The Role of Management Efficiency Measuring in Development of Economic Crisis

The paper uses retrospective analysis in order to emphasize that XIX, XX and XXI centuries' deepest global crisis were due to lack of regulation regarding finance and financial instruments. Meanwhile paper drives to a conclusion that since the said problem was reappearing again in certain time (which is known as Kondratyev's cycle) it can not be the main reason, provoking crisis. Than the idea is expressed that the main reason for crisis is "one-dimensional" management which focuses on maximization of short-term results which are measured only in terms of financial efficiency regardless of consequences. A few cases of Russian enterprise management are analyzed by means of both qualitative and quantitative instruments which helps to prove the justice of expressed hypothesis. (C) 2014 The Authors. Published by Elsevier B.V.