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Unravelling the New Globalization: An Evolutionary Structural Analysis of Postwar World Capitalism and Policy Implications

Author

Listed:
  • Chatzinikolaou, Dimos

    (Democritus University of Thrace, Department of Economics)

  • Vlados, Charis

    (Democritus University of Thrace, Department of Economics)

Abstract

The globalized socioeconomic system seems to be undergoing a profound crisis and radical structural transformation. This transitional era appears to be leading gradually to a form of a “new globalization,” which has not been definitively shaped yet. This article aims to establish why this new globalization emerges nowadays. First, it examines the postwar phases of world capitalism (from 1945 onward) based on the “evolutionary structural triptych” that explanatorily unifies different theoretical approaches to conclude that the previous globalization period of 1980-2008 has come full circle. Then, it concludes by presenting a critical overview of different approaches to the new globalization and proposes a novel definition of the phenomenon. Finally, it outlines some points that appear crucial for the advent of the desirable new globalization—towards an innovational and realistic global liberalism.

Suggested Citation

  • Chatzinikolaou, Dimos & Vlados, Charis, 2023. "Unravelling the New Globalization: An Evolutionary Structural Analysis of Postwar World Capitalism and Policy Implications," DUTH Research Papers in Economics 7-2023, Democritus University of Thrace, Department of Economics.
    • Handle: RePEc:ris:duthrp:2023_007
    Note: In The 35th Annual EAEPE Conference on “Power and Empowerment in times of multiple crisis.” Leeds, UK. 13-15 September 2023
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    More about this item

    Keywords

    new globalization; postwar world capitalism; socioeconomic development; evolutionary approach; hegemonic stability theory; regulation school; international regime; innovation generations;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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