A.M. BETMAKAEV
Candidate of History (PhD), Associate Professor, Altai State University, Barnaul

I.N. YUDINA
Candidate of Economic Sciences (PhD), Associate Professor, Financial University under the Government of the Russian Federation, Branch in Barnaul

TERRA ECONOMICUS, 2014, Vol. 12 (no. 3),

p. 57-64

Having escaped the Great Depression, capitalism of the second half of the 20th century proved its extraordinary survivability. The belief in infinite possibilities of effective financial markets together with governmental monetary policies have created an illusion that serious crises have been eliminated. Yet, such belief was lost due to the latest global financial crisis of 2008. Macroeconomists must admit that real financial markets are far from perfect and are often affected by far-reaching delusions and mayhem of mob. This article studies theories of post-Keynesian economists, who elucidated the causes of financial instability. Without understanding of how financial crises develop they will inevitably continue to emerge.

G.G. POPOV
Candidate of Economics (PhD), Assistant Professor, Moscow Technology Institute, Moscow

TERRA ECONOMICUS, 2014, Vol. 12 (no. 3),

p. 48-56

The author gives his vision of the situation in the Russian economy, taking in regard concept of balances recession proposed by Japanese researcher Richard Ku in the past decade, denoting this as the «combined» crisis. It is a crisis that combines features of the great Japanese recession 1995–2005, as well as recessions in U.S. and UK in last century. The author gives pessimistic view on the current state of Russian economy, based on analytical materials of the Higher School of Economics, Gaidar’s Institute and Raiffeisenbank.

A.V. SHMAKOV
Candidate of Economics (Ph.D.), Associate Professor, Department of Economics, Novosibirsk State Technical University, Novosibirsk

TERRA ECONOMICUS, 2014, Vol. 12 (no. 3),

p. 29-47

The article is about the influence of trust on the economic decisions. The work is based on the idea of necessity of searching for an optimum combination of trust and distrust to maximize social welfare. There is an attempt to supplement the rationalistic approach of the influence of trust with the psychophysiological and sociocultural factors. At the beginning of the article there is definition of trust, rationalistic approach to the nature of impact of trust on the decision-making process, economic interpretation of the concepts of «optimal», «not optimal» and «undue» trust, approach to estimation of the stability of trust. Then there is an attempt to extend rationalistic approach of the impact of trust on the decision-making process, and to describe the factors that determine the level of trust. In the final of the article, there is description of the experiment, which is directional to estimate the influence of trust to the efficiency of economic cooperation.

E.V. BALATSKY
Doctor of Economics (DSc), Professor, Head of Department of migration management and regional development at the State University of Management, Leading Staff Scientist at the Central Economics and Mathematics Institute of the Russian Academy of Sciences (CEMI RAS), Moscow

TERRA ECONOMICUS, 2014, Vol. 12 (no. 3),

p. 15-28

The author considers the possibility of changing the current global leader in the world economy – United States. We introduce the concept of geopolitical inversion, which is understood as the change of the global economic center. An overall globalization trend in the formation of the world centers of capital is revealed, the quantitative characteristics of the process are given, including the indexes of territorial and demographic dominance. The UK and USA examples are described, showing the five steps of the geopolitical inversion, with their chronology. The question of which country could become a new global leader instead of the U.S. is discussed

O.Yu. MAMEDOV
Doctor of Economics (DSc), Professor, Head of the Department of Political Economy and Economic Policy, Honoured Worker of Science of the Russian Federation, Southern Federal University, Rostov-on-Don

TERRA ECONOMICUS, 2014, Vol. 12 (no. 3),

p. 8-14

The article examines how economic theory that had been in fact banished, as the academic discipline, from the university auditoriums, is now reviving as a scientific system; fundamental trends in modern economy in the coordinates of economic theory are described; development of economics is analyzed. The author shows that cognition in humanities is far more complex process than in the natural sciences; the development of economic theory is viewed as the scramble of fundamental paradigms. Problems related to search of modern economic theory search are defined; the author reflects on the reasons why «inferiority complex» emerges among modern economists; in the end, the author concludes that it is better not to have any economic theory at all than to have the bad one.