Economic crises in the 20th century. Economic crises in Russia at the beginning of the 20th century
Periodic economic crises were initiated by the crisis of 1825 in Great Britain, the first country where capitalism became the dominant system, and where machine production reached a fairly large development.
The next economic crisis occurred in 1836 and simultaneously engulfed Great Britain and the United States, which were closely linked at that time by trade and industrial ties.
The crisis of 1847 by its nature was close to the world crisis and covered all the countries of the European continent.
The first world economic crisis occurred in 1857... It was the deepest of all crises before him. It covered all the countries of Europe, as well as the countries of North and South America. Over a year and a half of the crisis in Great Britain, the volume of production in the textile industry decreased by 21%, in shipbuilding - by 26%. Iron smelting in France decreased by 13%, in the USA - by 20%, in Germany - by 25%. Cotton consumption fell by 13% in France, 23% in the UK, and 27% in the US. Russia has experienced major crisis shocks. Smelting of pig iron in Russia decreased by 17%, the production of cotton fabrics - by 14%, woolen fabrics - by 11%.
The next economic crisis broke out in 1866 and affected Great Britain in the most acute form. The crisis of 1866 had a special specificity. The American Civil War (1861-1865) caused a severe cotton famine in Great Britain on the eve of this crisis and a shock on the textile market. In 1862, according to Marx's testimony, 58% of all looms and more than 60% of spindles were inactive in Great Britain. A large number of small manufacturers have gone bankrupt. According to Marx, the cotton famine then prevented the onset of the economic crisis and led to the fact that the crisis of 1866 was predominantly financial in nature, since speculation in cotton caused a large outflow of capital in the money market.
Another world economic crisis began in 1873. In terms of its duration, it surpassed all previous economic crises. Starting in Austria and Germany, it spread to most European countries and the United States, and ended in 1878 in Great Britain. The economic crisis of 1873-78 initiated the transition to monopoly capitalism.
In 1882 another economic crisis broke out, mainly in the United States and France.
In 1890-93. the economic crisis hit Germany, the United States, France and Russia.
The economic crises of the period of transition to the monopoly stage of development of capitalism were seriously influenced by the world agrarian crisis, which lasted from the mid-70s. until the mid-90s.
World economic crisis 1900-03 accelerated the formation of monopoly capitalism, it was the first crisis of the era of imperialism... And although the drop in production during the crisis was insignificant (2-3%), it covered almost all European countries and the United States. The crisis was especially difficult in Russia, where it coincided with a poor harvest.
The next world economic crisis broke out in 1907. The overall drop in the level of industrial production in the capitalist countries was about 5%, but the crisis most affected the United States and Great Britain, where output fell by 15% and 6%, respectively. The crisis of 1907 showed the groundlessness of the hopes of bourgeois ideologists on the possibility of the disappearance of economic crises under the conditions of monopoly capitalism. In Art. Lenin's "Marxism and Revisionism" convincingly showed that the crisis of 1907 became an indisputable proof of the inevitability of crises as an integral part of the capitalist system. At the same time, Lenin emphasized that at the imperialist stage of the development of capitalism “The forms, the sequence, the picture of individual crises have changed ...».
The next world economic crisis began in the middle of 1920. The 1st World War of 1914-18 was strongly reflected in its course. and its consequences. Almost all capitalist countries experienced serious economic difficulties. Industrial output during the crisis fell in Western European countries as a whole by 11%, and in Great Britain - by 33%. In the US, production fell by 18%, in Canada - by 22%.
But all the economic crises listed above could not be compared with the world economic crisis of 1929-33. This crisis, which lasted more than four years and engulfed the entire capitalist world, all spheres of the economy, literally shook the entire capitalist system to its foundations. The total volume of industrial production in the capitalist world fell by 46%, steel smelting fell by 62%, coal mining - by 31%, shipbuilding production fell by 83%, foreign trade turnover - by 67%, the number of unemployed reached 26 million, or 1/4 of all employed in production, real incomes of the population decreased by an average of 58%. The cost of securities on stock exchanges fell by 60-75%. The crisis was marked by a large number of bankruptcies. In the United States alone, 109,000 firms went bankrupt.
The sharpness of the contradictions between societies, the nature of production and the private capitalist form of appropriation, which manifested itself during the world economic crisis of 1929-33, showed that the transition to the monopoly stage of capitalist development did not lead, as theorists hoped, to overcoming the spontaneity of capitalist reproduction. The monopolies were unable to cope with the market forces and the bourgeois state was forced to intervene in economic processes. Started the growth of monopoly capitalism into state-monopoly.
The cycle that followed the crisis of 1929-33 was characterized by the absence of an upswing phase. After a prolonged depression and a slight revival in mid-1937, another world economic crisis broke out. It was no less acute than the crisis of 1929-33. The total volume of industrial production in the capitalist world fell by 11%, including in the USA - by 21%. Steel production fell by an average of 23%, car production by 40%, merchant ships by 42%, etc.
Here is what J.V. Stalin said about this economic crisis and its possible consequences in 1939 in his Report at the XVIII Congress on the work of the Central Committee of the All-Union Communist Party of Bolsheviks:
“The economic crisis that began in the capitalist countries in the second half of 1920 lasted until the end of 1933. After that, the crisis turned into a depression, and then a certain revival of industry began, a certain rise in it. But this revival of industry did not translate into prosperity, as is usually the case during a revival. On the contrary, starting in the second half of 1937, a new economic crisis began, which seized first of all the United States, and after them - England, France and a number of other countries.
Thus, having not yet had time to recover from the blows of the recent economic crisis, the capitalist countries found themselves in the face of a new economic crisis.
This circumstance naturally led to an increase in unemployment. The number of unemployed in the capitalist countries, which had dropped from 30 million in 1933 to 14 million in 1937, has now risen again as a result of a new crisis to 18 million.
A characteristic feature of the new crisis is that it differs in many respects from the previous crisis, and it differs not for the better, but for the worse.
At first, new crisis began not after the prosperity of industry, as was the case in 1929, but after a depression and some revival, which, however, did not turn into prosperity. This means that the current crisis will be more severe and more difficult to deal with than the previous crisis.
Further, the current crisis did not play out in peacetime, but during the period of the second imperialist war that had already begun, when Japan, fighting for the second year with China, disorganizes the vast Chinese market and makes it almost inaccessible for the goods of other countries, when Italy and Germany have already transferred their national economy on the rails of the war economy, having swallowed up their reserves of raw materials and foreign currency, when all the other major capitalist powers begin to rebuild themselves on a war footing. This means that capitalism will have much less resources for a normal exit from the current crisis than during the previous crisis.
