Wpływ światowego kryzysu finansowego na przemiany geoekonomiczne

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VOL. XLVII, 4 SECTIO H 2013

T. Shevchenko National University, International Affairs Institute, Kyiv

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Impact of world financial crises on geoeconomic transformations

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Key words: geoeconomic transformations, financial crises, gross domestic product, GDP growth rate,

geoeconomic area

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In the late 20th – early 21st centuries there was a series of processes and upheav-DOVKDYLQJGHPRQVWUDWHGWKHIXQGDPHQWDOFKDUDFWHURIFKDQJHVLQJOREDOHFRQRPLF DUHD1RZDGD\VWKHZRUOGILQDQFLDOFULVHVSURYHWKHLQDGHTXDF\RIDSSURDFKHVH[LVW-LQJLQHFRQRPLFWKHRU\DQGSUDFWLFHDVWRWKHLUSUHGLFWLRQDQGPDQDJHPHQW*OREDO transformations of the early 21st century have led to the necessity of reconsideration of current state ratio of economic forces in the world economy and theoretical ap-SURDFKHVWRWKHVXEVWDQWLDWLRQRIWKHIXWXUHFKDQJHVDQGSUDFWLFDOWRROVRISUHGLFWLRQ and forecasting of its development prospects.

The works of C. Jean, M. Zgurovskyi, Y. Kochetov, Y. Lutvak, P. Savona, etc., DUHGHYRWHGWRWKHLQYHVWLJDWLRQRIGLIIHUHQWJHRHFRQRPLFSUREOHPV>3; 11; 12; 15]. $*DOFK\QVN\L-.RUQDL<3DKRPRY.3RODQ\LHWFGHDOZLWKWKHSUREOHPVRI HFRQRPLFVWUDQVIRUPDWLRQV>10; 14; 20; 22]. Financial crises were thoroughly inves-WLJDWHGE\5$OLEHU&.LQGOHEHUJHU&5HLQKDUW.5RJRIIHWF>13; 18]. At the same time, “geoeconomic transformations” term is not practically used in economics

literature; accordingly, there are no investigations concerning the essence of these transformations and the impact of the world financial crises on them.

In every concrete historic period geoeconomics reflects the level of corresponding GHYHORSPHQWRIWKHZRUOGHFRQRPLFVQDPHO\VWDEOHIRUPVRIEXLOGLQJLQWHUQDWLRQDO HFRQRPLFUHODWLRQVFRQFHUQLQJSURGXFWLRQGLVWULEXWLRQH[FKDQJHDQGFRQVXPSWLRQ and reflecting the force ratio under certain level and character of technological and HFRQRPLF GHYHORSPHQW ,PEDODQFH DPRQJ WKH V\VWHP LQJUHGLHQWV FDXVHV GHILQLWH evolution and revolution changes. Generally, geoeconomic transformations consist in WKHHOLPLQDWLRQRIGHHSSUREOHPVDQGGLVSDULW\DFFXPXODWHGLQWKHJOREDOHFRQRP\ DVZHOODVSRZHULPEDODQFHDPRQJLWVSOD\HUV7KH\JLYHDQRSSRUWXQLW\WRHOLPLQDWH EDUULHUVIRUIXUWKHUGHYHORSPHQWDQGJURZWKZLWKRXWFKDQJLQJUDGLFDOO\WKHEDVLVRI PDUNHWV\VWHPUHODWLRQV,WLVGXHWRDGMXVWLQJWKHJDPHUXOHVWKHFKDQJHRILQVWLWXWLRQ character and the struggle of main “players” to preserve their power on the world DUHQDRUWRFRQTXHUSRZHUSRVLWLRQVE\³QHZDFWRUV´

