Global economic crisis of 2020 and a new paradigm of countercyclical management

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.

Global financial ecosystem and processes of unshadowing of business activities: the role of the FATF

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Understanding and Exploring the Concept of Fear, in the Work Context and Its Role in Improving Safety Performance and Reducing Well-Being in a Steady Job Insecurity Period

“…During an economic crisis, stronger, increased competition among enterprises to stay in the market drives the forces of organizational growth [1] but may reduce the attention paid to employee well-being. Specifically, organizations suffer the cyclical dynamics of a global crisis [2], and employees may fear being exploited by the organization [3]. This complex global scenario and disorientation can affect employees' understanding of the appropriate behaviors they should adopt [4].…”