership continued to adhere to the policy of accelerated development of material-intensive, energy-intensive and mining industries, while industrial countries set a course for the development of high-tech technologies that would significantly reduce production costs. With the policy of suppressing market relations in our country and the commitment to the monopoly of state property, the slowdown in the pace of development only intensified. The real collapse of national production occurred in 1991, after E. Gaidar used “shock therapy”.

In the early 80s. the position of the economic system predetermined the need for its reform.

The gap from Western countries was too significant, but this did not mean the collapse of the entire economy during prolonged reforms, but it did not require the use of shock therapy. Without the application of fundamental changes in the economic system, it would have been possible to achieve a relatively small decline in production in the first half of the 90s.

This could be achieved through a policy of problem solving reforms that stimulate the development of the national market. Taking into account the possible positive effect of the development of the private sector in a stable economic environment and targeted stimulation of key industries while pursuing sound economic policies, there was reason to expect a continuation of the depression with zero growth in 1995–1996. and achieving sustainable growth at an annual rate of up to 7% since 1997. But this policy was not adopted in our country, as a result of which in 1995 the consequences of the economic recession that hit our country after the collapse of the USSR became comparable to the American Great Depression of 1929–1933.

In their views on the current situation and ways out of it, domestic economists were divided into radical liberals and gradualists.

Radical liberals are supporters of shock therapy. They advocate radical systemic and institutional economic transformation. They believe it is necessary to break down many of the government structures of the command economy. The central positions of the radicals are the liberation of prices, the demand for strict regulation of the money supply, government loans and subsidies, and the elimination of the budget deficit. For radicals, financial stability is more important than anti-crisis policies. Radicals, when promoting shock therapy, relied on two considerations. The speed in carrying out reforms in the economic sphere and the baseless assertion that the total losses from shock therapy will be less than in the case of evolutionary reform of the economy. Accordingly, liberals consider the only reason for the protracted depression in Russia to be the insufficient radicalism of reforms; they are not used to blaming themselves.

According to liberals, economic growth in the country is associated with the so-called index of economic freedom. This index consists of the following indicators:

• the growth rate of the money supply is higher than the growth rate of real GDP;
• inflation rates;
• production volumes at state-owned enterprises as a percentage of GDP;
• share of government consumption as a percentage of GDP;
• the level of taxation of imports and exports to foreign trade turnover.

The values ​​of the index components are determined as inverse ratios of the values ​​of the corresponding indicators for each country. Then 100% is an indicator of an absolutely liberal policy, and 0% is an absolutely anti-liberal one.

Economists in this direction believe that it is necessary to get rid of part of the country’s industrial potential, which they consider unviable. Moreover, this part varies from 1/3 to 2/3 of the total industrial fund. According to their concept, mythical stabilization will occur when the national economy gets rid of 60% of mechanical engineering, 50% of the coal and 65% of the woodworking industries, 36% of metallurgy, and GNP is reduced to 30–35% of the 1990 level. At the same time, liberals did not and do not offer options and ways for further economic growth and development, limiting themselves to the need to destroy what, in their opinion, is not working well...

Gradualists are the opposite pole in debates about the further development of the country's economy. That is, they stand for a slow transition to a market with the preservation of most Soviet structures. They call for following the example of China or Vietnam. At this stage, gradualists consider it necessary to have government intervention in the economy and support the public sector. They do not deny the use of economic planning policies. In fact, gradualists rely on the Keynesian concept of the development of the economic system. In contrast to radical liberals, they view a reduction in GNP as a disaster, a collapse of the entire economy. Gradualists explain the decline of the Russian economy by a total decline in production, the loss of the domestic market for most domestic goods, and a drop in the standard of living of the population.

Literature

1. Shishkin A.F. Economic theory: In 2 books. Book 1. – M.: VLADOS, 2002.
2. "Economic Theory (Political Economy)" ed. IN AND. Vidyapina, G.P. Zhuravleva. – M.: Publishing house of the Russian Economic Academy. – 2002.
3. Economic theory. / Ed. V.D. Kamaeva. – M.: VLADOS, 2004.
4. Salikhov B.V. Economic theory. – M.: Dashkov and K, 2014.

Economic crises began almost 200 years ago, during the formation of industrial societies. Their constant companions - a decline in production, high inflation, the collapse of banking systems, unemployment - threaten us to this day.

1857-58

The financial and economic crisis of 1857-1858 can be confidently called the first world crisis. Starting in the United States, it quickly spread to Europe, affecting the economies of all major European countries, but Great Britain, as the main industrial and trading power, suffered the most.
Undoubtedly, the European crisis was aggravated by the Crimean War that ended in 1856, but economists still call the main factor that caused the crisis an unprecedented increase in speculation.