Finally, Unlike the previous crisis, the current crisis is not a general one, but for the time being it is mainly engulfing economically powerful countries that have not yet switched to the rails of a war economy. As for the aggressive countries like Japan, Germany and Italy, which have already rebuilt their economies on a war footing, they, while intensively developing their war industry, are not yet experiencing a crisis of overproduction, although they are approaching it. This means that while economically powerful, non-aggressive countries will begin to crawl out of the crisis period, aggressive countries, having depleted their gold and raw materials reserves during the war fever, will have to enter a period of the most severe crisis.»
But this economic crisis did not receive full development, its course was interrupted by the 2nd World War of 1939-45.
After the 2nd World War 1939-45. the upsurge of the economies of the capitalist countries did not last long. Already in 1948-49. the capitalist economy experienced its first crisis shock after the war. The economic crisis hit first of all on the main country of capitalism - the United States. American industrial output fell 18.2 percent from October 1948 to July 1949. The industrial crisis was supplemented by overproduction in agriculture... The volume of US foreign trade fell sharply. In Canada, industrial production fell 12%. The total volume of industrial production in the developed capitalist countries fell by almost 6% compared with the previous year. The shortage of goods characteristic of the first post-war years was replaced by general sales difficulties in the world capitalist market. Exports (in value) fell in many countries in Europe and Asia. The world export of wheat, coffee, rubber, wool, coal has decreased. All this dealt a blow to the already difficult monetary situation in many countries, which caused a massive devaluation of capitalist currencies in the fall of 1949. Thus, the crisis of 1948-49. was not a local phenomenon, peculiar only to the USA and Canada, but was essentially of a global nature.
In the fall of 1957, a new world economic crisis began, which continued into 1958. He struck the United States with the greatest force. Industrial production here fell by 12.6%. The crisis also affected Japan, France, Canada, Great Britain, Belgium, the Netherlands, Sweden, Norway, and Finland. The growth of industrial production in Germany and Italy has stopped. The rate of production growth in developing countries Oh. In the overwhelming majority of light industry sectors, as well as in ferrous metallurgy, shipbuilding and the coal industry, production has absolutely declined. In 1957-58. the crisis gripped the countries, which accounted for almost 2/3 of the industrial output of the capitalist world.
The industrial crisis was complemented by the international trade crisis. For the first time in the post-war years, the total export of finished industrial products decreased. At the same time, long structural sectoral crises began on the scale of the entire capitalist world: in the raw materials industries, the oil industry, shipbuilding, and merchant shipping. The US balance of payments crisis has developed, caused mainly by huge military spending and the policy of the "cold war".
70s became a turning point in the economic development of capitalism. In this period general terms and Conditions economic development the capitalist world began to change rapidly. In the countries of Western Europe and Japan by the mid-60s. the reconstruction of industry and other spheres of the economy on a new technical basis was completed, new branches of production acquired key importance. In terms of structure, technological equipment and productivity, the economies of these countries have come close to the level of the US economy. The convergence of the levels of economic development of the main rival centers of imperialism could not but affect the nature of the cycles of capitalist reproduction. In the 70s. economic crises are becoming widespread and more acute. In 1970-71. industrial production declined in 16 countries and manifested itself in a drop in the aggregate production indicators of the industrially developed capitalist world as a whole.
But a special place in post-war capitalist reproduction was occupied by the world economic crisis of 1974-75. He opened a qualitatively new period in the development of capitalist reproduction... This crisis gripped all developed capitalist countries without exception, and led to the deepest decline in industrial production and investment since World War II. For the first time in the postwar years, consumer spending of the population decreased and overall volume capitalist foreign trade. The sharp increase in unemployment was accompanied by a drop in real incomes of the population.
Features of the world economic crisis of 1974-75.
The special nature of the economic crisis of 1974-75. was determined not only by its acuteness and simultaneous spread to all major capitalist countries, but also by its combination with a powerful wave of inflation. Prices for goods and services continued to skyrocket even in the most acute phase of the crisis - a phenomenon unprecedented in the history of capitalism.
One of the features of the 1974-75 crisis. it was intertwined with deep structural crises that hit such important areas of the capitalist economy as energy, raw materials extraction, agriculture, and the monetary and financial system. In it, with an immeasurably greater force than in previous post-war crises, the aggravation of the contradictions of the world capitalist economy manifested itself.
The unusual nature of the economic crisis of 1974-75 was primarily due to the explosion of contradictions in the post-war years in the capitalist world of the international division of labor. The crisis disrupted the system of world ties, caused an even greater exacerbation of inter-imperialist rivalry and qualitative shifts in relations between the imperialist powers and developing countries. A characteristic feature of the economic crisis of 1974-75. there was a sharp violation of the cost proportions of capital reproduction as a result of the rapid rise in prices for oil, raw materials and agricultural products. From 1972 to the first half of 1974, the index of prices for raw materials increased 2.4 times (including for oil 4 times), for agricultural goods - almost 2 times (including for grain almost 3 times).
Energy, raw materials and food structural crises literally blew up the course of capitalist reproduction. At the heart of these crises lies the deep disproportionality of the development of individual parts and spheres of the world capitalist economy, which in itself is the inevitable result of new forms of exploitation of developing countries by imperialism, the system of domination over the production and export of raw materials, founded by international monopolies with the help of concessions and monopoly-low purchase prices. for raw materials. The political and economic essence of the raw material and energy crises, as well as the food crisis, is rooted in the aggravation of economic and political relations between the imperialist countries and the young nation states. The sharp political struggle over the prices of oil and other raw materials is only a reflection of the intensification of the general struggle of the developing countries against neo-colonialism. Never before in the history of capitalism did structural crises simultaneously cover such important spheres of production as the energy and raw materials complexes and agriculture. Having an independent character, these structural crises influenced the course of capitalist reproduction after the crisis of 1970-1971. and deformed the cycle.
Raw materials, energy and food crises arose in the course of a long accumulation of contradictions of capitalist reproduction throughout the entire post-war period. The conditions for the reproduction of capital in the industries producing raw materials and primary energy carriers, as well as in the electric power industry, were unfavorable in the developed capitalist countries already in the first post-war years. The rate of return on investment in these industries was significantly lower than in most manufacturing industries.