7KHFRQILUPDWLRQRILQGXVWU\WUDQVIRUPDWLRQEHLQJWKHEDVLVRIUHSURGXFWLRQSUR-FHVVHVLQWKHJOREDOHFRQRP\DQGWKHVRXUFHRILQFRPHPD\EHWKHG\QDPLFVRIJURVV GRPHVWLFSURGXFW*'37KHFKDQJHVRI*'3YROXPHDQGJURZWKUDWHLWVGLVWULEXWLRQ among civilizations and leading countries, as well as changes in reproduction and EUDQFKVWUXFWXUHKDYHIRUFHQWXULHVLQGLFDWHGQRWRQO\WKHOHYHODQGGHYHORSPHQW UDWH RI WKH ZRUOG HFRQRP\ EXW JOREDO FKDQJHV LQ LW >6]. Monitoring such changes LQKLVWRULFG\QDPLFVJLYHVDQRSSRUWXQLW\WRPDNHUHDVRQDEOHFRQFOXVLRQVDVWRWKH content, structure and character of geoeconomic transformations.

7KHODVWWZRFHQWXULHVZHUHFKDUDFWHUL]HGE\UHFRUGKLJKHFRQRPLFJURZWKDQG civilization wealth increase in the history of mankind; although the period of for-PDWLRQDQGSULPDU\VWDJHVRISURGXFWLRQGHYHORSPHQWZDVFKDUDFWHUL]HGE\PXFK VORZHUUDWH7KXV*'3JURZWKUDWHZDVRQO\SHUDQQXPLQWKH0LGGOH$JHV LWLQFUHDVHGWRLQWKHSHULRGRIHDUO\LQGXVWULDOVRFLHW\)LJ

6XFKGRXEOLQJZDVVXEVWDQWLDWHGZLWKWKHEHJLQQLQJRILQGXVWULDOUHYROXWLRQDW WKHHQGRIWKHWKFHQWXU\±DWWKHEHJLQQLQJRIWKHWKFHQWXU\WKHWUDQVLWLRQIURP traditional to industrial society, as well as capital accumulation in the countries of West Europe. The same processes, especially the creation of industrial infrastructure, FRQWULEXWHGWRWKUHHIROGLQFUHDVHRI*'3JURZWKUDWHWRLQ±DQGWR LQ±)LJ

Financial crises having occurred periodically could not significantly affect the general tendency of production growth. It is explained with the fact that, firstly, they ZHUHEDVLFDOO\ORFDORFFXUUHGLQFHUWDLQFRXQWULHVWLOOWKHILUVWLQWHUQDWLRQDOFULVLV RIVHFRQGO\WKHLUQHJDWLYHFRQVHTXHQFHVFRXOGQRWH[FHHGDSRVLWLYHLPSDFW RQ WKH GHYHORSPHQW RI JOREDO HFRQRP\ WKH LQWURGXFWLRQ RI PDUNHW SULQFLSOHV DQG industrial revolution.

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inter-imperialist rivalry during the completion of the transition from industrial capi-WDOLVPWRLWVPRQRSRO\VWDJHWKDWZDVHPERGLHGLQWZRZRUOGZDUVDQG± crisis. The main players of this period were the USA and Germany.

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There were three crises in this period in 1914, 1920–1922 and 1929–1933. The ILUVWRQHRFFXUUHGDVDUHVXOWRIPDVVVDOHRIIRUHLJQLVVXHUV¶VHFXULWLHVE\WKHJRY-HUQPHQWVRIWKH86$*UHDW%ULWDLQ)UDQFHDQG*HUPDQ\ZLWKWKHDLPRIILQDQFLQJ war operations. It started almost simultaneously in some countries after the countries SDUWLFLSDWLQJLQ:RUOG:DU,KDGEHJXQWRJHWULGRIIRUHLJQDVVHWV>2; 19]. The crisis RI±RFFXUUHGLQ'HQPDUN,WDO\)LQODQG+ROODQG1RUZD\*UHDW%ULWDLQ DQG WKH 86$ XQGHU SRVWZDU GHIODWLRQ DQG UHFHVVLRQ FKDUDFWHUL]HG E\ SURGXFWLRQ GHFOLQHDQGFRQQHFWHGZLWKEDQNDQGFXUUHQF\FULVHVLQWKHVHFRXQWULHV>S@ 7KH PRVW SRZHUIXO JOREDO FULVLV ZDV LQ ± 6HFXULWLHV YDOXH GHFUHDVHG E\ ±DW1HZ<RUN6WRFN([FKDQJHEXVLQHVVDFWLYLW\GHFOLQHGVKDUSO\WKHJROG VWDQGDUGIRUWKHPDLQZRUOGFXUUHQFLHVZDVDEROLVKHG$VDUHVXOWLQGXVWU\SURGXF-WLRQGHFUHDVHGE\LQWKH86$LQ*UHDW%ULWDLQLQ*HUPDQ\DQG LQ )UDQFH 6WRFN SULFHV RI LQGXVWULDO FRPSDQLHV IHOO E\    DQG  DFFRUGLQJO\>7].

