EVOLUTION OF CYCLIC DEVELOPMENT THEORIES OF GLOBAL ECONOMIC SYSTEMS
The article presents evolution of views on the nature of the cyclical development of global economies, shows the formation and development of the economic cycles theory. Analyzes existing classification of business cycles theories.
The paper discusses the economic cycles of varying duration according to the classification proposed by J. Schumpeter . Provides analyses of theoretical foundations, basic mechanisms, principles, causes of J. Kitchin cycles lasting 3-5 years, C. Juglar cycles lasting 7-11 years, S. Kuznets cycles (rhythms) lasting 15-25 years, N. Kondratieff long waves in the frequency range 45-60 years. Presents essence, nature and mechanisms of cyclic transformations in economic dynamics.
Highlight different classifications of cyclical economic transformations, depending on the severity which is determined by the duration of the recession, the nature of the basic technical and economic processes, handling and the possibility of institutional regulation of cyclical fluctuations. Examines three basic groups of factors that lead to periodic fluctuations in business activity.
Keywords: fluctuations of business activity, cyclic economic transformation, crisis, recession, counter-cyclical policy
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