Structural consequences of a two-stage price shock on the world oil market for the modern world economy development
The paper analyzes price shocks as the sharp decline in prices on the world oil market in the new century and their relationship with the key development trends of the world economy as a whole. Firstly, the scientific novelty of the study is determined by making assumptions for a special structural role of the modern price shocks of falling prices on the world oil market, which is similar to price shocks of oil rising prices in the 1970s-1980s. Secondly, the novelty is explained by the hypothesis of the relationships between modern oil price shocks as two stages leading not only to the shale revolution but also to a new phase of the scientific and technical revolution. The relevance of the study is defined by the fact that the result of the proved hypothesis is directly related both to current scientific and technical development trends of the world economy and to the emerging global risk for the sustainable development of national economies, i.e. the risk of the large-scale unemployment, in this regard.