THE PLACE AND ROLE OF THE STATE IN ANTICYCLICAL REGULATION OF THE ECONOMY: SPECIFICITY OF THE CRISIS PHASE

Abstract

The article examines the place and role of the state in anticyclical regulation in the crisis phase. The process of the cycle, which has the property of being significantly modified, is studied. The specificity of the modification is not limited only to changing the duration of recession and recovery. It is shown that the configuration of the cycle itself and its reproductive functions are changing. The main theories explaining economic cyclicality are studied; qualitative changes that the cycle has undergone in the context of globalization; the regulatory role of the state in anticyclical regulation in the crisis phase; instruments of state anticyclical regulation; mechanisms of anti-crisis state management of socio-economic processes. Qualitative changes that the cycle has undergone in the context of globalization are highlighted. This is significantly influenced by a number of factors, including: monopolistic market structure; state regulation of the economy; scientific and technological progress;  the process of internationalization of production.
It is proven that the regulatory role of the state is manifested in the fact that for the purpose of anti-cyclical activity, it uses, first of all, budgetary, tax and credit policies. The state influences socio-economic processes by implementing anti-crisis regulation measures, namely: preventing and eliminating insolvency and bankruptcy; overcoming the decline in production; achieving stabilization with further expansion/increase in the volume of reproduction of competitive products and services; increasing employment and creating conditions for the growth of incomes of workers. The state in countries with a developed market economy is not always aimed at its own anti-crisis regulation, taming cyclical fluctuations and stabilizing economic equilibrium. It can and, depending on the socio-economic and socio-political situation, should implement pro-cyclical policies.

Despite the fact that crises (recessions) cause considerable economic costs, the market economy from cycle to cycle reaches increasingly higher levels of development, improving not only the material basis, but also the organizational forms of production, distribution, exchange and consumption.