Global economic crisis of 2020 and a new paradigm of countercyclical management
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Date
2021
Journal Title
Journal ISSN
Volume Title
Publisher
LLC “Consulting Publishing Company “Business Perspectives”
Abstract
The new quality of globalization, which has emerged in the last decade and encompasses
drastic changes in the economic, political and technological spheres, gives rise
to a number of phenomena that violate the traditional logic of historical progress. One
of them is the metamorphosis of the world economic cyclicity that emerged during the
global 2020 economic crisis and led to a radical change in its nature, driving forces and
regulatory mechanisms. The paper reveals the prerequisites for the crisis caused by traditional
and emerging factors and proves its pandemic nature, which manifests itself,
on one hand, in the synchronization of national business cycles, and on the other – in
the integrative mutual influence of its political, institutional and environmental components.
It has been proven that a particularly destructive role in the global regulatory
mechanism was played by the “overlap” in space and time of the economic crisis
and the health crisis provoked by the coronavirus pandemic. This requires an urgent
systematic reform of global countercyclical management institutions based on a gestalt
paradigm, which is qualitatively different in principles, goals and tools from the
existing mechanisms for managing national economies and multinational enterprises.
Scenario forecasts of the post-pandemic future of the world economy through overcoming
the growing disintegration and deglobalization trends are outlined.
Description
Keywords
cyclical nature, globalization, global economic crisis, political elite, institutionalism, ecology, healthcare system, pandemic
Citation
Global economic crisis of 2020 and a new paradigm of countercyclical management / Anatolii Poruchnyk, Anatoliy Kolot, Pawel Mielcarek [et al.] // Problems and Perspectives in Management. – 2021. – Vol. 19, Iss. 1. – P. 397–415.