ABSTRACT
Chapter 2 is a natural continuation of thoughts highlighted in Chapter 1. It is the first vital step to understanding how economies function to talk about crisis management. The conceptual part of the chapter focuses on discussing business cycles and, most importantly, the changes we have observed in them by 2021. The chapter aims to draw out the most important conclusions on how companies can benefit from tracking the economy’s development by looking at past experiences. The chapter also discusses two significant crises that companies experienced in the last two decades – the Global Financial Crisis and the crisis caused by the COVID-19 pandemic.