The objects of speculation were mostly shares of railway companies and heavy industry enterprises, land plots, and grain. Researchers note that money from widows, orphans and priests even went into speculation.
The speculative boom was accompanied by an unprecedented accumulation of the money supply, an increase in lending volumes and an increase in stock prices: but one fine day all this burst like a soap bubble.
In the 19th century there were no clear plans for overcoming economic crises. However, the influx of liquid funds from England to the United States helped to initially ease the consequences of the crisis, and then completely overcome it.

1914

The outbreak of the First World War gave impetus to a new financial and economic crisis. Formally, the cause of the crisis was the total sale of securities of foreign issuers by the governments of Great Britain, France, Germany and the United States in order to finance military operations.
Unlike the crisis of 1857, it did not spread from the center to the periphery, but arose simultaneously in many countries. The collapse occurred in all markets at once, both commodity and money. It was only thanks to the intervention of Central Banks that the economies of a number of countries were saved.
The crisis was especially deep in Germany. England and France, having captured a significant part of the European market, closed access to German goods there, which was one of the reasons Germany started the war. By blocking all German ports, the British fleet contributed to the onset of famine in Germany in 1916.
In Germany, as in Russia, the crisis was aggravated by revolutions that eliminated monarchical power and completely changed the political system. These countries took the longest and most painful time to overcome the consequences of social and economic decline.

"Great Depression" (1929-1933)

October 24, 1929 became Black Thursday on the New York Stock Exchange. A sharp decline in stock prices (by 60-70%) led to the deepest and longest economic crisis in world history.
The “Great Depression” lasted about four years, although its echoes were felt until the outbreak of World War II. The crisis affected the USA and Canada the most, but France, Germany and the UK were also seriously affected.
It would seem that nothing foreshadowed the crisis. After World War I, the United States embarked on a path of stable economic growth, millions of stockholders increased their capital, and consumer demand grew rapidly. Everything collapsed overnight. In just one week, the largest shareholders, according to conservative estimates, lost $15 billion.
In the United States, factories were closing everywhere, banks were collapsing, and there were about 14 million unemployed on the streets, and the crime rate increased sharply. Against the backdrop of the unpopularity of bankers, bank robbers in the United States were almost national heroes.
Industrial production during this period in the USA decreased by 46%, in Germany by 41%, in France by 32%, and in the UK by 24%. During the years of crisis in these countries, the level of industrial production was actually thrown back to the beginning of the 20th century.
According to American economists Ohanian and Cole, researchers of the Great Depression, if the US economy had abandoned the Roosevelt administration’s measures to curb competition in the market, the country could have overcome the consequences of the crisis 5 years earlier.

"Oil crisis" of 1973-75

The 1973 crisis has every reason to be called an energy crisis. Its detonator was the Arab-Israeli war and the decision of the Arab OPEC member countries to impose an oil embargo on states supporting Israel. Oil production fell sharply, and during 1974, prices for “black gold” rose from $3 to $12 per barrel.
The oil crisis hit the United States the hardest. For the first time, the country faced the problem of a shortage of raw materials. This was also facilitated by the Western European partners of the United States, who, to please OPEC, stopped supplying petroleum products overseas.
In a special message to Congress, US President Richard Nixon called on his fellow citizens to save as much as possible, in particular, if possible, not use cars. Government agencies were advised to conserve energy and reduce vehicle fleets, and airlines were ordered to reduce the number of flights.
The energy crisis seriously affected the Japanese economy, which seemed immune to global economic problems. In response to the crisis, the Japanese government is developing a number of countermeasures: increasing imports of coal and liquefied natural gas, and embarking on accelerated development of nuclear energy.
The crisis of 1973-75 had a positive impact on the economy of the Soviet Union, as it contributed to an increase in oil exports to the West.

"Russian crisis" of 1998

On August 17, 1998, Russians heard the terrible word default for the first time. This was the first time in world history when a state declared a default not on external, but on internal debt denominated in national currency. According to some reports, the country's internal debt amounted to $200 billion.
This was the beginning of a severe financial and economic crisis in Russia, which launched the process of devaluation of the ruble. In just six months, the value of the dollar increased from 6 to 21 rubles. Real incomes and purchasing power of the population have decreased several times. The total number of unemployed in the country reached 8.39 million people, which amounted to about 11.5% of the economically active population of the Russian Federation.
Experts cite many factors as the cause of the crisis: the collapse of Asian financial markets, low purchasing prices for raw materials (oil, gas, metals), failed economic policy of the state, and the emergence of financial pyramids.
According to calculations by the Moscow Banking Union, the total losses of the Russian economy from the August crisis amounted to $96 billion: of which the corporate sector lost $33 billion, and the population lost $19 billion. However, some experts consider these data to be clearly underestimated. In a short time, Russia has become one of the largest debtors in the world.
Only by the end of 2002 did the Russian government manage to overcome inflationary processes, and from the beginning of 2003 the ruble began to gradually strengthen, which was largely facilitated by rising oil prices and the influx of foreign capital.

