ECONOMIC GLOBALIZATION IN THE HISTORICAL CONTEXT AND DEGLOBALIZATION
DOI:
https://doi.org/10.61837/mbuir010223034kKeywords:
globalization, international trade and production, deglobalization, restructuring, developmentAbstract
The paper analyzes the key aspects and trends of economic globalization in the historical context and deglobalization. The focus is on the current process of declining integration of the international market, which has been going on since the World Financial Crisis in 2008. As this process in the modern era is caused by radical changes in its structure, it is long-term, not cyclical in nature. The paper discusses the causes of restructuring and re-fragmentation of the modern world economy. The key cause is identified as the strengthening of the opposition between the entities of the world economy and their development concepts, that is, the economy within state borders, as carriers of the concept of integral development, and transnational companies as carriers of functional development without borders of nation states. The restructuring crisis of the world economy has been further intensified and deepened with the COVID-19 pandemic and the conflict in Ukraine. Although a new social and technoeconomic paradigm was established with the aim of the developed industrial states strengthening and restabilizing their global functional and structural dominance, the process of redistribution of economic and social power, in which the BRICS economies play an increasingly important role, continues unabated.
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