)LQDQFLDOFULVHVDQGZDUVWKDWWRRNSODFHGXULQJWKLVSHULRGFRQWULEXWHGWRWKH IRUPDWLRQRIWZRJOREDOV\VWHPVFDSLWDOLVPDQGVRFLDOLVP7KHUHDSSHDUHGQHZSOD\-ers and leadIRUPDWLRQRIWZRJOREDOV\VWHPVFDSLWDOLVPDQGVRFLDOLVP7KHUHDSSHDUHGQHZSOD\-ers, USSR and socialist countries, on the world stage. Now the struggle

IRUHFRQRPLFSRZHULQWKHZRUOGZDVEHWZHHQWKHFDSLWDOLVWDQGVRFLDOLVWHFRQRPLF system, providing an economic war of destruction.

/DWHU-DSDQDQGQHZLQGXVWULDOFRXQWULHVMRLQHGQHZSOD\HUV,QWKHWKLUGTXDUWHU RI WKH WK FHQWXU\ WKH RYHUDOO UHFRUG RI *'3 JURZWK UDWH ZDV VHW  LQ WKH ZRUOGLQ-DSDQLQ/DWLQ$PHULFDLQ(DVWHUQ(XURSHDQG LQWKH6RYLHW8QLRQ)LJ7KHWUDQVIHURIPDWHULDOSURGXFWLRQIURPLQGXVWULDOL]HG FRXQWULHVWRGHYHORSLQJRQHVWRRNSODFHLQWKLVSHULRG,WFRQWULEXWHGWRWKHFKDQJH of their position in the world economy, the character of cooperative ties among world agents and the structure of international trade. A new cohort of economic power, oil-producing countries, was formed; the character of relations in resource sphere among countries of Centre and Periphery was changed.

The crisis wave of 1950s–60s swept the countries of Western Europe and Northern $PHULFD7KHVHILQDQFLDOHFRQRPLFFULVHVZHUHWKHILUVWSRVWZDUJOREDOFULVHVDULVLQJ in the conditions of free exchange without the coordination of macroeconomic. It was speculations with foreign currency that preceded the crisis. As a result, industrial SURGXFWLRQ GHFUHDVHG E\  DQG WKH QXPEHU RI XQHPSOR\HG DFKLHYHG  PLOOLRQ SHRSOHLQWKHVHFRXQWULHV>9].

The crisis of 1973–1975 started in the USA and involved the whole Europe. It was close to the crisis of 1929–1933 according to some indexes. Speculation with stocks, PRUWJDJHVHFXULWLHVRIILFHEXLOGLQJVWDQNHUVSODQHVDQGJOXWWKHPDUNHWZLWKHXUR GROODUVLQ±OHGWRWKHFROODSVHRIWKH%UHWWRQ:RRGVV\VWHP7KHGHFUHDVH RI RLO SURGXFWLRQ E\ 23(& FRXQWULHV SURYRNHG WKH LQFUHDVH RI WKH ZRUOG SULFH WR SHUEDUUHOLQWKDWFDXVHGWKHILUVWJOREDOHQHUJ\FULVLV7KHLPSDFWRIWKHVH processes on industrial sphere manifested through the decrease of GDP growth rate WRLQWKH86$LQ:HVWHUQ(XURSHLQ(DVWHUQ(XURSHDQG8665 DQGLQ-DSDQ7DEOH