Bourgeois states tried to mitigate the disproportionality in the sectoral structure by providing tax incentives companies in the extractive industry (USA, Canada) or by nationalizing these industries and developing the public sector (Great Britain, France, Italy). As for the monopolies of the leading capitalist states, in the development of many raw material industries, especially oil production, they were guided by the exploitation of the resources of developing countries. Relatively rapid economic development of monopoly capitalism after World War II until the 70s. XX century was largely based on low prices for raw materials and oil and relied, therefore, on neo-colonialist forms of siphoning profits from developing countries. In the same time economic conditions, in which the extractive industries found themselves in the countries of developed capitalism themselves, led either to stagnation or to the curtailment of the extraction of raw materials and fuel on their own territory and to an increased focus on the import of these products from developing countries. So, for 1950-72. imports of crude oil to the United States increased more than 9 times, to Western Europe - 17 times, to Japan - 193 times.
The huge growth in oil production in developing countries could not compensate for the general slowdown in the growth of production of primary energy carriers and other types of raw materials in the capitalist world. The deep disproportionality of the sectoral structure of the capitalist economy was clearly marked already in the course of the cyclical upsurge of the 60s, but in the crisis form of relative "underproduction" it manifested itself only during the boom of 1972-73. The particular acuteness of the energy crisis is associated with the new balance of power between the oil-producing countries and the oil monopolies, whose power has been drastically undermined. The Organization of the Petroleum Exporting Countries (OPEC), which brings together the major developing oil producing countries, has been able to take control of its own Natural resources and implement an independent policy of prices in the oil market.
As for the food crisis, its occurrence is associated with the aggravation of the food problem in developing countries in the 70s, when in many of them the low level food production per capita. The immediate causes of this crisis are rooted not only in a significant lag in the growth rates of agriculture in developing countries from the growth rates of their population, but also in the relatively low growth rates of agricultural production in industrial capitalist states in the 1950s and 1960s. The crop failures in 1972-74 played a significant role in aggravating the food problem.
Rise in food prices in 1972-74 on the world market by 5 times led to an exacerbation of contradictions both between the main capitalist countries and between developed capitalist states and developing countries. The rise in food prices in the United States has contributed to increased inflation and undermined the ability to pay for the American population. But as a major exporter of agricultural products, the United States has benefited from higher prices in the world capitalist market. The countries of Western Europe, where domestic prices for agricultural products were significantly higher than world prices until 1974, were less affected by the increase in world prices. Japan, Great Britain and the overwhelming majority of developing countries found themselves in the most difficult situation, where domestic food prices increased and the cost of imported agricultural goods rose significantly.
Thus, the commodity and food crises led in 1973-74. to a sharp rise in world prices for oil, raw materials and agricultural products, and thus became a serious factor in the violation of the cost proportions of capital reproduction. These crises of relative underproduction played a crucial role in the onset of the world crisis of the capitalist economy in 1974-75.
A deep drop in production during the economic crisis of 1974-75. combined with increasing inflation, the origins of which were rooted in the huge unproductive spending of bourgeois governments, as well as in the monopoly practice of pricing. Monopolistic pricing practice is characterized primarily by the fact that companies create a system of relatively uniform and fixed prices for homogeneous products. For this purpose, the mechanism of the so-called. leadership in prices, when the leading companies in monopolized industries are guided by prices set by the most powerful of them in the expectation of obtaining high and stable profits. This practice will inevitably lead to an increase in the general level of prices and intensification of inflationary processes.
An additional factor in the increase in the general level of prices is also the fact that in the conditions of a decrease in aggregate demand, companies now prefer to cut production in the interests of maintaining profits, rather than lower prices for goods.
A powerful amplifier of inflation in the developed capitalist countries is government consumption, which is one of the main levers of constant pressure on commodity prices. The expansion of the functions of the bourgeois states to regulate the economy in the interests of monopolies (government spending in the main capitalist countries absorbs from 25% to 45% of GDP) has led to the fact that the capitalist states are experiencing a constant shortage financial resources, which manifests itself in the chronic deficit of state budgets.
In the 33 postwar years from 1946 to 1978 alone, a slight excess of income over expenditures was observed in the United States 12 times. Total deficit federal budget During this period, (after deducting the positive balance in certain years) about $ 254 billion, and in the first 25 post-war years (1946-70), this deficit amounted to $ 8.6 billion. The remaining $ 245 billion accounted for for the 70s (1971 - 78). In Great Britain for 1960-78. the state budget was reduced without a deficit only twice. This tendency is also typical for other capitalist countries. Huge state budget deficits are financed with the help of additional emission of means of payment, and this gives rise to prices stable and long-term.
The combination of the economic crisis with inflation has led to a sharp deterioration in the situation in financial sphere, shook the credit system, causing numerous stock market crashes, an increase in the number of bankrupt industrial and trading companies and banks. Inflationary pressure did not allow to reduce the interest rates on loans sufficiently and made it difficult for many capitalist countries to get out of the crisis.
Economic crisis 1974-75 clearly revealed the failure of the system of state-monopoly regulation that developed in the post-war years. In conditions of inflation, the previous recipes for the anti-crisis policy of the bourgeois states, with the help of which they tried to influence the course of business activity (decrease discount rate, an increase in government spending, etc.).
Economic crisis 1974-75 once again showed the extreme limitation of the possibilities of state-monopoly capitalism to influence the regulation mechanism economic cycles... Anti-crisis measures affected only national economies, while in the conditions of increased internationalization of production, capitalism is experiencing more and more acute shocks on the scale of the entire capitalist world economy. The activities of international monopolies, which played an active role in the disorganization of the world market and in the emergence of financial and currency crises, also turned out to be beyond the control of the bourgeois states.
Moreover, the bourgeois states to a certain extent themselves contributed to the development of the crisis in the economy. Faced with unprecedented levels of inflation, they tried to combat it by curbing consumer demand and economic growth, reducing government purchases of manufactured goods and raising the cost of credit, while companies were in dire need of capital. This deflationary policy of the bourgeois states largely predetermined the acuteness that developed in 1974-75. situations when inflation was combined with an economic crisis and high unemployment. The deflationary policy contributed to the exacerbation of the world economic crisis and a sharp increase in unemployment in these years, but to a very small extent restrained the rise in prices, since it almost did not affect the main sources of modern inflation - monopoly pricing and huge government spending... The calculations of bourgeois economists that a significant increase in unemployment and a limitation in aggregate demand would sharply reduce inflation were not justified, the combination of inflation and high unemployment levels further increased the socio-economic tension in the world of capitalism.
