Throughout the discussion on the global crisis, th e essence of the crisis, its inner logic, genesis,chronology, periodization, unique features in the modern world and forthcoming dynamics arebecoming obscure. Understanding the quintessence of the crisis is comparable to comprehending theessence of the present. And understanding the modern era is nothing more than analyzing the globalcapitalist system. The article intends to employ the world-system theory to process fundamentalquestions surrounding the crisis - What kind of a crisis do we mean when we think about the globalcrisis? What are the new characteristics of modern crisis, and what distinguishes it from the past historical crisis? What caused the crisis to acquire new features and transformation of its nature? Doesthe crisis tend to carry a cyclical nature? What are the symptoms of the current crisis? Why is theglobal system confronting a crisis, and how can it be overcome? Can we say that the modern world iscaught in the vortex of crisis, and how valid is the statement that the global system has entered into astructural (or even spiral) crisis? What are the integral elements of the modern crisis?