The Economic Policy of the State in Terms of the Cyclicality of Global Economic Development

Abstract

The article is aimed at characterization of principles of the sustainable economic development of the national economy in terms of the cyclical nature of development of the world economy. The article allocates and describes the priority directions of the State policy to minimize the negative cyclical phenomena in the world economy; the key principles of diversification of structure of the national economy, optimizing the international channels of synchronization of economic processes, optimizing the volume of gold and currency reserves of country. The author has developed the pro-cyclical policy of the State, based on the specific phases of the economic cycle. On the basis of the pro-cyclical policy of the State, the author has analyzed the major economic crises of the 20th-21st centuries, and also described cases of occurrence of economic «bubbles» due to the incorrect State policy in certain phases of the economic cycle.

Keywords

• economic policy of the State
• world economy
• economic cycles