The paradoxes of economic globalization

Abstract

The economic globalization began in the 1990s. It was caused by fundamental changes in the technical and technological basics of the industrialized and post-industrial countries economies. An important role was played by the radical change of approaches in economic theory and economic policy. The idea was formed that global markets could successfully replace national markets, and superpower structures could change the economic functions of the nation state. An overly optimistic attitude towards the economic globalization was formed, which was based on the possibility of solving three most important problems of this process: a) ensuring the stable crisis-free development of the world economy; b) accelerating economic growth; c) mitigation of social inequality between different regions of the world. The past period of economic globalization has shown that the above-mentioned problems have not been solved, but on the contrary, aggravated, which should be considered as a paradox of economic globalization. The COVID-19 pandemic crisis has deepened the characteristic contradictions of globalization. One part of the researchers came to the conclusion that the era of globalization is over and it is inevitable to replace it with some alternative processes. This paper critiques such views and notes, that the economic globalization is an objective process. Despite some obstacles, it will continue constantly now and in the future. In this case, it is possible to discuss the replacement of the existing neoliberal model of economic globalization with another model, that more adequately reflects the reality created in the modern world.