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Finance and Credit
 

Towards the end of the bourgeois mode of production

Vol. 23, Iss. 22, JUNE 2017

PDF  Article PDF Version

Received: 27 February 2017

Received in revised form: 6 April 2017

Accepted: 24 April 2017

Available online: 15 June 2017

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: E31, E44, E51, O22

Pages: 1300-1318

https://doi.org/10.24891/fc.23.22.1300

Sutyagin V.Yu. Tambov State University named after G.R. Derzhavin, Tambov, Russian Federation
sutyagin.vladislav@yandex.ru

Radyukova Ya.Yu. Tambov State University named after G.R. Derzhavin, Tambov, Russian Federation
radyukova68@mail.ru

Kolesnichenko E.A. Tambov State University named after G.R. Derzhavin, Tambov, Russian Federation
ekolesnichenko@live.ru

Importance The article explores interrelations of major macroeconomic and demographic indicators of the leading economies of the world and implications of emerging trends for the world economy.
Objectives The purpose is to prove that the crisis has systemic nature and comes from a business model.
Methods The methodology rests on the analysis of changes in macroeconomic indicators of ten leading economies of the world with the contribution of over 61% of global GDP. We employed methods of dialectical analysis, induction, statistical methods such as analysis of trends, sample survey, grouping, extrapolation and interpolation, and others.
Results The study unveils that the current state of the world economy has a lot of contradictions in the field of investment, demography, government debts, monetary regulation of all leading economies of the world. Within the existing economic paradigm, they are addressed through continuous economic growth, the possibility of which are practically exhausted in the framework of the current business model (Marx called it 'a bourgeois mode of production' and the single global market). Under these circumstances, it is required to develop new efficient tools to ensure crisis recovery.
Conclusions The study provides for adequate and objective assessment of the current state and development trends of the world's economies, including Russia, and serves as a methodological basis for appropriate tools development.

Keywords: economic growth, economic crisis, macroeconomic indicators, macroeconomic performance

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