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The economic life of any society is organized in a certain way. On the brink of the second and third millennia the world is changing rapidly. All spheres of public life are filling with new content. Regarding the notions of “innovation”, “regulation” and “crisis”, it should be mentioned, that they are connected in some way. There must be a balance between the first two of them, as the most prominent economists say.

To begin with, innovation is the process of development, implementation and operation of industrial, economic, social and organizational capacity. According to A. Rickne and Laestadius, innovations, on the one hand, contrast with the entire conservative, targeted to preserve the existing situation, and on the other hand, are aimed at significantly improving the technical and economic efficiency of the organization (2012). Although the financial innovations are often praised as a positive force for social growth, they bear a major part of the responsibility for the recent financial crisis. Financial innovations differ from the other types of new development products by a number of features. Forecasting social impact of innovations can be a daunting task, as they relate to the financial system. The consequences of such innovations may change over time, due to the dynamic nature of business and the emergence of new financial products and services that are particularly susceptible to regulation.

The financial system places an important role in the regulation of the state economy. Finances are a set of economic relations on the formation, distribution and use of funds, to meet the needs of the extended re-creation. Accumulating and regulating the financial resources, the state has the opportunity to influence actively on the creation of optimal proportions between heap and consumption, production and non-production areas, different subdivisions of social production, different branches of economy and economic divisions.

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Definition of Global Financial Crisis 

The global financial crisis is a crisis that has gripped the countries all over the world. The emergence of the economic crisis was caused by the following factors: overheating commodity markets (including the market for oil and food), stock market and credit market and the mortgage crisis as a result. It is not a secret that the global crisis began with the financial crisis in the U.S.A. The desire of a few people to enrich ceases due to bankruptcy of the world community, not because of the irrationality of the borrower, but mainly because of a completely unregulated economy, which allowed unlimited destructive behavior of society. According to Global issues, “On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world”.

To conclude, the global financial crisis revealed structural imbalances in the development of the national economies of most countries and identified the need to intensify all possible sources of economic growth for the formation of a new model of sustainable economic development.

Code: Sample20

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