World Economic Crisis as a Process of Substitution of Technological Modes

S. Glaziev

Voprosy Ekonomiki, 2009, issue 3

Abstract: The article analyzes fundamental reasons for the world economic crisis in the light of global technological shifts. It proves that it is caused by the substitution of technological modes. It is shown that sharp increase and slump in stock indices and prices for energy resources are typical of the process of technological substitution which occurs regularly according to the rhythm of long-wave fluctuations of the world economic activity. The article rationalizes a package of anti-crisis measures aimed at stimulating the new technological mode. Its structure and role of the locomotive factor of the new long wave of economic growth are revealed.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:847

DOI: 10.32609/0042-8736-2009-3-26-38

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