Global Crisis as a Consequence of Structural Changes in Economy

Abstract

The paper analyzes changes in the structure of the real sector of world economy that have increased economic instability and made the Keynesian methods inapplicable for suppressing the oscillation amplitude in economic cycle. The abrupt expansion of two segments in the service sector is noted: the debt derivatives market and entertainment industry. The global financial-economic crisis that started in 2008 cannot be attributed to the processes in the financial sphere alone it serves as a manifestation of general civilization crisis. Measures, analogous to the internalization of external effects, are proposed to mitigate the adverse impact of the hypertrophic development of new segments in the service sector on the world economic system and the civilization as a whole.