Economic crisis 1974-75 led to an unprecedented exacerbation of the social contradictions of capitalism in the post-war period. In addition to rising prices for consumer goods and a significant rise in the cost of living, the army of the unemployed has grown sharply. At the height of the crisis (the first half of 1975), according to official UN and OECD data, the number of completely unemployed in developed capitalist countries exceeded 18 million.
The main force opposing both the monopolies and the bourgeois state in the world of capital was and remains the working class. The strike struggle of the working people did not subside even during the difficult period for the capitalist economy in the first half of the 70s. According to the International Labor Organization, in 1975-77. the working class held about 100,000 strikes, in which more than 150 million people took part.
After World War II, another major trend of capitalist development, predicted by Karl Marx at one time, appeared - more frequent crises of overproduction in the capitalist world.
It is most clearly visible in the world's largest economy - the United States, where crises throughout the post-war period and especially at the end of the 20th century occurred almost every 3-5 years.
1948-1949 - world economic crisis
1953-1954 - overproduction crisis
1957-1958 - overproduction crisis
1960-1961 - financial crisis overproduction crisis
1966-1967 - overproduction crisis
1969-1971 - world economic crisis, financial crisis
1973-1975 - world economic crisis
1979-1982 - world economic crisis, oil crisis
1987 - "Black Monday", financial crisis
1990-1992 - overproduction crisis
1994-1995 - Mexican financial crisis (global)
1997-1998 - Asian crisis (world)
2000 - financial crisis, collapse of stock prices of high-tech companies
If we take into account the irregular crises - intermediate, partial, sectoral and structural, they occurred in capitalist countries in the 19th and 20th centuries even more often, which further complicated the course of capitalist reproduction.
Thus, the entire post-war development of the capitalist economic system fully proved the inconsistency of bourgeois and reformist concepts about the possibility of “crisis-free” development of modern capitalism and its “stabilization”, the ability to endlessly maintain the capitalist mode of production.
The world capitalist economy was not helped either by militarization, on which in the middle of the 20th century bourgeois economists made a serious stake, representing the war industry as the locomotive of the entire capitalist economy. World economic crises 1957-58, 1970-71, 1974-75 broke out precisely in the conditions of militarization, on which, according to the most conservative estimates, the capitalist countries spent over 30 years (from 1946 to 1975) more than 2 trillion dollars. Militarization not only did not save capitalism from crises, but, on the contrary, further contributed to the intensification of the contradictions of the capitalist economy. On the one hand, it has led to an exorbitant swelling of production capacities, which, given the accelerated development of military technology, always quickly become obsolete and depreciate. The surplus production capacity created for military needs cannot be reoriented and fully used for peaceful purposes. On the other hand, such companions of militarization as taxes and inflationary price increases reduce the purchasing power of the masses. And this further exacerbates the problem of markets, accelerating the maturation of general overproduction.
The 21st century for the largest economy in the world, the United States, did not start in the best way either - in 2007 there was a serious mortgage crisis, which escalated into the global economic and financial crisis of 2008-2014. Its consequences have not yet been overcome either in the United States or in other countries of the world.
A number of bourgeois economists quite reasonably believe that this latest crisis - 2008-2014. can be called global, so deeply it touched the entire capitalist economic system, and there are all signs that without really getting out of this crisis, the world capitalist economy, and first of all, the US economy, is already plunging into a new economic crisis, after which it is completely the collapse of the entire system of capitalist production is possible.
The history of economic crises serves as a vivid and convincing proof that the capitalist mode of production has long outlived itself and the collapse of capitalism is inevitable. It shows all the genetic vices of capitalism, convincing the working people of the capitalist countries of the need to fight for a new social system - for socialism, free from crises of overproduction, class oppression, unemployment and giving unlimited scope for the development of productive forces and man himself.
Prepared by the CRD "Rabochaya Put"
Literature:
1 V.I. Lenin, Poln. collection cit., 5th ed., vol. 17, p. 21
2. World economic crises, under total. ed. E. Varga, t. 1, M., 1937;
3. Trakhtenberg I., Capitalist reproduction and economic crises, 2nd ed .. M., 1954;
4. Mendelssohn L., Theory and history of economic crises and cycles, t. 1-3, M., 1959-64;
5. Modern cycles and crises. [Sat. articles], M., 1967;
6. Mileikovsky A. G., Modern stage general crisis of capitalism, M., 1976;
7. "Economic Encyclopedia" Political Economy ", v.4, M., 1979
Economic crises until the XX century, they were limited to the borders of one, two or three countries, but then they began to acquire an international character. In Eurasia and America, for almost two centuries, economic crises have occurred about 20 times.
Economic crises in the first quarter of the 20th century
Industrial crisis of 1900-1901... began almost simultaneously in Russia and the United States. Its main influence fell on the metallurgical industry, followed by the chemical, electrical and construction industries. Soon the industrial crisis at the beginning of the century became universal, i.e. covered most of the industrialized countries (England, Austria, Germany, Italy, France, etc.), leading to the ruin of a lot of enterprises and causing a rapid rise in unemployment. Despite the severity of the crisis, as it developed, signs of an imminent recovery were more and more evident: prices for goods were falling more and more, expanding demand, and at the same time the investment process revived.
In 1914 there was an international financial crisis caused by the outbreak of the First World War in general and the total sale of securities of foreign issuers by the governments of the United States, Great Britain, France and Germany to finance military actions in particular. This crisis, unlike others, did not spread from the center to the periphery, but began almost simultaneously in several countries after the belligerents began to liquidate foreign assets. This led to a collapse in all markets, both commodity and money. Banking panic in the US, UK and several other countries was mitigated by timely intervention by central banks.
In 1920-In 1922, the next world economic crisis occurred associated with post-war deflation (an increase in the purchasing power of the national currency) and recession (a decline in production). The phenomenon was associated with banking and currency crises in Denmark, Italy, Finland, Holland, Norway, USA and UK.
World economic crisis 1923-1933 and ways to get out of it
World Economic Crisis 1929-1933 began on October 24, 1929 ("Black Thursday"), when the New York Stock Exchange saw a sharp decline in shares, marking the beginning of the largest economic crisis in history. The cost of securities fell by 60–70%, business activity dropped sharply, and the gold standard for major world currencies was canceled. By the end of 1929, the fall in securities prices reached a fantastic amount of $ 40 billion. Firms and factories were closed, banks burst, millions of unemployed wandered in search of work. The crisis raged until 1933, and its effects were felt until the end of the 1930s.
