Post-neoliberal model of the world economic order
Year: 2024
Type: article
Abstract: The last decades have been characterized by the development of international relations in the general direction of the neoliberal model of the world economic order. It is based on complete absolutizing of market economy mechanisms, significant weakening of national economic sovereignty of countries, delegation of some traditional functions of state administration to the international and supranational levels, compliance by all countries of the world with the «rules of the game» established by international organizations, and orientation of global business activities towards maximization of shareholder value of companies and firms as a general measure of business contribution to global socio-economic progress. The article reveals the fundamental principles of the neoliberal model of the world economic order, its bottlenecks and destabilizing consequences for international relations. It is proved that the dominant neoliberal model of the world economic order has reached its limits in modern conditions, and therefore its radical transformation into a post-neoliberal format is imperative. It is stated that the post-neoliberal model of the world economic order should involve not so much a change in the configuration of the balance of power of the most powerful states as a change in the political and economic system of the world society itself due to the growing state protectionism, a significant increase in the conflict potential of international relations, a significant weakening of the regulatory capabilities of international organizations, and the «erosion» of the dominant role of Western countries in international financial institutions as new organizations are formed. The author concludes that it is expedient to reconfigure the world economic order on the basis of developing its «hybrid» formats, which had no analogues in the past. It is stated that even despite a certain instability of the hybrid formats of the world order and their clearly expressed transitional nature, they open up enormous resource opportunities for the competitive development of countries with different levels of socio-economic development due to their high flexibility and adaptation to the slightest changes in their disposition in global markets.
Source: Scientific notes
Author: Volodymyr Khomanets
Language: English
Field: Social Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4405735169