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The intensity of financial crises in this period increased; the fact is demonstrated E\ ILYH FULVHV WKDW VKRRN WKH ZRUOG 7KHUH ZDV D FULVLV LQ WKH 86$ DQG WKH ZKROH world in 1979–1982; syndicated loans to the countries of the “third world”, regular rise in oil prices, speculations with real estate, agricultural land and the dollar in the VRXWKZHVWVWDWHVRIWKH86$7KHFULVLVRI±LQWKH86$ZDVFDXVHGE\WKH FROODSVHRIVWRFNPDUNHWWKURXJKGHFUHDVLQJWKHFDSLWDOL]DWLRQRIVRPHELJFRPSDQLHV LQWKH86$VSHFXODWLRQVZLWKHOLWHKRXVLQJDQGWKHFRQVWUXFWLRQRIRIILFHEXLOGLQJV the fall of the U.S. stock index Dow Jones Industrial E\ 22. The same collapse was at the markets of Australia, Canada and Hong Kong.

7DEOHAverage annual GDP growth rateLQSULFHVRI Civilizations 1900 –1913 1914 –1929 1930 –1937 1938 –1950 1951 –1960 1961 –1970 1971 –1980 1981 –1990 1991 –2000 2001 –2011 World 2.70 2.00 1.30 2.30 5.00 4.60 3.50 2.90 2.60 2.55 Europe Western 2.10 1.40 1.90 0.40 4.50 4.90 2.70 2.40 1.90 1.81 Eastern 0.90 1.30 0.80 5.30 6.90 3.60 2.30 0.50 1.10 3.43 Former USSR 3.70 0.80 2.90 4.30 7.80 3.60 2.30 0.50 –6.00 6.69

America and Oceania

USA 4.60 3.10 0.70 3.90 3.30 3.80 2.90 2.60 2.80 1.58

Latin America 3.20 3.00 3.80 3.70 5.40 4.70 6.60 1.40 2.60 3.43

Australia 3.80 1.50 1.90 3.60 3.70 5.50 3.30 3.30 2.90 2.95

Asia and Africa

China 1.00 1.20 0.40 –0.50 5.30 0.60 3.10 11.10 9.80 10.40 India 1.10 0.90 0.30 0.40 3.50 3.80 4.10 5.30 7.90 7.41 Japan 2.40 3.90 3.60 –1.10 8.10 10.70 4.60 4.00 0.70 0.64 Pakistan 1.70 0.70 1.50 1.70 4.30 5.20 5.40 6.00 2.30 4.42 North Africa, Middle East 3.70 3.10 4.90 4.40 9.10 7.60 6.00 2.00 3.20 4.38

Africa to the South

of the Sahara 2.80 2.60 3.20 4.40 4.40 2.80 2.30 1.70 1.30 4.73

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The next three crises came from the East and North America. In 1990 there was a crisis in Japan. The expansion of money and credit amount was due to the reduc-tion of the interest rate in 1986 that caused the speculareduc-tions at stock market and real HVWDWHPDUNHWLQIXWXUH7KHSROLF\RI)LQDQFH0LQLVWU\DQG%DQNRI-DSDQZDVYHU\ slow and late concerning the solution of these issues that caused the decline of GDP JURZWKIURPWR7DEOH

