CRISIS RESEARCH FOUNDATIONS IN THE TRANSFORMING WORLD ECONOMY: A THEORETICAL PERSPECTIVE

Abstract

Objective. This article examines the theoretical foundations of crisis research within the context of an evolving global economy. It highlights the necessity of re-evaluating traditional economic theories to encompass the interconnected nature of modern financial systems, technological advancements, and emergent global threats such as pandemics and climate change. Results. The discussion extends to the analysis of the most recent scholarly contributions and identifies gaps that present opportunities for future research. The interconnectedness of the global economy has not only facilitated international trade and cultural exchange but has also increased the propensity for localized economic disruptions to escalate into global crises. From financial collapses and geopolitical instability to pandemics and climate change, modern economic crises represent a complex interweaving of causes and consequences that extend far beyond traditional economic theories and models. Traditional economic theories have often fallen short in predicting and mitigating the impacts of these crises. In this article, an attempt is made to comprehend and systematize modern economic crises through the lens of globalization, technological changes, environmental and healthcare challenges, while proposing a new theoretical approach for understanding and managing these crises. The relevance of this research lies in its pursuit to bridge the gap between existing economic models and the realities of a dynamic global economic landscape. The purpose of this article is to forge a comprehensive theoretical framework that encapsulates the complexities of modern economic crises. By integrating diverse scholarly views and addressing the inadequacies of existing models, this framework aims to improve our predictive capabilities and policy responses to future economic downturns. The body of the article comprises a detailed examination of various factors influencing the global economy, such as the rise of cryptocurrency markets, the shift towards remote economies in the post-pandemic era, and the impact of geopolitical tensions on trade and finance. It contrasts the efficacy of existing economic indicators with the emerging challenges posed by these factors, using case studies and empirical data. On the basis of the synthesized material, a classification of theories proposed by scholars regarding economic crises can be articulated. This classification not only captures the diversity of perspectives but also aligns with the complex nature of crises in the contemporary economic landscape. Practical significance. The article concludes by asserting the critical need for adaptable and forward-looking economic theories. The conclusions reinforce the notion that understanding the current and future economic crises requires a more holistic and flexible approach to theoretical research, one that can accommodate the unpredictable nature of the global economy.