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Political Economy Analysis of the Financial Nature of Modern Capitalism

Author: Svetlana I. Ponomaryova, Cand. Sc. (Ec.), Assistant-Prof. of Political Economy Dept.

Abstract: The article investigates basic scientific ideas of economists, who were able to understand the fundamental causes of the crises in modern economy and tried to explain the reasons behind the 2008−2010 economic crisis and the financial crisis being part of it. From the perspective of the political economy the paper considers trends in development of modern capitalism, studies the conditions of financial instability formulated by proponents of economic heterodoxy.

Key words: economic crisis; financial instability; financial crisis; liquidity; securitization.