The period of 1994–1995 was called “Mexican crisis” in economic literature. ,WUHVXOWHGIURPVLJQLILFDQWFDSLWDOLQIORZVEDQNORDQVRSHQLQJQHZQDWLRQDOEDQNV DQGWKHQDWLRQDOL]DWLRQRIEDQNVSULYDWL]HGLQ7KHFDQFHOODWLRQRIVWDWHFRQWURO RYHUFDSLWDOLQIORZDQGRXWIORZFDXVHGDGRPHVWLFERRPELOOLRQ86'ZHUHWDNHQ RXWIURPWKHFRXQWU\WKDWUHVXOWHGLQWKHFULVLVRIEDQNV\VWHP,QVWHDG0H[LFRZDV JUDQWHGDORDQE\WKHJRYHUQPHQWDQGEDQNVRIWKH86$RWKHUFRXQWULHVDQGRUJDQL]D-WLRQV7KHDPRXQWRIVXSSRUWZDVELOOLRQ86'DWWKHHQGRIWKH\HDUSDUWLFXODUO\

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The crisis of 1997–1998 involving Thailand, Indonesia, Malaysia, Korea, Russia DQG%UDVLOLDEHFDPHPRUHSRZHUIXO%DQNORDQV³EXLOGLQJ´ERRP³FURQ\´FDSLWDO-LVP WKH DEROLWLRQ RI VWDWH FRQWURO RYHU FDSLWDO LQIORZV DQG RXWIORZV ORDQV DEURDG caused shocks at currency market, great selloff at stock markets of Asian countries. 7KHOLEHUDOL]DWLRQRIFDSLWDOPRYHPHQWDQGWKHLQFUHDVHRIJOREDODUHDJOREDOL]DWLRQ FRQWULEXWHGWRLW$VLDQFULVLVUHGXFHGJOREDO*'3E\WULOOLRQ86'

,IZHFRQVLGHUWKHGDWDLQWHUPVRI*'3JURZWKLQWKHWKFHQWXU\±DWWKHEH-ginning of 21st century, we can make a conclusion that industrial civilization gains a tendency of exhausting its own economic potential. GDP growth rate in developed countries with the complete domination of industrial economic system decreased IURPLQWKHVDQGLQVWRLQVDQGLQVRI WKHWKFHQWXU\7DEOH*OREDOHFRQRP\HQWHUHGDSKDVHRIFULVLVDJDLQIURPWKH HQGRIDIWHUWKHZRUOGFULVLVRI±VKRUWUHYLYDOSHULRGDQGWKHEHJLQ-QLQJRIULVH7KHFULVLVRI±LQYROYLQJWKHZKROHZRUOGEHFDPHH[FHSWLRQDO FRQFHUQLQJLWVFRQVHTXHQFHVDQGGLVWULEXWLRQVSKHUHDWWKHVDPHWLPHLWKDGDORWLQ FRPPRQZLWKSUHYLRXVRQHV,WZDVSUHFHGHGE\ORQJWHUPLQFUHDVHLQOHQGLQJDVVHW SULFHLQFUHDVHORZSUHPLXPIRUULVNDQGWKHHPHUJHQFHRI³EXEEOHV´LQWKHUHDOHVWDWH VHFWRU$FFRUGLQJWR,0)GDWDJOREDO*'3LQFUHDVHGDSSUR[LPDWHO\E\IURP WRDQGDOPRVWE\IURPWR7KHJOREDODPRXQWVRIILQDQFLDO DVVHWVRILQYHVWPHQWLQVWLWXWLRQVH[FHHGHGJOREDO*'3LQWHQWLPHVLQ>1, p. 38]. 1HJDWLYHFRQVHTXHQFHVRIWKHFULVLVDIIHFWHGSULPDULO\KLJKO\GHYHORSHG1RUWK America, Western Europe and Japan civilizations. The decline of GNI growth rate LQWKHVHFRXQWULHVZDVLQWKHFULVLVSHULRG$WWKHVDPHWLPH&KLQDDQG,QGLD civilizations continued to develop rapidly. Poor countries having no opportunity to DIIHFWLQFRPHGLVWULEXWLRQLQWKHZRUOGORVWQRWKLQJZKLOHUHPDLQLQJEHORZWKHSRY-erty line. The countries with the middle GNI level per capita felt its decline in the DPRXQWRIIURPWRKRZHYHUWKH\UHQHZHGWKHLUXSZDUGPRYHPHQW WRSHUDQQXPLQ>20].

