SFeDu
of.211, Gorgoko St., 88 
Rostov-on-Don
Russia
344002
+7 (863) 250-59-54
This email address is being protected from spambots. You need JavaScript enabled to view it.
te@sfedu.ru

TERRA ECONOMICUS

The twilight of neoliberal globalization


TERRA ECONOMICUS, , Vol. 18 (no. 4),

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.
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


Keywords: neoliberal globalization; transnational corporations; finance monopoly capital; global production networks; offshoring; financialization; deglobalization; imperialism

JEL codes: B51, F54

References:
  • Amin, S. (2010). The Law of Worldwide Value. New York: Monthly Review Press.
  • Bhagwati, J. (2004). In Defense of Globalization. Oxford: Oxford University Press.
  • Bhagwati, J. (2013). Dawn of a New System. Finance and Development, 50(4), December, pp. 8–13.
  • Buzgalin, A. V., Kolganov, A. I. (2015). Global Capital, vol. 2. Theory: Global Hegemony of Capital and Its Limits (‘Capital’ Reloaded). Moscow: LENAND Publ. (In Russian.)
  • Buzgalin, A., Kolganov, A., Barashkova O. (2016). Russia: A New Imperialist Power? International Critical Thought, 6(4), 645–660.
  • Carstens, A. (2018). Global Market Structures and the High Price of Protectionism. Overview panel remarks. Bank of International Settlements (https://www.bis.org/speeches/sp180825.pdf).
  • Cope, Z. (2012). Divided World Divided Class, Global Political Economy and the Stratification of Labour Under Capitalism. Montreal: Kersplebedeb.
  • Desai, R. (2013). Geopolitical Economy: After US Hegemony, Globalization and Empire. London: Pluto.
  • Erästö, T., Cronberg, T. (2018). Opposing trends: The renewed salience of nuclear weapons and nuclear abolitionism. SIPRI Insights on Peace and Security (https://www.sipri.org/publications/2018/sipri-insights-peace-and-security/opposing-trends-renewed-salience-nuclear-weapons-andnuclear-abolitionism).
  • Foster, J. (2015). The new imperialism of globalized monopoly-finance capital. Monthly Review (https://monthlyreview.org/2015/07/01/the-new-imperialism-of-globalized-monopolyfinance-capital/).
  • Global Trade Alert. New Interventions per Year (https://www.globaltradealert.org/global_dynamics/day-to_0417/flow_all).
  • Harvey, D. (2014). Seventeen Contradictions and the End of Capitalism. New York: Oxford University Press.
  • Hilferding, R. (1981). Finance Capital: A Study of the Latest Phase of Capitalist Development. London: Routledge and Kegan Paul.
  • Hobson, J. A. (1902). Imperialism. A Study. London: James Nisbet & Co.
  • Hubiev, K. (2017). Contemporary trends in the world economic development: Political economy approach. Problemy Sovremennoy Ekonomiki, (1), 62–67. (In Russian.)
  • Kotz, D. M. (2015). The Rise and Fall of Neoliberal Capitalism. Harvard University Press.
  • Krugman, P. (2009). The Return of Depression Economics and the Crisis of 2008. New York: W.W. Norton and Company.
  • Lenin, V. I. (1974). Imperialism, The Highest Stage of Capitalism / In: Collected Works, vol. 22. Moscow: Progress Publishers.
  • Li, M. (2008). The Rise of China and the Demise of the Capitalist World-Economy. London: Pluto Press.
  • Marx, K. (1961). Capital, vol. III / In: Marx, K., Engels, F. Collected Works, vol. 25, part 1. Moscow: Politizdat Publ. (In Russian.)
  • Milberg, W., Winkler, D. (2013). Outsourcing Economics: Global Value Chains in Capitalist Development. Cambridge: Cambridge University Press.
  • Panitch, L., Gindin, S. (2013). The Making of Global Capitalism: The Political Economy of the American Empire. Verso.
  • Patnaik, P., Patnaik, U. (2017). A Theory of Imperialism. New York: Columbia University Press.
  • Pompeo, M. (2019). Remarks to the World Economic Forum. US Department of State (https://www.state.gov/remarks-to-the-world-economic-forum/).
  • Porokhovsky, A. A. (1985). Big Business: Path to Domination (Imperialism and Commodity Relations). М.: Mysl Publ. (In Russian.)
  • Porokhovsky, A. A. (2016). Political economy in the XXI century: System approach to the problem solving in the contemporary economy. Voprosy Politicheskoy Ekonomii, (4), 8–22. (In Russian.)
  • Ryazanov, V. T. (2015). Capitalism and crises. Genesis and development of political economy approach. Voprosy Politicheskoy Ekonomii, (1), 48–53. (In Russian.)
  • Screpanti, E. (2014). Global Imperialism and the Great Crisis: The Uncertain Future of Capitalism. Monthly Review Press, 288 p.
  • SIPRI Military Expenditure Database. Stockholm International Peace Research Institute (https://sipri.org/databases/milex).
  • Sklair, L. (2016). The transnational capitalist class, social movements, and alternatives to capitalist globalization. International Critical Thought, 6(3), 329–341.
  • Smith, J. (2016). Imperialism in the Twenty-First Century: The Globalization of Production, SuperExploitation, and Capitalism’s Final Crisis. Monthly Press Review.
  • Suwandi, I., Jonna, J., Foster, J. (2019). Global Commodity Chains and the New Imperialism. Monthly Review, 70(10) (https://monthlyreview.org/2019/03/01/global-commodity-chains-and-thenew-imperialism/).
  • UNCTAD (2000). World Investment Report (http://unctad.org/en/docs/wir2000_en.pdf).
  • UNCTAD (2013). World Investment Report (https://unctad.org/en/PublicationsLibrary/wir2013_en.pdf).
  • UNCTAD (2017). World Investment Report (https://unctad.org/en/PublicationsLibrary/wir2017_en.pdf).
  • UNCTAD (2018). World Investment Report (https://unctad.org/en/PublicationsLibrary/wir2018_en.pdf).
  • UNCTAD (2020). World Investment Report (https://unctad.org/en/PublicationsLibrary/wir2020_en.pdf).
  • WTO (2017). World Trade Statistical Review (https://www.wto.org/english/res_e/statis_e/wts2017_e/wts17_toc_e.htm).
Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606