The Emergence of the New Globalization: the Approach of the Evolutionary Structural Triptych

Charis Vlados and Dimos Chatzinikolaou

No 2-2024, DUTH Research Papers in Economics from Democritus University of Thrace, Department of Economics

Abstract: Purpose: This study aims to analyze the emergence of a new structural configuration of globalization, with the 2008 global financial crisis serving as the first symptom of this change. By introducing the “Evolutionary Structural Triptych” (EST), this research seeks to understand the basic components of the new evolutionary trajectory of global capitalism post-2008. The study places emphasis on its interdependent and coevolving economic, political and technological dynamic facets. Design/methodology/approach: This research introduces the EST framework, critically contrasting it with conventional understandings in international political economy (IPE) to provide a comprehensive and structured analysis of global developments after 2008. It traces the phases of global capitalism since Second World War, examines the central dynamic dimensions during each evolutionary phase, identifies the basic patterns and delves into the foundational elements of the emerging era of globalization. Findings: The analysis reveals three key findings. First, the emerging restructured globalization indicates a need for a new balance in the contemporary world system; however, this balance cannot be achieved within the architecture of the old system. Second, the new era of globalization necessitates a re-equilibrated approach across different dimensions of geopolitical stability, economic development and innovation. This approach should emphasize sustainability, adaptability, resilience and inclusivity and lean toward responsible, open and organic innovation models for a revamped global structure. Third, while many current IPE theories tend to compartmentalize aspects of the new globalization, the EST advocates for a holistic perspective that integrates politics, economics and technology within the framework of global trends. This perspective bridges existing gaps and offers actionable insights for a dynamic and inclusive global future. Originality/value: The paper presents the EST as a novel analytical instrument in the realm of the modern IPE. This tool uniquely places technology and innovation at the forefront, parallel to economic and political spheres, to comprehend the progression of globalization. In doing so, it highlights the intertwined relationship of these structural dimensions in shaping the future of the subject of the IPE.

Keywords: new globalization; evolutionary structural triptych; international political economy; evolutionary economics; global responsibility; world system phases (search for similar items in EconPapers)
JEL-codes: B52 F50 M14 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2024-04-30
New Economics Papers: this item is included in nep-his, nep-hme, nep-int and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:ris:duthrp:2024_002

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