Industrial production during this crisis fell by 46.2% in the United States, 40.2% in Germany, 30.9% in France, and 16.2% in England. Industrial stocks fell 87% in the US, 48% in the UK, 64% in Germany, and 60% in France. The crisis has engulfed all countries of the world, and the rates of production decline in less developed countries were often deeper than those of the four economic leaders. For example, the index of industrial production in Czechoslovakia decreased by 40%, in Poland - by 45%, in Yugoslavia - by 50%, etc. Unemployment has reached unprecedented proportions. So, only, according to official data, in 32 countries the number of unemployed during the three years of the crisis (1929-1932) increased from 5.9 million to 26.4 million (including in the United States - 14 million), there was a massive ruin farmers, etc.
The change in the nature of crises occurred due to the loss of the ability of the markets of the leading countries to self-regulation and the formation of state-monopoly capitalism. Development of production at the turn of the XIX-XX centuries. intensified the process of its centralization and the formation of monopoly associations that combined industrial and banking capital (in Marxist-Leninist terminology, the result of such a merger is called financial capital). New financial groups have taken key positions in the main sectors of the economy.
Corporations intervened in the domestic and foreign policy of their states, putting it under their control and actively developing lobbying.
Monopolies as the most powerful economic entities in the pursuit of profit increasingly influenced the sphere of pricing. This led not only to the emergence of serious imbalances within the national economy of individual countries, but also intensified international economic contradictions. All this contributed to the fact that the economic crises were now not with disruptions in the sphere of commodity and money circulation, but with the selfish policy of the monopolies. This is what determined the peculiarities of the course of crises, their cyclical nature, scale, depth, length and consequences.
The fight against the crisis of 1929-1933 determined the general line of policy of the governments of most countries, which initially consisted of a well-known liberal approach. However, it soon became obvious that the doctrine of "non-interference" of the state in economic life, based on the concept of market self-regulation, was unsuitable in the current situation. The activity of the state in the economic and social spheres began to increase, the tendency towards the development of state-monopoly capitalism was clearly manifested. However, in different countries, the degree of state intervention was determined by the characteristics of their historical development and political structure. Therefore, in the 30s, three main concepts can be distinguished, within the framework of which various methods of overcoming the crisis were developed. The first (liberal) method was reflected in the anti-crisis policy of the "new course" of President F. Roosevelt in the United States. The second (social democratic) was typical for the Scandinavian countries and France. The third (totalitarian) method of state regulation was most fully used in Germany.
Government regulation began in the United States market economy using indirect methods of influencing the economic and social spheres of life. Banking and financial reforms carried out by Roosevelt served as the starting point for subsequent transformations. Strong budgetary and monetary policies allowed the state to undertake major investment measures to achieve economic growth - it financed programs to help the unemployed, organized public works. Public funding policy was complemented by legal acts(creation of the Federal Housing Bank, the Federal Deposit Insurance Corporation, the Federal Emergency Relief Administration, etc.). Subsequently, the Second World War and the growth of military orders played a significant role in eliminating the consequences of the crisis. But nevertheless, the results of these methods had a positive effect not immediately, but only after a rather long period of time.
The social democratic concept represented the strengthening of the regulatory role of the state and the partial nationalization of the economy, i.e. the transition of individual enterprises and sectors of the economy to the state. Examples include Sweden, Denmark and Norway, where the public sector grew significantly during the 1930s. The social democratic governments of these countries put foreign trade and capital export under state control, financed housing construction, agricultural production, etc. At the same time, the state pursued a social policy aimed at improving pension provision, creating a state insurance system, issuing laws on the protection of mothers and children, developing labor legislation, etc. After the left-wing anti-fascist forces came to power in France and Spain, similar tendencies appeared in their state regulation. This concept also did not lead to immediate positive results. The reformers failed to meet the needs of various social groups of citizens in all countries. However, such a "social" concept turned out to be very promising, given the current state of the Scandinavian countries, which is often mistakenly called "Swedish socialism" (socialism is characterized by public or state ownership of the means of production, if it expresses the interests of the ruling class, while in the economies of the countries Scandinavia is dominated by the private sector).
The totalitarian concept was observed in Germany, Italy, Japan and some other countries. It was characterized by over-centralization and militarization of the economy, as well as minimizing the system market relations... In the above countries, there was a gradual increase in the public sector and defense enterprises in the economy, since these fascist states set the goal of an armed redistribution of the world, which determined the path and methods of overcoming the economic crisis. In addition to defense enterprises, the nationalization of raw materials, the fuel and energy base, transport, etc. took place. Along with this, forced cartels and the integration of small enterprises into large monopoly associations closely associated with the state were carried out. The share of state orders was constantly increasing, and elements of directive economic planning developed.
As a result of such a policy, a year later unemployment disappeared in Germany, from which countries that chose other development concepts continued to suffer. The indicators of economic growth went up sharply, especially in the branches of heavy industry. This model gave an immediate positive effect, distinguishing it favorably from other models. It should be noted that after the end of the crisis of 1929-1933. most countries, with the exception of Germany and Japan, were in a state of rather prolonged depression, feeling the impact of recurrent crises. However, one should not forget that the prosperity of the countries of the fascist bloc was based on an artificially untwisted military conjuncture and the curtailment of the market on the basis of forced over-centralization of the economy. The continuation of the policy of militarizing the national economy not only did not solve the problem of restoring the economic proportions disturbed during the crisis, but, on the contrary, drove these problems into a dead end. Only the unleashing of external aggression could postpone the inevitable economic catastrophe. Therefore, since 1935, the Axis countries have been more and more actively involved in military conflicts and ultimately begin the largest-scale Second World War in the history of mankind.
The previous period of human history was marked by the formation of a new industrial society. If the former agrarian society was characterized by peasant, largely subsistence farming, now people lived in cities, produced industrial goods and exchanged them for food and raw materials brought from distant countries. With the growth of an industrial society, competition between manufacturing firms and companies gradually increased; already in the first half of the 19th century, periodic crises of overproduction began to be observed. During the years of crises, many companies were ruined and taken over by larger companies; thus, there was a process of concentration of production and capital. By the end of the 19th century, mergers and acquisitions had created huge industrial monopolies, trusts and syndicates, consisting of many smaller companies. At the same time, there was a process of merging industrial and banking capital; banks acquired shares in industrial companies, and trusts created their own banks, attracting funds from small investors.
