Features of cyclical development of the global economy

Abstract

In the article the cyclical theories of economic development were analyzed and discussed approaches to determining the cause and origin of the cyclical nature of the economy. Different approaches to the interpretation of the definition of "business cycle" were examined and own interpretation of this concept with an emphasis on maximum consumption of available resources for each economic cycle was offered. Different variants of classification of economic cycles were systemized by the following features such as the scale of dissemination, the economic nature and the length and depth of penetration. As a result of in-depth analysis, the author developed classification on the specifics of manifestation of economic cycles. Based on comprehensive analysis of economic relations from the time of the capitalism’s birth and to nowadays the author offered the systematization of the cyclical development of the global economy. Finally, the necessity of finding reasons for the change of the economic cycle to the downward trend was proved.