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Transition, Vol. 20 No. 42, 2018.

Preliminary communication

QUO VADIS GLOBALIZATION?

Dragoljub Stojanov ; University of Rijeka, Faculty of Economics
Pavle Jakovac orcid id orcid.org/0000-0002-0433-824X ; University of Rijeka, Faculty of Economics
Ana Torić ; University of Rijeka, Faculty of Economics

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Abstract

In this paper, we propose a political-economic approach towards globalization and economic theory. We dialectically arrive to the conclusion that globalization is a process of transforming territorial (national) states into a market state dominated by transnational (or mega) corporations and international (or mega) financial institutions. This represents a new stage in the development of capitalism, a stage we call cybernetic mega-capitalism or capitalism III (Adam Smith’s free market capitalism would be capitalism I and Keynes's state interventionism would be capitalism II). Within such a context, we suggest that the existing economic theory is lost in the labyrinth of such a transition. We are afraid that the dynamic of globalization might transform the existing neoclassical economic theory into neuro-neoclassical economic paradigm that might raise many outstanding issues for both economists and politicians such as the issue of global governance or the issue of democratic deficit.

Keywords

globalization; economic theory; dialectics; mega-capitalism (capitalism III).

Hrčak ID:

221422

URI

https://hrcak.srce.hr/221422

Publication date:

25.6.2019.

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