Opportunities for the development of industrial production depend on the volume of the food and raw materials market for which these goods are exchanged. Globally, this market remains limited, and by the end of the 19th century it was largely divided among the industrial powers. One form of dividing the market was the creation of colonial empires, the other - agreements on "spheres of influence". England, took advantage of its primacy and created a huge colonial empire with a population of 390 million people, France seized territories with a population of 55 million people, Germany got lands with a population of 12 million. The markets of the powers and their colonies were protected from the penetration of foreign goods by customs duties, often exceeding half the value of the goods. The few countries that remained independent were divided into "spheres of influence" in which one or another power had a commercial predominance.
England and France, which captured most of the markets, did not allow German goods to enter them and, thereby, hindered the further economic development of Germany. Meanwhile, Germany was significantly superior to these countries in industrial and military terms; thus, the question arose about the redistribution of markets by military methods. In 1914, the First World War began. Germany hoped to defeat its opponents in a couple of months, but these calculations did not take into account the role of the new weapon that appeared then - the machine gun. The machine gun gave a decisive advantage to the defending side; the German offensive was stopped and a long "trench war" began. Meanwhile, the British fleet blocked German ports and cut off food supplies. In 1916, famine broke out in Germany; the military government introduced food appropriation, all the bread produced was bought by the state at nominal prices and issued to the population by cards, all enterprises worked according to state plans. The difficult situation was also developing in Russia, the tsarist government paid for military expenses by printing money, as a result the landowners refused to sell their grain for depreciated credit cards; the government, as in Germany, tried to introduce food appropriation and cards - but it did not have enough strength, they began to hide bread, famine began in the cities and at the front - as a result, a revolution broke out. The main slogan of the revolution was the same as in 1905: "Land - to the peasants!" The Bolsheviks confiscated the landowners' lands and distributed them to the peasants; as a result, a civil war broke out. During the war, food appropriation was introduced and industry was nationalized - as in Germany, these measures were dictated mainly by military necessity. After the end of the war, the surplus appropriation system was canceled, many enterprises were returned to the old or transferred to new owners - this was called the "New Economic Policy" (NEP).
On the whole, the 1917 revolution was a manifestation of the usual laws of an agrarian society; it was caused by overpopulation and brought to power new kings who gave land to the peasants. It was a crisis that ended another demographic cycle. As usual, the crisis was accompanied by a demographic catastrophe - the population decreased from 170 to 147 million.
By 1925, the post-war economic recovery was completed, and the Bolshevik government began to nurture plans for the industrialization of the country. As in the previous period, money for the purchase of equipment could only be obtained by exporting bread. In 1926-1928, the government tried to get this money by buying grain from peasants and selling it in the West. However, the peasants refused to sell grain at low state prices. Under these conditions, the Bolsheviks embarked on a course of collectivization, the creation of collective farms, which would become a mechanism for confiscating grain from the peasants. At the same time, in order to accumulate financial resources, the private sector in industry was liquidated.
Hasty and violent collectivization led to the famine of 1932. The grain harvest fell to 70 million tons, the peasants did not want to give their livestock to collective farms - as a result, 10 out of 30 million cows were slaughtered. The situation in agriculture was restored only by 1940, when the grain harvest exceeded the 1913 level. At the same time, the yield remained low, but great progress was made in the introduction of new equipment, tractors and combines.
The withdrawal of grain from the countryside and the accumulation of all funds for the construction of new enterprises made it possible to industrialize the country. In 1928-1940, several thousand large enterprises were built; in comparison with 1913, industrial production increased 8.5 times. This growth was all the more striking because Western industry was in a state of crisis and stagnation. The Soviet Union became a powerful industrial power, in terms of production it was equal to Germany - although it was much inferior to the United States.
The First World War brought devastation to Europe, but fantastically enriched the United States. In dire straits, Britain and France paid huge sums of money for war materials, and American businessmen, who were making colossal profits, hastily expanded production. US industrial production increased 2.5 times during the war years, and exports - 3 times. In 1920, the United States produced 42 million tons of steel - 60% of world production. However, after the war, a crisis began, and production fell by one third. American companies had to start fighting for foreign markets; in China, Japan was the main rival of the United States; in Latin America - England and Germany. Mass export of capital began, and the size of the exported capital of the United States soon surpassed England. In 1923, a new boom began, it was associated with the development of mass production of cars. Even before the war, Henry Ford set up an assembly line, and the car became affordable for farmers and workers. Between 1921 and 1928, US car production tripled, from 1.5 million to 4.8 million, accounting for three quarters of world production. However, by 1929 the market was saturated and the "great crisis" ensued. On October 24, 1929, a panic broke out on the stock exchange, the average stock price dropped by half, the shares of the leading automobile company General Motors fell 80 times. Production cuts and mass layoffs began; by 1932, production had halved, and half of the workers were unemployed. Millions of hungry people roamed the roads from state to state in search of work, and food riots broke out in some places.
In the previous period, Americans were so accustomed to a prosperous life that only a tenth of them were members of trade unions, there were no unemployment benefits or old-age pensions in the country. In the 1932 elections, Democratic candidate Franklin Roosevelt proposed a welfare system and became president. To bring the country out of the crisis, Roosevelt proclaimed a "new course" in the economy. The reforms were based on the ideas of the famous English economist John Keynes, who argued that capitalism had ceased to be a self-governing system, and the government should move to state regulation of the economy. In 1933, the "National Act on the Restoration of Industry" was adopted, according to which the state determined for each enterprise the volume of production, sales markets, the level of prices and wages, and the length of the working day. A social security system was created and collective agreements were introduced. Community works and labor camps were organized for the unemployed. America began to gradually emerge from the crisis, and over time, measures to regulate the economy became less strict. By 1939, the US economy had reached pre-crisis levels.
In Germany, as well as in Russia, the world war caused a national catastrophe and an acute social crisis. V political sphere the result of the crisis was the fall of the monarchy and the establishment of a republic with universal suffrage; an 8-hour working day and social guarantees were introduced. Germany was able to get out of the crisis only thanks to American loans provided to her in accordance with the so-called "Dawes Plan". The post-war economic recovery was completed only by 1924, but then development ran into an old obstacle: the markets of most countries remained closed to Germany. In addition, Germany lost its colonies and had to pay heavy reparations, which turned into taxes and undermined the competitiveness of German goods. All this led to the fact that the global economic crisis that began in 1929 dealt the main blow to Germany. By 1932, half of the population lost their jobs, the authorities were unable to pay benefits, and violent demonstrations of hunger strikers took place in the cities.