Over the course of almost two centuries of the formation and development of the world industrial society, crises occurred in the economies of many countries, during which there was an increasing decline in production, an accumulation of unsold goods on the market, falling prices, the collapse of the mutual settlement system, the collapse of banking systems, the ruin of industrial and trading firms, a sharp rise in unemployment. Crises accompany the entire history of human society. At first they manifested themselves as crises of underproduction of agricultural products, and from the middle of the 19th century - as an imbalance between industrial production and effective demand.

The first world economic crisis, which struck the national economy and public life simultaneously in the USA, Germany, England and France, occurred in 1857. The crisis began in the USA. The reason was the massive bankruptcies of railway companies and the collapse of the stock market. The collapse of the stock market provoked a crisis in the American banking system. That same year, the crisis spread to England and then to the whole of Europe. A wave of stock market unrest even swept across Latin America.

Rice. 1. Chronology of world crises

The next global economic crisis began in 1873 with Austria and Germany. The crisis of 1873 is considered a major international financial crisis. The prerequisite for the crisis was a credit boom in Latin America, fueled from England, and a speculative boom in the real estate market in Germany and Austria. The Austro-German boom ended with a stock market crash in Vienna in May. Stock markets in Zurich and Amsterdam also fell. In the United States, a banking panic began after a sharp fall in shares on the New York Stock Exchange and the bankruptcy of the chief financier and president of the United Pacific Railway, Jay Cooke. The crisis spread from Germany to America due to the refusal of German banks to roll over loans. As the American and European economies entered a recession (production decline), Latin American exports fell sharply, leading to a fall in government revenues. It was the longest crisis in the history of capitalism: it ended in 1878.

In 1914, there was an international financial crisis caused by the outbreak of the First World War. The reason is the total sale of securities of foreign issuers by the governments of the USA, Great Britain, France and Germany to finance military operations. This crisis, unlike others, did not spread from the center to the periphery, but began almost simultaneously in several countries after the warring parties began to liquidate foreign assets. This led to a collapse in all markets, both commodity and money. Banking panics in the US, UK and some other countries were mitigated by timely interventions by central banks.

1929-1933 - the time of the Great Depression. On October 24, 1929 (Black Thursday), stocks fell sharply on the New York Stock Exchange, marking the beginning of the largest economic crisis in the history of the world. The value of securities fell by 60-70%, business activity decreased sharply, and the gold standard for the world's major currencies was abolished. After World War I, the US economy developed dynamically, millions of shareholders increased their capital, and consumer demand grew rapidly. And everything collapsed overnight. Firms and factories closed, banks burst, millions of unemployed people wandered around in search of work.

Since the beginning of the 70s, the world entered a period of economic crisis associated with energy resources, and the Keynesian paradigm was criticized by monetarists led by M. Friedman. They substantiated the need to return to self-regulation of the economy by the market, a significant reduction in the amount of state intervention in economic life and the development of new forms and mechanisms of regulation (primarily monetary). In fact, the entire economic history of the twentieth century is a search for measures and forms of state intervention in the economic life of society. The pendulum swung between two extreme points - self-regulation (market) and regulation by the state, and in the case of a clear violation of this measure, leading to imbalances in the economy, i.e. to the crisis, the search for a new measure began and the pendulum swung in the opposite direction.

In 1998 - Russian crisis. One of the most severe economic crises in Russian history. Reasons for the default: Russia's huge public debt, low world prices for raw materials (Russia is a major supplier of oil and gas to the world market) and a pyramid of government short-term bonds, which the Russian government was unable to pay on time.

By the beginning of the new millennium, a single world economy is emerging, in which real production, in accordance with the law of comparative advantage, is concentrated in Southeast Asia, China, Brazil, Russia, and India. And in industrialized countries, money is invested in the financial sector of the economy - first in stock financial instruments, and after the 2001 crisis - money flows from stock exchanges to the banking sector. The world economy and its national components have “choked” from market freedom and the uncontrolled growth of financial economics. Market regulators have ceased to cope with establishing the proportions of social reproduction and the development of the real and financial sectors. We need to find a new measure of the relationship between market and non-market regulation. And, undoubtedly, the pendulum will swing towards increased government intervention in economic processes with the search for new forms, methods and levers of regulation that correspond to modern realities. This will manifest itself in the etatization (nationalization) of entire sectors of the economy, an increase in the share of GNP redistribution through the state budget, and the adoption of strategic programs and, possibly, five-year development plans for specific countries. This is a period of state capitalism and to implement a new economic policy, developed countries will need new Roosevelts. In the USA, B. Obama became such a new figure with his ideas of “American capitalism”.

The need for effective, efficient state regulation of the economy was one of the first to recognize the team of V.V. Putin and his advisers. They replaced the liberal model with a neo-Keynesian model and carried out, first of all, the nationalization of oil and gas rent, and secondly, they formed a state institutional structure in the form of a rigid vertical of power.