PRICE EXPLOSION AND ECONOMIC CRISIS

The author proves that the 1974—75 crisis cannot be classified as a periodic economic crisis and that it was most closely related to the world market price explosion in 1974. Similarly, he relates the particular features of this crisis — disturbances in the balance of current payments, accelerated inflation precisely at the time of the crisis etc. -to the price explosion. He emphasizes that the characteristics of the 1974—75 crisis seem curious only as long as we attempt to analyze them by relying on the scheme of the classical periodic economic crises.