In this environment, Adolf Hitler's National Socialist Party won the elections; Hitler promised to give everyone a job. After the Nazis came to power, the economy was nationalized; the owners of the enterprises practically lost their right of ownership and turned into managers - "Fuhrer". In their work, the "Fuhrer" obeyed instructions from the center; they were given a small percentage of the profits. Food appropriation was restored in the village, all products were handed over to the state at fixed prices. Just like in the Soviet Union, all economic activity was regulated by state plans.
Hitler's main goal was a new war for the redistribution of food and raw materials markets. For this purpose, the military industry was built up, industrial production was restored and by 1939 exceeded the pre-war level by 40%.
The revolutions in Russia and Germany had a great impact on the development of other European states. Under the influence of the mass strikes of 1918-19 in France, the 8-hour working day and collective agreements were introduced, in England, universal free primary education was introduced and women were given the right to vote. In 1923-24, socialist parties came to power in England and France for the first time. However, higher wages and an increase in social spending led to capital flight - later this phenomenon becomes a characteristic consequence of socialist rule. It leads to a slowdown in economic development and to the fact that power is returning to the bourgeois parties. In general, the development of England and France during the interwar period was slow; compared with 1913, production increased by only 20-30%. At the same time, dominance over vast markets mitigated the impact of the 1929 global crisis; in England and France there was no such unemployment as in the USA and Germany. Germany demanded from England and France admission to the markets they controlled and the return of the colonies - the conflict that caused the First World War, in the end, broke out into a new war.
Consider 10 major economic crises, why they happened and which countries were hit the hardest.
All processes of a market economy go through certain phases of development. First, there is a rise in production, then the peak of the revival of activity comes. This period is characterized by an excess of demand over supply for manufactured products, maximum employment of personnel and the use of production facilities. Then there is a recession. The balance between supply and demand is disturbed, a phase of depression and a crisis sets in.
A crisis is called a stage in the economic process in which overproduction of goods leads to surplus finished goods, unemployment, reduced profits and possible bankruptcy of the enterprise. With the onset of globalization of economic ties, crisis phenomena affect not only individual enterprises, but directly affect the economic performance of the state as a whole.
Economic crises of the 19th century
Not only overproduction of goods leads to a crisis, but also wars, scientific and technical discoveries, natural disasters, and random impulses.
First world crisis
In 1858, a network was built in the USA railways, which led to the rise of heavy industry. The shares soared in price and speculation began. When the price of shares far exceeded their real value, some of the shareholders began to get rid of them. There was an exchange panic, banks were on the verge of bankruptcy. Since the funds of Great Britain were invested in the US banking system, the crisis that arose disrupted the financial system of this country, as well as Germany and France.
Market crash of 1873
After the end of the Franco-Prussian War, Germany was forced to pay a significant amount of indemnity to the rival countries. As a result, a huge amount of money supply appeared in the stock markets of Western Europe in 1873, which gave rise to speculation in securities. The excitement led to the collapse of the stock market in Austria, then Germany. In the United States, the crisis began with a default on the debt obligations of the owners of railways and metallurgical enterprises. The situation stabilized only by 1878, and finally the Long Depression ended in 1896.
World economic crises of the 20th century
Economic crisis of 1914
In 1914, the world economic crisis was provoked by the outbreak of the First World War. Military operations required considerable resources. As a result, the governments of the USA, Great Britain, Germany, France, Russia and other countries mobilized and sold securities. Access to foreign goods in a number of states was blocked, which caused the ruin of industrial enterprises. The situation was aggravated by revolutionary actions in Germany and Russia.
The Great Depression
After the First World War, the United States experienced an economic recovery. The creation of new enterprises again provided favorable conditions for the "soap bubble" in the stock market, which suddenly burst, plunging America into the Great Depression (1929-1933). Until now, no one can name the reasons for the crisis. About 14 million people were left without work, shareholders lost about $ 15 billion in the United States alone. The Great Depression also affected Germany, France and the United Kingdom, dropping the production of manufactured goods to the level of the beginning of the century.
1958 crisis
The tense situation around the Suez Canal and the military conflict in 1957 caused the need for additional weapons in countries such as the UK, USA, France, Israel and Egypt. As a result, the output of manufactured goods decreased, leading to unemployment and deflation. In 1958, the volume of output decreased in almost all countries of the capitalist world by almost a third.
Crisis 1970
In 1970, OPEC, an organization uniting countries with an oil-producing industry, became a powerful and influential organization. Its participants sharply raised oil prices - almost fourfold, controlling its volumes on world markets. As a result, almost all countries in the world that were in favor of Israel suffered during the military conflict with Syria and Egypt. The USA, Japan and Great Britain suffered the most from the crisis. During this period, large supplies of oil to Europe from the USSR began.
Mexican crisis
Despite the leading figures in oil production in 1994, shares on the stock exchange plummeted in Mexico. This was caused by an unstable political situation, dependence on foreign capital and imported goods.
Asian crisis
In 1997, a crisis hit the countries of Southeast Asia. Investors from the United States raised refinancing rates in Thailand, Malaysia, Singapore, as a result, the national currencies of these countries depreciated, and government and corporate debt increased. The fall in the welfare of the population in Indonesia led to uprisings and a coup d'état. South Korea to overcome the crisis, investments were provided on unfavorable terms. According to economic estimates, the Asian crisis has reduced global GDP by $ 2 trillion.
Black monday
Economists explain the unprecedented collapse of the Dow Jones index on Black Monday 1987 by the failure of technical systems - at the right time, the computer system refused to function. Against the background of an unfavorable international political situation - the governments of Japan and Germany were revising the tax system, as well as a decrease in the volume of investments in the US economy, this event led to panic and crisis. The stock markets of Australia, Hong Kong, Canada also collapsed. However, its consequences were eliminated within two years.
Crisis 1998
The financial and economic crisis in Russia began long before the default in 1998.The collapse of the Soviet Union, the policy of the ruling circles leading to failure, low prices for raw materials sent for export - all led to a collapse national economy... In a short time, the state turned into a country with a huge debt - almost 200 billion dollars. Moreover, the state debt was not external, but internal. Every 10th able-bodied Russian was unemployed.
Analyzing the mechanism of the emergence of world economic crises, we can conclude that they develop in the following stages:
- The emergence of a "bubble" - stock, credit or investment.
