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№ 8/2020

№ 8/2020

Fìnansi Ukr. 2020 (8): 7–25
https://doi.org/10.33763/finukr2020.08.007

FINANCIAL GLOBALIZATION

BILORUS Oleh 1, VLASOV Volodymyr 2, GASANOV Sergіi 3, KHANIN Igor 4

1Institute for Economics and Forecasting of the NAS of Ukraine
OrcID ID : https://orcid.org/0000-0003-0731-5649
2National Scientific Agricultural Library of the UAAS
3SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-7454-0419
4National University of Water and Environmental Engineering
OrcID ID : https://orcid.org/0000-0002-4221-2314


The end of the globalization erа, deglobalization, “new” globalization, or transition to noospheric co-development?


The article highlights the controversial issues of the state, contradictions and trends of modern globalization in the face of new challenges and threats associated with political, immigration, pandemic, climate, economic and trade shocks – Britain’s exit from the EU, the implementation of the US President’s policy “America Above All”, the beginning trade de-globalization as a result of the revision of free trade agreements (FTAs) and the trade “war” between the United States and China, the impact of the global COVID-19 pandemic and climate change on the deepening global economic recession, the collapse of national economies and international trade, lack of financial resources for active government support health care systems, social protection, small and medium-sized businesses. Political, economic, managerial and academic circles are actively discussing the problems of the “end” of globalization, de-globalization, “new” globalization, the need for a “new world order”, which will actually embody the fundamental values ??of democracy, economic freedom, free trade and, at the same time, will strengthen social responsibility of the world community and its international institutions, the main geopolitical, geo-economic and military centers of power (primarily the United States, China, the European Union, Russia, etc.) for the preservation of peace on the basis of consensus, recognition of global priorities in countering climatic and epidemic threats to human life on Earth , consistent implementation of the Sustainable Development Goals to eradicate poverty in all its forms and manifestations, combat inequality within and between countries, ensure continuous, inclusive and sustainable economic growth and promote social inclusion. The article drew attention to the strengthening of the trends of protectionism and economic nationalism, in particular, the US withdrawal from the Trans-Pacific Partnership agreement and attempts to revise the North American Free Trade Agreement (NAFTA). The article shows the loss of the US leadership in world trade due to the accelerated economic development of other countries, primarily the Asian region. The discussion of these problems at the Davos Economic Forum led to the conclusion about the likely end of Atlanticism and globalization. At the same time, the UN report (2018) highlighted a special section on trade hyperglobalization. The article hypothesizes that the Bali Round (2013) of negotiations on trade began the fourth wave of its globalization, and proposes a new theory of international trade – the theory of globalization impact.

Keywords:globalization, de-globalization, national interests, redistribution of world resources, interstate trade conflicts, economic recession, economic and social dimensions of the global crisis

JEL: F02, F15, F18, F63, G01, O19


Bilorus O. . The end of the globalization erа, deglobalization, “new” globalization, or transition to noospheric co-development? / O. . Bilorus, V. Vlasov, S. . Gasanov, I. Khanin // Фінанси України. - 2020. - № 8. - C. 7-25.

Article original in Ukrainian (pp. 7 - 25) DownloadDownloads :227
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