The world economy is in crisis. Once again, there is a reason to give the go-ahead for tightening the belts and start tightening the nuts. If earlier the crisis was explained by the problem with mortgage loans and insurers in the United States, with a drop in oil demand, now there is an option to put it all together and spice it up with the word "pandemic".
Although a few years ago, leading economists noted that the capitalist model is becoming obsolete on a global scale. Even big business has begun to seek state support, which is the destruction of the base of the capitalist economy.
Problems arose in the area of further industrial growth. Industrialization has hit the closed doors of new technologies in many countries around the world. To overcome this, we need not just reforms, but a large-scale reformatting of markets, production capacities, and the very system of commodity-money relations. Reindustrialization is also needed.
The world is entering a new era. The economy will no longer be the same, and it cannot be the same by definition.
Sergey Tolkachev, Doctor of Economics, discusses these and other topics: