Globalization does not End, it Becomes Another

Boris A. Kheyfets ()

Outlines of global transformations: politics, economics, law, 2018, vol. 11, issue 1

Abstract: The article considers the features of a new stage of globalization. The slowdown in the dynamics of interstate flows of physical assets, primarily foreign trade and capital in the post-crisis period, sparked a discussion about the end of globalization. It is shown that the slowing down of globalization processes is temporary, it concerns traditional assets, while the interstate flows of new assets triggered by the 4th industrial revolution are fundamentally strengthened. The driver of a new phase of globalization are the technologies associated with the Internet, new communications, 3D-printing, robotization, renewable energy, etc. They fundamentally change the view of the rational allocation of production and reduce the need for transportation of traditional goods and for foreign investment. As a result, in the future may occur reformatting of some existing value chains. New technologies also change the business strategy, which begins to create special technological platforms that eliminate intermediaries and ensure better and more competitive satisfaction of customers’ demands. The increased tendencies towards regionalization and transregionalization, which stimulate all states to remove barriers to trade and investment and improve the investment climate, is not an obstacle to globalization. In the future, their expansion will take place at the expense of new members, the conclusion of preferential trade and investment agreements between members and non-members of individual mega-partnerships. Another driver of the current stage of globalization is informal consumer globalization, or “globalization from below,†which is connected with the activity of citizens. The number of foreign tourist trips, studying and working abroad, and purchases abroad via the Internet is growing. This is a fundamentally new stage of globalization, which will be gradually formed a world without economic borders, common economic space without participation of supranational formal institutions.

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ccs:journl:y:2018:id:267

DOI: 10.23932/2542-0240-2018-11-1-14-33

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