Analysis of the vulnerability of the existing functioning principles within the world economy

Lutsyshyn Zoriana (), Mazur Mykola () and Katrych Olena ()
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Lutsyshyn Zoriana: Taras Shevchenko National University of Kyiv, State Higher Educational Institution «Kyiv National Economic University named after Vadym Hetman»
Mazur Mykola: State Higher Educational Institution «Kyiv National Economic University named after Vadym Hetman»
Katrych Olena: State Higher Educational Institution «Kyiv National Economic University named after Vadym Hetman»

Technology audit and production reserves, 2020, vol. 4, issue 4(54), 53–60

Abstract: The study focuses on the contemporary realities of globalization trends, the coronary crisis and the principles of the world economy. The paper examines current trends in the world economy, its ability to respond to the challenges of time under uncertain conditions and adaptability to new realities under the influence of the pandemic “COVID-19”. The analysis showed that one of the most problematic areas is the fragility of the Western system of economies, overproduction of capitalism, which reveals the contradictions, paradoxes and main trends of financial, economic, political, social and resource crisis. Here the world’s major players behind the curtain of the COVID-19 pandemic are trying to improve their economic positions, get out of the long recession and redistribute economic resources, and reformat the nature and directions of cooperation and integration. Such general scientific methods as analysis and synthesis in assessing real GDP and debt to GDP in developed countries and developing countries were used to study the world economic system and financial and economic crises. The historical method was also used in the analysis of conceptual approaches and the development of crises in general, the statistical method was used in the analysis of statistical data; structural and factor analysis, extrapolation method. This made it possible not only to carry out a comparative analysis of existing trends, but also to identify bottlenecks in the existing mechanisms of the world economic system. To the problematic areas we refer the significant bubble, the fiction of the Anglo-Saxon model of the world’s financial system, the lack of institutions in the world economy and the lack of adequate financial and economic instruments to respond rapidly to pandemics (so-called contingencies) At the same time, it showed a renaissance of the role of the state in a pandemic. Additionally, it provided an opportunity to address the urgency of changing the principles of the current world economic system and to change the philosophy of organization, structure and perception of the world economy as a whole.

Keywords: global economic crisis; COVID-19 pandemic; financial crisis; fragility of the existing economic system (search for similar items in EconPapers)
JEL-codes: F02 G01 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:nos:ddldem:47

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