However, such powerful financial crises and shifts in GDP dynamics did not FKDQJHHFRQRPLFSRZHULQJHRHFRQRPLFDUHD7KHPDLQOHDGHUVKDYHEHHQVWLOOHFR-nomically developed countries; although the part of China and India civilization has JUDGXDOO\LQFUHDVHG7KHGLVWULEXWLRQRIHFRQRPLFZHDOWKIRUFLYLOL]DWLRQVPD\VHUYH as the characteristics of geoeconomic transformations that is primarily connected with the volume of GDP production. Current situation shows that economic growth in many developing countries like Chinɚ,QGLD%UD]LO5XVVLDDIIHFWVWKHQHFHVVLW\ RIIRUPLQJWKHQHZSDUDGLJPRIJOREDOZHDOWKGLVWULEXWLRQ

Such significant impact of financial crises on geoeconomic development is H[SODLQHGE\WKHIDFWWKDWILQDQFLDODUHDKDVWKHIHDWXUHVRIJOREDORQH1RZDGD\V ILQDQFLDOVSKHUHJHQHUDWHVWKHVWURQJHVWLPSXOVHVRIHFRQRPLFG\QDPLFVDQGLQVWDELO-ity since the functions of the main development engine move from industrial capital

to financial one. It is financial capital that sets the pace of economic growth, direct structural changes; cause the accumulation of disproportions and asymmetry of geo-HFRQRPLFGHYHORSPHQWDWWKHEHJLQQLQJRIWKHVWFHQWXU\7KHDFFHQWPRYHVIURP UHDOPDUNHWVWRILQDQFLDORQHVWKDWEHFRPHPRUHJOREDOL]HGGXHWRWKHGHYHORSPHQW RIWKHLURZQLQIUDVWUXFWXUHDQGWKHSDUWLFLSDWLRQRIWKHPRVWJOREDOL]HGVXEMHFWVLQ WKHLUDFWLYLW\FRPPHUFLDODQGLQYHVWPHQWEDQNVSHQVLRQDQGKHGJHIXQGVLQVXUDQFH companies, etc. The virtualization of financial instruments leads to the separation of PRQH\VXSSO\SULFHVDQGH[FKDQJHUDWHIURPUHDOHFRQRPLFEDVLVFDXVLQJLQVWDELOLW\ >S@7KHGDWDRI)LJXUHVKRZVWKHVFDOHVRIYLUWXDOFDSLWDO % GDP 1990 % GDP 2000 % GDP 2006 % GDP 2011 200 180 160 140 120 100 80 60 40 20 0 W orld

Countries with high income Countries with low income

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Euro Area

Great Britain

Poland Russia

America and Oceania

the USA

Latin America

Australia

Philippines

Asia and

Africa Japan China

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Thus, the world ratio of market capitalization to GDP increased in this way, IURPLQWRLQDQGLQPRUHRYHUDUHFRQ-FHQWUDWHGLQWKHFRXQWULHVZLWKKLJKLQFRPHZKHUHRIWKHZRUOGSRSXODWLRQ OLYHVWKHUHFRXQWULHVZLWKORZOHYHORIWKHZRUOGSRSXODWLRQKDYHRQO\ RIYLUWXDOFDSLWDODOWKRXJKLWVUDWLRWR*'3LQFUHDVHGUDSLGO\UHDFKLQJLQ >6, p. 46–47]. Even in Muslim and post-socialist countries the capitalization level LQFUHDVHGDWWKHHQGRIWKHWK±DWWKHEHJLQQLQJRIWKHVWFHQWXULHVSDUWLFXODUO\ LQLWUHDFKHGRI*'3LQ6DXGL$UDELD±LQ5XVVLD±LQ 8NUDLQH±LQ.D]DNKVWDQ>8]. However, these indexes were significantly re-GXFHGRZLQJWRWKHODVWFULVLV)LJ