- A sharp drop in the market, panic.
- Change in credit policy.
- Decline in the sphere banking system.
- Bankruptcy and cutbacks in production.
- Political and social imbalance, unemployment, inflation or stagflation.
- The emergence of negative situations is due not only to cyclicality financial processes, but also high costs of the military industry (militarization), speculative machinations on a global scale.
Throughout human history, financial disasters have occurred. Sometimes they were local and affected specific sectors of the economy. Sometimes they were reflected in the welfare of the whole country as a whole. As a rule, a world crisis is called a prolonged decline in the economic capacity of a group of states whose production processes directly or indirectly affect the population around the world. There have been about twenty such financial disasters over the past two centuries.
It should be understood that there is a big difference between the crises that took place before the first half of the 20th century and those that followed. So practically all crises of the first period are associated with the discrepancy between the production of goods and the solvency of demand. To better understand what this is about, imagine a picture. The end of the 19th century, scientific and technological progress is rushing at full speed. In factories, manual labor is urgently replaced by machine labor. The owners of the production facilities are satisfied, now there is no need to pay wages, and the capacities have increased several times. However, consumers were in no hurry to buy the product. Since they were, including the very strata of the population that now constitute the backbone of the unemployed. And this is a huge number of people. Therefore, the economy until the middle of the 20th century sought to find a certain balance between supply and demand. At the same time, for the first time, many new schemes of credit relations, money transfers, and the work of stock markets were tested. All this, of course, was imperfect and sometimes malfunctioned.
But the second half was marked by a different trend. A new kind of relationship has emerged. The so-called state-monopoly capitalism. This meant that the state was the owner of a group of industries with which it was impossible for private companies to compete. This kind of relationship was especially vividly demonstrated during the Second World War. When state orders were poured into monopoly enterprises on an especially large scale. And this is understandable. Indeed, in order to shoe, feed and arm an army, the forces of an entire country or even several are needed. Some successful independent businessmen have also been able to snatch a piece of the pie. Their contribution to the common cause did not go unnoticed. For example, William Boeing, thanks to which the American army was able to take off (talking about cargo and transport aircraft). For example, Heinrich Steinway, who converted his factory, which previously produced pianos, for the mass production of rifle butts. And of course, for example, John Rockefeller, to whom the Americans owe the full tanks of their ships, tanks and aircraft.
The crises of this period are associated, as a rule, with legal battles and with a certain greed of state shareholders. It's no secret that to get a large order, you had to pay money to the right people. Some have done it cleanly and smoothly. And someone, like the manufacturer of radio equipment Motorola, had to resort to massive layoffs of workers.
As for the crises of the last 30-40 years, the massive use of computers and the Internet in the economic sphere has had a significant impact. This led to the infusion of private companies and even individual traders into the stock markets. Sadly, the trading floors of securities (which are the main "crisis makers" in recent years) operate on the principle of a damaged telephone. There is a group of very famous and very wealthy investors, such as Warren Buffett, Carl Icahn, George Soros, etc. There are brokerage companies and private consultants who literally look into the mouths of the Great Teachers and do as they do. And there are private investors listening to advisors and brokers. The scheme works well as long as one of the gurus does not make a mistake. Because then there is a form of hysteria, a fall in indices and a massive loss of investment. Some Masters sometimes do this on purpose. This is called “playing against the market”. For example, Carlos Slim Elu, the richest man in the world at the moment, recently bought $ 100 million worth of Apple stock. Why buy shares of a company that has passed the peak of its production and whose shares have been gradually losing value for more than a year is a question. If you want to make a good investment, wait for the absolute “bottom” in the share price. Or invest when their value is constantly growing. Why buy at such a bad time? To deceive competitors. They will do the same. Carlos can afford to lose 100 million, for Karl Icahn this will already be a tangible blow, for any mid-level company this blow will be fatal. Such financial "games" are by no means uncommon these days. And of course, one should not forget about the massive use of loans, a decrease in energy reserves (oil, coal, gas), the preservation of a high consumer lifestyle and the constant dance of exchange rates.
The top global crises are as follows:
1. The first truly global crisis is considered the crisis of 1857. He struck a blow to the economies of the United States, Germany, England and France. It was associated with the massive bankruptcy of railway companies in the United States and the fall in the stock market. Without good transport supplies and a well-functioning banking system, production began to decline. Mainly steel (cast iron), national economy (cotton) and shipbuilding. After this crisis, bankers around the world began to pay more attention to risk insurance.
2. The crisis of 1873-1878. It is associated with the sharp dependence of Europe and the United States in cheap goods from Latin America. At the same time, there was a speculative rise in the stock markets of Austria and Germany. This sparked an explosion in real estate growth. And subsequently, the collapse of the economies of many European countries.
3. 1914. The crisis caused by the outbreak of the First World War. Unlike others, it did not move from the center to the periphery, but occurred simultaneously in several countries. In fact, at the same time, the United States, Great Britain, France and Germany began to get rid of foreign securities to finance military companies.
4.1929-1933. Time of the Great Depression. It's hard to say where it started. After all, the United States after the First World War was on the rise. The growth of shares of banks, large companies, an increase in the production of goods, etc. It looks like the economy just couldn't handle such rapid growth. Over the 4 years of depression, 30 million people lost their jobs.
5. 1973. The reason for this crisis was the desire of the three OPEC member countries to raise the price of a barrel of oil by reducing the amount of its production. This led to a decrease in production capacity in Europe and the United States by an average of 20-30%. 15 million unemployed were thrown into the streets.
6.187 “Black Monday”. Fall of the Dow Jones index by 22.6% in the US. The reason is the massive outflow of investors from regional markets.
7. 1997 - The Asian crisis. The widespread devaluation of the countries of Southeast Asia, again due to the departure of investors.
8. 1998 - Russian crisis. The reason is called the huge national debt of Russia, the construction of a pyramid of short-term bonds and the fall in world prices for raw materials, of which the Russian Federation is the supplier. The consequence is default.
9. 2000-2003. "The crash of the dotcoms." The crisis caused by the massive investment of money in Internet projects. The monetization and withdrawal schemes were imperfect and proved to be ineffective. One way or another, this event greatly influenced the relationship between the IT industry and the economy in general.
10. World financial and economic crisis of 2008-2012. The reasons are still being investigated. However, it is clear that it started with the US mortgage crisis in early 2008 and affected the entire credit sector.
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