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2008 Drama: From Economic Miracle to Economic Crisis

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  • V. Mau

Abstract

The paper discusses the roots of the current global economic crisis and anti-crisis policies. The depth of the crisis is explained by interconnection of different factors, among others: globalization with the highest world economy growth rates that resulted in accumulation of deep disproportions; failures of economic policy in leading industrial nations (including pro-cyclical policy in the US); problems of Russian economic policy substantially deteriorated at the times of high oil prices; important changes in the technological basis of economic development. This is followed by the analysis of specific features of anti-crisis policy in Russia comparing with Western developed economies. Stagflation is considered to be the key challenge for Russia while other countries are fighting deflation.

Suggested Citation

  • V. Mau, 2009. "2008 Drama: From Economic Miracle to Economic Crisis," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 2.
    • Handle: RePEc:nos:voprec:y:2009:id:835
    DOI: 10.32609/0042-8736-2009-2-4-23
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