The genesis and mechanisms to overcome systemic economic crises

The paper aims to look into the origin and nature of global economic crises, the least studied phenomena of the global economic life - the phenomena, the nature of which still has not received a generally accepted explanation in economic science. Market economy has its own laws, the spontaneous nature of which is revealed in times of crises. However, the analysis of global “crisis experience” draws attention to an important feature in the implementation of various forms of crises that remains at all the stages of economic development. Some economic shocks, despite their urgency and scale, gradually give way to recovery and then - to complete recovery. Other end up with weak revival and depression, gradually turning into a new recession. Such crises, depressions, and periods of sluggish economic recovery form the “waves of crisis development” that hold the economy in a depressed condition for a long time. The impact and the consequences of these “waves” of economic shocks that are sequential or overlapping in time go beyond the medium-term economic dynamics...