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NEW NORMAL OF THE ECONOMY OF THE XXI CENTURY

Автор: Sveta on .

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Gerasymenko A. Nova normal'nist' ekonomiky XXI st. Visnyk Kyi'vs'kogo nacional'nogo torgovel'no-ekonomichnogo universytetu. 2020. № 3. S. 5-26.

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DOI:  http://doi.org/10.31617/visnik.knute.2020(131)01

UDC 330.3”20”
 
GERASYMENKO Anzhelika,
DSc (Economics), Professor of the Economic Theory and Competition Policy Department
оf Kyiv National University of Trade and Economics
19, Kyoto str., Kyiv, 02156, Ukraine

E-mail: Ця електронна адреса захищена від спам-ботів. вам потрібно увімкнути JavaScript, щоб побачити її.
ORCIDhttp://orcid.org/0000-0003-0313-6942

NEW NORMAL OF THE ECONOMY OF THE XXI CENTURY

Background. Economic paradigm, which was created in the beginning of the XX cen­tury, provided the theoretical grounds for economic growth, turningthe latter into the norm. However, the gradual accumulation of economic disproportions and paradigm failure of eco­nomics to explain them emerged full blown the research of new normal.
Analysis of recent researches and publications. The new normal is the research subject of foreign and Ukrainian scholars. Most of them followthe instrumental approach that focuses on the change of the economic growth rate, not on substantial grounds and per­spectives of the new normal.
The aim of the paper is to determine the background and the vectors of social and eco­nomic transformation that are the key determinants of the new normal of the economy of the XXI century.
Materials and methods. The paper applies the comparative analysis of basic institutes and trends of global economy’s development in the XX century and the two decades of the XXI century. It is supplemented by statistical analysis and content analysis of factual data.
Results. The ongoing economic growth, large-scale creation of the middle class in the XX century, on the one hand, and informatization, on the other hand, promoted ove­rcon­sumption, which became the catalyst of the further boost of economic growth. However, accumulation of economic disproportions andthe shift in the values of new generation have resulted with a build-up of a sharing economy and rebalancing of the forces within it.
Conclusion. The background of the new normal covers the shift in the social structure of population, the shift in the balance between savings and consumption, employers’ domi­nance over employees, business scale rising, financial monopoly, which have caused ineffi­ciency of economic regulators and decrease of the rate of economic growth. Now they are inducing a reset of the role of market mechanism due to increase of economic dispersion under development of sharing technology and its dissemination over all the markets, inclu­ding markets of goods and resource markets.
Keywords: new normal, crisis, savings, overconsumption, sharing economy, crow­dsourcing.

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