Civilization split is back (On the book by V. L. Inozemtsev “Economy without dogmas: How the U.S. is creating a new economic order”)

Abstract

The article discusses the key ideas of the new book by the respected Russian scholar Vladislav Inozemtsev “Economy without dogmas: How the United States creates a new economic order”. In this book, the author reveals the most important features of the modern financial system, which have become especially prominent during the COVID-19 pandemic. The overriding message of this book is the idea that in the coronavirus era the leading developed economies have finally moved into a new financial reality. According to Inozemtsev, its main characteristics include the following: surging money supply, public debt growth, and negative interest rates. Inozemtsev considers them to be indicators of profound changes in the structure of the Western economies which mark the inconsistency of statements about the imminent end of the Western hegemony in the global economy. We think that the most interesting point in the “Economy without dogmas” is the author’s attempt to link changes in the financial sector with technological and economic shifts. The debatable nature and abundance of original ideas contained in this book open up excellent opportunities for further discussion of urgent socio-economic issues.