Osipova Maria

The first financial crisis and the first financial pyramid in the history of financial system

ЮГО-ВОСТОЧНАЯ АЗИЯ: АКТУАЛЬНЫЕ ПРОБЛЕМЫ РАЗВИТИЯ, 2013, №20, 280-309

 
Annotation: The paper considers emergence of the first credit money, the first credit banking system, the first financial pyramid in France, the first financial bubble in Britain, the first financial crisis in the USA. Correlation of subjective factors and objective historical preconditions in financial activity of a state is of great interest today in time of global financial crisis. The paper discusses the sources of objective preconditions for the current crisis situation. The 4th international monetary system, known as “Jamaykian” has no economic solutions to cure the world finances, on the contrary it provokes further destabilization and separation of finances from the “ real economy”. Neither IMF nor other funds, banks and financial institutions could find a way out of the current situation in the framework of existing international monetary system.

Keywords: MONETARY AND FINANCIAL SYSTEMS, MONETARY AND FINANCIAL CRISIS