Abstract
The author employs contemporary Marxist theory and methodology, and its theoretical concept of finance monopoly capital in particular, to analyze the decline of the neoliberal globalization currently under way. The paper shows that offshoring and financialization that developed during the neoliberal era have reinforced monopolistic dominance by mature imperialist states (namely, the “triad” of USA, EU and Japan), leading to the new division (or recolonization) of the periphery. As a result, the geo-economic space has become rigidly structured in a hierarchy of the groups of nations, with production having become increasingly organized within global production networks controlled by transnational corporations based in the “triad”. However, mass transfer of the labor-intensive industries to low-wage countries of the periphery, and to China in particular, has resulted in geopolitical and economic rise of the latter, thus intensifying competition and struggle between national imperialisms. Deglobalization that emerged and evolved during the post-crisis period appears as a manifestation of a new redivision of the world, with unfolding redrawing of the geoeconomic map, creeping degradation of supranational institutions and spike of trade wars between the world’s largest economies.
Highlights
Amid global economic fallout of the coronavirus crisis in June 2020, BlackRock Inc. and Bridgewater Associates both went so far as to warn that globalization had already peaked and decades of globalization would erode. In his Sberbank Business Lunch address1 in Davos in January 2019, CEO of the Russian Nanotechnology Corporation (RUSNANO) Anatoly Chubais argued that the deglobalization process currently under way points to a fundamental shift in the existing world order
This paper attempts to prove that contemporary Marxist theory is relevant in providing a sound theoretical framework that can successfully explain the principle developments in the global capitalist economy during the neoliberal period. These are: how offshoring and financialization that developed during the neoliberal globalization reinforce monopolistic dominance by mature imperialist states on the one hand and lead to the geopolitical and economic rise of China and other fast-growing economies on the other, and how, on this basis, deglobalization emerges and evolves
Among Russian scholars, we shall highlight the representatives of the post-Soviet School of Critical Marxism Buzgalin and Kolganov who argue that the global capitalism, at its neoliberal stage, is currently restoring, in a new form, many features of the late capitalism at the beginning of the twentieth century (Buzgalin et al, 2016: 647)
Summary
Citation: Sergeev, G. S. (2020). The twilight of neoliberal globalization. Terra Economicus, 18(4), 67–77. DOI: 10.18522/2073-6606-2020-18-4-67-77 The author employs contemporary Marxist theory and methodology, and its theoretical concept of finance monopoly capital in particular, to analyze the decline of the neoliberal globalization currently under way. The paper shows that offshoring and financialization that developed during the neoliberal era have reinforced monopolistic dominance by mature imperialist states (namely, the “triad” of USA, EU and Japan), leading to the new division (or recolonization) of the periphery. As a result, the geo-economic space has become rigidly structured in a hierarchy of the groups of nations, with production having become increasingly organized within global production networks controlled by transnational corporations based in the “triad”. However, mass transfer of the labor-intensive industries to low-wage countries of the periphery, and to China in particular, has resulted in geopolitical and economic rise of the latter, thus intensifying competition and struggle between national imperialisms. Deglobalization that emerged and evolved during the post-crisis period appears as a manifestation of a new redivision of the world, with unfolding redrawing of the geoeconomic map, creeping degradation of supranational institutions and spike of trade wars between the world’s largest economies. Keywords: neoliberal globalization; transnational corporations; finance monopoly capital; global production networks; offshoring; financialization; deglobalization; imperialism JEL codes: B51, F54
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