The article describes the modern theory of economic crises, explores different interpretations of the causes of the crisis, as well as the types of crises. It is proved that almost any manifestation of the crisis in the economy begins to destabilize the financial system, the widening gap between the institutions responsible for the development of technology and finance, between the real and financial sectors of the economy. A retrospective analysis of the theory of economic crises, in particular the approach is considered in detail M. Tugan-Baranovsky to explain the industrial capitalist crises, which reduces the main reason for the capital structure and how it is distributed in the economy. Structural and institutional causes of the current global financial crisis can be reduced to the characteristic mode of interaction of technological and financial factors (institutions) to that. how the distribution of resources between innovators , conservatives , simulators , and which created the basic institutions of the financial system.