The economic development complex in the Black Sea Area: the impact of the global financial and economic crisis

Abstract

This Xenophon Paper touches upon the consequences of the 2008-09 financial crisis on the countries of the Black Sea region in a specific analytical framework. Based on his own “theory of necroeconomics,” author Vladimer Papava assesses, in the context of the ongoing crisis, the key economic obstacles that the countries of the region face in achieving sustainable economic development. His analysis is based on two economic phenomena: the “necroeconomy” and the “zombie-economy.”