The world economy in a period of great turmoil

Abstract

The monograph is devoted to the main trends in the development of the world economy between the two crises: The Great Recession of 2008-2009 and the crisis of 2020-2021 caused by the coronavirus pandemic. The authors reveal numerous contradictions that accumulated in the global economy during this period and reached their peak by the time the pandemic began. These contradictions are grouped into four groups corresponding to the sections: structural problems affecting the nature of economic growth; contradictions in the development of the financial system; problems of social development and the evolution of the welfare state; energy and resource-environmental problems. The authors demonstrate that the economic turmoil, the growth of political tension within the leading countries and the intensification of conflict in international relations in recent years are largely a reflection of humanity's inability to find an answer to these and other contradictions. The system of global regulation, which has entered a period of deep crisis, is particularly unable to keep up with the changes taking place in the global economy. It is the result of a three-year research project implemented at the Faculty of World Economy and World Politics of the National Research University Higher School of Economics. The team of authors includes 18 authors from Russian and foreign universities, research centers and international organizations who are recognized experts on various problems of the world economy. The chapters prepared by them are structured according to a single logic: from problem formulation to a review of theories, a description of existing approaches to solving problems, obstacles in their implementation and, ultimately, to identifying key challenges of the future. Such a structure allows us to present a comprehensive picture of the form in which the world economy has come to a critical moment of its development. For students and postgraduates of economic specialties. It will be useful for teachers developing courses on the world economy and its individual aspects, as well as for the general public interested in global challenges and problems.