7KHUDSLGJURZWKRIYLUWXDOFDSLWDOSOD\VDQDPELJXRXVUROHLQWKHJOREDOHFRQRP-LFV2QWKHRQHKDQGRYHUWKHSDVWWKUHHGHFDGHVWKHFURVVERUGHUIORZVRIFDSLWDO have dramatically increased; new complex financial instruments have appeared at the markets; the speed and easy form of financial transactions have significantly LQFUHDVHGWKDWJHQHUDOO\FRQWULEXWHWRWKHLPSURYHPHQWDQGDFFHOHUDWLRQRISURGXF-tion processes, trade and satisfacLQFUHDVHGWKDWJHQHUDOO\FRQWULEXWHWRWKHLPSURYHPHQWDQGDFFHOHUDWLRQRISURGXF-tion of consumers’ needs. On the other hand, the UHGLVWULEXWLRQ RI ZHDOWK RFFXUV SULPDULO\ LQ IDYRXU RI D VPDOO JURXS RI GHYHORSHG FRXQWULHVDQGWKHUHIRUHFRQWULEXWHVWRWKHGHHSHQLQJRISURSHUW\SRODUL]DWLRQLQWKH JOREDOHFRQRPLFV$QRWKHUGUDZEDFNRIVSHFXODWLRQLQWKHVWRFNPDUNHWVLVLQFUHDVLQJ LQVWDELOLW\DQGFKDRWLFFKDUDFWHURIHFRQRPLFG\QDPLFVDVZHOODVWKHJHQHUDWLRQRI financial crises, particularly, in 1998 and 2007–2008.

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7KXVWKHDQDO\VLVRIFRUUHODWLRQEHWZHHQJHRHFRQRPLFWUDQVIRUPDWLRQVDQGJOREDO financial crises shows that the most significant changes took place as a result of three financial crises, particularly, in 1929–1933 there was the change of free regulation system of market economics on state intervention; in 1974–1975 there was the collapse RI %UHWWRQ:RRGV V\VWHP DQG WUDQVLWLRQ WR -DSDQHVH RQH LQ ± WKHUH ZDV the necessity of general paradigm change of market regulation. Excessive swelling of fictitious capital, its detachment from the dynamics of real one is an index of indus-trial economic system parasitism, the accumulation of negative elements in market economy and the acceleration of geoeconomic transformations. Thus, the analysis of financial crisis impact on geoeconomic transformations is of paramount importance IRUQRWRQO\GHWHUPLQLQJPRGHUQWHQGHQFLHVRIWKHJOREDOHFRQRP\GHYHORSPHQWEXW for predicting further changes in geoeconomic area.

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1. Economic Crisis in Europe: Causes, Consequences and Responses2IILFHIRU2IILFLDO3XEOLFDWLRQV RIWKH(XURSHDQ&RPPXQLWLHV(XURSHDQ&RPPLVVLRQ/X[HPERXUJS>ȿɥɟɤɬɪɨɧɧɢɣ ɪɟɫɭɪɫ@ɊɟɠɢɦɞɨɫɬɭɩɭKWWSZZZHFHXURSDHXHFRQRP\BILQDQFHSXEOLFDWLRQV

2. .LQGOHEHUJHU& P., The World in DepressionQGHG8QLYHUVLW\RI&DOLIRUQLD3UHVV%HUNHOH\ 3. Luttwak E., From Geopolitics to Geoeconomics: Logic of Conflict: Grammar of Commerce, The

National Interest, no. 20, 1990.

4. Maddison A., The Word Economy. Historical Statistics, OECD, Paris, 2003.

5. Mishkin F.S., Asymmetric Information and Financial Crisis: A Historical Perspective, National %XUHDXRI(FRQRPLF5HVHDUFKS>ȿɥɟɤɬɪɨɧɧɢɣɪɟɫɭɪɫ@ɊɟɠɢɦɞɨɫɬɭɩɭKWWSZZZ QEHURUJFKDSWHUVFSGI

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