It has become popular in Russia to speak about the crash of the Western economic model and liberal capitalism and this talk may make some sense from the political point of view. All of economic history shows that however harsh a crisis may be and whatever stage of capitalism's decomposition is...

A detailed analysis of all crises (we shall describe them, with some qualification, as ‘systemic crises') exceeds the scope of the present article. Here, we shall highlight only some of their common features. What they have in common has nothing to do with the extent of the decline in...