Oleg Komolov

Department of Political Economy and History of Economic Science, Plekhanov Russian University of Economics, Moscow, Russia

ABSTRACT

Modern capitalism is going through a crisis of globalization. The activity of world trade and capital flows is decreasing, protectionist tendencies are growing, countries confront each other in currency wars and sanctions regimes. This originated from the extensive nature of the capitalist development of the latest decades through subordinating the non-capitalist periphery, its markets and sources of natural resources, using low-cost labor. It intensified the contradictions of the economic development of both the core and the periphery of the world economy: growing inequality, financialization, unemployment, slowdown in scientific progress and caused the long lasting “great stagnation,” which can be identified by the lower growth rate of the world GDP after 2008.

KEYWORDS

Globalization; development; protectionism; inequality;

Karl Marx

From: International Critical Thought 2020 10 (3)

Editor: Wang Yi